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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, 2024
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, 2024 was 980,731,959 shares.




HP INC. AND SUBSIDIARIES
Form 10-Q
For the Quarterly Period ended January 31, 2024
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.

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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 Fiscal 2023 Plan (as defined below)), 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 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, tension across the Taiwan Strait, the Israel-Hamas conflict, other hostilities in the Middle East and the regional and global ramifications of these events; volatility in global capital markets and foreign currency, increases in benchmark interest rates, the effects of inflation and instability of financial institutions; risks associated with HP’s international operations; the effects of global pandemics, such as COVID-19, or other public health crises; 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 supply constraints and component shortages, and the need to manage HP’s global, multi-tier distribution network and 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; 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, including artificial intelligence; successfully competing and maintaining the value proposition of HP’s products, including supplies and 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 or our uneven sales cycle; integration and other risks associated with business combination and investment transactions; the results of our restructuring plans (including the Fiscal 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, 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; our use of artificial intelligence; the effectiveness of our internal control over financial reporting; and other risks that are described herein, as well as the risks discussed in Item 1A “Risk Factors” of Part I in our Annual Report on Form 10-K for the fiscal year ended October 31, 2023 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’s Fiscal 2023 Plan includes HP's efforts to take advantage of future growth opportunities, including but not limited to, investments to drive growth, investments in our people, improving product mix, driving structural cost savings and other productivity measures. Structural cost savings represent gross reductions in costs driven by operational efficiency, digital transformation, and portfolio optimization. These initiatives include but are not limited to workforce reductions, platform simplification, programs consolidation and productivity measures undertaken by HP, which HP expects to be sustainable in the
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longer-term. These structural cost savings are net of any new recurring costs resulting from these initiatives and exclude one-time investments to generate such savings. HP’s expectations on the longer-term sustainability of such structural cost savings are based on its current business operations and market dynamics and could be significantly impacted by various factors, including but not limited to HP’s evolving business models, future investment decisions, market environment and technology landscape. 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
 20242023
 In millions, except per share amounts
Net revenue:
Products
$12,419 $13,044 
Services766 754 
Total net revenue13,185 13,798 
Cost of net revenue:
Products
9,871 10,589 
Services426 422 
Total cost of net revenue10,297 11,011 
Gross margin2,888 2,787 
Research and development399 403 
Selling, general and administrative1,383 1,331 
Restructuring and other charges63 141 
Acquisition and divestiture charges27 84 
Amortization of intangible assets81 85 
Total operating expenses1,953 2,044 
Earnings from operations935 743 
Interest and other, net(142)(181)
Earnings before taxes793 562 
Provision for taxes(171)(93)
Net earnings$622 $469 
Net earnings per share:
Basic$0.63 $0.47 
Diluted$0.62 $0.47 
Weighted-average shares used to compute net earnings per share:
Basic995 989 
Diluted1,002 996 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

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HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
(Unaudited)
 Three months ended January 31
 20242023
 In millions
Net earnings$622 $469 
Other comprehensive loss before taxes:
Change in unrealized components of available-for-sale debt securities:
Unrealized gains arising during the period4 4 
Change in unrealized components of cash flow hedges:
Unrealized losses arising during the period(162)(623)
Gains reclassified into earnings(159)(334)
(321)(957)
Change in unrealized components of defined benefit plans:
Losses arising during the period(10)(1)
Amortization of actuarial loss and prior service benefit2  
Curtailments, settlements and other 1 
(8) 
Change in cumulative translation adjustment20 29 
Other comprehensive loss before taxes(305)(924)
Benefit from taxes70 183 
Other comprehensive loss, net of taxes(235)(741)
Comprehensive income (loss)$387 $(272)
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
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HP INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(Unaudited)
 As of
 January 31, 2024October 31, 2023
 
