IBM CREDIT LLC
CIK:0001225307|SEC Filings
CONSOLIDATED INCOME STATEMENT - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Revenue | |||
| Financing revenue (Note C) | $ 918 | $ 1,323 | $ 1,446 |
| Operating lease revenue | 211 | 277 | 333 |
| Total revenue (Note N) | 1,128 | 1,600 | 1,779 |
| Financing cost (related party cost of $146 in 2020, $242 in 2019 and $298 in 2018) (Notes C, H) | 309 | 526 | 503 |
| Depreciation of equipment under operating lease | 106 | 160 | 193 |
| Net margin | 714 | 913 | 1,083 |
| Expense and other (income) | |||
| Selling, general and administrative | 314 | 372 | 375 |
| Provision for/(benefit from) expected credit loss expense | 41 | (5) | 9 |
| Other (income) and expense | (107) | (72) | (31) |
| Total expense and other (income) (Note C) | 247 | 295 | 352 |
| Income before income taxes | 466 | 619 | 731 |
| Provision for income taxes (Notes C, L) | 54 | 188 | 133 |
| Net income | $ 413 | $ 430 | $ 597 |
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Assets: | ||
| Cash and cash equivalents (Note D) | $ 1,781 | $ 1,687 |
| Equipment under operating leases (net of accumulated depreciation of $129 in 2020 and $238 in 2019) | 95 | 212 |
| Other receivables from IBM (Note C) | 359 | 513 |
| Other assets (Note G) | 951 | 406 |
| Total assets | 23,953 | 28,412 |
| Liabilities: | ||
| Accounts payable | 229 | 434 |
| Accounts payable to IBM (Note C) | 843 | 336 |
| Debt (Note H) | 4,850 | 7,150 |
| Debt payable to IBM (Notes C, H) | 14,970 | 16,945 |
| Taxes (Note L) | 523 | 637 |
| Other liabilities (Note I) | 317 | 224 |
| Total liabilities | 21,731 | 25,726 |
| Member's interest: | ||
| Member's interest | 2,195 | 2,601 |
| Retained earnings | 116 | |
| Accumulated other comprehensive income/(loss) | 27 | (31) |
| Total member's interest | 2,222 | 2,686 |
| Total liabilities and member's interest | 23,953 | 28,412 |
| Financing Receivable Portfolio | ||
| Assets: | ||
| Financing receivables | 12,222 | 17,365 |
| Financing receivables from IBM | ||
| Assets: | ||
| Financing receivables | 3,959 | 3,870 |
| Purchased and participated receivables from IBM | ||
| Assets: | ||
| Financing receivables | $ 4,586 | $ 4,359 |