HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (In millions) |
As of | |||||||
April 30, 2019 | October 31, 2018 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 3,556 | $ | 5,166 | |||
Accounts receivable, net | 5,414 | 5,113 | |||||
Inventory | 5,394 | 6,062 | |||||
Other current assets | 3,921 | 5,046 | |||||
Total current assets | 18,285 | 21,387 | |||||
Property, plant and equipment, net | 2,412 | 2,198 | |||||
Goodwill | 6,349 | 5,968 | |||||
Other non-current assets | 4,900 | 5,069 | |||||
Total assets | $ | 31,946 | $ | 34,622 | |||
LIABILITIES AND STOCKHOLDERS' DEFICIT | |||||||
Current liabilities: | |||||||
Notes payable and short-term borrowings | $ | 290 | $ | 1,463 | |||
Accounts payable | 13,839 | 14,816 | |||||
Employee compensation and benefits | 826 | 1,136 | |||||
Taxes on earnings | 206 | 340 | |||||
Other accrued liabilities | 8,042 | 7,376 | |||||
Total current liabilities | 23,203 | 25,131 | |||||
Long-term debt | 4,749 | 4,524 | |||||
Other non-current liabilities | 5,481 | 5,606 | |||||
Stockholders' deficit | (1,487 | ) | (639 | ) | |||
Total liabilities and stockholders' deficit | $ | 31,946 | $ | 34,622 |
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) |
Three months ended | |||||||
April 30, 2019 | April 30, 2018 | ||||||
Cash flows from operating activities: | |||||||
Net earnings | $ | 782 | $ | 1,058 | |||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||
Depreciation and amortization | 181 | 127 | |||||
Stock-based compensation expense | 66 | 63 | |||||
Restructuring and other charges | 69 | 57 | |||||
Deferred taxes on earnings | 15 | 397 | |||||
Other, net | 118 | 185 | |||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||
Accounts receivable | (314 | ) | (234 | ) | |||
Inventory | 171 | 86 | |||||
Accounts payable | (779 | ) | 201 | ||||
Taxes on earnings | (11 | ) | (1,528 | ) | |||
Restructuring and other | (33 | ) | (44 | ) | |||
Other assets and liabilities | 596 | 682 | |||||
Net cash provided by operating activities | 861 | 1,050 | |||||
Cash flows from investing activities: | |||||||
Investment in property, plant and equipment | (114 | ) | (113 | ) | |||
Purchases of available-for-sale securities and other investments | — | (36 | ) | ||||
Maturities and sales of available-for-sale securities and other investments | 410 | 206 | |||||
Collateral posted for derivative instruments | (2 | ) | (293 | ) | |||
Collateral returned for derivative instruments | 2 | 857 | |||||
Net cash provided by investing activities | 296 | 621 | |||||
Cash flows from financing activities: | |||||||
(Payment of) Proceeds from short-term borrowings with original maturities less than 90 days, net | (1 | ) | 943 | ||||
Proceeds from short-term borrowings with original maturities greater than 90 days | — | 100 | |||||
Proceeds from debt, net of issuance costs | 24 | — | |||||
Payment of short-term borrowings with original maturities greater than 90 days | — | (969 | ) | ||||
Payment of debt | (62 | ) | (1,985 | ) | |||
Stock-based award activities | 7 | 40 | |||||
Repurchase of common stock | (691 | ) | (801 | ) | |||
Cash dividends paid | (245 | ) | (227 | ) | |||
Net cash used in financing activities | (968 | ) | (2,899 | ) | |||
Increase (Decrease) in cash and cash equivalents | 189 | (1,228 | ) | ||||
Cash and cash equivalents at beginning of period | 3,367 | 5,475 | |||||
Cash and cash equivalents at end of period | $ | 3,556 | $ | 4,247 |