| HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) | |||||||||
| Three months ended | |||||||||
| July 31, 2020 | July 31, 2019 | ||||||||
| Cash flows from operating activities: | |||||||||
| Net earnings | $ | 734 | $ | 1,179 | |||||
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||
| Depreciation and amortization | 197 | 190 | |||||||
| Stock-based compensation expense | 49 | 60 | |||||||
| Restructuring and other charges | 59 | 17 | |||||||
| Deferred taxes on earnings | 32 | 207 | |||||||
| Other, net | 128 | 63 | |||||||
| Changes in operating assets and liabilities, net of acquisitions: | |||||||||
| Accounts receivable | (157 | ) | 81 | ||||||
| Inventory | 398 | (386 | ) | ||||||
| Accounts payable | 85 | 825 | |||||||
| Net investment in leases | (27 | ) | — | ||||||
| Taxes on earnings | (89 | ) | (1,123 | ) | |||||
| Restructuring and other | (75 | ) | (43 | ) | |||||
| Other assets and liabilities | 333 | 1,273 | |||||||
| Net cash provided by operating activities | 1,667 | 2,343 | |||||||
| Cash flows from investing activities: | |||||||||
| Investment in property, plant and equipment | (117 | ) | (172 | ) | |||||
| Purchases of available-for-sale securities and other investments | (230 | ) | (11 | ) | |||||
| Maturities and sales of available-for-sale securities and other investments | — | 17 | |||||||
| Collateral posted for derivative instruments | (240 | ) | — | ||||||
| Payment made in connection with business acquisition, net of cash acquired | — | (23 | ) | ||||||
| Net cash used in investing activities | (587 | ) | (189 | ) | |||||
| Cash flows from financing activities: | |||||||||
| Payment of short-term borrowings with original maturities less than 90 days, net | (613 | ) | — | ||||||
| Proceed from short-term borrowings with original maturities greater than 90 days | 8 | — | |||||||
| Proceeds from debt, net of issuance costs | 2,993 | 30 | |||||||
| Payment of debt | (1,662 | ) | (66 | ) | |||||
| Stock-based award activities and others | 23 | 18 | |||||||
| Repurchase of common stock | (953 | ) | (533 | ) | |||||
| Cash dividends paid | (251 | ) | (240 | ) | |||||
| Net cash used in financing activities | (455 | ) | (791 | ) | |||||
| Increase in cash and cash equivalents | 625 | 1,363 | |||||||
| Cash and cash equivalents at beginning of period | 4,054 | 3,556 | |||||||
| Cash and cash equivalents at end of period | $ | 4,679 | $ | 4,919 | |||||
HP Inc. Reports Fiscal 2020 Third Quarter Results
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