HP Inc. Reports Fiscal 2018 Second Quarter Results


 
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
 
  Six months ended April 30,
  2018  2017
Cash flows from operating activities:   
Net earnings$2,996  $1,170 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization256  173 
Stock-based compensation expense148  123 
Restructuring and other charges88  203 
Deferred taxes on earnings(3,316) 205 
Other, net198  21 
Changes in operating assets and liabilities, net of acquisition:   
  Accounts receivable38  289 
  Inventory450  (272)
  Accounts payable(277) 26 
  Taxes on earnings935  (177)
  Restructuring and other(177) (97)
  Other assets and liabilities707  (442)
  Net cash provided by operating activities2,046  1,222 
Cash flows from investing activities:   
Investment in property, plant and equipment(242) (176)
Proceeds from sale of property, plant and equipment110  69 
Purchases of available-for-sale securities and other investments(304) (3)
Maturities and sales of available-for-sale securities and other investments345  2 
Collateral posted for derivative instruments(901) (258)
Collateral returned for derivative instruments910  125 
Payment made in connection with business acquisition, net of cash acquired(1,020)  
  Net cash used in investing activities(1,102) (241)
Cash flows from financing activities:   
Proceeds from short-term borrowings with original maturities less than 90 days, net837  74 
Proceeds from short-term borrowings with original maturities greater than 90 days300   
Proceeds from debt, net of issuance costs  5 
Payment of short-term borrowings with original maturities greater than 90 days(1,087) (3)
Payment of debt(2,026) (41)
Settlement of cash flow hedges  (9)
Net proceeds (payments) related to stock-based award activities2  (12)
Repurchase of common stock(1,263) (609)
Cash dividends paid (457 )   (451 )
  Net cash used in financing activities (3,694 )   (1,046 )
Decrease in cash and cash equivalents (2,750 )   (65 )
Cash and cash equivalents at beginning of period 6,997     6,288  
Cash and cash equivalents at end of period $ 4,247     $ 6,223  
               

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