In millions, except par value
ASSETS  
Current assets:  
Cash, cash equivalents and restricted cash$2,417 $3,232 
Accounts receivable, net of allowance for credit losses of $84 and $93, respectively
3,804 4,237 
Inventory6,928 6,862 
Other current assets3,709 3,646 
Total current assets16,858 17,977 
Property, plant and equipment, net2,807 2,827 
Goodwill8,610 8,591 
Other non-current assets7,571 7,609 
Total assets$35,846 $37,004 
LIABILITIES AND STOCKHOLDERS’ DEFICIT  
Current liabilities:  
Notes payable and short-term borrowings$359 $230 
Accounts payable13,255 14,046 
Other current liabilities10,243 10,212 
Total current liabilities23,857 24,488 
Long-term debt9,301 9,254 
Other non-current liabilities4,328 4,331 
Stockholders’ deficit:  
Preferred stock, $0.01 par value (300 shares authorized; none issued)
  
Common stock, $0.01 par value (9,600 shares authorized; 980 and 989 shares issued and outstanding at January 31, 2024 and October 31, 2023, respectively)
10 10 
Additional paid-in capital1,579 1,505 
Accumulated deficit(2,771)(2,361)
Accumulated other comprehensive loss(458)(223)
Total stockholders’ deficit(1,640)(1,069)
Total liabilities and stockholders’ deficit$35,846 $37,004 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
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HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows
(Unaudited)
 Three months ended January 31
 20242023
In millions
Cash flows from operating activities:  
Net earnings$622 $469 
Adjustments to reconcile net earnings to net cash provided by operating activities:  
Depreciation and amortization205 209 
Stock-based compensation expense177 167 
Restructuring and other charges63 141 
Deferred taxes on earnings(5)(140)
Other, net(20)4 
Changes in operating assets and liabilities, net of acquisitions:  
Accounts receivable446 244 
Inventory(47)230 
Accounts payable(744)(1,731)
Net investment in leases(62)(16)
Taxes on earnings49 220 
Restructuring and other(87)(92)
Other assets and liabilities(476)279 
Net cash provided by (used in) operating activities
121 (16)
Cash flows from investing activities:  
Investment in property, plant and equipment, net(158)(192)
Purchases of available-for-sale securities and other investments (4)
Maturities and sales of available-for-sale securities and other investments 1 
Collateral posted for derivative instruments
(70)(240)
Net cash used in investing activities(228)(435)
Cash flows from financing activities:  
Proceeds from short-term borrowings with original maturities less than 90 days, net100 200 
Proceeds from debt, net of issuance costs92 52 
Payment of debt and associated costs(49)(539)
Stock-based award activities and others(76)(79)
Repurchase of common stock(500)(100)
Cash dividends paid(275)(259)
Collateral returned for derivative instruments
 (200)
Net cash used in financing activities(708)(925)
Decrease in cash, cash equivalents and restricted cash(815)(1,376)
Cash, cash equivalents and restricted cash at beginning of period3,232 3,145 
Cash, cash equivalents and restricted cash at end of period$2,417 $1,769 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
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HP INC. AND SUBSIDIARIES
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 at October 31, 2023
988,782 $10 $1,505 $(2,361)$(223)$(1,069)
Net earnings— — — 622 — 622 
Other comprehensive loss, net of taxes— — — — (235)(235)
Comprehensive income— — — — — 387 
Issuance of common stock in connection with employee stock plans and other8,677 — (76)— — (76)
Repurchases of common stock (Note 10)(17,062)— (27)(487)— (514)
Cash dividends ($0.55 per common share)
— — — (545)— (545)
Stock-based compensation expense— — 177 — — 177 
Balance at January 31, 2024
980,397 $10 $1,579 $(2,771)$(458)$(1,640)

 Common StockAdditional
Paid-in Capital
 Accumulated
Other
Comprehensive Income (Loss)
 Total Stockholders’ Deficit
Number of SharesPar ValueAccumulated Deficit
 In millions, except number of shares in thousands
Balance at October 31, 2022
979,869 $10 $1,172 $(4,492)$285 $(3,025)
Net earnings— — — 469 — 469 
Other comprehensive loss, net of taxes— — — — (741)(741)
Comprehensive loss— — — — — (272)
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 expense— — 167 — — 167 
Balance at January 31, 2023
985,089 $10 $1,256 $(4,637)$(456)$(3,827)
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

