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Table of Contents
Part I. Financial Information


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________
FORM 10-Q
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
July 31, 2019
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
1-4423
_________________________________________
HP INC.
(Exact name of registrant as specified in its charter)
Delaware
 
94-1081436
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. employer
identification no.)
1501 Page Mill Road
 
94304
Palo Alto,
California
 
(Zip Code)
(Address of principal executive offices)
 
 
(650) 857-1501
(Registrant’s telephone number, including area code)

____________________
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, par value $0.01 per share
HPQ
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer  Smaller reporting company
(Do not check if a smaller reporting company) Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes  No 
The number of shares of HP common stock outstanding as of July 31, 2019 was 1,481,913,639 shares.
 




HP INC. AND SUBSIDIARIES
Form 10-Q
For the Quarterly Period ended July 31, 2019
Table of Contents
 
 
Page
 
 
 
 
 
In this report on Form 10-Q, for all periods presented, “we”, “us”, “our”, “company”, “HP” and “HP Inc.” refer to HP Inc. (formerly Hewlett-Packard Company) and its consolidated subsidiaries.


2

Table of Contents

Forward-Looking Statements
This Quarterly Report on Form 10-Q, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 2 of Part I, contains forward-looking statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of HP Inc. and its consolidated subsidiaries (“HP”) may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to, any projections of net revenue, margins, expenses, effective tax rates, net earnings, net earnings per share, cash flows, benefit plan funding, deferred taxes, share repurchases, foreign currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings or restructuring and other charges; any statements of the plans, strategies and objectives of management for future operations, including, but not limited to, our sustainability goals, our go-to-market strategy the execution of restructuring plans and any resulting cost savings, net revenue or profitability improvements; any statements concerning the expected development, performance, market share or competitive performance relating to products or services; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief, including with respect to the timing and expected benefits of acquisitions and other business combination and investment transactions; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the need to address the many challenges facing HP’s businesses; the competitive pressures faced by HP’s businesses; risks associated with executing HP’s strategy and business model changes; successfully innovating, developing and executing HP’s go-to-market strategy, including online, omnichannel and contractual sales, in an evolving distribution and reseller landscape; successfully competing and maintaining the value proposition of HP’s products, including supplies; the impact of macroeconomic and geopolitical trends and events; the need to manage third-party suppliers, manage HP’s global, multi-tier distribution network, limit potential misuse of pricing programs by HP’s channel partners, adapt to new or changing marketplaces and effectively deliver HP’s services; challenges to HP’s ability to accurately forecast inventories, demand and pricing, which may be due to HP’s multi-tiered channel, sales of HP’s products to unauthorized resellers or unauthorized resale of HP’s products; the protection of HP’s intellectual property assets, including intellectual property licensed from third parties; risks associated with HP’s international operations; the development and transition of new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; the execution and performance of contracts by HP and its suppliers, customers, clients and partners; the hiring and retention of key employees; integration and other risks associated with business combination and investment transactions; the results of the restructuring plans, including estimates and assumptions related to the cost (including any possible disruption of HP’s business) and the anticipated benefits of the restructuring plans; the impact of changes in tax laws, including uncertainties related to the interpretation and application of the Tax Cuts and Jobs Act of 2017 on HP’s tax obligations and effective tax rate; the resolution of pending investigations, claims and disputes; and other risks that are described herein, including, but not limited to, those discussed in this Quarterly Report on Form 10-Q, and in particular, the risks discussed in Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K, for the fiscal year ended October 31, 2018, and that are otherwise described or updated from time to time in HP’s other filings with the Securities and Exchange Commission (“the SEC”). HP assumes no obligation and does not intend to update these forward-looking statements.


