HPE Reports Fiscal 2018 Full-Year and Fourth Quarter Results

(a) Includes transformation costs of $20 million related to cumulative translation adjustments resulting from country exits associated with the HPE Next initiative, which was recorded within Interest and other, net.

(b) Represents the settlement of certain pre-separation Hewlett-Packard Company income tax liabilities indemnified through the Tax Matters Agreement with HP Inc.

(c) Represents the amortization of basis difference adjustments related to the H3C divestiture.

(d) Includes tax amounts in connection with the Everett and Seattle Transactions, tax amounts related to U.S. tax reform, tax amounts related to the settlement of certain pre-separation Hewlett-Packard Company income tax liabilities indemnified through the Tax Matters Agreement with HP Inc., and excess tax benefits associated with stock-based compensation.

For the twelve months ended October 31, 2018, the amount includes $2.0 billion benefit in connection with the settlement of certain pre-separation Hewlett-Packard Company income tax liabilities indemnified through the Tax Matters Agreement with HP Inc. Further, as a result of the impact of U.S. Tax Reform, it also includes $2.0 billion tax benefit from the application of the new tax rules including a lower federal tax rate to deferred tax assets and liabilities, partially offset by a provisional estimate of $1.7 billion of transition tax expense on accumulated non U.S. earnings, and a provisional estimate of $687 million of tax expense on valuation allowance on foreign tax credits. In connection with the Everett Transaction, for the twelve months ended October 31, 2018, this amount also includes $208 million benefit primarily from foreign tax credits and from the release of non U.S. valuation allowances on deferred taxes established in connection with the Everett Transaction, following changes in foreign tax laws.

For the twelve months ended October 31, 2017, the amount primarily includes the income tax benefit related to the U.S. foreign tax credits generated as a result of the Everett and Seattle Transactions, partially offset by income tax expense as a result of recording valuation allowance on certain U.S. deferred tax assets.

(e) For the twelve months ended October 31, 2017, this amount primarily includes the income tax benefit related to U.S. foreign tax credits generated as a result of the Everett and Seattle Transactions included in discontinued operations.


HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions, except par value)
  
  As of
  October 31, 2018  October 31, 2017
ASSETS   
Current assets:   
Cash and cash equivalents$4,880  $9,579 
Accounts receivable3,263  3,073 
Financing receivables3,396  3,378 
Inventory2,447  2,315 
Assets held for sale6  14 
Other current assets3,280  3,085 
Total current assets17,272  21,444 
Property, plant and equipment6,138  6,269 
Long-term financing receivables and other assets11,359  12,600 
Investments in equity interests2,398  2,535 
Goodwill and intangible assets18,326  18,558 
Total assets$55,493  $61,406 
LIABILITIES AND STOCKHOLDERS’ EQUITY   
Current liabilities:   
Notes payable and short-term borrowings$2,005  $3,850 
Accounts payable6,092  6,072 
Employee compensation and benefits1,412  1,156 
Taxes on earnings378  429 
Deferred revenue3,177  3,128 
Accrued restructuring294  445 
Other accrued liabilities3,840  3,844 
Total current liabilities17,198  18,924 
Long-term debt10,136  10,182 
Other non-current liabilities 6,885     8,795  
Stockholders’ equity      
HPE stockholders’ equity:      
Preferred stock, $0.01 par value (300 shares authorized; none issued and outstanding at October 31, 2018)      
Common stock, $0.01 par value (9,600 shares authorized; 1,423 and 1,595 issued and outstanding at October 31, 2018 and October 31, 2017, respectively) 14     16  
Additional paid-in capital 30,342     33,583  
Accumulated deficit (5,899 )   (7,238 )
Accumulated other comprehensive loss (3,218 )   (2,895 )
Total HPE stockholders’ equity 21,239     23,466  
Non-controlling interests 35     39  
Total stockholders’ equity 21,274     23,505  
Total liabilities and stockholders’ equity $ 55,493     $ 61,406  

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