(Mark One) | |||||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the quarterly period ended | |||||
Or | |||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the transition period from to | |||||
Commission file number | |||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. employer identification no.) | ||||||||||
(Zip code) | |||||||||||
(Address of principal executive offices) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Page | ||||||||
Page | |||||
Three months ended July 31 | Nine months ended July 31 | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
In millions, except per share amounts | |||||||||||||||||||||||
Net revenue | $ | $ | $ | $ | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of revenue | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Restructuring and other charges | |||||||||||||||||||||||
Acquisition and divestiture charges | |||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||
Russia exit charges | |||||||||||||||||||||||
Total costs and expenses | |||||||||||||||||||||||
Earnings from operations | |||||||||||||||||||||||
Interest and other, net | ( | ( | ( | ( | |||||||||||||||||||
Earnings before taxes | |||||||||||||||||||||||
(Provision for) benefit from taxes | ( | ( | ( | ||||||||||||||||||||
Net earnings | $ | $ | $ | $ | |||||||||||||||||||
Net earnings per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted-average shares used to compute net earnings per share: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Three months ended July 31 | Nine months ended July 31 | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
In millions | |||||||||||||||||||||||
Net earnings | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss) before taxes: | |||||||||||||||||||||||
Change in unrealized components of available-for-sale debt securities: | |||||||||||||||||||||||
Unrealized gains (losses) arising during the period | ( | ( | |||||||||||||||||||||
Change in unrealized components of cash flow hedges: | |||||||||||||||||||||||
Unrealized (losses) gains arising during the period | ( | ( | |||||||||||||||||||||
Losses (gains) reclassified into earnings | ( | ( | ( | ||||||||||||||||||||
( | ( | ||||||||||||||||||||||
Change in unrealized components of defined benefit plans: | |||||||||||||||||||||||
Gains arising during the period | |||||||||||||||||||||||
Amortization of actuarial loss and prior service benefit | |||||||||||||||||||||||
Curtailments, settlements and other | ( | ( | |||||||||||||||||||||
Change in cumulative translation adjustment | ( | ( | |||||||||||||||||||||
Other comprehensive income (loss) before taxes | ( | ( | |||||||||||||||||||||
Benefit from (provision for) taxes | ( | ( | |||||||||||||||||||||
Other comprehensive income (loss), net of taxes | ( | ( | |||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
As of | |||||||||||
July 31, 2023 | October 31, 2022 | ||||||||||
In millions, except par value | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash, cash equivalents and restricted cash | $ | $ | |||||||||
Accounts receivable, net of allowance for credit losses of $ | |||||||||||
Inventory | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Goodwill | |||||||||||
Other non-current assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |||||||||||
Current liabilities: | |||||||||||
Notes payable and short-term borrowings | $ | $ | |||||||||
Accounts payable | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Other non-current liabilities | |||||||||||
Stockholders’ deficit: | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive (loss) income | ( | ||||||||||
Total stockholders’ deficit | ( | ( | |||||||||
Total liabilities and stockholders’ deficit | $ | $ |
Nine months ended July 31 | |||||||||||
2023 | 2022 | ||||||||||
In millions | |||||||||||
Cash flows from operating activities: | |||||||||||
Net earnings | $ | $ | |||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Stock-based compensation expense | |||||||||||
Restructuring and other charges | |||||||||||
Deferred taxes on earnings | ( | ||||||||||
Other, net | ( | ||||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable | |||||||||||
Inventory | ( | ||||||||||
Accounts payable | ( | ( | |||||||||
Net investment in leases | ( | ( | |||||||||
Taxes on earnings | ( | ||||||||||
Restructuring and other | ( | ( | |||||||||
Other assets and liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Investment in property, plant and equipment | ( | ( | |||||||||
Proceeds from sale of property, plant and equipment | |||||||||||
Purchases of available-for-sale securities and other investments | ( | ( | |||||||||
Maturities and sales of available-for-sale securities and other investments | |||||||||||
Collateral (posted) returned for derivative instruments | ( | ||||||||||
Payment made in connection with business acquisitions, net of cash acquired | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from (payment of) short-term borrowings with original maturities less than 90 days, net | ( | ||||||||||
Proceeds from debt, net of issuance costs | |||||||||||
Payment of debt and associated costs | ( | ( | |||||||||
Stock-based award activities and others | ( | ( | |||||||||
Repurchase of common stock | ( | ( | |||||||||
Cash dividends paid | ( | ( | |||||||||
Collateral returned for derivative instruments | ( | ||||||||||
Settlement of cash flow hedges | ( | ||||||||||
Net cash used in financing activities | ( | ( | |||||||||
(Decrease) increase in cash, cash equivalents and restricted cash | ( | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | |||||||||
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Deficit | ||||||||||||||||||||||||||||||||
Number of Shares | Par Value | Accumulated Deficit | |||||||||||||||||||||||||||||||||
In millions, except number of shares in thousands | |||||||||||||||||||||||||||||||||||
Balance at April 30, 2022 | $ | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||
Net earnings | |||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of taxes | ( | ( | |||||||||||||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with employee stock plans and other | |||||||||||||||||||||||||||||||||||
Repurchases of common stock (Note 10) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Cash dividends ($ | ( | ( | |||||||||||||||||||||||||||||||||
Stock-based compensation expense | |||||||||||||||||||||||||||||||||||
Balance at July 31, 2022 | $ | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||
Balance at April 30, 2023 | $ | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||
Net earnings | |||||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | |||||||||||||||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with employee stock plans and other | — | — | |||||||||||||||||||||||||||||||||
Cash dividends ($ | ( | ( | |||||||||||||||||||||||||||||||||
Stock-based compensation expense | |||||||||||||||||||||||||||||||||||
Balance at July 31, 2023 | $ | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Deficit | ||||||||||||||||||||||||||||||||
Number of Shares | Par Value | Accumulated Deficit | |||||||||||||||||||||||||||||||||
In millions, except number of shares in thousands | |||||||||||||||||||||||||||||||||||
Balance at October 31, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||
Net earnings | |||||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | |||||||||||||||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with employee stock plans and other | ( | ( | |||||||||||||||||||||||||||||||||
Repurchases of common stock (Note 10) | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Cash dividends ($ | ( | ( | |||||||||||||||||||||||||||||||||
Stock-based compensation expense | |||||||||||||||||||||||||||||||||||
Balance at July 31, 2022 | $ | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||
Balance at October 31, 2022 | $ | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||
Net earnings | |||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of taxes | ( | ( | |||||||||||||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with employee stock plans and other | ( | ( | |||||||||||||||||||||||||||||||||
Repurchases of common stock (Note 10) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Cash dividends ($ | ( | ( | |||||||||||||||||||||||||||||||||
Stock-based compensation expense | |||||||||||||||||||||||||||||||||||
Balance at July 31, 2023 | $ | $ | $ | ( | $ | ( | $ | ( |
Three months ended July 31 | Nine months ended July 31 | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
In millions | |||||||||||||||||||||||
Net revenue: | |||||||||||||||||||||||
Commercial PS | $ | $ | $ | $ | |||||||||||||||||||
Consumer PS | |||||||||||||||||||||||
Personal Systems | |||||||||||||||||||||||
Supplies | |||||||||||||||||||||||
Commercial Printing | |||||||||||||||||||||||
Consumer Printing | |||||||||||||||||||||||
Printing | |||||||||||||||||||||||
Corporate Investments | |||||||||||||||||||||||
Total segment net revenue | |||||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||
Total net revenue | $ | $ | $ | $ | |||||||||||||||||||
Earnings before taxes: | |||||||||||||||||||||||
Personal Systems | $ | $ | $ | $ | |||||||||||||||||||
Printing | |||||||||||||||||||||||
Corporate Investments | ( | ( | ( | ( | |||||||||||||||||||
Total segment earnings from operations | |||||||||||||||||||||||
Corporate and unallocated costs and other | ( | ( | ( | ( | |||||||||||||||||||
Stock-based compensation expense | ( | ( | ( | ( | |||||||||||||||||||
Restructuring and other charges | ( | ( | ( | ( | |||||||||||||||||||
Acquisition and divestiture charges | ( | ( | ( | ( | |||||||||||||||||||
Amortization of intangible assets | ( | ( | ( | ( | |||||||||||||||||||
Russia exit charges | ( | ( | |||||||||||||||||||||
Interest and other, net | ( | ( | ( | ( | |||||||||||||||||||
Total earnings before taxes | $ | $ | $ | $ |
Fiscal 2023 Plan | |||||||||||||||||||||||
Severance and EER | Non-labor | Other prior-year plans(1) | Total | ||||||||||||||||||||
In millions | |||||||||||||||||||||||
Accrued balance as of October 31, 2022 | $ | $ | $ | $ | |||||||||||||||||||
Charges | |||||||||||||||||||||||
Cash payments | ( | ( | ( | ( | |||||||||||||||||||
Non-cash and other adjustments | ( | (2) | ( | ( | |||||||||||||||||||
Accrued balance as of July 31, 2023 | $ | $ | $ | $ | |||||||||||||||||||
Total costs incurred to date as of July 31, 2023 | $ | $ | $ | $ | |||||||||||||||||||
Reflected in Consolidated Condensed Balance Sheets | |||||||||||||||||||||||
Other current liabilities | $ | $ | $ | $ | |||||||||||||||||||
Other non-current liabilities | $ | $ | $ | $ | |||||||||||||||||||
Accrued balance as of October 31, 2021 | $ | $ | $ | $ | |||||||||||||||||||
Charges | |||||||||||||||||||||||
Cash payments | ( | ( | |||||||||||||||||||||
Non-cash and other adjustments | ( | ( | |||||||||||||||||||||
Accrued balance as of July 31, 2022 | $ | $ | $ | $ | |||||||||||||||||||
Fiscal 2023 Plan | |||||||||||||||||||||||
Severance and EER | Non-labor | Other prior-year plans(1) | Total | ||||||||||||||||||||
In millions | |||||||||||||||||||||||
For the three months ended July 31, 2023 | $ | $ | $ | $ |
Three months ended July 31 | |||||||||||||||||||||||||||||||||||
U.S. Defined Benefit Plans | Non-U.S. Defined Benefit Plans | Post-Retirement Benefit Plans | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||
In millions | |||||||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Amortization and deferrals: | |||||||||||||||||||||||||||||||||||
Actuarial loss (gain) | ( | ( | |||||||||||||||||||||||||||||||||
Prior service cost (credit) | ( | ( | |||||||||||||||||||||||||||||||||
Net periodic benefit (credit) cost | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Settlement gain | ( | ||||||||||||||||||||||||||||||||||
Total periodic benefit (credit) cost | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||
Nine months ended July 31 | |||||||||||||||||||||||||||||||||||
U.S. Defined Benefit Plans | Non-U.S. Defined Benefit Plans | Post- Retirement Benefit Plans | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||
In millions | |||||||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Amortization and deferrals: | |||||||||||||||||||||||||||||||||||
Actuarial loss (gain) | ( | ( | |||||||||||||||||||||||||||||||||
Prior service cost (credit) | ( | ( | |||||||||||||||||||||||||||||||||
Net periodic benefit (credit) cost | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Settlement gain | ( | ||||||||||||||||||||||||||||||||||
Special termination benefit cost | |||||||||||||||||||||||||||||||||||
Total periodic benefit (credit) cost | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
As of | |||||||||||
July 31, 2023 | October 31, 2022 | ||||||||||
In millions | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash(1) | |||||||||||
$ | $ |
Nine months ended July 31, 2023 | |||||
In millions | |||||
Balance at beginning of period | $ | ||||
Benefit of allowance for credit losses | ( | ||||
Deductions, net of recoveries | ( | ||||
Balance at end of period | $ |
Three months ended July 31 | Nine months ended July 31 | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
In millions | |||||||||||||||||||||||
Balance at beginning of period(1) | $ | $ | $ | $ | |||||||||||||||||||
Trade receivables sold | |||||||||||||||||||||||
Cash receipts | ( | ( | ( | ( | |||||||||||||||||||
Foreign currency and other | ( | ( | |||||||||||||||||||||
Balance at end of period(1) | $ | $ | $ | $ |
As of | |||||||||||
July 31, 2023 | October 31, 2022 | ||||||||||
In millions | |||||||||||
Finished goods | $ | $ | |||||||||
Purchased parts and fabricated assemblies | |||||||||||
$ | $ |
As of | |||||||||||
July 31, 2023 | October 31, 2022 | ||||||||||
In millions | |||||||||||
Supplier and other receivables | |||||||||||
Prepaid and other current assets | |||||||||||
Value-added taxes receivable | |||||||||||
$ | $ |
As of | |||||||||||
July 31, 2023 | October 31, 2022 | ||||||||||
In millions | |||||||||||
Land, buildings and leasehold improvements | $ | $ | |||||||||
Machinery and equipment, including equipment held for lease | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
$ | $ |
As of | |||||||||||
July 31, 2023 | October 31, 2022 | ||||||||||
In millions | |||||||||||
Deferred tax assets | $ | $ | |||||||||
Intangible assets | |||||||||||
Prepaid pension and post-retirement benefit assets | |||||||||||
Deposits and prepaids | |||||||||||
Other | |||||||||||
$ | $ |
As of | |||||||||||
July 31, 2023 | October 31, 2022 | ||||||||||
In millions | |||||||||||
Sales and marketing programs | $ | $ | |||||||||
Deferred revenue | |||||||||||
Other accrued taxes | |||||||||||
Employee compensation and benefit | |||||||||||
Warranty | |||||||||||
Tax liability | |||||||||||
Other | |||||||||||
$ | $ |
As of | |||||||||||
July 31, 2023 | October 31, 2022 | ||||||||||
In millions | |||||||||||
Deferred revenue | $ | $ | |||||||||
Tax liability | |||||||||||
Pension, post-retirement, and post-employment liabilities | |||||||||||
Deferred tax liability | |||||||||||
Other | |||||||||||
$ | $ |
Three months ended July 31 | Nine months ended July 31 | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
In millions | |||||||||||||||||||||||
Interest expense on borrowings | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net gain on debt extinguishment | |||||||||||||||||||||||
Non-operating retirement-related credits | |||||||||||||||||||||||
Factoring costs(1) | ( | ( | |||||||||||||||||||||
Other, net | ( | ( | |||||||||||||||||||||
$ | ( | $ | ( | $ | ( | $ | ( |
Three months ended July 31 | Nine months ended July 31 | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
In millions | |||||||||||||||||||||||
Americas | $ | $ | $ | $ | |||||||||||||||||||
Europe, Middle East and Africa | |||||||||||||||||||||||
Asia-Pacific and Japan | |||||||||||||||||||||||
Total net revenue | $ | $ | $ | $ |
As of July 31, 2023 | As of October 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measured Using | Fair Value Measured Using | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||
In millions | |||||||||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Cash Equivalents: | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Government debt(1) | |||||||||||||||||||||||||||||||||||||||||||||||
Available-for-Sale Investments: | |||||||||||||||||||||||||||||||||||||||||||||||
Financial institution instruments | |||||||||||||||||||||||||||||||||||||||||||||||
Marketable securities and mutual funds | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency contracts | |||||||||||||||||||||||||||||||||||||||||||||||
Other derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Foreign currency contracts | |||||||||||||||||||||||||||||||||||||||||||||||
Other derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ | $ | $ | $ |
As of July 31, 2023 | As of October 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Cost | Gross Unrealized Gain | Gross Unrealized Loss | Fair Value | Cost | Gross Unrealized Gain | Gross Unrealized Loss | Fair Value | ||||||||||||||||||||||||||||||||||||||||
In millions | |||||||||||||||||||||||||||||||||||||||||||||||
Cash Equivalents: | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Government debt | |||||||||||||||||||||||||||||||||||||||||||||||
Total cash equivalents | |||||||||||||||||||||||||||||||||||||||||||||||
Available-for-Sale Investments: | |||||||||||||||||||||||||||||||||||||||||||||||
Financial institution instruments | |||||||||||||||||||||||||||||||||||||||||||||||
Marketable securities and mutual funds | |||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale investments | |||||||||||||||||||||||||||||||||||||||||||||||
Total cash equivalents and available-for-sale investments | $ | $ | $ | $ | $ | $ | $ | $ |
As of July 31, 2023 | |||||||||||
Amortized Cost | Fair Value | ||||||||||
In millions | |||||||||||
Due in one year | $ | $ | |||||||||
As of July 31, 2023 | As of October 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Gross Notional | Outstanding Gross Notional | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In millions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivatives | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
In the Consolidated Condensed Balance Sheets | ||||||||||||||||||||||||||||||||||||||
(i) | (ii) | (iii) = (i)–(ii) | (iv) | (v) | (vi) = (iii)–(iv)–(v) | |||||||||||||||||||||||||||||||||
Gross Amounts Not Offset | ||||||||||||||||||||||||||||||||||||||
Gross Amount Recognized | Gross Amount Offset | Net Amount Presented | Derivatives | Financial Collateral | Net Amount | |||||||||||||||||||||||||||||||||
In millions | ||||||||||||||||||||||||||||||||||||||
As of July 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Derivative assets | $ | $ | $ | $ | $ | (1) | $ | |||||||||||||||||||||||||||||||
Derivative liabilities | $ | $ | $ | $ | $ | (2) | $ | |||||||||||||||||||||||||||||||
As of October 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Derivative assets | $ | $ | $ | $ | $ | (1) | $ | |||||||||||||||||||||||||||||||
Derivative liabilities | $ | $ | $ | $ | $ | (2) | $ | ( |
Derivative Instrument | Hedged Item | Location | Year | Total amounts of income/(expense) line items in the statement of financial performance in which the effects of fair value hedges are recorded | Gain/(loss) recognized in earnings on derivative instruments | Gain/(loss) recognized in earnings on hedged item | ||||||||||||||||||||||||||||||||
In millions | ||||||||||||||||||||||||||||||||||||||
Three months ended July 31 | ||||||||||||||||||||||||||||||||||||||
Interest rate contract | Fixed-rate debt | Interest and other, net | 2023 | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
2022 | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||
Nine months ended July 31 | ||||||||||||||||||||||||||||||||||||||
Interest rate contract | Fixed-rate debt | Interest and other, net | 2023 | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||
2022 | $ | ( | $ | ( | $ |
Three months ended July 31 | Nine months ended July 31 | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
In millions | |||||||||||||||||||||||
(Loss)/gain recognized in Accumulated other comprehensive (loss) income on derivatives: | |||||||||||||||||||||||
Foreign currency contracts | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Interest rate contracts | $ | $ | $ | $ |
Total amounts of income/(expense) line items in the statement of financial performance in which the effects of cash flow hedges are recorded | Gain/(loss) reclassified from Accumulated other comprehensive (loss) income into earnings | ||||||||||||||||||||||||||||||||||||||||||||||
Three months ended July 31 | Nine months ended July 31 | Three months ended July 31 | Nine months ended July 31 | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
In millions | |||||||||||||||||||||||||||||||||||||||||||||||
Net revenue | $ | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Cost of revenue | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Other operating expenses | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Interest and other, net | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | ( | $ | $ | $ |
Gain/(loss) recognized in earnings on derivative instrument | |||||||||||||||||||||||||||||
Three months ended July 31 | Nine months ended July 31 | ||||||||||||||||||||||||||||
Location | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
In millions | |||||||||||||||||||||||||||||
Foreign currency contracts | Interest and other, net | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||
Other derivatives | Interest and other, net | ||||||||||||||||||||||||||||
Total | $ | ( | $ | $ | ( | $ |
