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: 2021 | |||
CONSOLIDATED INCOME STATEMENT | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 22, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Revenue (Note D) | $ 57,350 | 55,179 | 57,714 |
| Cost | 25,865 | 24,314 | 26,181 |
| Gross profit | 31,486 | 30,865 | 31,533 |
| Expense and other (income) | |||
| Selling, general and administrative | 18,745 | 20,561 | 18,724 |
| Research, development and engineering (Note G) | 6,488 | 6,262 | 5,910 |
| Intellectual property and custom development income | (612) | (620) | (639) |
| Other (income) and expense | 873 | 802 | (1,012) |
| Interest expense (Note Q&U) | 1,155 | 1,288 | 1,344 |
| Total expense and other (income) | 26,649 | 28,293 | 24,327 |
| Income from continuing operations before income taxes | 4,837 | 2,572 | 7,206 |
| Provision for/(benefit from) income taxes (Note H) | 124 | (1,360) | 60 |
| Income from continuing operations | 4,712 | 3,932 | 7,146 |
| Income/(loss) from discontinued operations, net of tax (Note C) | 1,030 | 1,658 | 2,285 |
| Net income | 5,743 | 5,590 | 9,431 |
| Earnings/(loss) per share of common stock | |||
| Assuming dilution | |||
| Continuing operations (in dollars per share) (Note I) | 5.21 | 4.38 | 8.00 |
| Discontinued operations (in dollars per share) (Note I) | 1.14 | 1.85 | 2.56 |
| Total (in dollars per share) (Note I) | 6.35 | 6.23 | 10.56 |
| Basic | |||
| Continuing operations (in dollars per share) (Note I) | 5.26 | 4.42 | 8.05 |
| Discontinued operations (in dollars per share) (Note I) | 1.15 | 1.86 | 2.58 |
| Total (in dollars per share) (Note I) | 6.41 | 6.28 | 10.63 |
| Weighted-average number of common shares outstanding | |||
| Assuming dilution (in shares) | 904,641,001 | 896,563,971 | 892,813,376 |
| Basic (in shares) | 895,990,771 | 890,348,679 | 887,235,105 |
| Product and Service | |||
| Services. | |||
| Revenue (Note D) | 29,225 | 27,626 | 29,141 |
| Cost | 19,147 | 17,689 | 19,009 |
| Sales | |||
| Revenue (Note D) | 27,346 | 26,569 | 27,357 |
| Cost | 6,184 | 6,048 | 6,467 |
| Financing. | |||
| Revenue (Note D) | 780 | 984 | 1,216 |
| Cost | 534 | 577 | 704 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
INTERNATIONAL BUSINESS MACHINES CORP | |||
Ticker: IBM Fiscal Year: 2021 | |||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 22, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Net income | $ 5,743 | 5,590 | 9,431 |
| Other comprehensive income/(loss), before tax | |||
| Foreign currency translation adjustments (Note T) | 987 | (1,500) | (39) |
| Net changes related to available-for-sale securities (Note T) | |||
| Unrealized gains/(losses) arising during the period | 0 | (1) | 1 |
| Total net changes related to available-for-sale securities | 0 | (1) | 1 |
| Unrealized gains/(losses) on cash flow hedges (Note T) | |||
| Unrealized gains/(losses) arising during the period | 344 | (349) | (689) |
| Reclassification of (gains)/losses to net income | 243 | (21) | 75 |
| Total unrealized gains/(losses) on cash flow hedges | 587 | (370) | (614) |
| Retirement-related benefit plans (Note T) | |||
| Prior service costs/(credits) | (51) | (37) | (73) |
| Net (losses)/gains arising during the period | 2,433 | (1,678) | (120) |
| Curtailments and settlements | 94 | 52 | 41 |
| Amortization of prior service (credits)/costs | 9 | 13 | (9) |
| Amortization of net (gains)/losses | 2,484 | 2,314 | 1,843 |
| Total retirement-related benefit plans | 4,969 | 664 | 1,681 |
