Table of Contents PART II Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities: Item 6. Selected Financial Data: Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations: Item 7A. Quantitative and Qualitative Disclosures About Market Risk: * On October 30, 2018, the Board of Directors authorized $4.0 billion in funds for use in the company’s common stock repurchase program. The company stated that it would repurchase shares on the open market or in private transactions depending on market conditions. The common stock repurchase program does not have an expiration date. This table does not include shares tendered to satisfy the exercise price in connection with cashless exercises of employee stock options or shares tendered to satisfy tax withholding obligations in connection with employee equity awards.  The company suspended its share repurchase program at the time of the Red Hat closing in mid-2019. At December 31, 2020 there was approximately $2.0 billion in authorized funds remaining for purchases under this program. We have early adopted the recent amendment to Regulation S-K Item 301, which eliminates Selected Financial Data. Refer to pages 18 through 64 of IBM’s 2020 Annual Report to Stockholders, which are incorporated herein by reference. Refer to the section titled “Market Risk” on pages 63 and 64 of IBM’s 2020 Annual Report to Stockholders, which is incorporated herein by reference. 12 Refer to page 142 of IBM’s 2020 Annual Report to Stockholders, which is incorporated herein by reference solely as it relates to this item. IBM common stock is listed on the New York Stock Exchange and the NYSE Chicago under the symbol “IBM.” There were 373,649 common stockholders of record at February 10, 2021. The following table provides information relating to the company’s repurchase of common stock for the fourth quarter of 2020. Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Program Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program* October 1, 2020— October 31, 2020 — $ —  —  $ 2,007,611,768  November 1, 2020— November 30, 2020 —  $ —  —  $2,007,611,768  December 1, 2020— December 31, 2020 — $ —  —  $ 2,007,611,768  Total — $ —  — 