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Title of each class
Trading symbol

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549 

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d)

OF THE SECURITIES EXCHANGE ACT OF 1934 

 

Date of Report: February 26, 2024

(Date of earliest event reported)

 

 

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

New York   1-2360   13-0871985
(State of Incorporation)   (Commission File Number)   (IRS employer Identification No.)

 

One New Orchard Road

   
Armonk, New York   10504
(Address of principal executive offices)   (Zip Code)

 

914-499-1900

(Registrant’s telephone number)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading symbol(s)   Name of each exchange
on which registered
Capital stock, par value $.20 per share   IBM   New York Stock Exchange
        NYSE Chicago
1.125% Notes due 2024   IBM 24A   New York Stock Exchange
2.875% Notes due 2025   IBM 25A   New York Stock Exchange
0.950% Notes due 2025   IBM 25B   New York Stock Exchange
0.875% Notes due 2025   IBM 25C   New York Stock Exchange
0.300% Notes due 2026   IBM 26B   New York Stock Exchange
1.250% Notes due 2027   IBM 27B   New York Stock Exchange
3.375% Notes due 2027   IBM 27F   New York Stock Exchange
0.300% Notes due 2028   IBM 28B   New York Stock Exchange
1.750% Notes due 2028   IBM 28A   New York Stock Exchange
1.500% Notes due 2029   IBM 29   New York Stock Exchange
0.875% Notes due 2030   IBM 30A   New York Stock Exchange
1.750% Notes due 2031   IBM 31   New York Stock Exchange
3.625% Notes due 2031   IBM 31B   New York Stock Exchange
0.650% Notes due 2032   IBM 32A   New York Stock Exchange
1.250% Notes due 2034   IBM 34   New York Stock Exchange
3.750% Notes due 2035   IBM 35   New York Stock Exchange
4.875% Notes due 2038   IBM 38   New York Stock Exchange
1.200% Notes due 2040   IBM 40   New York Stock Exchange
4.000% Notes due 2043   IBM 43   New York Stock Exchange
7.00% Debentures due 2025   IBM 25   New York Stock Exchange
6.22% Debentures due 2027   IBM 27   New York Stock Exchange
6.50% Debentures due 2028   IBM 28   New York Stock Exchange
5.875% Debentures due 2032   IBM 32D   New York Stock Exchange
7.00% Debentures due 2045   IBM 45   New York Stock Exchange
7.125% Debentures due 2096   IBM 96   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 7.01. Regulation FD Disclosure.

 

On February 26, 2024, IBM announced that it is updating its reporting segments in the first quarter of 2024. Exhibit 99.1 of this Form 8-K contains additional information that the Company posted on its Investor Relations website (www.ibm.com/investor/) about these updates.

 

The information in this Item 7.01, including Exhibit 99.1, is being furnished with the Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

The following exhibit is being furnished as part of this report:

 

Exhibit No.   Description of Exhibit
99.1   Investor Relations Article, dated February 26, 2024
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

IBM’s web site (www.ibm.com) contains a significant amount of information about IBM, including financial and other information for investors (www.ibm.com/investor/). IBM encourages investors to visit its various web sites from time to time, as information is updated and new information is posted.

 

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: February 26, 2024  
     
  By: /s/ Nicolás Fehring
    Nicolás Fehring
    Vice President and Controller

 

3

 

Exhibit 99.1

 

IBM Provides Update to Management System and Reporting Segments

 

February 26, 2024

 

As we enter 2024, we continue to advance our hybrid cloud and AI strategy, with the completion of the Weather Company divestiture and updates to our management system. We are making changes to our reportable segments, to reflect the way the company manages operations and allocates resources. These actions better align our portfolio to our core strategy and to the underlying business models. These changes also provide more relevant information to investors. The following updates do not impact IBM’s consolidated results.

 

·The Weather Company divested assets moving from Software segment to Other – divested businesses

 

In August 2023 we announced the divestiture of The Weather Company assets, and the transaction closed on January 31, 2024. In the first quarter of 2024, we realigned our management structure to have these assets managed outside the Software segment, within Other – divested businesses (Other). The movement of historical financials to Other is consistent with the treatment of other divested software and services content, and results in a Software segment more closely aligned to its go-forward business.

 

·Security Services moving from Software to Consulting

 

To better capture the growing security services market opportunity through our consulting engagements, management responsibility for Security Services has moved to Consulting. Security Services will have greater access to Consulting clients globally and will be able to capitalize on the scale of Consulting’s operating model and discipline. As a result, Security Services, previously reported within the Software segment will move to the Consulting segment.

 

·Improved transparency of segment profitability

 

IBM’s reportable segments have historically included stock-based compensation and net interest expense allocations. As those decisions are made at the corporate level, these expenses have been removed from the business unit management system and will no longer be included in the reportable segments. This provides improved transparency of segment profitability and better comparability to industry peers.

 

IBM’s reported results will reflect these changes beginning in the first quarter of 2024. We expect to provide recast segment financials for 2022 and 2023 by the end of March to allow investors to update their models ahead of our first quarter earnings report.

 

 

 

 

The 2024 expectations provided in our January earnings call incorporated the divestiture of The Weather Company assets in the first quarter. Additionally, the commentary on segment expectations applies to the recast segments.

 

Reportable Segment Change  Resulting Segment Implications
 
The Weather Company asset divestiture  - Software Segment

+ Other – divested businesses
Security Services realignment  - Software Segment

+ Consulting Segment
Removal of stock-based compensation and net interest expense allocations from segment profitability  - Software Segment, Consulting Segment, Infrastructure Segment, Financing Segment*

+ Other

 

*Presentation of interest for the Financing segment will not change

 

 

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Security Exchange Name NYSE
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Document Information [Line Items]  
Title of 12(b) Security 0.650% Notes due 2032
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Security Exchange Name NYSE
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Title of 12(b) Security 1.200% Notes due 2040
Trading Symbol IBM 40
Security Exchange Name NYSE
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Trading Symbol IBM 43
Security Exchange Name NYSE
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Document Information [Line Items]  
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Debentures 7. 125 Percent Due 2096 [Member] | New York Stock Exchange  
Document Information [Line Items]  
Title of 12(b) Security 7.125% Debentures due 2096
Trading Symbol IBM 96
Security Exchange Name NYSE

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