Proceeds from sale of property, plant and equipment

[Table of Contents](#i43adbcd383bc4dc48977980bcb999d17_79)HP INC. AND SUBSIDIARIESConsolidated Statements of Cash Flows

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | For the fiscal years ended October 31 |
|   | 2021 |  | 2020 |  | 2019 |
|   | In millions |
| Cash flows from operating activities: |   |  |   |  |   |
| Net earnings | $ | 6,503  |  |  | $ | 2,844  |  |  | $ | 3,152  |  |
| Adjustments to reconcile net earnings to net cash provided by operating activities: |   |  |   |  |   |
| Depreciation and amortization | 785  |  |  | 789  |  |  | 744  |  |
| Stock-based compensation expense | 330  |  |  | 278  |  |  | 297  |  |
| Restructuring and other charges | 245  |  |  | 462  |  |  | 275  |  |
| Deferred taxes on earnings | (605) |  |  | 70  |  |  | 133  |  |
| Defined benefit plan settlement (gains) charges | (37) |  |  | 214  |  |  | —  |  |
| Other, net | 440  |  |  | 325  |  |  | 254  |  |
| Changes in operating assets and liabilities, net of acquisitions: |  |  |  |  |  |
| Accounts receivable | (80) |  |  | 575  |  |  | (761) |  |
| Inventory | (2,164) |  |  | (386) |  |  | (68) |  |
| Accounts payable | 1,257  |  |  | (35) |  |  | (53) |  |
| Net investment in leases  | (111) |  |  | (152) |  |  | —  |  |
| Taxes on earnings | 64  |  |  | (147) |  |  | (851) |  |
| Restructuring and other | (205) |  |  | (489) |  |  | (154) |  |
| Other assets and liabilities | (13) |  |  | (32) |  |  | 1,686  |  |
| Net cash provided by operating activities | 6,409  |  |  | 4,316  |  |  | 4,654  |  |
| Cash flows from investing activities: |   |  |   |  |  |
| Investment in property, plant and equipment | (582) |  |  | (580) |  |  | (671) |  |
| Proceeds from sale of property, plant and equipment | —  |  |  | 3  |  |  | —  |  |
| Purchases of available-for-sale securities and other investments | (28) |  |  | (693) |  |  | (80) |  |
| Maturities and sales of available-for-sale securities and other investments | 304  |  |  | 417  |  |  | 771  |  |
| Collateral posted for derivative instruments | 148  |  |  | (163) |  |  | —  |  |
| Payments made in connection with business acquisitions, net of cash acquired | (854) |  |  | —  |  |  | (458) |  |
| Net cash used in investing activities | (1,012) |  |  | (1,016) |  |  | (438) |  |
| Cash flows from financing activities: |   |  |   |  |  |
| Proceeds from (Payments of) short-term borrowings with original maturities less than 90 days, net | 400  |  |  | —  |  |  | (856) |  |
| Proceeds from short-term borrowings with original maturities greater than 90 days | 22  |  |  | 27  |  |  | —  |  |
| Proceeds from debt, net of issuance costs | 2,099  |  |  | 3,081  |  |  | 127  |  |
| Payment of debt | (1,245) |  |  | (1,849) |  |  | (680) |  |
| Stock-based award activities and others | (51) |  |  | (128) |  |  | (61) |  |
| Repurchase of common stock | (6,249) |  |  | (3,107) |  |  | (2,405) |  |
| Cash dividends paid | (938) |  |  | (997) |  |  | (970) |  |
| Net cash used in financing activities | (5,962) |  |  | (2,973) |  |  | (4,845) |  |
| (Decrease) increase in cash and cash equivalents | (565) |  |  | 327  |  |  | (629) |  |
| Cash and cash equivalents at beginning of period | 4,864  |  |  | 4,537  |  |  | 5,166  |  |
| Cash and cash equivalents at end of period | $ | 4,299  |  |  | $ | 4,864  |  |  | $ | 4,537  |  |
|  |  |  |  |  |  |
| Supplemental cash flow disclosures: |  |  |  |  |  |
| Income taxes paid, net of refunds | $ | 1,548  |  |  | $ | 464  |  |  | $ | 89  |  |
| Interest expense paid | $ | 261  |  |  | $ | 227  |  |  | $ | 240  |  |
| Supplemental schedule of non-cash activities: |  |  |  |  |  |
| Purchase of assets under finance leases | $ | —  |  |  | $ | 19  |  |  | $ | 366  |  |
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The accompanying notes are an integral part of these Consolidated Financial Statements.58
