HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) |
Three months ended | |||||||
January 31, 2023 | January 31, 2022 | ||||||
Cash flows from operating activities: | |||||||
Net earnings | $ | 487 | $ | 1,086 | |||
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities: | |||||||
Depreciation and amortization | 209 | 197 | |||||
Stock-based compensation expense | 167 | 133 | |||||
Restructuring and other charges | 141 | 68 | |||||
Deferred taxes on earnings | (136 | ) | 5 | ||||
Other, net | 4 | 186 | |||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||
Accounts receivable | 244 | 337 | |||||
Inventory | 218 | (1,277 | ) | ||||
Accounts payable | (1,712 | ) | 2,035 | ||||
Net investment in leases | (16 | ) | (20 | ) | |||
Taxes on earnings | 220 | (6 | ) | ||||
Restructuring and other | (92 | ) | (99 | ) | |||
Other assets and liabilities | 250 | (988 | ) | ||||
Net cash (used in) provided by operating activities | (16 | ) | 1,657 | ||||
Cash flows from investing activities: | |||||||
Investment in property, plant and equipment, net | (192 | ) | (273 | ) | |||
Purchases of available-for-sale securities and other investments | (4 | ) | — | ||||
Maturities and sales of available-for-sale securities and other investments | 1 | — | |||||
Collateral posted for derivative instruments | (240 | ) | 14 | ||||
Payment made in connection with business acquisition, net of cash acquired | — | (21 | ) | ||||
Net cash used in investing activities | (435 | ) | (280 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from (Payment of) short-term borrowings with original maturities less than 90 days, net | 200 | (400 | ) | ||||
Proceeds from debt, net of issuance costs | 52 | 39 | |||||
Payment of debt | (539 | ) | (50 | ) | |||
Stock-based award activities and others | (79 | ) | (92 | ) | |||
Repurchase of common stock | (100 | ) | (1,508 | ) | |||
Cash dividends paid | (259 | ) | (271 | ) | |||
Collateral returned for derivative instruments | (200 | ) | — | ||||
Net cash used in financing activities | (925 | ) | (2,282 | ) | |||
Decrease in cash, cash equivalents and restricted cash | (1,376 | ) | (905 | ) | |||
Cash, cash equivalents and restricted cash at beginning of period | 3,145 | 4,299 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,769 | $ | 3,394 |