IBM Files 2023 Annual Report on Form 10-K

Ticker: IBM · Form: 10-K · Filed: Feb 26, 2024 · CIK: 51143

International Business Machines Corp 10-K Filing Summary
FieldDetail
CompanyInternational Business Machines Corp (IBM)
Form Type10-K
Filed DateFeb 26, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Sentimentneutral

Sentiment: neutral

Topics: IBM, 10-K, Annual Report, Financials, Technology

TL;DR

<b>IBM has filed its 2023 annual report (10-K) detailing its financial performance and corporate information.</b>

AI Summary

INTERNATIONAL BUSINESS MACHINES CORP (IBM) filed a Annual Report (10-K) with the SEC on February 26, 2024. IBM reported its 2023 fiscal year results on February 26, 2024. The filing covers the period ending December 31, 2023. IBM is incorporated in New York. The company's principal executive offices are located at 1 New Orchard Road, Armonk, NY. The filing is a 10-K annual report.

Why It Matters

For investors and stakeholders tracking INTERNATIONAL BUSINESS MACHINES CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of IBM's financial health, operational performance, and strategic direction for the fiscal year 2023. Investors and analysts can use this document to assess IBM's financial position, identify potential risks, and make informed investment decisions.

Risk Assessment

Risk Level: medium — INTERNATIONAL BUSINESS MACHINES CORP shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies. The complexity and breadth of information in a 10-K can present a medium level of risk for investors to fully digest.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand IBM's performance and outlook for the upcoming year.

Key Numbers

  • 20231231 — Fiscal Year End (Conformed period of report)
  • 20240226 — Filing Date (Filed as of date)
  • 3570 — SIC Code (Standard Industrial Classification)
  • 130871985 — IRS Number (IRS Number)
  • NY — State of Incorporation (State of incorporation)
  • 10-K — Form Type (Form type)
  • 001-02360 — SEC File Number (SEC file number)
  • 24673497 — Film Number (Film number)

Key Players & Entities

  • INTERNATIONAL BUSINESS MACHINES CORP (company) — Filer name
  • IBM (company) — Ticker symbol
  • 1 NEW ORCHARD ROAD (company) — Business address street
  • ARMONK (company) — Business address city
  • NY (company) — Business address state
  • 10504 (company) — Business address zip
  • 9144991900 (company) — Business phone

FAQ

When did INTERNATIONAL BUSINESS MACHINES CORP file this 10-K?

INTERNATIONAL BUSINESS MACHINES CORP filed this Annual Report (10-K) with the SEC on February 26, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by INTERNATIONAL BUSINESS MACHINES CORP (IBM).

Where can I read the original 10-K filing from INTERNATIONAL BUSINESS MACHINES CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by INTERNATIONAL BUSINESS MACHINES CORP.

What are the key takeaways from INTERNATIONAL BUSINESS MACHINES CORP's 10-K?

INTERNATIONAL BUSINESS MACHINES CORP filed this 10-K on February 26, 2024. Key takeaways: IBM reported its 2023 fiscal year results on February 26, 2024.. The filing covers the period ending December 31, 2023.. IBM is incorporated in New York..

Is INTERNATIONAL BUSINESS MACHINES CORP a risky investment based on this filing?

Based on this 10-K, INTERNATIONAL BUSINESS MACHINES CORP presents a moderate-risk profile. The filing is a standard 10-K, which is a routine disclosure for public companies. The complexity and breadth of information in a 10-K can present a medium level of risk for investors to fully digest.

What should investors do after reading INTERNATIONAL BUSINESS MACHINES CORP's 10-K?

Review the detailed financial statements and risk factors within the 10-K to understand IBM's performance and outlook for the upcoming year. The overall sentiment from this filing is neutral.

How does INTERNATIONAL BUSINESS MACHINES CORP compare to its industry peers?

IBM operates in the technology sector, providing a wide range of IT services, software, and hardware solutions globally.

Are there regulatory concerns for INTERNATIONAL BUSINESS MACHINES CORP?

As a publicly traded company, IBM is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

Industry Context

IBM operates in the technology sector, providing a wide range of IT services, software, and hardware solutions globally.

Regulatory Implications

As a publicly traded company, IBM is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

  1. Analyze IBM's revenue streams and growth trends for fiscal year 2023.
  2. Examine the company's balance sheet and debt levels to assess financial health.
  3. Review any disclosed risk factors to understand potential challenges facing IBM.

Key Dates

  • 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
  • 2024-02-26: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing provided for analysis, so no prior filing data is available for comparison.

Filing Stats: 4,385 words · 18 min read · ~15 pages · Grade level 14.5 · Accepted 2024-02-26 06:41:57

Filing Documents

Risk Factors

Item 1A. Risk Factors 3

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 9 I tem 1C. Cybersecurity 9

Properties

Item 2. Properties 11

Legal Proceedings

Item 3. Legal Proceedings 11

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 11 PART II 12

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 12

[Reserved]

Item 6. [Reserved] 12

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 12

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 12

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 12

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 12

Controls and Procedures

Item 9A. Controls and Procedures 12

Other Information

Item 9B. Other Information 13

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 13 PART III 14

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 14

Executive Compensation

Item 11. Executive Compensation 14

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 14

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 16

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 16 PART IV 17

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 17

Form 10-K Summary

Item 16. Form 10-K Summary 23

SIGNATURES

SIGNATURES REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON FINANCIAL STATEMENT SCHEDULE SCHEDULE II S- 1 i Table of Contents PART I

Business

Item 1. Business: International Business Machines Corporation (IBM or the company) was incorporated in the State of New York on June 16, 1911, as the Computing-Tabulating-Recording Co. (C-T-R), a consolidation of the Computing Scale Co. of America, the Tabulating Machine Co. and The International Time Recording Co. of New York. Since that time, IBM has focused on the intersection of business insight and technological innovation, and its operations and aims have been international in nature. This was signaled 100 years ago, in 1924, when C-T-R changed its name to International Business Machines Corporation. And it continues today—we create sustained value for clients by helping them leverage the power of hybrid cloud and artificial intelligence (AI). Our hybrid cloud platform and AI technology support clients' digital transformations and helps them reimagine critical workflows, at scale, and modernize applications to increase agility, drive innovation and create operational efficiencies. Our offerings draw from leading IBM capabilities in software, consulting services capability to deliver business outcomes, and deep incumbency in mission-critical infrastructure, all bolstered by one of the world's leading research organizations. The following information is included in IBM's 2023 Annual Report to Stockholders and is incorporated by reference: IBM Strategy—pages 11 to 13. Business Segments and Capabilities—pages 13 to 15. Human Capital—pages 15 to 16. Strategic Partnerships We proactively partner with a broad variety of companies including hyperscalers, service providers, global system integrators, and software and hardware vendors. We work alongside our partners to deliver end-to-end solutions that address our clients' complex business challenges while accelerating growth. Our strategic partners include: Adobe, Amazon Web Services (AWS), Microsoft, Oracle, Salesforce, Samsung Electronics and SAP, among others. Companies with which we have strategic partnersh

Risk Factors

Item 1A. Risk Factors: Risks Related to Our Business Downturn in Economic Environment and Client Spending Budgets Could Impact the Company's Business: If overall demand for IBM's products and solutions decreases, whether due to general economic conditions, or a shift in client buying patterns, the company's revenue and profit could be impacted. Failure of Innovation Initiatives Could Impact the Long-Term Success of the Company: IBM has moved into areas, including those that incorporate or utilize hybrid cloud, AI (including generative AI), quantum and other disruptive technologies, in which it can differentiate itself through responsible innovation, by leveraging its investments in R&D and attracting a successful developer ecosystem. If IBM is unable to continue its cutting-edge innovation in a highly competitive and rapidly evolving environment or is unable to commercialize such innovations, expand and scale them with sufficient speed and versatility or is unable to attract a successful developer ecosystem, the company could fail in its ongoing efforts to maintain and increase its market share and its profit margins. Damage to IBM's Reputation Could Impact the Company's Business: IBM has one of the strongest brand names in the world, and its brand and overall reputation could be negatively impacted by many factors, including if the company does not continue to be recognized for its industry leading technology and solutions and as a hybrid cloud and AI leader. IBM's reputation is potentially susceptible to damage by events such as significant disputes with clients, product defects, internal control deficiencies, delivery failures, cybersecurity incidents, government investigations or legal proceedings or actions of current or former clients, directors, employees, competitors, vendors, alliance partners or joint venture partners. If the company's brand image is tarnished by negative perceptions, its ability to attract and retain customers, talent and ecosystem pa

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