3

Table of Contents

Part I. Financial Information

ITEM 1. Financial Statements and Supplementary Data.
Index
 
Page


4

Table of Contents

HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Earnings
(Unaudited)
 
Three months ended July 31
 
Nine months ended July 31
 
2019
 
2018
 
2019
 
2018
 
In millions, except per share amounts
Net revenue
$
14,603

 
$
14,586

 
$
43,349

 
$
43,106

Costs and expenses:
 
 
 

 


 


Cost of revenue
11,698

 
11,898

 
35,103

 
35,134

Research and development
413

 
347

 
1,110

 
1,050

Selling, general and administrative
1,376

 
1,289

 
3,963

 
3,836

Restructuring and other charges
17

 
4

 
141

 
92

Acquisition-related (credits) charges
(9
)
 
10

 
12

 
97

Amortization of intangible assets
29

 
20

 
87

 
60

Total costs and expenses
13,524

 
13,568

 
40,416

 
40,269

Earnings from operations
1,079

 
1,018

 
2,933

 
2,837

Interest and other, net
(831
)
 

 
(902
)
 
(831
)
Earnings before taxes
248

 
1,018

 
2,031

 
2,006

Benefit from (provision for) taxes
931

 
(138
)
 
733

 
1,870

Net earnings
$
1,179

 
$
880

 
$
2,764

 
$
3,876

 
 
 
 
 
 
 
 
Net earnings per share:
 

 
 

 
 
 
 
Basic
$
0.79

 
$
0.55

 
$
1.81

 
$
2.38

Diluted
$
0.78

 
$
0.54

 
$
1.80

 
$
2.36

 
 
 
 
 
 
 

Weighted-average shares used to compute net earnings per share:
 

 
 

 
 
 

Basic
1,499

 
1,601

 
1,528

 
1,627

Diluted
1,508

 
1,618

 
1,537

 
1,645

The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.


5

Table of Contents

HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
(Unaudited)
 
Three months ended July 31
 
Nine months ended July 31
 
2019
 
2018
 
2019
 
2018
 
In millions
Net earnings
$
1,179

 
$
880

 
$
2,764

 
$
3,876

Other comprehensive income (loss):
 

 
 

 
 

 
 

Change in unrealized components of available-for-sale debt securities:
 

 
 

 
 

 
 

Unrealized gains (losses) arising during the period

 
2

 

 
(3
)
Losses (gains) reclassified into earnings

 

 
3

 
(5
)
 

 
2

 
3

 
(8
)
Change in unrealized components of cash flow hedges:
 

 
 

 
 

 
 

Unrealized gains arising during the period
180

 
273

 
271

 
19

(Gains) losses reclassified into earnings
(86
)
 
17

 
(259
)
 
363


94

 
290

 
12

 
382

Change in unrealized components of defined benefit plans:
 

 
 

 
 

 
 

(Losses) gains arising during the period
(16
)
 
2

 
(20
)
 
2

Amortization of actuarial loss and prior service benefit
11

 
11

 
34

 
36

Curtailments, settlements and other
41

 
1

 
40

 
2


36

 
14

 
54

 
40

Change in cumulative translation adjustment
(30
)
 

 
(22
)
 

Other comprehensive income before taxes
100

 
306

 
47

 
414

Provision for taxes
(63
)
 
(31
)
 
(65
)
 
(35
)
Other comprehensive income (loss), net of taxes
37

 
275

 
(18
)
 
379

Comprehensive income
$
1,216

 
$
1,155

 
$
2,746

 
$
4,255

The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

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Table of Contents

HP INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(Unaudited)
 
As of
 
July 31, 2019
 
October 31, 2018
 
In millions, except par value 
ASSETS
 

 
 

Current assets:
 

 
 

Cash and cash equivalents
$
4,919

 
$
5,166

Accounts receivable, net
5,295

 
5,113

Inventory
5,716

 
6,062

Other current assets
3,753

 
5,046

Total current assets
19,683

 
21,387

Property, plant and equipment, net
2,462

 
2,198

Goodwill
6,330

 
5,968

Other non-current assets
3,930

 
5,069

Total assets
$
32,405

 
$
34,622

LIABILITIES AND STOCKHOLDERS’ DEFICIT
 

 
 

Current liabilities:
 

 
 

Notes payable and short-term borrowings
$
328

 
$
1,463

Accounts payable
14,648

 
14,816

Employee compensation and benefits
956

 
1,136

Taxes on earnings
144

 
340

Other accrued liabilities
8,503

 
7,376

Total current liabilities
24,579

 
25,131

Long-term debt
4,730

 
4,524

Other non-current liabilities
4,227

 
5,606

Stockholders’ deficit:
 

