IBM 1999 Annual Report Download

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Table of contents

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    ...of economy and a new kind of society. A world of new mindsets and new ambitions,to be sure. But also a world where time-honored assets - customer relationships, smart people,deft strategy - still matter. This is the world of e-business. It is a world where everyone looks both new and familiar. Where...

  • Page 4
    Louis V. Gerstner, Jr. - [ Chairman and Chief Executive Of f icer

  • Page 5
    ...'s paying attention. It's the first question I get from any IBM customer in almost any part of the world: "What must I do to survive and win in this new world?" In fact, at the moment, it's just about the only question I get. The fact is, 1999 was the year e-business and the global Internet economy...

  • Page 6
    ... the number of data-enabled cell phones is expected to surpass the number of PC s in just a few years. We recently signed a deal with Vodafone AirTouch to design, build and manage an Internet portal that will allow businesses and individuals to access content and services over the Internet using...

  • Page 7
    ... site, a resource for the Web's 10 million-plus developers worldwide) and future employees (witness last summer's "Extreme Blue" internship program, which gave some of the world's brightest computer science students a chance to work on real, cutting-edge IBM projects). Finally, we continue to drive...

  • Page 8
    ... to educate themselves. Through e-procurement, we bought about $ 13 billion in goods and services over the Web, saving at least $ 270 million. And our intranet, which we believe is the largest and most heavily trafficked in the world, has emerged as a vital business platform and knowledge-sharing...

  • Page 9
    ... in plant, rental machines and other property Average number of common shares outstanding (in millions) Assuming dilution Basic AT YEAR END: Total assets Net investment in plant, rental machines and other property Working capital Total debt Stockholders' equity Number of employees in IBM / wholly...

  • Page 10
    ... every home, classroom and voting booth. Crucial issues such as privacy, equal access, data security, national security, protection of children and > YEAR- EN D CLOSIN G PRICES ADJ USTED TO REFLECT A TWO- FOR- ON E SPLIT OF TH E COM MON STOCK EFFECTIVE MAY 1 0 , 1 9 9 9 IBM market value - [ $ in...

  • Page 11
    ...emerging global culture remain far too dynamic to predict outcomes. But I am certain of one thing that 2000 holds in store for IBM. This year we will attack our remarkable opportunities with a new level of aggressiveness. Watch this space. Louis V. Gerstner, Jr. Chairman and Chief Executive Officer

  • Page 12
    e-business is here.

  • Page 13
    ... center atlanta georgia To help customers take their franchises to the Net in a way that's smart, cool and consistent with their existing brands, IBM's growing global network of nine e-business Innovation Centers is staffed with experts in areas like interactive design, Web use analysis, portal...

  • Page 14
    ... edge as bigger competitors. The service provides a single, easy-to-install Internet connection - utilizing the toaster-sized Interjet from IBM's Whistle Communications - as well as registration of a dot-com name, business-class e-mail, firewall security and around-the-clock technical support...

  • Page 15
    ... monica california With no physical stores (but very big warehouses), eToys has become the Internet's largest seller of children's products. To make sure it can handle the traffic - even during those heavenly but scary holiday spikes - eToys uses NUMA (non-uniform memory access) servers pioneered...

  • Page 16
    ...business startup offering outsourced services for high-performance e-mail options such as Lotus Notes/ Domino. In a local coffee shop, Stephen Layne, president and CEO of UMI, goes over the marketing, architecture and terms of a multimillion-dollar deal to use IBM's Netfinity servers for its Managed...

  • Page 17
    ... ergonomic and inconspicuous "edge of network" computing devices. IBM's recent creations include concepts (shown clockwise, bottom-left to right) for an electronic newspaper (download, roll up and read anywhere); a PC in a hardhat with a built-in display and wireless Internet connection; and another...

  • Page 18

  • Page 19
    ... partners san diego california 17 This January, 4,000 of IBM's 90,000 Business Partners - which now include Web integrators, software developers, Internet service providers, and application service providers, as well as retailers, distributors and remarketers - converged on San Diego to plan ways...

