What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2026-02-24 compared with 2025-02-25 · 50 added, 57 removed, 242 unchanged (31% of the section changed)

Controls and Procedures:

The company’s management evaluated, with the participation of the Chief Executive Officer and Chief Financial Officer, the effectiveness of the company’s disclosure controls and procedures as of the end of the period covered by this

Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that the company’s disclosure controls and procedures were effective as of the end of the period covered by this report.

5 unchanged sentences

Directors, Executive Officers and Corporate Governance:

Refer to the information under the captions “Election of Directors for a Term of One Year,” “Governance and the Board—Committees of the Board,” “Governance and the Board—Delinquent Section 16(a) Reports:

None,” “Governance and the Board—Corporate Governance” and “Frequently Asked Questions—How do I submit an item of business for the 2026 Annual Meeting?” in IBM’s definitive Proxy Statement to be filed with the SEC and delivered to stockholders in connection with the Annual Meeting of Stockholders to be held April 29, 2025, all of which information is incorporated herein by reference.

Refer to the information under the captions “Election of Directors for a Term of One Year,” “Governance and the Board,” and “Frequently Asked Questions” in IBM’s definitive Proxy Statement to be filed with the SEC and delivered to stockholders in connection with the Annual Meeting of Stockholders to be held April 28, 2026, all of which information is incorporated herein by reference.

Also refer to Item 1 of this Form 10-K under the caption “Information About Our Executive Officers (at February 24, 2026)” on page 3 for additional information on the company’s executive officers.

Executive Compensation:

Refer to the information under the captions “2024 Summary Compensation Table and Related Narrative,” “2024 Summary Compensation Table,” “2024 Compensation Discussion and Analysis,” “2024 Grants of Plan-Based Awards Table,” “2024 Outstanding Equity Awards at Fiscal Year-End Table,” “2024 Option Exercises and Stock Vested Table,” “2024 Retention Plan Table,” “2024 Pension Benefits Narrative,” “2024 Pension Benefits Table,” “2024 Nonqualified Deferred Compensation Narrative,” “2024 Nonqualified Deferred Compensation Table,” “2024 Potential Payments Upon Termination Narrative,” “2024 Potential Payments Upon Termination Table,” “2024 Director Compensation Table,” “Director Compensation under the IBM Deferred Compensation and Equity Award Plan (DCEAP),” “Governance and the Board—Compensation Committee Interlocks and Insider Participation:

None,” “Compensation Program as It Relates to Risk,” “2024 Executive Compensation—Report of the Executive Compensation and Management Resources Committee of the Board of Directors,” “Pay Ratio, ” "Pay Versus Performance," and "Equity Award Grant Practices" in IBM’s definitive Proxy Statement to be filed with the SEC and delivered to stockholders in connection with the Annual Meeting of Stockholders to be held April 29, 2025, all of which information is incorporated herein by reference.

Refer to the information under the captions “2025 Executive Compensation" in IBM’s definitive Proxy Statement to be filed with the SEC and delivered to stockholders in connection with the Annual Meeting of Stockholders to be held April 28, 2026, all of which information is incorporated herein by reference.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters:

Refer to the information under the captions “Ownership of Securities—Security Ownership of Certain Beneficial Owners” and “Ownership of Securities—Common Stock and Stock-based Holdings of Directors and Executive Officers” in IBM’s definitive Proxy Statement to be filed with the SEC and delivered to stockholders in connection with the Annual Meeting of Stockholders to be held April 29, 2025, all of which information is incorporated herein by reference.

Refer to the information under the captions “Governance and the Board” in IBM’s definitive Proxy Statement to be filed with the SEC and delivered to stockholders in connection with the Annual Meeting of Stockholders to be held April 28, 2026, all of which information is incorporated herein by reference.

EQUITY COMPENSATION PLAN INFORMATION

25 unchanged sentences

Total 32,163,174 $ 168.45 40,998,234

N/A is not applicable

N/A = Not applicable

RSUs = Restricted Stock Units, including Retention Restricted Stock Units

1 unchanged sentence

DCEAP Shares = Promised Fee Shares under the DCEAP (refer to plan description below)

(1) In connection with 15 acquisition transactions, 205,078 additional share based awards, consisting of stock options, were outstanding at December 31, 2024 as a result of the Company’s assumption of awards granted by the acquired entities.

The weighted-average exercise price of these awards was $23.47.

