01—Abstract
Summary
Summary of the 8-K filed March 18, 2024. Cited figures are marked; the original filing is the authoritative source.
International Business Machines Corp. (IBM) has filed an 8-K report on March 18, 2024, primarily disclosing an update to its reportable segments, effective the first quarter of 2024.
This change aims to better align with how IBM manages its operations and allocates resources. Importantly, the company states there is no impact on IBM's consolidated financial results from this segment realignment. Investors can access recast historical segment financials for 2022 and 2023, along with reconciliations of non-GAAP to GAAP financial measures, via Exhibit 99.1 filed with this report.
This information has been posted on IBM's Investor Relations website. While the report itself is furnished under Regulation FD and not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, the recast financial data provides a clearer view of how IBM is internally structuring and reporting its business segments going forward.
02—Key points
Key Highlights
- IBM is updating its reportable segments starting Q1 2024.
- The segment restructuring reflects changes in operational management and resource allocation.
- No change to IBM's consolidated financial results is expected due to this segment update.
- Recast historical segment financials for 2022 and 2023 are provided.
- Reconciliations between non-GAAP and GAAP financial measures are included.
- Information is available on IBM's Investor Relations website and in Exhibit 99.1.
- The filing is furnished under Regulation FD and not considered 'filed' for Section 18 purposes.
03—Questions
Frequently Asked Questions
What is the main purpose of this 8-K filing?
The main purpose of this 8-K filing is to announce and provide updated information regarding IBM's reportable segments, which are being realigned effective the first quarter of 2024. This change is intended to better reflect the company's internal management structure and resource allocation.
Will this segment change affect IBM's overall financial performance?
No, IBM explicitly states in the filing that there will be no change to IBM's consolidated financial results as a consequence of this update to its reportable segments.
Where can I find historical financial data under the new segment structure?
IBM has provided recast historical segment financials for the years 2022 and 2023. This information, along with reconciliations of non-GAAP to GAAP measures, is available in Exhibit 99.1 attached to this Form 8-K and can also be found on IBM's Investor Relations website (www.ibm.com/investor/).
Is the information in this filing considered 'filed' by the SEC?
The information furnished under 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. However, Exhibit 99.1 does contain recast historical segment financials and reconciliations.
04—Continue