  • Page 20
    ...one novel summer internship program called Extreme Blue, college students get the chance to team with top IBM software developers on projects like instant messaging, Web site content management, Java and XML. Overall, IBM hired more than 37,000 people in 1999 . ibm.com call center greenock scotland...

  • Page 21
    ... greenock scotland Every important e-business application resides on some computer server, somewhere. This IBM manufacturing site turned out nearly half of the hundreds of thousands of Netfinity servers shipped to customers in 1999 . Netfinity's ability to bring mainframe-style reliability to the...

  • Page 22
    20 project blue gene thomas j. watson research center yorktown heights new york How do subtle changes in the way proteins form turn otherwise normal red blood cells into cells that cause the condition known as sickle cell anemia? In December, IBM announced a $ 100 million multiyear initiative to ...

  • Page 23
    ...-service bank in their pockets. The first Spanish bank to provide secure electronic payments over the Web is now one of the first banks anywhere to enable Internet banking using the Wireless Application Protocol - the de facto global standard for Internet communications on wireless devices like cell...

  • Page 24

  • Page 25
    ... straight up There's an intranet in outer space, and it's controlled by IBM ThinkPads. Already on board the International Space Station, ThinkPads run everything from e-mail to tracking and rendezvous applications. Shown here is a component of the station, a connecting module, awaiting deployment...

  • Page 26
    ... and adult job training. Acorn's 293 families each get an IBM Network Station "thin client" computer and high-speed links to the Internet. And because challenges like these can't be addressed with information technology alone, IBM is also supplying educational consulting and customized courseware.

  • Page 27
    ... the netherlands Nanette (top left window), Han (center) and Daniel (top right) are on the wanted list. Our customers pay them and their teams of industry specialists and "ethical hackers" to exploit business vulnerabilities and attack computer systems in order to stress-test company defenses...

  • Page 28
    26 Power4 chip testing yorktown heights new york IBM's top-of-the-line RS/ 6000 and AS/ 400 servers will sport a powerful - and identical - new brain in 2001 . The Power4 will be IBM's first commercially available "gigaprocessor" - a chip with an internal clock speed of a billion cycles per ...

  • Page 29
    27 e-business consulting rio de janeiro brazil With Internet use in Latin America growing faster than anywhere else in the world, Glauciene Bentes and the e-business consulting team in Brazil don't lack for opportunity. They have partnered with 24 companies that, using IBM technology, have ...

  • Page 30
    ... california In the lonely Web years before billion-dollar IPO s, most NetGen startups needed an angel. So why not a well-heeled angel in blue? IBM is partnering with Internet service provider Conxion to provide up to $ 1 million in technology and services to selected Internet startups. The price...

  • Page 31
    29 Mark Cahsens CEO ebuddies.com Shane McRann Bigelow President and Chief Revolutionary E-Pair.com Christian Buckley CEO QOSES David Allen Business Development ebuddies.com

  • Page 32
    30 network processor burlington vermont Meet the post- PC processor - faster, more adaptable and more upgradable. Specialized chips like these are needed in advanced communications equipment to manage applications like streaming audio and video at speeds far beyond the reach of traditional ...

  • Page 33
    ..., and cooler areas in blue-green. planetRx.com anywhere Since December, customers with handheld computers have been able to go to PlanetRx.com to order over-the-counter medications and other health and beauty products. IBM provides RS/ 6000 SP and Netfinity servers, DB2 Universal Database and...

  • Page 34
    ... enter evaluations and submit digital reports - even while your hands are busy wearing gloves or toting a wrench. This IBM prototype of a wearable PC features a tiny, headset-mounted display, IBM's Microdrive storage device, and ViaVoice speech recognition software - all in a belt-mounted package...

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    33

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    ...One way: tap right into the dot-com creativity of Silicon Valley to launch two hot Web portals aimed at the people creating the code. alphaWorks is a collection of developers, marketers, writers and MBAs whose average tenure with IBM is all of two years. Its mission: offer access to new IBM software...

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    35

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    ... of disk storage. It takes that kind of computing muscle to model customers' technology infrastructures, then stress-test them to see if they can handle day-to-day operations (or even the possibility of runaway success). That's why more than 500 customers have come to this IBM Testing Center - the...

