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Retirement and Post-Retirement Benefit Plans (Tables)
 12 Months Ended
Oct. 31, 2018
Retirement Benefits [Abstract]  
Components of Pension and Post-Retirement Benefit (Credit) Cost Recognized
The components of HP’s pension and post-retirement (credit) benefit cost recognized in the Consolidated Statements of Earnings were as follows:
 
For the fiscal years ended October 31
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
 
U.S. Defined
Benefit Plans
 
Non-U.S. Defined
Benefit Plans
 
Post-Retirement
Benefit Plans
 
In millions
Service cost
$
—

 
$
—

 
$
—

 
$
55

 
$
48

 
$
47

 
$
1

 
$
1

 
$
1

Interest cost
452

 
469

 
543

 
24

 
18

 
20

 
15

 
18

 
20

Expected return on plan assets
(717
)
 
(677
)
 
(732
)
 
(39
)
 
(31
)
 
(36
)
 
(23
)
 
(26
)
 
(33
)
Amortization and deferrals:
 
 
 

 
 

 
 
 
 

 
 

 
 
 
 

 
 

Actuarial loss (gain)
58

 
73

 
55

 
28

 
40

 
28

 
(17
)
 
(17
)
 
(12
)
Prior service credit
—

 
—

 
—

 
(3
)
 
(3
)
 
(3
)
 
(18
)
 
(19
)
 
(17
)
Net periodic (credit) benefit cost
(207
)
 
(135
)
 
(134
)
 
65

 
72

 
56

 
(42
)
 
(43
)
 
(41
)
Curtailment gain
—

 
—

 
—

 
—

 
—

 
(1
)
 


 
—

 
—

Settlement loss
2

 
3

 
180

 
5

 
2

 
3

 
—

 
—

 
—

Special termination benefits
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
4

Total (credit) benefit cost
$
(205
)
 
$
(132
)
 
$
46

 
$
70

 
$
74

 
$
58

 
$
(42
)
 
$
(43
)
 
$
(37
)
Weighted-Average Assumptions Used to Calculate Total Periodic Benefit (Credit) Cost
The weighted-average assumptions used to calculate the total periodic benefit (credit) cost were as follows: 
 
For the fiscal years ended October 31
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
 
U.S. Defined
Benefit Plans
 
Non-U.S. Defined
Benefit Plans
 
Post-Retirement
Benefit Plans
Discount rate
3.8
%
 
4.0
%
 
4.4
%
 
2.1
%
 
1.6
%
 
2.3
%
 
3.5
%
 
3.4
%
 
3.6
%
Expected increase in compensation levels
2.0
%
 
2.0
%
 
2.0
%
 
2.5
%
 
2.7
%
 
2.5
%
 
—

 
—

 
—

Expected long-term return on plan assets
6.9
%
 
6.9
%
 
6.9
%
 
4.5
%
 
4.4
%
 
5.6
%
 
7.1
%
 
7.3
%
 
8.0
%
Schedule of Funded Status of Defined Benefit and Post-Retirement Benefit Plans
The funded status of the defined benefit and post-retirement benefit plans was as follows:
 
As of October 31
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
 
U.S. Defined
Benefit Plans
 
Non-U.S. Defined
Benefit Plans
 
Post-Retirement
Benefit Plans
 
In millions
Change in fair value of plan assets:
 

 
 

 
 

 
 

 
 

 
 

Fair value of assets — beginning of year
$
10,838

 
$
10,176

 
$
815

 
$
692

 
$
351

 
$
390

Acquisition of plan
—

 
—

 
40

 
—

 
—

 
—

Actual return on plan assets
(267
)
 
1,223

 
(2
)
 
86

 
76

 
26

Employer contributions
33

 
33

 
33

 
27

 
4

 
9

Participant contributions
—

 
—

 
11

 
10

 
59

 
53

Benefits paid
(575
)
 
(583
)
 
(10
)
 