 
 

Preferred stock, $0.01 par value (300 shares authorized; none issued)

 

Common stock, $0.01 par value (9,600 shares authorized; 1,482 and 1,560 shares issued and outstanding at July 31, 2019 and October 31, 2018, respectively)          
15

 
16

Additional paid-in capital
785

 
663

Accumulated deficit
(1,068
)
 
(473
)
Accumulated other comprehensive loss
(863
)
 
(845
)
Total stockholders’ deficit
(1,131
)
 
(639
)
Total liabilities and stockholders’ deficit
$
32,405

 
$
34,622

The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

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Table of Contents

HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows
(Unaudited)
 
Nine months ended July 31
 
2019
 
2018
 
In millions
Cash flows from operating activities:
 

 
 

Net earnings
$
2,764

 
$
3,876

Adjustments to reconcile net earnings to net cash provided by operating activities:
 

 
 

Depreciation and amortization
539

 
388

Stock-based compensation expense
233

 
203

Restructuring and other charges
141

 
92

Deferred taxes on earnings
325

 
(3,167
)
Other, net
176

 
234

Changes in operating assets and liabilities, net of acquisitions:
 

 
 

Accounts receivable
(22
)
 
23

Inventory
(24
)
 
(121
)
Accounts payable
(138
)
 
910

Taxes on earnings
(1,123
)
 
801

Restructuring and other
(122
)
 
(207
)
Other assets and liabilities
1,317

 
528

Net cash provided by operating activities
4,066

 
3,560

Cash flows from investing activities:
 

 
 

Investment in property, plant and equipment
(475
)
 
(359
)
Proceeds from sale of property, plant and equipment

 
110

Purchases of available-for-sale securities and other investments
(80
)
 
(320
)
Maturities and sales of available-for-sale securities and other investments
771

 
588

Collateral posted for derivative instruments
(32
)
 
(1,141
)
Collateral returned for derivative instruments
32

 
1,355

Payment made in connection with business acquisitions, net of cash acquired
(427
)
 
(1,036
)
Net cash used in investing activities
(211
)
 
(803
)
Cash flows from financing activities:
 

 
 

(Payments of) Proceeds from short-term borrowings with original maturities less than 90 days, net
(856
)
 
1,577

Proceeds from short-term borrowings with original maturities greater than 90 days

 
712

Proceeds from debt, net of issuance costs
94

 

Payment of short-term borrowings with original maturities greater than 90 days

 
(1,184
)
Payment of debt
(604
)
 
(2,059
)
Stock-based award activities
(58
)
 
34

Repurchase of common stock
(1,944
)
 
(1,959
)
Cash dividends paid
(734
)
 
(680
)
Net cash used in financing activities
(4,102
)
 
(3,559
)
Decrease in cash and cash equivalents
(247
)
 
(802
)
Cash and cash equivalents at beginning of period
5,166

 
6,997

Cash and cash equivalents at end of period
$
4,919

 
$
6,195

Supplemental schedule of non-cash activities:
 

 
 

Purchase of assets under capital leases
$
253

 
$
183

The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

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Table of Contents

HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Stockholders’ Deficit
(Unaudited)
 
Common Stock
 
Additional
Paid-in Capital
 
 
 
Accumulated
Other
Comprehensive Loss
 
 Total Stockholders' Deficit
 
Number of Shares
 
Par Value
 
 
Accumulated Deficit
 
 
 
In millions, except number of shares in thousands
Balance April 30, 2018
1,610,512

 
$
16

 
$
510

 
$
(1,075
)
 
$
(1,314
)
 
$
(1,863
)
Net earnings
 
 
 
 
 
 
880

 
 
 
880

Other comprehensive income, net of taxes
 
 
 
 
 
 
 
 
275

 
275

Comprehensive income
 
 
 
 
 
 
 
 
 
 
1,155

Issuance of common stock in connection with employee stock plans and other
2,517

 
 
 
30

 
 
 
 
 
30

Repurchases of common stock
(30,621
)
 
 
 
(9
)
 
(692
)
 
 
 
(701
)
Cash dividends ($0.28 per common share)
 
 
 
 
 
