Kyndryl revises 2021 10-K for $87M joint-venture over-accrual, segment recast

Kyndryl Holdings, Inc.

$87M over-accrual in accrued contract costs for consolidated joint venture in Principal Markets segment; built up before IBM separation.
Error immaterial to any prior annual/period; correction significant to Q1 2022 three-month results.
Revising 2021 10-K: MD&A, Financial Statements; recast segment adjusted EBITDA due to updated allocation methodologies.
Recast segment adjusted EBITDA data for FY 2020 and FY 2021, and interim periods posted on website.

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