HP Inc. Reports Fiscal 2019 First Quarter Results


 
HP INC. AND SUBSIDIARIES
FISCAL 2018 SEGMENT INFORMATION (Revised) 
(Unaudited) 
(In millions)
 
 REVISED AMOUNTS AMOUNTS AS PREVIOUSLY REPORTED CHANGE
 Three months ended Twelve
months ended
 Three months ended Twelve
months ended
 Three months ended Twelve
months ended
 Jan 31, 2018 Apr 30, 2018 July 31, 2018 Oct 31, 2018 Oct 31,
2018
 Jan 31, 2018 Apr 30, 2018 July 31, 2018 Oct 31, 2018 Oct 31, 2018 Jan 31, 2018 Apr 30, 2018 July 31, 2018 Oct 31, 2018 Oct 31,
2018
Net revenue:(a)                                                           
                                                            
Personal Systems$9,440  $8,762  $9,395  $10,064  $37,661  $9,440  $8,762  $9,395  $10,064  $ 37,661     $     $     $     $     $  
Printing 5,076     5,241     5,188     5,300     20,805     5,076     5,241     5,188     5,300     20,805                      
Corporate Investments 1     1     1     2     5     1     1     1     2     5                      
Total segments 14,517     14,004     14,584     15,366     58,471     14,517     14,004     14,584     15,366     58,471                      
Other     (1 )   2         1         (1 )   2         1                      
Total net revenue $ 14,517     $ 14,003     $ 14,586     $ 15,366     $ 58,472     $ 14,517     $ 14,003     $ 14,586     $ 15,366     $ 58,472     $     $     $     $     $  
                                                           
Earnings before taxes: (a)                                                          
                                                           
Personal Systems $ 335     $ 329     $ 362     $ 376     $ 1,402     $ 337     $ 331     $ 365     $ 378     $ 1,411     $ (2 )   $ (2 )   $ (3 )   $ (2 )   $ (9 )
Printing 799     837     829     849     3,314     801     839     832     851     3,323     (2 )   (2 )   (3 )   (2 )   (9 )
Corporate Investments (19 )   (21 )   (22 )   (20 )   (82 )   (19 )   (21 )   (22 )   (20 )   (82 )                    
Total segments 1,115     1,145     1,169     1,205     4,634     1,119     1,149     1,175     1,209     4,652     (4 )   (4 )   (6 )   (4 )   (18 )
                                                           
Corporate and unallocated costs and other (24 )   (54 )   (62 )   (60 )   (200 )   (23 )   (53 )   (61 )   (60 )   (197 )   (1 )   (1 )   (1 )       (3 )
Stock-based compensation expense (85 )   (63 )   (55 )   (65 )   (268 )   (85 )   (63 )   (55 )   (65 )   (268 )                    
Restructuring and other charges (31 )   (57 )   (4 )   (40 )   (132 )   (31 )   (57 )   (4 )   (40 )   (132 )                    
Acquisition and other related charges (42 )   (45 )   (10 )   (26 )   (123 )   (42 )   (45 )   (10 )   (26 )   (123 )                    
Amortization of intangible assets (20 )   (20 )   (20 )   (20 )   (80 )   (20 )   (20 )   (20 )   (20 )   (80 )                    
Non-operating retirement-related credits                     56     53     56     54     219     (56 )   (53 )   (56 )   (54 )   (219 )
Defined benefit plan settlement expense                     (1 )       (1 )   (5 )   (7 )   1         1     5     7  
Interest and other, net (b) (8 )   (823 )       13     (818 )   (68 )   (881 )   (62 )   (40 )   (1,051 )   60     58     62     53     233  
Total earnings before taxes $ 905     $ 83     $ 1,018     $ 1,007     $ 3,013     $ 905     $ 83     $ 1,018     $ 1,007     $ 3,013     $     $     $     $     $  
 
(a) Effective at the beginning of its first quarter of fiscal year 2019, HP implemented an organizational change to align its business unit financial reporting more closely with its current business structure. The organizational change resulted in the transfer of certain Samsung-branded product categories from Commercial to Consumer within the Printing segment. HP reflected this change to its business unit information in prior reporting periods on an as-if basis. The reporting change had no impact to previously reported segment net revenue, consolidated net revenue, earnings from operations, net earnings or net EPS.
 
(b) Pursuant to adoption of ASU 2017-07 in the first quarter of fiscal year 2019, HP now reclassifies market-related retirement credits and all other components (excluding service cost component) of net periodic benefit cost to Interest and other, net in Consolidated Condensed Statement of Earnings. HP reflected this change in prior reporting periods on an as-if basis.
 

 

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