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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, 2022

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

0.875% Notes due 2030

IBM 30

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

1.250% Notes due 2034

IBM 34

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 903,180,353 shares of common stock outstanding at June 30, 2022.

Table of Contents

Index

9

Page

Part I - Financial Information:

Item 1. Consolidated Financial Statements (Unaudited):

Consolidated Income Statement for the three and six months ended June 30, 2022 and 2021

3

Consolidated Statement of Comprehensive Income for the three and six months ended June 30, 2022 and 2021

4

Consolidated Balance Sheet at June 30, 2022 and December 31, 2021

5

Consolidated Statement of Cash Flows for the six months ended June 30, 2022 and 2021

7

Consolidated Statement of Equity for the three and six months ended June 30, 2022 and 2021

8

Notes to Consolidated Financial Statements

10

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

53

Item 4. Controls and Procedures

93

Part II - Other Information:

Item 1. Legal Proceedings

94

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

94

Item 6. Exhibits

95

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)

    

2022

    

2021*

     

2022

    

2021*

Revenue:

 

  

 

  

  

 

  

Services

$

7,640

$

7,201

$

15,343

$

14,297

Sales

 

7,748

 

6,808

**

 

14,087

 

12,687

**

Financing

 

147

 

209

**

 

303

 

420

**

Total revenue

 

15,535

 

14,218

 

29,732

 

27,405

Cost:

 

  

 

  

 

  

 

  

Services

 

5,399

 

4,720

 

10,747

 

9,364

Sales

 

1,750

 

1,499

**

 

3,165

 

2,878

**

Financing

 

96

 

146

**

 

194

 

283

**

Total cost

 

7,246

 

6,366

 

14,107

 

12,526

Gross profit

 

8,290

 

7,852

 

15,625

 

14,879

Expense and other (income):

 

  

 

  

 

  

 

  

Selling, general and administrative

 

4,855

 

4,849

 

9,452

 

9,536

Research, development and engineering

 

1,673

 

1,641

 

3,352

 

3,257

Intellectual property and custom development income

 

(176)

 

(133)

 

(297)

 

(278)

Other (income) and expense

 

(81)

 

302

 

166

 

647

Interest expense

 

297

 

281

 

607

 

561

Total expense and other (income)

 

6,568

 

6,940

 

13,280

 

13,724

Income from continuing operations before income taxes

 

1,722

 

912

 

2,345

 

1,155

Provision for/(benefit from) income taxes

 

257

 

101

 

218

 

(58)

Income from continuing operations

$

1,465

$

810

$

2,127

$

1,213

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

 

(73)

 

515

 

(2)

 

1,067

Net income

$

1,392

$

1,325

$

2,125

$

2,280

Earnings/(loss) per share of common stock:

 

  

 

  

 

  

 

  

Assuming dilution:

 

  

 

  

 

  

 

  

Continuing operations

$

1.61

$

0.90

$

2.34

$

1.34

Discontinued operations

 

(0.08)

 

0.57

 

0.00

 

1.18

Total

$

1.53

$

1.47

$

2.34

$

2.52

Basic:

 

  

 

  

 

  

 

  

Continuing operations

$

1.62

$

0.91

$

2.36

$

1.36

Discontinued operations

 

(0.08)

 

0.57

 

0.00

 

1.19

Total

$

1.54

$

1.48

$

2.36

$

2.55

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

 

  

 

  

 

  

 

  

Assuming dilution

 

910.7

 

904.2

 

910.0

 

903.0

Basic

 

901.5

 

895.0

 

900.4

 

894.3

*

Reclassified to reflect discontinued operations presentation.

**

Reclassified to conform to current year presentation.

(Amounts may not add due to rounding.)

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

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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)

    

2022

    

2021*

     

2022

    

2021*

Net income

$

1,392

$

1,325

$

2,125

$

2,280

Other comprehensive income/(loss), before tax:

 

  

 

  

 

  

 

  

Foreign currency translation adjustments

 

213

 

28

 

655

 

577

Net changes related to available-for-sale securities:

 

  

 

  

 

  

 

  

Unrealized gains/(losses) arising during the period

 

0

 

0

 

(1)

 

0

Reclassification of (gains)/losses to net income

 

 

 

 

Total net changes related to available-for-sale securities

 

0

 

0

 

(1)

 

0

Unrealized gains/(losses) on cash flow hedges:

 

  

 

  

 

  

 

  

Unrealized gains/(losses) arising during the period

 

200

 

(34)

 

260

 

153

Reclassification of (gains)/losses to net income

 