As of July 31, 2023 | As of October 31, 2022 | ||||||||||||||||||||||
Amount Outstanding | Weighted-Average Interest Rate | Amount Outstanding | Weighted-Average Interest Rate | ||||||||||||||||||||
In millions | |||||||||||||||||||||||
Commercial Paper | $ | % | $ | % | |||||||||||||||||||
Current portion of long-term debt | % | % | |||||||||||||||||||||
Notes payable to banks, lines of credit and other | % | % | |||||||||||||||||||||
$ | $ |
As of | |||||||||||
July 31, 2023 | October 31, 2022 | ||||||||||
In millions | |||||||||||
U.S. Dollar Global Notes(1) | |||||||||||
$ | $ | $ | |||||||||
$ | |||||||||||
$ | |||||||||||
$ | |||||||||||
$ | |||||||||||
$ | |||||||||||
$ | |||||||||||
$ | |||||||||||
$ | |||||||||||
$ | |||||||||||
$ | |||||||||||
Other borrowings at | |||||||||||
Fair value adjustment related to hedged debt | ( | ( | |||||||||
Unamortized debt issuance cost | ( | ( | |||||||||
Current portion of long-term debt | ( | ( | |||||||||
Total long-term debt | $ | $ |
Three months ended July 31 | Nine months ended July 31 | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
In millions | |||||||||||||||||||||||
Tax effect on change in unrealized components of available-for-sale debt securities: | |||||||||||||||||||||||
Tax benefit (provision) on unrealized (losses) gains arising during the period | $ | $ | $ | ( | $ | ||||||||||||||||||
Tax effect on change in unrealized components of cash flow hedges: | |||||||||||||||||||||||
Tax benefit (provision) on unrealized (losses) gains arising during the period | ( | ( | |||||||||||||||||||||
Tax (benefit) provision on losses (gains) reclassified into earnings | ( | ||||||||||||||||||||||
( | ( | ||||||||||||||||||||||
Tax effect on change in unrealized components of defined benefit plans: | |||||||||||||||||||||||
Tax benefit (provision) on gains (losses) arising during the period | ( | ||||||||||||||||||||||
Tax benefit on amortization of actuarial loss and prior service benefit | ( | ( | |||||||||||||||||||||
Tax provision on curtailments, settlements and other | ( | ||||||||||||||||||||||
( | ( | ( | |||||||||||||||||||||
Tax effect on change in cumulative translation adjustment | |||||||||||||||||||||||
Tax benefit (provision) on other comprehensive income (loss) | $ | $ | ( | $ | $ | ( |
Three months ended July 31 | Nine months ended July 31 | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
In millions | |||||||||||||||||||||||
Other comprehensive income (loss), net of taxes: | |||||||||||||||||||||||
Change in unrealized components of available-for-sale debt securities: | |||||||||||||||||||||||
Unrealized gains (losses) arising during the period | $ | $ | $ | $ | ( | ||||||||||||||||||
Change in unrealized components of cash flow hedges: | |||||||||||||||||||||||
Unrealized (losses) gains arising during the period | ( | ( | |||||||||||||||||||||
Losses (gains) reclassified into earnings | ( | ( | ( | ||||||||||||||||||||
( | ( | ||||||||||||||||||||||
Change in unrealized components of defined benefit plans: | |||||||||||||||||||||||
Gains (losses) arising during the period | |||||||||||||||||||||||
Amortization of actuarial loss and prior service benefit(1) | |||||||||||||||||||||||
Curtailments, settlements and other | ( | ( | |||||||||||||||||||||
Change in cumulative translation adjustment | ( | ( | |||||||||||||||||||||
Other comprehensive income (loss), net of taxes | $ | $ | ( | $ | ( | $ |
Nine months ended July 31, 2023 | |||||||||||||||||||||||||||||
Net unrealized gains (losses) on available-for-sale debt securities | Net unrealized gains (losses) on cash flow hedges | Unrealized components of defined benefit plans | Change in cumulative translation adjustment | Accumulated other comprehensive income (loss) | |||||||||||||||||||||||||
In millions | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||
Other comprehensive gain (loss) before reclassifications | ( | ( | |||||||||||||||||||||||||||
Reclassifications of gain into earnings | ( | ( | |||||||||||||||||||||||||||
Balance at end of period | $ | $ | ( | $ | ( | $ | $ | ( |
Three months ended July 31 | Nine months ended July 31 | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
In millions, except per share amounts | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net earnings | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average shares used to compute basic net EPS | |||||||||||||||||||||||
Dilutive effect of employee stock plans | |||||||||||||||||||||||
Weighted-average shares used to compute diluted net EPS | |||||||||||||||||||||||
Net earnings per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Anti-dilutive weighted-average stock-based compensation awards(1) |
Nine months ended July 31, 2023 | |||||
In millions | |||||
Balance at beginning of period | $ | ||||
Accruals for warranties issued | |||||
Adjustments related to pre-existing warranties (including changes in estimates) | |||||
Settlements made (in cash or in kind) | ( | ||||
Balance at end of period | $ |
For the three months ended January 31, 2023 | For the three months ended January 31, 2022 | ||||||||||||||||||||||||||||||||||
As reported | Adjustment | As revised | As reported | Adjustment | As revised | ||||||||||||||||||||||||||||||
In millions, except per share amounts | |||||||||||||||||||||||||||||||||||
Net revenue | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Cost of revenue | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Research and development | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Total costs and expenses | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Earnings from operations | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Interest and other, net | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Earnings before taxes | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Provision for taxes | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Net earnings | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Basic earnings per share | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Diluted earnings per share | $ | $ | ( | $ | $ | $ | ( | $ |
For the three months ended April 30, 2023 | For the six months ended April 30, 2023 | ||||||||||||||||||||||||||||||||||
As reported | Adjustment | As revised | As reported | Adjustment | As revised | ||||||||||||||||||||||||||||||
In millions, except per share amounts | |||||||||||||||||||||||||||||||||||
Net revenue | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Cost of revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Total costs and expenses | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Earnings from operations | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Earnings before taxes | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Benefit from taxes | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Net earnings | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Basic earnings per share | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Diluted earnings per share | $ | $ | ( | $ | $ | $ | ( | $ |
For the three months ended April 30, 2022 | For the six months ended April 30, 2022 | ||||||||||||||||||||||||||||||||||
As reported | Adjustment | As revised | As reported | Adjustment | As revised | ||||||||||||||||||||||||||||||
In millions, except per share amounts | |||||||||||||||||||||||||||||||||||
Net revenue | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Cost of revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Research and development | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Restructuring and other charges | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Total costs and expenses | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Earnings from operations | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Interest and other, net | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||
Earnings before taxes | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Provision for taxes | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Net earnings | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Basic earnings per share | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Diluted earnings per share | $ | $ | ( | $ | $ | $ | ( | $ |
For the three months ended July 31, 2022 | For the nine months ended July 31, 2022 | ||||||||||||||||||||||||||||||||||
As reported | Adjustment | As revised | As reported | Adjustment | As revised | ||||||||||||||||||||||||||||||
In millions, except per share amounts | |||||||||||||||||||||||||||||||||||
Net revenue | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Research and development | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Restructuring and other charges | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Total costs and expenses | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Earnings from operations | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Earnings before taxes | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Provision for taxes | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Net earnings | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ | $ | ( | $ |
For the three months ended January 31, 2023 | For the three months ended January 31, 2022 | ||||||||||||||||||||||||||||||||||
As reported | Adjustment | As revised | As reported | Adjustment | As revised | ||||||||||||||||||||||||||||||
In millions | |||||||||||||||||||||||||||||||||||
Net earnings | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
(Losses) gains on unrealized components of defined benefit plans | $ | ( | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||
Other comprehensive (loss) income before taxes | $ | ( | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||
Benefit from (provision for) taxes | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
Other comprehensive (loss) income, net of taxes | $ | ( | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||
Comprehensive (loss) income | $ | ( | $ | $ | ( | $ | $ | ( | $ |
For the three months ended April 30, 2023 | For the six months ended April 30, 2023 | ||||||||||||||||||||||||||||||||||
As reported | Adjustment | As revised | As reported | Adjustment | As revised | ||||||||||||||||||||||||||||||
In millions | |||||||||||||||||||||||||||||||||||
Net earnings | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Gains (losses) on unrealized components of defined benefit plans | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
Other comprehensive income (loss) before taxes | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||
(Provision for) benefit from taxes | $ | ( | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||
Comprehensive income | $ | $ | ( | $ | $ | $ | ( | $ |
For the three months ended April 30, 2022 | For the six months ended April 30, 2022 | ||||||||||||||||||||||||||||||||||
As reported | Adjustment | As revised | As reported | Adjustment | As revised | ||||||||||||||||||||||||||||||
In millions | |||||||||||||||||||||||||||||||||||
Net earnings | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Gains on unrealized components of defined benefit plans | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Other comprehensive income before taxes | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Provision for taxes | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Other comprehensive income, net of taxes | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Comprehensive income | $ | $ | ( | $ | $ | $ | ( | $ |
For the three months ended July 31, 2022 | For the nine months ended July 31, 2022 | ||||||||||||||||||||||||||||||||||
As reported | Adjustment | As revised | As reported | Adjustment | As revised | ||||||||||||||||||||||||||||||
In millions | |||||||||||||||||||||||||||||||||||
Net earnings | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Gains on unrealized components of defined benefit plans | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Other comprehensive (loss) income before taxes | $ | ( | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||
Provision for taxes | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Other comprehensive (loss) income, net of taxes | $ | ( | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ | $ | ( | $ |
For the fiscal years ended October 31 | |||||||||||||||||
2022 | |||||||||||||||||
As reported | Adjustment | As revised | |||||||||||||||
In millions | |||||||||||||||||
Inventory | $ | $ | $ | ||||||||||||||
Other current assets | $ | $ | ( | $ | |||||||||||||
Total current assets | $ | $ | ( | $ | |||||||||||||
Other non-current assets | $ | $ | ( | $ | |||||||||||||
Total assets | $ | $ | ( | $ | |||||||||||||
Accounts payable | $ | $ | $ | ||||||||||||||
Other current liabilities | $ | $ | $ | ||||||||||||||
Total current liabilities | $ | $ | $ | ||||||||||||||
Other non-current liabilities | $ | $ | ( | $ | |||||||||||||
Accumulated deficit | $ | ( | $ | ( | $ | ( | |||||||||||
Accumulated other comprehensive income | $ | $ | ( | $ | |||||||||||||
Total stockholders’ deficit | $ | ( | $ | ( | $ | ( | |||||||||||
Total liabilities and stockholders’ deficit | $ | $ | ( | $ |
For the three months ended January 31, 2023 | For the three months ended January 31, 2022 | ||||||||||||||||||||||||||||||||||
As reported | Adjustment | As revised | As reported | Adjustment | As revised | ||||||||||||||||||||||||||||||
In millions | |||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||
Net earnings | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Deferred taxes on earnings | $ | ( | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||
Accounts receivable | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Inventory | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||
Accounts payable | $ | ( | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||
Taxes on earnings | $ | $ | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||
Other assets and liabilities | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | ( | $ | $ | ( | $ | $ | $ |
For the six months ended April 30, 2023 | For the six months ended April 30, 2022 | ||||||||||||||||||||||||||||||||||
As reported | Adjustment | As revised | As reported | Adjustment | As revised | ||||||||||||||||||||||||||||||
In millions | |||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||
Net earnings | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Restructuring and other charges | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Deferred taxes on earnings | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||
Accounts receivable | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Inventory | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||
Accounts payable | $ | ( | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||
Taxes on earnings | $ | $ | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||
Other assets and liabilities | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Net cash provided by operating activities | $ | $ | $ | $ | $ | $ |
For the nine months ended July 31, 2022 | |||||||||||||||||
As reported | Adjustment | As revised | |||||||||||||||
In millions | |||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net earnings | $ | $ | ( | $ | |||||||||||||
Restructuring and other charges | $ | $ | ( | $ | |||||||||||||
Deferred taxes on earnings | $ | $ | $ | ||||||||||||||
Accounts receivable | $ | $ | $ | ||||||||||||||
Taxes on earnings | $ | ( | $ | ( | $ | ( | |||||||||||
Other assets and liabilities | $ | ( | $ | $ | ( | ||||||||||||
Net cash provided by operating activities | $ | $ | $ |
Three months ended July 31 | Nine months ended July 31 | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Dollars | % of Net Revenue | Dollars | % of Net Revenue | Dollars | % of Net Revenue | Dollars | % of Net Revenue | ||||||||||||||||||||||||||||||||||||||||
Dollars in millions | |||||||||||||||||||||||||||||||||||||||||||||||
Net revenue | $ | 13,196 | 100.0 | % | $ | 14,648 | 100.0 | % | $ | 39,901 | 100.0 | % | $ | 48,136 | 100.0 | % | |||||||||||||||||||||||||||||||
Cost of revenue | 10,374 | 78.6 | % | 11,764 | 80.3 | % | 31,378 | 78.6 | % | 38,564 | 80.1 | % | |||||||||||||||||||||||||||||||||||
Gross profit | 2,822 | 21.4 | % | 2,884 | 19.7 | % | 8,523 | 21.4 | % | 9,572 | 19.9 | % | |||||||||||||||||||||||||||||||||||
Research and development | 354 | 2.7 | % | 368 | 2.5 | % | 1,167 | 2.9 | % | 1,271 | 2.6 | % | |||||||||||||||||||||||||||||||||||
Selling, general and administrative | 1,302 | 9.9 | % | 1,143 | 7.8 | % | 4,031 | 10.2 | % | 4,075 | 8.5 | % | |||||||||||||||||||||||||||||||||||
Restructuring and other charges | 75 | 0.5 | % | 13 | 0.1 | % | 416 | 1.0 | % | 148 | 0.4 | % | |||||||||||||||||||||||||||||||||||
Acquisition and divestiture charges | 48 | 0.4 | % | 31 | 0.2 | % | 205 | 0.5 | % | 83 | 0.2 | % | |||||||||||||||||||||||||||||||||||
Amortization of intangible assets | 91 | 0.7 | % | 50 | 0.3 | % | 262 | 0.7 | % | 154 | 0.3 | % | |||||||||||||||||||||||||||||||||||
Russia exit charges | — | — | % | 23 | 0.2 | % | — | — | % | 23 | — | % | |||||||||||||||||||||||||||||||||||
Earnings from operations | 952 | 7.2 | % | 1,256 | 8.6 | % | 2,442 | 6.1 | % | 3,818 | 7.9 | % | |||||||||||||||||||||||||||||||||||
Interest and other, net | (16) | (0.1) | % | (70) | (0.5) | % | (357) | (0.9) | % | (141) | (0.3) | % | |||||||||||||||||||||||||||||||||||
Earnings before taxes | 936 | 7.1 | % | 1,186 | 8.1 | % | 2,085 | 5.2 | % | 3,677 | 7.6 | % | |||||||||||||||||||||||||||||||||||
(Provision for) benefit from taxes | (170) | (1.3) | % | (64) | (0.4) | % | 204 | 0.5 | % | (522) | (1.0) | % | |||||||||||||||||||||||||||||||||||
Net earnings | $ | 766 | 5.8 | % | $ | 1,122 | 7.7 | % | $ | 2,289 | 5.7 | % | $ | 3,155 | 6.6 | % |
Three months ended July 31 | Nine months ended July 31 | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||
Dollars in millions | |||||||||||||||||||||||||||||||||||
Net revenue | $ | 8,932 | $ | 10,073 | (11.3) | % | $ | 26,286 | $ | 33,771 | (22.2) | % | |||||||||||||||||||||||
Earnings from operations | $ | 592 | $ | 673 | (12.0) | % | $ | 1,498 | $ | 2,331 | (35.7) | % | |||||||||||||||||||||||
Earnings from operations as a % of net revenue | 6.6 | % | 6.7 | % | 5.7 | % | 6.9 | % |
Three months ended July 31 | Nine months ended July 31 | ||||||||||||||||||||||||||||||||||
Net Revenue | Weighted Net Revenue Change(1) | Net Revenue | Weighted Net Revenue Change(1) | ||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
Dollars in millions | Percentage Points | Dollars in millions | Percentage Points | ||||||||||||||||||||||||||||||||
Commercial PS | $ | 6,201 | $ | 6,956 | (7.5) | $ | 18,499 | $ | 22,600 | (12.2) | |||||||||||||||||||||||||
Consumer PS | 2,731 | 3,117 | (3.8) | 7,787 | 11,171 | (10.0) | |||||||||||||||||||||||||||||
Total Personal Systems | $ | 8,932 | $ | 10,073 | (11.3) | $ | 26,286 | $ | 33,771 | (22.2) |
Three months ended July 31 | Nine months ended July 31 | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||
Dollars in millions | |||||||||||||||||||||||||||||||||||
Net revenue | $ | 4,263 | $ | 4,575 | (6.8) | % | $ | 13,611 | $ | 14,369 | (5.3) | % | |||||||||||||||||||||||
Earnings from operations | $ | 794 | $ | 904 | (12.2) | % | $ | 2,563 | $ | 2,725 | (5.9) | % | |||||||||||||||||||||||
Earnings from operations as a % of net revenue | 18.6 | % | 19.8 | % | 18.8 | % | 19.0 | % |
Three Months Ended July 31 | Nine months ended July 31 | ||||||||||||||||||||||||||||||||||
Net Revenue | Weighted Net Revenue Change(1) | Net Revenue | Weighted Net Revenue Change(1) | ||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
Dollars in millions | Percentage Points | Dollars in millions | Percentage Points | ||||||||||||||||||||||||||||||||
Supplies | $ | 2,768 | $ | 2,814 | (1.0) | $ | 8,631 | $ | 9,013 | (2.7) | |||||||||||||||||||||||||
Commercial | 974 | 1,036 | (1.3) | 3,119 | 3,117 | — | |||||||||||||||||||||||||||||
Consumer | 521 | 725 | (4.5) | 1,861 | 2,239 | (2.6) | |||||||||||||||||||||||||||||
Total Printing | $ | 4,263 | $ | 4,575 | (6.8) | $ | 13,611 | $ | 14,369 | (5.3) |
As of | |||||||||||
July 31, 2023 | October 31, 2022 | ||||||||||
In millions | |||||||||||
Cash and cash equivalents | $ | 1,673 | $ | 3,145 | |||||||
Restricted cash | $ | 45 | $ | — | |||||||
Total debt | $ | 9,679 | $ | 11,014 |
Nine months ended July 31 | |||||||||||
2023 | 2022 | ||||||||||
In millions | |||||||||||
Net cash provided by operating activities | $ | 1,596 | $ | 2,559 | |||||||
Net cash used in investing activities | (570) | (673) | |||||||||
Net cash used in financing activities | (2,453) | (799) | |||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | $ | (1,427) | $ | 1,087 |
As of | As of | ||||||||||||||||||||||||||||||||||||||||
July 31, 2023 | October 31, 2022 | Change | July 31, 2022 | October 31, 2021 | Change | Y/Y Change | |||||||||||||||||||||||||||||||||||
Days of sales outstanding in accounts receivable (“DSO”) | 30 | 28 | 2 | 27 | 30 | (3) | 3 | ||||||||||||||||||||||||||||||||||
Days of supply in inventory (“DOS”) | 62 | 57 | 5 | 63 | 53 | 10 | (1) | ||||||||||||||||||||||||||||||||||
Days of purchases outstanding in accounts payable (“DPO”) | (123) | (114) | (9) | (119) | (108) | (11) | (4) | ||||||||||||||||||||||||||||||||||
Cash conversion cycle | (31) | (29) | (2) | (29) | (25) | (4) | (2) |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased under the Plans or Programs | |||||||||||||||||||
In thousands, except per share amounts | |||||||||||||||||||||||
May 2023 | — | $ | — | — | 2,034,564 | ||||||||||||||||||
June 2023 | — | $ | — | — | 2,034,564 | ||||||||||||||||||
July 2023 | — | $ | — | — | 2,034,564 | ||||||||||||||||||
Total | — | — |
