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IBM Income Stmt 2016-2020

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International Machines Corp (NYS: IBM)

Exchange rate used is that of the Year End reported date

As Reported Annual Income Statement

Report Date 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016

Currency USD USD USD USD USD

Audit Status Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified

Consolidated Yes Yes Yes Yes Yes

Scale Thousands Thousands Thousands Thousands Thousands

Services revenue 45004000 47493000 51350000 50709000 51268000

Sales revenue 27484000 28252000 26641000 26715000 26942000

Financing revenue 1133000 1402000 1599000 1715000 1710000

Total revenue 73620000 77147000 79591000 79139000 79919000

Cost of services 30404000 32491000 34059000 34447000 34021000

Cost of sales 6934000 7263000 7464000 7256000 6559000

Cost of financing 708000 904000 1132000 1210000 1044000

Total cost 38046000 40659000 42655000 42913000 41625000

Gross profit 35575000 36488000 36936000 36227000 38294000

Selling, general & administrative expense – other 16800000 17099000 16438000 16568000 16971000

Advertising & promotional expense 1542000 1647000 1466000 1445000 1327000

Workforce rebalancing charges 2922000 555000 598000 199000 1038000

Retirement-related costs – – – 959000 742000

Amortization of acquired intangible assets 1123000 762000 435000 496000 503000

Stock-based compensation 586000 453000 361000 384000 401000

Bad debt expense – 89000 67000 55000 87000

Provision for/benefit (from) expected credit loss expense 109000 – – – –

Selling, general & administrative expense 23082000 20604000 19366000 20107000 21069000

Research, development & engineering 6333000 5989000 5379000 5787000 5751000

Intellectual property & custom development income 626000 648000 1026000 1466000 1631000

Foreign currency transaction gains (losses) -114000 279000 427000 -405000 116000

Gains (losses) on derivative instruments 101000 -150000 -434000 341000 -260000

Interest income 105000 349000 264000 144000 108000

Net gains (losses) from securities & investment assets 22000 32000 101000 20000 -23000

Retirement-related income (costs) -1123000 -615000 -1572000 – –

Other income 149000 937000 63000 116000 -85000

Other income & expense -861000 968000 1152000 -216000 145000

Interest expense 1288000 1344000 723000 615000 630000

Total expense & other income -30937000 -26322000 -25594000 24827000 25964000

Income from continuing operations before income taxes – U.S. operations -1726000 -315000 627000 560000 3650000

Income from continuing operations before income taxes – non-U.S. operations 6363000 10481000 10715000 10840000 8680000

Income from continuing operations before income taxes 4637000 10166000 11342000 11400000 12330000

Provision for (benefit from) U.S. federal income taxes – current 315000 331000 -342000 2388000 186000

Provision for (benefit from) U.S. federal income taxes – deferred 1177000 -839000 1377000 77000 -746000

Total provision for (benefit from) U.S. federal income taxes 1492000 -508000 1035000 2465000 -560000

Provision for (benefit from) U.S. state & local income taxes – current 316000 -85000 127000 55000 244000

Provision for (benefit from) U.S. state & local income taxes – deferred -315000 -82000 -292000 28000 -44000

Total provision for (benefit from) U.S. state & local income taxes 1000 -167000 -165000 83000 200000

Provision for (benefit from) nopn-U.S. income taxes – current 1827000 1829000 2135000 3891000 988000

Provision for (benefit from) nopn-U.S. income taxes – deferred -4184000 -423000 -386000 -797000 -179000

Total provision for (benefit from) nopn-U.S. income taxes -2357000 1406000 1749000 3094000 809000

Provision for (benefit from) income taxes -864000 731000 2619000 5642000 449000

Income (loss) from continuing operations 5501000 9435000 8723000 5758000 11881000

Income (loss) from discontinued operations, net of tax 89000 -4000 5000 -5000 -9000

Net income (loss) 5590000 9431000 8728000 5753000 11872000

Weighted average shares outstanding – basic 890348.679 887235.105 912048.072 932828.295 955422.53

Weighted average shares outstanding – diluted 896563.971 892813.376 916315.714 937385.625 958714.097

Year end shares outstanding 892653.424 887110.454 892479.41 922179.225 945867.403

