The IBM board also authorized $3B in additional funds for use in the company’s stock repurchase program.

IBM said it will repurchase shares on the open market or in private transactions from time to time, depending on market conditions. This amount is in addition to approximately $1.5B remaining at the end of September 2017 from a prior authorization. With this new authorization, IBM will have approximately $4.5B for its stock repurchase program.

Ginni Rometty, IBM chairman, president and CEO, said: “Our strong free cash flow has enabled us to maintain R&D investments and to expand IBM’s cloud and cognitive capabilities through capital investments, while returning capital to shareholders. We remain committed to both investing for the long term and returning capital.”