IBM is focusing on hybrid cloud, AI, quantum and other disruptive technologies. However, the filing notes that failure to maintain cutting-edge innovation or commercialize it effectively could hinder market share and profit margin growth.

IBM partners with a variety of companies including hyperscalers, service providers, and software vendors. However, the filing also notes that some of these partners may be competitors in other areas, suggesting a complex competitive landscape.

IBM has made and expects to continue to make acquisitions, alliances, and dispositions which present challenges and risks. These include failing to achieve strategic objectives, revenue improvements, and cost savings.

IBM is focused on driving greater agility, productivity, flexibility and cost savings through the use of automation, AI, and agile processes. However, the filing notes that these initiatives may not yield intended gains.

The filing states that the company's internal control over financial reporting may not prevent or detect misstatements due to inherent limitations, which could harm the company's business and operating results.

The application of accounting principles requires the company to make estimates and assumptions about certain items and future events that directly affect its reported financial condition. This introduces a level of uncertainty into the company's financial results.

The filing states that IBM's brand and overall reputation could be negatively impacted by various factors, including disputes with clients, product defects, and cybersecurity incidents, which could affect the company's ability to attract and retain customers.

The 10-K emphasizes the numerous and evolving risks to cybersecurity and privacy, including those originating from criminal hackers and nation states. The filing also notes that cyber threats are continually evolving, making it difficult to defend against them.

IBM's global presence exposes it to various risks, including changes in laws and policies, economic and political changes, and macroeconomic changes. The filing also notes that international trade disputes could create uncertainty.

The filing states that IBM participates in a highly competitive environment with competitors varying by industry segment. This indicates that IBM faces significant competition across its business segments.

IBM's principal methods of competition include technology innovation, performance, price, quality, brand, and client relationships. This indicates that IBM needs to excel in multiple areas to maintain its competitive position.

IBM differentiates itself from other providers by bringing together incumbency with enterprises, deep expertise in technology, industries and business processes, and a broad go-to-market reach. This highlights IBM's strengths in the market.

IBM seeks to drive greater agility, productivity, flexibility and cost savings by continuously transforming with the use of automation, AI, agile processes and changes to the ways of working, while also enabling the scaling of resources, offerings and investments.

The filing states that errors, malfunctions, defects or disruptions in service could negatively impact customers' business operations and harm the company's operating results.

IBM offers its products through a variety of third-party distributors, resellers, and independent software vendors. Changes in the business condition of these ecosystem partners could impact IBM's ability to bring its products to market.

The filing states that IBM is helping clients leverage the power of hybrid cloud and artificial intelligence (AI). This indicates a focus on these key technologies.

IBM's principal methods of competition are technology innovation, performance, price, quality, brand, and client relationships. This highlights the importance of innovation to IBM's competitive position.

IBM has moved into areas that incorporate or utilize hybrid cloud, AI, quantum and other disruptive technologies. However, if IBM is unable to continue its cutting-edge innovation, it could fail to maintain and increase its market share and profit margins.

The filing mentions that the company has a common stock repurchase program, which indicates a focus on returning capital to shareholders. However, the program was suspended at the time of the Red Hat closing in 2019.

The filing notes that IBM and its subsidiaries issue debt securities in the worldwide capital markets from time to time, with a variety of different maturities and in different currencies. This indicates a focus on managing capital structure.

The filing states that IBM issues its common stock from time to time in connection with various compensation plans, contributions to its pension plan and certain acquisitions. This indicates a focus on using equity for strategic purposes.

The filing states that IBM is subject to potential climate-related risks and costs, such as those resulting from increased severe weather events and new regulations. This indicates that ESG factors are a concern for the company.

The filing states that IBM is subject to various federal, state, local and foreign laws and regulations concerning the discharge of materials into the environment. This highlights the importance of environmental compliance.

The filing states that IBM could incur substantial costs, including cleanup costs, fines, and civil or criminal sanctions, if it were to violate or become liable under environmental laws and regulations. This indicates a potential financial risk related to environmental matters.

The filing states that IBM's financial performance is exposed to a wide variety of industry sector dynamics worldwide, including sudden shifts in regional or global economic activity. This indicates a vulnerability to market conditions.

The filing states that IBM derives a significant percentage of its revenues and costs from its affiliates operating in local currency environments, and those results are affected by changes in the relative values of non-U.S. currencies and the U.S. dollar. This indicates a vulnerability to currency fluctuations.

The filing states that IBM's financial performance could be impacted by changes in market liquidity conditions and by customer credit risk on receivables. This indicates a vulnerability to customer defaults.