INTERNATIONAL BUSINESS MACHINES CORP | 2013 | FY | 3


($ in millions)
At December 31:Maturities20132012
U.S. dollar notes and debentures (average interest rate at December 31, 2013):
0.70%2014–2015$ 6,456**$ 7,131
3.05%2016–2017 8,465 5,807
3.99%2018–2021 6,206 7,457
1.88%2022 1,000 1,000
3.38%2023 1,500
7.00%2025 600 600
6.22%2027 469 469
6.50%2028 313 313
5.88%2032 600 600
8.00%2038 83 83
5.60%2039 745 745
4.00%2042 1,107 1,107
7.00%2045 27 27
7.13%2096 316 316
27,887 25,656
Other currencies (average interest rate at December 31, 2013, in parentheses):
Euros (2.8%)2014–2025 5,894 2,338
Pound sterling (2.75%)2017–2020 1,254 12
Japanese yen (0.6%)2014–2017 1,057 878
Swiss francs (3.8%)2015–2020 181 178
Canadian (2.2%)2017 471 502
Other (8.81%)2015–2017 291 95
37,036 29,660
Less: net unamortized discount 872 865
Add: fair value adjustment* 546 886
36,710 29,680
Less: current maturities 3,854 5,593
Total$32,856$24,088

*      The portion of the company’s fixed-rate debt obligations that is hedged is reflected in the Consolidated Statement of Financial Position as an amount equal to the sum of the debt’s carrying value plus a fair value adjustment representing changes in the fair value of the hedged debt obligations attributable to movements in benchmark interest rates.

** Includes $17 million of debt securities issued by IBM International Group Capital, LLC, which is an indirect, 100 percent owned finance subsidiary of the company and will mature in 2014. Debt securities issued by IBM International Group Capital LLC are fully and unconditionally guaranteed by the company.


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