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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
January 31, 2023
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)
Delaware94-1081436
(State or other jurisdiction of
incorporation or organization)
(I.R.S. employer
identification no.)
1501 Page Mill Road94304
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 classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareHPQNew 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 ☐
                                 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 in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of HP Inc. common stock outstanding as of January 31, 2023 was 985,115,519 shares.



HP INC. AND SUBSIDIARIES
Form 10-Q
For the Quarterly Period ended January 31, 2023
Table of Contents
  Page
 
 
In this report on Form 10-Q, for all periods presented, “we”, “us”, “our”, the “company”, the “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 based on current expectations and assumptions that involve risks and uncertainties. If the risks or uncertainties ever materialize or the assumptions prove incorrect, they could affect the business and results of operations of HP Inc. and its consolidated subsidiaries (“HP”) which 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 statements regarding the impact of the COVID-19 pandemic; 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, planned structural cost reductions and productivity initiatives; any statements of the plans, strategies and objectives of management for future operations, including, but not limited to, our business model and transformation, our sustainability goals, our go-to-market strategy, the execution of restructuring plans and any resulting cost savings (including the 2023 plan), net revenue or profitability improvements or other financial impacts; any statements concerning the expected development, demand, performance, market share or competitive performance relating to products or services; any statements concerning potential supply constraints, component shortages, manufacturing disruptions or logistics challenges; 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, disputes or other litigation matters; any statements of expectation or belief as to the timing and expected benefits of acquisitions and other business combination and investment transactions (including the recent acquisition of Plantronics, Inc. (“Poly”)); and any statements of assumptions underlying any of the foregoing. Forward-looking statements can also generally be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will,” “would,” “could,” “can,” “may,” and similar terms. Risks, uncertainties and assumptions that could affect our business and results of operations include factors relating to the impact of macroeconomic and geopolitical trends, changes and events, including the Russian invasion of Ukraine and tension across the Taiwan Strait and the regional and global ramifications of these events; recent volatility in global capital markets, increases in benchmark interest rates and the effects of inflation; risks associated with HP’s international operations; the effects of the COVID-19 pandemic; the execution and performance of contracts by HP and its suppliers, customers, clients and partners, including logistical challenges with respect to such execution and performance; changes in estimates and assumptions HP makes in connection with the preparation of its financial statements; the need to manage (and reliance on) third-party suppliers, including with respect to component shortages, and the need to 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; HP’s ability to execute on its strategic plans, including the previously announced initiatives, business model changes and transformation; execution of planned structural cost reductions and productivity initiatives; HP’s ability to complete any contemplated share repurchases, other capital return programs or other strategic transactions; the competitive pressures faced by HP’s businesses; risks associated with executing HP’s strategy and business model changes and transformation; successfully innovating, developing and executing HP’s go-to-market strategy, including online, omnichannel and contractual sales, in an evolving distribution, reseller and customer landscape; the development and transition of new products and services and the enhancement of existing products and services to meet evolving customer needs and respond to emerging technological trends; successfully competing and maintaining the value proposition of HP’s products, including supplies; 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 or our uneven sales cycle; integration and other risks associated with business combination and investment transactions; the results of our restructuring plans (including the 2023 plan), including estimates and assumptions related to the cost (including any possible disruption of HP’s business) and the anticipated benefits of our restructuring plans; the protection of HP’s intellectual property assets, including intellectual property licensed from third parties; the hiring and retention of key employees; disruptions in operations from system security risks, data protection breaches, cyberattacks, extreme weather conditions or other effects of climate change, medical epidemics or pandemics such as the COVID-19 pandemic, and other natural or manmade disasters or catastrophic events; the impact of changes to federal, state, local and foreign laws and regulations, including environmental regulations and tax laws; our aspirations related to environmental, social and governance matters; potential impacts, liabilities and costs from pending or potential investigations, claims and disputes; and other risks that are described herein, including but not limited to the items discussed in Item 1A “Risk Factors” of Part I in our Annual Report on Form 10-K for the fiscal year ended October 31, 2022 and that are otherwise described or updated from time to time in HP’s other filings with the Securities and Exchange Commission (the “SEC”). The forward-looking statements in this report are made as of the date of this filing and HP assumes no obligation and does not intend to update these forward-looking statements.
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Part I. Financial Information