Exhibit Number | Incorporated by Reference | |||||||||||||||||||||||||||||||
Exhibit Description | Form | File No. | Exhibit(s) | Filing Date | ||||||||||||||||||||||||||||
2(a) | 8-K | 001-04423 | 2.1 | November 5, 2015 | ||||||||||||||||||||||||||||
2(b) | 8-K | 001-04423 | 2.2 | November 5, 2015 | ||||||||||||||||||||||||||||
2(c) | 8-K | 001-04423 | 2.4 | November 5, 2015 | ||||||||||||||||||||||||||||
3(a) | 10-Q | 001-04423 | 3(a) | June 12, 1998 | ||||||||||||||||||||||||||||
3(b) | 10-Q | 001-04423 | 3(b) | March 16, 2001 |
Exhibit Number | Incorporated by Reference | |||||||||||||||||||||||||||||||
Exhibit Description | Form | File No. | Exhibit(s) | Filing Date | ||||||||||||||||||||||||||||
3(c) | 8-K | 001-04423 | 3.2 | October 22, 2015 | ||||||||||||||||||||||||||||
3(d) | 8-K | 001-04423 | 3.1 | April 7, 2016 | ||||||||||||||||||||||||||||
3(e) | 8-K | 001-04423 | 3.1 | June 23, 2023 | ||||||||||||||||||||||||||||
3(f) | 8-K | 001-04423 | 3.1 | February 20, 2020 | ||||||||||||||||||||||||||||
4(a) | S-3 | 333-215116 | 4.1 | December 15, 2016 | ||||||||||||||||||||||||||||
4(b) | S-3 | 333-215116 | 4.2 | December 15, 2016 | ||||||||||||||||||||||||||||
4(c) | Form of Registrant’s 4.375% Global Note due September 15, 2021 and 6.000% Global Note due September 15, 2041 and form of related Officers’ Certificate. | 8-K | 001-04423 | September 19, 2011 | ||||||||||||||||||||||||||||
4(d) | Form of Registrant’s 4.650% Global Note due December 9, 2021 and related Officers’ Certificate. | 8-K | 001-04423 | December 12, 2011 | ||||||||||||||||||||||||||||
4(e) | Form of Registrant’s 4.050% Global Note due September 15, 2022 and related Officers’ Certificate. | 8-K | 001-04423 | March 12, 2012 | ||||||||||||||||||||||||||||
4(f) | 8-A/A | 001-04423 | 4.1 | June 23, 2006 | ||||||||||||||||||||||||||||
4(g) | 10-Q | 001-04423 | 4(j) | June 5, 2018 | ||||||||||||||||||||||||||||
4(h) | 10-K | 001-04423 | 4(j) | December 12, 2019 | ||||||||||||||||||||||||||||
4(i) | 8-K | 001-04423 | 4.1 | June 17, 2020 | ||||||||||||||||||||||||||||
4(j) | Form of 2.200% notes due 2025 and related Officers’ Certificate. | 8-K | 001-04423 | June 17, 2020 | ||||||||||||||||||||||||||||
4(k) | Form of 3.000% notes due 2027 and related Officers’ Certificate. | 8-K | 001-04423 | June 17, 2020 | ||||||||||||||||||||||||||||
4(l) | Form of 3.400% notes due 2030 and related Officers’ Certificate. | 8-K | 001-04423 | June 17, 2020 | ||||||||||||||||||||||||||||
4(m) | 8-K | 001-04423 | 4.2 | June 21, 2021 | ||||||||||||||||||||||||||||
4(n) | 8-K | 001-04423 | 4.3 | June 21, 2021 | ||||||||||||||||||||||||||||
4(o) | Form of 4.000% notes due 2029 and related Officers’ Certificate. | 8-K | 001-04423 | March 31, 2022 | ||||||||||||||||||||||||||||
4(p) | Form of 4.200% notes due 2032 and related Officers’ Certificate. | 8-K | 001-04423 | March 31, 2022 | ||||||||||||||||||||||||||||
4(q) | Form of 4.750% notes due 2028 and related Officers’ Certificate. | 8-K | 001-04423 | June 21, 2022 | ||||||||||||||||||||||||||||
4(r) | Form of 5.500% notes due 2033 and related Officers’ Certificate. | 8-K | 001-04423 | June 21, 2022 | ||||||||||||||||||||||||||||
4(s) | 8-K | 001-04423 | 4.2 | September 7, 2022 |
Exhibit Number | Incorporated by Reference | |||||||||||||||||||||||||||||||
Exhibit Description | Form | File No. | Exhibit(s) | Filing Date | ||||||||||||||||||||||||||||
10(a) | S-8 | 333-114253 | 4.1 | April 7, 2004 | ||||||||||||||||||||||||||||
10(b) | 8-K | 001-04423 | 10.2 | September 21, 2006 | ||||||||||||||||||||||||||||
10(c) | 8-K | 001-04423 | 99.3 | November 23, 2005 | ||||||||||||||||||||||||||||
10(d) | 8-K | 001-04423 | 10.2 | January 24, 2008 | ||||||||||||||||||||||||||||
10(e) | 10-Q | 001-04423 | 10(o)(o) | March 10, 2008 | ||||||||||||||||||||||||||||
10(f) | 10-Q | 001-04423 | 10(p)(p) | March 10, 2008 | ||||||||||||||||||||||||||||
10(g) | 10-Q | 001-04423 | 10(u)(u) | June 6, 2008 | ||||||||||||||||||||||||||||
10(h) | 10-Q | 001-04423 | 10(b)(b)(b) | March 10, 2009 | ||||||||||||||||||||||||||||
10(i) | 10-K | 001-04423 | 10(i)(i)(i) | December 15, 2010 | ||||||||||||||||||||||||||||
10(j) | 10-K | 001-04423 | 10(j)(j)(j) | December 15, 2010 | ||||||||||||||||||||||||||||
10(k) | 10-K | 001-04423 | 10(k)(k)(k) | December 15, 2010 | ||||||||||||||||||||||||||||
10(1) | 8-K | 001-04423 | 10.2 | March 21, 2013 | ||||||||||||||||||||||||||||
10(m) | 10-Q | 001-04423 | 10(v)(v) | March 11, 2014 | ||||||||||||||||||||||||||||
10(n) | 10-Q | 001-04423 | 10(w)(w) | March 11, 2014 | ||||||||||||||||||||||||||||
10(o) | 10-Q | 001-04423 | 10(x)(x) | March 11, 2014 | ||||||||||||||||||||||||||||
10(p) | 10-Q | 001-04423 | 10(a)(a)(a) | March 11, 2014 | ||||||||||||||||||||||||||||
10(q) | 10-Q | 001-04423 | 10(b)(b)(b) | March 11, 2014 | ||||||||||||||||||||||||||||
10(r) | 10-Q | 001-04423 | 10(e)(e)(e) | March 11, 2015 | ||||||||||||||||||||||||||||
10(s) | 10-Q | 001-04423 | 10(f)(f)(f) | March 11, 2015 | ||||||||||||||||||||||||||||
10(t) | 10-Q | 001-04423 | 10(i)(i)(i) | March 11, 2015 | ||||||||||||||||||||||||||||
10(u) | 10-K | 001-04423 | 10(e)(e)(e) | December 16, 2015 | ||||||||||||||||||||||||||||
10(v) | 10-K | 001-04423 | 10(f)(f)(f) | December 16, 2015 | ||||||||||||||||||||||||||||
10(w) | 10-K | 001-04423 | 10(g)(g)(g) | December 16, 2015 |
Exhibit Number | Incorporated by Reference | |||||||||||||||||||||||||||||||
Exhibit Description | Form | File No. | Exhibit(s) | Filing Date | ||||||||||||||||||||||||||||
10(x) | 10-K/A | 001-04423 | 10(n)(n) | December 15, 2017 | ||||||||||||||||||||||||||||
10(y) | 10-Q | 001-04423 | 10(p)(p) | March 5, 2020 | ||||||||||||||||||||||||||||
10(z) | 10-Q | 001-04423 | 10(p)(p) | March 3, 2016 | ||||||||||||||||||||||||||||
10(a)(a) | 10-Q | 001-04423 | 10(w)(w) | March 2, 2017 | ||||||||||||||||||||||||||||
10(b)(b) | 10-Q | 001-04423 | 10(x)(x) | March 2, 2017 | ||||||||||||||||||||||||||||
10(c)(c) | 10-Q | 001-04423 | 10(y)(y) | March 2, 2017 | ||||||||||||||||||||||||||||
10(d)(d) | 10-Q | 001-04423 | 10(b)(b)(b) | March 1, 2018 | ||||||||||||||||||||||||||||
10(e)(e) | 10-Q | 001-04423 | 10(c)(c)(c) | March 1, 2018 | ||||||||||||||||||||||||||||
10(f)(f) | 10-Q | 001-04423 | 10(e)(e)(e) | March 1, 2018 | ||||||||||||||||||||||||||||
10(g)(g) | 10-Q | 001-04423 | 10(f)(f)(f) | March 1, 2018 | ||||||||||||||||||||||||||||
10(h)(h) | 10-K | 001-04423 | 10(g)(g)(g) | December 13, 2018 | ||||||||||||||||||||||||||||
10(i)(i) | 10-K | 001-04423 | 10(h)(h)(h) | December 13, 2018 | ||||||||||||||||||||||||||||
10(j)(j) | 10-Q | 001-04423 | 10(j)(j)(j) | March 5, 2019 | ||||||||||||||||||||||||||||
10(k)(k) | 10-Q | 001-04423 | 10(k)(k)(k) | March 5, 2019 | ||||||||||||||||||||||||||||
10(l)(l) | 10-Q | 001-04423 | 10(l)(l)(l) | August 29, 2019 | ||||||||||||||||||||||||||||
10(m)(m) | 10-K | 001-04423 | 10(m)(m)(m) | December 12, 2019 | ||||||||||||||||||||||||||||
10(n)(n) | 10-K | 001-04423 | 10(n)(n)(n) | December 12, 2019 | ||||||||||||||||||||||||||||
Exhibit Number | Incorporated by Reference | |||||||||||||||||||||||||||||||
Exhibit Description | Form | File No. | Exhibit(s) | Filing Date | ||||||||||||||||||||||||||||
10(o)(o) | 10-Q | 001-04423 | 10(m)(m)(m) | March 5, 2020 | ||||||||||||||||||||||||||||
10(p)(p) | 10-Q | 001-04423 | 10(n)(n)(n) | March 5, 2020 | ||||||||||||||||||||||||||||
10(q)(q) | 10-Q | 001-04423 | 10(o)(o)(o) | March 5, 2020 | ||||||||||||||||||||||||||||
10(r)(r) | 10-Q | 001-04423 | 10(p)(p)(p) | March 5, 2020 | ||||||||||||||||||||||||||||
10(s)(s) | 10-Q | 001-04423 | 10(q)(q)(q) | March 5, 2020 | ||||||||||||||||||||||||||||
10(t)(t) | 10-Q | 001-04423 | 10(r)(r)(r) | June 5, 2020 | ||||||||||||||||||||||||||||
10(u)(u) | 10-Q | 001-04423 | 10(s)(s)(s) | June 5, 2020 | ||||||||||||||||||||||||||||
10(v)(v) | 10-Q | 001-04423 | 10(t)(t)(t) | June 5, 2020 | ||||||||||||||||||||||||||||
10(w)(w) | 10-K | 001-04423 | 10(x)(x)(x) | December 10, 2020 | ||||||||||||||||||||||||||||
10(x)(x) | 10-K | 001-04423 | 10(y)(y)(y) | December 10, 2020 | ||||||||||||||||||||||||||||
10(y)(y) | 10-Q | 001-04423 | 10(x)(x)(x) | March 5, 2021 | ||||||||||||||||||||||||||||
10(z)(z) | 10-Q | 001-04423 | 10(y)(y)(y) | March 5, 2021 | ||||||||||||||||||||||||||||
10(a)(a)(a) | 10-Q | 001-04423 | 10(z)(z)(z) | March 5, 2021 | ||||||||||||||||||||||||||||
10(b)(b)(b) | 10-Q | 001-04423 | 10(a)(a)(a)(a) | March 5, 2021 | ||||||||||||||||||||||||||||
10(c)(c)(c) | 10-Q | 001-04423 | 10(b)(b)(b)(b) | March 5, 2021 | ||||||||||||||||||||||||||||
10(d)(d)(d) | 10-Q | 001-04423 | 10(c)(c)(c)(c) | March 5, 2021 | ||||||||||||||||||||||||||||
10(e)(e)(e) | 10-Q | 001-04423 | 10(d)(d)(d)(d) | March 5, 2021 | ||||||||||||||||||||||||||||
10(f)(f)(f) | 10-Q | 001-04423 | 10(e)(e)(e)(e) | March 5, 2021 |
Exhibit Number | Incorporated by Reference | |||||||||||||||||||||||||||||||
Exhibit Description | Form | File No. | Exhibit(s) | Filing Date | ||||||||||||||||||||||||||||
10(g)(g)(g) | 10-Q | 001-04423 | 10(f)(f)(f)(f) | March 5, 2021 | ||||||||||||||||||||||||||||
10(h)(h)(h) | 8-K | 001-04423 | 10.1 | June 1, 2021 | ||||||||||||||||||||||||||||
10(i)(i)(i) | 10-Q | 001-04423 | 10(j)(j)(j) | September 3, 2021 | ||||||||||||||||||||||||||||
10(j)(j)(j) | 10-Q | 001-04423 | 10(j)(j)(j) | March 7, 2022 | ||||||||||||||||||||||||||||
10(k)(k)(k) | 10-Q | 001-04423 | 10(k)(k)(k) | March 7, 2022 | ||||||||||||||||||||||||||||
10(l)(l)(l) | 10-Q | 001-04423 | 10(l)(l)(l) | March 7, 2022 | ||||||||||||||||||||||||||||
10(m)(m)(m) | 10-Q | 001-04423 | 10(m)(m)(m) | March 7, 2022 | ||||||||||||||||||||||||||||
10(n)(n)(n) | 10-Q | 001-04423 | 10(n)(n)(n) | March 7, 2022 | ||||||||||||||||||||||||||||
10(o)(o)(o) | 10-Q | 001-04423 | 10(o)(o)(o) | March 7, 2022 | ||||||||||||||||||||||||||||
10(p)(p)(p) | 8-K | 001-04423 | 10.1 | April 22, 2022 | ||||||||||||||||||||||||||||
10(q)(q)(q) | 8-K | 001-04423 | 10.1 | August 26, 2022 | ||||||||||||||||||||||||||||
10(r)(r)(r) | S-8 | 333-267151 | 4.4 | August 29, 2022 | ||||||||||||||||||||||||||||
10(s)(s)(s) | S-8 | 333-267151 | 4.5 | August 29, 2022 | ||||||||||||||||||||||||||||
10(t)(t)(t) | 10-K | 001-04423 | 10(t)(t)(t) | December 6, 2022 | ||||||||||||||||||||||||||||
10(u)(u)(u) | 10-Q | 001-04423 | 10(u)(u)(u) | March 1, 2023 | ||||||||||||||||||||||||||||
10(v)(v)(v) | 10-Q | 001-04423 | 10(v)(v)(v) | March 1, 2023 | ||||||||||||||||||||||||||||
10(w)(w)(w) | 10-Q | 001-04423 | 10(w)(w)(w) | March 1, 2023 | ||||||||||||||||||||||||||||
10(x)(x)(x) | 10-Q | 001-04423 | 10(x)(x)(x) | March 1, 2023 | ||||||||||||||||||||||||||||
10(y)(y)(y) | 10-Q | 001-04423 | 10(y)(y)(y) | March 1, 2023 | ||||||||||||||||||||||||||||
10(z)(z)(z) | 10-Q | 001-04423 | 10(z)(z)(z) | March 1, 2023 |
10(a)(a)(a)(a) | 10-Q | 001-04423 | 10(a)(a)(a)(a) | March 1, 2023 | ||||||||||||||||||||||||||||
10(b)(b)(b)(b) | 10-Q | 001-04423 | 10(b)(b)(b)(b) | March 1, 2023 | ||||||||||||||||||||||||||||
10(c)(c)(c)(c) | 10-Q | 001-04423 | 10(c)(c)(c)(c) | March 1, 2023 | ||||||||||||||||||||||||||||
10(d)(d)(d)(d) | 10-Q | 001-04423 | 10(d)(d)(d)(d) | May 31, 2023 | ||||||||||||||||||||||||||||
10(e)(e)(e)(e) | 10-Q | 001-04423 | 10(e)(e)(e)(e) | May 31, 2023 | ||||||||||||||||||||||||||||
31.1 | ||||||||||||||||||||||||||||||||
31.2 | ||||||||||||||||||||||||||||||||
32 | ||||||||||||||||||||||||||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.† | |||||||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document.† | |||||||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document.† | |||||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document.† | |||||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document.† | |||||||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document.† | |||||||||||||||||||||||||||||||
104 | The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2023, formatted in Inline XBRL (included within the Exhibit 101 attachments).† |
HP INC. | |||||
/s/ MARIE MYERS | |||||
Marie Myers Chief Financial Officer (Principal Financial Officer and Authorized Signatory) |
/s/ ENRIQUE LORES | ||||||||
Enrique Lores President and Chief Executive Officer |
/s/ MARIE MYERS | ||||||||
Marie Myers Chief Financial Officer (Principal Financial Officer) |
/s/ ENRIQUE LORES | ||||||||||||||
By: | Enrique Lores President and Chief Executive Officer |
/s/ MARIE MYERS | ||||||||||||||
By: | Marie Myers Chief Financial Officer |
Consolidated Condensed Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2023 |
Jul. 31, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
|
Income Statement [Abstract] | ||||
Net revenue | $ 13,196 | $ 14,648 | $ 39,901 | $ 48,136 |
Costs and expenses: | ||||
Cost of revenue | 10,374 | 11,764 | 31,378 | 38,564 |
Research and development | 354 | 368 | 1,167 | 1,271 |
Selling, general and administrative | 1,302 | 1,143 | 4,031 | 4,075 |
Restructuring and other charges | 75 | 13 | 416 | 148 |
Acquisition and divestiture charges | 48 | 31 | 205 | 83 |
Amortization of intangible assets | 91 | 50 | 262 | 154 |
Russia exit charges | 0 | 23 | 0 | 23 |
Total costs and expenses | 12,244 | 13,392 | 37,459 | 44,318 |
Earnings from operations | 952 | 1,256 | 2,442 | 3,818 |
Interest and other, net | (16) | (70) | (357) | (141) |
Earnings before taxes | 936 | 1,186 | 2,085 | 3,677 |
(Provision for) benefit from taxes | (170) | (64) | 204 | (522) |
Net earnings | $ 766 | $ 1,122 | $ 2,289 | $ 3,155 |
Net earnings per share: | ||||
Basic earnings (usd per share) | $ 0.77 | $ 1.10 | $ 2.31 | $ 3.00 |
Diluted earnings (usd per share) | $ 0.76 | $ 1.08 | $ 2.29 | $ 2.97 |
Weighted-average shares used to compute net earnings per share: | ||||
Basic (in shares) | 993,000 | 1,024,000 | 991,000 | 1,052,000 |
Diluted (in shares) | 1,002,000 | 1,035,000 | 999,000 | 1,064,000 |
Consolidated Condensed Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions |
Jul. 31, 2023 |
Oct. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for credit loss | $ 91 | $ 107 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 9,600,000,000 | 9,600,000,000 |
Common stock, shares issued (in shares) | 988,000,000 | 980,000,000 |
Common stock, shares outstanding (in shares) | 988,000,000 | 980,000,000 |
Consolidated Condensed Statements of Stockholders’ Deficit (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2023 |
Jul. 31, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
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Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends per share (usd per share) | $ 0.52 | $ 0.50 | $ 1.05 | $ 1.00 |
Basis of Presentation |
9 Months Ended |
---|---|
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Basis of Presentation The accompanying Consolidated Condensed Financial Statements of HP and its wholly-owned subsidiaries are prepared in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The interim financial information is unaudited but reflects all normal adjustments that are necessary to provide a fair statement of results for the interim periods presented. This interim information should be read in conjunction with the Consolidated Financial Statements for the fiscal year ended October 31, 2022 in HP’s Annual Report on Form 10-K, filed on December 6, 2022. The Consolidated Condensed Balance Sheet for October 31, 2022 was derived from audited financial statements. Principles of Consolidation The Consolidated Condensed Financial Statements include the accounts of HP and its subsidiaries and affiliates in which HP has a controlling financial interest or is the primary beneficiary. All intercompany balances and transactions have been eliminated. Revision of Prior Period Financial Statements In connection with the preparation of HP’s Consolidated Condensed Financial Statements for the three and nine months ended July 31, 2023, the Company identified an accounting error related to a revenue contract in the Personal Systems segment. HP has revised its prior period financial statements to correct this error, as well as other immaterial errors, which impacted the last quarter and annual period of fiscal year 2020 and all the subsequent periods through the second quarter of fiscal year 2023. The Company evaluated the error and determined that the related impacts were not material to its financial statements for the annual periods when they occurred, but that correcting the error would be material to the Company’s results of operations for the three and nine months ended July 31, 2023. The Company has corrected these errors in the Consolidated Condensed Financial Statements for all prior periods presented herein. Revisions to the Company’s previously reported disclosures have been reflected in Note 2, “Segment Information”; Note 3, “Restructuring and Other Charges”; Note 5, “Taxes on Earnings”; Note 6, “Supplementary Financial Information”; Note 10, “Stockholders’ Deficit”; and Note 11, “Net Earnings Per Share”. A summary of the revisions to the Company’s previously reported financial statements is provided in Note 14, “Revision of Prior Period Financial Statements”. Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in HP’s Consolidated Condensed Financial Statements and accompanying notes. Actual results may differ materially from those estimates. As of July 31, 2023, the extent to which the current macroeconomic factors will impact our business going forward depends on numerous dynamic factors which we cannot reliably predict. As a result, many of our estimates and assumptions required increased judgment and may carry a higher degree of variability and volatility. As the events continue to evolve with respect to the ongoing macroeconomic factors, our estimates may materially change in future periods. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2021, the FASB issued guidance that enhances the transparency of government assistance by requiring annual disclosure of the types of assistance received, an entity’s accounting for the assistance, and the effect of the assistance on the entity’s financial statements. HP is required to adopt the guidance for its annual period ending on October 31, 2023. Early adoption is permitted. HP is currently evaluating the impact of this guidance on its disclosures. In September 2022, the FASB issued guidance that enhances the transparency about the use of supplier finance programs. Under the new guidance, companies that use a supplier finance program in connection with the purchase of goods or services will be required to disclose information about the program to allow users of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. HP is required to adopt the guidance in the first quarter of fiscal year 2024, except for the amendment on roll forward information which is effective one year later. Early adoption is permitted. HP is currently evaluating the impact of this guidance on its disclosures.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information HP is a leading global provider of personal computing and other access devices, imaging and printing products, and related technologies, solutions and services. HP sells to individual consumers, small- and medium-sized businesses (“SMBs”) and large enterprises, including customers in the government, health and education sectors. HP goes to market through its extensive channel network and direct sales. HP’s operations are organized into three reportable segments: Personal Systems, Printing, and Corporate Investments. HP’s organizational structure is based on many factors that the chief operating decision maker (“CODM”) uses to evaluate, view and run the business operations, which include, but are not limited to, customer base and homogeneity of products and technology. The segments are based on this organizational structure and information reviewed by HP’s CODM to evaluate segment results. The CODM uses several metrics to evaluate the performance of the overall business, including earnings from operations, and uses these results to allocate resources to each of the segments. A summary description of each segment is as follows: Personal Systems offers commercial and consumer customers desktops and notebooks, workstations, thin clients, commercial mobility devices, retail point-of-sale (“POS”) systems, displays, hybrid systems (includes video conferencing solutions, cameras, headsets, voice, and related software capabilities including all products and solutions acquired from Poly), software, support and services. HP groups commercial notebooks, commercial desktops, commercial services, commercial mobility devices, commercial detachables and convertibles, workstations, retail POS systems and thin clients into commercial (“Commercial PS”), and consumer notebooks, consumer desktops, consumer services and consumer detachables into consumer (“Consumer PS”) when describing performance in these markets. Commercial and Consumer services include support and deployment, configurations and extended warranty services. Personal Systems groups its global business capabilities into the following business units when reporting business performance: •Commercial PS consist of endpoint computing devices and hybrid systems, for use by enterprise, public sector (which includes education), and SMB customers, with a focus on robust designs, security, serviceability, connectivity, reliability and manageability in the customer’s environment. Additionally, HP offers a range of services and solutions to enterprise, public sector (which includes education), and SMB customers to help them manage the lifecycle of their personal computers (“PCs”) and mobility installed base. •Consumer PS consist of devices, accessories and services which are optimized for consumer usage, focusing on gaming, learning and working remotely, consuming multi-media for entertainment, managing personal life activities, staying connected, sharing information, getting things done for work including creating content and staying informed and secure. Printing provides consumer and commercial printer hardware, supplies, services and solutions. Printing is also focused on imaging solutions in the commercial and industrial markets. Described below are HP’s global business capabilities within Printing. •Office Printing Solutions delivers HP’s office printers, supplies, services and solutions to SMBs and large enterprises. It also includes OEM hardware and solutions. •Home Printing Solutions delivers innovative printing products, supplies, services and solutions for the home, home business and micro business customers utilizing both HP’s Ink and Laser technologies. •Graphics Solutions delivers large-format, commercial and industrial solutions and supplies to print service providers and packaging converters through a wide portfolio of printers and presses (HP DesignJet, HP Latex, HP Indigo and HP PageWide Web Presses). •3D Printing & Digital Manufacturing offers a portfolio of additive manufacturing solutions and supplies to help customers succeed in their additive and digital manufacturing journey. HP offers complete solutions in collaboration with an ecosystem of partners. Printing groups its global business capabilities into the following business units when reporting business performance: •Commercial Printing consists of office printing solutions, graphics solutions and 3D printing and digital manufacturing, excluding supplies; •Consumer Printing consists of home printing solutions, excluding supplies; and •Supplies comprises a set of highly innovative consumable products, ranging from ink and laser cartridges to media, graphics supplies, and 3D printing and digital manufacturing supplies, for recurring use in consumer and commercial hardware. Corporate Investments includes certain business incubation and investment projects. The accounting policies HP uses to derive segment results are substantially the same as those used by HP in preparing these financial statements. HP derives the results of the business segments directly from its internal management reporting system. HP does not allocate certain operating expenses, which it manages at the corporate level, to its segments. These unallocated amounts include expenses such as certain corporate governance costs and infrastructure investments, stock-based compensation expense, restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets and Russia exit charges. Realignment Effective the first quarter of fiscal 2023, HP realigned the Personal Systems business units reporting structure into Commercial PS and Consumer PS to align with its customer market segmentation. Additionally, in connection with certain other organizational realignments, some costs which were earlier reflected under “Corporate and unallocated cost and other” have now been reclassified to the Personal Systems and Printing segments. HP has reflected these changes to its prior reporting periods on an as-if basis. The realignment change had no impact to previously reported segment net revenue, consolidated net revenue, net earnings or net earnings per share (“EPS”). Segment Operating Results from Operations and the reconciliation to HP consolidated results were as follows:
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Restructuring and Other Charges |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Other Charges | Restructuring and Other Charges Summary of Restructuring Plans HP’s restructuring activities for the nine months ended July 31, 2023 and 2022 summarized by plan were as follows:
HP’s restructuring charges for the three months ended July 31, 2023 summarized by the plans outlined below were as follows:
(1) Primarily includes the fiscal 2020 plan along with other legacy plans, all of which are substantially complete. HP does not expect any further material activity associated with these plans. (2) Includes reclassification of liability related to the Enhanced Early Retirement (“EER”) program of $139 million for pension and post-retirement plan special termination benefits. See Note 4 “Retirement and Post-Retirement Benefit Plans” for further information. Fiscal 2023 Plan On November 18, 2022, HP’s Board of Directors approved the Future Ready Plan (the “Fiscal 2023 Plan”) intended to enable digital transformation, portfolio optimization and operational efficiency which HP expects will be implemented through fiscal 2025. HP expects to reduce global headcount by approximately 4,000 to 6,000 employees. HP estimates that it will incur pre-tax charges of approximately $1.0 billion relating to labor and non-labor actions. HP expects to incur approximately $0.7 billion primarily in labor costs related to workforce reductions and the remaining costs will relate to non-labor actions and other charges. Other charges Other charges include non-recurring costs, including those as a result of information technology rationalization efforts and transformation program management costs, and are distinct from ongoing operational costs. These costs primarily relate to third-party professional services and other costs. For the three and nine months ended July 31, 2023, HP incurred $25 million and $57 million of other charges, respectively. For the three and nine months ended July 31, 2022, HP incurred $7 million and $12 million of other charges, respectively.
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Retirement and Post-Retirement Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement and Post-Retirement Benefit Plans | Retirement and Post-Retirement Benefit Plans The components of HP’s pension and post-retirement benefit (credit) cost recognized in the Consolidated Condensed Statements of Earnings were as follows:
HP’s policy is to fund its pension plans so that it makes at least the minimum contribution required by local government, funding and taxing authorities. During fiscal year 2023, HP anticipates making contributions of approximately $36 million to its non-U.S. pension plans, approximately $32 million to its U.S. non-qualified plan participants and approximately $4 million to cover benefit claims under HP’s post-retirement benefit plans. During the nine months ended July 31, 2023, HP contributed $27 million to its non-U.S. pension plans, paid $20 million to cover benefit payments to U.S. non-qualified plan participants and paid $4 million to cover benefit claims under HP’s post-retirement benefit plans. HP’s pension and other post-retirement benefit costs and obligations depend on various assumptions. Differences between expected and actual returns on investments and changes in discount rates and other actuarial assumptions are reflected as unrecognized gains or losses, and such gains or losses are amortized to earnings in future periods. A deterioration in the funded status of a plan could result in a need for additional contributions or an increase in net pension and post-retirement benefit costs in future periods. Actuarial gains or losses are determined at the measurement date and amortized over the remaining service life for active plans or the life expectancy of plan participants for frozen plans. Retirement Incentive Program As part of the Fiscal 2023 Plan, HP announced a voluntary EER program for its U.S. employees in January 2023. Voluntary participation in the EER program was limited to employees at least 55 years old with 10 or more years of service at HP. Employees accepted into the EER program are leaving HP on dates ranging from March 15, 2023 to October 31, 2023. The U.S. defined benefit pension plan was amended to provide that the EER benefit will be paid from the plan for eligible electing EER participants. The retirement incentive benefit is calculated as a lump sum based on years of service at HP at the time of retirement, ranging from 20 to 52 weeks of pay. As a result of this retirement incentive, HP recognized a special termination benefit (“STB”) expense of $105 million for the nine months ended July 31, 2023 as a restructuring charge. This expense is the present value of all additional benefits that HP will distribute from the pension plan assets. All employees participating in the EER program were offered the opportunity to continue health care coverage at the active employee contribution rates for up to 36 months following retirement, but not beyond age 65 when Medicare is available. In addition, HP is providing up to $12,000 in employer credits under the Retirement Medical Savings Account program. HP recognized an additional STB expense of $34 million as restructuring and other charges for the nine months ended July 31, 2023 for the health care incentives.
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Taxes on Earnings |
9 Months Ended |
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Jul. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Taxes on Earnings | Taxes on Earnings Provision for Taxes HP’s effective tax rate was 18.2% and 5.4% for the three months ended July 31, 2023 and 2022, respectively, and (9.8)% and 14.2% for the nine months ended July 31, 2023 and 2022, respectively. The difference between the U.S. federal statutory tax rate of 21% and HP’s effective tax rate for the three months ended July 31, 2023 was primarily due to favorable tax rates associated with certain earnings from HP’s operations in lower-tax jurisdictions throughout the world. For the nine months ended July 31, 2023, the difference was primarily due to tax effects of internal reorganization. The difference between the U.S. federal statutory tax rate of 21% and HP’s effective tax rate for the three and nine months ended July 31, 2022 was primarily due to tax effects of internal reorganization and favorable tax rates associated with certain earnings from HP’s operations in lower-tax jurisdictions throughout the world. During the three and nine months ended July 31, 2023, HP recorded $32 million and $724 million, respectively, of net income tax benefits related to discrete items in the provision for taxes. The nine months ended July 31, 2023 included benefits of $697 million related to tax effects of internal reorganization. The three and nine months ended July 31, 2023 also included benefits of $16 million and $82 million related to restructuring charges, $51 million and $15 million related to the filing of tax returns in various jurisdictions, and $10 million and $37 million related to acquisition and divestiture charges, respectively. These benefits were partially offset by income tax charges of $2 million and $60 million related to audit settlements in various jurisdictions, $17 million and $32 million of uncertain tax position charges, and $27 million and $25 million related to extinguishment of debt for the three and nine months ended July 31, 2023, respectively. During the three and nine months ended July 31, 2023, discrete items in the provision for taxes and excess tax benefits associated with stock options, restricted stock units and performance-adjusted restricted stock units were immaterial. During the three and nine months ended July 31, 2022, HP recorded $150 million and $111 million, respectively, of net income tax benefits related to discrete items in the provision for taxes. These amounts included income tax benefits of $167 million and $150 million related to the filing of tax returns in various jurisdictions for the three and nine months ended July 31, 2022 and $3 million and $31 million related to restructuring charges for the three and nine months ended July 31, 2022, respectively. The three and nine months ended July 31, 2022 also included $87 million of tax benefits related to internal reorganization. These benefits were partially offset by income tax charges of $98 million and $93 million related to uncertain tax positions and $10 million and $19 million related to audit settlements in various jurisdictions for the three and nine months ended July 31, 2022, respectively. The nine months ended July 31, 2022 also included tax charges of $55 million related to withholding taxes on undistributed foreign earnings. In addition to the discrete items mentioned above, HP recorded excess tax benefits of $32 million associated with stock options, restricted stock units and performance-adjusted restricted stock units for the nine months ended July 31, 2022. Uncertain Tax Positions As of July 31, 2023, the amount of gross unrecognized tax benefits was $1.2 billion, of which up to $861 million would affect HP’s effective tax rate if realized. Total gross unrecognized tax benefits increased by $106 million for the nine months ended July 31, 2023. HP recognizes interest income from favorable settlements and interest expense and penalties accrued on unrecognized tax benefits in the provision for taxes in the Consolidated Condensed Statements of Earnings. As of July 31, 2023 and 2022, HP had accrued $98 million and $76 million, respectively, for interest and penalties. HP engages in continuous discussions and negotiations with taxing authorities regarding tax matters in various jurisdictions. HP expects complete resolution of certain tax years with various tax authorities within the next 12 months. HP believes it is reasonably possible that its existing gross unrecognized tax benefits may be reduced by $44 million within the next 12 months, affecting HP’s effective tax rate if realized. HP is subject to income tax in the United States and approximately 60 other countries and is subject to routine corporate income tax audits in many of these jurisdictions. In addition, HP is subject to numerous ongoing audits by federal, state and foreign tax authorities. The Internal Revenue Service (“IRS”) is conducting an audit of HP’s 2018 and 2019 income tax returns.
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Supplementary Financial Information |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary Financial Information | Supplementary Financial Information Cash, cash equivalents and restricted cash
(1) Restricted Cash is related to amounts collected and held on behalf of a third party for trade receivables previously sold. Accounts Receivable The allowance for credit losses related to accounts receivable and changes were as follows:
HP utilizes certain third-party arrangements in the normal course of business as part of HPs cash and liquidity management and also to provide liquidity to certain partners to facilitate their working capital requirements. These financing arrangements, which in certain circumstances may contain partial recourse, result in a transfer of HP’s receivables and risk to the third-party. As these transfers qualify as true sales under the applicable accounting guidance, the receivables are de-recognized from the Consolidated Condensed Balance Sheets upon transfer, and HP receives a payment for the receivables from the third-party within a mutually agreed upon time period. For arrangements involving an element of recourse, the recourse obligation is measured using market data from similar transactions and reported as a current liability in the Consolidated Condensed Balance Sheets. The recourse obligations as of July 31, 2023 and October 31, 2022 were not material. The following is a summary of the activity under these arrangements:
(1) Amounts outstanding from third parties reported in Accounts receivable in the Consolidated Condensed Balance Sheets. Inventory
Other Current Assets
Property, Plant and Equipment, net
Other Non-Current Assets
Other Current Liabilities
Other Non-Current Liabilities
Interest and other, net
(1) For the three and nine months ended July 31, 2022, Factoring costs were included in Selling, general and administrative and were not material. Net revenue by region
Value of Remaining Performance Obligations As of July 31, 2023, the estimated value of transaction price allocated to remaining performance obligations was $3.7 billion. HP expects to recognize approximately $1.7 billion of the unearned amount in next 12 months and $2.0 billion thereafter. HP has elected the practical expedients and accordingly does not disclose the aggregate amount of the transaction price allocated to remaining performance obligations if: •the contract has an original expected duration of one year or less; or •the revenue from the performance obligation is recognized over time on an as-invoiced basis when the amount corresponds directly with the value to the customer; or •the portion of the transaction price that is variable in nature is allocated entirely to a wholly unsatisfied performance obligation. The remaining performance obligations are subject to change and may be affected by various factors, such as termination of contracts, contract modifications and adjustment for currency. Contract Liabilities As of July 31, 2023 and October 31, 2022, HP’s contract liabilities balances were $2.6 billion and $2.5 billion, respectively, included in Other current liabilities and Other non-current liabilities in the Consolidated Condensed Balance Sheets. The increase in the contract liabilities balance for the nine months ended July 31, 2023, was primarily driven by sales of fixed-price support and maintenance services, partially offset by $1.0 billion of revenue recognized that was included in the contract liabilities balance as of October 31, 2022.
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Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Fair Value Hierarchy HP uses valuation techniques that are based upon observable and unobservable inputs. Observable inputs are developed using market data such as publicly available information and reflect the assumptions market participants would use, while unobservable inputs are developed using the best information available about the assumptions market participants would use. Assets and liabilities are classified in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement: Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2—Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and market-corroborated inputs. Level 3—Unobservable inputs for the asset or liability. The fair value hierarchy gives the highest priority to observable inputs and lowest priority to unobservable inputs. The following table presents HP’s assets and liabilities that are measured at fair value on a recurring basis:
(1) Government debt includes instruments such as U.S. treasury notes, U.S. agency securities and non-U.S. government bonds. Money market funds invested in government debt and traded in active markets are included in Level 1. Valuation Techniques Cash Equivalents and Investments: HP holds time deposits, money market funds, mutual funds, other debt securities primarily consisting of corporate and foreign government notes and bonds, and common stock and equivalents. HP values cash equivalents and equity investments using quoted market prices, alternative pricing sources, including net asset value, or models utilizing market observable inputs. The fair value of debt investments is based on quoted market prices or model-driven valuations using inputs primarily derived from or corroborated by observable market data, and, in certain instances, valuation models that utilize assumptions which cannot be corroborated with observable market data. Derivative Instruments: HP uses industry standard valuation models to measure fair value. Where applicable, these models project future cash flows and discount the future amounts to present value using market-based observable inputs, including interest rate curves, HP and counterparty credit risk, foreign exchange rates, and forward and spot prices for currencies and interest rates. See Note 8, “Financial Instruments” for a further discussion of HP’s use of derivative instruments. Other Fair Value Disclosures Short- and Long-Term Debt: HP estimates the fair value of its debt primarily using an expected present value technique, which is based on observable market inputs using interest rates currently available to companies of similar credit standing for similar terms and remaining maturities and considering its own credit risk. The portion of HP’s debt that is hedged is reflected in the Consolidated Condensed Balance Sheets as an amount equal to the debt’s carrying amount and a fair value adjustment representing changes in the fair value of the hedged debt obligations arising from movements in benchmark interest rates. The fair value of HP’s short- and long-term debt was $9.1 billion as compared to its carrying amount of $9.7 billion at July 31, 2023. The fair value of HP’s short- and long-term debt was $9.6 billion as compared to its carrying value of $11.0 billion at October 31, 2022. If measured at fair value in the Consolidated Condensed Balance Sheets, short- and long-term debt would be classified in Level 2 of the fair value hierarchy. Other Financial Instruments: For the balance of HP’s financial instruments, primarily accounts receivable, accounts payable and financial liabilities included in Other current liabilities on the Consolidated Condensed Balance Sheets, the carrying amounts approximate fair value due to their short maturities. If measured at fair value in the Consolidated Condensed Balance Sheets, these other financial instruments would be classified as Level 2 or Level 3 of the fair value hierarchy. Non-Marketable Equity Investments and Non-Financial Assets: HP’s non-marketable equity investments are measured at cost less impairment, adjusted for observable price changes. HP’s non-financial assets, such as intangible assets, goodwill and property, plant and equipment, are recorded at fair value in the period an impairment charge is recognized. If measured at fair value in the Consolidated Condensed Balance Sheets these would generally be classified within Level 3 of the fair value hierarchy.