(14
)
 
(102
)
 
(127
)
Settlement
(11
)
 
(11
)
 
(18
)
 
(6
)
 
—

 
—

Currency impact
—

 
—

 
(19
)
 
20

 
—

 
—

Fair value of assets — end of year
$
10,018

 
$
10,838

 
$
850

 
$
815

 
$
388

 
$
351

Change in benefits obligation
 

 
 

 
 

 
 

 
 

 
 

Projected benefit obligation — beginning of year
$
12,266

 
$
12,144

 
$
1,132

 
$
1,120

 
$
463

 
$
535

Acquisition of plan
—

 
—

 
40

 
—

 
—

 
—

Service cost
$
—

 
$
—

 
$
55

 
$
48

 
$
1

 
$
1

Interest cost
452

 
469

 
24

 
18

 
15

 
18

Participant contributions
$
—

 
$
—

 
$
11

 
$
10

 
$
59

 
$
53

Actuarial (gain) loss
(965
)
 
247

 
21

 
(77
)
 
(39
)
 
(17
)
Benefits paid
$
(575
)
 
$
(583
)
 
$
(10
)
 
$
(14
)
 
$
(102
)
 
$
(127
)
Plan amendments
—

 
—

 
—

 
(3
)
 
—

 
—

Settlement
(11
)
 
(11
)
 
(13
)
 
(6
)
 
—

 
—

Currency impact
—

 
—

 
(33
)
 
36

 
—

 
—

Projected benefit obligation — end of year
$
11,167

 
$
12,266

 
$
1,227

 
$
1,132

 
$
397

 
$
463

Funded status at end of year
$
(1,149
)
 
$
(1,428
)
 
$
(377
)
 
$
(317
)
 
$
(9
)
 
$
(112
)
Accumulated benefit obligation
$
11,167

 
$
12,266

 
$
1,099

 
$
1,014

 


 
Weighted-Average Assumptions Used to Calculate Projected Benefit Obligations
The weighted-average assumptions used to calculate the projected benefit obligations for the fiscal years ended October 31, 2018 and 2017 were as follows:
 
For the fiscal years ended October 31
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
 
U.S. Defined
Benefit Plans
 
Non-U.S. Defined
Benefit Plans
 
Post-Retirement
Benefit Plans
Discount rate
4.5
%
 
3.8
%
 
2.0
%
 
2.0
%
 
4.4
%
 
3.5
%
Expected increase in compensation levels
2.0
%
 
2.0
%
 
2.5
%
 
2.4
%
 
—

 
—
Schedule of Net Amounts of Noncurrent Assets and Current and Noncurrent Liabilities for Defined Benefit and Post-Retirement Benefit Plans
The net amounts of non-current assets and current and non-current liabilities for HP’s defined benefit and post-retirement benefit plans recognized on HP’s Consolidated Balance Sheet were as follows:
 
As of October 31
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
 
U.S. Defined
Benefit Plans
 
Non-U.S. Defined
Benefit Plans
 
Post-Retirement
Benefit Plans
 
In millions
Non-current assets
$
—

 
$
—

 
$
10

 
$
18

 
$
11

 
$
7

Current liabilities
(32
)
 
(33
)
 
(9
)
 
(5
)
 
(6
)
 
(7
)
Non-current liabilities
(1,117
)
 
(1,395
)
 
(378
)
 
(330
)
 
(14
)
 
(112
)
Funded status at end of year
$
(1,149
)
 
$
(1,428
)
 
$
(377
)
 
$
(317
)
 
$
(9
)
 
$
(112
)
Summary of Pre-Tax Net Actuarial Loss (Gain) and Prior Service Benefit Recognized in Accumulated Other Comprehensive Loss for Defined Benefit and Post-Retirement Benefit Plans
The following table summarizes the pre-tax net actuarial loss (gain) and prior service benefit recognized in Accumulated other comprehensive loss for the defined benefit and post-retirement benefit plans.
 
