| Short-Term Debt |
|
|
|
At March 31,
|
|
At December 31,
|
|
|
(Dollars in millions)
|
|
2019
|
|
2018
|
|
|
Commercial paper
|
|
$
|
2,993
|
|
$
|
2,995
|
|
|
Short-term loans
|
|
150
|
|
161
|
|
|
Long-term debt — current maturities
|
|
7,106
|
|
7,051
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
10,250
|
|
$
|
10,207
|
|
|
|
|
|
|
|
|
|
|
|
| Long-Term Debt, Pre-Swap Borrowing |
|
|
|
|
|
Balance
|
|
Balance
|
|
|
(Dollars in millions)
|
|
Maturities
|
|
3/31/2019
|
|
12/31/2018
|
|
|
U.S. dollar debt (weighted-average interest rate at March 31, 2019):*
|
|
|
|
|
|
|
|
|
3.2%
|
|
2019
|
|
$
|
3,959
|
|
$
|
5,465
|
|
|
2.6%
|
|
2020
|
|
4,338
|
|
4,344
|
|
|
2.9%
|
|
2021
|
|
5,531
|
|
5,529
|
|
|
2.5%
|
|
2022
|
|
3,529
|
|
3,536
|
|
|
3.2%
|
|
2023
|
|
2,413
|
|
2,428
|
|
|
3.6%
|
|
2024
|
|
2,046
|
|
2,037
|
|
|
7.0%
|
|
2025
|
|
600
|
|
600
|
|
|
3.5%
|
|
2026
|
|
1,350
|
|
1,350
|
|
|
4.7%
|
|
2027
|
|
969
|
|
969
|
|
|
6.5%
|
|
2028
|
|
313
|
|
313
|
|
|
3.7%
|
|
2030
|
|
149
|
|
32
|
|
|
5.9%
|
|
2032
|
|
600
|
|
600
|
|
|
8.0%
|
|
2038
|
|
83
|
|
83
|
|
|
5.6%
|
|
2039
|
|
745
|
|
745
|
|
|
4.0%
|
|
2042
|
|
1,107
|
|
1,107
|
|
|
7.0%
|
|
2045
|
|
27
|
|
27
|
|
|
4.7%
|
|
2046
|
|
650
|
|
650
|
|
|
7.1%
|
|
2096
|
|
316
|
|
316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
28,726
|
|
$
|
30,131
|
|
|
Other currencies (weighted-average interest rate at March 31, 2019, in parentheses):*
|
|
|
|
|
|
|
|
|
Euros (1.3%)
|
|
2019–2031
|
|
$
|
15,438
|
|
$
|
10,011
|
|
|
Pound sterling (2.7%)
|
|
2020–2022
|
|
1,368
|
|
1,338
|
|
|
Japanese yen (0.3%)
|
|
2022–2026
|
|
1,314
|
|
1,325
|
|
|
Other (6.5%)
|
|
2019–2022
|
|
500
|
|
391
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
47,346
|
|
$
|
43,196
|
|
|
Less: net unamortized discount
|
|
|
|
831
|
|
802
|
|
|
Less: net unamortized debt issuance costs
|
|
|
|
88
|
|
76
|
|
|
Add: fair value adjustment**
|
|
|
|
406
|
|
337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
46,833
|
|
$
|
42,656
|
|
|
Less: current maturities
|
|
|
|
7,106
|
|
7,051
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
39,727
|
|
$
|
35,605
|
|
|
|
|
|
|
|
|
|
|
|
|
*Includes notes, debentures, bank loans, secured borrowings and finance lease obligations.
**The portion of the company’s fixed-rate debt obligations that is hedged is reflected in the Consolidated Statement of Financial Position 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.
There are no debt securities issued and outstanding by IBM International Group Capital LLC, which is an indirect, 100 percent owned finance subsidiary of IBM, the parent. Any debt securities issued by IBM International Group Capital LLC, would be fully and unconditionally guaranteed by the parent.
|
| Pre-swap annual contractual obligations of long-term debt outstanding |
Pre-swap annual contractual obligations of long-term debt outstanding at March 31, 2019, are as follows:
|
(Dollars in millions)
|
|
Total
|
|
|
2019 (for Q2 - Q4)
|
|
$
|
5,459
|
|
|
2020
|
|
7,374
|
|
|
2021
|
|
6,700
|
|
|
2022
|
|
4,354
|
|
|
2023
|
|
5,358
|
|
|
2024 and beyond
|
|
18,102
|
|
|
|
|
|
|
|
Total
|
|
$
|
47,346
|
|
|
|
|
|
|
|
|