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: 2017 | |||
Consolidated Statement of Earnings | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 27, 2018) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Revenue | |||
| Services | $ 50,709 | 51,268 | 49,911 |
| Sales | 26,715 | 26,942 | 29,967 |
| Financing | 1,715 | 1,710 | 1,864 |
| Total revenue (Note T) | 79,139 | 79,919 | 81,741 |
| Cost | |||
| Services | 34,447 | 34,021 | 33,126 |
| Sales | 7,256 | 6,559 | 6,920 |
| Financing | 1,210 | 1,044 | 1,011 |
| Total cost | 42,913 | 41,625 | 41,057 |
| Gross profit | 36,227 | 38,294 | 40,684 |
| Expense and other (income) | |||
| Selling, general and administrative | 20,107 | 21,069 | 20,430 |
| Research, development and engineering (Note O) | 5,787 | 5,751 | 5,247 |
| Intellectual property and custom development income | (1,466) | (1,631) | (682) |
| Other (income) and expense | (216) | 145 | (724) |
| Interest expense (Notes D&J) | 615 | 630 | 468 |
| Total expense and other (income) | 24,827 | 25,964 | 24,740 |
| Income from continuing operations before income taxes | 11,400 | 12,330 | 15,945 |
| Provision for income taxes (Note N) | 5,642 | 449 | 2,581 |
| Income from continuing operations | 5,758 | 11,881 | 13,364 |
| Loss from discontinued operations, net of tax (Note C) | (5) | (9) | (174) |
| Net income | 5,753 | 11,872 | 13,190 |
| Earnings/(loss) per share of common stock | |||
| Assuming dilution | |||
| Continuing operations (in dollars per share) (Note P) | 6.14 | 12.39 | 13.60 |
| Discontinued operations (in dollars per share) (Note P) | 0.00 | (0.01) | (0.18) |
| Total (in dollars per share) (Note P) | 6.14 | 12.38 | 13.42 |
| Basic | |||
| Continuing operations (in dollars per share) (Note P) | 6.17 | 12.44 | 13.66 |
| Discontinued operations (in dollars per share) (Note P) | 0.00 | (0.01) | (0.18) |
| Total (in dollars per share) (Note P) | 6.17 | 12.43 | 13.48 |
| Weighted-average number of common shares outstanding | |||
| Assuming dilution (in shares) | 937,385,625 | 958,714,097 | 982,700,267 |
| Basic (in shares) | 932,828,295 | 955,422,530 | 978,744,523 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
INTERNATIONAL BUSINESS MACHINES CORP | |||
Ticker: IBM Fiscal Year: 2017 | |||
Consolidated Statement of Comprehensive Income | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 27, 2018) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Net income | $ 5,753 | 11,872 | 13,190 |
| Other comprehensive income/(loss), before tax | |||
| Foreign currency translation adjustments (Note L) | 152 | (20) | (1,379) |
| Net changes related to available-for-sale securities (Note L) | |||
| Unrealized gains/(losses) arising during the period | 1 | (38) | (54) |
| Reclassification of (gains)/losses to net income | 1 | 34 | 86 |
| Total net changes related to available-for-sale securities | 2 | (3) | 32 |
| Unrealized gains/(losses) on cash flow hedges (Note L) | |||
| Unrealized gains/(losses) arising during the period | (58) | 243 | 618 |
| Reclassification of (gains)/losses to net income | (363) | 102 | (1,072) |
| Total unrealized gains/(losses) on cash flow hedges | (421) | 345 | (454) |
| Retirement-related benefit plans (Note L) | |||
| Prior service costs/(credits) | 0 | 6 | |
| Net (losses)/gains arising during the period | 682 | (2,490) | (2,963) |
| Curtailments and settlements | 19 | (16) | 33 |
| Amortization of prior service (credits)/costs | (88) | (107) | (100) |
| Amortization of net (gains)/losses | 2,889 | 2,764 | 3,304 |
| Total retirement-related benefit plans | 3,502 | 150 | 279 |
| Other comprehensive income/(loss), before tax (Note L) | 3,235 | 472 | (1,523) |
| Income tax (expense)/benefit related to items of other comprehensive income (Note L) | (429) | (263) | (208) |
| Other comprehensive income/(loss) (Note L) | 2,806 | 209 | (1,731) |
| Total comprehensive income | 8,559 | 12,081 | 11,459 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
INTERNATIONAL BUSINESS MACHINES CORP | |||
Ticker: IBM Fiscal Year: 2017 | |||
Consolidated Statement of Cash Flows | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 27, 2018) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Cash flows from operating activities | |||
| Net income | $ 5,753 | 11,872 | 13,190 |
| Adjustments to reconcile net income to cash provided by operating activities | |||
| Depreciation | 3,021 | 2,837 | 2,662 |
| Amortization of intangibles | 1,520 | 1,544 | 1,193 |
| Stock-based compensation | 534 | 544 | 468 |
| Deferred taxes | (931) | (1,132) | 1,387 |
| Net (gain)/loss on asset sales and other | 14 | 62 | 481 |
| Loss on microelectronics business disposal | 71 | ||
| Change in operating assets and liabilities, net of acquisitions/divestitures | |||
| Receivables (including financing receivables) | 1,297 | 712 | 812 |
| Retirement related | 1,014 | 54 | (22) |
| Inventories | 18 | (14) | 133 |