(1) In connection with 18 acquisition transactions, 732,607 additional RSUs and 293,968 additional stock options were outstanding at December 31, 2025 as a result of the Company’s assumption of pre-acquisition awards granted by the acquired entities.

The weighted-average exercise price of stock options was $96.41.

The Company has not made, and will not make, any further grants or awards of equity securities under the plans of these acquired companies.

11 unchanged sentences

If the employment of a participant terminates, other than as a result of the death or disability of a participant, all unexercised, deferred and unpaid awards shall be canceled immediately, unless the award agreement provides otherwise.

the event of the death of a participant or in the event a participant is deemed by the company to be disabled and eligible for benefits under the terms of the IBM Long-Term Disability Plan (or any successor plan or similar plan of another employer), the participant’s estate, beneficiaries or representative, as the case may be, shall have the rights and duties of the participant under the applicable award agreement.

In the event of the death of a participant or in the event a participant is deemed by the company to be disabled and eligible for benefits under the terms of the IBM Long-Term Disability Plan (or any successor plan or similar plan of another employer), the participant’s estate, beneficiaries or representative, as the case may be, shall have the rights and duties of the participant under the applicable award agreement.

In addition, unless the award agreement specifies otherwise, the Committee may cancel, rescind, suspend, withhold or otherwise limit or restrict any unexpired, unpaid, or deferred award at any time if the participant is not in compliance with all applicable provisions of the awards agreement and the 2001 Plan.

5 unchanged sentences

The terms and conditions of the PWCC Plan are substantively identical to the terms and conditions of the 2001 Plan, described above.

IBM Red Hat Acquisition Long-Term Performance Plan (the “Red Hat Plan”)

The Red Hat Plan was adopted by the Board of Directors in connection with the company’s acquisition of Red Hat, Inc.

on July 9, 2019.

The Red Hat Plan was used solely to fund awards for employees who were not employed by IBM immediately prior to the closing of the acquisition.

Awards for senior executives of the company will not be funded from the Red Hat Plan.

The terms and conditions of the Red Hat Plan are substantively identical to the terms and conditions of the 2001 Plan, described above.

Amended and Restated Deferred Compensation and Equity Award Plan (the “DCEAP”)

4 unchanged sentences

For additional information about the DCEAP, refer to “Director Compensation under the IBM Deferred Compensation and Equity Award Plan (DCEAP)” in IBM’s definitive Proxy Statement to be filed with the SEC and delivered to stockholders in connection with the Annual Meeting of Stockholders to be held April 28, 2026.

IBM HashiCorp Acquisition Long-Term Performance Plan (the “HashiCorp Plan”)

The HashiCorp Plan was adopted by the Board of Directors in connection with the company's acquisition of HashiCorp, Inc.

on February 27, 2025.

The HashiCorp Plan is used solely to fund awards for employees who were not employed by IBM immediately prior to the closing of the acquisition.

The terms and conditions of the HashiCorp Plan are substantively identical to the terms and conditions of the 2001 Plan, described above.

Certain Relationships and Related Transactions, and Director Independence:

Refer to the information under the captions “IBM Board of Directors,” “Governance and the Board—Committees of the Board,” “Governance and the Board—Certain Transactions and Relationships” and “Governance and the Board—Corporate Governance—Independent Board” in IBM’s definitive Proxy Statement to be filed with the SEC and delivered to stockholders in connection with the Annual Meeting of Stockholders to be held April 29, 2025, all of which information is incorporated herein by reference.

Refer to the information under the captions “IBM Board of Directors,” and “Governance and the Board” in IBM’s definitive Proxy Statement to be filed with the SEC and delivered to stockholders in connection with the Annual Meeting of Stockholders to be held April 28, 2026, all of which information is incorporated herein by reference.

Principal Accounting Fees and Services:

Refer to the information under the captions “Report of the Audit Committee of the Board of Directors” and “Audit and Non-Audit Fees” in IBM’s definitive Proxy Statement to be filed with the SEC and delivered to stockholders in connection with the Annual Meeting of Stockholders to be held April 29, 2025, all of which information is incorporated herein by reference.

Refer to the information under the captions “Report of the Audit Committee of the Board of Directors” in IBM’s definitive Proxy Statement to be filed with the SEC and delivered to stockholders in connection with the Annual Meeting of Stockholders to be held April 28, 2026, all of which information is incorporated herein by reference.