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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, 2023 in HP’s Annual Report on Form 10-K, filed on December 18, 2023. The Consolidated Condensed Balance Sheet for October 31, 2023 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
HP has reclassified certain prior-year amounts to conform to the current-year presentation.
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.
Recently Adopted Accounting Pronouncements
In September 2022, the Financial Accounting Standards Board (“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 are required to disclose information about those programs to allow users of financial statements to understand the nature, activity during the period, changes from period to period, and potential magnitude. HP adopted this guidance in the first quarter of fiscal year 2024, except for the disclosure on roll forward information which will be adopted in fiscal year 2025, in line with the effective adoption dates prescribed by the FASB. See Note 6, “Supplementary Financial Information,” for additional disclosure related to HP’s supplier finance programs.
Recently Issued Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued guidance that enhances the transparency of income tax disclosures by expanding annual disclosure requirements related to the rate reconciliation and income taxes paid. HP is required to adopt this guidance for its annual period ending October 31, 2026. Early adoption is permitted. HP is currently evaluating the impact of this guidance on its disclosures.
In November 2023, the FASB issued guidance that updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance on an annual and interim basis. HP is required to adopt this guidance for its annual period ending October 31, 2025 and all interim periods thereafter. Early adoption is permitted. HP is currently evaluating the impact of this guidance on its disclosures.

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

Note 2: Segment Information
HP’s operations are organized into three reportable segments: Personal Systems, Printing, and Corporate Investments.
Personal Systems offers commercial and consumer desktops and notebooks, detachables and convertibles, workstations, thin clients, commercial mobility devices, retail point-of-sale (“POS”) systems, displays, hybrid systems, software, solutions and services. Personal Systems includes support and deployment, configurations and extended warranty services and maintains multi-operating system and multi-architecture strategies using Microsoft Windows and Google Chrome operating systems, and predominantly use processors from Intel Corporation (“Intel”) and Advanced Micro Devices, Inc. (“AMD”).
Personal Systems groups its global business capabilities into the following business units when reporting business performance:
Commercial PS consists of devices and accessories, including workstations, thin clients, mobility devices and hybrid systems, for use by enterprise, public sector (which includes education), and small- and medium-sized business (“SMB”) customers. HP offers a range of services and solutions to commercial customers to help them manage the lifecycle of their personal computers (“PCs”) and mobility installed base. 
Consumer PS consists 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, sharing information, and staying connected informed and secure.
Printing offers consumer and commercial printer hardware, supplies, services and solutions. Printing is also focused on Graphics and 3D Printing and Personalization in the commercial and industrial markets. Our global business capabilities within Printing are described below:
Office Printing Solutions delivers HP’s office printers, supplies, services, and solutions to SMBs, public sector and large enterprises. It also includes Original Equipment Manufacturer (“OEM”) hardware and solutions.
Home Printing Solutions delivers innovative printing products, supplies, services and solutions for the home and home business.
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 & Personalization 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 personalization, 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.
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.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)

