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: 2020 | |||
CONSOLIDATED INCOME STATEMENT | |||
Period Ending Dec 31, 2020 10-K (Filed: Feb 23, 2021) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
| Revenue (Note C) | $ 73,620 | 77,147 | 79,591 |
| Cost | 38,046 | 40,659 | 42,655 |
| Gross profit | 35,575 | 36,488 | 36,936 |
| Expense and other (income) | |||
| Selling, general and administrative | 23,082 | 20,604 | 19,366 |
| Research, development and engineering (Note F) | 6,333 | 5,989 | 5,379 |
| Intellectual property and custom development income | (626) | (648) | (1,026) |
| Other (income) and expense | 861 | (968) | 1,152 |
| Interest expense (Note P&T) | 1,288 | 1,344 | 723 |
| Total expense and other (income) | 30,937 | 26,322 | 25,594 |
| Income from continuing operations before income taxes | 4,637 | 10,166 | 11,342 |
| Provision for/(benefit from) income taxes (Note G) | (864) | 731 | 2,619 |
| Income from continuing operations | 5,501 | 9,435 | 8,723 |
| Income/(loss) from discontinued operations, net of tax | 89 | (4) | 5 |
| Net income | 5,590 | 9,431 | 8,728 |
| Earnings/(loss) per share of common stock | |||
| Assuming dilution | |||
| Continuing operations (in dollars per share) (Note H) | 6.13 | 10.57 | 9.51 |
| Discontinued operations (in dollars per share) (Note H) | 0.10 | (0.01) | 0.01 |
| Total (in dollars per share) (Note H) | 6.23 | 10.56 | 9.52 |
| Basic | |||
| Continuing operations (in dollars per share) (Note H) | 6.18 | 10.63 | 9.56 |
| Discontinued operations (in dollars per share) (Note H) | 0.10 | 0.00 | 0.01 |
| Total (in dollars per share) (Note H) | 6.28 | 10.63 | 9.57 |
| Weighted-average number of common shares outstanding | |||
| Assuming dilution (in shares) | 896,563,971 | 892,813,376 | 916,315,714 |
| Basic (in shares) | 890,348,679 | 887,235,105 | 912,048,072 |
| Product and Service | |||
| Services | |||
| Revenue (Note C) | 45,004 | 47,493 | 49,257 |
| Cost | 30,404 | 32,491 | 33,687 |
| Sales | |||
| Revenue (Note C) | 27,484 | 28,252 | 28,735 |
| Cost | 6,934 | 7,263 | 7,835 |
| Financing | |||
| Revenue (Note C) | 1,133 | 1,402 | 1,599 |
| Cost | 708 | 904 | 1,132 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
INTERNATIONAL BUSINESS MACHINES CORP | |||
Ticker: IBM Fiscal Year: 2020 | |||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||
Period Ending Dec 31, 2020 10-K (Filed: Feb 23, 2021) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
| Net income | $ 5,590 | 9,431 | 8,728 |
| Other comprehensive income/(loss), before tax | |||
| Foreign currency translation adjustments (Note S) | (1,500) | (39) | (730) |
| Net changes related to available-for-sale securities (Note S) | |||
| Unrealized gains/(losses) arising during the period | (1) | 1 | (2) |
| Total net changes related to available-for-sale securities | (1) | 1 | (2) |
| Unrealized gains/(losses) on cash flow hedges (Note S) | |||
| Unrealized gains/(losses) arising during the period | (349) | (689) | (136) |
| Reclassification of (gains)/losses to net income | (21) | 75 | 449 |
| Total unrealized gains/(losses) on cash flow hedges | (370) | (614) | 313 |
| Retirement-related benefit plans (Note S) | |||
| Prior service costs/(credits) | (37) | (73) | (182) |
| Net (losses)/gains arising during the period | (1,678) | (120) | (2,517) |