Exhibits, Financial Statement Schedules:

16 unchanged sentences

The Certificate of Incorporation of IBM, is Exhibit 3.1 to Form 10-K, filed February 22, 2022, and is hereby incorporated by reference.

The By-Laws of IBM, as amended through April 30, 2024 , is Exhibit 3.2 to Form 10-Q , filed A p ril 30, 2024 , and is hereby incorporated by reference.

The By-Laws of IBM, as amended through July 24, 2025 , is Exhibit 3.2 to Form 10-Q, filed July 24, 2 025 , and is hereby incorporated by reference.

(4) Instruments defining the rights of security holders

The instruments defining the rights of the holders of the 7.00% Debentures due 2025 and the 7.00% Debentures due 2045 are Exhibits 2 and 3, respectively, to Form 8-K, filed on October 30, 1995, and are hereby incorporated by reference.

The instrument defining the rights of the holders of the 7.00% Debentures due 2045 is Exhibit 3 to Form 8-K, filed on October 30, 1995, and is hereby incorporated by reference.

The instrument defining the rights of the holders of the 7.125% Debentures due 2096 is Exhibit 4.2 to Form 8-K/A, filed on December 6, 1996, and is hereby incorporated by reference.

2 unchanged sentences

The instrument defining the rights of the holders of the 5.875% Debentures due 2032 is Exhibit 3 to Form 8 K, filed on November 26, 2002, and is hereby incorporated by reference.

The instrument defining the rights of the holders of the 2.875% Notes due 2025 is Exhibit 3 to Form 8-K, filed November 6, 2013, and are hereby incorporated by reference.

The instruments defining the rights of the holders of the 3.450% Notes due 2026 and the 4.700% Notes due 2046 are Exhibits 4.4 and 4.5 to Form 8-K, filed February 18, 2016, and are hereby incorporated by reference.

1 unchanged sentence

The instrument defining the rights of the holders of the 0.300% Notes due 2026 is Exhibit 4 to Form 8-K, filed November 1, 2016, and is hereby incorporated by reference.

The instruments defining the rights of the holders of the 3.300% Notes due 2027 is Exhibit 4.4 to Form 8-K, filed January 26, 2017, and are hereby incorporated by reference.

The instruments defining the rights of the holders of the 0.950% Notes due 2025, and the 1.500% Notes due 2029 are Exhibits 4.1 and 4.2 to Form 8-K, filed May 22, 2017, and are hereby incorporated by reference.

The instrument defining the rights of the holders of the 3.300% Notes due 2027 is Exhibit 4.4 to Form 8-K, filed January 26, 2017, and are hereby incorporated by reference.

The instrument defining the rights of the holders of the 1.500% Notes due 2029 is Exhibit 4.2 to Form 8-K, filed May 22, 2017, and is hereby incorporated by reference.

The instruments defining the rights of the holders of the 1.250% Notes due 2027 and the 1.750% Notes due 2031 are Exhibits 4.3 and 4.4 to Form 8-K, filed January 30, 2019, and are hereby incorporated by reference.

3 unchanged sentences

The instruments defining the rights of the holders of the 0.875% Notes due 2030, the 1.250% Notes due 2034, the 2.200% Notes due 2027, the 2.720% Notes due 2032 and the 3.430% Notes due 2052 are Exhibits 4.1, 4.2, 4.3, 4.4 and 4.5 to Form 8-K, filed February 8, 2022, and are hereby incorporated by reference .

The instruments defining the rights of the holders of the 4.000% Notes due 2025, the 4.150% Notes due 2027, the 4.400% Notes due 2032 and the 4.900% Notes due 2052 are Exhibits 4.1, 4.2, 4.3 and 4.4 to Form 8-K, filed July 26, 2022, and are hereby incorporated by reference.

The instruments defining the rights of the holders of the 4.150% Notes due 2027, the 4.400% Notes due 2032 and the 4.900% Notes due 2052 are Exhibits 4.2, 4.3 and 4.4 to Form 8-K, filed July 26, 2022, and are hereby incorporated by reference.