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Financial Instruments |
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Investments, All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments Cash Equivalents and Available-for-Sale Investments
All highly liquid investments with original maturities of three months or less at the date of acquisition are considered cash equivalents. As of July 31, 2023 and October 31, 2022, the carrying amount of cash equivalents approximated fair value due to the short period of time to maturity. The estimated fair value of the available-for-sale investments may not be representative of values that will be realized in the future. Contractual maturities of investments in available-for-sale debt securities were as follows:
Non-marketable equity securities in privately held companies are included in Other non-current assets in the Consolidated Condensed Balance Sheets. These amounted to $112 million and $110 million as of July 31, 2023 and October 31, 2022, respectively. HP determines credit losses on cash equivalents and available-for-sale debt securities at the individual security level. All instruments are considered investment grade. No credit-related or noncredit-related impairment losses were recorded for the three and nine months ended July 31, 2023. Derivative Instruments HP uses derivative instruments, primarily forward contracts, interest rate swaps, total return swaps, treasury rate locks, forward starting swaps and option contracts to offset business exposure to foreign currency and interest rate risk on expected future cash flows and on certain existing assets and liabilities. HP may designate its derivative contracts as fair value hedges or cash flow hedges and classifies the cash flows with the activities that correspond to the underlying hedged items. Additionally, for derivatives not designated as hedging instruments, HP categorizes those economic hedges as other derivatives. HP recognizes all derivative instruments at fair value in the Consolidated Condensed Balance Sheets. As a result of its use of derivative instruments, HP is exposed to the risk that its counterparties will fail to meet their contractual obligations. Master netting agreements mitigate credit exposure to counterparties by permitting HP to net amounts due from HP to counterparty against amounts due to HP from the same counterparty under certain conditions. To further limit credit risk, HP has collateral security agreements that allow HP’s custodian to hold collateral from, or require HP to post collateral to, counterparties when aggregate derivative fair values exceed contractually established thresholds which are generally based on the credit ratings of HP and its counterparties. If HP’s or the counterparty’s credit rating falls below a specified credit rating, either party has the right to request full collateralization of the derivatives’ net liability position. The Company includes gross collateral posted and received in other current assets and other current liabilities in the Consolidated Condensed Balance Sheets, respectively. The fair value of derivatives with credit contingent features in a net liability position was $174 million and $82 million as of July 31, 2023 and October 31, 2022, respectively, all of which were fully collateralized within business days. Under HP’s derivative contracts, the counterparty can terminate all outstanding trades following a covered change of control event affecting HP that results in the surviving entity being rated below a specified credit rating. This credit contingent provision did not affect HP’s financial position or cash flows as of July 31, 2023 and October 31, 2022. Fair Value Hedges HP enters into fair value hedges, such as interest rate swaps, to reduce the exposure of its debt portfolio to changes in fair value resulting from changes in benchmark interest rates on HP’s future interest payments. For derivative instruments that are designated and qualify as fair value hedges, HP recognizes the change in fair value of the derivative instrument, as well as the offsetting change in the fair value of the hedged item, in Interest and other, net in the Consolidated Condensed Statements of Earnings in the period of change. Cash Flow Hedges HP uses forward contracts, option contracts, treasury rate locks and forward starting swaps designated as cash flow hedges to protect against the foreign currency exchange and interest rate risks inherent in its forecasted net revenue, cost of revenue, operating expenses and debt issuance. HP’s foreign currency cash flow hedges mature predominantly within twelve months; however, hedges related to long-term procurement arrangements extend several years. For derivative instruments that are designated and qualify as cash flow hedges, HP initially records changes in fair value of the derivative instrument in Accumulated other comprehensive loss as a separate component of Stockholders’ deficit in the Consolidated Condensed Balance Sheets and subsequently reclassifies these amounts into earnings in the period during which the hedged transaction is recognized in earnings. HP reports the changes in the fair value of the derivative instrument in the same financial statement line item as changes in the fair value of the hedged item. Other Derivatives Other derivatives not designated as hedging instruments consist primarily of forward contracts used to hedge foreign currency-denominated balance sheet exposures. HP also uses total return swaps to hedge its executive deferred compensation plan liability. For derivative instruments not designated as hedging instruments, HP recognizes changes in fair value of the derivative instrument, as well as the offsetting change in the fair value of the hedged item, in Interest and other, net in the Consolidated Condensed Statements of Earnings in the period of change. Hedge Effectiveness For interest rate swaps designated as fair value hedges, HP measures hedge effectiveness by offsetting the change in fair value of the hedged item with the change in fair value of the derivative. For foreign currency options, forward contracts and forward starting swaps designated as cash flow hedges, HP measures hedge effectiveness by comparing the cumulative change in fair value of the hedge contract with the cumulative change in fair value of the hedged item, both of which are based on forward rates. During the three and nine months ended July 31, 2023 and 2022, no portion of the hedging instruments’ gain or loss was excluded from the assessment of effectiveness for fair value and cash flow hedges. Fair Value of Derivative Instruments in the Consolidated Condensed Balance Sheets The gross notional and fair value of derivative instruments in the Consolidated Condensed Balance Sheets were as follows:
Offsetting of Derivative Instruments HP recognizes all derivative instruments on a gross basis in the Consolidated Condensed Balance Sheets. HP does not offset the fair value of its derivative instruments against the fair value of cash collateral posted under its collateral security agreements. As of July 31, 2023 and October 31, 2022, information related to the potential effect of HP’s master netting agreements and collateral security agreements was as follows:
(1)Represents the cash collateral posted by counterparties as of the respective reporting date for HP’s asset position, net of derivative amounts that could be offset, as of, generally, business days prior to the respective reporting date. (2)Represents the collateral posted by HP including any re-use of counterparty cash collateral as of the respective reporting date for HP’s liability position, net of derivative amounts that could be offset, as of, generally, business days prior to the respective reporting date. Effect of Derivative Instruments in the Consolidated Condensed Statements of Earnings The pre-tax effect of derivative instruments and related hedged items in a fair value hedging relationship were as follows:
The pre-tax effect of derivative instruments in cash flow hedging relationships included in Accumulated other comprehensive (loss) income was as follows:
The pre-tax effect of derivative instruments in cash flow hedging relationships included in earnings were as follows:
As of July 31, 2023, HP expects to reclassify an estimated accumulated other comprehensive loss of $49 million, net of taxes, to earnings within the next twelve months associated with cash flow hedges along with the earnings effects of the related forecasted transactions. The amounts ultimately reclassified into earnings could be different from the amounts previously included in Accumulated other comprehensive (loss) income based on the change of market rate, and therefore could have different impact on earnings. The pre-tax effect of derivative instruments not designated as hedging instruments recognized in Interest and other, net in the Consolidated Condensed Statements of Earnings for the three and nine months ended July 31, 2023 and 2022 was as follows:
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Borrowings |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings Notes Payable and Short-Term Borrowings
Long-Term Debt
(1)HP may redeem some or all of the fixed-rate U.S. Dollar Global Notes at any time in accordance with the terms thereof. The U.S. Dollar Global Notes are senior unsecured debt. (2)HP allocated an amount equal to the net proceeds to finance or refinance, in whole or in part, environmentally and socially responsible eligible projects in the following eight areas: renewable energy; green buildings; energy efficiency; clean transportation; pollution prevention and control; eco-efficient and/or circular economy products, production technologies and processes; environmentally sustainable management of living natural resources and land use; and socioeconomic advancement and empowerment. (3)During the nine months ended July 31, 2023, HP repurchased or redeemed and settled $497 million of the March 2029 Notes related to the August 2022 Poly acquisition (4)During the nine months ended July 31, 2023, HP repurchased and settled $1.15 billion in aggregate principal amount of various Global Notes. As disclosed in Note 8, “Financial Instruments”, HP uses interest rate swaps to mitigate some of the exposure of its debt portfolio to changes in fair value resulting from changes in benchmark interest rates. Interest rates shown in the table of long-term debt have not been adjusted to reflect the impact of any interest rate swaps. Extinguishment of Debt In July 2023, HP commenced and completed a tender offer to purchase approximately $1.15 billion in aggregate principal amount of its outstanding US Dollar 1.45% Global Notes due June 17, 2026, 3.40% Global Notes due June 17, 2030 and 4.20% Global Notes due April 15, 2032. This extinguishment of debt resulted in a net gain of $115 million, which was recorded within Interest and other, net on the Consolidated Condensed Statements of Earnings. Commercial Paper As of July 31, 2023, HP maintained a U.S. commercial paper program for the issuance of U.S. dollar-denominated commercial paper up to a maximum aggregate principal amount of $6.0 billion. The principal amount outstanding under this program and certain short-term borrowings at any time cannot exceed a $6.0 billion authorization by HP’s Board of Directors. Credit Facilities As of July 31, 2023, HP maintained a $5.0 billion sustainability-linked senior unsecured committed revolving credit facility, which HP entered into in May 2021, and a $1.0 billion senior unsecured committed 364-day revolving credit facility, which HP entered into in March 2023. Commitments under the $5.0 billion revolving credit facility will be available until May 26, 2026 and commitments under the $1.0 billion 364-day revolving credit facility will be available until March 19, 2024. Commitment fees, interest rates and other terms of borrowing under the revolving credit facilities vary based on HP’s external credit ratings and, for the $5.0 billion facility, certain sustainability metrics. Funds borrowed under the revolving credit facilities may be used for general corporate purposes. As of July 31, 2023, HP was in compliance with the covenants in the credit agreements governing the revolving credit facilities. Available Borrowing Resources As of July 31, 2023, HP had available borrowing resources of $1.2 billion from uncommitted lines of credit in addition to the revolving credit facilities.
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Stockholders' Deficit |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Deficit | Stockholders’ Deficit Share Repurchase Program HP’s share repurchase program authorizes both open market and private repurchase transactions. There were no share repurchases during the three months ended July 31, 2023. During the nine months ended July 31, 2023, HP executed share repurchases of 3.6 million shares and settled total shares for $0.1 billion. During the three and nine months ended July 31, 2022, HP executed share repurchases of 29 million shares and 98 million shares and settled total shares for $1.0 billion and $3.5 billion respectively. The shares repurchased during the nine months ended July 31, 2023 and 2022 were all open market repurchase transactions. As of July 31, 2023, HP had approximately $2.0 billion remaining under the share repurchase authorizations approved by HP’s Board of Directors. Tax effects related to Other Comprehensive Income (Loss)
Changes and reclassifications related to Other Comprehensive Income (Loss), net of taxes
(1)These components are included in the computation of net pension and post-retirement benefit (credit) charges in Note 4, “Retirement and Post-Retirement Benefit Plans”. The components of Accumulated other comprehensive income (loss), net of taxes and changes were as follows:
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Net Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings Per Share | Net Earnings Per Share HP calculates basic net EPS using net earnings and the weighted-average number of shares outstanding during the reporting period. Diluted net EPS includes any dilutive effect of restricted stock units, stock options, performance-based awards and shares purchased under the 2021 employee stock purchase plan. A reconciliation of the number of shares used for basic and diluted net EPS calculations is as follows:
(1)HP excludes from the calculation of diluted net EPS stock options and restricted stock units where the assumed proceeds exceed the average market price, because their effect would be anti-dilutive. The assumed proceeds of a stock option include the sum of its exercise price, and average unrecognized compensation cost. The assumed proceeds of a restricted stock unit represent unrecognized compensation cost.
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Litigation and Contingencies |
9 Months Ended |
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Jul. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Contingencies | Litigation and Contingencies HP is involved in lawsuits, claims, investigations and proceedings, including those identified below, consisting of IP, commercial, securities, employment, employee benefits and environmental matters that arise in the ordinary course of business. HP accrues a liability when management believes that it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. HP believes it has recorded adequate provisions for any such matters and, as of July 31, 2023, it was not reasonably possible that a material loss had been incurred in excess of the amounts recognized in HP’s financial statements. HP reviews these matters at least quarterly and adjusts its accruals to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. Pursuant to the separation and distribution agreement entered into with Hewlett Packard Enterprise Company (“Hewlett Packard Enterprise”), HP shares responsibility with Hewlett Packard Enterprise for certain matters, as indicated below, and Hewlett Packard Enterprise has agreed to indemnify HP in whole or in part with respect to certain matters. Based on its experience, HP believes that any damage amounts claimed in the specific matters discussed below are not a meaningful indicator of HP’s potential liability. Litigation is inherently unpredictable. However, HP believes it has valid defenses with respect to legal matters pending against it. Nevertheless, cash flows or results of operations could be materially affected in any particular period by the resolution of one or more of these contingencies. Litigation, Proceedings and Investigations Copyright Levies. Proceedings are ongoing or have been concluded involving HP in certain European countries, challenging the imposition or the modification of levies regimes upon IT equipment (such as PCs or printers) or the restrictions to exonerate the application of private copying levies on devices purchased by business users. The levies are generally based upon the number of products sold and the per-product amounts of the levies, which vary. Some European countries are expected to implement legislation to introduce or extend existing levy schemes to digital devices. HP, other companies and various industry associations have opposed the extension of levies to the digital product and certain requirements for business sales exemptions, and have advocated alternative models of compensation to rights holders. Based on the exemption of levies on business sales and industry opposition to increasing levies to digital products, HP’s assessments of the merits of various proceedings and HP’s estimates of the number of units impacted and the amounts of the levies, HP has accrued amounts that it believes are adequate to address the ongoing disputes. Forsyth, et al. v. HP Inc. and Hewlett Packard Enterprise. This is a purported class and collective action filed on August 18, 2016 in the United States District Court, Northern District of California, against HP and Hewlett Packard Enterprise (“HPE”) alleging the defendants violated federal and state law by terminating older workers and replacing them with younger workers. In their most recent complaint, plaintiffs seek to represent (1) a putative nationwide federal Age Discrimination in Employment Act (ADEA) collective comprised of all former HP Inc. employees 40 years of age and older who had their employment terminated under a WFR plan in or after 2014 or 2015, depending on state law; and (2) a putative Rule 23 class under California law comprised of all former HP Inc. employees 40 years of age and older who had their employment terminated in California under a WFR plan in or after 2012. Excluded from the putative collective and class are employees who (a) signed a Waiver and General Release Agreement at termination, or (b) signed an Agreement to Arbitrate Claims. Similar claims are pending against HPE. Because the court granted plaintiffs’ motion for preliminary certification of the putative nationwide ADEA collectives, a third-party administrator notified eligible former employees of their right to opt into the ADEA collective. This opt-in period closed on February 15, 2022. Plaintiffs seek monetary damages, punitive damages, and other relief. In June 2023, the parties reached an agreement in principle to resolve this matter. The parties are negotiating a formal settlement agreement that, if finalized, would be submitted to the District Court for approval. The case is presently stayed until a hearing for preliminary approval of the settlement set for October 26, 2023. India Directorate of Revenue Intelligence Proceedings. On April 30 and May 10, 2010, the India Directorate of Revenue Intelligence (the “DRI”) issued show cause notices to Hewlett-Packard India Sales Private Limited (“HP India”), a subsidiary of HP, seven HP India employees and one former HP India employee alleging that HP India underpaid customs duties while importing products and spare parts into India and seeking to recover an aggregate of approximately $370 million, plus penalties and interest. Prior to the issuance of the notices, HP India deposited approximately $16 million with the DRI and agreed to post a provisional bond in exchange for the DRI’s agreement to not seize HP India products and spare parts or interrupt business by HP India. On April 11, 2012, the Bangalore Commissioner of Customs issued an order on the products-related notice affirming certain duties and penalties against HP India and the named individuals of approximately $386 million, of which HP India had already deposited $9 million. On December 11, 2012, HP India voluntarily deposited an additional $10 million in connection with the products-related notice. The differential duty demand is subject to interest. On April 20, 2012, the Commissioner issued an order on the parts-related notice affirming certain duties and penalties against HP India and certain of the named individuals of approximately $17 million, of which HP India had already deposited $7 million. After the order, HP India deposited an additional $3 million in connection with the parts-related notice so as to avoid certain penalties. HP India filed appeals of the Commissioner’s orders before the Customs, Excise and Service Tax Appellate Tribunal (the “Customs Tribunal”) along with applications for waiver of the pre-deposit of remaining demand amounts as a condition for hearing the appeals. The Customs Department has also filed cross-appeals before the Customs Tribunal. On January 24, 2013, the Customs Tribunal ordered HP India to deposit an additional $24 million against the products order, which HP India deposited in March 2013. On February 7, 2014, the Customs Tribunal granted HP India’s application for extension of the stay of deposit until disposal of the appeals. On October 27, 2014, the Customs Tribunal commenced hearings on the cross-appeals of the Commissioner’s orders and rejected HP India’s request to remand the matter to the Commissioner on procedural grounds. The Customs Tribunal cancelled hearings to reconvene in 2015, 2016 and January 2019. On January 20, 2021, the Customs Tribunal held a virtual hearing during which the judge allowed HP’s application for a physical hearing on the merits as soon as practicable, which will be scheduled when physical hearings resume at court. Pursuant to the separation and distribution agreement, Hewlett Packard Enterprise has agreed to indemnify HP in part, based on the extent to which any liability arises from the products and spare parts of Hewlett Packard Enterprise’s businesses. Philips Patent Litigation. In September 2020, Koninklijke Philips N.V. and Philips North America LLC (collectively, “Philips”) filed a complaint against HP for patent infringement in federal court for the District of Delaware and filed a companion complaint with the U.S. International Trade Commission (“ITC”) pursuant to Section 337 of the Tariff Act against HP and 8 other sets of respondents. Both complaints allege that certain digital video-capable devices and components thereof infringe four of Philips’ patents. In October 2020, the ITC instituted an investigation, and Philips later withdrew two of the four patents. On March 23, 2022, the ITC rendered a final determination that no violation of Section 337 has occurred. Philips did not appeal and elected to resume litigation with its case in federal court. Philips seeks unspecified damages and an injunction against HP, and the prior stay has been lifted. Caltech Patent Litigation. On November 11, 2020, the California Institute of Technology (“Caltech”) filed a complaint against HP for patent infringement in the federal court for the Western District of Texas. On March 19, 2021, Caltech filed an amendment to this same complaint. The complaint as amended alleges infringement of five of Caltech’s patents, U.S. Patent Nos. 7,116,710; 7,421,032; 7,716,552; 7,916,781; and 8,284,833. The accused products are HP commercial and consumer PCs as well as wireless printers that comply with the IEEE 802.11n, 802.11ac, and/or 802.11ax standards. Caltech seeks unspecified damages and other relief. In August 2021, the court stayed the case pending the decision by the U.S. Court of Appeals for the Federal Circuit in The California Inst. of Tech. v. Broadcom Ltd et al., Case No. 2020-2222, which was issued on February 4, 2022, and a request for further review of that decision by the Supreme Court was denied. On August 16, 2023, the parties informed the court that the stay should be lifted on September 5, 2023. In re HP Inc. Securities Litigation (Electrical Workers Pension Fund, Local 103, I.B.E.W. v. HP Inc., et al.). On February 19, 2020, Electrical Workers Pension Fund, Local 103, I.B.E.W. filed a putative class action complaint against HP, Dion Weisler, Catherine Lesjak, and Steven Fieler in U.S. District Court in the Northern District of California. The court appointed the State of Rhode Island, Office of the General Treasurer, on behalf of the Employees’ Retirement System of Rhode Island and Iron Workers Local 580 Joint Funds as Lead Plaintiffs. Lead Plaintiffs filed an amended complaint, which additionally named as defendants Enrique Lores and Christoph Schell. HP and the named officers filed a motion to dismiss the complaint for failure to state a claim upon which relief can be granted. The court granted HP’s motion to dismiss and granted plaintiffs leave to amend the complaint. Plaintiffs’ second amended complaint, which no longer names Christoph Schell as a defendant, alleges, among other things, that from February 23, 2017 to October 3, 2019, HP and the named officers violated Sections 10(b) and 20(a) of the Exchange Act by making false or misleading statements about HP’s printing supplies business. It further alleges that Dion Weisler and Enrique Lores violated Sections 10(b) and 20A of the Exchange Act by allegedly selling shares of HP common stock during this period while in possession of material, non-public adverse information about HP’s printing supplies business. Plaintiffs seek compensatory damages and other relief. HP and the named officers filed a motion to dismiss the second amended complaint for failure to state a claim upon which relief can be granted. On September 15, 2021, the court granted HP’s motion. Plaintiffs appealed the decision. The parties settled and the motion for preliminary approval of settlement was filed on March 3, 2023. Under the terms of the settlement, HP agreed to pay an amount that is immaterial to HP. The district court granted preliminary approval of the settlement on April 7, 2023. On September 6, 2023, the court issued an order approving the settlement and directing entry of final judgment. York County on behalf of the County of York Retirement Fund v. HP Inc., et al., and related proceedings. On November 5, 2020, York County, on behalf of the County of York Retirement Fund, filed a putative class action complaint against HP, Dion Weisler, and Catherine Lesjak in federal court in the Northern District of California. The court appointed Maryland Electrical Industry Pension Fund as Lead Plaintiff. Lead Plaintiff filed a consolidated complaint, which additionally names as defendants Enrique Lores and Richard Bailey. The complaint alleges, among other things, that from November 5, 2015 to June 21, 2016, HP and the named current and former officers violated Sections 10(b) and 20(a) of the Exchange Act by concealing material information and making false statements about HP’s printing supplies business. Plaintiffs seek compensatory damages and other relief. HP and the named officers filed a motion to dismiss the complaint for failure to state a claim upon which relief can be granted. On March 3, 2022, the court granted the motion to dismiss with prejudice. Plaintiffs appealed the decision. On April 11, 2023, the appellate court reversed the district court’s decision and remanded the case to the district court for further proceedings consistent with the appellate opinion, including consideration of HP’s other arguments for dismissal. On June 27, 2023, the district court issued an order setting the