Finally, while an improvement from last quarter's bizarre -47.5%, IBM's effective GAAP tax rate was once
again surprisingly depressed, at just 13.5%, well below the non-GAAP 16.0% reported. The delta in the
tax rate once again meant the difference between IBM beating on EPS, and missing.
https://www.zerohedge.com/news/2018-07-18/ibm-beats-thanks-near-record-low-tax-rate-revenue-barely-grows