Segment Operating Results and the reconciliation to HP consolidated results were as follows:
 Three months ended January 31
 20242023
In millions
Net revenue:
Commercial PS$6,045 $6,382 
Consumer PS2,764 2,803 
Personal Systems8,809 9,185 
Supplies2,863 2,857 
Commercial Printing1,227 1,388 
Consumer Printing285 367 
Printing4,375 4,612 
Corporate Investments2 1 
Total segment net revenue13,186 13,798 
Other(1) 
Total net revenue$13,185 $13,798 
Earnings before taxes:
Personal Systems$537 $475 
Printing872 870 
Corporate Investments(37)(33)
Total segment earnings from operations1,372 1,312 
Corporate and unallocated costs and other(89)(92)
Stock-based compensation expense(177)(167)
Restructuring and other charges(63)(141)
Acquisition and divestiture charges(27)(84)
Amortization of intangible assets(81)(85)
Interest and other, net(142)(181)
Total earnings before taxes$793 $562 
Realignment
Effective at the beginning of its first quarter of fiscal year 2024, HP realigned its business unit financial reporting more closely with its customer market segmentation. The realignment resulted in the transfer of LaserJet printers net revenues from Consumer Printing to Commercial Printing. HP reflected this change to its business unit information in prior reporting periods on an as-if basis which resulted in the reclassification of net revenues from Consumer Printing to Commercial Printing. 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”).
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements
(Unaudited)
Note 3: Restructuring and Other Charges
Summary of Restructuring Plans
HP’s restructuring activities summarized by plan were as follows:
Fiscal 2023 Plan
Severance and EERNon-labor
Other prior-year plans(1)
Total
In millions
Accrued balance as of October 31, 2023$88 $18 $2 $108 
Charges43 2 3 48 
Cash payments(63)(6)(3)(72)
Non-cash and other adjustments2  (2) 
Accrued balance as of January 31, 2024$70 $14 $ $84 
Total costs incurred to date as of January 31, 2024$445 $43 $869 $1,357 
Reflected in Consolidated Condensed Balance Sheets
Other current liabilities$70 $3 $ $73 
Other non-current liabilities$ $11 $ $11 
Accrued balance as of October 31, 2022$ $ $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 
(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 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 year 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 of which 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 non-recurring costs. For the three months ended January 31, 2024, HP incurred $15 million of other charges. For the three months ended January 31, 2023, HP incurred $10 million of other charges.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements
(Unaudited)
Note 4: Retirement and Post-Retirement Benefit Plans
The components of HP’s pension and post-retirement benefit (credit) cost recognized in the Consolidated Condensed Statements of Earnings were as follows:
 Three months ended January 31
 U.S. Defined Benefit PlansNon-U.S. Defined Benefit PlansPost- Retirement Benefit Plans
 202420232024202320242023
 In millions
Service cost$ $ $9 $9 $ $ 
Interest cost57 54 12 10 4 4 
Expected return on plan assets(61)(65)(13)(13)(4)(3)
Amortization and deferrals:
Actuarial loss (gain)7 5  1 (4)(4)
Prior service cost (credit)  2 1 (3)(3)
Net periodic benefit (credit) cost3 (6)10 8 (7)(6)
Settlement loss    1   
Total periodic benefit (credit) cost$3 $(6)$10 $9 $(7)$(6)
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 2024, HP anticipates making contributions of approximately $45 million to its non-U.S. pension plans, approximately $31 million to its U.S. non-qualified plan participants and approximately $3 million to cover benefit claims under HP’s post-retirement benefit plans. During the three months ended January 31, 2024, HP contributed $11 million to its non-U.S. pension plans, paid $6 million to cover benefit payments to U.S. non-qualified plan participants and paid $2 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 left 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 was to be paid from the plan for eligible electing EER participants. The retirement incentive benefit was 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 year ended October 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 provided 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 year ended October 31, 2023 for the health care incentives.

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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements
(Unaudited)
Note 5: Taxes on Earnings
Provision for Taxes
HP’s effective tax rate was 21.6% and 16.6% for the three months ended January 31, 2024 and 2023, 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 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, excess tax benefits associated with stock options, restricted stock units and performance-adjusted restricted stock units were immaterial.
Uncertain Tax Positions
As of January 31, 2024, the amount of gross unrecognized tax benefits was $1.2 billion, of which up to $828 million would affect HP’s effective tax rate if realized. Total gross unrecognized tax benefits increased by $20 million for the three months ended January 31, 2024. 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, 2024 and 2023, HP had accrued $105 million and $73 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 $39 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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HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Earnings (Continued)
(Unaudited)
Note 6: Supplementary Financial Information

