HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) |
Three months ended | |||||||
October 31, 2020 | October 31, 2019 | ||||||
Cash flows from operating activities: | |||||||
Net earnings | $ | 668 | $ | 388 | |||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||
Depreciation and amortization | 196 | 205 | |||||
Stock-based compensation expense | 57 | 64 | |||||
Restructuring and other charges | 31 | 134 | |||||
Deferred taxes on earnings | (76 | ) | (192 | ) | |||
Defined benefit plan settlement charges | 214 | — | |||||
Other, net | 44 | 78 | |||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||
Accounts receivable | (124 | ) | (739 | ) | |||
Inventory | (139 | ) | (44 | ) | |||
Accounts payable | 398 | 85 | |||||
Net investment in leases | (40 | ) | — | ||||
Taxes on earnings | 91 | 272 | |||||
Restructuring and other | (77 | ) | (32 | ) | |||
Other assets and liabilities | 631 | 369 | |||||
Net cash provided by operating activities | 1,874 | 588 | |||||
Cash flows from investing activities: | |||||||
Investment in property, plant and equipment | (116 | ) | (196 | ) | |||
Purchases of available-for-sale securities and other investments | (160 | ) | — | ||||
Maturities and sales of available-for-sale securities and other investments | 114 | — | |||||
Net change in collateral on derivatives | 77 | — | |||||
Payment made in connection with business acquisition, net of cash acquired | — | (31 | ) | ||||
Net cash used in investing activities | (85 | ) | (227 | ) | |||
Cash flows from financing activities: | |||||||
Proceed from short-term borrowings with original maturities greater than 90 days | 8 | — | |||||
Proceeds from debt, net of issuance costs | 30 | 33 | |||||
Payment of debt | (61 | ) | (76 | ) | |||
Stock-based award activities and others | (3 | ) | (3 | ) | |||
Repurchase of common stock | (1,340 | ) | (461 | ) | |||
Cash dividends paid | (238 | ) | (236 | ) | |||
Net cash used in financing activities | (1,604 | ) | (743 | ) | |||
Increase (decrease) in cash and cash equivalents | 185 | (382 | ) | ||||
Cash and cash equivalents at beginning of period | 4,679 | 4,919 | |||||
Cash and cash equivalents at end of period | $ | 4,864 | $ | 4,537 |