10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
INTERNATIONAL BUSINESS MACHINES CORP | |||
Ticker: IBM Fiscal Year: 2019 | |||
Consolidated Income Statement | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 25, 2020) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Revenue (Note C) | $ 77,147 | 79,591 | 79,139 |
| Cost | 40,659 | 42,655 | 42,196 |
| Gross profit | 36,488 | 36,936 | 36,943 |
| Expense and other (income) | |||
| Selling, general and administrative | 20,604 | 19,366 | 19,680 |
| Research, development and engineering (Note F) | 5,989 | 5,379 | 5,590 |
| Intellectual property and custom development income | (648) | (1,026) | (1,466) |
| Other (income) and expense | (968) | 1,152 | 1,125 |
| Interest expense (Notes P&T) | 1,344 | 723 | 615 |
| Total expense and other (income) | 26,322 | 25,594 | 25,543 |
| Income from continuing operations before income taxes | 10,166 | 11,342 | 11,400 |
| Provision for income taxes (Note G) | 731 | 2,619 | 5,642 |
| Income from continuing operations | 9,435 | 8,723 | 5,758 |
| Income/(loss) from discontinued operations, net of tax | (4) | 5 | (5) |
| Net income | 9,431 | 8,728 | 5,753 |
| Earnings/(loss) per share of common stock | |||
| Assuming dilution | |||
| Continuing operations (in dollars per share) (Note H) | 10.57 | 9.51 | 6.14 |
| Discontinued operations (in dollars per share) (Note H) | (0.01) | 0.01 | 0.00 |
| Total (in dollars per share) (Note H) | 10.56 | 9.52 | 6.14 |
| Basic | |||
| Continuing operations (in dollars per share) (Note H) | 10.63 | 9.56 | 6.17 |
| Discontinued operations (in dollars per share) (Note H) | 0.00 | 0.01 | 0.00 |
| Total (in dollars per share) (Note H) | 10.63 | 9.57 | 6.17 |
| Weighted-average number of common shares outstanding | |||
| Assuming dilution (in shares) | 892,813,376 | 916,315,714 | 937,385,625 |
| Basic (in shares) | 887,235,105 | 912,048,072 | 932,828,295 |
| Product and Service | |||
| Services | |||
| Revenue (Note C) | 47,493 | 49,257 | 48,652 |
| Cost | 32,491 | 33,687 | 33,399 |
| Sales | |||
| Revenue (Note C) | 28,252 | 28,735 | 28,772 |
| Cost | 7,263 | 7,835 | 7,587 |
| Financing | |||
| Revenue (Note C) | 1,402 | 1,599 | 1,715 |
| Cost | 904 | 1,132 | 1,210 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
INTERNATIONAL BUSINESS MACHINES CORP | |||
Ticker: IBM Fiscal Year: 2019 | |||
Consolidated Statement of Comprehensive Income | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 25, 2020) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Net income | $ 9,431 | 8,728 | 5,753 |
| Other comprehensive income/(loss), before tax | |||
| Foreign currency translation adjustments (Note S) | (39) | (730) | 152 |
| Net changes related to available-for-sale securities (Note S) | |||
| Unrealized gains/(losses) arising during the period | 1 | (2) | 1 |
| Reclassification of (gains)/losses to net income | 1 | ||
| Total net changes related to available-for-sale securities | 1 | (2) | 2 |
| Unrealized gains/(losses) on cash flow hedges (Note S) | |||
| Unrealized gains/(losses) arising during the period | (689) | (136) | (58) |
| Reclassification of (gains)/losses to net income | 75 | 449 | (363) |
| Total unrealized gains/(losses) on cash flow hedges | (614) | 313 | (421) |
| Retirement-related benefit plans (Note S) | |||
| Prior service costs/(credits) | (73) | (182) | 0 |
| Net (losses)/gains arising during the period | (120) | (2,517) | 682 |
| Curtailments and settlements | 41 | 11 | 19 |
| Amortization of prior service (credits)/costs | (9) | (73) | (88) |
| Amortization of net (gains)/losses | 1,843 | 2,966 | 2,889 |
| Total retirement-related benefit plans | 1,681 | 204 | 3,502 |
| Other comprehensive income/(loss), before tax (Note S) | 1,029 | (215) | 3,235 |
| Income tax (expense)/benefit related to items of other comprehensive income (Note S) | (136) | (262) | (429) |
| Other comprehensive income/(loss) (Note S) | 893 | (476) | 2,806 |
| Total comprehensive income | 10,324 | 8,252 | 8,559 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
INTERNATIONAL BUSINESS MACHINES CORP | |||
Ticker: IBM Fiscal Year: 2019 | |||
Consolidated Statement of Cash Flows | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 25, 2020) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Cash flows from operating activities | |||
| Net income | $ 9,431 | 8,728 | 5,753 |
| Adjustments to reconcile net income to cash provided by operating activities | |||
| Depreciation | 4,209 | 3,127 | 3,021 |
| Amortization of intangibles | 1,850 | 1,353 | 1,520 |
| Stock-based compensation | 679 | 510 | 534 |
| Deferred taxes | (1,527) | 853 | (931) |
| Net (gain)/loss on asset sales and other | (1,096) | 123 | 14 |
| Change in operating assets and liabilities, net of acquisitions/divestitures | |||
| Receivables (including financing receivables) | 502 | 1,006 | 1,297 |
| Retirement related | 301 | 1,368 | 1,014 |
| Inventory | 67 | (127) | 18 |
| Other assets/other liabilities | 858 | (1,819) | 4,437 |
| Accounts payable | (503) | 126 | 47 |
