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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 MARCH 31, 2023

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

1.250%  Notes due 2023

 

IBM 23A

 

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

3.375%  Notes due 2027

 

IBM 27F

 

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 30A

New York Stock Exchange

1.750%  Notes due 2031

 

IBM 31

 

New York Stock Exchange

3.625%  Notes due 2031

 

IBM 31B

 

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

3.750% Notes due 2035

IBM 35

New York Stock Exchange

4.875% Notes due 2038

IBM 38

New York Stock Exchange

1.200% Notes due 2040

IBM 40

New York Stock Exchange

4.000% Notes due 2043

IBM 43

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

5.875% Debentures due 2032

IBM 32D

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 908,045,414 shares of common stock outstanding at March 31, 2023.

Table of Contents

Index

9

Page

Part I - Financial Information:

Item 1. Consolidated Financial Statements (Unaudited):

Consolidated Income Statement for the three months ended March 31, 2023 and 2022

3

Consolidated Statement of Comprehensive Income for the three months ended March 31, 2023 and 2022

4

Consolidated Balance Sheet at March 31, 2023 and December 31, 2022

5

Consolidated Statement of Cash Flows for the three months ended March 31, 2023 and 2022

7

Consolidated Statement of Equity for the three months ended March 31, 2023 and 2022

8

Notes to Consolidated Financial Statements

9

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

41

Item 4. Controls and Procedures

68

Part II - Other Information:

Item 1. Legal Proceedings

69

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

69

Item 6. Exhibits

70

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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 March 31, 

(Dollars in millions except per share amounts)

    

2023

    

2022

Revenue:

 

  

 

  

Services

$

7,524

$

7,703

Sales

 

6,532

 

6,339

Financing

 

196

 

155

Total revenue

 

14,252

 

14,197

Cost:

 

  

 

  

Services

 

5,310

 

5,349

Sales

 

1,322

 

1,415

Financing

 

110

 

98

Total cost

 

6,743

 

6,862

Gross profit

 

7,509

 

7,335

Expense and other (income):

 

  

 

  

Selling, general and administrative

 

4,853

 

4,597

Research, development and engineering

 

1,655

 

1,679

Intellectual property and custom development income

 

(180)

 

(121)

Other (income) and expense

 

(245)

 

246

Interest expense

 

367

 

311

Total expense and other (income)

 

6,451

 

6,712

Income from continuing operations before income taxes

 

1,058

 

623

Provision for/(benefit from) income taxes

 

124

 

(39)

Income from continuing operations

$

934

$

662

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

 

(7)

 

71

Net income

$

927

$

733

Earnings/(loss) per share of common stock:

 

  

 

  

Assuming dilution:

 

  

 

  

Continuing operations

$

1.02

$

0.73

Discontinued operations

 

(0.01)

 

0.08

Total

$

1.01

$

0.81

Basic:

 

  

 

  

Continuing operations

$

1.03

$

0.74

Discontinued operations

 

(0.01)

 

0.08

Total

$

1.02

$

0.82

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

 

  

 

  

Assuming dilution

 

917.8

 

909.2

Basic

 

907.5

 

899.3

(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 March 31, 

(Dollars in millions)

    

2023

    

2022

Net income

$

927

$

733

Other comprehensive income/(loss), before tax:

 

  

 

  

Foreign currency translation adjustments

 

(87)

 

442

Net changes related to available-for-sale securities:

 

  

 

  

Unrealized gains/(losses) arising during the period

 

15

 

0

Reclassification of (gains)/losses to net income

 

 

Total net changes related to available-for-sale securities

 

15

 

0

Unrealized gains/(losses) on cash flow hedges:

 

  

 

  

Unrealized gains/(losses) arising during the period

 

(29)

 

60

Reclassification of (gains)/losses to net income

 

(122)

 

(1)

Total unrealized gains/(losses) on cash flow hedges

 

(151)

 

59

Retirement-related benefit plans:

 

  

 

  

Prior service costs/(credits)

 

 

(5)

Net (losses)/gains arising during the period

 

2

 

9

Curtailments and settlements

 

(1)

 

8

Amortization of prior service (credits)/costs

 

(2)

 

7

Amortization of net (gains)/losses

131

468

Total retirement-related benefit plans

 

130

 

486

Other comprehensive income/(loss), before tax

 