As of October 31, 2018
 
U.S. Defined
Benefit Plans
 
Non-U.S. Defined
Benefit Plans
 
Post-Retirement
Benefit Plans
 
In millions
Net actuarial loss (gain)
$
1,285

 
$
311

 
$
(180
)
Prior service benefit
—

 
(17
)
 
(74
)
Total recognized in Accumulated other comprehensive loss (gain)
$
1,285

 
$
294

 
$
(254
)
Summary of Net Actuarial Loss (Gain) and Prior Service Benefit Expected to be Amortized
The following table summarizes HP’s pre-tax net actuarial loss (gain) and prior service benefit that are expected to be amortized from Accumulated other comprehensive loss and recognized as components of net periodic benefit cost (credit) during the next fiscal year.
 
U.S. Defined
Benefit Plans
 
Non-U.S. Defined
Benefit Plans
 
Post-Retirement
Benefit Plans
 
In millions
Net actuarial loss (gain)
$
59

 
$
32

 
$
(31
)
Prior service benefit
—

 
(3
)
 
(13
)
Total expected to be recognized in net periodic benefit cost (credit)
$
59

 
$
29

 
$
(44
)
Schedule of Defined Benefit Plans with Projected Benefit Obligations Exceeding Fair Value of Plan Assets
Defined benefit plans with projected benefit obligations exceeding the fair value of plan assets were as follows:
 
As of October 31
 
2018
 
2017
 
2018
 
2017
 
U.S. Defined
Benefit Plans
 
Non-U.S. Defined
Benefit Plans
 
In millions
Aggregate fair value of plan assets
$
10,018

 
$
10,838

 
$
800

 
$
750

Aggregate projected benefit obligation
$
11,167

 
$
12,266

 
$
1,194

 
$
1,085
Schedule of Defined Benefit Plans with Accumulated Benefit Obligations Exceeding Fair Value of Plan Assets
Defined benefit plans with accumulated benefit obligations exceeding the fair value of plan assets were as follows:
 
As of October 31
 
2018
 
2017
 
2018
 
2017
 
U.S. Defined
Benefit Plans
 
Non-U.S. Defined
Benefit Plans
 
In millions
Aggregate fair value of plan assets
$
10,018

 
$
10,838

 
$
734

 
$
554

Aggregate accumulated benefit obligation
$
11,167

 
$
12,266

 
$
1,007

 
$
777
Schedule of Fair Value of Plan Assets by Asset Category
The table below sets forth the fair value of plan assets by asset category within the fair value hierarchy as of October 31, 2018. Refer to Note 9, “Fair Value” for details on fair value hierarchy. Per ASU 2015-07, certain investments that are measured at fair value using the Net Asset Value (NAV) per share as a practical expedient have not been categorized in the fair value hierarchy.  The fair value amounts presented in this table provide a reconciliation of the fair value hierarchy to the total value of plan assets.
 
As of October 31, 2018
 
U.S. Defined Benefit Plans

Non-U.S. Defined Benefit Plans

Post-Retirement Benefit Plans
 
Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total
 
In millions
Asset Category:









 











 











 

Equity securities(1)
$
794


$
48


$
—


$
842


$
114


$
6


$
—


$
120


$
1


$
—


$
—


$
1

Debt securities(2)



































Corporate
—


4,941


—


4,941


—


110


—


110


—


40


—


40

Government
—


1,637


—


1,637


—


28


—


28


—


54


—


54

Real Estate Funds
—


—


—


—


3


60


—


63


—


—


—


—

Insurance Contracts
—


—


—


—


—


50


—


50


—


—


—


—

Common Collective Trusts and 103-12s(3)
—


—


—


—


—


7


—


7


—


—


—


—

Investment Funds(4)
253


—


—


253


—


279


—


279


55


—


—


55

Cash and Cash Equivalents(5)
5


139


—


144


19


—


—


19


—


4


—


4

Other(6)
(108
)