 
(443
)
 
 
 
(443
)
Stock-based compensation expense
 
 
 
 
55

 
 
 
 
 
55

Balance July 31, 2018
1,582,408

 
$
16

 
$
586

 
$
(1,330
)
 
$
(1,039
)
 
$
(1,767
)
 
 
 
 
 
 
 
 
 
 
 
 
Balance April 30, 2019
1,506,292

 
$
15

 
$
723

 
$
(1,325
)
 
$
(900
)
 
$
(1,487
)
Net earnings


 


 


 
1,179

 


 
1,179

Other comprehensive income, net of taxes


 


 


 


 
37

 
37

Comprehensive income


 


 


 


 


 
1,216

Issuance of common stock in connection with employee stock plans and other
1,683

 


 
17

 


 


 
17

Repurchases of common stock
(26,061
)
 


 
(14
)
 
(513
)
 


 
(527
)
Cash dividends ($0.32 per common share)


 


 


 
(478
)
 


 
(478
)
Stock-based compensation expense


 


 
59

 


 


 
59

   Adjustment for adoption of accounting standards (Note 1)
 
 
 
 
 
 
69

 
 
 
69

Balance July 31, 2019
1,481,914

 
$
15

 
$
785

 
$
(1,068
)
 
$
(863
)
 
$
(1,131
)

 
Common Stock
 
Additional
Paid-in Capital
 
 
 
Accumulated
Other
Comprehensive Loss
 
 Total Stockholders' Deficit
 
Number of Shares
 
Par Value
 
 
Accumulated Deficit
 
 
 
In millions, except number of shares in thousands
Balance October 31, 2017
1,649,580

 
$
16

 
$
380

 
$
(2,386
)
 
$
(1,418
)
 
$
(3,408
)
Net earnings


 


 


 
3,876

 


 
3,876

Other comprehensive income, net of taxes


 


 


 


 
379

 
379

Comprehensive income


 


 


 


 


 
4,255

Issuance of common stock in connection with employee stock plans and other
19,198

 


 
26

 


 


 
26

Repurchases of common stock
(86,370
)
 


 
(23
)
 
(1,920
)
 


 
(1,943
)
Cash dividends ($0.56 per common share)


 


 


 
(900
)
 


 
(900
)
Stock-based compensation expense


 


 
203

 


 


 
203

Balance July 31, 2018
1,582,408

 
$
16

 
$
586

 
$
(1,330
)
 
$
(1,039
)
 
$
(1,767
)
 


 


 


 


 


 


Balance October 31, 2018
1,560,270

 
$
16

 
$
663

 
$
(473
)
 
$
(845
)
 
$
(639
)
Net earnings


 


 


 
2,764

 


 
2,764

Other comprehensive loss, net of taxes


 


 


 


 
(18
)
 
(18
)
Comprehensive income


 


 


 


 


 
2,746

Issuance of common stock in connection with employee stock plans and other
13,827

 


 
(69
)
 


 


 
(69
)
Repurchases of common stock
(92,183
)
 
(1
)
 
(41
)
 
(1,894
)
 


 
(1,936
)
Cash dividends ($0.64 per common share)


 


 


 
(971
)
 


 
(971
)
Stock-based compensation expense


 


 
232

 


 


 
232

Adjustment for adoption of accounting standards (Note 1)


 


 


 
(494
)
 


 
(494
)
Balance July 31, 2019
1,481,914

 
$
15

 
$
785

 
$
(1,068
)
 
$
(863
)
 
$
(1,131
)
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

9

HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements
(Unaudited)