Earnings (loss) per share from continuing operations – basic 6.18 10.63 9.56 6.17 12.44

Earnings (loss) per share from discontinued operations – basic 0.1 0 0.01 0 -0.01

Net earnings (loss) per share – basic 6.28 10.63 9.57 6.17 12.43

Earnings (loss) per share from continuing operations – diluted 6.13 10.57 9.51 6.14 12.39

Earnings (loss) per share from discontinued operations – diluted 0.1 -0.01 0.01 0 -0.01

Net earnings (loss) per share – diluted 6.23 10.56 9.52 6.14 12.38

Dividends per share of common stock 6.51 6.43 6.21 – –

Total number of employees 375300 383800 350600 366600 380300

Number of common stockholders 373649 380707 395480 408697 425272

Foreign currency translation adjustments -1500000 -39000 -730000 152000 -20000

IBM Balance Sheet 2016-2020

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International Machines Corp (NYS: IBM)

Exchange rate used is that of the Year End reported date

As Reported Annual Balance Sheet

Report Date 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016

Currency USD USD USD USD USD

Audit Status Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified

Consolidated Yes Yes Yes Yes Yes

Scale Thousands Thousands Thousands Thousands Thousands

Cash & cash equivalents 13212000 8172000 11379000 11972000 7826000

Restricted cash 463000 141000 225000 – –

Marketable securities 600000 696000 618000 608000 701000

Notes & accounts receivable – trade, gross 7483000 8169000 7741000 9225000 9472000

Less: allowances 351000 299000 309000 297000 290000

Notes & accounts receivable – trade, net 7132000 7870000 7432000 8928000 9182000

Short-term financing receivables, gross 11110000 14380000 22632000 21982000 19343000

Less: allowances 218000 188000 244000 261000 337000

Short-term financing receivables, net 10892000 14192000 22388000 21721000 19006000

Other accounts receivable, gross 742000 1766000 781000 1017000 1105000

Less: allowances 28000 33000 38000 36000 48000

Other accounts receivable, net 714000 1733000 743000 981000 1057000

Finished goods 190000 220000 266000 333000 358000

Work in process & raw materials 1649000 1399000 1415000 1250000 1195000

Inventory 1839000 1619000 1682000 1583000 1553000

Deferred costs 2107000 1896000 2300000 – –

Prepaid expenses & other current assets 2206000 2101000 2378000 3942000 4564000

Total current assets 39165000 38420000 49146000 49735000 43888000

Land & land improvements 381000 365000 448000 480000 506000

Buildings & building improvements – – – – 6326000

Buildings & building & leasehold improvements 9416000 9364000 9640000 10073000 –

Information technology equipment 19419000 18054000 17468000 16874000 –

Production, engineering, office & other equipment 3695000 3721000 4081000 4060000 –

Plant, laboratory & office equipment – – – – 22318000

Plant & other property, gross 32911000 31504000 31636000 31487000 29150000

Less: accumulated depreciation 22968000 21726000 21276000 20832000 18842000

Plant & other property, net 9943000 9778000 10359000 10655000 10308000

Rental machines, gross 265000 523000 824000 844000 984000

Less: accumulated depreciation – rental machines 168000 292000 392000 383000 461000

Rental machines, net 97000 232000 433000 462000 523000

Property, plant & equipment, gross 33176000 32028000 32460000 32331000 30133000

Less: accumulated depreciation 23136000 22018000 21668000 21215000 19303000

Property, plant & equipment, net 10040000 10010000 10792000 11116000 10830000

Operating right-of-use assets – net 4686000 4996000 – – –

Long-term financing receivables 7086000 8712000 9148000 9550000 9021000

Prepaid pension assets 7610000 6865000 4666000 4643000 3034000

Deferred costs 2449000 2472000 2676000 – –

Deferred taxes 9241000 5182000 5216000 4862000 5224000

Goodwill 59617000 58222000 36265000 36788000 36199000

Intangible assets, net 13796000 15235000 3087000 3742000 4688000

Deferred transition & set-up costs & other deferred arrangements – – – 1537000 1497000