(233
)

—


(341
)

2


13


—


15


(13
)

—


—


(13
)
Net plan assets subject to leveling
$
944


$
6,532


$
—


$
7,476


$
138


$
553


$
—


$
691


$
43


$
98


$
—


$
141





































Investments using NAV as a Practical Expedient:
 
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
 

Alternative Investments(7)
 
 
 
 
 
 
1,319

 
 
 
 
 
 
 
14

 
 
 
 
 
 
 
220

Common Contractual Funds(8)
 
 
 
 
 
 
—

 
 
 
 
 
 
 
110

 
 
 
 
 
 
 
—

Common Collective Trusts and 103-12 Investment Entities(3)
 
 
 
 
 
 
683

 
 
 
 
 
 
 
—

 
 
 
 
 
 
 
21

Investment Funds(4)
 
 
 
 
 
 
540

 
 
 
 
 
 
 
35

 
 
 
 
 
 
 
6

Investments at Fair Value
 
 
 
 
 
 
$
10,018

 
 
 
 
 
 
 
$
850

 
 
 
 
 
 
 
$
388


     The table below sets forth the fair value of plan assets by asset category within the fair value hierarchy as of October 31, 2017.
 
As of October 31, 2017
 
U.S. Defined Benefit Plans
 
Non-U.S. Defined Benefit Plans
 
Post-Retirement Benefit Plans
 
Level 1
 
Level 2
 
Level 3

Total
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3

Total
 
In millions
Asset Category:


 


 



 

 


 


 


 
 

 


 


 



 

Equity securities(1)
$
3,174

 
$
40

 
$
—


$
3,214

 
$
124

 
$
6

 
$
—

 
$
130

 
$
—

 
$
—

 
$
—


$
—

Debt securities(2)


 


 





 


 


 


 


 


 


 





Corporate
—

 
3,379

 
—


3,379

 
—

 
119

 
—

 
119

 
—

 
25

 
—


25

Government
—

 
2,513

 
—


2,513

 
—

 
32

 
—

 
32

 
—

 
41

 
—


41

Real Estate Funds
—

 
—

 
—


—

 
2

 
51

 
—

 
53

 
—

 
—

 
—


—

Insurance Contracts
—

 
—

 
—


—

 
—

 
7

 
—

 
7

 
—

 
—

 
—


—

Common Collective Trusts and 103-12 Investments Entities(3)
—

 
—

 
—


—

 
—

 
7

 
—

 
7

 
—

 
—

 
—


—

Investment Funds(4)
89

 
—

 
—


89

 
—

 
284

 
—

 
284

 
54

 
—

 
—


54

Cash and Cash Equivalents(5)
8

 
64

 
—


72

 
21

 
—

 
—

 
21

 
—

 
2

 
—


2

Other(6)
(172
)
 
(561
)
 
—


(733
)
 
2

 
9

 
1

 
12

 
(12
)
 
—

 
—


(12
)
Net plan assets subject to leveling
$
3,099

 
$
5,435

 
$
—


$
8,534

 
$
149

 
$
515

 
$
1

 
$
665

 
$
42

 
$
68

 
$
—


$
110




 


 





 


 


 


 


 


 


 





Investments using NAV as a Practical Expedient:

 

 



 

 

 

 

 

 

 



Alternative Investments(7)


 


 



1,444

 


 


 


 
13

 


 


 



198

Common Contractual Funds(8)


 


 



13

 


 


 


 
102

 


 


 



—

Common Collective Trusts and 103-12 Investment Entities(3)


 


 



732

 


 


 


 
—

 


 


 



39

Investment Funds(4)


 


 



115

 


 


 


 
35

 


 


 



4

Investments at Fair Value


 


 



$
10,838

 


 


 


 
$
815

 


 


 