  • Page 39
    ...into tightly integrated teams to speed the development of e-business applications. Ford contributes automotive expertise and IBM brings its e-business knowledge. Part of a $ 300 million services agreement, the approach has slashed Ford's software development time in half and cut costs by 30 percent.

  • Page 40
    ..., three scientists at IBM's Almaden Research Center discovered a fundamental new way of communicating information on an atomic...Nobel-prize winning IBM invention) to create a "quantum corral, " the ring of yellow atoms partially visible here. When a cobalt atom (the tall magenta peak on the right...

  • Page 41
    e-business is here. We're never going back.

  • Page 42
    ... consultant Gartner Group at nearly $ 4 trillion by 2003 , compared to estimates of $ 380 billion for B2C (Business-to-Consumer). infomediary (n.) A service - usually a Web site - that brings together the latest information and prices from a variety of suppliers, and delivers them online to buyers...

  • Page 43
    ... competitors and customers are also operating as e-businesses. At that point, "buy, sell, trade online" doesn't apply just to stocks and bonds, but to every transaction in which an enterprise engages. Airlines and hotels are already auctioning off unsold seats and rooms via Web sites; universities...

  • Page 44
    ...: UNIX : RS/ 6000 S80 Debuted in September as the world's fastest e-business UNIX server. Customers purchased as many S80s in its first three months as Sun shipped of its competitive product in its first 18 months. High-end storage : Shark Shipped more than 1,000 units within the first 100 days of...

  • Page 45
    ...tail sites. IBM has an unmatched collection of professionals 1.9 1.5 > devoted to advancing open Internet standards and applications -more than 500 XML, 600 Linux, and 4,000 Java professionals worldwide. '95 '96 '97 '98 '99 number of custom microchip designs for customers Lotus Notes seats...

  • Page 46
    ... cell phones, as well as lots of everyday things - from household appliances to clothes and machine tools -all containing a little embedded computing and networking capability. In 1998 , pervasive computing was largely a strategic vision. In 1999 , that vision became reality. Last year, IBM signed...

  • Page 47
    ... important progress toward our goal of transforming IBM into a premier e-business. Sales of products and services over ibm.com averaged $ 40 million a day for the full year, and $ 50 million a day in the fourth quarter. e- ca re for customers QU ESTION S A N D P ROB L E M S RESOLVE D VIA IB M .COM...

  • Page 48
    46 c orporate initiatives U.S. President Bill Clinton and IBM Chairman Lou Gerstner National Education Summit IBM Executive Education Center Palisades, New York September 1999

  • Page 49
    ... and student achievement in K-12 public education in America. Both were held at IBM's Executive Conference Center in Palisades, New York, and both were co-chaired by Gerstner. Driving high-quality public education is just one manifestation of IBM's long-standing commitment to the communities that...

  • Page 50
    ... of the industry's most advanced information technologies, including computer systems, software, networking systems, storage devices and microelectronics. We translate these advanced technologies into value for our customers through our professional solutions and services businesses worldwide.

  • Page 51
    ..., Rental Machines and Other Property G Investments and Sundry Assets H Lines of Credit I Sale and Securitization of Receivables J Debt K Interest on Debt L Financial Instruments M Other Liabilities and Environmental Remediation N Stockholders' Equity Activity O Contingencies P Taxes Q Selling and...

  • Page 52
    ... Business Machines Corporation and Subsidiary Companies Responsibility for the integrity and objectivity of the financial information presented in this Annual Report rests with IBM management. The accompanying financial statements have been prepared in conformity with generally accepted accounting...

  • Page 53
    ... position of International Business Machines Corporation and its subsidiaries at December 31, 1999 and 1998, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 1999, in conformity with accounting principles generally accepted in the...

  • Page 54
    ... years ago, the company is well positioned to help its customers build integrated e-business solutions. Services, software and OEM technology that are required for this demanding e-business environment will drive the growth in IBM's revenue and earnings. 1999 1998 1997 Revenue Cost Gross profit...

