v3.26.1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Long-term debt
Pre-Swap Borrowing
 BalanceBalance
($ in millions)Maturities3/31/202612/31/2025
U.S. dollar debt (weighted-average interest rate at March 31, 2026): (1) (2)
   
3.3%2026$3,000 $5,800 
3.3%20274,119 4,119 
4.8%20282,318 2,319 
3.7%20294,256 3,757 
3.2%20302,384 2,355 
4.5%20311,000 500 
4.6%20322,700 2,700 
4.7%20331,250 750 
4.9%20341,000 1,000 
5.2%2035900 900 
5.0%20361,000 — 
8.0%203883 83 
4.5%20392,745 2,745 
2.9%2040650 650 
4.0%20421,107 1,107 
5.3%20441,000 1,000 
7.0%204527 27 
4.7%2046650 650 
4.3%20493,000 3,000 
3.0%2050750 750 
4.2%20521,400 1,400 
5.1%2053650 650 
5.3%20541,400 1,400 
5.7%20551,000 1,000 
5.8%2056750 — 
7.1%2096316 316 
$39,456 $38,979 
Euro debt (weighted-average interest rate at March 31, 2026): (1)
2.3%2027$2,304 $2,349 
1.1%20282,937 2,114 
1.5%20291,152 1,174 
1.7%20302,016 2,055 
2.8%20314,031 2,936 
0.7%20321,843 1,879 
3.2%20331,267 1,292 
2.4%20342,304 1,174 
3.8%20351,152 1,174 
3.5%20371,037 1,057 
3.9%2038864 — 
1.2%2040979 998 
4.0%20431,152 1,174 
3.8%2045864 881 
$23,901 $20,258 
Other currencies (weighted-average interest rate at March 31, 2026): (1)
  
Pound sterling (4.9%)
2038$990 $1,009 
Japanese yen (1.2%)
2026–2028798 811 
Other (13.7%)
2026–202753 78 
$65,198 $61,134 
Finance lease obligations (5.1% weighted-average interest rate at March 31, 2026)
2026–20351,139 1,153 
$66,337 $62,286 
Less: net unamortized discount 809 806 
Less: net unamortized debt issuance costs 203 185 
Add: fair value adjustment (3)
 (65)(36)
$65,260 $61,259 
Less: current maturities 7,554 6,424 
Total $57,706 $54,836 
(1)Includes notes, debentures, bank loans and secured borrowings.
(2)Includes a total of $4.9 billion from the 2024 issuance of U.S. dollar fixed rate notes by IBM International Capital Pte. Ltd (IIC), a 100-percent owned finance subsidiary of IBM. The notes are fully and unconditionally guaranteed by IBM and no other subsidiary of IBM guarantees the notes.
(3)The portion of the company’s fixed-rate debt obligations that is hedged is reflected in the Consolidated Balance Sheet as an amount equal to the sum of the debt’s carrying value and a fair value adjustment representing changes in the fair value of the hedged debt obligations attributable to movements in benchmark interest rates.
Pre-swap annual contractual obligations of long-term debt outstanding
Pre-swap annual contractual obligations of long-term debt outstanding at March 31, 2026, were as follows:
($ in millions)Total
Remainder of 2026$3,533 
20276,724 
20286,027 
20295,586 
20304,460 
Thereafter40,007 
Total$66,337 
Interest on debt
($ in millions)  
For the three months ended March 31:20262025
Cost of financing$111 $87 
Interest expense473 455 
Interest capitalized1 2 
Total interest paid and accrued$585 $544