Derivatives, non-current 151000 94000 347000 757000 594000

Alliance investments – equity method 172000 184000 192000 90000 85000

Alliance investments – non-equity method 54000 38000 34000 32000 19000

Prepaid software – – – 300000 230000

Long-term deposits 239000 242000 268000 271000 267000

Other receivables 423000 276000 359000 455000 416000

Employee benefit related 238000 253000 263000 316000 272000

Prepaid income taxes 777000 664000 626000 590000 477000

Other assets 227000 321000 296000 572000 729000

Investments & sundry assets 2282000 2074000 2386000 4919000 4585000

Total assets 155971000 152186000 123382000 125356000 117470000

Taxes 3301000 2839000 3046000 4219000 3235000

Commercial paper – 304000 2995000 1496000 899000

Short-term loans 130000 971000 161000 276000 375000

Long-term debt – current maturities 7053000 7522000 7051000 5214000 6239000

Short-term debt 7183000 8797000 10207000 6987000 7513000

Accounts payable 4908000 4896000 6558000 6451000 6209000

Compensation & benefits 3440000 3406000 3310000 3644000 3577000

Deferred income 12833000 12026000 11165000 11552000 11035000

Operating lease liabilities 1357000 1380000 – – –

Other accrued expenses & liabilities 6847000 4357000 3941000 4510000 4705000

Total current liabilities 39869000 37701000 38227000 37363000 36275000

U.S dollar notes & debentures – – – – 30563000

U.S dollar debt 41218000 44594000 30131000 31515000 –

Other debt in Euros 18355000 14306000 10011000 10502000 7122000

Other debt in U.K. pounds 411000 1390000 1338000 1420000 1296000

Other debt in Japanese yen 1409000 1339000 1325000 1291000 1576000

Other debt in Swiss francs – – – – 7000

Other debt in Canadian – – – – 373000

Other currencies debt 324000 375000 391000 717000 208000

lease obligations 296000 204000 – – –

Long-term debt 62013000 62207000 43196000 45445000 41145000

Less: net unamortized premium (discount) -875000 -881000 -802000 -826000 -839000

Less: net unamortized debt issuance costs -156000 -142000 -76000 -93000 -82000

Add: fair value adjustment 426000 440000 337000 526000 669000

Long-term debt before current maturities 61408000 61624000 42656000 45052000 40893000

Less: current maturities 7053000 7522000 7051000 5214000 6239000

Long-term debt 54355000 54102000 35605000 39837000 34655000

Retirement & nonpension postretirement benefit obligations 18248000 17142000 17002000 16720000 17070000

Deferred income 4301000 3851000 3445000 3746000 3600000

Operating lease liabilities 3574000 3879000 – – –

Income tax reserves 5274000 5118000 4195000 4193000 2621000

Excess 401(k) Plus Plan 1635000 1521000 1380000 1583000 1494000

Disability benefits 452000 478000 507000 504000 538000

Derivatives liabilities 40000 506000 206000 38000 61000

Special restructuring actions – – – – 358000

Workforce reductions 956000 725000 736000 804000 424000

Deferred taxes 5472000 5230000 3696000 545000 424000

Other taxes payable 253000 42000 40000 948000 90000

Enviromental accruals 246000 254000 244000 262000 262000

Warranty accruals 33000 45000 76000 56000 68000

Asset retirement obligations 117000 94000 111000 115000 142000

Acquisition related 60000 9000 13000 88000 111000

Divestiture related 62000 65000 173000 253000 270000

Other liabilities 297000 439000 796000 577000 613000

Other liabilities 14897000 14526000 12174000 9965000 7477000

Total liabilities 135244000 131202000 106452000 107631000 99078000

Common stock 56556000 55895000 55151000 54566000 53935000

Retained earnings 162717000 162954000 159206000 153126000 152759000

Treasury stock, at cost 169339000 169413000 168071000 163507000 159050000

Net unrealized gains (losses) on cash flow hedges -456000 -179000 284000 35000 319000

Foreign currency translation adjustments -4665000 -3700000 -3690000 -2834000 -3603000

Net change retirement-related benefit plans -24216000 -24718000 -26083000 -23796000 -26116000