  • Page 55
    ... Technology Group to higher margin businesses and more efficient operations. (See note R, "1999 Actions, " on pages 81 and 82 for additional information.) Strong growth in HDD storage products, storage tape products and growth in custom logic products drove the revenue increase in 1998 versus 1997...

  • Page 56
    ...reorganized group will focus on cross-server customer requirements for Web servers, enterprise servers, mid-market servers, and for storage subsystems across all computing environments. During the year, the company signed major technology contracts with Dell Computer Corporation (for the purchase of...

  • Page 57
    ... demand for new services offerings especially in Business Innovation Services, which provides business/ industry consulting and end-to-end e-business implementation of offerings like Supply Chain Management, Customer Relationship Management, Enterprise Resource Planning and Business Intelligence...

  • Page 58
    ...046 $«««4,877 6.0% 6.2% 6.2% Selling, general and administrative ( SG&A) expense declined 11.6 percent in 1999 versus 1998 and was essentially flat in 1998 with 1997. The decrease in 1999 reflects the net pre-tax benefit associated with the sale of the Global Network and the actions taken by...

  • Page 59
    ...systems management and Lotus products, as well as the effect of ongoing research, development and engineering expense associated with new acquisitions. As a result of its ongoing research and development efforts, the company received 2,756 patents in 1999, placing it number one in patents granted in...

  • Page 60
    ...e-business -grew 8 percent (13 percent at constant currency), with record fourth quarter shipments of Lotus Notes and Domino groupware products and strong performance in database, transaction processing, and Tivoli system management software. The software gross profit margin improved 1.1 points year...

  • Page 61
    ... results associated with the sale of the company's Global Network to AT&T. Short-term debt increased to support the growth of global financing assets. The increase in other current liabilities was primarily related to deferred income, mainly advanced billings for software. The company's cash flows...

  • Page 62
    ... company's investments for plant, rental machines and other property were $ 5,959 million for 1999, a decrease of $ 561 million from 1998. The company continues to invest significantly in its rapidly growing services business, primarily in the management of customers' information technology, and in...

  • Page 63
    ...level of interest rates primarily are driven by changes in the company's debt maturity and interest rate profile and amount. In 1999 versus 1998, the reported decline in interest rate sensitivity primarily is due to the effect of increased activity in receive fixed/ pay floating interest rate swaps.

  • Page 64
    ... rate, currency and residual value. The company manages credit risk through comprehensive credit evaluations and pricing practices. To manage the risks associated with an uncertain interest rate environment, the company pursues a funding strategy of substantially matching the terms of its debt...

  • Page 65
    ... technical support Year 2000 Web site; and the company's Global Services organization processed more than one billion lines of customer code. Further, the company found that a large number of its enterprise customers locked down their information technology systems and postponed technology purchases...

  • Page 66
    ... statement of earnings International Business Machines Corporation and Subsidiary Companies ( Dollars in millions except per share amounts) For the year ended December 31: Notes 1999 1998 1997 Revenue: Hardware Global Services Software Global Financing Enterprise Investments/ Other Total...

  • Page 67
    ...Business Machines Corporation and Subsidiary Companies 65 ( Dollars in millions except per share amounts) At December 31: Notes 1999 1998 Assets Current assets: Cash and cash equivalents Marketable securities Notes and accounts receivable -trade, net of allowances Sales-type leases receivable...

  • Page 68
    ... and retired (51,250 shares) (5) Common stock issued under employee plans (29,701,038 ** shares) Purchases (9,100,678 ** shares) and sales (9,024,296 ** shares) of treasury stock under employee plans -net Fair value adjustment of employee benefits trust Tax effect -stock transactions Stockholders...

  • Page 69
    ... Common stock issued under employee plans (22,927,141 shares) Purchases (6,418,975 shares) and sales (6,606,223 shares) of treasury stock under employee plans -net Fair value adjustment of employee benefits trust Increase due to shares issued by subsidiary Tax effect -stock transactions Stockholders...

