Subsequent Events |
9 Months Ended |
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Sep. 30, 2021 | |
Subsequent Events | |
Subsequent Events | 18. Subsequent Events: On November 3, 2021, the company completed the separation of its managed infrastructure services business into a new public company, Kyndryl. In addition, immediately preceding the separation of Kyndryl, the company made a number of changes to its organizational structure and management system. Refer to note 1, “Basis of Presentation” for additional information. On October 15, 2021, in preparation for the separation, Kyndryl completed the offering of $2.4 billion in aggregate principal amount of senior unsecured fixed-rate notes with maturities ranging from to twenty years and coupons ranging from 2.05 to 4.10 percent. On November 1, 2021, Kyndryl entered into a $500 million three-year variable-rate term loan. Cash raised from the debt issuance and term loan was used to fund Kyndryl's opening cash balance, with the remaining proceeds transferred to IBM at separation. Following the completion of the Kyndryl separation on November 3, 2021, the notes and term loan are no longer obligations of IBM.On October 26, 2021, the company announced that the Board of Directors approved a quarterly dividend of $1.64 per common share. The dividend is payable December 10, 2021 to shareholders of record on November 10, 2021.
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