| |
| HP INC. AND SUBSIDIARIES |
| CONSOLIDATED CONDENSED BALANCE SHEETS |
| (Unaudited) |
| (In millions) |
| |
| |
As of |
| |
January 31, 2019 | |
October 31, 2018 |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $ | 3,367 | | | $ | 5,166 | |
| Accounts receivable, net | 5,113 | | | 5,113 | |
| Inventory | 5,649 | | | 6,062 | |
| Other current assets | 4,807 | | | 5,046 | |
| Total current assets | 18,936 | | | 21,387 | |
| Property, plant and equipment, net | 2,312 | | | 2,198 | |
| Goodwill | 6,343 | | | 5,968 | |
| Other non-current assets | 4,899 | | | 5,069 | |
| Total assets | $ | 32,490 | | | $ | 34,622 | |
| | | | |
| LIABILITIES AND STOCKHOLDERS' DEFICIT | | | |
| Current liabilities: | | | |
| Notes payable and short-term borrowings | $ | 297 | | | $ | 1,463 | |
| Accounts payable | 14,572 | | | 14,816 | |
| Employee compensation and benefits | 665 | | | 1,136 | |
| Taxes on earnings | 268 | | | 340 | |
| Other accrued liabilities | 8,397 | | | 7,376 | |
| Total current liabilities | 24,199 | | | 25,131 | |
| Long-term debt | 4,706 | | | 4,524 | |
| Other non-current liabilities | 5,422 | | | 5,606 | |
| Stockholders' deficit | (1,837 | ) | | (639 | ) |
| Total liabilities and stockholders' deficit | $ | 32,490 | | | $ | 34,622 | |
| |
| |
| HP INC. AND SUBSIDIARIES |
| CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS |
| (Unaudited) |
| (In millions) |
| |
| |
Three months ended January 31, |
| |
2019 | |
2018 |
| Cash flows from operating activities: | | | |
| Net earnings | $ | 803 | | | $ | 1,938 | |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | | | |
| Depreciation and amortization | 168 | | | 129 | |
| Stock-based compensation expense | 107 | | | 85 | |
| Restructuring and other charges | 55 | | | 31 | |
| Deferred taxes on earnings | 103 | | | (3,713 | ) |
| Other, net | (5 | ) | | 13 | |
| Changes in operating assets and liabilities, net of acquisitions: | | | |
| Accounts receivable | 211 | | | 272 | |
| Inventory | 191 | | | 364 | |
| Accounts payable | (184 | ) | | (478 | ) |
| Taxes on earnings | 11 | | | 2,463 | |
| Restructuring and other | (46 | ) | | (133 | ) |
| Other assets and liabilities | (552 | ) | | 25 | |
| Net cash provided by operating activities | 862 | | | 996 | |
| Cash flows from investing activities: | | | |
| Investment in property, plant and equipment | (189 | ) | | (129 | ) |
| Proceeds from sale of property, plant and equipment | — | | | 110 | |
| Purchases of available-for-sale securities and other investments | (69 | ) | | (268 | ) |
| Maturities and sales of available-for-sale securities and other investments | 344 | | | 139 | |
| Collateral posted for derivative instruments | (30 | ) | | (608 | ) |
| Collateral returned for derivative instruments | 30 | | | 53 | |
| Payment made in connection with business acquisitions, net of cash acquired | (404 | ) | | (1,020 | ) |
| Net cash used in investing activities | (318 | ) | | (1,723 | ) |
| Cash flows from financing activities: | | | |
| Payments of short-term borrowings with original maturities less than 90 days, net | (855 | ) | | (106 | ) |
| Proceeds from short-term borrowings with original maturities greater than 90 days | — | | | 200 | |
| Proceeds from debt, net of issuance costs | 40 | | | — | |
| Payment of short-term borrowings with original maturities greater than 90 days | — | | | (118 | ) |
| Payment of debt | (476 | ) | | (41 | ) |
| Net payments related to stock-based award activities | (83 | ) | | (38 | ) |
| Repurchase of common stock | (720 | ) | | (462 | ) |
| Cash dividends paid | (249 | ) | | (230 | ) |
| Net cash used in financing activities | (2,343 | ) | | (795 | ) |
| Decrease in cash and cash equivalents | (1,799 | ) | | (1,522 | ) |
| Cash and cash equivalents at beginning of period | 5,166 | | | 6,997 | |
| Cash and cash equivalents at end of period | $ | 3,367 | | | $ | 5,475 | |
| |
