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 amortization | 593 | | | | 539 | |
| Stock-based compensation expense | 221 | | | | 233 | |
| Restructuring and other charges | 431 | | | | 141 | |
| Deferred taxes on earnings | 146 | | | | 325 | |
| Other, net | 281 | | | | 176 | |
| Changes in operating assets and liabilities, net of acquisitions: | | | |
| Accounts receivable | 699 | | | | (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 | |
