HP Inc. Reports Fiscal 2019 Third Quarter Results

(b) Pursuant to adoption of ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost”, in the first quarter of fiscal year 2019, HP now reclassifies all components (excluding service cost component) of net periodic benefit cost from Selling, general and administrative expenses to Interest and other, net. HP reflected this change in prior reporting periods on an as-if basis.

(In millions)

  Nine months ended
  July 31, 2019  July 31, 2018
Net revenue:(a)   
Personal Systems$28,268  $27,597 
Printing15,084  15,505 
Corporate Investments2  3 
Total segments43,354  43,105 
Other(5) 1 
Total net revenue$43,349  $43,106 
Earnings before taxes:(a),(b)
Personal Systems$1,342  $1,026 
Printing2,425  2,465 
Corporate Investments(71) (62)
Total segment earnings from operations3,696  3,429 
Corporate and unallocated costs and other(290) (140)
Stock-based compensation expense(233) (203)
Restructuring and other charges(141) (92)
Acquisition-related charges(12 )   (97 )
Amortization of intangible assets (87 )   (60 )
Interest and other, net (902 )   (831 )
Earnings before taxes $ 2,031     $ 2,006  

(a) Effective at the beginning of its first quarter of fiscal year 2019, HP implemented an organizational change to align its business unit financial reporting more closely with its current business structure. The organizational change resulted in the transfer of certain Samsung-branded product categories from Commercial to Consumer within the Printing segment. HP reflected this change to its business unit information in prior reporting periods on an as-if basis. The reporting change had no impact to previously reported segment net revenue, consolidated net revenue, earnings from operations, net earnings or net EPS. 

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