Net unrealized gains (losses) on available-for-sale securities – – 0 3000 2000

Accumulated other comprehensive income (loss) -29337000 -28597000 -29490000 -26592000 -29398000

Total International Machines Corp. stockholders’ equity 20597000 20841000 16796000 17594000 18246000

Noncontrolling interests 129000 144000 134000 131000 146000

Total equity 20727000 20985000 16929000 17725000 18392000

Competitor Financials 2016-2019

IBM 2019 2018 2017 2016

Operating Income  9896000 12192000 11673000 11922000

Net Sales  75745000 77992000 77424000 78209000

COGS 7263000      7,464,000      7,256,000      6,559,000

Net Income  9431000      8,728,000      5,753,000     11,872,000

R & D Costs  5989000      5,379,000      5,787,000      5,751,000

Total Revenue  77147000 79591000 79139000 79919000

SG&A 17099000     16,438,000      16,568,000      16,971,000 

PPE, Net  10010000     10,792,000      11,116,000     10,830,000 

Inventory  1619000      1,682,000      1,583,000      1,553,000

Total Assets  152186000 123382000 125356000 117470000

Microsoft  2019 2018 2017 2016

Operating Income  42,959,000     35,058,000      22,326,000  20,182,000

Net Sales  66,069,000     64,497,000      57,190,000  61,502,000

COGS 16,273,000     15,420,000  15,175,000 17,880,000

Net Income  39,240,000     16,571,000      21,204,000  16,798,000

R & D Costs  16,876,000     14,726,000      13,037,000  11,988,000

Total Revenue  125,843,000   110,360,000     89,950,000  85,320,000

SG&A 23,098,000     22,223,000      20,020,000      19,260,000 

PPE, Net  36,477,000     29,460,000      23,734,000  18,356,000

Inventory  2,063,000      2,662,000      2,181,000 2,251,000

Total Assets  286,556,000 258,848,000 241,086,000 193,694,000

Dell  2019 2018 2017 2016

Operating Income  (191,000) (2,416,000) (2,390,000) (514,000)

Net Sales  90,621,000 78,660,000 61,642,000 50,911,000

COGS 65,568,000 58,606,000 48,683,000 42,524,000

Net Income (loss) (2,310,000) (2,849,000) (1,167,000) (1,104,000)

R & D Costs  4,604,000      4,384,000      2,636,000 1,051,000

Total Revenue  90,621,000 79,040,000 62,164,000 50,911,000

SG&A 20,640,000     19,003,000      13,575,000  7,850,000

PPE, Net  5,259,000      5,390,000      5,653,000 1,649,000

Inventory  3,649,000      2,678,000      2,538,000 1,619,000

Total Assets  111,820,000 122,281,000 118,206,000 45,122,000

Intel 2019 2018 2017 2016

Operating Income  22,035,000 23,316,000     17,936,000  12,874,000

Net Sales 71,965,000 70,848,000 62,761,000 59,387,000

Gross Margin 42,140,000 43,737,000 39,069,000 36,191,000

COGS 29,825     27,111,000     23,692,000  23,196,000

Net Income  21,048,000     21,053,000       9,601,000 10,316,000

R & D Costs  13,362,000     13,543,000      13,098,000  12,740,000

Total Revenue  71,965,000     70,848,000      62,761,000  59,387,000

SG&A 6,150,000      6,750,000      7,474,000 8,397,000

PPE, Net  55,386,000     48,976,000      41,109,000  36,171,000

Inventory  8,744,000      7,253,000      6,983,000 5,553,000

Total Assets  136,524,000 127,963,000 123,249,000 113,327,000

General Dynamic 2019 2018 2017 2016

Operating Income  4,648,000      4,457,000 4,236,000 3,744,000

Net Sales  23,130,000     20,149,000      19,016,000  19,885,000

COGS 18,569,000     15,894,000      14,799,000  15,443,000

Net Income  3,484,000 3,358,000      2,912,000 2,955,000

R & D Costs  – 0                  –                    –                    –  

Total Revenue  39,350,000     36,193,000      30,973,000  31,353,000

SG&A 2,411,000      2,258,000      2,010,000 1,940,000

PPE, Net  4,475,000      4,348,000      3,517,000 3,467,000

Inventory  6,306,000      5,977,000      5,303,000 3,523,000

Total Assets  48,841,000 45,408,000 35,046,000 32,872,000

Horizontal Analysis

International Machine Corp (IBM) International Machine Corp (IBM) 2020-2019 International Machine Corp (IBM) 2019-2018

