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: 2018 | |||
Consolidated Statement of Earnings | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 26, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Revenue (Note O) | $ 79,591 | 79,139 | 79,919 |
| Cost | 42,655 | 42,196 | 41,403 |
| Gross profit | 36,936 | 36,943 | 38,516 |
| Expense and other (income) | |||
| Selling, general and administrative | 19,366 | 19,680 | 20,869 |
| Research, development and engineering (Note P) | 5,379 | 5,590 | 5,726 |
| Intellectual property and custom development income | (1,026) | (1,466) | (1,631) |
| Other (income) and expense | 1,152 | 1,125 | 593 |
| Interest expense (Notes D&J) | 723 | 615 | 630 |
| Total expense and other (income) | 25,594 | 25,543 | 26,186 [1] |
| Income from continuing operations before income taxes | 11,342 | 11,400 | 12,330 |
| Provision for income taxes (Note N) | 2,619 | 5,642 | 449 |
| Income from continuing operations | 8,723 | 5,758 | 11,881 |
| Income/(loss) from discontinued operations, net of tax | 5 | (5) | (9) |
| Net income | 8,728 | 5,753 | 11,872 |
| Earnings/(loss) per share of common stock | |||
| Assuming dilution | |||
| Continuing operations (in dollars per share) (Note Q) | 9.51 | 6.14 | 12.39 |
| Discontinued operations (in dollars per share) (Note Q) | 0.01 | 0.00 | (0.01) |
| Total (in dollars per share) (Note Q) | 9.52 | 6.14 | 12.38 |
| Basic | |||
| Continuing operations (in dollars per share) (Note Q) | 9.56 | 6.17 | 12.44 |
| Discontinued operations (in dollars per share) (Note Q) | 0.01 | 0.00 | (0.01) |
| Total (in dollars per share) (Note Q) | 9.57 | 6.17 | 12.43 |
| Weighted-average number of common shares outstanding | |||
| Assuming dilution (in shares) | 916,315,714 | 937,385,625 | 958,714,097 |
| Basic (in shares) | 912,048,072 | 932,828,295 | 955,422,530 |
| Product and Service | |||
| Services | |||
| Revenue (Note O) | 51,350 | 50,709 | 51,268 |
| Cost | 34,059 | 33,811 | 33,792 |
| Sales | |||
| Revenue (Note O) | 26,641 | 26,715 | 26,942 |
| Cost | 7,464 | 7,175 | 6,566 |
| Financing | |||
| Revenue (Note O) | 1,599 | 1,715 | 1,710 |
| Cost | 1,132 | 1,210 | 1,044 |
| [1] * Recast to reflect adoption of the FASB guidance on presentation of net periodic pension and nonpension postretirement benefit costs. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
INTERNATIONAL BUSINESS MACHINES CORP | |||
Ticker: IBM Fiscal Year: 2018 | |||
Consolidated Statement of Comprehensive Income | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 26, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Net income | $ 8,728 | 5,753 | 11,872 |
| Other comprehensive income/(loss), before tax | |||
| Foreign currency translation adjustments (Note L) | (730) | 152 | (20) |
| Net changes related to available-for-sale securities (Note L) | |||
| Unrealized gains/(losses) arising during the period | (2) | 1 | (38) |
| Reclassification of (gains)/losses to net income | 1 | 34 | |
| Total net changes related to available-for-sale securities | (2) | 2 | (3) |
| Unrealized gains/(losses) on cash flow hedges (Note L) | |||
| Unrealized gains/(losses) arising during the period | (136) | (58) | 243 |
| Reclassification of (gains)/losses to net income | 449 | (363) | 102 |
| Total unrealized gains/(losses) on cash flow hedges | 313 | (421) | 345 |
| Retirement-related benefit plans (Note L) | |||
| Prior service costs/(credits) | (182) | 0 | |
| Net (losses)/gains arising during the period | (2,517) | 682 | (2,490) |
| Curtailments and settlements | 11 | 19 | (16) |
| Amortization of prior service (credits)/costs | (73) | (88) | (107) |
| Amortization of net (gains)/losses | 2,966 | 2,889 | 2,764 |
| Total retirement-related benefit plans | 204 | 3,502 | 150 |
| Other comprehensive income/(loss), before tax (Note L) | (215) | 3,235 | 472 |
| Income tax (expense)/benefit related to items of other comprehensive income (Note L) | (262) | (429) | (263) |
| Other comprehensive income/(loss) (Note L) | (476) | 2,806 | 209 |
| Total comprehensive income | 8,252 | 8,559 | 12,081 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
INTERNATIONAL BUSINESS MACHINES CORP | |||
Ticker: IBM Fiscal Year: 2018 | |||
Consolidated Statement of Cash Flows | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 26, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Cash flows from operating activities | |||
| Net income | $ 8,728 | 5,753 | 11,872 |
| Adjustments to reconcile net income to cash provided by operating activities | |||
| Depreciation | 3,127 | 3,021 | 2,837 |
| Amortization of intangibles | 1,353 | 1,520 | 1,544 |
| Stock-based compensation | 510 | 534 | 544 |
| Deferred taxes | 853 | (931) | (1,132) |
| Net (gain)/loss on asset sales and other | 123 | 14 | 62 |
| Change in operating assets and liabilities, net of acquisitions/divestitures | |||
| Receivables (including financing receivables) | 1,006 | 1,297 | 712 |
| Retirement related | 1,368 | 1,014 | 54 |