Note 1: 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, 2018 in the Annual Report on Form 10-K, filed on December 13, 2018. The Consolidated Condensed Balance Sheet for October 31, 2018 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.
Reclassifications
Effective at the beginning of its first quarter of fiscal year 2019, HP implemented an organizational change to align its business unit financial reporting more closely with its current business structure. HP reflected this change to its business unit information in prior reporting periods on an as-if basis. The reporting change had no impact to previously reported segment net revenue, consolidated net revenue, earnings from operations, net earnings or net earnings per share (“EPS”).
HP has reclassified certain prior-year amounts to conform to the current-year presentation as a result of the adoption of Accounting Standards Update (“ASU”) 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”. This adoption had no impact on previously reported consolidated net revenue, net earnings or net EPS.
For detailed discussion, see Note 2, “Segment Information”.
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 could differ materially from those estimates. 
Separation Transaction
On November 1, 2015, Hewlett-Packard Company completed the separation of Hewlett Packard Enterprise Company (“Hewlett Packard Enterprise”), Hewlett-Packard Company’s former enterprise technology infrastructure, software, services and financing businesses (the “Separation”). In connection with the Separation, HP entered into a separation and distribution agreement, a tax matters agreement, an employee matters agreement and various other agreements with Hewlett Packard Enterprise that provide a framework for the relationships between the parties. For more information on the impacts of these agreements, see Note 6, “Supplementary Financial Information”, Note 12, “Litigation and Contingencies” and Note 13, “Guarantees, Indemnifications and Warranties”.
Recently Adopted Accounting Pronouncements
In February 2018, the FASB issued guidance, which eliminates the stranded tax effects in other comprehensive income resulting from the Tax Cuts and Jobs Act (the “TCJA”). Because the amendments only relate to the reclassification of the income tax effects of the TCJA, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from operations is not affected. HP early adopted this guidance in the third quarter of fiscal year 2019. The implementation of this guidance resulted in a $69 million reclassification from accumulated other comprehensive loss to accumulated deficit.

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Table of Contents
HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 1: Basis of Presentation (Continued)

In March 2017, the Financial Accounting Standards Board (“FASB”) issued guidance, which addresses the improvement of the presentation of net periodic pension and net periodic post-retirement benefit cost. The guidance requires entities to present the service cost component of net periodic benefit cost in the same income statement line item as other compensation costs arising from services rendered during the period. Additionally, the guidance requires that companies present the other components of the net periodic benefit cost separately from the line item that includes service cost and any other subtotal of income from operations. The amendments in this guidance are to be applied retrospectively for presentation in the Consolidated Condensed Statements of Earnings. A practical expedient allows companies to use the amount disclosed in its pension and other post-retirement plan note for the prior comparative periods as the estimation basis for applying the retrospective presentation requirements. HP adopted this guidance in the first quarter of fiscal year 2019 and elected to use the practical expedient. The adoption of this guidance has no impact on net earnings. The reclassification resulted in an increase in Selling, general and administrative expenses and a reduction in interest and other, net of $62 million and $180 million for the three and nine months ended July 31, 2018, respectively.
In November 2016, the FASB issued guidance, which addresses the presentation of restricted cash in the statement of cash flows.  The guidance requires entities to present the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. HP adopted this guidance in the first quarter of fiscal year 2019. The implementation of this guidance did not have any impact on its Consolidated Condensed Financial Statements.
In October 2016, the FASB issued guidance, which amends the existing accounting for Intra-Entity Transfers of Assets Other Than Inventory. The guidance (Topic 740) requires an entity to recognize the income tax consequences of intra-entity transfers, other than inventory, when the transfer occurs. It also requires modified retrospective transition with a cumulative catch-up adjustment to opening retained earnings in the period of adoption. HP adopted this guidance in the first quarter of fiscal year 2019. The implementation of this guidance resulted in $353 million of net reduction to its prepaid tax asset adjusted through accumulated deficit.
In August 2016, the FASB issued guidance, which amends the existing accounting standards for the classification of certain cash receipts and cash payments on the statement of cash flows. HP adopted this guidance in the first quarter of fiscal year 2019. The implementation of this guidance did not have any impact on its Consolidated Condensed Financial Statements.
In January 2016, the FASB issued guidance, which amends the existing accounting standards for the recognition and measurement of financial assets and financial liabilities. The guidance (Topic 825-10) primarily addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The amendments should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, with other amendments related specifically to equity securities without readily determinable fair values applied prospectively. HP adopted this guidance in the first quarter of fiscal year 2019. The implementation of this guidance did not have a material impact on its Consolidated Condensed Financial Statements.
In May 2014, the FASB issued guidance, which amends the existing accounting standards for revenue recognition. The amendments (Topic 606) are based on the principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. HP adopted the new revenue standard in the first quarter of fiscal year 2019 using the modified retrospective method applied to contracts that were not completed as of November 1, 2018. HP recognized the net impact of adoption as an increase to accumulated deficit by $212 million, net of tax on November 1, 2018.
The primary changes that impact the Consolidated Condensed Financial Statements are as below:
Variable consideration - HP estimates the transaction price for elements of consideration which are variable in nature. Certain distributor programs and incentive offerings which were recorded at the date the sales incentives were offered, will now be recorded at the time of revenue recognition based on estimates.
Costs to obtain a contract - The incremental costs to obtain a contract are primarily comprised of eligible sales commissions which were previously expensed as incurred. HP will capitalize the eligible sales commission costs for contracts with terms of more than one year and will amortize these costs over the expected period of the benefit.
The adoption has led to certain balance sheet reclassifications pertaining to return asset and liability and repurchase reserves which impacts accounts receivable, net, inventory, other current assets and other accrued liabilities balances.
Revenue Recognition
General