| Other comprehensive income/(loss), before tax (Note T) | 6,542 | (1,206) | 1,029 |
| Income tax (expense)/benefit related to items of other comprehensive income (Note T) | (1,703) | 466 | (136) |
| Other comprehensive income/(loss) (Note T) | (740) | 893 | |
| Other comprehensive income/(loss) (Note T) | 4,839 | ||
| Total comprehensive income | 4,850 | 10,324 | |
| Total comprehensive income | 10,582 | ||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
INTERNATIONAL BUSINESS MACHINES CORP | |||
Ticker: IBM Fiscal Year: 2021 | |||
CONSOLIDATED STATEMENT OF CASH FLOWS | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 22, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Cash flows from operating activities | |||
| Net income | $ 5,743 | 5,590 | 9,431 |
| Adjustments to reconcile net income to cash provided by operating activities | |||
| Depreciation | 3,888 | 4,227 | 4,209 |
| Amortization of intangibles | 2,529 | 2,468 | 1,850 |
| Stock-based compensation | 982 | 937 | 679 |
| Deferred taxes | (2,001) | (3,203) | (1,527) |
| Net (gain)/loss on asset sales and other | (307) | (70) | (1,096) |
| Change in operating assets and liabilities, net of acquisitions/divestitures | |||
| Receivables (including financing receivables) | 1,372 | 5,297 | 502 |
| Retirement related | 1,038 | 936 | 301 |
| Inventory | 138 | (209) | 67 |
| Other assets/other liabilities | (671) | 2,087 | 858 |
| Accounts payable | 85 | 138 | (503) |
| Net cash provided by operating activities | 12,796 | 18,197 | 14,770 |
| Cash flows from investing activities | |||
| Payments for property, plant and equipment | (2,062) | (2,618) | (2,286) |
| Proceeds from disposition of property, plant and equipment | 387 | 188 | 537 |
| Investment in software | (706) | (612) | (621) |
| Purchases of marketable securities and other investments | (3,561) | (6,246) | (3,693) |
| Proceeds from disposition of marketable securities and other investments | 3,147 | 5,618 | 3,961 |
| Non-operating finance receivables - net | 0 | 475 | 6,720 |
| Acquisition of businesses, net of cash acquired | (3,293) | (336) | (32,630) |
| Divestiture of businesses, net of cash transferred | 114 | 503 | 1,076 |
| Net cash provided by/(used in) investing activities | (5,975) | (3,028) | (26,936) |
| Cash flows from financing activities | |||
| Proceeds from new debt | 522 | 10,504 | 31,825 |
| Payments to settle debt | (8,597) | (13,365) | (12,944) |
| Short-term borrowings/(repayments) less than 90 days - net | (40) | (853) | (2,597) |
| Common stock repurchases | (1,361) | ||
| Common stock repurchases for tax withholdings | (319) | (302) | (272) |
| Financing - other | 70 | 92 | 99 |
| Distribution from Kyndryl | 879 | ||
| Cash dividends paid | (5,869) | (5,797) | (5,707) |
| Net cash provided by/(used in) financing activities | (13,354) | (9,721) | 9,042 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (185) | (87) | (167) |
| Net change in cash, cash equivalents and restricted cash | (6,718) | 5,361 | (3,290) |
| Cash, cash equivalents and restricted cash at January 1 | 13,675 | 8,314 | |
| Cash, cash equivalents and restricted cash at December 31 | 6,957 | 13,675 | 8,314 |
| Supplemental data | |||
| Income taxes paid-net of refunds received | 2,103 | 2,253 | 2,091 |
| Interest paid on debt | 1,512 | 1,830 | 1,685 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
INTERNATIONAL BUSINESS MACHINES CORP | ||
Ticker: IBM Fiscal Year: 2021 | ||