Dollar Change 2020-2019 Percent Change 2019-2020 Dollar Change 2019-2018 Percent Change 2019-2018

2020 2019 Formula: 2020-2019 Formula: 2020-2019/2019 2019 2018 Formula: 2019-2018 Formula: 2019-2018/2018

Services revenue $ 45,004,000 $ 47,493,000 $ 47,493,000 $ 51,350,000

Sales revenue $ 27,484,000 $ 28,252,000 $ 28,252,000 $ 26,641,000

Financing revenue $ 1,133,000 $ 1,402,000 $ 1,402,000 $ 1,599,000

Total revenue $ 73,620,000 $ 77,147,000 $ 77,147,000 $ 79,591,000

Cost of services $ 30,404,000 $ 32,491,000 $ 32,491,000 $ 34,059,000

Cost of sales $ 6,934,000 $ 7,263,000 $ 7,263,000 $ 7,464,000

Cost of financing $ 708,000 $ 904,000 $ 904,000 $ 1,132,000

Total cost $ 38,046,000 $ 40,659,000 $ 40,659,000 $ 42,655,000

Gross profit $ 35,575,000 $ 36,488,000 $ 36,488,000 $ 36,936,000

Selling, general & administrative expense – other $ 16,800,000 $ 17,099,000 $ 17,099,000 $ 16,438,000

Advertising & promotional expense $ 1,542,000 $ 1,647,000 $ 1,647,000 $ 1,466,000

Workforce rebalancing charges $ 2,922,000 $ 555,000 $ 555,000 $ 598,000

Retirement-related costs – – – –

Amortization of acquired intangible assets $ 1,123,000 $ 762,000 $ 762,000 $ 435,000

Stock-based compensation $ 586,000 $ 453,000 $ 453,000 $ 361,000

Bad debt expense – $ 89,000 $ 89,000 $ 67,000

Provision for/benefit (from) expected credit loss expense $ 109,000 – – –

Selling, general & administrative expense $ 23,082,000 $ 20,604,000 $ 20,604,000 $ 19,366,000

Research, development & engineering $ 6,333,000 $ 5,989,000 $ 5,989,000 $ 5,379,000

Intellectual property & custom development income $ 626,000 $ 648,000 $ 648,000 $ 1,026,000

Foreign currency transaction gains (losses) $ (114,000) $ 279,000 $ 279,000 $ 427,000

Gains (losses) on derivative instruments $ 101,000 $ (150,000) $ (150,000) $ (434,000)

Interest income $ 105,000 $ 349,000 $ 349,000 $ 264,000

Net gains (losses) from securities & investment assets $ 22,000 $ 32,000 $ 32,000 $ 101,000

Retirement-related income (costs) $ (1,123,000) $ (615,000) $ (615,000) $ (1,572,000)

Other income $ 149,000 $ 937,000 $ 937,000 $ 63,000

Other income & expense $ (861,000) $ 968,000 $ 968,000 $ 1,152,000

Interest expense $ 1,288,000 $ 1,344,000 $ 1,344,000 $ 723,000

Total expense & other income $ (30,937,000) $ (26,322,000) $ (26,322,000) $ (25,594,000)

Income from continuing operations before income taxes – U.S. operations $ (1,726,000) $ (315,000) $ (315,000) $ 627,000

Income from continuing operations before income taxes – non-U.S. operations $ 6,363,000 $ 10,481,000 $ 10,481,000 $ 10,715,000

Income from continuing operations before income taxes $ 4,637,000 $ 10,166,000 $ 10,166,000 $ 11,342,000

Provision for (benefit from) U.S. federal income taxes – current $ 315,000 $ 331,000 $ 331,000 $ (342,000)

Provision for (benefit from) U.S. federal income taxes – deferred $ 1,177,000 $ (839,000) $ (839,000) $ 1,377,000