briefing schedule for a renewed motion to dismiss. On May 17, 2021, stockholder Scott Franklin filed a derivative complaint against certain current and former officers and directors in federal court in the District of Delaware. Plaintiff purports to bring the action on behalf of HP, which he has named as a nominal defendant, and he makes substantially the same factual allegations as in the York County securities complaint, bringing claims for breach of fiduciary duty and violations of securities laws. The derivative plaintiff seeks compensatory damages, governance reforms, and other relief. By court order following stipulations by the parties, the case was transferred to the Northern District of California, and the case was stayed pending a ruling on the motion to dismiss in York County and exhaustion of all related appeals. On January 13, 2022, stockholder Gerald Lovoi filed a derivative complaint in federal court in the Northern District of California against the same current and former officers and directors named in the Franklin action. The complaint alleges the same basic claims based on the same alleged conduct as the Franklin action and seeks similar relief. By stipulation of the parties, the Lovoi action was stayed pending a ruling on the motion to dismiss in York County and exhaustion of all related appeals. Both derivative actions will remain stayed while the district court considers on remand HP’s other arguments for dismissal. Legal Proceedings re Authentication of Supplies. Since 2016, HP has from time to time been named in civil litigation, or been the subject of government investigations, involving supplies authentication protocols used in certain HP printers in multiple geographies, including but not limited to the United States, Italy, Israel, the Netherlands, Australia and New Zealand. The supplies authentication protocols are often referred to as Dynamic Security. The core allegations in these proceedings claim misleading or inadequate consumer notifications and permissions pertaining to the use of Dynamic Security, the installation of firmware updates, or the potential inability of cartridges with clone chips or circuitry to work in HP printers with Dynamic Security. Plaintiffs base or have based their claims on various legal theories, including but not limited to unfair competition, computer trespass, and similar statutory claims. Among other relief, Plaintiffs have sought or seek money damages and in certain cases have or may seek injunctive relief against the use or operation of Dynamic Security or relief requiring interoperability. If HP is not successful in its defense of these cases or investigations, it could be subject to damages, penalties, significant settlement demands, or injunctive relief that may be costly or may disrupt operations. Certain of these proceedings in Italy, the Netherlands, Israel, Australia and New Zealand have been resolved, have concluded, or have concluded subject only to HP’s pending appeal. Civil litigation filed by Digital Revolution B.V. (trading as 123Inkt) against HP Nederlands B.V., et al. (Netherlands) in March 2020, including its competition claim, remains pending. Both parties have appealed. In addition, two putative class actions have been filed against HP in federal court in California, in December 2020 and April 2022, arising out of the use of Dynamic Security firmware updates in HP Laserjet printers and HP Inkjet printers, respectively. Plaintiffs in both cases seek compensatory damages, restitution, injunctive relief against alleged unfair business practices, and other relief. In the case directed to Laserjet printers, plaintiffs have filed a motion for class certification. The case involving Inkjet printers remains in its early stages. Autonomy-Related Legal Matters Investigations. As a result of the findings of an internal investigation, HP provided information to government authorities, including the U.S. Department of Justice (“DOJ”) related to accounting improprieties, disclosure failures and misrepresentations at Autonomy that occurred before and in connection with HP’s 2011 acquisition of Autonomy. In November 2016, a federal grand jury indicted Sushovan Hussain, former CFO of Autonomy on charges of conspiracy to commit wire fraud, securities fraud, and multiple counts of wire fraud. The indictment alleged that Mr. Hussain engaged in a scheme to defraud purchasers and sellers of securities of Autonomy and HP about Autonomy’s true financial performance and condition. On April 30, 2018, a jury found Mr. Hussain guilty of all charges against him, and that judgment was affirmed on appeal in August 2020. In November 2018, a federal grand jury indicted Michael Lynch, former CEO of Autonomy, and Stephen Chamberlain, former VP of Finance of Autonomy. The indictment charged Mr. Lynch and Mr. Chamberlain with conspiracy to commit wire fraud and multiple counts of wire fraud. On January 28, 2022, the U.K. Home Office approved U.S. demands to have Mr. Lynch extradited to face the charges. Mr. Lynch’s request for permission to appeal this decision was denied on April 21, 2023, and Mr. Lynch has been extradited to the United States. Trial on the charges against Mr. Lynch and Mr. Chamberlain is set to begin on March 18, 2024, in federal court in the Northern District of California. HP is continuing to cooperate with the ongoing enforcement actions. Autonomy Corporation Limited v. Michael Lynch and Sushovan Hussain. On April 17, 2015, four former HP subsidiaries that became subsidiaries of Hewlett Packard Enterprise at the time of the Separation (Autonomy Corporation Limited, Hewlett Packard Vision BV, Autonomy Systems, Limited, and Autonomy, Inc.) initiated civil proceedings in the U.K. High Court of Justice against two members of Autonomy’s former management, Michael Lynch and Sushovan Hussain. The Particulars of Claim seek damages in excess of $5 billion from Messrs. Lynch and Hussain for breach of their fiduciary duties by causing Autonomy group companies to engage in improper transactions and accounting practices. On October 1, 2015, Messrs. Lynch and Hussain filed their defenses. Mr. Lynch also filed a counterclaim against Autonomy Corporation Limited seeking $160 million in damages, among other things, for alleged misstatements regarding Lynch. Trial was completed in January 2020. On May 17, 2022, the court issued its final judgment, memorializing its findings that HP succeeded in substantially all of its claims and that Messrs. Lynch and Hussein engaged in fraud, and dismissing Mr. Lynch’s counterclaim. The court deferred its assessment of damages to a later, separate judgment to be issued after further submissions, but it has indicated that damages awarded may be substantially less than is claimed. Litigation is unpredictable, and there can be no assurance that HP will recover damages or as to how any award of damages will compare with the amount claimed. The amount ultimately awarded, if any, would be recorded in the period received. No adjustment has been recorded in the financial statements in relation to this potential award. Pursuant to the terms of the separation and distribution agreement, HP and Hewlett Packard Enterprise will share equally in any recovery. Environmental HP is, and may become a party to, proceedings brought by U.S., state, or other governmental entities or private third parties under federal, state, local, or foreign environmental laws, including the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), known as “Superfund,” or state laws similar to CERCLA. HP is also conducting environmental investigations or remediation at several current or former operating sites and former disposal sites pursuant to administrative orders or consent agreements with environmental agencies.
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Guarantees, Indemnifications and Warranties |
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Guarantees [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees, Indemnifications and Warranties | Guarantees, Indemnifications and Warranties Guarantees In the ordinary course of business, HP may issue performance guarantees to certain of its clients, customers and other parties pursuant to which HP has guaranteed the performance obligations of third parties. Some of those guarantees may be backed by standby letters of credit or surety bonds. In general, HP would be obligated to perform over the term of the guarantee in the event a specified triggering event occurs as defined by the guarantee. HP believes the likelihood of having to perform under a material guarantee is remote. Cross-Indemnifications with Hewlett Packard Enterprise On November 1, 2015, Hewlett-Packard Company completed the separation of Hewlett Packard Enterprise, Hewlett-Packard Company’s former enterprise technology infrastructure, software, services and financing businesses. The separation and distribution agreement provides for cross-indemnities between HP and Hewlett Packard Enterprise for liabilities allocated to the respective party pursuant to the terms of such agreement. For information on cross-indemnifications with Hewlett Packard Enterprise for litigation matters, see Note 12, “Litigation and Contingencies”. Indemnifications In the ordinary course of business, HP enters into contractual arrangements under which HP may agree to indemnify a third-party to such arrangement from any losses incurred relating to the services they perform on behalf of HP or for losses arising from certain events as defined within the particular contract, which may include, for example, litigation or claims relating to past performance. HP also provides indemnifications to certain vendors and customers against claims of intellectual property infringement made by third parties arising from the vendors’ and customers’ use of HP’s software products and services and certain other matters. Some indemnifications may not be subject to maximum loss clauses. Historically, payments made related to these indemnifications have been immaterial. HP records tax indemnification receivables from various third parties for certain tax liabilities that HP is jointly and severally liable for, but for which it is indemnified by those same third parties under existing legal agreements. HP records a tax indemnification payable to various third parties under these agreements when management believes that it is both probable that a liability has been incurred and the amount can be reasonably estimated. The actual amount that the third parties pay or may be obligated to pay HP could vary depending on the outcome of certain unresolved tax matters, which may not be resolved for several years. Warranties HP accrues the estimated cost of product warranties at the time it recognizes revenue. HP engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component suppliers; however, contractual warranty terms, repair costs, product call rates, average cost per call, current period product shipments and ongoing product failure rates, as well as specific product class failures outside of HP’s baseline experience, affect the estimated warranty obligation. HP’s aggregate product warranty liabilities and changes were as follows:
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Revision of Prior Period Financial Statements |
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Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revision of Prior Period Financial Statements | Revision of Prior Period Financial Statements The Company has revised certain prior period financial statements to correct for an accounting error related to a revenue contract as well as other immaterial errors. See Note 1, “Basis of Presentation” for further information. A summary of revisions to the Company’s previously reported financial statements is presented below. Revised Consolidated Condensed Statements of Earnings
Revised Consolidated Condensed Statements of Comprehensive Income (Loss)
Revised Consolidated Condensed Balance Sheets
Revised Consolidated Condensed Statements of Cash Flows
Revised Segment Information The Personal Systems segment results were revised for these corrections within Note 2, “Segment Information”, which resulted in a decrease in segment net revenue and segment earnings from operations of $16 million for the three months ended July 31, 2022 and decrease in segment net revenue and segment earnings from operations of $46 million and $106 million, respectively, for the nine months ended July 31, 2022.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||
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Jul. 31, 2023 |
Apr. 30, 2023 |
Jan. 31, 2023 |
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Apr. 30, 2022 |
Jan. 31, 2022 |
Apr. 30, 2023 |
Apr. 30, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
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Pay vs Performance Disclosure | ||||||||||
Net earnings | $ 766 | $ 1,054 | $ 469 | $ 1,122 | $ 981 | $ 1,052 | $ 1,523 | $ 2,033 | $ 2,289 | $ 3,155 |
Insider Trading Arrangements |
3 Months Ended |
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Jul. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies) |
9 Months Ended |
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Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying Consolidated Condensed Financial Statements of HP and its wholly-owned subsidiaries are prepared in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The interim financial information is unaudited but reflects all normal adjustments that are necessary to provide a fair statement of results for the interim periods presented. This interim information should be read in conjunction with the Consolidated Financial Statements for the fiscal year ended October 31, 2022 in HP’s Annual Report on Form 10-K, filed on December 6, 2022. The Consolidated Condensed Balance Sheet for October 31, 2022 was derived from audited financial statements.
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Principles of Consolidation | Principles of Consolidation The Consolidated Condensed Financial Statements include the accounts of HP and its subsidiaries and affiliates in which HP has a controlling financial interest or is the primary beneficiary. All intercompany balances and transactions have been eliminated.
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Use of Estimates | Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in HP’s Consolidated Condensed Financial Statements and accompanying notes. Actual results may differ materially from those estimates. As of July 31, 2023, the extent to which the current macroeconomic factors will impact our business going forward depends on numerous dynamic factors which we cannot reliably predict. As a result, many of our estimates and assumptions required increased judgment and may carry a higher degree of variability and volatility. As the events continue to evolve with respect to the ongoing macroeconomic factors, our estimates may materially change in future periods.
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Recently Adopted Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted In November 2021, the FASB issued guidance that enhances the transparency of government assistance by requiring annual disclosure of the types of assistance received, an entity’s accounting for the assistance, and the effect of the assistance on the entity’s financial statements. HP is required to adopt the guidance for its annual period ending on October 31, 2023. Early adoption is permitted. HP is currently evaluating the impact of this guidance on its disclosures. In September 2022, the FASB issued guidance that enhances the transparency about the use of supplier finance programs. Under the new guidance, companies that use a supplier finance program in connection with the purchase of goods or services will be required to disclose information about the program to allow users of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. HP is required to adopt the guidance in the first quarter of fiscal year 2024, except for the amendment on roll forward information which is effective one year later. Early adoption is permitted. HP is currently evaluating the impact of this guidance on its disclosures.
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Segment Information | The accounting policies HP uses to derive segment results are substantially the same as those used by HP in preparing these financial statements. HP derives the results of the business segments directly from its internal management reporting system. HP does not allocate certain operating expenses, which it manages at the corporate level, to its segments. These unallocated amounts include expenses such as certain corporate governance costs and infrastructure investments, stock-based compensation expense, restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets and Russia exit charges.
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Employer Contributions and Funding Policy | Employer Contributions and Funding PolicyHP’s policy is to fund its pension plans so that it makes at least the minimum contribution required by local government, funding and taxing authorities. |
Taxes on Earnings | HP recognizes interest income from favorable settlements and interest expense and penalties accrued on unrecognized tax benefits in the provision for taxes in the Consolidated Condensed Statements of Earnings. |
Transfers and Servicing Trade Receivables Policy | HP utilizes certain third-party arrangements in the normal course of business as part of HPs cash and liquidity management and also to provide liquidity to certain partners to facilitate their working capital requirements. These financing arrangements, which in certain circumstances may contain partial recourse, result in a transfer of HP’s receivables and risk to the third-party. As these transfers qualify as true sales under the applicable accounting guidance, the receivables are de-recognized from the Consolidated Condensed Balance Sheets upon transfer, and HP receives a payment for the receivables from the third-party within a mutually agreed upon time period. For arrangements involving an element of recourse, the recourse obligation is measured using market data from similar transactions and reported as a current liability in the Consolidated Condensed Balance Sheets. The recourse obligations as of July 31, 2023 and October 31, 2022 were not material. |
Fair Value | Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Fair Value Hierarchy HP uses valuation techniques that are based upon observable and unobservable inputs. Observable inputs are developed using market data such as publicly available information and reflect the assumptions market participants would use, while unobservable inputs are developed using the best information available about the assumptions market participants would use. Assets and liabilities are classified in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement: Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2—Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and market-corroborated inputs. Level 3—Unobservable inputs for the asset or liability. The fair value hierarchy gives the highest priority to observable inputs and lowest priority to unobservable inputs. Valuation Techniques Cash Equivalents and Investments: HP holds time deposits, money market funds, mutual funds, other debt securities primarily consisting of corporate and foreign government notes and bonds, and common stock and equivalents. HP values cash equivalents and equity investments using quoted market prices, alternative pricing sources, including net asset value, or models utilizing market observable inputs. The fair value of debt investments is based on quoted market prices or model-driven valuations using inputs primarily derived from or corroborated by observable market data, and, in certain instances, valuation models that utilize assumptions which cannot be corroborated with observable market data. Derivative Instruments: HP uses industry standard valuation models to measure fair value. Where applicable, these models project future cash flows and discount the future amounts to present value using market-based observable inputs, including interest rate curves, HP and counterparty credit risk, foreign exchange rates, and forward and spot prices for currencies and interest rates. See Note 8, “Financial Instruments” for a further discussion of HP’s use of derivative instruments. Other Fair Value Disclosures Short- and Long-Term Debt: HP estimates the fair value of its debt primarily using an expected present value technique, which is based on observable market inputs using interest rates currently available to companies of similar credit standing for similar terms and remaining maturities and considering its own credit risk. The portion of HP’s debt that is hedged is reflected in the Consolidated Condensed Balance Sheets as an amount equal to the debt’s carrying amount and a fair value adjustment representing changes in the fair value of the hedged debt obligations arising from movements in benchmark interest rates. The fair value of HP’s short- and long-term debt was $9.1 billion as compared to its carrying amount of $9.7 billion at July 31, 2023. The fair value of HP’s short- and long-term debt was $9.6 billion as compared to its carrying value of $11.0 billion at October 31, 2022. If measured at fair value in the Consolidated Condensed Balance Sheets, short- and long-term debt would be classified in Level 2 of the fair value hierarchy. Other Financial Instruments: For the balance of HP’s financial instruments, primarily accounts receivable, accounts payable and financial liabilities included in Other current liabilities on the Consolidated Condensed Balance Sheets, the carrying amounts approximate fair value due to their short maturities. If measured at fair value in the Consolidated Condensed Balance Sheets, these other financial instruments would be classified as Level 2 or Level 3 of the fair value hierarchy. Non-Marketable Equity Investments and Non-Financial Assets: HP’s non-marketable equity investments are measured at cost less impairment, adjusted for observable price changes. HP’s non-financial assets, such as intangible assets, goodwill and property, plant and equipment, are recorded at fair value in the period an impairment charge is recognized. If measured at fair value in the Consolidated Condensed Balance Sheets these would generally be classified within Level 3 of the fair value hierarchy.
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Cash Equivalents and Available-for-Sale Investments | All highly liquid investments with original maturities of three months or less at the date of acquisition are considered cash equivalents. |
Non-Marketable Equity Securities Investments | Non-marketable equity securities in privately held companies are included in Other non-current assets in the Consolidated Condensed Balance Sheets. |
Derivative Instruments | Derivative Instruments HP uses derivative instruments, primarily forward contracts, interest rate swaps, total return swaps, treasury rate locks, forward starting swaps and option contracts to offset business exposure to foreign currency and interest rate risk on expected future cash flows and on certain existing assets and liabilities. HP may designate its derivative contracts as fair value hedges or cash flow hedges and classifies the cash flows with the activities that correspond to the underlying hedged items. Additionally, for derivatives not designated as hedging instruments, HP categorizes those economic hedges as other derivatives. HP recognizes all derivative instruments at fair value in the Consolidated Condensed Balance Sheets. As a result of its use of derivative instruments, HP is exposed to the risk that its counterparties will fail to meet their contractual obligations. Master netting agreements mitigate credit exposure to counterparties by permitting HP to net amounts due from HP to counterparty against amounts due to HP from the same counterparty under certain conditions. To further limit credit risk, HP has collateral security agreements that allow HP’s custodian to hold collateral from, or require HP to post collateral to, counterparties when aggregate derivative fair values exceed contractually established thresholds which are generally based on the credit ratings of HP and its counterparties. If HP’s or the counterparty’s credit rating falls below a specified credit rating, either party has the right to request full collateralization of the derivatives’ net liability position. The Company includes gross collateral posted and received in other current assets and other current liabilities in the Consolidated Condensed Balance Sheets, respectively. The fair value of derivatives with credit contingent features in a net liability position was $174 million and $82 million as of July 31, 2023 and October 31, 2022, respectively, all of which were fully collateralized within business days. Under HP’s derivative contracts, the counterparty can terminate all outstanding trades following a covered change of control event affecting HP that results in the surviving entity being rated below a specified credit rating. This credit contingent provision did not affect HP’s financial position or cash flows as of July 31, 2023 and October 31, 2022. Fair Value Hedges HP enters into fair value hedges, such as interest rate swaps, to reduce the exposure of its debt portfolio to changes in fair value resulting from changes in benchmark interest rates on HP’s future interest payments. For derivative instruments that are designated and qualify as fair value hedges, HP recognizes the change in fair value of the derivative instrument, as well as the offsetting change in the fair value of the hedged item, in Interest and other, net in the Consolidated Condensed Statements of Earnings in the period of change. Cash Flow Hedges HP uses forward contracts, option contracts, treasury rate locks and forward starting swaps designated as cash flow hedges to protect against the foreign currency exchange and interest rate risks inherent in its forecasted net revenue, cost of revenue, operating expenses and debt issuance. HP’s foreign currency cash flow hedges mature predominantly within twelve months; however, hedges related to long-term procurement arrangements extend several years. For derivative instruments that are designated and qualify as cash flow hedges, HP initially records changes in fair value of the derivative instrument in Accumulated other comprehensive loss as a separate component of Stockholders’ deficit in the Consolidated Condensed Balance Sheets and subsequently reclassifies these amounts into earnings in the period during which the hedged transaction is recognized in earnings. HP reports the changes in the fair value of the derivative instrument in the same financial statement line item as changes in the fair value of the hedged item. Other Derivatives Other derivatives not designated as hedging instruments consist primarily of forward contracts used to hedge foreign currency-denominated balance sheet exposures. HP also uses total return swaps to hedge its executive deferred compensation plan liability. For derivative instruments not designated as hedging instruments, HP recognizes changes in fair value of the derivative instrument, as well as the offsetting change in the fair value of the hedged item, in Interest and other, net in the Consolidated Condensed Statements of Earnings in the period of change. Hedge Effectiveness For interest rate swaps designated as fair value hedges, HP measures hedge effectiveness by offsetting the change in fair value of the hedged item with the change in fair value of the derivative. For foreign currency options, forward contracts and forward starting swaps designated as cash flow hedges, HP measures hedge effectiveness by comparing the cumulative change in fair value of the hedge contract with the cumulative change in fair value of the hedged item, both of which are based on forward rates.
