HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(In millions)
October 31, October 31,
2011 2010
------------- -------------
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 8,043 $ 10,929
Accounts receivable 18,224 18,481
Financing receivables 3,162 2,986
Inventory 7,490 6,466
Other current assets 14,102 15,322
------------- -------------
Total current assets 51,021 54,184
------------- -------------
Property, plant and equipment 12,292 11,763
Long-term financing receivables and other assets 10,755 12,225
Goodwill and purchased intangible assets 55,449 46,331
------------- -------------
Total assets $ 129,517 $ 124,503
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable and short-term borrowings $ 8,083 $ 7,046
Accounts payable 14,750 14,365
Employee compensation and benefits 3,999 4,256
Taxes on earnings 1,048 802
Deferred revenue 7,449 6,727
Other accrued liabilities 15,113 16,207
------------- -------------
Total current liabilities 50,442 49,403
------------- -------------
Long-term debt 22,551 15,258
Other liabilities 17,520 19,061
Stockholders' equity:
HP stockholders' equity 38,625 40,449
Non-controlling interests 379 332
------------- -------------
Total stockholders' equity 39,004 40,781
------------- -------------
Total liabilities and stockholders' equity $ 129,517 $ 124,503
============= =============
HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
Three months Twelve months
ended ended
October 31, October 31,
2011 2011
------------- -------------
Cash flows from operating activities:
Net earnings $ 239 $ 7,074
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Depreciation and amortization 1,262 4,984
Impairment of goodwill and purchased
intangible assets 885 885
Stock-based compensation expense 210 685
Provision for bad debt and inventory 90 298
Restructuring charges 179 645
Deferred taxes on earnings (638) 166
Excess tax benefit from stock-based
compensation (3) (163)
Other, net 156 (46)
Changes in assets and liabilities:
Accounts and financing receivables (7) (227)
Inventory (113) (1,252)
Accounts payable 153 275
Taxes on earnings 359 610
Restructuring (252) (1,002)
Other assets and liabilities (120) (293)
------------- -------------
Net cash provided by operating
activities 2,400 12,639
------------- -------------
Cash flows from investing activities:
Investment in property, plant and
equipment (1,385) (4,539)
Proceeds from sale of property, plant and
equipment 217 999
Purchases of available-for-sale securities
and other investments (96) (96)
Maturities and sales of available-for-sale
securities and other investments 9 68
Payments made in connection with business
acquisitions, net of cash acquired (10,211) (10,480)
Proceeds from business divestiture, net - 89
------------- -------------
Net cash used in investing activities (11,466) (13,959)
------------- -------------
Cash flows from financing activities:
Issuance (repayment) of commercial paper
and notes payable, net 262 (1,270)
Issuance of debt 4,644 11,942
Payment of debt (65) (2,336)
Issuance of common stock under employee
stock plans 51 896
Repurchase of common stock (500) (10,117)
Excess tax benefit from stock-based
compensation 3 163
Dividends (239) (844)
------------- -------------
Net cash provided by (used in)
financing activities 4,156 (1,566)
------------- -------------
Decrease in cash and cash equivalents (4,910) (2,886)
Cash and cash equivalents at beginning of
period 12,953 10,929
------------- -------------
Cash and cash equivalents at end of period $ 8,043 $ 8,043
============= =============
HP’s Profit Falls 91%, but It Beats Expectations
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