HP Inc. Reports Fiscal 2020 Third Quarter Results


HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
  Nine months ended
  July 31, 2020  July 31, 2019
    
Cash flows from operating activities:   
Net earnings$2,176   $2,764 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization593   539 
Stock-based compensation expense221   233 
Restructuring and other charges431   141 
Deferred taxes on earnings146   325 
Other, net281   176 
Changes in operating assets and liabilities, net of acquisitions:   
Accounts receivable699   (22)
Inventory(247)  (24)
Accounts payable(433)  (138)
Net investment in leases(112)   
Taxes on earnings(238)  (1,123)
Restructuring and other (412 )     (122 )
Other assets and liabilities (663 )     1,317  
Net cash provided by operating activities 2,442       4,066  
Cash flows from investing activities:      
Investment in property, plant and equipment (464 )     (475 )
Proceeds from the sale of property, plant and equipment 3        
Purchases of available-for-sale securities and other investments (533 )     (80 )
Maturities and sales of available-for-sale securities and other investments 303       771  
Collateral posted for derivative instruments (240 )     (32 )
Collateral returned for derivative instruments       32  
Payment made in connection with business acquisitions, net of cash acquired       (427 )
Net cash used in investing activities (931 )     (211 )
Cash flows from financing activities:      
Payment of short-term borrowings with original maturities less than 90 days, net       (856 )
Proceed from short-term borrowings with original maturities greater than 90 days 19        
Proceeds from debt, net of issuance costs 3,051       94  
Payment of debt (1,788 )     (604 )
Stock-based award activities and others (125 )     (58 )
Repurchase of common stock (1,767 )     (1,944 )
Cash dividends paid (759 )     (734 )
Net cash used in financing activities (1,369 )     (4,102 )
Increase (decrease) in cash and cash equivalents 142       (247 )
Cash and cash equivalents at beginning of period 4,537       5,166  
Cash and cash equivalents at end of period $ 4,679       $ 4,919  

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