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Offsetting of Derivatives Instruments | Offsetting of Derivative InstrumentsHP recognizes all derivative instruments on a gross basis in the Consolidated Condensed Balance Sheets. HP does not offset the fair value of its derivative instruments against the fair value of cash collateral posted under its collateral security agreements. |
Net Earnings Per Share | HP calculates basic net EPS using net earnings and the weighted-average number of shares outstanding during the reporting period. Diluted net EPS includes any dilutive effect of restricted stock units, stock options, performance-based awards and shares purchased under the 2021 employee stock purchase plan. |
Litigation and Contingencies | HP is involved in lawsuits, claims, investigations and proceedings, including those identified below, consisting of IP, commercial, securities, employment, employee benefits and environmental matters that arise in the ordinary course of business. HP accrues a liability when management believes that it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. HP believes it has recorded adequate provisions for any such matters and, as of July 31, 2023, it was not reasonably possible that a material loss had been incurred in excess of the amounts recognized in HP’s financial statements. HP reviews these matters at least quarterly and adjusts its accruals to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. Pursuant to the separation and distribution agreement entered into with Hewlett Packard Enterprise Company (“Hewlett Packard Enterprise”), HP shares responsibility with Hewlett Packard Enterprise for certain matters, as indicated below, and Hewlett Packard Enterprise has agreed to indemnify HP in whole or in part with respect to certain matters. Based on its experience, HP believes that any damage amounts claimed in the specific matters discussed below are not a meaningful indicator of HP’s potential liability. Litigation is inherently unpredictable. However, HP believes it has valid defenses with respect to legal matters pending against it. Nevertheless, cash flows or results of operations could be materially affected in any particular period by the resolution of one or more of these contingencies. |
Guarantees, Indemnifications and Warranties | Guarantees In the ordinary course of business, HP may issue performance guarantees to certain of its clients, customers and other parties pursuant to which HP has guaranteed the performance obligations of third parties. Some of those guarantees may be backed by standby letters of credit or surety bonds. In general, HP would be obligated to perform over the term of the guarantee in the event a specified triggering event occurs as defined by the guarantee. HP believes the likelihood of having to perform under a material guarantee is remote. Cross-Indemnifications with Hewlett Packard Enterprise On November 1, 2015, Hewlett-Packard Company completed the separation of Hewlett Packard Enterprise, Hewlett-Packard Company’s former enterprise technology infrastructure, software, services and financing businesses. The separation and distribution agreement provides for cross-indemnities between HP and Hewlett Packard Enterprise for liabilities allocated to the respective party pursuant to the terms of such agreement. For information on cross-indemnifications with Hewlett Packard Enterprise for litigation matters, see Note 12, “Litigation and Contingencies”. Indemnifications In the ordinary course of business, HP enters into contractual arrangements under which HP may agree to indemnify a third-party to such arrangement from any losses incurred relating to the services they perform on behalf of HP or for losses arising from certain events as defined within the particular contract, which may include, for example, litigation or claims relating to past performance. HP also provides indemnifications to certain vendors and customers against claims of intellectual property infringement made by third parties arising from the vendors’ and customers’ use of HP’s software products and services and certain other matters. Some indemnifications may not be subject to maximum loss clauses. Historically, payments made related to these indemnifications have been immaterial. HP records tax indemnification receivables from various third parties for certain tax liabilities that HP is jointly and severally liable for, but for which it is indemnified by those same third parties under existing legal agreements. HP records a tax indemnification payable to various third parties under these agreements when management believes that it is both probable that a liability has been incurred and the amount can be reasonably estimated. The actual amount that the third parties pay or may be obligated to pay HP could vary depending on the outcome of certain unresolved tax matters, which may not be resolved for several years. Warranties HP accrues the estimated cost of product warranties at the time it recognizes revenue. HP engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component suppliers; however, contractual warranty terms, repair costs, product call rates, average cost per call, current period product shipments and ongoing product failure rates, as well as specific product class failures outside of HP’s baseline experience, affect the estimated warranty obligation.
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Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation of Segment Operating Results to Consolidated Results | Segment Operating Results from Operations and the reconciliation to HP consolidated results were as follows:
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Schedule of Reconciliation of Segment Operating Results to HP Consolidated Results | Segment Operating Results from Operations and the reconciliation to HP consolidated results were as follows:
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Restructuring and Other Charges (Tables) |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Plans | HP’s restructuring activities for the nine months ended July 31, 2023 and 2022 summarized by plan were as follows:
HP’s restructuring charges for the three months ended July 31, 2023 summarized by the plans outlined below were as follows:
(1) Primarily includes the fiscal 2020 plan along with other legacy plans, all of which are substantially complete. HP does not expect any further material activity associated with these plans. (2) Includes reclassification of liability related to the Enhanced Early Retirement (“EER”) program of $139 million for pension and post-retirement plan special termination benefits. See Note 4 “Retirement and Post-Retirement Benefit Plans” for further information.
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Retirement and Post-Retirement Benefit Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Pension and Post-Retirement Benefit (Credit) Cost | The components of HP’s pension and post-retirement benefit (credit) cost recognized in the Consolidated Condensed Statements of Earnings were as follows:
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Supplementary Financial Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash, Cash Equivalents and Restricted Cash | Cash, cash equivalents and restricted cash
(1) Restricted Cash is related to amounts collected and held on behalf of a third party for trade receivables previously sold.
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Schedule of Cash, Cash Equivalents and Restricted Cash | Cash, cash equivalents and restricted cash
(1) Restricted Cash is related to amounts collected and held on behalf of a third party for trade receivables previously sold.
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Schedule of Allowance for Doubtful Accounts Related to Accounts Receivable | The allowance for credit losses related to accounts receivable and changes were as follows:
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Schedule of Transferred Trade Receivables Not Collected from Third Parties | The following is a summary of the activity under these arrangements:
(1) Amounts outstanding from third parties reported in Accounts receivable in the Consolidated Condensed Balance Sheets.
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Schedule of Inventory | Inventory
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Schedule of Other Current Assets | Other Current Assets
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Schedule of Property, Plant and Equipment, Net | Property, Plant and Equipment, net
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Schedule of Other Non-Current Assets | Other Non-Current Assets
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Schedule of Other Current Liabilities | Other Current Liabilities
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Schedule of Other Non-Current Liabilities | Other Non-Current Liabilities
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Schedule of Interest and Other, Net | Interest and other, net
(1) For the three and nine months ended July 31, 2022, Factoring costs were included in Selling, general and administrative and were not material.
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Schedule of Net Revenue by Region | Net revenue by region
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Fair Value (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents HP’s assets and liabilities that are measured at fair value on a recurring basis:
(1) Government debt includes instruments such as U.S. treasury notes, U.S. agency securities and non-U.S. government bonds. Money market funds invested in government debt and traded in active markets are included in Level 1.
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Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Equivalents and Available-for-Sale Investments | Cash Equivalents and Available-for-Sale Investments
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Schedule of Contractual Maturities | Contractual maturities of investments in available-for-sale debt securities were as follows:
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Schedule of Gross Notional and Fair Value of Derivative Financial Instruments in the Consolidated Condensed Balance Sheets | The gross notional and fair value of derivative instruments in the Consolidated Condensed Balance Sheets were as follows:
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Schedule of Offsetting Assets | As of July 31, 2023 and October 31, 2022, information related to the potential effect of HP’s master netting agreements and collateral security agreements was as follows:
(1)Represents the cash collateral posted by counterparties as of the respective reporting date for HP’s asset position, net of derivative amounts that could be offset, as of, generally, business days prior to the respective reporting date. (2)Represents the collateral posted by HP including any re-use of counterparty cash collateral as of the respective reporting date for HP’s liability position, net of derivative amounts that could be offset, as of, generally, business days prior to the respective reporting date.
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Schedule of Offsetting Liabilities | As of July 31, 2023 and October 31, 2022, information related to the potential effect of HP’s master netting agreements and collateral security agreements was as follows:
(1)Represents the cash collateral posted by counterparties as of the respective reporting date for HP’s asset position, net of derivative amounts that could be offset, as of, generally, business days prior to the respective reporting date. (2)Represents the collateral posted by HP including any re-use of counterparty cash collateral as of the respective reporting date for HP’s liability position, net of derivative amounts that could be offset, as of, generally, business days prior to the respective reporting date.
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Schedule of Pre-Tax Effect of Derivative Instruments and Related Hedged Items in a Fair Value Hedging Relationship | The pre-tax effect of derivative instruments and related hedged items in a fair value hedging relationship were as follows:
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Schedule of Pre-Tax Effect of Derivative Instruments in Cash Flow Hedging Relationships | The pre-tax effect of derivative instruments in cash flow hedging relationships included in Accumulated other comprehensive (loss) income was as follows:
The pre-tax effect of derivative instruments in cash flow hedging relationships included in earnings were as follows:
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Schedule of Pre-Tax Effect of Derivative Instruments not Designated as Hedging Instruments on the Consolidated Condensed Statements of Earnings | The pre-tax effect of derivative instruments not designated as hedging instruments recognized in Interest and other, net in the Consolidated Condensed Statements of Earnings for the three and nine months ended July 31, 2023 and 2022 was as follows:
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Borrowings (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notes Payable and Short-Term Borrowings | Notes Payable and Short-Term Borrowings
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Schedule of Long-Term Debt | Long-Term Debt
(1)HP may redeem some or all of the fixed-rate U.S. Dollar Global Notes at any time in accordance with the terms thereof. The U.S. Dollar Global Notes are senior unsecured debt. (2)HP allocated an amount equal to the net proceeds to finance or refinance, in whole or in part, environmentally and socially responsible eligible projects in the following eight areas: renewable energy; green buildings; energy efficiency; clean transportation; pollution prevention and control; eco-efficient and/or circular economy products, production technologies and processes; environmentally sustainable management of living natural resources and land use; and socioeconomic advancement and empowerment. (3)During the nine months ended July 31, 2023, HP repurchased or redeemed and settled $497 million of the March 2029 Notes related to the August 2022 Poly acquisition (4)During the nine months ended July 31, 2023, HP repurchased and settled $1.15 billion in aggregate principal amount of various Global Notes.
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Stockholders' Deficit (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Tax Effects Related to Other Comprehensive Income (Loss) | Tax effects related to Other Comprehensive Income (Loss)
|
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Schedule of Changes and Reclassifications Related to Other Comprehensive Income (Loss), Net of Taxes | Changes and reclassifications related to Other Comprehensive Income (Loss), net of taxes
(1)These components are included in the computation of net pension and post-retirement benefit (credit) charges in Note 4, “Retirement and Post-Retirement Benefit Plans”.
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Schedule of Accumulated Other Comprehensive Income (Loss), Net of Taxes | The components of Accumulated other comprehensive income (loss), net of taxes and changes were as follows:
|
Net Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted Net Earnings Per Share Calculations | A reconciliation of the number of shares used for basic and diluted net EPS calculations is as follows:
(1)HP excludes from the calculation of diluted net EPS stock options and restricted stock units where the assumed proceeds exceed the average market price, because their effect would be anti-dilutive. The assumed proceeds of a stock option include the sum of its exercise price, and average unrecognized compensation cost. The assumed proceeds of a restricted stock unit represent unrecognized compensation cost.
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Guarantees, Indemnifications and Warranties (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Aggregate Product Warranty Liabilities and Changes | HP’s aggregate product warranty liabilities and changes were as follows:
|
Revision of Prior Period Financial Statements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revision of Prior Period Financial Statements | A summary of revisions to the Company’s previously reported financial statements is presented below. Revised Consolidated Condensed Statements of Earnings
Revised Consolidated Condensed Statements of Comprehensive Income (Loss)
Revised Consolidated Condensed Balance Sheets
Revised Consolidated Condensed Statements of Cash Flows
|
Segment Information - Narrative (Details) |
9 Months Ended |
---|---|
Jul. 31, 2023
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Restructuring and Other Charges - Narrative (Details) employee in Thousands, $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Nov. 18, 2022
USD ($)
employee
|
Jul. 31, 2023
USD ($)
|
Jul. 31, 2022
USD ($)
|
Jul. 31, 2023
USD ($)
|
Jul. 31, 2022
USD ($)
|
|
Restructuring Cost and Reserve [Line Items] | |||||
Other charges | $ 25 | $ 7 | $ 57 | $ 12 | |
Fiscal 2023 Plan | Labor and Non-Labor Actions | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Estimated pre-tax charges | $ 1,000 | ||||
Fiscal 2023 Plan | Labor Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Estimated pre-tax charges | $ 700 | ||||
Minimum | Fiscal 2023 Plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected positions to be eliminated | employee | 4 | ||||
Maximum | Fiscal 2023 Plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected positions to be eliminated | employee | 6 |
Supplementary Financial Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions |
Jul. 31, 2023 |
Oct. 31, 2022 |
Jul. 31, 2022 |
Oct. 31, 2021 |
---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 1,673 | $ 3,145 | ||
Restricted cash | 45 | 0 | ||
Cash, cash equivalents and restricted cash | $ 1,718 | $ 3,145 | $ 5,386 | $ 4,299 |
Supplementary Financial Information - Allowance for Doubtful Accounts (Details) $ in Millions |
9 Months Ended |
---|---|
Jul. 31, 2023
USD ($)
| |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Balance at beginning of period | $ 107 |
Benefit of allowance for credit losses | (7) |
Deductions, net of recoveries | (9) |
Balance at end of period | $ 91 |
Supplementary Financial Information - Schedule of Transferred Trade Receivables Not Collected from Third Parties (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2023 |
Jul. 31, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
|
Trade Receivables Sold and Cash Received [Roll Forward] | ||||
Balance at beginning of period | $ 174 | $ 173 | $ 185 | $ 131 |
Trade receivables sold | 3,383 | 2,918 | 10,241 | 8,887 |
Cash receipts | (3,398) | (2,897) | (10,286) | (8,811) |
Foreign currency and other | 0 | (5) | 19 | (18) |
Balance at end of period | $ 159 | $ 189 | $ 159 | $ 189 |
Supplementary Financial Information - Inventory (Details) - USD ($) $ in Millions |
Jul. 31, 2023 |
Oct. 31, 2022 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Finished goods | $ 4,171 | $ 4,885 |
Purchased parts and fabricated assemblies | 3,026 | 2,729 |
Inventory | $ 7,197 | $ 7,614 |
Supplementary Financial Information - Other Current Assets (Details) - USD ($) $ in Millions |
Jul. 31, 2023 |
Oct. 31, 2022 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Supplier and other receivables | $ 1,868 | $ 1,377 |
Prepaid and other current assets | 1,451 | 2,086 |
Value-added taxes receivable | 862 | 968 |
Other current assets | $ 4,181 | $ 4,431 |
Supplementary Financial Information - Property Plant & Equipment (Details) - USD ($) $ in Millions |
Jul. 31, 2023 |
Oct. 31, 2022 |
---|---|---|
Property, Plant and Equipment, Net | ||
Property, plant and equipment, gross | $ 7,690 | $ 7,592 |
Accumulated depreciation | (4,907) | (4,818) |
Property, plant and equipment, net | 2,783 | 2,774 |
Land, buildings and leasehold improvements | ||
Property, Plant and Equipment, Net | ||
Property, plant and equipment, gross | 2,305 | 2,255 |
Machinery and equipment, including equipment held for lease | ||
Property, Plant and Equipment, Net | ||
Property, plant and equipment, gross | $ 5,385 | $ 5,337 |