CONSOLIDATED BALANCE SHEET | ||
Period Ending Dec 31, 2021 10-K (Filed: Feb 22, 2022) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2021 | Dec 31, 2020 | |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $ 6,650 | 13,188 |
| Restricted cash | 307 | 463 |
| Marketable securities (Note J) | 600 | 600 |
| Notes and accounts receivable - trade (net of allowances of $218 in 2021 and $260 in 2020) | 6,754 | 5,790 |
| Short-term financing receivables, held for investment (net of allowances of $176 in 2021 and $218 in 2020) (Note L) | 7,221 | 10,509 |
| Short-term financing receivables, held for sale (Note L) | 793 | 383 |
| Other accounts receivable (net of allowances of $24 in 2021 and $25 in 2020) | 1,002 | 695 |
| Inventory (Note K) | 1,649 | 1,812 |
| Deferred costs (Note D) | 1,097 | 1,018 |
| Prepaid expenses and other current assets | 3,466 | 2,089 |
| Current assets of discontinued operations (Note C) | 2,618 | |
| Total current assets | 29,539 | 39,165 |
| Property, plant and equipment (Note M) | 20,085 | 20,100 |
| Less: Accumulated depreciation (Note M) | 14,390 | 13,895 |
| Property, plant and equipment - net (Note M) | 5,694 | 6,205 |
| Operating right-of-use assets-net (Note N) | 3,222 | 3,566 |
| Long-term financing receivables (net of allowances of $25 in 2021 and $45 in 2020) (Note L) | 5,425 | 7,086 |
| Prepaid pension assets (Note W) | 9,850 | 7,557 |
| Deferred costs (Note D) | 924 | 1,150 |
| Deferred taxes (Note H) | 7,370 | 8,404 |
| Goodwill (Note O) | 55,643 | 53,765 |
| Intangible assets-net (Note O) | 12,511 | 13,739 |
| Investments and sundry assets (Note P) | 1,823 | 2,187 |
| Non-current assets of discontinued operations (Note C) | 13,147 | |
| Total assets | 132,001 | 155,971 |
| Liabilities and equity | ||
| Current liabilities | ||
| Taxes (Note H) | 2,289 | 3,198 |
| Short-term debt (Note J&Q) | 6,787 | 7,116 |
| Accounts payable | 3,955 | 4,033 |
| Compensation and benefits | 3,204 | 3,056 |
| Deferred income | 12,518 | 11,980 |
| Operating lease liabilities (Note N) | 974 | 1,035 |
| Other accrued expenses and liabilities | 3,892 | 5,632 |
| Current liabilities of discontinued operations (Note C) | 3,820 | |
| Total current liabilities | 33,619 | 39,869 |
| Long-term debt (Note J&Q) | 44,917 | 54,217 |
| Retirement and nonpension postretirement benefit obligations (Note W) | 14,435 | 17,184 |
| Deferred income | 3,577 | 3,758 |
| Operating lease liabilities (Note N) | 2,462 | 2,720 |
| Other liabilities (Note R) | 13,996 | 14,180 |
| Non-current liabilities of discontinued operations (Note C) | 3,317 | |
| Total liabilities | 113,005 | 135,244 |
| Commitments and Contingencies (Note S) | ||
| Equity (Note T): | ||
| IBM stockholders' equity | ||
| Common stock, par value $.20 per share, and additional paid-in capital Shares authorized: 4,687,500,000 Shares issued (2021-2,248,577,848; 2020-2,242,969,004) | 57,319 | 56,556 |
| Retained earnings | 154,209 | 162,717 |
| Treasury stock, at cost (shares: 2021-1,350,509,249; 2020-1,350,315,580) | (169,392) | (169,339) |
| Accumulated other comprehensive income/(loss) | (23,234) | (29,337) |
| Total IBM stockholders' equity | 18,901 | 20,597 |
| Noncontrolling interests (Note A) | 95 | 129 |
| Total equity | 18,996 | 20,727 |
| Total liabilities and equity | 132,001 | 155,971 |
| External Links | |
| INTERNATIONAL BUSINESS MACHINES CORP (IBM) Fiscal Year 2021 | |
| 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 |