| Other assets/other liabilities | 4,437 | 408 | (3,200) [1] |
| Accounts payable | 47 | 197 | 81 |
| Net cash provided by operating activities | 16,724 | 17,084 | 17,255 |
| Cash flows from investing activities | |||
| Payments for property, plant and equipment | (3,229) | (3,567) | (3,579) |
| Proceeds from disposition of property, plant and equipment | 460 | 424 | 370 |
| Investment in software | (544) | (583) | (572) |
| Purchases of marketable securities and other investments | (4,964) | (5,917) | (3,073) |
| Proceeds from disposition of marketable securities and other investments | 3,910 | 5,692 | 2,842 |
| Non-operating finance receivables - net | (2,028) | (891) | (398) |
| Acquisition of businesses, net of cash acquired | (496) | (5,679) | (3,349) |
| Divestiture of businesses, net of cash transferred | (205) | (454) | (401) |
| Net cash used in investing activities | (7,096) | (10,976) | (8,159) |
| Cash flows from financing activities | |||
| Proceeds from new debt | 9,643 | 9,132 | 5,540 |
| Payments to settle debt | (6,816) | (6,395) | (5,622) |
| Short-term borrowings/(repayments) less than 90 days - net | 620 | 26 | 101 |
| Common stock repurchases | (4,340) | (3,502) | (4,609) |
| Common stock repurchases for tax withholdings | (193) | (126) | (248) |
| Common stock transactions - other | 175 | 204 | 322 |
| Cash dividends paid | (5,506) | (5,256) | (4,897) |
| Net cash used in financing activities | (6,418) | (5,917) | (9,413) |
| Effect of exchange rate changes on cash and cash equivalents | 937 | (51) | (473) |
| Net change in cash and cash equivalents | 4,146 | 140 | (790) |
| Cash and cash equivalents at beginning of period | 7,826 | 7,686 | |
| Cash and cash equivalents at end of period | 11,972 | 7,826 | 7,686 |
| Supplemental data | |||
| Income taxes paid - net of refunds received | 1,597 | 1,078 | 2,657 |
| Interest paid on debt | 1,208 | 1,158 | 995 |
| [1] Reclassified to reflect adoption of the FASB guidance on share-based compensation. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
INTERNATIONAL BUSINESS MACHINES CORP | ||
Ticker: IBM Fiscal Year: 2017 | ||
Consolidated Statement of Financial Position | ||
Period Ending Dec 31, 2017 10-K (Filed: Feb 27, 2018) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2017 | Dec 31, 2016 | |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $ 11,972 | 7,826 |
| Marketable securities (Note D) | 608 | 701 |
| Notes and accounts receivable-trade (net of allowances of $297 in 2017 and $290 in 2016) | 8,928 | 9,182 |
| Short-term financing receivables (net of allowances of $261 in 2017 and $337 in 2016) (Note F) | 21,721 | 19,006 |
| Other accounts receivable (net of allowances of $36 in 2017 and $48 in 2016) | 981 | 1,057 |
| Inventories (Note E) | 1,583 | 1,553 |
| Prepaid expenses and other current assets | 3,942 | 4,564 |
| Total current assets | 49,735 | 43,888 |
| Property, plant and equipment (Note G) | 32,331 | 30,133 |
| Less: Accumulated depreciation (Note G) | 21,215 | 19,303 |
| Property, plant and equipment - net (Note G) | 11,116 | 10,830 |
| Long-term financing receivables (net of allowances of $74 in 2017 and $101 in 2016) (Note F) | 9,550 | 9,021 |
| Prepaid pension assets (Note S) | 4,643 | 3,034 |
| Deferred taxes (Note N) | 4,862 | 5,224 |
| Goodwill (Note I) | 36,788 | 36,199 |
| Intangible assets - net (Note I) | 3,742 | 4,688 |
| Investments and sundry assets (Note H) | 4,919 | 4,585 |
| Total assets | 125,356 | 117,470 |
| Liabilities and equity | ||
| Current liabilities | ||
| Taxes (Note N) | 4,219 | 3,235 |
| Short-term debt (Notes D&J) | 6,987 | 7,513 |
| Accounts payable | 6,451 | 6,209 |
| Compensation and benefits | 3,644 | 3,577 |
| Deferred income | 11,552 | 11,035 |
| Other accrued expenses and liabilities | 4,510 | 4,705 |
| Total current liabilities | 37,363 | 36,275 |
| Long-term debt (Notes D&J) | 39,837 | 34,655 |
| Retirement and nonpension postretirement benefit obligations (Note S) | 16,720 | 17,070 |
| Deferred income | 3,746 | 3,600 |
| Other liabilities (Note K) | 9,965 | 7,477 |
| Total liabilities | 107,631 | 99,078 |
| Contingencies and commitments (Note M) | ||
| Equity (Note L) | ||
| IBM stockholders' equity | ||
| Common stock, par value $.20 per share, and additional paid-in capital; Shares authorized: 4,687,500,000; Shares issued (2017-2,229,428,813; 2016-2,225,116,815) | 54,566 | 53,935 |
| Retained earnings | 153,126 | 152,759 |
| Treasury stock, at cost (shares: 2017 - 1,307,249,588; 2016 - 1,279,249,412) | (163,507) | (159,050) |
| Accumulated other comprehensive income/(loss) | (26,592) | (29,398) |
| Total IBM stockholders' equity | 17,594 | 18,246 |
| Noncontrolling interests (Note A) | 131 | 146 |
| Total equity | 17,725 | 18,392 |
| Total liabilities and equity | 125,356 | 117,470 |
| External Links | |
| INTERNATIONAL BUSINESS MACHINES CORP (IBM) Fiscal Year 2017 | |
| 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 |