International Business Machines Corporation was incorporated in the State of New York on June 16, 1911, as the Computing-Tabulating-Recording Co. (C-T-R), a consolidation of the Computing Scale Co. of America, the Tabulating Machine Co. and The International Time Recording Co. of New York. Since that time, IBM has focused on the intersection of business insight and technological invention, and its operations and aims have been international in nature. This was signaled over 80 years ago, in 1924, when C-T-R changed its name to International Business Machines Corporation. The Company creates business value for clients and solves business problems through integrated solutions that leverage information technology and deep knowledge of business processes. IBM solutions typically create value by reducing a client's operational costs or by enabling new capabilities that generate revenue. These solutions draw from an industry leading portfolio of consulting, delivery and implementation services, enterprise software, systems and financing. The Company's major operations are comprised of: a Global Technology Services segment; a Global Business Services segment; a Software segment; a Systems and Technology segment; and a Global Financing segment. Global Services is a critical component of the company's strategy of providing IT infrastructure and business insight and solutions to clients. While solutions often include industry-leading IBM software and hardware, other suppliers' products are also used if a client solution requires it. Within Global Services there are two reportable segments: Global Technology Services and Global Business Services. Global Technology Services (GTS) mainly provides IT infrastructure services and business process services, delivering business value through the company's global scale, standardization and automation. Global Business Services (GBS) mainly provides professional services and application outsourcing services, delivering business value and innovation to clients through solutions which leverage industry- and business-process expertise. Software consists mainly of middleware and operating systems software. Middleware software enables clients to integrate systems, processes and applications across a standard software platform. IBM middleware is designed to open standards which allow the efficient integration of disparate client applications that might have been built internally, or provided by packaged software vendors or system integrators. Systems and Technology provides clients with business solutions requiring advanced computing power and storage capabilities. IBM systems are typically connected to a network and provide the required infrastructure for business. Information infrastructure products and solutions address critical client requirements for information retention and archiving, availability and virtualization, and security and compliance. The portfolio consists of a range of disk and tape storage systems and software. It has a significant global presence, operating in over 170 countries, with an increasingly broad-based geographic distribution of revenue. The company's Sales and Distribution organization manages a strong global footprint, with dedicated country based operating units focused on delivering client value. It competes with Hewlett-Packard Company (HP), Accenture and Computer Sciences Corporation, Satyam Computer Services Ltd. and Wipro Technologies (Wipro), and Infosys Consulting. 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.