$
351

(1) 
Investments in publicly-traded equity securities are valued using the closing price on the measurement date as reported on the stock exchange on which the individual securities are traded.
(2) 
The fair value of corporate, government and asset-backed debt securities is based on observable inputs of comparable market transactions. Also included in this category is debt issued by national, state and local governments and agencies.
(3) 
Department of Labor 103-12 IE (Investment Entity) designation is for plan assets held by two or more unrelated employee benefit plans which includes limited partnerships and venture capital partnerships. Certain common collective trusts and interests in 103-12 entities are valued using NAV as a practical expedient.
(4) 
Includes publicly traded funds of investment companies that are registered with the SEC, funds that are not publicly traded and a non-U.S. fund-of-fund arrangement. The non-U.S. fund-of-fund arrangement is a custom portfolio valued at NAV consisting primarily of fixed income and common contractual funds.
(5) 
Includes cash and cash equivalents such as short-term marketable securities. Cash and cash equivalents include money market funds, which are valued based on NAV. Other assets were classified in the fair value hierarchy based on the lowest level input (e.g., quoted prices and observable inputs) that is significant to the fair value measure in its entirety.
(6) 
Includes primarily reverse repurchase agreements, unsettled transactions, and derivative instruments.
(7) 
Alternative Investments primarily include private equities and hedge funds. The valuation of alternative investments, such as limited partnerships and joint ventures, may require significant management judgment. For alternative investments, valuation is based on NAV as reported by the asset manager or investment company and adjusted for cash flows, if necessary. In making such an assessment, a variety of factors are reviewed by management, including but not limited to the timeliness of NAV as reported by the asset manager and changes in general economic and market conditions subsequent to the last NAV reported by the asset manager.
•
Private equities include limited partnerships such as equity, buyout, venture capital, real estate and other similar funds that invest in the United States and internationally where foreign currencies are hedged.
•
Hedge funds include limited partnerships that invest both long and short primarily in common stocks and credit, relative value, event-driven equity, distressed debt and macro strategies. Management of the hedge funds has the ability to shift investments from value to growth strategies, from small to large capitalization stocks and bonds, and from a net long position to a net short position.
(8) 
The Common Contractual Fund is an investment arrangement in which institutional investors pool their assets. Units may be acquired in different sub-funds focused on equities, fixed income, alternative investments and emerging markets. Each sub-fund is invested in accordance with the fund’s investment objective and units are issued in relation to each sub-fund. While the sub-funds are not publicly traded, the custodian strikes a NAV either once or twice a month, depending on the sub-fund. These assets are valued using NAV as a practical expedient.
Schedule of Weighted-Average Target Asset Allocations Across Benefit Plans
The weighted-average target asset allocations across the benefit plans represented in the fair value tables above were as follows:

 
2018 Target Allocation
Asset Category
 
U.S. Defined Benefit Plans
 
Non-U.S. Defined
Benefit Plans
 
Post-Retirement
Benefit Plans
Equity-related investments
 
30.3
%
 
41.6
%
 
64.1
%
Debt securities
 
69.7
%
 
36.4
%
 
21.5
%
Real estate
 
—

 
6.1
%
 
—
%
Cash and cash equivalents
 
—

 
3.1
%
 
14.4
%
Other
 
—

 
12.8
%
 
—

Total
 
100.0
%
 
100.0
%
 
100.0
%
Schedule of Estimated Future Benefits Payments for Retirement and Post-Retirement Plans
s
As of October 31, 2018, HP estimates that the future benefits payments for the retirement and post-retirement plans are as follows:
Fiscal year
 
U.S. Defined
Benefit Plans
 
Non-U.S.
Defined
Benefit Plans
 
Post-Retirement
Benefit Plans
 
 
In millions
2019
 
$
687

 
$
42

 
$
44

2020
 
644

 
36

 
40

2021
 
664

 
42

 
37

2022
 
687

 
40

 
34

2023
 
719

 
43

 
32

Next five fiscal years to October 31, 2028
 
3,758

 
298

 
155