(93)

 

987

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

 

53

 

(285)

Other comprehensive income/(loss), net of tax

 

(40)

 

703

Total comprehensive income

$

888

$

1,436

(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 March 31, 

    

At December 31, 

 

(Dollars in millions)

2023

    

2022

 

Assets:

 

  

 

  

Current assets:

 

  

 

  

Cash and cash equivalents

$

9,337

$

7,886

Restricted cash

 

198

 

103

Marketable securities

 

8,057

 

852

Notes and accounts receivable — trade (net of allowances of $250 in 2023 and $233 in 2022)

 

5,757

 

6,541

Short-term financing receivables:

 

 

Held for investment (net of allowances of $141 in 2023 and $145 in 2022)

 

6,057

 

6,851

Held for sale

 

605

 

939

Other accounts receivable (net of allowances of $102 in 2023 and $89 in 2022)

 

812

 

817

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

 

 

Finished goods

 

199

 

158

Work in process and raw materials

 

1,404

 

1,394

Total inventory

 

1,603

 

1,552

Deferred costs

 

1,055

 

967

Prepaid expenses and other current assets

 

2,501

 

2,611

Total current assets

 

35,982

 

29,118

Property, plant and equipment

 

18,761

 

18,695

Less: Accumulated depreciation

 

13,417

 

13,361

Property, plant and equipment — net

 

5,344

 

5,334

Operating right-of-use assets — net

 

2,789

 

2,878

Long-term financing receivables (net of allowances of $23 in 2023 and $28 in 2022)

 

5,065

 

5,806

Prepaid pension assets

 

8,487

 

8,236

Deferred costs

 

846

 

866

Deferred taxes

 

6,419

 

6,256

Goodwill

 

56,193

 

55,949

Intangible assets — net

 

10,905

 

11,184

Investments and sundry assets

 

1,607

 

1,617

Total assets

$

133,637

$

127,243

(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 March 31, 

    

At December 31, 

(Dollars in millions except per share amounts)

2023

    

2022

Liabilities:

Current liabilities:

 

  

 

  

Taxes

$

1,650

$

2,196

Short-term debt

 

4,887

 

4,760

Accounts payable

 

3,728

 

4,051

Compensation and benefits

 

2,772

 

3,481

Deferred income

 

13,220

 

12,032

Operating lease liabilities

 

869

 

874

Other accrued expenses and liabilities

 

3,866

 

4,111

Total current liabilities

 

30,993

 

31,505

Long-term debt

 

53,826

 

46,189

Retirement and nonpension postretirement benefit obligations

 

9,509

 

9,596

Deferred income

 

3,443

 

3,499

Operating lease liabilities

 

2,094

 

2,190

Other liabilities

 

12,099

 

12,243

Total liabilities

 

111,964

 

105,222

Equity:

 

 

IBM stockholders’ equity:

 

 

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

 

58,675

 

58,343

Shares authorized: 4,687,500,000

 

 

Shares issued: 2023 - 2,259,497,847

 

 

2022 - 2,257,116,920

 

 

Retained earnings

 

149,253

 

149,825

Treasury stock - at cost

 

(169,544)

 

(169,484)

Shares: 2023 - 1,351,452,434

 

 

2022 - 1,351,024,943

 

 

Accumulated other comprehensive income/(loss)

 

(16,780)

 

(16,740)

Total IBM stockholders’ equity

 

21,604

 

21,944

Noncontrolling interests

 

68

 

77

Total equity

 

21,672

 

22,021

Total liabilities and equity

$

133,637

$

127,243

(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 CASH FLOWS

(UNAUDITED)

Three Months Ended March 31, 

(Dollars in millions)

    

2023

    

2022*

Cash flows from operating activities:

 

  

 

  

Net income

$

927

$

733

Adjustments to reconcile net income/(loss) to cash provided by operating activities:

 

  

 

  

Depreciation

 

527

 

631

Amortization of intangibles

 

547

 

625

Stock-based compensation

 

268

 

234

Net (gain)/loss on asset sales and other

 

(55)

 

(51)

Changes in operating assets and liabilities, net of acquisitions/divestitures

 

1,559

 

1,076

Net cash provided by operating activities

 

3,774

 

3,248

Cash flows from investing activities:

 

  

 

  

Payments for property, plant and equipment

 