11

Table of Contents
HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 1: Basis of Presentation (Continued)

HP recognizes revenues at a point in time or over time depicting the transfer of promised goods or services to customers in an amount that reflects the consideration to which HP expects to be entitled in exchange for those goods or services. HP follows the five-step model for revenue recognition as summarized below:
1.
Identify the contract with a customer - A contract with customer exists when (i) it is approved and signed by all parties, (ii) each party’s rights and obligations can be identified, (iii) payment terms are defined, (iv) it has commercial substance and (v) the customer has the ability and intent to pay. HP evaluates customers’ ability to pay based on various factors like historical payment experience, financial metrics and customer credit scores.
2.
Identify the performance obligations in the contract - HP evaluates each performance obligation in an arrangement to determine whether it represents a separate unit of accounting, such as hardware and/or service. A performance obligation constitutes a separate unit of accounting when the customer can benefit from the goods or services either on its own or together with other resources that are readily available to the customer and the performance obligation is distinct within the context of the contract.
3.
Determine the transaction price - Transaction price is the amount of consideration to which HP expects to be entitled in exchange for transferring goods or services to the customer. If the transaction price includes a variable amount, HP estimates the amount it expects to be entitled to using either the expected value or most likely amount method.
HP reduces the transaction price at the time of revenue recognition for customer and distributor programs and incentive offerings, rebates, promotions, other volume-based incentives and expected returns. HP uses estimates to determine the expected variable consideration for such programs based on factors like historical experience, expected consumer behavior and market conditions.
HP has elected the practical expedient of not accounting for significant financing components if the period between revenue recognition and when the customer pays for the product or service is one year or less.
4.
Allocate the transaction price to performance obligations in the contract - When a sales arrangement contains multiple performance obligations, such as hardware and/or services, HP allocates revenue to each performance obligation in proportion to their selling price. The selling price for each performance obligation is based on its standalone selling price (“SSP”). HP establishes SSP using the price charged for a performance obligation when sold separately (“observable price”) and, in some instances, using the price established by management having the relevant authority. When observable price is not available, HP establishes SSP based on management judgment considering internal factors such as margin objectives, pricing practices and controls, customer segment pricing strategies and the product life-cycle. Consideration is also given to market conditions such as competitor pricing strategies and technology industry life cycles.
5.
Recognize revenue when (or as) the performance obligation is satisfied - Revenue is recognized when, or as, a performance obligation is satisfied by transferring control of a promised good or service to a customer. HP generally invoices the customer upon delivery of the goods or services and the payments are due as per contract terms. For fixed price support or maintenance contracts that are in the nature of stand-ready obligations, payments are generally received in advance from customers and revenue is recognized on a straight-line basis over time for the duration of the contract.
HP reports revenue net of any taxes collected from customers and remitted to government authorities, and the collected taxes are recorded as other accrued liabilities until remitted to the relevant government authority. HP includes costs related to shipping and handling in cost of revenue.
HP records revenue on a gross basis when HP is a principal in the transaction and on a net basis when HP is acting as an agent between the customer and the vendor. HP considers several factors to determine whether it is acting as a principal or an agent, most notably whether HP is the primary obligor to the customer, has established its own pricing and has inventory and credit risks.
Hardware
HP transfers control of the products to the customer at the time the product is delivered to the customer and recognizes revenue accordingly, unless customer acceptance is uncertain or significant obligations to the customer remain unfulfilled.
Services
HP recognizes revenue from fixed-price support, maintenance and other service contracts over time depicting the pattern of service delivery and recognizes the costs associated with these contracts as incurred.
Contract Assets and Liabilities
Contract assets are rights to consideration in exchange for goods or services that HP has transferred to a customer when such right is conditional on something other than the passage of time. Such contract assets are insignificant to HP’s Consolidated Condensed Financial Statements.

