HP Inc. Reports Fiscal 2021 Full Year and Fourth Quarter Results


  Twelve months ended
  October 31, 2021  October 31, 2020
Cash flows from operating activities:   
Net earnings$6,503  $2,844 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization785  789 
Stock-based compensation expense330  278 
Restructuring and other charges245  462 
Deferred taxes on earnings(605) 70 
Defined benefit plan settlement (gains) charges(37) 214 
Other, net440  325 
Changes in operating assets and liabilities, net of acquisitions:   
Accounts receivable(80) 575 
Inventory(2,164) (386)
Accounts payable1,257  (35)
Net investment in leases(111) (152)
Taxes on earnings 64     (147 )
Restructuring and other (205 )   (489 )
Other assets and liabilities (13 )   (32 )
Net cash provided by operating activities 6,409     4,316  
Cash flows from investing activities:      
Investment in property, plant and equipment (582 )   (580 )
Proceeds from the sale of property, plant and equipment     3  
Purchases of available-for-sale securities and other investments (28 )   (693 )
Maturities and sales of available-for-sale securities and other investments 304     417  
Collateral posted for derivative instruments 148     (163 )
Payment made in connection with business acquisitions, net of cash acquired (854 )    
Net cash used in investing activities (1,012 )   (1,016 )
Cash flows from financing activities:      
Proceeds from short-term borrowings with original maturities less than 90 days, net 400      
Proceed from short-term borrowings with original maturities greater than 90 days 22     27  
Proceeds from debt, net of issuance costs 2,099     3,081  
Payment of debt (1,245 )   (1,849 )
Stock-based award activities and others (51 )   (128 )
Repurchase of common stock (6,249 )   (3,107 )
Cash dividends paid (938 )   (997 )
Net cash used in financing activities (5,962 )   (2,973 )
(Decrease) increase in cash and cash equivalent (565 )   327  
Cash and cash equivalents at beginning of period 4,864     4,537  
Cash and cash equivalents at end of period $ 4,299     $ 4,864  

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