HP Inc. Reports Fiscal 2020 Full Year and Fourth Quarter Results


HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)


  Twelve months ended
  October 31, 2020  October 31, 2019
Cash flows from operating activities:   
Net earnings$2,844  $3,152 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization789  744 
Stock-based compensation expense278  297 
Restructuring and other charges462  275 
Deferred taxes on earnings70  133 
Defined benefit plan settlement charges214   
Other, net325  254 
Changes in operating assets and liabilities, net of acquisitions:   
Accounts receivable575  (761)
Inventory(386) (68)
Accounts payable(35) (53)
Net investment in leases(152)  
Taxes on earnings(147) (851)
Restructuring and other(489)  (154 )
Other assets and liabilities (32 )   1,686  
Net cash provided by operating activities 4,316     4,654  
Cash flows from investing activities:      
Investment in property, plant and equipment (580 )   (671 )
Proceeds from the sale of property, plant and equipment 3      
Purchases of available-for-sale securities and other investments (693 )   (80 )
Maturities and sales of available-for-sale securities and other investments 417     771  
Net change in collateral on derivatives (163 )    
Payment made in connection with business acquisitions, net of cash acquired     (458 )
Net cash used in investing activities (1,016 )   (438 )
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 27      
Proceeds from debt, net of issuance costs 3,081     127  
Payment of debt (1,849 )   (680 )
Stock-based award activities and others (128 )   (61 )
Repurchase of common stock (3,107 )   (2,405 )
Cash dividends paid (997 )   (970 )
Net cash used in financing activities (2,973 )   (4,845 )
Increase (decrease) in cash and cash equivalents 327     (629 )
Cash and cash equivalents at beginning of period 4,537     5,166  
Cash and cash equivalents at end of period $ 4,864     $ 4,537  

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