| Inventories | (127) | 18 | (14) |
| Other assets/other liabilities | (1,819) | 4,437 | 408 |
| Accounts payable | 126 | 47 | 197 |
| Net cash provided by operating activities | 15,247 | 16,724 | 17,084 |
| Cash flows from investing activities | |||
| Payments for property, plant and equipment | (3,395) | (3,229) | (3,567) |
| Proceeds from disposition of property, plant and equipment | 248 | 460 | 424 |
| Investment in software | (569) | (544) | (583) |
| Purchases of marketable securities and other investments | (7,041) | (4,949) | (5,853) |
| Proceeds from disposition of marketable securities and other investments | 6,487 | 3,910 | 5,692 |
| Non-operating finance receivables - net | (503) | (2,028) | (891) |
| Acquisition of businesses, net of cash acquired | (139) | (496) | (5,696) |
| Divestiture of businesses, net of cash transferred | (205) | (454) | |
| Net cash used in investing activities | (4,913) | (7,081) | (10,928) |
| Cash flows from financing activities | |||
| Proceeds from new debt | 6,891 | 9,643 | 9,132 |
| Payments to settle debt | (8,533) | (6,816) | (6,395) |
| Short-term borrowings/(repayments) less than 90 days - net | 1,341 | 620 | 26 |
| Common stock repurchases | (4,443) | (4,340) | (3,502) |
| Common stock repurchases for tax withholdings | (171) | (193) | (126) |
| Financing - other | 111 | 175 | 204 |
| Cash dividends paid | (5,666) | (5,506) | (5,256) |
| Net cash used in financing activities | (10,469) | (6,418) | (5,917) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (495) | 937 | (51) |
| Net change in cash, cash equivalents and restricted cash | (630) | 4,161 | 188 |
| Cash, cash equivalents and restricted cash at beginning of period | 12,234 | 8,073 | |
| Cash, cash equivalents and restricted cash at end of period | 11,604 | 12,234 | 8,073 |
| Supplemental data | |||
| Income taxes paid - net of refunds received | 1,745 | 1,597 | 1,078 |
| Interest paid on debt | 1,423 | 1,208 | 1,158 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
INTERNATIONAL BUSINESS MACHINES CORP | ||
Ticker: IBM Fiscal Year: 2018 | ||
Consolidated Statement of Financial Position | ||
Period Ending Dec 31, 2018 10-K (Filed: Feb 26, 2019) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2018 | Dec 31, 2017 | |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $ 11,379 | 11,972 |
| Restricted cash | 225 | 262 |
| Marketable securities (Note D) | 618 | 608 |
| Notes and accounts receivable - trade (net of allowances of $309 in 2018 and $297 in 2017) | 7,432 | 8,928 |
| Short-term financing receivables (net of allowances of $244 in 2018 and $261 in 2017) (Note F) | 22,388 | 21,721 |
| Other accounts receivable (net of allowances of $38 in 2018 and $36 in 2017) | 743 | 981 |
| Inventories (Note E) | 1,682 | 1,583 |
| Deferred costs (Note O) | 2,300 | 1,820 [1] |
| Prepaid expenses and other current assets | 2,378 | 1,860 |
| Total current assets | 49,146 | 49,735 |
| Property, plant and equipment (Note G) | 32,460 | 32,331 |
| Less: Accumulated depreciation (Note G) | 21,668 | 21,215 |
| Property, plant and equipment - net (Note G) | 10,792 | 11,116 |
| Long-term financing receivables (net of allowances of $48 in 2018 and $74 in 2017) (Note F) | 9,148 | 9,550 |
| Prepaid pension assets (Note T) | 4,666 | 4,643 |
| Deferred costs (Note O) | 2,676 | 2,136 |
| Deferred taxes (Note N) | 5,216 | 4,862 |
| Goodwill (Note I) | 36,265 | 36,788 |
| Intangible assets - net (Note I) | 3,087 | 3,742 |
| Investments and sundry assets (Note H) | 2,386 | 2,783 |
| Total assets | 123,382 | 125,356 |
| Liabilities and equity | ||
| Current liabilities | ||
| Taxes (Note N) | 3,046 | 4,219 |
| Short-term debt (Notes D&J) | 10,207 | 6,987 |
| Accounts payable | 6,558 | 6,451 |
| Compensation and benefits | 3,310 | 3,644 |
| Deferred income | 11,165 | 11,552 |
| Other accrued expenses and liabilities | 3,941 | 4,510 |
| Total current liabilities | 38,227 | 37,363 |
| Long-term debt (Notes D&J) | 35,605 | 39,837 |
| Retirement and nonpension postretirement benefit obligations (Note T) | 17,002 | 16,720 |
| Deferred income | 3,445 | 3,746 |
| Other liabilities (Note K) | 12,174 | 9,965 |
| Total liabilities | 106,452 | 107,631 |
| 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 (2018 - 2,233,427,058; 2017 - 2,229,428,813) | 55,151 | 54,566 |
| Retained earnings | 159,206 | 153,126 |
| Treasury stock, at cost (Shares: 2018 - 1,340,947,648; 2017 - 1,307,249,588) | (168,071) | (163,507) |
| Accumulated other comprehensive income/(loss) | (29,490) | (26,592) |
| Total IBM stockholders' equity | 16,796 | 17,594 |
| Noncontrolling interests (Note A) | 134 | 131 |
| Total equity | 16,929 | 17,725 |
| Total liabilities and equity | 123,382 | 125,356 |
| [1] ** Recast to conform to current period presentation. | ||
| External Links | |
| INTERNATIONAL BUSINESS MACHINES CORP (IBM) Fiscal Year 2018 | |
| 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 |