The instruments defining the rights of the holders of the 3.375% Notes due 2027, the 3.625% Notes due 2031, the 3.750% Notes due 2035, the 4.000% Notes due 2043, the 4.875% Notes due 2038, the 4.500% Notes due 2026, the 4.500% Notes due 2028, the 4.750% Notes due 2033 and the 5.100% Notes due 2053 are Exhibits 4.1, 4.2, 4.3, 4.4, 4.5, 4.6, 4.7, 4.8 and 4.9 to Form 8-K, filed February 3, 2023, and are hereby incorporated by reference.

1 unchanged sentence

The instruments defining the rights of the holders of the 2.900% Notes due 2030, the 3.150% Notes due 2033, the 3.450% Notes due 2037, the 3.800% Notes due 2045, the 4.650% Notes due 2028, the 4.800% Notes due 2030, the 5.000% Notes due 2032, the 5.200% Notes due 2035 and the 5.700% Notes due 2055 are Exhibits 4.1, 4.2, 4.3, 4.4, 4.5, 4.6, 4.7, 4.8, and 4.9 to Form 8-K, filed February 7, 2025, and are hereby incorporated by reference.

T he instruments defining the rights of the holders of the 3.000% Notes due 2031, the 3.450% Notes due 20 34, the 3.850% Notes due 203 8 , the Floa ting Rate Note s due 2028, the 4.000% Notes due 2029, the 4.300% Notes due 2031, 4.600% Not es due 2033, the 4.950% Notes due 2036, and the 5.800% Notes due 2056 are Exhibit s 4 .1, 4.2 , 4.3, 4 .4, 4.

6, 4.7, 4.8 and 4.9 to Form 8-K, filed February 2, 2026, and are hereby incorporated by reference.

Indenture dated as of October 1, 1993 between IBM and The Bank of New York Mellon, (as successor to The Chase Manhattan Bank (National Association)) as Trustee, is Exhibit 4.1 to Form 10-Q for the quarter ended September 30, 2017, and is hereby incorporated by reference.

8 unchanged sentences

333-102872 on Form S-8, as such amended plan was filed as Exhibit 10.2 to Form 10-Q for the quarter ended September 30, 2007, is hereby incorporated by reference.

The IBM Red Hat Acquisition Long-Term Performance Plan, a compensatory plan, contained in Registration Statement No.

333-232585 of Form S-8, as such amended plan was filed as Exhibit 4.8 to Form S-8 POS, filed on December 18, 2020, is hereby incorporated by reference.

The IBM 1999 Long-Term Performance Plan, a compensatory plan, contained in Registration Statement No.

333-30424 on Form S-8, as such amended plan was filed as Exhibit 10.3 to Form 10-Q for the quarter ended September 30, 2007, is hereby incorporated by reference.

The VMTurbo, Inc.

Amended and Restated 2008 Stock Plan, a compensatory plan, contained in Registration Statement No.

333-259965 on Form S-8, as such amended and restated plan was filed as Exhibit 4.3 to Form S-8, filed on October 1, 2021, is hereby incorporated by reference.

Terms and Conditions of LTPP equity award agreements was filed as Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2019, and is hereby incorporated by reference.

Forms of equity award agreements for stock options, restricted stock, restricted stock units, cash-settled restricted stock units and SARS, as well as the Terms and Conditions of LTPP Equity Awards, effective July 15, 2019, in connection with the foregoing award agreements, filed as Exhibit 10.1 to Form 10-Q for the quarter ended June 30, 2019, are hereby incorporated by reference.

The IBM HashiCorp Acquisition Long-Term Performance P lan, a compensatory plan, contained in Registration Statement No.

333-285313 on Form S-8, as such am ended plan was filed as Exhibit 4.5 to Form S-8, filed February 27, 2025.

Forms of LTPP equity award agreements for (i) stock options, restricted stock, restricted stock units, cash-settled restricted stock units, SARS, and (ii) performance share units, as well as the Terms and Conditions of LTPP Equity Awards, effective October 1, 2019, in connection with the foregoing award agreements, filed as Exhibit 10.1 to Form 10-Q for the quarter ended September 30, 2019, are hereby incorporated by reference.

Form of LTPP equity award agreement for performance share units and the terms and conditions of LTPP Equity Awards, effective December 17, 2019, in connection with the foregoing award agreements, filed as Exhibit 10.1 to Form 10-K for the year ended December 31, 2019, are hereby incorporated by reference.

Form of LTPP equity award agreement for performance share units and the terms and conditions of LTPP Equity Awards, effective March 2, 2020, in connection with the foregoing award agreements, filed as Exhibit 10.1 to Form 10-Q for the quarter ended March 31, 2020, are hereby incorporated by reference.

