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Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The following table summarizes the non - vested RSU activity during the year ended December 31 , 2019 and the three months ended March 31 , 2020 : Item 2 . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | 3 Table of Contents Consolidated Financial Statements - ( continued ) IBM CREDIT LLC AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ( UNAUDITED ) ( 1 ) Amounts represented relate to multiple - employer plans . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | 5 Table of Contents Consolidated Financial Statements - ( continued ) IBM CREDIT LLC AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENT OF CASH FLOWS ( UNAUDITED ) ( 1 ) Short - term represents original maturities of 90 days or less . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | ) 6 Table of Contents Consolidated Financial Statements - ( continued ) IBM CREDIT LLC AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENT OF CHANGES IN MEMBER 'S INTEREST ( UNAUDITED ) ( 1 ) Reflects the adoption of the FASB guidance on current expected credit losses . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | ( 1 ) In accordance with the previously executed Tax Sharing Agreement , $ 64 million was settled through a non - cash contribution . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Refer to note 14 , " Relationship with IBM and Related Party Transactions . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | 7 Table of Contents Notes to Consolidated Financial Statements : 1 . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The information included in this Form 10-Q should be read in conjunction with the company ’ s 2019 Form 10-K . Within the financial statements and tables presented , certain columns and rows may not add due to the use of rounded numbers for disclosure purposes . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | 8 Table of Contents Notes to Consolidated Financial Statements - ( continued ) 2 . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Standards Implemented Reference Rate Reform Standard / Description - Issuance date : March 2020 . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Effective Date and Adoption Considerations - The guidance is effective as of March 12 , 2020 through December 31 , 2022 . Effect on Financial Statements or Other Significant Matters - The company made a policy election in the first quarter of 2020 to adopt the practical expedient which allows for the continuation of fair value hedge accounting for interest rate derivative contracts upon the transition from LIBOR to Secured Overnight Financing Rate ( SOFR ) or another reference rate alternative , without any impact to the Consolidated Income Statement . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The company is continuing to evaluate the potential impact of the replacement of the LIBOR benchmark on its interest rate risk management activities . Financial Instruments - Credit Losses Standard / Description - Issuance date : June 2016 , with amendments in 2018 , 2019 and 2020 . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Effective Date and Adoption Considerations - The guidance was effective January 1 , 2020 , with one - year early adoption permitted . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Refer to note 6 , “ Financing Receivables , Receivables Purchased / Participated from IBM , ” and note 9 , “ Commitments , ” for additional information . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Segments : The company ’ s operations consist of two business segments : Client Financing and Commercial Financing . | {'NumberOfReportableSegments': ['two']} |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The decline in revenue in the first quarter of 2020 primarily reflects the wind down of the company ’ s OEM IT Commercial Financing operations which began in the second quarter of 2019 . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The company classifies certain assets and liabilities based on the following fair value hierarchy : ● Level 1-Quoted prices ( unadjusted ) in active markets for identical assets or liabilities that can be accessed at the measurement date ; ● Level 2-Inputs other than quoted prices included within Level 1 that are observable for the asset or liability , either directly or indirectly ; and10 Table of Contents Notes to Consolidated Financial Statements - ( continued ) ● Level 3-Unobservable inputs for the asset or liability . When available , the company uses unadjusted quoted market prices in active markets to measure the fair value and classifies such items as Level 1 . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Effective January 1 , 2020 with the adoption of the new standard on credit losses , if the fair value of the security falls below its amortized cost basis , the change in fair value is recognized in the period the impairment is identified when the loss is due to credit factors . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | 11 Table of Contents Notes to Consolidated Financial Statements - ( continued ) The following table presents the company ’ s financial assets and financial liabilities that are measured at fair value on a recurring basis at March 31 , 2020 and December 31 , 2019 . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | If measured at fair value in the financial statements , these financial instruments would be classified as Level 3 in the fair value hierarchy , except for short - term debt , which would be classified as Level 2 . Long - Term Receivables Fair values are based on discounted future cash flows using current interest rates offered for similar loans to clients with similar credit ratings for the same remaining maturities . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | At March 31 , 2020 and December 31 , 2019 , the difference between the carrying amount and estimated fair value for long - term receivables was immaterial . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The carrying amount of long - term debt ( including debt payable to IBM ) was $ 14,956 million and $ 15,268 million and the estimated fair value was $ 14,757 million and $ 15,409 million at March 31 , 2020 and December 31 , 2019 , respectively . | {'LongTermDebtFairValue': ['14,757', '15,409']} |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Payment terms on these financing arrangements are generally for terms up to seven years . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Investment in sales - type and direct financing leases relate principally to the company ’ s Systems products and are for terms ranging generally from two to six years . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Payment terms for working capital financing generally range from 30 to 90 days . 12 Table of Contents Notes to Consolidated Financial Statements - ( continued ) The company participates in receivables from IBM for certain long - term financing receivables generated from IBM ’ s Total Solution Offerings in certain countries as well as for certain government and other contracts . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The company carries the credit risk of IBM ’ s clients for all purchased and participated receivables from IBM . Effective January 1 , 2020 , the company adopted the new accounting standard related to credit losses , using the transition option whereby prior comparative periods were not retrospectively presented in the Consolidated Financial Statements . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | As a result of the company ’ s transition option , all prior periods are presented at recorded investment , while current period information is presented at amortized cost . A summary of the components of the company ’ s financing receivables is presented as follows : * Includes guaranteed and unguaranteed residual value 13 Table of Contents Notes to Consolidated Financial Statements - ( continued ) Purchased and participated receivables from IBM The company utilizes certain of its financing receivables as collateral for nonrecourse borrowings . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Collectively Evaluated Financing Receivables The company determines its allowance for credit losses based on two portfolio segments : Client Financing receivables and Commercial Financing receivables , and further segments the portfolio into three classes : Americas , Europe / Middle East / Africa ( EMEA ) and Asia Pacific . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | 14 Table of Contents Notes to Consolidated Financial Statements - ( continued ) Macroeconomic variables attributed to the expected credit losses for Client Financing receivables may vary by class of financing receivables based on historical experiences , portfolio composition , and current environment . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Under this approach , forecasts of these variables over two years are considered reasonable and supportable . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Beyond two years , the company reverts to long - term average loss experience . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | With evolving global impacts from the COVID-19 pandemic , external economic models have been revised with increased frequency and with alternative scenarios . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The company ’ s allowances at March 31 , 2020 , reflect the qualitative process described above . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | At January 1 , 2020 , upon adoption of the new standard on credit losses , the company recorded an additional allowance for Client and Commercial Financing receivables ( including related off - balance sheet commitments ) of $ 56 million . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Client Financing Receivables The following tables present the amortized cost basis or recorded investment for the Client Financing receivables portfolio segment at March 31 , 2020 and December 31 , 2019 , respectively , further segmented by three classes : Americas , Europe / Middle East / Africa ( EMEA ) and Asia Pacific . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | 15 Table of Contents Notes to Consolidated Financial Statements - ( continued ) * Primarily represents translation adjustments . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Past Due Financing Receivables The company considers a client ’ s financing receivable balance past due when any installment is aged over 90 days . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The following tables summarize information about the amortized cost basis or recorded investment in lease and loan financing receivables and participated receivables from IBM , including amortized cost or recorded investment aged over 90 days and still accruing , billed invoices aged over 90 days and still accruing , and amortized cost or recorded investment not accruing . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | 17 Table of Contents Notes to Consolidated Financial Statements - ( continued ) ( 1 ) At a contract level , which includes total billed and unbilled amounts for financing receivables aged greater than 90 days . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Financing income recognized on these receivables was immaterial for the three months ended March 31 , 2020 . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | ( 1 ) At a contract level , which includes total billed and unbilled amounts for financing receivables aged greater than 90 days . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The company uses information provided annually by Moody ’ s , where available , as one of many inputs in its determination of customer 18 Table of Contents Notes to Consolidated Financial Statements - ( continued ) credit ratings . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The credit quality of the customer is evaluated based on these indicators and would be assigned the same risk rating whether the receivable is a lease , loan or participated from IBM . The following tables present the amortized cost basis or recorded investment for financing receivables , excluding the Commercial Financing receivables portfolio segment , by credit quality indicator at March 31 , 2020 and December 31 , 2019 , respectively . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Effective January 1 , 2020 , under the new guidance for credit losses , the company discloses its credit quality by year of origination . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Troubled Debt Restructurings The company did not have any significant troubled debt restructurings during the three months ended March 31 , 2020 or for the year ended December 31 , 2019 . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | 19 Table of Contents Notes to Consolidated Financial Statements - ( continued ) 7 . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Short - term financing receivables pledged as collateral for short - term secured borrowings were $ 240 million at March 31 , 2020 and $ 280 million at December 31 , 2019 . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Long - term financing receivables pledged as collateral for long - term secured borrowings were $ 674 million at March 31 , 2020 and $ 781 million at December 31 , 2019 . The company ’ s indenture governing its debt securities contains significant covenants which obligate the company to promptly pay principal and interest , limit the aggregate amount of liens ( other than permitted liens as such term is defined under the indenture ) to 15 percent of the company ’ s consolidated net tangible assets , and restrict the company ’ s ability to merge or consolidate unless certain conditions are met . Pre - swap annual contractual obligations of long - term debt and long - term debt payable to IBM outstanding at March 31 , 2020 are as follows : Interest on Debt The company recognized interest expense of $ 94 million for the three months ended March 31 , 2020 , of which $ 49 million was interest expense on debt payable to IBM . | {'InterestExpenseDebt': ['94']} |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The company recognized interest expense of $ 150 million for the three months ended March 31 , 2019 , of which $ 74 million was interest expense on debt payable to IBM . Lines of Credit IBM and the company have a $ 2.5 billion , 364-Day Credit Agreement and a $ 2.5 billion Three - Year Credit Agreement ( together , the Credit Agreements ) with maturity dates of July 16 , 2020 and July 20 , 2022 , respectively . | {'InterestExpenseDebt': ['150'], 'LineOfCreditFacilityMaximumBorrowingCapacity': ['2.5', '2.5']} |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | 21 Table of Contents Notes to Consolidated Financial Statements - ( continued ) As of March 31 , 2020 , the company had no borrowings outstanding against the Credit Agreements . The company ’ s Credit Agreements each contain significant debt covenants , which obligate the company to promptly pay principal and interest , limit the aggregate amount of secured indebtedness and sale and leaseback transactions to 10 percent of IBM ’ s consolidated net tangible assets , and restrict the ability of the company or IBM to merge or consolidate with a third party , unless certain conditions are met . | {'LineOfCredit': ['no']} |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The Credit Agreements also include several financial covenants , including that ( i ) IBM will not permit the consolidated net interest expense ratio , for any period of four consecutive fiscal quarters taken as a single accounting period , to be less than 2.20 to 1.0 ; ( ii ) the company will not permit its tangible net worth to be less than $ 50 million as of the end of the fiscal year and ( iii ) the company ’ s leverage ratio can not be greater than 11 to 1 as of the last day of the fiscal quarter . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The Credit Agreements each contain a cross default provision with respect to other defaulted indebtedness of at least $ 500 million . The company is in compliance with its debt covenants , and provides periodic certifications to its lenders . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | For additional information on the Support Agreement , see note 14 , “ Relationship with IBM and Related Party Transactions . ” 9 . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Effective January 1 , 2020 , the company adopted the new standard on credit losses , which resulted in the recognition of a related allowance for non - cancellable off - balance sheet commitments . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The allowance for these commitments is recorded in other liabilities in the Consolidated Balance Sheet and was not material at March 31 , 2020 . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Refer to note 6 , “ Financing Receivables , Receivables Purchased / Participated from IBM , ” for additional information . 10 . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Any recorded liabilities , including any changes to such liabilities for the quarter ended March 31 , 2020 were not material to the Consolidated Financial Statements . In accordance with the relevant accounting guidance , the company provides disclosures of matters for which the likelihood of material loss is at least reasonably possible . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | As of March 31 , 2020 , there were no such matters . 22 Table of Contents Notes to Consolidated Financial Statements - ( continued ) 11 . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | ( See note 13 , " Retirement - Related Benefits , " for additional information . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | ( See note 13 , " Retirement - Related Benefits , " for additional information . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | 23 Table of Contents Notes to Consolidated Financial Statements - ( continued ) * Foreign currency translation adjustments are presented gross except for any associated hedges which are presented net of tax . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | At March 31 , 2020 and December 31 , 2019 , the total notional amount of the company 's interest rate swap contracts with IBM was $ 2,550 million at both periods . | {'DerivativeNotionalAmount': ['2,550']} |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The weighted average remaining maturity of these instruments at March 31 , 2020 and December 31 , 2019 , was approximately 1.7 years and 2.0 years , respectively . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The company did not have any cash flow hedges relating to this program outstanding at March 31 , 2020 and December 31 , 2019 . Foreign Exchange Risk Long - Term Investments in Foreign Subsidiaries ( Net Investment ) The company enters into foreign exchange derivatives with IBM as a hedge of net investment of its foreign subsidiaries to reduce the volatility in member 's interest caused by changes in foreign currency exchange rates in the functional currency of major foreign subsidiaries with respect to the U.S. dollar . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | At March 31 , 2020 and December 31 , 2019 , the total notional amount of derivative contracts with IBM designated as net investment hedges was $ 1,027 million and 24 Table of Contents Notes to Consolidated Financial Statements - ( continued ) $ 1,229 million , respectively . | {'DerivativeNotionalAmount': ['1,027', '1,229']} |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The weighted average remaining maturity of these instruments was 0.2 years at both periods . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The gains and losses recognized on economic hedges are recorded in other ( income ) and expense in the Consolidated Income Statement , and the associated cash flows are included in other investing activities - net , in the Consolidated Statement of Cash Flows . There were no foreign exchange derivative contracts with third parties outstanding at March 31 , 2020 and December 31 , 2019 . | {'DerivativeNotionalAmount': ['no']} |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The following tables provide a quantitative summary of the derivative instrument - related risk management activity at March 31 , 2020 and December 31 , 2019 , as well as for the three months ended March 31 , 2020 and 2019 , respectively . Cumulative Basis Adjustments for Fair Value Hedges At March 31 , 2020 and December 31 , 2019 , the following amounts were recorded in the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges : 25 Table of Contents Notes to Consolidated Financial Statements - ( continued ) The Effect of Derivative Instruments in the Consolidated Income Statement The total amounts of income and expense line items presented in the Consolidated Income Statement in which the effects of fair value hedges , net investment hedges and derivatives not designated as hedging instruments are recorded and the total effect of hedge activity on these income and expense line items , are as follows : ( 1 ) The amount includes changes in clean fair values of the derivative instruments in fair value hedging relationships and the periodic accrual for coupon payments required under these derivative contracts . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | For the three months ending March 31 , 2020 and 2019 , there were no material gains or losses excluded from the assessment of hedge effectiveness ( for fair value hedges ) ; nor are there any anticipated in the normal course of business . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The amounts of ( income ) or expense attributed to the company by IBM for the three months ended March 31 , 2020 and 2019 were not material . Charges from IBM to the company in relation to these plans ( including non - pension , post - retirement benefits ) are limited to service costs and defined contribution cost . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | 26 Table of Contents Notes to Consolidated Financial Statements - ( continued ) Multiple - employer Plans : For multiple - employer plans ( mainly in Germany , Spain and Japan ) , assets and obligations are based on actuarial valuations or allocations and are recorded in the Consolidated Balance Sheet . Any gains or losses recorded to AOCI in the three months ended March 31 , 2020 and 2019 were not material . Costs related to multiple - employer plans are recorded in the company ’ s operating results in the Consolidated Income Statement . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The total costs for multiple - employer plans for the three months ended March 31 , 2020 and 2019 were not material . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The following is a description of certain material relationships between IBM Credit and IBM , regarding support , operating , borrowing , licensing , service and other arrangements . Support Agreement Pursuant to a Support Agreement between IBM and IBM Credit , IBM has agreed to retain , directly or indirectly , beneficial ownership of at least 51 percent of the equity voting interests in the company at all times . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | IBM has also agreed to cause the company to have a minimum consolidated tangible net worth of at least $ 50 million on the last day of each of the company ’ s fiscal years ( with consolidated tangible net worth for purposes of this discussion of the Support Agreement understood to mean ( a ) the total assets of IBM Credit and its consolidated subsidiaries less ( b ) the intangible assets and total liabilities of IBM Credit and its consolidated subsidiaries ) . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | IBM has also agreed to cause the company to maintain a leverage ratio not to exceed 11 to 1 for each of the company ’ s fiscal quarters . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Leverage ratio for purposes of this discussion of the Support Agreement is understood to mean , for any calendar quarter , IBM Credit ’ s debt - to - equity ratio as reported in , and calculated in the manner set forth in , IBM Credit ’ s periodic report covering such fiscal quarter ( refer to page 30 of this Form 10-Q ) . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | In the event that the company ’ s leverage ratio at the end of any fiscal quarter is higher than 11 to 1 , then , upon demand by the company , IBM has agreed to make or cause to be made a capital contribution to the company in an amount sufficient to cause the company ’ s leverage ratio to not exceed 11 to 1 . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | In the second quarter of 2019 , the company suspended the program under which it purchases interests in IBM 's trade accounts receivable . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | As a result , for the three months ended March 31 , 2020 , finance income earned from these receivables was $ 4 million , a decrease of $ 11 million as compared to the same period in 2019.27 Table of Contents Notes to Consolidated Financial Statements - ( continued ) In certain countries , the company provides loans to IBM , primarily in support of IBM ’ s Global Technology Services segment ’ s acquisition of IT assets , which it uses in external , revenue - producing services contracts . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Fee income earned from these arrangements for the three months ended March 31 , 2020 was $ 41 million , a decrease of $ 7 million as compared to the same period in 2019 . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | This payable account is non - interest bearing , short term in nature and is expected to be settled in the normal course of business . 28 Table of Contents Notes to Consolidated Financial Statements - ( continued ) The company sells equipment returned from lease to IBM at cost , which approximates fair value . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | The company 's net profit from sales of returned equipment to IBM was $ 3 million and $ 2 million for the three months ended March 31 , 2020 and 2019 , respectively . | No XBRL associated data. |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | Such charges or reimbursements are based upon a calculation of the company ’ s relevant pro forma stand - alone tax return . In the first quarter of 2020 , the company reported a benefit from income taxes of $ 13 million and an effective tax rate of negative 10.1 percent , compared to a provision of $ 150 million and an effective tax rate of 77.5 percent in the first quarter of 2019 . | {'IncomeTaxExpenseBenefit': ['13', '150'], 'EffectiveIncomeTaxRateContinuingOperations': ['10.1', '77.5']} |
Extract the named entities in this text using 139 XBRL tags in the IOB2 format. Return the results in JSON format. | 29 Table of Contents Item 2 . | No XBRL associated data. |