Cash, cash equivalents and restricted cash
 As of
 January 31, 2024October 31, 2023
 In millions
Cash and cash equivalents$2,263 $3,107 
Restricted cash(1)
154 125 
$2,417 $3,232 
(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, 2024
 In millions
Balance at beginning of period$93 
Benefit of allowance for credit losses(6)
Deductions, net of recoveries(3)
Balance at end of period$84 
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, 2024 and October 31, 2023 were not material.
The following is a summary of the activity under these arrangements:
Three months ended January 31
 2024 2023
 In millions
Balance at beginning of period(1)
$141 $185 
Trade receivables sold3,298 3,679 
Cash receipts(3,232)(3,753)
Foreign currency and other5 17 
Balance at end of period(1)
$212 $128 
(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)
Inventory
 As of
 January 31, 2024October 31, 2023
 In millions
Finished goods$3,603 $3,930 
Purchased parts and fabricated assemblies3,325 2,932 
$6,928 $6,862 

Other Current Assets
 As of
 January 31, 2024October 31, 2023
 In millions
Supplier and other receivables$1,419 $1,349 
Prepaid and other current assets1,376 1,445 
Value-added taxes receivable914 852 
$3,709 $3,646 

Property, Plant and Equipment, Net
 As of
 January 31, 2024October 31, 2023
 In millions
Land, buildings and leasehold improvements$2,348 $2,332 
Machinery and equipment, including equipment held for lease5,452 5,384 
7,800 7,716 
Accumulated depreciation(4,993)(4,889)
$2,807 $2,827 

Other Non-Current Assets
 As of
 January 31, 2024October 31, 2023
 In millions
Deferred tax assets$3,230 $3,155 
Intangible assets1,519 1,593 
Right-of-use assets1,165 1,188 
Deposits and prepaid412 427 
Prepaid pension and post-retirement benefit assets395 393 
Other850 853 
$7,571 $7,609 

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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Other Current Liabilities
 As of
 January 31, 2024October 31, 2023
 In millions
Sales and marketing programs$2,920 $3,053 
Deferred revenue1,424 1,424 
Other accrued taxes1,071 994 
Employee compensation and benefit648 1,046 
Warranty572 569 
Operating lease liabilities459 430 
Tax liability282 217 
Other2,867 2,479 
$10,243 $10,212 

Other Non-Current Liabilities
 As of
 January 31, 2024October 31, 2023
In millions
Deferred revenue$1,373 $1,324 
Tax liability926 904 
Operating lease liabilities815 825 
Pension, post-retirement, and post-employment liabilities546 546 
Deferred tax liability31 44 
Other637 688 
$4,328 $4,331 

Interest and Other, Net
 Three months ended January 31
 2024 2023
 In millions
Interest expense on borrowings$(116)$(143)
Factoring costs(40)(32)
Loss on extinguishment of debt (8)
Non-operating retirement-related credits4 11 
Other, net10 (9)
$(142)$(181)

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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Net Revenue by Region
Three months ended January 31
 2024 2023
 In millions
Americas$5,408 $5,747 
Europe, Middle East and Africa4,668 4,636 
Asia-Pacific and Japan3,109 3,415 
Total net revenue$13,185 $13,798 
Value of Remaining Performance Obligations
As of January 31, 2024, the estimated value of transaction price allocated to remaining performance obligations was $3.8 billion. HP expects to recognize approximately $1.7 billion of the unearned amount in next 12 months and $2.1 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 January 31, 2024 and October 31, 2023, HP’s contract liabilities balances were $2.8 billion and $2.7 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 three months ended January 31, 2024, was primarily driven by sales of fixed-price support and maintenance services, partially offset by $0.5 billion of revenue recognized that was included in the contract liabilities balance as of October 31, 2023.
Supplier Finance Programs
HP facilitates voluntary supplier finance programs to provide certain suppliers the opportunity to sell their right to HP’s payment obligations to participating financial institutions. Under this program, HP agrees to pay the participating financial institutions the stated amount of confirmed invoices from its designated suppliers on the original maturity dates of the invoices. Participation by suppliers in these programs have no impact on the payment terms and amounts due from HP. HP does not have an economic interest in a supplier's participation in the program and is not a party to the agreement between the supplier and the financial institutions. In connection with these programs, HP does not pledge assets or other forms of guarantees as security for the committed payment to the participating financial institutions. HP pays a monthly service fee to a third-party administrator that provides the supplier finance platform and related support. HP and the participating financial institutions may terminate the agreement upon at least 30 days notice. As of January 31, 2024 and October 31, 2023, HP had $5.3 billion and $6.6 billion respectively, in obligations outstanding (i.e., unpaid invoices) that were confirmed as valid under the supplier finance programs. Of the amounts confirmed as valid under the program and outstanding, the amounts owed to participating financial institutions were $0.7 billion and $0.9 billion as of January 31, 2024 and October 31, 2023, respectively. These obligations are included within the Accounts payable line item of HP’s Consolidated Condensed Balance Sheet.

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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 7: 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:
 As of January 31, 2024As of October 31, 2023
 Fair Value Measured UsingFair Value Measured Using
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
 In millions
Assets:        
Cash Equivalents:        
Corporate debt$ $502 $ $502 $ $589 $ $589 
Government debt(1)
1,029   1,029 1,900   1,900 
Available-for-Sale Investments:
Financial institution instruments 3  3  3  3 
Marketable securities and mutual funds
43 49  92 33 45  78 
Derivative Instruments:     
Foreign currency contracts 212  212  489  489 
Other derivatives 2  2     
Total assets$1,072 $768 $ $1,840 $1,933 $1,126 $ $3,059 
Liabilities:        
Derivative Instruments:        
Interest rate contracts$ $43 $ $43 $ $58 $ $58 
Foreign currency contracts 248  248  212  212 
Other derivatives     2  2 
Total liabilities$ $291 $ $291 $ $272 $ $272 
(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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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)

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 $9.3 billion as compared to its carrying amount of $9.7 billion at January 31, 2024. The fair value of HP’s short- and long-term debt was $8.5 billion as compared to its carrying value of $9.5 billion at October 31, 2023. 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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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)

Note 8: Financial Instruments
Cash Equivalents and Available-for-Sale Investments
 As of January 31, 2024As of October 31, 2023
 CostGross Unrealized GainGross Unrealized LossFair ValueCostGross Unrealized GainGross Unrealized LossFair Value
 In millions
Cash Equivalents:        
Corporate debt$502 $ $ $502 $589 $ $ $589 
Government debt1,029   1,029 1,900   1,900 
Total cash equivalents1,531   1,531 2,489   2,489 
Available-for-Sale Investments:     
Financial institution instruments3   3 3   3 
Marketable securities and mutual funds
40 52  92 40 38  78 
Total available-for-sale investments43 52  95 43 38  81 
Total cash equivalents and available-for-sale investments$1,574 $52 $ $1,626 $2,532 $38 $ $2,570 
All highly liquid investments with original maturities of three months or less at the date of acquisition are considered cash equivalents. As of January 31, 2024 and October 31, 2023, 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:
 As of January 31, 2024
 Amortized CostFair Value
 In millions
Due in one year$3 $3 
Non-marketable equity securities in privately held companies are included in Other non-current assets in the Consolidated Condensed Balance Sheets. These amounted to $108 million and $111 million as of January 31, 2024 and October 31, 2023, 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 months ended January 31, 2024.
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.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)

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 the net fair value of financial instruments fluctuates from contractually established thresholds. 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 $119 million and $91 million as of January 31, 2024 and as of October 31, 2023, respectively, all of which were fully collateralized within two 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 January 31, 2024 and October 31, 2023.
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 months ended January 31, 2024 and 2023, 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:
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)

 As of January 31, 2024As of October 31, 2023
 Outstanding Gross NotionalOther Current AssetsOther Non-Current AssetsOther Current LiabilitiesOther Non-Current LiabilitiesOutstanding Gross NotionalOther Current AssetsOther Non-Current AssetsOther Current LiabilitiesOther Non-Current Liabilities
 In millions
Derivatives designated as hedging instruments     
Fair value hedges:     
Interest rate contracts$750 $ $ $ $43 $750 $ $ $ $58 
Cash flow hedges:
Foreign currency contracts15,282 173 28 182 59 15,278 410 70 147 52