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Table of Contents
HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 1: Basis of Presentation (Continued)

Contract liabilities are recorded as deferred revenues when amounts invoiced to customers are more than the revenues recognized or when payments are received in advance for fixed price support or maintenance contracts. The short-term and long-term deferred revenues are reported within the other accrued liabilities and other non-current liabilities respectively.
Cost to obtain a contract and fulfillment cost
Incremental direct costs of obtaining a contract primarily consist of sales commissions. HP has elected the practical expedient to expense as incurred the costs to obtain a contract with a benefit period equal to or less than one year. For contracts with a period of benefit greater than one year, HP capitalizes incremental costs of obtaining a contract with a customer and amortizes these costs over their expected period of benefit provided such costs are recoverable.
Fulfillment costs consist of set-up and transition costs related to other service contracts. These costs generate or enhance resources of HP that will be used in satisfying the performance obligation in the future and are capitalized and amortized over the expected period of the benefit, provided such costs are recoverable.
See Note 6, “Supplementary Financial Information” for details on net revenue by region, cost to obtain a contract and fulfillment cost, contract liabilities and value of remaining performance obligations.

Transition disclosure
In accordance with the modified retrospective method transition requirements, HP has presented the financial statement line items impacted and adjusted to compare to presentation under the prior GAAP for the Consolidated Condensed Balance Sheet as of July 31, 2019 and for Consolidated Condensed Statement of Earnings for three months and nine months ended July 31, 2019.
 
As of July 31, 2019
CONSOLIDATED CONDENSED BALANCE SHEET ITEMS
As Reported
 
Effect of Adoption
 
Balances Without Adoption of Topic 606
 
In millions
ASSETS


 


 


Accounts receivable, net
$
5,295

 
$
(212
)
 
$
5,083

Inventory
5,716

 
186

 
5,902

Other current assets
3,753

 
(186
)
 
3,567

Other non-current assets
$
3,930

 
$
(31
)
 
$
3,899

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

Taxes on earnings
$
144

 
$
35

 
$
179

Other accrued liabilities
8,503

 
(465
)
 
8,038

Accumulated deficit
$
(1,068
)
 
$
187

 
$
(881
)
 
Three months ended July 31, 2019
 
Nine months ended July 31, 2019
CONSOLIDATED CONDENSED STATEMENT OF EARNINGS ITEMS
As Reported
 
Effect of Adoption
 
Balances Without Adoption of Topic 606
 
As Reported
 
Effect of Adoption
 
Balances Without Adoption of Topic 606
 
In millions
Net revenue
$
14,603

 
$
17

 
$
14,620

 
$
43,349

 
$
(31
)
 
$
43,318

Earnings from operations
1,079

 
17

 
1,096

 
2,933

 
(31
)
 
2,902

Earnings before taxes
248

 
17

 
265

 
2,031

 
(31
)
 
2,000

Benefit from (provision for) taxes
931

 
(3
)
 
928

 
733

 
6

 
739

Net earnings
$
1,179

 
$
14

 
$
1,193

 
$
2,764

 
$
(25
)
 
$
2,739

Opening Balance Sheet Adjustments:
The following table presents the adoption impact of the new accounting standards to HP’s previously reported financial statements:

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Table of Contents
HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 1: Basis of Presentation (Continued)

 
As Reported on
October 31, 2018
 
Adjustments under Topic 606
 
Other (1)
 
As Restated on
November 1, 2018
 
In millions
ASSETS


 


 

 


Accounts receivable, net
$
5,113

 
$
213

 
$

 
$
5,326