Total provision for (benefit from) U.S. federal income taxes $ 1,492,000 $ (508,000) $ (508,000) $ 1,035,000

Provision for (benefit from) U.S. state & local income taxes – current $ 316,000 $ (85,000) $ (85,000) $ 127,000

Provision for (benefit from) U.S. state & local income taxes – deferred $ (315,000) $ (82,000) $ (82,000) $ (292,000)

Total provision for (benefit from) U.S. state & local income taxes $ 1,000 $ (167,000) $ (167,000) $ (165,000)

Provision for (benefit from) nopn-U.S. income taxes – current $ 1,827,000 $ 1,829,000 $ 1,829,000 $ 2,135,000

Provision for (benefit from) nopn-U.S. income taxes – deferred $ (4,184,000) $ (423,000) $ (423,000) $ (386,000)

Total provision for (benefit from) nopn-U.S. income taxes $ (2,357,000) $ 1,406,000 $ 1,406,000 $ 1,749,000

Provision for (benefit from) income taxes $ (864,000) $ 731,000 $ 731,000 $ 2,619,000

Income (loss) from continuing operations $ 5,501,000 $ 9,435,000 $ 9,435,000 $ 8,723,000

Income (loss) from discontinued operations, net of tax $ 89,000 $ (4,000) $ (4,000) $ 5,000

Net income (loss) $ 5,590,000 $ 9,431,000 $ 9,431,000 $ 8,728,000

Weighted average shares outstanding – basic $ 890,349 $ 887,235 $ 887,235 $ 912,048

Weighted average shares outstanding – diluted $ 896,564 $ 892,813 $ 892,813 $ 916,316

Year end shares outstanding $ 892,653 $ 887,110 $ 887,110 $ 892,479

Earnings (loss) per share from continuing operations – basic $ 6 $ 11 $ 11 $ 10

Earnings (loss) per share from discontinued operations – basic $ 0 $ – 0 $ – 0 $ 0

Net earnings (loss) per share – basic $ 6 $ 11 $ 11 $ 10

Earnings (loss) per share from continuing operations – diluted $ 6 $ 11 $ 11 $ 10

Earnings (loss) per share from discontinued operations – diluted $ 0 $ (0) $ (0) $ 0

Net earnings (loss) per share – diluted $ 6 $ 11 $ 11 $ 10

Dividends per share of common stock $ 7 $ 6 $ 6 $ 6

Total number of employees $ 375,300 $ 383,800 $ 383,800 $ 350,600

Number of common stockholders $ 373,649 $ 380,707 $ 380,707 $ 395,480

Foreign currency translation adjustments $ (1,500,000) $ (39,000) $ (39,000) $ (730,000)

Vertical Analysis

Income Statement Vertical Analysis

International Machine Corp (IBM) Formula =number / total revenue

Year 2020 2020 2019 2019 2018 2018

Services revenue $ 45,004,000 $ 47,493,000 $ 51,350,000

Sales revenue $ 27,484,000 $ 28,252,000 $ 26,641,000

Financing revenue $ 1,133,000 $ 1,402,000 $ 1,599,000

Total revenue $ 73,620,000 100.00% $ 77,147,000 100.00% $ 79,591,000 100.00%

Cost of services $ 30,404,000 $ 32,491,000 $ 34,059,000

Cost of sales $ 6,934,000 $ 7,263,000 $ 7,464,000

Cost of financing $ 708,000 $ 904,000 $ 1,132,000

Total cost $ 38,046,000 $ 40,659,000 $ 42,655,000

Gross profit $ 35,575,000 $ 36,488,000 $ 36,936,000

Selling, general & administrative expense – other $ 16,800,000 $ 17,099,000 $ 16,438,000

Advertising & promotional expense $ 1,542,000 $ 1,647,000 $ 1,466,000

Workforce rebalancing charges $ 2,922,000 $ 555,000 $ 598,000

Retirement-related costs – – –

Amortization of acquired intangible assets $ 1,123,000 $ 762,000 $ 435,000

Stock-based compensation $ 586,000 $ 453,000 $ 361,000

Bad debt expense – $ 89,000 $ 67,000

Provision for/benefit (from) expected credit loss expense $ 109,000 – –

Selling, general & administrative expense $ 23,082,000 $ 20,604,000 $ 19,366,000

Research, development & engineering $ 6,333,000 $ 5,989,000 $ 5,379,000

Intellectual property & custom development income $ 626,000 $ 648,000 $ 1,026,000