ITEM 1. Financial Statements and Supplementary Data.
Index
 Page
    

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HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Earnings
(Unaudited)
 Three months ended January 31
 2023 2022
 In millions, except per share amounts
Net revenue$13,828  $17,028 
Costs and expenses:  
Cost of revenue11,019  13,643 
Research and development403  418 
Selling, general and administrative1,331  1,468 
Restructuring and other charges141 68 
Acquisition and divestiture charges84  20 
Amortization of intangible assets85  52 
Total costs and expenses13,063  15,669 
Earnings from operations765  1,359 
Interest and other, net(181)(32)
Earnings before taxes584  1,327 
Provision for taxes(97)(241)
Net earnings$487  $1,086 
Net earnings per share:   
Basic$0.49  $1.00 
Diluted$0.49  $0.99 
Weighted-average shares used to compute net earnings per share:   
Basic989  1,081 
Diluted996  1,094 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

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Consolidated Condensed Statements of Comprehensive Income
(Unaudited)
 Three months ended January 31
 20232022
 In millions
Net earnings$487 $1,086 
Other comprehensive (loss) income before taxes: 
Change in unrealized components of available-for-sale debt securities: 
Unrealized gains (losses) arising during the period4 (2)
Change in unrealized components of cash flow hedges: 
Unrealized (losses) gains arising during the period(623)299 
Gains reclassified into earnings(334)(44)
(957)255 
Change in unrealized components of defined benefit plans: 
(Losses) gains arising during the period(38)21 
Amortization of actuarial loss and prior service benefit— 6 
Curtailments, settlements and other1 — 
(37)27 
Change in cumulative translation adjustment29 (10)
Other comprehensive (loss) income before taxes(961)270 
Benefit from (provision for) taxes192 (26)
Other comprehensive (loss) income, net of taxes(769)244 
Comprehensive (loss) income$(282)$1,330 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
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Consolidated Condensed Balance Sheets
(Unaudited)
 As of
 January 31, 2023October 31, 2022
 