| Curtailments and settlements | 52 | 41 | 11 |
| Amortization of prior service (credits)/costs | 13 | (9) | (73) |
| Amortization of net (gains)/losses | 2,314 | 1,843 | 2,966 |
| Total retirement-related benefit plans | 664 | 1,681 | 204 |
| Other comprehensive income/(loss), before tax (Note S) | (1,206) | 1,029 | (215) |
| Income tax (expense)/benefit related to items of other comprehensive income (Note S) | 466 | (136) | (262) |
| Other comprehensive income/(loss) (Note S) | (740) | 893 | (476) |
| Total comprehensive income | 4,850 | 10,324 | 8,252 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
INTERNATIONAL BUSINESS MACHINES CORP | |||
Ticker: IBM Fiscal Year: 2020 | |||
CONSOLIDATED STATEMENT OF CASH FLOWS | |||
Period Ending Dec 31, 2020 10-K (Filed: Feb 23, 2021) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
| Cash flows from operating activities | |||
| Net income | $ 5,590 | 9,431 | 8,728 |
| Adjustments to reconcile net income to cash provided by operating activities | |||
| Depreciation | 4,227 | 4,209 | 3,127 |
| Amortization of intangibles | 2,468 | 1,850 | 1,353 |
| Stock-based compensation | 937 | 679 | 510 |
| Deferred taxes | (3,203) | (1,527) | 853 |
| Net (gain)/loss on asset sales and other | (70) | (1,096) | 123 |
| Change in operating assets and liabilities, net of acquisitions/divestitures | |||
| Receivables (including financing receivables) | 5,297 | 502 | 1,006 |
| Retirement related | 936 | 301 | 1,368 |
| Inventory | (209) | 67 | (127) |
| Other assets/other liabilities | 2,087 | 858 | (1,819) |
| Accounts payable | 138 | (503) | 126 |
| Net cash provided by operating activities | 18,197 | 14,770 | 15,247 |
| Cash flows from investing activities | |||
| Payments for property, plant and equipment | (2,618) | (2,286) | (3,395) |
| Proceeds from disposition of property, plant and equipment | 188 | 537 | 248 |
| Investment in software | (612) | (621) | (569) |
| Purchases of marketable securities and other investments | (6,246) | (3,693) | (7,041) |
| Proceeds from disposition of marketable securities and other investments | 5,618 | 3,961 | 6,487 |
| Non-operating finance receivables - net | 475 | 6,720 | (503) |
| Acquisition of businesses, net of cash acquired | (336) | (32,630) | (139) |
| Divestiture of businesses, net of cash transferred | 503 | 1,076 | |
| Net cash provided by/(used in) investing activities | (3,028) | (26,936) | (4,913) |
| Cash flows from financing activities | |||
| Proceeds from new debt | 10,504 | 31,825 | 6,891 |
| Payments to settle debt | (13,365) | (12,944) | (8,533) |
| Short-term borrowings/(repayments) less than 90 days - net | (853) | (2,597) | 1,341 |
| Common stock repurchases | (1,361) | (4,443) | |
| Common stock repurchases for tax withholdings | (302) | (272) | (171) |
| Financing - other | 92 | 99 | 111 |
| Cash dividends paid | (5,797) | (5,707) | (5,666) |
| Net cash provided by/(used in) financing activities | (9,721) | 9,042 | (10,469) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (87) | (167) | (495) |
| Net change in cash, cash equivalents and restricted cash | 5,361 | (3,290) | (630) |
| Cash, cash equivalents and restricted cash at January 1 | 8,314 | 11,604 | |
| Cash, cash equivalents and restricted cash at December 31 | 13,675 | 8,314 | 11,604 |
| Supplemental data | |||