Terms and Conditions of IBM LTPP Equity Awards, effective June 1, 2020, filed as Exhibit 10.1 to Form 10-Q for the quarter ended June 30, 2020, are hereby incorporated by reference.

8 unchanged sentences

Annual Incentive Program, effective January 1, 2023, as amended through January 1, 2024, filed as Exhibit 10.1 to Form 10-Q for the quarter ended September 30, 2024, is hereby incorporated by reference.

Form of LTPP equity awar d agreements for performance share units, effective April 1, 2024, filed as Exhibit 10.1 to Form 10-Q for the quarter ended Mar ch 31, 202 5 , is hereby incorporate by reference.

Terms and Conditions of IBM LTPP Equity Awards, effective February 1 5 , 20 26 .

Board of Directors compensatory plans, as described under the caption “Governance of the Board—Director Compensation” in IBM’s definitive Proxy Statement to be filed with the Securities and Exchange Commission and delivered to stockholders in connection with the Annual Meeting of Stockholders to be held April 28, 2026, are hereby incorporated by reference.

8 unchanged sentences

Amendment No.

2 to the IBM Supplemental Executive Retention Plan, a compensatory plan, effective December 31, 2023 , which was filed as Exhibit 10.1 to Form 10-K for the year ended De cember 31, 202 3, and is hereby incorporated by reference .

The IBM Excess Savings Plan, a compensatory plan (formerly the IBM Excess 401(k) Plus Plan), as amended and restated through January 1, 2024 , filed as Exhibit 10.2 t o Form 10-K for the year ended D e cember 31, 202 3 , is hereby incorporated by reference (1)

2 to the IBM Supplemental Executive Retention Plan, a compensatory plan, effective December 31, 2023, which was filed as Exhibit 10.1 to Form 10-K for the year ended December 31, 2023, and is hereby incorporated by reference.

The IBM Excess Savings Plan, a compensatory plan (formerly the IBM Excess 401(k) Plus Plan), as amended and restated through January 1, 2024, filed as Exhibit 10.2 to Form 10-K for the year ended December 31, 2023, is hereby incorporated by reference .

Amendment No.

1 to the IBM Excess Savings Plan , a compensatory plan , effective January 1, 202 6.

The IBM 2014 Employees Stock Purchase Plan contained in Registration Statement 333-190160 on Form S-8, as such plan was filed as Exhibit 4 to Form S-8, filed on June 13, 2014, is hereby incorporated by reference.

9 unchanged sentences

Form of Noncompetition Agreement, filed as Exhibit 10.2 to Form 10-K for the year ended December 31, 2021, is hereby incorporated by reference.

Form of Noncompetition Agreement, filed as Exhibit 10.4 to Form 10-K for the year ended December 31, 2022, is hereby incorporate d by reference.

Form of Noncompetition Agreement, filed as Exhibit 10.4 to Form 10-K for the year ended December 31, 2022, is hereby incorporated by reference.

Form of Noncompetition Agreement, filed as Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2024, is hereby incorporated by reference.

Form of Noncompetition Agreement .

Letter Agreement, signed by Gary Cohn and IBM, dated December 24, 2020, filed as Exhibit 10.3 to Form 10-K for the year ended December 31, 2021, is hereby incorporated by reference.

Letter Agreement, signed by Gary Cohn, dated December 24, 2020, filed as Exhibit 10.4 to Form 10-K for the year ended December 31, 2021, is hereby incorporated by reference.

Form of Noncompetition Agreement , filed as Exhib it 10.1 to Form 10-K for the year ended December 31, 2024, is hereby incorporated by reference .

Form of Noncompetition Agreement , filed as Exhibit 10.2 to Form 10-K for the year ended December 31, 2024, is hereby incorporated by reference .

Letter Agreement, signed by Anne Robinson and IBM, dated February 2 6 , 202 4 , filed as Exhibit 10.

2 to Form 10- Q for the quarter ended March 31, 202 5 , is hereby incorporated by reference.

Letter Agreement, signed by Anne Robinson , dated February 2 6 , 202 4 , filed as Exhibit 10.

3 to Form 10- Q for the quarter ended March 31, 202 5 , is hereby incorporated by reference.