In millions, except par value
ASSETS  
Current assets:  
Cash, cash equivalents and restricted cash$1,769 $3,145 
Accounts receivable, net of allowance for credit losses of $89 and $107, respectively
4,312 4,546 
Inventory7,344 7,595 
Other current assets3,880 4,515 
Total current assets17,305 19,801 
Property, plant and equipment, net2,764 2,774 
Goodwill8,592 8,541 
Other non-current assets7,487 7,471 
Total assets$36,148 $38,587 
LIABILITIES AND STOCKHOLDERS’ DEFICIT  
Current liabilities:  
Notes payable and short-term borrowings$422 $218 
Accounts payable13,512 15,284 
Other current liabilities11,119 10,651 
Total current liabilities25,053 26,153 
Long-term debt10,337 10,796 
Other non-current liabilities4,488 4,556 
Stockholders’ deficit:  
Preferred stock, $0.01 par value (300 shares authorized; none issued)
— — 
Common stock, $0.01 par value (9,600 shares authorized; 985 and 980 shares issued and outstanding at January 31, 2023 and October 31, 2022, respectively)
10 10 
Additional paid-in capital1,256 1,172 
Accumulated deficit(4,540)(4,413)
Accumulated other comprehensive (loss) income(456)313 
Total stockholders’ deficit(3,730)(2,918)
Total liabilities and stockholders’ deficit$36,148 $38,587 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
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Consolidated Condensed Statements of Cash Flows
(Unaudited)
 Three months ended January 31
 20232022
In millions
Cash flows from operating activities:  
Net earnings$487 $1,086 
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:  
Depreciation and amortization209 197 
Stock-based compensation expense167 133 
Restructuring and other charges141 68 
Deferred taxes on earnings(136)5 
Other, net4 186 
Changes in operating assets and liabilities, net of acquisitions:  
Accounts receivable244 337 
Inventory218 (1,277)
Accounts payable(1,712)2,035 
Net investment in leases(16)(20)
Taxes on earnings220 (6)
Restructuring and other(92)(99)
Other assets and liabilities250 (988)
Net cash (used in) provided by operating activities(16)1,657 
Cash flows from investing activities:  
Investment in property, plant and equipment, net(192)(273)
Purchases of available-for-sale securities and other investments(4)— 
Maturities and sales of available-for-sale securities and other investments1 — 
Collateral posted for derivative instruments(240)14 
Payment made in connection with business acquisitions, net of cash acquired— (21)
Net cash used in investing activities(435)(280)
Cash flows from financing activities:  
Proceed from (Payment of) short-term borrowings with original maturities less than 90 days, net200 (400)
Proceeds from debt, net of issuance costs52 39 
Payment of debt(539)(50)
Stock-based award activities and others(79)(92)
Repurchase of common stock(100)(1,508)
Cash dividends paid(259)(271)
Collateral returned for derivative instruments(200)— 
Net cash used in financing activities(925)(2,282)
Decrease in cash, cash equivalents and restricted cash(1,376)(905)
Cash, cash equivalents and restricted cash at beginning of period3,145 4,299 
Cash, cash equivalents and restricted cash at end of period$1,769 $3,394 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
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Consolidated Condensed Statements of Stockholders’ Deficit
(Unaudited)
 Common StockAdditional
Paid-in Capital		 Accumulated
Other
Comprehensive Loss		 Total Stockholders’ Deficit
Number of SharesPar ValueAccumulated Deficit
 In millions, except number of shares in thousands
Balance October 31, 20211,092,205 $11 $1,060 $(2,461)$(260)$(1,650)
Net earnings1,086 1,086 
Other comprehensive income, net of taxes244 244 
Comprehensive income1,330 
Issuance of common stock in connection with employee stock plans and other9,777 (106)(106)
Repurchases of common stock (Note 10)(42,082)(41)(1,458)(1,499)
Cash dividends ($0.50 per common share)
(536)(536)
Stock-based compensation expense133 133 
Balance January 31, 20221,059,900 $11 $1,046 $(3,369)$(16)$(2,328)
Balance October 31, 2022979,869 $10 $1,172 $(4,413)$313 $(2,918)
Net earnings487 487 
Other comprehensive loss, net of taxes(769)(769)
Comprehensive loss(282)
Issuance of common stock in connection with employee stock plans and other8,844 (79)(79)
Repurchases of common stock (Note 10)(3,624)(4)(96)(100)
Cash dividends ($0.53 per common share)
(518)(518)
Stock-based compensation expense167 167 
Balance January 31, 2023985,089 $10 $1,256 $(4,540)$(456)$(3,730)
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
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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, 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.
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 January 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 Adopted Accounting Pronouncements Not Yet Adopted
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 the Consolidated Condensed Financial Statements.

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Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)

Note 2: 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.
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Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 2: Segment Information (Continued)
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 and amortization of intangible assets.
Realignment
Effective 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 reporting change had no impact to previously reported segment net revenue, consolidated net revenue, net earnings or net earnings per share (“EPS”).
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Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 2: Segment Information (Continued)
Segment Operating Results from Operations and the reconciliation to HP consolidated results were as follows:
 Three months ended January 31
 20232022
 In millions
Net revenue:
Commercial PS$6,429 $7,857 
Consumer PS2,786 4,339 
Personal Systems9,215 12,196 
Supplies2,857 3,068 
Commercial Printing1,056 1,039 
Consumer Printing699 724 
Printing4,612 4,831 
Corporate Investments1 1 
Total segment net revenue13,828 17,028 
Other— — 
Total net revenue$13,828 $17,028 
  
Earnings before taxes:
Personal Systems$497 $954 
Printing870 872 
Corporate Investments(33)(74)
Total segment earnings from operations1,334 1,752 
Corporate and unallocated costs and other(92)(120)
Stock-based compensation expense(167)(133)
Restructuring and other charges(141)(68)
Acquisition and divestiture charges(84)(20)
Amortization of intangible assets(85)(52)
Interest and other, net(181)(32)
Total earnings before taxes$584 $1,327 

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Notes to Consolidated Condensed Financial Statements
(Unaudited)
Note 3: Restructuring and Other Charges
Summary of Restructuring Plans
HP’s restructuring activities for the three months ended January 31, 2023 and 2022 summarized by plan were as follows:
Fiscal 2023 Plan
SeveranceNon-labor
Other prior-year Plans(1)
Total
In millions
Accrued balance as of October 31, 2022$— $— $32 $32 
Charges122 9 — 131 
Cash payments(53)(4)(25)(82)
Non-cash and other adjustments(2)(5)1 (6)
Accrued balance as of January 31, 2023$67 $— $8 $75 
Total costs incurred to date as of January 31, 2023$122 $9 $865 $996 
Reflected in Consolidated Condensed Balance Sheets
Other current liabilities$67 $— $8 $75 
Accrued balance as of October 31, 2021$— $— $75 $75 
Charges— — 67 67 
Cash payments— — (98)(98)
Non-cash and other adjustments— — (7)(7)
Accrued balance as of January 31, 2022$— $— $37 $37 

(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.
Fiscal 2023 Plan
On November 18, 2022, HP’s Board of Directors approved 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 are distinct from ongoing operational costs. These costs primarily relate to third-party professional services and other costs. For the three months ended January 31, 2023 and 2022, HP incurred $10 million and $1 million of other charges, respectively.
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Notes to Consolidated Condensed Financial Statements
(Unaudited)
Note 4: Retirement and Post-Retirement Benefit Plans
The components of HP’s pension and post-retirement benefit (credit) cost recognized in the Consolidated Condensed Statements of Earnings were as follows:
 Three months ended January 31
 U.S. Defined Benefit PlansNon-U.S. Defined Benefit PlansPost-Retirement Benefit Plans
 202320222023202220232022
 In millions
Service cost$— $— $9 $14 $— $— 
Interest cost54 40 10 6 4 2 
Expected return on plan assets(65)(74)(13)(13)(3)(2)
Amortization and deferrals:      
Actuarial loss (gain)5 1 1 10 (4)(4)
Prior service cost (credit)— — 1 2 (3)(3)
Net periodic benefit (credit) cost(6)(33)8 19 (6)(7)
Settlement loss — — 1 — — — 
Total periodic benefit (credit) cost$(6)$(33)$9 $19 $(6)$(7)
Employer Contributions and Funding Policy
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 three months ended January 31, 2023, HP contributed $13 million to its non-U.S. pension plans, paid $6 million to cover benefit payments to U.S. non-qualified plan participants and paid $1 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 enhanced early retirement (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 will leave HP on dates ranging from March 15, 2023 to October 31, 2023. The U.S. defined benefit pension plan will be amended to provide that the EER benefit will be paid from the plan for electing EER participants who are current participants in the pension plan. The retirement incentive benefit will be 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. All employees participating in the EER program are offered the opportunity to continue health care coverage at the active employee contribution rates for up to 36 months following retirement. In addition, HP is providing up to $12,000 in employer credits under the Retirement Medical Savings Account program. HP will recognize a special termination benefits expense as restructuring and other charges.

