HP Inc. Reports Fiscal 2017 Third Quarter Results

(a) Pursuant to the adoption of Accounting Standard Update 2016-09 “Improvements to Employee Share-Based Payment Accounting” in Q1 FY17, excess income tax benefit from stock-based compensation expense is no longer separated from operating income tax cash flows and reported as financing activity. In addition, income taxes paid on shares withheld is now required to be presented as financing activity as opposed to operating activity. The change has been adopted including prior comparative periods.

    
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
    
    Nine months ended July 31
    2017   2016
           
Cash flows from operating activities:(a)      
Net earnings  $1,866   $2,004 
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization  263   249 
Stock-based compensation expense  169   140 
Restructuring and other charges  249   151 
Deferred taxes on earnings  412   978 
Other, net  69   (290)
Changes in operating assets and liabilities:      
Accounts receivable  (215)  728 
Inventory  (731)  251 
Accounts payable  1,738   238 
Taxes on earnings  (245)  (877)
Restructuring and other  (155)  (114)
Other assets and liabilities  (423)  (910)
Net cash provided by operating activities  2,997   2,548 
Cash flows from investing activities:      
Investment in property, plant and equipment  (237)  (287)
Proceeds from sale of property, plant and equipment  69    
Purchases of available-for-sale securities and other investments  (1,557)  (122)
Maturities and sales of available-for-sale securities and other investments  2   133 
Proceeds from business divestiture     160 
Net cash used in investing activities     (1,723 )     (116 )
Cash flows from financing activities: (a)            
Short-term borrowings with original maturities less than 90 days, net     1,046       72  
Proceeds from debt, net of issuance costs     5       4  
Payment of debt     (65 )     (2,158 )
Settlement of cash flow hedges     (9 )     4  
Net transfer of cash and cash equivalents to Hewlett Packard Enterprise Company           (10,375 )
Net proceeds related to stock-based award activities     12       29  
Repurchase of common stock     (911 )     (1,159 )
Cash dividends paid     (673 )     (646 )
Net cash used in financing activities     (595 )     (14,229 )
Increase (decrease) in cash and cash equivalents     679       (11,797 )
Cash and cash equivalents at beginning of period     6,288       17,433  
Cash and cash equivalents at end of period     $ 6,967       $ 5,636  

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