Supplementary Financial Information - Other Non-Current Assets (Details) - USD ($) $ in Millions |
Jul. 31, 2023 |
Oct. 31, 2022 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Deferred tax assets | $ 3,054 | $ 2,167 |
Intangible assets | 1,690 | 1,933 |
Right-of-use assets | $ 1,171 | $ 1,236 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other non-current assets | Other non-current assets |
Prepaid pension and post-retirement benefit assets | $ 559 | $ 642 |
Deposits and prepaids | 470 | 474 |
Other | 828 | 991 |
Other non-current assets | $ 7,772 | $ 7,443 |
Supplementary Financial Information - Other Current Liabilities (Details) - USD ($) $ in Millions |
Jul. 31, 2023 |
Oct. 31, 2022 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Sales and marketing programs | $ 3,031 | $ 2,984 |
Deferred revenue | 1,379 | 1,393 |
Other accrued taxes | 1,014 | 1,064 |
Employee compensation and benefit | 905 | 954 |
Warranty | $ 584 | $ 619 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other accrued liabilities | Other accrued liabilities |
Operating lease liabilities | $ 439 | $ 405 |
Tax liability | 366 | 286 |
Other | 2,906 | 2,963 |
Other accrued liabilities | $ 10,624 | $ 10,668 |
Supplementary Financial Information - Other Non-Current Liabilities (Details) - USD ($) $ in Millions |
Jul. 31, 2023 |
Oct. 31, 2022 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Deferred revenue | $ 1,271 | $ 1,171 |
Tax liability | 957 | 911 |
Operating lease liability | $ 829 | $ 875 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other non-current liabilities | Other non-current liabilities |
Pension, post-retirement, and post-employment liabilities | $ 595 | $ 600 |
Deferred tax liability | 25 | 121 |
Other | 774 | 856 |
Other non-current liabilities | $ 4,451 | $ 4,534 |
Supplementary Financial Information - Interest and Other, Net (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Jul. 31, 2023 |
Jan. 31, 2023 |
Jul. 31, 2022 |
Apr. 30, 2022 |
Jan. 31, 2022 |
Apr. 30, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Interest expense on borrowings | $ (134,000,000) | $ (96,000,000) | $ (429,000,000) | $ (229,000,000) | ||||
Net gain on debt extinguishment | 115,000,000 | 0 | 107,000,000 | 0 | ||||
Non-operating retirement-related credits | 14,000,000 | 38,000,000 | 40,000,000 | 110,000,000 | ||||
Factoring costs | (37,000,000) | 0 | (99,000,000) | 0 | ||||
Other, net | 26,000,000 | (12,000,000) | 24,000,000 | (22,000,000) | ||||
Interest and other, net | $ (16,000,000) | $ (181,000,000) | (70,000,000) | $ (41,000,000) | $ (30,000,000) | $ (71,000,000) | $ (357,000,000) | (141,000,000) |
Selling, General and Administrative Expenses | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Factoring costs | $ 0 | $ 0 |
Supplementary Financial Information - Disaggregation of revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2023 |
Apr. 30, 2023 |
Jan. 31, 2023 |
Jul. 31, 2022 |
Apr. 30, 2022 |
Jan. 31, 2022 |
Apr. 30, 2023 |
Apr. 30, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
|
Disaggregation of Revenue [Line Items] | ||||||||||
Total net revenue | $ 13,196 | $ 12,907 | $ 13,798 | $ 14,648 | $ 16,475 | $ 17,013 | $ 26,705 | $ 33,488 | $ 39,901 | $ 48,136 |
Americas | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Total net revenue | 5,880 | 6,379 | 17,052 | 20,111 | ||||||
Europe, Middle East and Africa | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Total net revenue | 4,285 | 4,712 | 13,330 | 16,670 | ||||||
Asia-Pacific and Japan | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Total net revenue | $ 3,031 | $ 3,557 | $ 9,519 | $ 11,355 |
Supplementary Financial Information - Value of Remaining Performance Obligations (Details) $ in Billions |
Jul. 31, 2023
USD ($)
|
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 3.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-08-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 1.7 |
Remaining performance obligations period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-08-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 2.0 |
Remaining performance obligations period |
Supplementary Financial Information - Costs of Obtaining Contracts (Details) - USD ($) $ in Billions |
9 Months Ended | |
---|---|---|
Jul. 31, 2023 |
Oct. 31, 2022 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Contract liability | $ 2.6 | $ 2.5 |
Revenue recognized | $ 1.0 |
Financial Instruments - Schedule of Contractual Maturities of Available for-sale Debt Securities (Details) $ in Millions |
Jul. 31, 2023
USD ($)
|
---|---|
Amortized Cost | |
Due in one year | $ 3 |
Fair Value | |
Due in one year | $ 3 |
Financial Instruments - Narrative (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Jul. 31, 2023 |
Oct. 31, 2022 |
|
Derivatives, Fair Value | ||
Fair value of derivatives with credit contingent features in a net liability position | $ 174 | $ 82 |
Period to collateralize | 2 days | |
Loss expected to be reclassified from Accumulated OCI into earnings in next 12 months | $ 49 | |
Cash flow hedges | ||
Derivatives, Fair Value | ||
Foreign currency maturity | 12 months | |
Other Non-Current Assets | Equity securities in privately held companies | ||
Derivatives, Fair Value | ||
Cost method and other equity investments | $ 112 | $ 110 |
Financial Instruments - Schedule of Information Related to the Potential Effect of Entity's Master Netting Agreements and Collateral Security Agreements (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Jul. 31, 2023 |
Oct. 31, 2022 |
|
Derivative assets | ||
Gross Amount Recognized | $ 254 | $ 1,090 |
Gross Amount Offset | 0 | 0 |
Net Amount Presented | 254 | 1,090 |
Gross Amounts Not Offset | ||
Derivatives | 222 | 290 |
Financial Collateral | 31 | 616 |
Net Amount | 1 | 184 |
Derivative liabilities | ||
Gross Amount Recognized | 404 | 374 |
Gross Amount Offset | 0 | 0 |
Net Amount Presented | 404 | 374 |
Gross Amounts Not Offset | ||
Derivatives | 222 | 290 |
Financial Collateral | 149 | 86 |
Net Amount | $ 33 | $ (2) |
Period to collateralize | 2 days |
Financial Instruments - Schedule of Pre-Tax Effect of Derivative Instruments and Related Hedged Items in a Fair Value Hedging Relationship (Details) - Interest rate contracts - Interest and other, net - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2023 |
Jul. 31, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
|
Derivative Instruments, Gain (Loss) | ||||
Total amounts of income/(expense) line items in the statement of financial performance in which the effects of fair value hedges are recorded | $ (16) | $ (70) | $ (357) | $ (141) |
Gain/(loss) recognized in earnings on derivative instruments | (6) | 8 | 15 | (34) |
Gain/(loss) recognized in earnings on hedged item | $ 6 | $ (8) | $ (15) | $ 34 |
Financial Instruments - Schedule of Pre-Tax Effect of Derivative Instruments not Designated as Hedging Instruments on the Consolidated Condensed Statements of Earnings (Details) - Interest and other, net - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2023 |
Jul. 31, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
|
Derivative Instruments, Gain (Loss) | ||||
Gain/(loss) recognized in earnings on derivative instrument | $ (32) | $ 22 | $ (71) | $ 5 |
Foreign currency contracts | ||||
Derivative Instruments, Gain (Loss) | ||||
Gain/(loss) recognized in earnings on derivative instrument | (37) | 8 | (76) | 3 |
Other derivatives | ||||
Derivative Instruments, Gain (Loss) | ||||
Gain/(loss) recognized in earnings on derivative instrument | $ 5 | $ 14 | $ 5 | $ 2 |
Borrowings - Schedule of Notes Payable and Short-Term Borrowings (Details) - USD ($) $ in Millions |
Jul. 31, 2023 |
Oct. 31, 2022 |
---|---|---|
Amount Outstanding | ||
Current portion of long-term debt | $ 178 | $ 165 |
Notes payable to banks, lines of credit and other | $ 443 | $ 218 |
Weighted-Average Interest Rate | ||
Current portion of long-term debt | 6.10% | 5.40% |
Commercial Paper | ||
Amount Outstanding | ||
Commercial Paper | $ 200 | $ 0 |
Weighted-Average Interest Rate | ||
Commercial Paper & Notes payable to banks, lines of credit and other | 5.50% | 0.00% |
Notes payable to banks, lines of credit and other | ||
Amount Outstanding | ||
Notes payable to banks, lines of credit and other | $ 65 | $ 53 |
Weighted-Average Interest Rate | ||
Commercial Paper & Notes payable to banks, lines of credit and other | 1.40% | 0.60% |
Stockholders' Deficit - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2023 |
Jul. 31, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
|
Stockholders' Equity Note [Abstract] | ||||
Repurchases of common stock (shares) | 0 | 29,000,000 | 3,600,000 | 98,000,000 |
Payment in connection with repurchases of shares | $ 1,000 | $ 100 | $ 3,547 | |
Share repurchase authorization remaining | $ 2,000 | $ 2,000 |
Net Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2023 |
Apr. 30, 2023 |
Jan. 31, 2023 |
Jul. 31, 2022 |
Apr. 30, 2022 |
Jan. 31, 2022 |
Apr. 30, 2023 |
Apr. 30, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
|
Numerator: | ||||||||||
Net earnings, basic | $ 766 | $ 1,122 | $ 2,289 | $ 3,155 | ||||||
Net earnings, diluted | $ 766 | $ 1,122 | $ 2,289 | $ 3,155 | ||||||
Denominator: | ||||||||||
Weighted-average shares used to compute basic net EPS (in shares) | 993,000 | 1,024,000 | 991,000 | 1,052,000 | ||||||
Dilutive effect of employee stock plans (shares) | 9,000 | 11,000 | 8,000 | 12,000 | ||||||
Weighted-average shares used to compute diluted net EPS (in shares) | 1,002,000 | 1,035,000 | 999,000 | 1,064,000 | ||||||
Net earnings per share: | ||||||||||
Basic earnings (usd per share) | $ 0.77 | $ 1.06 | $ 0.47 | $ 1.10 | $ 0.93 | $ 0.97 | $ 1.54 | $ 1.91 | $ 2.31 | $ 3.00 |
Diluted earnings (usd per share) | $ 0.76 | $ 1.06 | $ 0.47 | $ 1.08 | $ 0.92 | $ 0.96 | $ 1.53 | $ 1.89 | $ 2.29 | $ 2.97 |
Anti-dilutive weighted-average stock-based compensation awards (shares) | 3,000 | 5,000 | 5,000 | 4,000 |
Guarantees, Indemnifications and Warranties (Details) $ in Millions |
9 Months Ended |
---|---|
Jul. 31, 2023
USD ($)
| |
Changes in aggregated product warranty liabilities | |
Balance at beginning of period | $ 876 |
Accruals for warranties issued | 513 |
Adjustments related to pre-existing warranties (including changes in estimates) | 24 |
Settlements made (in cash or in kind) | (660) |
Balance at end of period | $ 753 |
Revision of Prior Period Financial Statements - Revised Consolidated Condensed Statements of Earnings (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2023 |
Apr. 30, 2023 |
Jan. 31, 2023 |
Jul. 31, 2022 |
Apr. 30, 2022 |
Jan. 31, 2022 |
Apr. 30, 2023 |
Apr. 30, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
|
Revised Consolidated Statements of Earnings [Line Items] | ||||||||||
Net revenue | $ 13,196 | $ 12,907 | $ 13,798 | $ 14,648 | $ 16,475 | $ 17,013 | $ 26,705 | $ 33,488 | $ 39,901 | $ 48,136 |
Cost of revenue | 10,374 | 9,993 | 11,011 | 11,764 | 13,178 | 13,622 | 21,004 | 26,800 | 31,378 | 38,564 |
Research and development | 354 | 403 | 368 | 425 | 478 | 903 | 1,167 | 1,271 | ||
Restructuring and other charges | 75 | 13 | 67 | 135 | 416 | 148 | ||||
Total costs and expenses | 12,244 | 12,160 | 13,055 | 13,392 | 15,218 | 15,708 | 25,215 | 30,926 | 37,459 | 44,318 |
Earnings from operations | 952 | 747 | 743 | 1,256 | 1,257 | 1,305 | 1,490 | 2,562 | 2,442 | 3,818 |
Interest and other, net | (16) | (181) | (70) | (41) | (30) | (71) | (357) | (141) | ||
Earnings before taxes | 936 | 587 | 562 | 1,186 | 1,216 | 1,275 | 1,149 | 2,491 | 2,085 | 3,677 |
(Provision for) benefit from taxes | (170) | 467 | (93) | (64) | (235) | (223) | 374 | (458) | 204 | (522) |
Net earnings | $ 766 | $ 1,054 | $ 469 | $ 1,122 | $ 981 | $ 1,052 | $ 1,523 | $ 2,033 | $ 2,289 | $ 3,155 |
Basic earnings per share (usd per share) | $ 0.77 | $ 1.06 | $ 0.47 | $ 1.10 | $ 0.93 | $ 0.97 | $ 1.54 | $ 1.91 | $ 2.31 | $ 3.00 |
Diluted earnings per share (usd per share) | $ 0.76 | $ 1.06 | $ 0.47 | $ 1.08 | $ 0.92 | $ 0.96 | $ 1.53 | $ 1.89 | $ 2.29 | $ 2.97 |
As reported | ||||||||||
Revised Consolidated Statements of Earnings [Line Items] | ||||||||||
Net revenue | $ 12,913 | $ 13,828 | $ 14,664 | $ 16,490 | $ 17,028 | $ 26,741 | $ 33,518 | $ 48,182 | ||
Cost of revenue | 9,984 | 11,019 | 13,157 | 13,643 | 21,003 | 26,800 | ||||
Research and development | 403 | 368 | 425 | 418 | 843 | 1,211 | ||||
Restructuring and other charges | 13 | 82 | 150 | 163 | ||||||
Total costs and expenses | 12,151 | 13,063 | 13,392 | 15,212 | 15,669 | 25,214 | 30,881 | 44,273 | ||
Earnings from operations | 762 | 765 | 1,272 | 1,278 | 1,359 | 1,527 | 2,637 | 3,909 | ||
Interest and other, net | (181) | (39) | (32) | (71) | ||||||
Earnings before taxes | 602 | 584 | 1,202 | 1,239 | 1,327 | 1,186 | 2,566 | 3,768 | ||
(Provision for) benefit from taxes | 464 | (97) | (83) | (239) | (241) | 367 | (480) | (563) | ||
Net earnings | $ 1,066 | $ 487 | $ 1,119 | $ 1,000 | $ 1,086 | $ 1,553 | $ 2,086 | $ 3,205 | ||
Basic earnings per share (usd per share) | $ 1.08 | $ 0.49 | $ 1.09 | $ 0.95 | $ 1.00 | $ 1.57 | $ 1.96 | $ 3.05 | ||
Diluted earnings per share (usd per share) | $ 1.07 | $ 0.49 | $ 1.08 | $ 0.94 | $ 0.99 | $ 1.56 | $ 1.94 | $ 3.01 | ||
Adjustment | ||||||||||
Revised Consolidated Statements of Earnings [Line Items] | ||||||||||
Net revenue | $ (6) | $ (30) | $ (16) | $ (15) | $ (15) | $ (36) | $ (30) | $ (46) | ||
Cost of revenue | 9 | (8) | 21 | (21) | 1 | 0 | ||||
Research and development | 0 | 0 | 0 | 60 | 60 | 60 | ||||
Restructuring and other charges | 0 | (15) | (15) | (15) | ||||||
Total costs and expenses | 9 | (8) | 0 | 6 | 39 | 1 | 45 | 45 | ||
Earnings from operations | (15) | (22) | (16) | (21) | (54) | (37) | (75) | (91) | ||
Interest and other, net | 0 | (2) | 2 | 0 | ||||||
Earnings before taxes | (15) | (22) | (16) | (23) | (52) | (37) | (75) | (91) | ||
(Provision for) benefit from taxes | 3 | 4 | 19 | 4 | 18 | 7 | 22 | 41 | ||
Net earnings | $ (12) | $ (18) | $ 3 | $ (19) | $ (34) | $ (30) | $ (53) | $ (50) | ||
Basic earnings per share (usd per share) | $ (0.02) | $ (0.02) | $ 0.01 | $ (0.02) | $ (0.03) | $ (0.03) | $ (0.05) | $ (0.05) | ||
Diluted earnings per share (usd per share) | $ (0.01) | $ (0.02) | $ 0 | $ (0.02) | $ (0.03) | $ (0.03) | $ (0.05) | $ (0.04) |
Revised Consolidated Statements of Earnings - Revised Consolidated Condensed Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2023 |
Apr. 30, 2023 |
Jan. 31, 2023 |
Jul. 31, 2022 |
Apr. 30, 2022 |
Jan. 31, 2022 |
Apr. 30, 2023 |
Apr. 30, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
|
Revised Consolidated Statements of Comprehensive Income (Loss) [Line Items] | ||||||||||
Net earnings | $ 766 | $ 1,054 | $ 469 | $ 1,122 | $ 981 | $ 1,052 | $ 1,523 | $ 2,033 | $ 2,289 | $ 3,155 |
Gains arising during the period | 0 | 6 | (1) | 10 | 1 | 1 | 5 | 2 | 5 | 12 |
Other comprehensive income (loss) before taxes | 11 | 110 | (924) | (48) | 453 | 250 | (814) | 703 | (803) | 655 |
Benefit from (provision for) taxes | 3 | (22) | 183 | (62) | (90) | (20) | 161 | (110) | 164 | (172) |
Other comprehensive income (loss), net of taxes | 14 | 88 | (741) | (110) | 363 | 230 | (653) | 593 | (639) | 483 |
Comprehensive income | $ 780 | 1,142 | (272) | 1,012 | 1,344 | 1,282 | 870 | 2,626 | $ 1,650 | 3,638 |
As reported | ||||||||||
Revised Consolidated Statements of Comprehensive Income (Loss) [Line Items] | ||||||||||
Net earnings | 1,066 | 487 | 1,119 | 1,000 | 1,086 | 1,553 | 2,086 | 3,205 | ||
Gains arising during the period | 6 | (38) | 10 | 1 | 21 | (32) | 22 | 32 | ||
Other comprehensive income (loss) before taxes | 110 | (961) | (48) | 453 | 270 | (851) | 723 | 675 | ||
Benefit from (provision for) taxes | (22) | 192 | (62) | (90) | (26) | 170 | (116) | (178) | ||
Other comprehensive income (loss), net of taxes | 88 | (769) | (110) | 363 | 244 | (681) | 607 | 497 | ||
Comprehensive income | 1,154 | (282) | 1,009 | 1,363 | 1,330 | 872 | 2,693 | 3,702 | ||
Adjustment | ||||||||||
Revised Consolidated Statements of Comprehensive Income (Loss) [Line Items] | ||||||||||
Net earnings | (12) | (18) | 3 | (19) | (34) | (30) | (53) | (50) | ||
Gains arising during the period | 0 | 37 | 0 | 0 | (20) | 37 | (20) | (20) | ||
Other comprehensive income (loss) before taxes | 0 | 37 | 0 | 0 | (20) | 37 | (20) | (20) | ||
Benefit from (provision for) taxes | 0 | (9) | 0 | 0 | 6 | (9) | 6 | 6 | ||
Other comprehensive income (loss), net of taxes | 0 | 28 | 0 | 0 | (14) | 28 | (14) | (14) | ||
Comprehensive income | $ (12) | $ 10 | $ 3 | $ (19) | $ (48) | $ (2) | $ (67) | $ (64) |
Revised Consolidated Statements of Earnings - Revised Consolidated Condensed Statements of Cash Flows (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2023 |
Apr. 30, 2023 |
Jan. 31, 2023 |
Jul. 31, 2022 |
Apr. 30, 2022 |
Jan. 31, 2022 |
Apr. 30, 2023 |
Apr. 30, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
|
Cash flows from operating activities: | ||||||||||
Net earnings | $ 766 | $ 1,054 | $ 469 | $ 1,122 | $ 981 | $ 1,052 | $ 1,523 | $ 2,033 | $ 2,289 | $ 3,155 |
Restructuring and other charges | 341 | 135 | 416 | 148 | ||||||
Deferred taxes on earnings | (140) | 5 | (825) | (1) | (774) | 51 | ||||
Accounts receivable | 244 | 362 | 426 | 116 | 180 | 1,101 | ||||
Inventory | 230 | (1,277) | 374 | (1,270) | 364 | (570) | ||||
Accounts payable | (1,731) | 2,035 | (1,933) | 981 | (1,133) | (491) | ||||
Taxes on earnings | 220 | (23) | 330 | (48) | 354 | (165) | ||||
Other assets and liabilities | 279 | (962) | (117) | (491) | (704) | (1,596) | ||||
Net cash provided by operating activities | (16) | 1,657 | 620 | 2,165 | $ 1,596 | 2,559 | ||||
As reported | ||||||||||
Cash flows from operating activities: | ||||||||||
Net earnings | 1,066 | 487 | 1,119 | 1,000 | 1,086 | 1,553 | 2,086 | 3,205 | ||
Restructuring and other charges | 341 | 150 | 163 | |||||||
Deferred taxes on earnings | (136) | 5 | (817) | (5) | 47 | |||||
Accounts receivable | 244 | 337 | 426 | 91 | 1,076 | |||||
Inventory | 218 | (1,277) | 354 | (1,270) | ||||||
Accounts payable | (1,712) | 2,035 | (1,914) | 981 | ||||||
Taxes on earnings | 220 | (6) | 329 | (23) | (120) | |||||
Other assets and liabilities | 250 | (988) | (153) | (555) | (1,677) | |||||
Net cash provided by operating activities | (16) | 1,657 | 620 | 2,165 | 2,559 | |||||
Adjustment | ||||||||||
Cash flows from operating activities: | ||||||||||
Net earnings | $ (12) | (18) | $ 3 | $ (19) | (34) | (30) | (53) | (50) | ||
Restructuring and other charges | 0 | (15) | (15) | |||||||
Deferred taxes on earnings | (4) | 0 | (8) | 4 | 4 | |||||
Accounts receivable | 0 | 25 | 0 | 25 | 25 | |||||
Inventory | 12 | 0 | 20 | 0 | ||||||
Accounts payable | (19) | 0 | (19) | 0 | ||||||
Taxes on earnings | 0 | (17) | 1 | (25) | (45) | |||||
Other assets and liabilities | 29 | 26 | 36 | 64 | 81 | |||||
Net cash provided by operating activities | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Revision of Prior Period Financial Statements - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2023 |
Apr. 30, 2023 |
Jan. 31, 2023 |
Jul. 31, 2022 |
Apr. 30, 2022 |
Jan. 31, 2022 |
Apr. 30, 2023 |
Apr. 30, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
|
Reclassification [Line Items] | ||||||||||
Net revenue | $ 13,196 | $ 12,907 | $ 13,798 | $ 14,648 | $ 16,475 | $ 17,013 | $ 26,705 | $ 33,488 | $ 39,901 | $ 48,136 |
Earnings from operations | 952 | 747 | 743 | 1,256 | 1,257 | 1,305 | 1,490 | 2,562 | 2,442 | 3,818 |
Operating Segments | ||||||||||
Reclassification [Line Items] | ||||||||||
Net revenue | 13,196 | 14,648 | 39,902 | 48,141 | ||||||
Earnings from operations | 1,354 | 1,519 | 3,958 | 4,872 | ||||||
Operating Segments | Personal Systems | ||||||||||
Reclassification [Line Items] | ||||||||||
Net revenue | 8,932 | 10,073 | 26,286 | 33,771 | ||||||
Earnings from operations | $ 592 | 673 | $ 1,498 | 2,331 | ||||||
Adjustment | ||||||||||
Reclassification [Line Items] | ||||||||||
Net revenue | (6) | (30) | (16) | (15) | (15) | (36) | (30) | (46) | ||
Earnings from operations | $ (15) | $ (22) | (16) | $ (21) | $ (54) | $ (37) | $ (75) | (91) | ||
Adjustment | Operating Segments | Personal Systems | ||||||||||
Reclassification [Line Items] | ||||||||||
Net revenue | (16) | (46) | ||||||||
Earnings from operations | $ (16) | $ (106) |
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