International Business Machines Corp was incorporated in the State of New York on June 16, 1911. The company creates business value for clients and solves business problems through integrated solutions that leverage information technology and knowledge of business processes. Its solutions create value by reducing a client's operational costs or by enabling new capabilities that generate revenue. These solutions draw from an industry portfolio of consulting, delivery and implementation services, enterprise software, systems and financing. The company's operations consist of five business segments namely Global Technology Services and Global Business Services, which the company collectively calls Global Services, and Software, Systems and Technology and Global Financing. Global Services is a component of the company's strategy of providing IT infrastructure and business insight and solutions to clients. While solutions include industry's IBM software and systems, other suppliers' products are also used if a client solution requires it. Within Global Services, there are two reportable segments namely Global Technology Services and Global Business Services. Global Technology Services (GTS) provides IT infrastructure and business process services, creating business value for clients through technology and IP, Global Business Services (GBS) delivers predictable business outcomes to the company's clients across two primary business areas namely Consulting and Application Management Services. The role of GBS is to drive initiatives that integrate IBM content and solutions and drive the progress of the company's four growth initiatives. Software consists mainly of middleware and operating systems software. Middleware software enables clients to integrate systems, processes and applications across a standard software platform to improve their business results, solve critical problems and gain competitive advantage within their industries. IBM middleware is designed on open standards, making it easier to integrate disparate business applications, developed by different methods and implemented at different times. Operating systems are the software engines that run computers. Systems and Technology (STG) provides clients with business solutions requiring advanced computing power and storage capabilities. Approximately half of Systems and Technology's server and storage sales transactions are through the company's business partners; with the balance direct to end-user clients. In addition, Systems and Technology provides semiconductor technology, products and packaging solutions for IBM's own advanced technology needs and for external clients. Global Financing facilitates clients' acquisition of IBM systems, software and services. Global Financing invests in financing assets, leverages with debt and manages the associated risks with the objective of generating consistent returns on equity. The Company has global presence, operating in more than 170 countries. The Company's competitors include Cisco Systems, Inc. (Cisco), Dell, Inc., EMC Corporation, HP and Oracle. The company is subject to various federal, state, local and foreign laws and regulations concerning the discharge of materials into the environment or otherwise related to environmental protection, including the U.S. Superfund law.