filings.toolsItem 16. Form 10-K Summary:
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Item 16. Form 10-K Summary:
None.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | |
|---|---|---|
| | INTERNATIONAL BUSINESS MACHINES CORPORATION (Registrant) | |
| | | |
| | By: | /s/ ARVIND KRISHNA |
| | | Arvind Krishna |
| | | Chairman of the Board |
| | | and Chief Executive Officer |
| | | |
| | | Date: February 22, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| Signature | Title | Date | ||
|---|---|---|---|---|
| | | | | |
| /s/ ARVIND KRISHNA | | Chairman of the Board, and Chief Executive Officer | | February 22, 2022 |
| Arvind Krishna | | | ||
| | | | | |
| /s/ JAMES J. KAVANAUGH | | Senior Vice President and Chief Financial Officer, Finance and Operations | | February 22, 2022 |
| James J. Kavanaugh | | | ||
| | | | | |
| /s/ ROBERT F. DEL BENE | | Vice President and Controller (Chief Accounting Officer) | | February 22, 2022 |
| Robert F. Del Bene | | |
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Board of Directors
| | | | |
|---|---|---|---|
| | | By: | /s/ FRANK SEDLARCIK |
| | | | Frank Sedlarcik |
| Thomas Buberl | Director | | Attorney-in-fact February 22, 2022 |
| Michael L. Eskew | Director | | |
| David N. Farr | Director | | |
| Alex Gorsky | Director | | |
| Michelle Howard | Director | | |
| Andrew N. Liveris | Director | | |
| F. William McNabb III | Director | | |
| Martha E. Pollack | Director | | |
| Joseph R. Swedish | Director | | |
| Peter R. Voser | Director | | |
| Frederick H. Waddell | Director | | |
| Alfred W. Zollar | Director | | |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
ON FINANCIAL STATEMENT SCHEDULE
To the Board of Directors and Stockholders of
International Business Machines Corporation:
Our audits of the consolidated financial statements referred to in our report dated February 22, 2022 appearing in the 2021 Annual Report to Stockholders of International Business Machines Corporation (which report and consolidated financial statements are incorporated by reference in this Annual Report on Form 10-K) also included an audit of the financial statement schedule listed in Item 15(a)(2) of this Form 10-K. In our opinion, this financial statement schedule presents fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
New York, New York
February 22, 2022
SCHEDULE II
INTERNATIONAL BUSINESS MACHINES CORPORATION AND SUBSIDIARY COMPANIES
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
For the Years Ended December 31:
(Dollars in Millions)
| | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Balance at | | | | | | | | Balance at | |||||
| | | Beginning of | | Additions/ | | | | | | End of | |||||
| Description | Period | (Deductions) | Write-offs | Other | Period | ||||||||||
| Allowance For Credit Losses | | | | | | | | | | | | | | | |
| 2021 | | | | | | | | | | | | | | | |
| –Current | | $ | 503 | | $ | (35) | | $ | (46) | | $ | (4) | | $ | 418 |
| –Noncurrent | | $ | 47 | | $ | (21) | | $ | 0 | | $ | (2) | | $ | 25 |
| 2020 | | | | | | | | | | | | | | | |
| –Current | | $ | 471 | * | $ | 91 | | $ | (78) | | $ | 19 | | $ | 503 |
| –Noncurrent | | $ | 56 | * | $ | 4 | | $ | (0) | | $ | (13) | | $ | 47 |
| 2019 | | | | | | | | | | | | | | | |
| –Current | | $ | 477 | | $ | 47 | | $ | (96) | | $ | 8 | | $ | 437 |
| –Noncurrent | | $ | 48 | | $ | (10) | | $ | (4) | | $ | (1) | | $ | 33 |
| Allowance For Inventory Losses | | | | | | | | | | | | | | | |
| 2021 | | $ | 514 | | $ | 240 | | $ | (118) | | $ | (3) | | $ | 633 |
| 2020 | | $ | 490 | | $ | 135 | | $ | (125) | | $ | 15 | | $ | 514 |
| 2019 | $ | 530 | | $ | 115 | | $ | (166) | | $ | 11 | | $ | 490 | |
| Revenue Based Provisions | | | | | | | | | | | | | | | |
| 2021 | | $ | 372 | | $ | 627 | | $ | (574) | | $ | 10 | | $ | 435 |
| 2020 | | $ | 383 | | $ | 689 | | $ | (712) | | $ | 13 | | $ | 372 |
| 2019 | $ | 384 | | $ | 735 | | $ | (731) | | $ | (5) | | $ | 383 |
Schedule II balances above are presented on a continuing operations basis and the prior year amounts have been recast to remove Kyndryl, which is presented within discontinued operations. Refer to note C, “Separation of Kyndryl,” for additional information related to Kyndryl discontinued operations.
* Opening balance does not equal the allowance at December 31, 2019 due to the adoption of the guidance for current expected credit losses.
Additions/(Deductions) to the allowances represent changes in estimates of unrecoverable amounts in receivables and inventory and are recorded to expense and cost accounts, respectively. Amounts are written-off when they are deemed unrecoverable by the company. Additions/(Deductions) to Revenue Based Provisions represent changes in estimated reductions to revenue, primarily as a result of revenue-related programs, including customer and business partner rebates. Write-offs for Revenue Based Provisions represent reductions in the provision due to amounts remitted to customers and business partners. Other primarily comprises currency translation adjustments.
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