  • Page 70
    ... property Proceeds from disposition of plant, rental machines and other property Investment in software Purchases of marketable securities and other investments Proceeds from marketable securities and other investments Proceeds from sale of the Global Network Net cash used in investing activities...

  • Page 71
    ... Policies Principles of Consolidation SOFTWARE The consolidated financial statements include the accounts of International Business Machines Corporation and its controlled subsidiary companies, which in general are majority owned. Investments in business entities in which IBM does not have control...

  • Page 72
    ... losses that exceed ten percent of the greater of the projected benefit obligation or the market-related value of plan assets are amortized to service cost over the average remaining service life of employees expected to receive benefits. See note W, "Retirement Plans, " on pages 86 through 88 and...

  • Page 73
    ... Business Machines Corporation and Subsidiary Companies 71 Goodwill Goodwill is charged to net income on a straight-line basis over the periods estimated to benefit, generally not to exceed five years. The company performs reviews to evaluate the recoverability of goodwill and takes into account...

  • Page 74
    ... the number of authorized shares of common stock from 1,875 million to 4,687.5 million, which was required to effect that stock split. In addition, the amendment reduced the par value of the common shares from $ .50 to $ .20 per share. Common stockholders of record at the close of business on...

  • Page 75
    ... statements International Business Machines Corporation and Subsidiary Companies 73 In January 1998, the company acquired Software Artistry, Inc., a leading provider of both consolidated service desk and customer relationship management solutions for distributed enterprise environments. In...

  • Page 76
    ...committed and uncommitted lines Total unused lines of credit I Sale and Securitization of Receivables $«««8.6 $«««8.8 4.5 $«13.1 4.3 $«13.1 Debentures: 6.22% 6.5% 7.0% 7.0% 7.125% 7.5% 8.375% Notes: 6.3% average Medium-term note program: 5.8% average Other: 6.5% average Other currencies...

  • Page 77
    ....) Financial assets with carrying values that approximate fair value include cash and cash equivalents, marketable securities, notes and other accounts receivable and other investments. Financial liabilities with carrying values that approximate fair value include accounts payable and other accrued...

  • Page 78
    ... capital markets and products, which may result in a currency or interest rate mismatch with the underlying assets. The company uses interest rate swaps or currency swaps to match the interest rate and currency profiles of its debt to the related assets. The terms of these swap contracts generally...

  • Page 79
    ..., and in view of the volatility of the currency markets, the company selectively employs foreign currency derivatives to manage its currency risk. The terms of these instruments generally are less than eighteen months. For purchased options that hedge qualifying anticipated transactions, gains and...

  • Page 80
    ... 2,546,011 shares outstanding at December 31, 1999 and 1998. Employee Benefits Trust Effective November 1, 1997, the company created an employee benefits trust to which it contributed 20 million shares of treasury stock. The company is authorized to instruct the trustee to sell shares from time to...

  • Page 81
    ... Business Machines Corporation and Subsidiary Companies 79 NET CHANGE IN U NREALIZED GAINS (LOSS ES) ON MARKETABLE S ECU RITIES (NET OF TAX) ( Dollars in millions) The components of the provision for income taxes by taxing jurisdiction are as follows: ( Dollars in millions) For the year ended...

  • Page 82
    ...: For the year ended December 31: 1999 1998 1997 At December 31: 1999 1998 Employee benefits Alternative minimum tax credits Bad debt, inventory and warranty reserves Infrastructure reduction charges Capitalized research and development Deferred income General business credits Foreign tax loss...

  • Page 83
    ... to address the partner's desire to exit the partnership agreement was to acquire the minority interest held by that partner. The company also announced aggressive steps intended to improve its competitive position in the markets that SSD serves by merging server hard disk drive (HDD) product lines...

  • Page 84
    ... of investment in joint venture at the signing of the agreement with Toshiba Corporation. Acquisition of minority interest in MiCRU S and charges for equipment leasehold cancellation liabilities and lease rental payments for idle equipment. Represents ( a) the book value of assets that were idled as...

  • Page 85
    ...diluted earnings per share of common stock. For the year ended December 31: 1999 1998 1997 Number of shares on which basic earnings per share is calculated: Weighted-average shares outstanding during year Add -Incremental shares under stock compensation plans Add -Incremental shares associated with...