16

 

90

 

16

 

251

Total unrealized gains/(losses) on cash flow hedges

 

217

 

56

 

276

 

404

Retirement-related benefit plans:

 

  

 

  

 

  

 

  

Prior service costs/(credits)

 

 

0

 

(5)

 

0

Net (losses)/gains arising during the period

 

1

 

2

 

10

 

22

Curtailments and settlements

 

11

 

16

 

19

 

34

Amortization of prior service (credits)/costs

 

6

 

1

 

13

 

4

Amortization of net (gains)/losses

450

643

917

1,291

Total retirement-related benefit plans

 

468

 

661

 

954

 

1,350

Other comprehensive income/(loss), before tax

 

897

 

745

 

1,885

 

2,330

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

 

(534)

 

(140)

 

(819)

 

(645)

Other comprehensive income/(loss), net of tax

 

363

 

605

 

1,066

 

1,685

Total comprehensive income

$

1,755

$

1,930

$

3,191

$

3,965

* Amounts presented have not been recast to exclude discontinued operations.

(Amounts may not add due to rounding.)

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

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Table of Contents

INTERNATIONAL BUSINESS MACHINES CORPORATION

AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEET

(UNAUDITED)

ASSETS

    

At June 30, 

    

At December 31, 

 

(Dollars in millions)

2022

    

2021

 

Assets:

 

  

 

  

Current assets:

 

  

 

  

Cash and cash equivalents

$

7,034

$

6,650

Restricted cash

 

220

 

307

Marketable securities

 

524

 

600

Notes and accounts receivable — trade (net of allowances of $213 in 2022 and $218 in 2021)

 

5,867

 

6,754

Short-term financing receivables:

 

 

Held for investment (net of allowances of $150 in 2022 and $176 in 2021)

 

6,619

 

7,221

Held for sale

 

614

 

793

Other accounts receivable (net of allowances of $35 in 2022 and $24 in 2021)

 

909

 

1,002

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

 

 

Finished goods

 

184

 

208

Work in process and raw materials

 

1,499

 

1,442

Total inventory

 

1,684

 

1,649

Deferred costs

 

1,010

 

1,097

Prepaid expenses and other current assets

 

3,414

 

3,466

Total current assets

 

27,896

 

29,539

Property, plant and equipment

 

19,079

 

20,085

Less: Accumulated depreciation

 

13,804

 

14,390

Property, plant and equipment — net

 

5,275

 

5,694

Operating right-of-use assets — net

 

2,848

 

3,222

Long-term financing receivables (net of allowances of $22 in 2022 and $25 in 2021)

 

5,316

 

5,425

Prepaid pension assets

 

9,930

 

9,850

Deferred costs

 

865

 

924

Deferred taxes

 

7,073

 

7,370

Goodwill

 

55,039

 

55,643

Intangible assets — net

 

11,571

 

12,511

Investments and sundry assets

 

1,689

 

1,823

Total assets

$

127,503

$

132,001

(Amounts may not add due to rounding.)

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

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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)

2022

    

2021

Liabilities:

Current liabilities:

 

  

 

  

Taxes

$

1,742

$

2,289

Short-term debt

 

5,981

 

6,787

Accounts payable

 

3,707

 

3,955

Compensation and benefits

 

3,327

 

3,204

Deferred income

 

12,522

 

12,518

Operating lease liabilities

 

884

 

974

Other accrued expenses and liabilities

 

3,682

 

3,892

Total current liabilities

 

31,844

 

33,619

Long-term debt

 

44,328

 

44,917

Retirement and nonpension postretirement benefit obligations

 

13,118

 

14,435

Deferred income

 

3,069

 

3,577

Operating lease liabilities

 

2,182

 

2,462

Other liabilities

 

13,486

 

13,996

Total liabilities

 

108,026

 

113,005

Equity:

 

 

IBM stockholders’ equity:

 

 

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

 

57,802

 

57,319

Shares authorized: 4,687,500,000

 

 

Shares issued: 2022 - 2,254,538,572

 

 

2021 - 2,248,577,848

 

 

Retained earnings

 

153,298

 

154,209

Treasury stock - at cost

 

(169,522)

 

(169,392)

Shares: 2022 - 1,351,358,219

 

 

2021 - 1,350,509,249

 

 

Accumulated other comprehensive income/(loss)

 

(22,169)

 

(23,234)

Total IBM stockholders’ equity

 

19,409

 

18,901

Noncontrolling interests

 

67

 

95

Total equity

 

19,476

 

18,996

Total liabilities and equity

$

127,503

$