$2,500,000,000 Three-Year Credit Agreement, dated as of June 22, 2021, among International Business Machines Corporation, the Subsidiary Borrowers parties thereto, the several banks and other financial institutions from time to time parties to such agreement, JPMorgan Chase Bank, N.A., as Administrative Agent, BNP Paribas, Citibank N.A.

5 unchanged sentences

and Royal Bank of Canada, as Syndication Agents, and the Documentation Agents named therein, filed as Exhibit 10.1 to Form 8-K, filed June 17, 2024, is hereby incorporated by reference

Amendment No.

2 to Three-Year Credit Agreement dated as of June 2 0 , 202 5 , among International Business Machines Corporation, the several banks and other financial institutions from time to time parties to such agreement and JPMorgan Chase Bank, N.A., as Administrative Agent, filed as Exhibit 10.

1 to Form 8-K, filed June 20 , 202 5 , is hereby incorporated by reference.

$7,500,000,000 Five-Year Credit Agreement, dated as of June 22, 2021, among International Business Machines Corporation, the Subsidiary Borrowers parties thereto, the several banks and other financial institutions from time to time parties to such agreement, JPMorgan Chase Bank, N.A., as Administrative Agent, BNP Paribas, Citibank, N.A.

4 unchanged sentences

1 to Five-Year Credit Agreement, dated as of June 30, 2022), among IBM, the several banks and other financial institutions from time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, BNP Paribas, Citibank N.A.

and Royal Bank of Canada, as Syndication Agents, and the Documentation Agents named therein , filed as Exhibit 10.

and Royal Bank of Canada, as Syndication Agents, and the Documentation Agents named therein, filed as Exhibit 10.2 to Form 8-K, filed June 17, 2024, is hereby incorporated by reference

Amendment No.

2 to Five -Year Credit Agreement dated as of June 20, 2025, among International Business Machines Corporation, the several banks and other financial institutions from time to time parties to such agreement and JPMorgan Chase Bank, N.A., as Administrative Agent, filed as Exhibit 10.

2 to Form 8-K, filed June 20, 2025, is hereby incorporated by reference.

(13) Annual Report to Security Holders (2)

(19) Securities Trading Policy

(19) Securities Trading Policy , filed as Exhibit 19 to Form 10-K for the year ended December 31, 2024 , is hereby incorporate by reference.

(21) Subsidiaries of the registrant

9 unchanged sentences

Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

(97) International Business Machines Corporation Executive Officer Compensation Recovery Policy , filed as Exhibit 9 7 to Form 10-K for the year ended December 31, 202 3 , is hereby incorporate d by reference.

(97) International Business Machines Corporation Executive Officer Compensation Recovery Policy, filed as Exhibit 97 to Form 10-K for the year ended December 31, 2023, is hereby incorporated by reference.

101.INS XBRL Instance Document – the instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

56 unchanged sentences

Description Balance at

Period Additions/

(Deductions) Write-offs Foreign

and Other Balance at

Period Balance at

Allowance For Credit Losses (1)

–Current $ 431 $ ( 11 ) $ ( 146 ) $ ( 20 ) $ 254

–Noncurrent $ 27 $ ( 7 ) $ 0 $ ( 1 ) $ 19

–Current $ 467 $ 13 $ ( 97 ) $ 48 $ 431

–Noncurrent $ 28 $ ( 2 ) $ — $ 0 $ 27

–Current $ 418 $ 59 $ ( 55 ) $ 45 $ 467

–Noncurrent $ 25 $ 6 $ 0 $ ( 2 ) $ 28

2025 $ 273 $ 276

2024 $ 457 $ 273

2023 $ 495 $ 457

Allowance For Inventory Losses

7 unchanged sentences

(1) The majority of the write-offs during the period related to receivables which had been previously reserved.

(2) Other includes reserves related to discontinued operations.

Additions/(Deductions) to the allowances represent changes in estimates of unrecoverable amounts in receivables and inventory and are recorded to expense and cost accounts, respectively.

Amounts are written-off when they are deemed unrecoverable by the company.

Additions/(Deductions) to Revenue Based Provisions represent changes in estimated reductions to revenue, primarily as a result of revenue-related programs, including customer and business partner rebates.

Write-offs for Revenue Based Provisions represent reductions in the provision due to amounts remitted to customers and business partners.

Additions/deductions and write-offs for allowances and Revenue Based Provisions were not material for any of the periods presented.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures