Taxes on Earnings (Tables)

12 Months Ended

Oct. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Components of Earnings

The domestic and foreign components of earnings before taxes were as follows:

	For the fiscal years ended October 31
h	2023		2022		2021
	In millions
U.S.	$	650	$	1,406	$	4,724
Non-U.S.	2,287		2,918		2,844
	$	2,937	$	4,324	$	7,568

Schedule of (Benefit from) Provision for Taxes on Earnings

The provision for (benefit from) taxes on earnings was as follows:

	For the fiscal years ended October 31
	2023		2022		2021
	In millions
U.S. federal taxes:
Current	$	226	$	272	$	1,112
Deferred	(549)		27		(458)
Non-U.S. taxes:
Current	337		338		420
Deferred	(305)		503		(173)
State taxes:
Current	42		9		78
Deferred	(77)		43		48
	$	(326)	$	1,192	$	1,027

Schedule of Differences Between U.S. Federal Statutory Income Tax Rate and HP's Effective Tax Rate

The differences between the U.S. federal statutory income tax rate and HP’s effective tax rate were as follows:

	For the fiscal years ended October 31
	2023		2022		2021
U.S. federal statutory income tax rate from continuing operations	21.0	%	21.0	%	21.0	%
State income taxes, net of federal tax benefit	1.7	%	1.3	%	0.9	%
Impact of foreign earnings including GILTI and FDII, net	(1.4)	%	(7.9)	%	(3.9)	%
Valuation allowances	(7.3)	%	0.3	%	(3.5)	%
Uncertain tax positions and audit settlements	3.2	%	2.8	%	0.9	%
Impact of internal reorganization	(27.4)	%	9.4	%	(1.2)	%
Other, net	(0.9)	%	0.7	%	(0.6)	%
	(11.1)	%	27.6	%	13.6	%

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of unrecognized tax benefits is as follows:

	For the fiscal years ended October 31
	2023		2022		2021
	In millions
Balance at beginning of year	$	1,045	$	829	$	830
Increases:
For current year’s tax positions	61		26		62
For prior years’ tax positions	186		299		92
Decreases:
For prior years’ tax positions	(35)		(60)		(92)
Statute of limitations expirations	(8)		(5)		(9)
Settlements with taxing authorities	(112)		(44)		(54)
Balance at end of year	$	1,137	$	1,045	$	829

Schedule of Significant Components of Deferred Tax Assets and Deferred Tax Liabilities

The significant components of deferred tax assets and deferred tax liabilities were as follows:

	As of October 31
	2023		2022
	In millions
Deferred tax assets:
Loss and credit carryforwards	$	7,194	$	7,601
Intercompany transactions—excluding inventory	540		799
Fixed assets	110		118
Warranty	124		170
Employee and retiree benefits	232		133
Deferred revenue	250		221
Capitalized research and development	821		654
Operating lease liabilities	242		238
Investment in partnership	703		70
Other	469		352
Gross deferred tax assets	10,685		10,356
Valuation allowances	(6,994)		(7,592)
Total deferred tax assets	3,691		2,764
Deferred tax liabilities:
Unremitted earnings of foreign subsidiaries	(88)		(75)
Right-of-use assets from operating leases	(223)		(227)
Intangible assets	(205)		(261)
Cash flow hedges	(64)		(155)
Total deferred tax liabilities	(580)		(718)
Net deferred tax assets	$	3,111	$	2,046

Deferred tax assets and liabilities included in the Consolidated Balance Sheets as follows:

	As of October 31
	2023		2022
	In millions
Deferred tax assets	$	3,155	$	2,167
Deferred tax liabilities	(44)		(121)
Total	$	3,111	$	2,046

Schedule of Deferred Tax Assets for Net Operating Loss Carryforwards

As of October 31, 2023, HP had recorded deferred tax assets for net operating loss (“NOL”) carryforwards as follows:

	Gross NOLs		Deferred Taxes on NOLs		Valuation allowance		Initial Year of Expiration
	In millions
Federal	$	73	$	15	$	(4)	2024
State	2,313		138		(47)		2024
Foreign	24,925		6,895		(6,494)		2028
Balance at end of year	$	27,311	$	7,048	$	(6,545)

Schedule of Deferred Tax Assets for Various Tax Credit Carryforwards

As of October 31, 2023, HP had recorded deferred tax assets for various tax credit carryforwards as follows:

	Carryforward		Valuation Allowance		Initial Year of Expiration
	In millions
Tax credits in state and foreign jurisdictions	$	324	$	(51)	2024
Balance at end of year	$	324	$	(51)

Schedule of Deferred Tax Asset Valuation Allowance and Changes

The deferred tax asset valuation allowance and changes were as follows:

	For the fiscal years ended October 31
	2023		2022		2021
	In millions
Balance at beginning of year	$	7,592	$	7,749	$	7,951
Income tax (benefit) expense	(650)		(274)		(168)
Goodwill, other comprehensive loss (income), currency translation and charges to other accounts	52		117		(34)
Balance at end of year	$	6,994	$	7,592	$	7,749