(300)

 

(281)

Proceeds from disposition of property, plant and equipment

 

11

 

72

Investment in software

 

(168)

 

(169)

Acquisition of businesses, net of cash acquired

 

(22)

 

(698)

Divestitures of businesses, net of cash transferred

 

 

61

Purchases of marketable securities and other investments

 

(8,531)

 

(1,025)

Proceeds from disposition of marketable securities and other investments

 

1,050

 

682

Net cash provided by/(used in) investing activities

 

(7,960)

 

(1,358)

Cash flows from financing activities:

 

  

 

  

Proceeds from new debt

 

9,432

 

4,084

Payments to settle debt

 

(2,125)

 

(1,129)

Short-term borrowings/(repayments) less than 90 days — net

 

(3)

 

(8)

Common stock repurchases for tax withholdings

 

(96)

 

(80)

Financing — other

 

(3)

 

(15)

Cash dividends paid

 

(1,497)

 

(1,475)

Net cash provided by/(used in) financing activities

 

5,708

 

1,377

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

24

 

(5)

Net change in cash, cash equivalents and restricted cash

 

1,547

 

3,263

Cash, cash equivalents and restricted cash at January 1

 

7,988

 

6,957

Cash, cash equivalents and restricted cash at March 31

$

9,535

$

10,219

*Includes immaterial cash flows from 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 STATEMENT OF EQUITY

(UNAUDITED)

 

Common

Stock and

Accumulated

Additional

Other

Total IBM

Non-

Paid-in

Retained

Treasury

Comprehensive

Stockholders’

Controlling

Total

(Dollars in millions except per share amounts)

  

Capital

  

Earnings

 

Stock

 

Income/(Loss)

 

Equity

 

Interests

 

Equity

Equity - January 1, 2023

$

58,343

$

149,825

$

(169,484)

$

(16,740)

$

21,944

$

77

$

22,021

Net income plus other comprehensive income/(loss):

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Net income

 

  

 

927

 

  

 

  

 

927

 

  

 

927

Other comprehensive income/(loss)

 

  

 

  

 

  

 

(40)

 

(40)

 

  

 

(40)

Total comprehensive income/(loss)

 

  

 

  

 

  

 

  

$

888

 

  

$

888

Cash dividends paid — common stock ($1.65 per share)

 

  

 

(1,497)

 

  

 

  

 

(1,497)

 

  

 

(1,497)

Common stock issued under employee plans (2,380,928 shares)

 

332

 

 

  

 

  

 

332

 

  

 

332

Purchases (711,325 shares) and sales (283,834 shares) of treasury stock under employee plans — net

 

  

 

(2)

 

(60)

 

  

 

(62)

 

  

 

(62)

Changes in noncontrolling interests

 

  

 

  

 

  

 

  

 

  

 

(9)

 

(9)

Equity – March 31, 2023

$

58,675

$

149,253

$

(169,544)

$

(16,780)

$

21,604

$

68

$

21,672

  

Common

  

  

  

  

  

  

Stock and

Accumulated

Additional

Other

Total IBM

Non-

Paid-in

Retained

Treasury

Comprehensive

Stockholders’

Controlling

Total

(Dollars in millions except per share amounts)

Capital

Earnings

Stock

Income/(Loss)

Equity

Interests

Equity

Equity - January 1, 2022

$

57,319

$

154,209

$

(169,392)

$

(23,234)

$

18,901

$

95

$

18,996

Net income plus other comprehensive income/(loss):

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Net income

 

  

 

733

 

  

 

  

 

733

 

  

 

733

Other comprehensive income/(loss)

 

  

 

  

 

  

 

703

 

703

 

  

 

703

Total comprehensive income/(loss)

 

  

 

  

 

  

 

  

$

1,436

 

  

$

1,436

Cash dividends paid — common stock ($1.64 per share)

 

  

 

(1,475)

 

  

 

  

 

(1,475)

 

  

 

(1,475)

Common stock issued under employee plans (1,562,135 shares)

 

221

 

  

 

  

 

  

 

221

 

  

 

221

Purchases (595,710 shares) and sales (400,300 shares) of treasury stock under employee plans — net

 

  

 

(3)

 

(30)

 

  

 

(34)

 

  

 

(34)

Other equity

63

(63)

0

0

Changes in noncontrolling interests