Foreign currency transaction gains (losses) $ (114,000) $ 279,000 $ 427,000

Gains (losses) on derivative instruments $ 101,000 $ (150,000) $ (434,000)

Interest income $ 105,000 $ 349,000 $ 264,000

Net gains (losses) from securities & investment assets $ 22,000 $ 32,000 $ 101,000

Retirement-related income (costs) $ (1,123,000) $ (615,000) $ (1,572,000)

Other income $ 149,000 $ 937,000 $ 63,000

Other income & expense $ (861,000) $ 968,000 $ 1,152,000

Interest expense $ 1,288,000 $ 1,344,000 $ 723,000

Total expense & other income $ (30,937,000) $ (26,322,000) $ (25,594,000)

Income from continuing operations before income taxes – U.S. operations $ (1,726,000) $ (315,000) $ 627,000

Income from continuing operations before income taxes – non-U.S. operations $ 6,363,000 $ 10,481,000 $ 10,715,000

Income from continuing operations before income taxes $ 4,637,000 $ 10,166,000 $ 11,342,000

Provision for (benefit from) U.S. federal income taxes – current $ 315,000 $ 331,000 $ (342,000)

Provision for (benefit from) U.S. federal income taxes – deferred $ 1,177,000 $ (839,000) $ 1,377,000

Total provision for (benefit from) U.S. federal income taxes $ 1,492,000 $ (508,000) $ 1,035,000

Provision for (benefit from) U.S. state & local income taxes – current $ 316,000 $ (85,000) $ 127,000

Provision for (benefit from) U.S. state & local income taxes – deferred $ (315,000) $ (82,000) $ (292,000)

Total provision for (benefit from) U.S. state & local income taxes $ 1,000 $ (167,000) $ (165,000)

Provision for (benefit from) nopn-U.S. income taxes – current $ 1,827,000 $ 1,829,000 $ 2,135,000

Provision for (benefit from) nopn-U.S. income taxes – deferred $ (4,184,000) $ (423,000) $ (386,000)

Total provision for (benefit from) nopn-U.S. income taxes $ (2,357,000) $ 1,406,000 $ 1,749,000

Provision for (benefit from) income taxes $ (864,000) $ 731,000 $ 2,619,000

Income (loss) from continuing operations $ 5,501,000 $ 9,435,000 $ 8,723,000

Income (loss) from discontinued operations, net of tax $ 89,000 $ (4,000) $ 5,000

Net income (loss) $ 5,590,000 $ 9,431,000 $ 8,728,000

Weighted average shares outstanding – basic $ 890,349 $ 887,235 $ 912,048

Weighted average shares outstanding – diluted $ 896,564 $ 892,813 $ 916,316

Year end shares outstanding $ 892,653 $ 887,110 $ 892,479

Earnings (loss) per share from continuing operations – basic $ 6 $ 11 $ 10

Earnings (loss) per share from discontinued operations – basic $ 0 $ – 0 $ 0

Net earnings (loss) per share – basic $ 6 $ 11 $ 10

Earnings (loss) per share from continuing operations – diluted $ 6 $ 11 $ 10

Earnings (loss) per share from discontinued operations – diluted $ 0 $ (0) $ 0

Net earnings (loss) per share – diluted $ 6 $ 11 $ 10

Dividends per share of common stock $ 7 $ 6 $ 6

Total number of employees $ 375,300 $ 383,800 $ 350,600

Number of common stockholders $ 373,649 $ 380,707 $ 395,480

Foreign currency translation adjustments $ (1,500,000) $ (39,000) $ (730,000)

Expense Behavior

Expenses (Select the answer using the Dropdown) Fixed or Variable Product or Period

Selling, general & administrative expense – other Variable Product

Advertising & promotional expense

Workforce rebalancing charges

Retirement-related costs

Amortization of acquired intangible assets

Bad debt expense

Selling, general & administrative expense

Research, development & engineering expense

Interest …