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Notes to Consolidated Condensed Financial Statements
(Unaudited)
Note 5: Taxes on Earnings
Provision for Taxes
HP’s effective tax rate was 16.6% and 18.2% for the three months ended January 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 January 31, 2023 and 2022, was primarily due to tax effects of favorable tax rates associated with certain earnings from HP’s operations in lower-tax jurisdictions throughout the world.
During the three months ended January 31, 2023, HP recorded $56 million of net income tax benefits related to discrete items in the provision for taxes. These amounts included $30 million of income tax benefits related to restructuring charges, $14 million related to acquisition charges and $12 million of other net tax benefits. During the three months ended January 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 months ended January 31, 2022, HP recorded $26 million of net income tax charges related to discrete items in the provision for taxes. These amounts included income tax charges of $39 million related to withholding taxes on undistributed foreign earnings and were partially offset by income tax benefits of $12 million related to restructuring charges for the three months ended January 31, 2022. In addition to the discrete items mentioned above, HP recorded excess tax benefits of $37 million associated with stock options, restricted stock units and performance-adjusted restricted stock units for the three months ended January 31, 2022.
Uncertain Tax Positions
As of January 31, 2023, the amount of gross unrecognized tax benefits was $1.0 billion, of which up to $807 million would affect HP’s effective tax rate if realized. Total gross unrecognized tax benefits decreased by $14 million for the three months ended January 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 January 31, 2023 and 2022, HP had accrued $73 million and $75 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 $51 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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Consolidated Condensed Statements of Earnings (Continued)
(Unaudited)
Note 6: Supplementary Financial Information
Cash, cash equivalents and restricted cash
 As of
 January 31, 2023October 31, 2022
 In millions
Cash and cash equivalents$1,405 $3,145 
Restricted cash (1)
364 — 
$1,769 $3,145 
(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:
 Three months ended January 31, 2023
 In millions
Balance at beginning of period$107 
Benefit of allowance for credit losses(16)
Deductions, net of recoveries(2)
Balance at end of period$89 
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 January 31, 2023 and October 31, 2022 and the costs associated with the sale of trade receivables for the three months ended January 31, 2023 and 2022 were not material.
The following is a summary of the activity under these arrangements:
Three months ended January 31
 2023 2022
 In millions
Balance at beginning of period(1)
$185 $131 
Trade receivables sold3,679 2,967 
Cash receipts(3,753)(2,973)
Foreign currency and other17 (4)
Balance at end of period(1)
$128 $121 
(1) Amounts outstanding from third parties reported in Accounts receivable in the Consolidated Condensed Balance Sheets.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 6: Supplementary Financial Information (Continued)
Inventory
 As of
 January 31, 2023October 31, 2022
 In millions
Finished goods$4,146 $4,885 
Purchased parts and fabricated assemblies3,198 2,710 
$7,344 $7,595 

Other Current Assets
 As of
 January 31, 2023October 31, 2022
 In millions
Prepaid and other current assets$1,685 $2,170 
Supplier and other receivables1,279 1,377 
Value-added taxes receivable916 968 
$3,880 $4,515 

Property, Plant and Equipment, net
 As of
 January 31, 2023October 31, 2022
 In millions
Land, buildings and leasehold improvements$2,259 $2,255 
Machinery and equipment, including equipment held for lease5,381 5,337 
7,640 7,592 
Accumulated depreciation(4,876)(4,818)
$2,764 $2,774 

Other Non-Current Assets
 As of
 January 31, 2023October 31, 2022
 In millions
Deferred tax assets$2,453 $2,159 
Intangible assets1,858 1,933 
Right-of-use assets1,242 1,236 
Deposits and prepaid564 588 
Prepaid pension asset548 565 
Other822 990 
$7,487 $7,471 
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 6: Supplementary Financial Information (Continued)
Other Current Liabilities
 As of
 January 31, 2023October 31, 2022
 In millions
Sales and marketing programs$3,022 $2,967 
Deferred revenue1,379 1,393 
Other accrued taxes1,059 1,064 
Employee compensation and benefit803 954 
Warranty609 619 
Operating lease liabilities431 405 
Tax liability270 286 
Other3,546 2,963 
$11,119 $10,651 

Other Non-Current Liabilities
 As of
 January 31, 2023October 31, 2022
In millions
Deferred revenue$1,187 $1,171 
Tax liability925 931 
Operating lease liabilities903 875 
Pension, post-retirement, and post-employment liabilities602 600 
Deferred tax liability52 121 
Other819 858 
$4,488 $4,556 

Interest and other, net
 Three months ended January 31
 20232022
 In millions
Interest expense on borrowings$(143)$(61)
Loss on extinguishment of debt(8)— 
Non-operating retirement-related credits11 36 
Other, net(41)(7)
$(181)$(32)




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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 6: Supplementary Financial Information (Continued)
Net revenue by region
Three months ended January 31
 20232022
 In millions
Americas$5,773 $6,859 
Europe, Middle East and Africa4,640 5,936 
Asia-Pacific and Japan3,415 4,233 
Total net revenue$13,828 $17,028 

Value of Remaining Performance Obligations
    As of January 31, 2023, the estimated value of transaction price allocated to remaining performance obligations was $3.6 billion. HP expects to recognize approximately $1.7 billion of the unearned amount in next