What explains IBM's fluctuating other expenses?

IBM's fluctuating other expenses can be attributed to several factors:

1. **Pension Settlement Charge**: A significant one-time pension settlement charge contributed to the increase in other expenses for IBM. This charge was related to the transfer of a portion of the company's pension obligations and related plan assets to a third-party insurer.
2. **R&D Costs**: Higher research and development (R&D) costs have also impacted IBM's other expenses. For instance, there was an increase in R&D costs that contributed to the rise in total expenses.
3. **Interest Expense**: Increased interest rates and a higher average debt balance have led to higher interest expense, which is included in other expenses. This has impacted IBM's overall profitability.
4. **Retirement-Related Costs**: IBM has experienced significant increases in retirement-related costs, which are also reflected in the other expenses category.

In summary, IBM's fluctuating other expenses are primarily due to one-time pension settlement charges, increased R&D costs, higher interest expense, and rising retirement-related costs. These factors together explain the variability in IBM's other expenses.