| Income taxes paid-net of refunds received | 2,253 | 2,091 | 1,745 |
| Interest paid on debt | 1,830 | 1,685 | 1,423 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
INTERNATIONAL BUSINESS MACHINES CORP | ||
Ticker: IBM Fiscal Year: 2020 | ||
CONSOLIDATED BALANCE SHEET | ||
Period Ending Dec 31, 2020 10-K (Filed: Feb 23, 2021) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2020 | Dec 31, 2019 | |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $ 13,212 | 8,172 |
| Restricted cash | 463 | 141 |
| Marketable securities (Note I) | 600 | 696 |
| Notes and accounts receivable-trade (net of allowances of $351 in 2020 and $299 in 2019) | 7,132 | 7,870 |
| Short-term financing receivables (net of allowances of $218 in 2020 and $188 in 2019) (Note K) | 10,892 | 14,192 |
| Other accounts receivable (net of allowances of $28 in 2020 and $33 in 2019) | 714 | 1,733 |
| Inventory (Note J) | 1,839 | 1,619 |
| Deferred costs (Note C) | 2,107 | 1,896 |
| Prepaid expenses and other current assets | 2,206 | 2,101 |
| Total current assets | 39,165 | 38,420 |
| Property, plant and equipment (Note L) | 33,176 | 32,028 |
| Less: Accumulated depreciation (Note L) | 23,136 | 22,018 |
| Property, plant and equipment - net (Note L) | 10,040 | 10,010 |
| Operating right-of-use assets-net (Note M) | 4,686 | 4,996 |
| Long-term financing receivables (net of allowances of $45 in 2020 and $33 in 2019) (Note K) | 7,086 | 8,712 |
| Prepaid pension assets (Note V) | 7,610 | 6,865 |
| Deferred costs (Note C) | 2,449 | 2,472 |
| Deferred taxes (Note G) | 9,241 | 5,182 |
| Goodwill (Note N) | 59,617 | 58,222 |
| Intangible assets-net (Note N) | 13,796 | 15,235 |
| Investments and sundry assets (Note O) | 2,282 | 2,074 |
| Total assets | 155,971 | 152,186 |
| Liabilities and equity | ||
| Current liabilities | ||
| Taxes (Note G) | 3,301 | 2,839 |
| Short-term debt (Notes I&P) | 7,183 | 8,797 |
| Accounts payable | 4,908 | 4,896 |
| Compensation and benefits | 3,440 | 3,406 |
| Deferred income | 12,833 | 12,026 |
| Operating lease liabilities (Note M) | 1,357 | 1,380 |
| Other accrued expenses and liabilities | 6,847 | 4,357 |
| Total current liabilities | 39,869 | 37,701 |
| Long-term debt (Notes I&P) | 54,355 | 54,102 |
| Retirement and nonpension postretirement benefit obligations (Note V) | 18,248 | 17,142 |
| Deferred income | 4,301 | 3,851 |
| Operating lease liabilities (Note M) | 3,574 | 3,879 |
| Other liabilities (Note Q) | 14,897 | 14,526 |
| Total liabilities | 135,244 | 131,202 |
| Commitments and Contingencies (Note R) | ||
| Equity: | ||
| IBM stockholders' equity | ||
| Common stock, par value $.20 per share, and additional paid-in capital Shares authorized: 4,687,500,000 Shares issued (2020- 2,242,969,004; 2019-2,237,996,975) | 56,556 | 55,895 |
| Retained earnings | 162,717 | 162,954 |
| Treasury stock, at cost (shares: 2020-1,350,315,580; 2019-1,350,886,521) | (169,339) | (169,413) |
| Accumulated other comprehensive income/(loss) | (29,337) | (28,597) |
| Total IBM stockholders' equity | 20,597 | 20,841 |
| Noncontrolling interests (Note A) | 129 | 144 |
| Total equity | 20,727 | 20,985 |
| Total liabilities and equity | 155,971 | 152,186 |
| External Links | |
| INTERNATIONAL BUSINESS MACHINES CORP (IBM) Fiscal Year 2020 | |
| 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 |