| Net cash provided by operating activities | 14,770 | 15,247 | 16,724 |
| Cash flows from investing activities | |||
| Payments for property, plant and equipment | (2,286) | (3,395) | (3,229) |
| Proceeds from disposition of property, plant and equipment | 537 | 248 | 460 |
| Investment in software | (621) | (569) | (544) |
| Purchases of marketable securities and other investments | (3,693) | (7,041) | (4,949) |
| Proceeds from disposition of marketable securities and other investments | 3,961 | 6,487 | 3,910 |
| Non-operating finance receivables - net | 6,720 | (503) | (2,028) |
| Acquisition of businesses, net of cash acquired | (32,630) | (139) | (496) |
| Divestiture of businesses, net of cash transferred | 1,076 | (205) | |
| Net cash provided by/(used in) investing activities | (26,936) | (4,913) | (7,081) |
| Cash flows from financing activities | |||
| Proceeds from new debt | 31,825 | 6,891 | 9,643 |
| Payments to settle debt | (12,944) | (8,533) | (6,816) |
| Short-term borrowings/(repayments) less than 90 days - net | (2,597) | 1,341 | 620 |
| Common stock repurchases | (1,361) | (4,443) | (4,340) |
| Common stock repurchases for tax withholdings | (272) | (171) | (193) |
| Financing - other | 99 | 111 | 175 |
| Cash dividends paid | (5,707) | (5,666) | (5,506) |
| Net cash provided by/(used in) financing activities | 9,042 | (10,469) | (6,418) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (167) | (495) | 937 |
| Net change in cash, cash equivalents and restricted cash | (3,290) | (630) | 4,161 |
| Cash, cash equivalents and restricted cash at beginning of period | 11,604 | 12,234 | |
| Cash, cash equivalents and restricted cash at end of period | 8,314 | 11,604 | 12,234 |
| Supplemental data | |||
| Income taxes paid - net of refunds received | 2,091 | 1,745 | 1,597 |
| Interest paid on debt | 1,685 | 1,423 | 1,208 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
INTERNATIONAL BUSINESS MACHINES CORP | ||
Ticker: IBM Fiscal Year: 2019 | ||
Consolidated Balance Sheet | ||
Period Ending Dec 31, 2019 10-K (Filed: Feb 25, 2020) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2019 | Dec 31, 2018 | |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $ 8,172 | 11,379 |
| Restricted cash | 141 | 225 |
| Marketable securities (Note I) | 696 | 618 |
| Notes and accounts receivable-trade (net of allowances of $299 in 2019 and $309 in 2018) | 7,870 | 7,432 |
| Short-term financing receivables (net of allowances of $188 in 2019 and $244 in 2018) (Note K) | 14,192 | 22,388 |
| Other accounts receivable (net of allowances of $33 in 2019 and $38 in 2018) | 1,733 | 743 |
| Inventory (Note J) | 1,619 | 1,682 |
| Deferred costs (Note C) | 1,896 | 2,300 |
| Prepaid expenses and other current assets | 2,101 | 2,378 |
| Total current assets | 38,420 | 49,146 |
| Property, plant and equipment (Note L) | 32,028 | 32,460 |
| Less: Accumulated depreciation (Note L) | 22,018 | 21,668 |
| Property, plant and equipment - net (Note L) | 10,010 | 10,792 |
| Operating right-of-use assets - net (Note M) | 4,996 | 4,800 |
| Long-term financing receivables (net of allowances of $33 in 2019 and $48 in 2018) (Note K) | 8,712 | 9,148 |
| Prepaid pension assets (Note V) | 6,865 | 4,666 |
| Deferred costs (Note C) | 2,472 | 2,676 |
| Deferred taxes (Note G) | 5,182 | 5,216 |
| Goodwill (Note N) | 58,222 | 36,265 |
| Intangible assets - net (Note N) | 15,235 | 3,087 |
| Investments and sundry assets (Note O) | 2,074 | 2,386 |
| Total assets | 152,186 | 123,382 |
| Liabilities and equity | ||
| Current liabilities | ||
| Taxes (Note G) | 2,839 | 3,046 |
| Short-term debt (Notes I&P) | 8,797 | 10,207 |
| Accounts payable | 4,896 | 6,558 |
| Compensation and benefits | 3,406 | 3,310 |
| Deferred income | 12,026 | 11,165 |
| Operating lease liabilities (Note M) | 1,380 | |
| Other accrued expenses and liabilities | 4,357 | 3,941 |
| Total current liabilities | 37,701 | 38,227 |
| Long-term debt (Notes I&P) | 54,102 | 35,605 |
| Retirement and nonpension postretirement benefit obligations (Note V) | 17,142 | 17,002 |
| Deferred income | 3,851 | 3,445 |
| Operating lease liabilities (Note M) | 3,879 | |
| Other liabilities (Note Q) | 14,526 | 12,174 |
| Total liabilities | 131,202 | 106,452 |
| Commitments and Contingencies (Note R) | ||
| Equity (Note S) | ||
| IBM stockholders' equity | ||
| Common stock, par value $.20 per share, and additional paid-in capital; Shares authorized: 4,687,500,000; Shares issued (2019-2,237,996,975; 2018-2,233,427,058) | 55,895 | 55,151 |
| Retained earnings | 162,954 | 159,206 |
| Treasury stock, at cost (shares: 2019-1,350,886,521; 2018-1,340,947,648) | (169,413) | (168,071) |
| Accumulated other comprehensive income/(loss) | (28,597) | (29,490) |
| Total IBM stockholders' equity | 20,841 | 16,796 |
| Noncontrolling interests (Note A) | 144 | 134 |
| Total equity | 20,985 | 16,929 |
| Total liabilities and equity | 152,186 | 123,382 |
| External Links | |
| INTERNATIONAL BUSINESS MACHINES CORP (IBM) Fiscal Year 2019 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |