IBM Files 8-K Detailing Financial Instruments

TL;DR

IBM filed an 8-K showing its debt and stock details, nothing new.

AI Summary

On September 11, 2024, International Business Machines Corp. (IBM) filed an 8-K report detailing various financial instruments, including common stock and several series of notes due between 2025 and 2030. The filing does not appear to announce any new material events or agreements.

Why It Matters

This filing provides an update on IBM's outstanding debt and equity, which is relevant for investors and creditors assessing the company's financial structure.

Risk Assessment

Risk Level: low — The filing is routine and does not disclose any new material risks or events.

Key Players & Entities

• INTERNATIONAL BUSINESS MACHINES CORP (company) — Filer
• IBM (company) — Company Name Abbreviation
• 0000051143 (company) — Central Index Key
• 2025 (date) — Maturity year for notes
• 2030 (date) — Maturity year for notes

FAQ

Key Financial Figures

• $6 billion — ll transfer to Prudential approximately $6 billion of the Plan's defined benefit pension o
• $2.7 billion — sion settlement charge of approximately $2.7 billion ($2.0 billion net of tax) in the third
• $2.0 billion — t charge of approximately $2.7 billion ($2.0 billion net of tax) in the third quarter of 202

Filing Documents

• tm2423753d1_8k.htm (8-K) — 94KB
• 0001104659-24-098942.txt ( ) — 452KB
• ibm-20240911.xsd (EX-101.SCH) — 8KB
• ibm-20240911_def.xml (EX-101.DEF) — 37KB
• ibm-20240911_lab.xml (EX-101.LAB) — 50KB
• ibm-20240911_pre.xml (EX-101.PRE) — 35KB
• tm2423753d1_8k_htm.xml (XML) — 33KB

01. Other Events

Item 8.01. Other Events. On September 5, 2024, International Business Machines Corporation ("IBM" or the "Company") and State Street Global Advisors Trust Company, as independent fiduciary of the IBM Personal Pension Plan (the "Plan"), entered into a commitment agreement with The Prudential Insurance Company of America ("Prudential") under which the Plan will purchase a nonparticipating single premium group annuity contract that will transfer to Prudential approximately $6 billion of the Plan's defined benefit pension obligations related to certain pension benefits that began to be paid prior to 2016. The purchase of the group annuity contract closed on September 11, 2024. The contract covers approximately 32,000 Plan participants and beneficiaries (the "Transferred Participants"). Under the group annuity contract, Prudential has made an irrevocable commitment, and will be solely responsible, to pay the pension benefits of each Transferred Participant that are due on and after January 1, 2025. The transaction will result in no changes to the amount of benefits payable to the Transferred Participants. The purchase of the group annuity contract was funded directly by assets of the Plan and required no cash contribution from the Company. As a result of the transaction, the Company expects to recognize a one-time non-cash pre-tax pension settlement charge of approximately $2.7 billion ($2.0 billion net of tax) in the third quarter of 2024. The actual charge will depend on finalization of the actuarial and other assumptions. The pre-tax charge was not included in the GAAP forward-looking information released on July 24, 2024. This charge will not impact the Company's third quarter or full year 2024 operating (non-GAAP) profit or free cash flow.

Forward-Looking Statements

Forward-Looking Statements Certain statements contained in this Form 8-K may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("Reform Act"). Forward-looking statements are based on the company's current assumptions regarding future business and financial performance. These statements by their nature address matters that are uncertain to different degrees. The company may also make forward-looking statements in other reports filed with the Securities and Exchange Commission (SEC), in materials delivered to stockholders and in press releases. In addition, the company's representatives may from time to time make oral forward-looking statements. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Words such as "anticipates," "believes," "expects," "estimates," "intends," "plans," "projects," and similar expressions, may identify such forward-looking statements. Any forward-looking statement in this Form 8-K speaks only as of the date on which it is made. Except as required by law, the company assumes no obligation to update or revise any forward-looking statements.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description of Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL Document) 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. Date: September 11, 2024 By: /s/ Jane P. Edwards Jane P. Edwards Vice President, Assistant General Counsel and Secretary 3

View Full Filing

View this 8-K filing on SEC EDGAR