Adjustments to Current Assets
Adjustments to Total Assets
Adjustments to Current Liabilities
Adjustments to Total Liabilities
Adjustments to Stockholders’ Equity
Adjustments to Capitalization Table
Adjustments to Revenues
Adjustments to Reported Income

International Business Machines Corp., adjusted current assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Current assets	34,482)	32,908)	29,118)	29,539)	39,165)
Adjustments
Add: Allowance for expected credit losses on notes and accounts receivable	145)	301)	322)	242)	379)
After Adjustment
Adjusted current assets	34,627)	33,209)	29,440)	29,781)	39,544)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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International Business Machines Corp., adjusted total assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Total assets	137,175)	135,241)	127,243)	132,001)	155,971)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Allowance for expected credit losses on notes and accounts receivable	145)	301)	322)	242)	379)
Less: Deferred tax assets²	6,978)	6,656)	6,256)	7,370)	9,241)
After Adjustment
Adjusted total assets	130,342)	128,886)	121,309)	124,873)	147,109)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Deferred tax assets. See details »

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International Business Machines Corp., adjusted current liabilities

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Current liabilities	33,142)	34,122)	31,505)	33,619)	39,869)
Adjustments
Less: Current deferred income	13,907)	13,451)	12,032)	12,518)	12,833)
Less: Product warranty liability, current portion	137)	175)	216)	240)	287)
After Adjustment
Adjusted current liabilities	19,098)	20,496)	19,257)	20,861)	26,749)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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International Business Machines Corp., adjusted total liabilities

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Total liabilities	109,783)	112,628)	105,222)	113,005)	135,244)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Deferred tax liabilities²	815)	1,146)	2,292)	3,956)	5,472)
Less: Deferred income	17,529)	16,984)	15,531)	16,095)	17,134)
Less: Product warranty liability	164)	249)	351)	426)	508)
After Adjustment
Adjusted total liabilities	91,275)	94,249)	87,048)	92,528)	112,130)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities. See details »

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International Business Machines Corp., adjusted total IBM stockholders’ equity

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Total IBM stockholders’ equity	27,307)	22,533)	21,944)	18,901)	20,597)
Adjustments
Less: Net deferred tax assets (liabilities)¹	6,163)	5,510)	3,964)	3,413)	3,769)
Add: Allowance for expected credit losses on notes and accounts receivable	145)	301)	322)	242)	379)
Add: Deferred income	17,529)	16,984)	15,531)	16,095)	17,134)
Add: Product warranty liability	164)	249)	351)	426)	508)
Add: Noncontrolling interests	86)	80)	77)	95)	130)
After Adjustment
Adjusted total equity	39,068)	34,637)	34,261)	32,346)	34,979)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ Net deferred tax assets (liabilities). See details »

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International Business Machines Corp., adjusted capitalization table

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Short-term debt	5,089)	6,426)	4,760)	6,787)	7,183)
Long-term debt, excluding current maturities	49,884)	50,121)	46,189)	44,917)	54,355)
Total reported debt	54,973)	56,547)	50,949)	51,704)	61,538)
Total IBM stockholders’ equity	27,307)	22,533)	21,944)	18,901)	20,597)
Total reported capital	82,280)	79,080)	72,893)	70,605)	82,135)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Current operating lease liabilities²	768)	820)	874)	974)	1,357)
Add: Noncurrent operating lease liabilities³	2,655)	2,568)	2,190)	2,462)	3,574)
Adjusted total debt	58,396)	59,935)	54,013)	55,140)	66,469)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	6,163)	5,510)	3,964)	3,413)	3,769)
Add: Allowance for expected credit losses on notes and accounts receivable	145)	301)	322)	242)	379)
Add: Deferred income	17,529)	16,984)	15,531)	16,095)	17,134)
Add: Product warranty liability	164)	249)	351)	426)	508)
Add: Noncontrolling interests	86)	80)	77)	95)	130)
Adjusted total equity	39,068)	34,637)	34,261)	32,346)	34,979)
After Adjustment
Adjusted total capital	97,464)	94,572)	88,274)	87,486)	101,448)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current operating lease liabilities. See details »

³ Noncurrent operating lease liabilities. See details »

⁴ Net deferred tax assets (liabilities). See details »

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International Business Machines Corp., adjusted revenue

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Revenue	62,753)	61,860)	60,530)	57,350)	73,620)
Adjustment
Add: Increase (decrease) in deferred income	545)	1,453)	(564)	357)	1,257)
After Adjustment
Adjusted revenue	63,298)	63,313)	59,966)	57,707)	74,877)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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International Business Machines Corp., adjusted net income attributable to IBM

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Net income attributable to IBM	6,023)	7,502)	1,639)	5,743)	5,590)
Adjustments
Add: Deferred income tax expense (benefit)¹	(2,336)	(1,105)	(2,877)	(1,753)	(3,322)
Add: Increase (decrease) in allowance for expected credit losses on notes and accounts receivable	(156)	(21)	80)	(43)	47)
Add: Increase (decrease) in deferred income	545)	1,453)	(564)	357)	1,257)
Add: Increase (decrease) in product warranty liability	(85)	(102)	(75)	(82)	(82)
Less: Income (loss) from discontinued operations, net of tax	8)	(12)	(143)	1,031)	89)
Add: Other comprehensive income (loss)	3,492)	(2,021)	6,495)	4,839)	(740)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	16)	16)	20)	19)	22)
After Adjustment
Adjusted net income	7,491)	5,734)	4,861)	8,049)	2,683)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ Deferred income tax expense (benefit). See details »

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International Business Machines Corp. (NYSE:IBM)

Adjustments to Financial Statements

Adjustments to Current Assets

Adjustments to Total Assets

Adjustments to Current Liabilities

Adjustments to Total Liabilities

Adjustments to Stockholders’ Equity

Adjustments to Capitalization Table

Adjustments to Revenues

Adjustments to Reported Income