  • Page 86
    ... Shares under Option Stock options are granted to employees at an exercise price equal to the fair market value of the company's stock at the date of grant. Generally, options vest 25 percent per year, are fully vested four years from the grant date and have a term of 10 years. The following tables...

  • Page 87
    ... financial statements International Business Machines Corporation and Subsidiary Companies 85 IBM Employees Stock Purchase Plan The I BM Employees Stock Purchase Plan ( ES PP) enables substantially all regular employees to purchase full or fractional shares of IBM common stock through payroll...

  • Page 88
    ... paid from trust Direct benefit payments Foreign exchange impact Plan curtailments/ settlements/ termination benefits Benefit obligation at end of year Change in plan assets: Fair value of plan assets at beginning of year Actual return on plan assets Employer contribution Acquisitions/ divestitures...

  • Page 89
    ... the company deposits funds under various fiduciary-type arrangements, purchases annuities under group contracts or provides reserves. Retirement benefits are based on years of service and the employee's compensation, generally during a fixed number of years immediately before retirement. The ranges...

  • Page 90
    ... and life insurance for retirees and eligible dependents. Effective July 1, 1999, I BM established a "Future Health Account ( FHA) Plan" for employees who are more than five years away from retirement eligibility. Employees who are eligible to retire within five years retained the benefits under...

  • Page 91
    ...) provide business/ industry consulting and endto-end e-business implementation of offerings like Supply Chain Management, Customer Relationship Management, Enterprise Resource Planning and Business Intelligence. 1999 1998 1997 Service cost Interest cost Expected return on plan assets Net...

  • Page 92
    ... offerings like Product Support, Business Recovery Services, Site and Connectivity Services, and Systems Management and Networking Services. Learning Services supports the three primary lines of business and help customers design, develop and deploy curricula to educate their employees. The Global...

  • Page 93
    ...consolidated financial statements International Business Machines Corporation and Subsidiary Companies 91 MANAGEMENT SYSTEM S EGMENT VIEW Hardware ( Dollars in millions) Technology Personal Systems Server Global Services Software Global Financing Enterprise Investments Total Segments 1999...

  • Page 94
    ...assets are shared, landlord ownership of the assets is assigned to one segment and is not allocated to each user segment. This is MANAGEMENT SYSTEM S EGMENT VIEW Hardware ( Dollars in millions) Technology Personal Systems Server Global Services Software Global Financing Enterprise Investments...

  • Page 95
    ... Similar Products or Services 1999 1998 1997 ASSETS: Total reportable segments Elimination of internal transactions Unallocated amounts: Cash and marketable securities Notes and accounts receivable Deferred tax assets Plant, other property and equipment Pension assets Other Total IBM Consolidated...

  • Page 96
    ...computed using the weighted- average number of shares outstanding during the year. Thus, the sum of the four quarters' E PS does not equal the full- year EPS . ** The stock prices reflect the high and low prices for I B M's common stock on the New York S tock Exchange composite tape for the last two...

  • Page 97
    ...Offices International Business Machines Corporation New Orchard Road Armonk, New York 10504 (914) 499-1900 address. Stockholders of record can receive online account information and answers to frequently asked questions regarding stockholder accounts via the internet (http:/ / www.ibm.com/ investor...

  • Page 98
    ...and Chief Executive Officer Emerson Electric Co. Senior Management CORPORATE H EADQUARTERS TECH NOLOGY AND MANU FACTU RING GROU P SALES AND DISTRIBUTION GROU P Louis V. Gerstner, Jr. Chairman of the Board and Chief Executive Officer J. Thomas Bouchard Senior Vice President Human Resources J. Bruce...

  • Page 99
    ... personal computing to a mass market and helped legitimize the then-novel PC for the business world. Selectric Typewriter, 1961 Iconic "golf ball" typing element symbolized stunningly elegant product design and prefigured modern-day word processing. IBM Logo, 1972 Paul Rand's classic eight...

  • Page 100
    1999 Annual Report