Company Quick10K Filing
⚲
Hewlett Packard
Financials
Price14.25 EPS1
Shares1,366 P/E19
MCap19,466 P/FCF5
Net Debt5,319 EBIT1,553
TEV24,784 TEV/EBIT16
TTM 2019-10-31, in MM, except price, ratios
Filings
10-Q 2021-01-31 Filed 2021-03-04
10-K 2020-10-31 Filed 2020-12-10
10-Q 2020-07-31 Filed 2020-09-03
10-Q 2020-04-30 Filed 2020-06-02
10-Q 2020-01-31 Filed 2020-03-09
10-K 2019-10-31 Filed 2019-12-13
10-Q 2019-07-31 Filed 2019-08-30
10-Q 2019-04-30 Filed 2019-05-31
10-Q 2019-01-31 Filed 2019-03-05
10-K 2018-10-31 Filed 2018-12-12
10-Q 2018-07-31 Filed 2018-09-04
10-Q 2018-04-30 Filed 2018-06-07
10-Q 2018-01-31 Filed 2018-03-09
10-K 2017-10-31 Filed 2017-12-15
10-Q 2017-07-31 Filed 2017-09-07
10-Q 2017-04-30 Filed 2017-06-08
10-Q 2017-01-31 Filed 2017-03-09
10-K 2016-10-31 Filed 2016-12-15
10-Q 2016-07-31 Filed 2016-09-08
10-Q 2016-04-30 Filed 2016-06-08
10-Q 2016-01-31 Filed 2016-03-10
10-K 2015-10-31 Filed 2015-12-17
Reports
8-K 2020-10-29
8-K 2020-10-15
8-K 2020-09-21
8-K 2020-08-25
8-K 2020-07-24
8-K 2020-07-14
8-K 2020-07-11
8-K 2020-05-19
8-K 2020-04-23
8-K 2020-04-06
8-K 2020-04-06
8-K 2020-04-01
8-K 2020-03-03
8-K 2020-02-12
8-K 2020-01-31
8-K 2019-11-25
8-K 2019-10-30
8-K 2019-10-23
8-K 2019-09-25
8-K 2019-09-13
8-K 2019-09-04
8-K 2019-08-27
8-K 2019-08-16
8-K 2019-08-15
8-K 2019-06-24
8-K 2019-05-23
8-K 2019-05-16
8-K 2019-04-03
8-K 2019-02-21
8-K 2019-02-13
8-K 2019-01-31
8-K 2018-12-04
8-K 2018-11-19
8-K 2018-10-24
8-K 2018-09-20
8-K 2018-09-19
8-K 2018-09-10
8-K 2018-08-28
8-K 2018-06-19
8-K 2018-05-22
8-K 2018-05-22
8-K 2018-04-04
8-K 2018-02-22
8-K 2018-02-13
8-K 2018-02-05

HPE 10Q Quarterly Report

Content
Part I. Financial Information
Item 1. Financial Statements
Note 1: Overview and Summary of Significant Accounting Policies
Note 2: Segment Information
Note 3: Transformation Programs
Note 4: Retirement Benefit Plans
Note 5: Taxes on Earnings
Note 6: Balance Sheet Details
Note 7: Accounting for Leases As A Lessor
Note 8: Goodwill
Note 9: Fair Value
Note 10: Financial Instruments
Note 11: Borrowings
Note 12: Stockholders' Equity
Note 13: Net Earnings per Share
Note 14: Litigation and Contingencies
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 5. Other Information.
Item 6. Exhibits.
Exhibits
EX-10.31 hpe-01312021xex1031q1.htm
EX-10.32 hpe-01312021xex1032q1.htm
EX-31.1 hpe-01312021xex311q1ng.htm
EX-31.2 hpe-01312021xex312q1ng.htm
EX-32 hpe-01312021xex32q1ng.htm

Hewlett Packard Earnings 2021-01-31

Balance SheetIncome StatementCash Flow
856851341702013201520172020
Assets, Equity
 151185202015201620182020
Rev, G Profit, Net Income
 2.31.30.3-0.7-1.7-2.72013201520172020
Ops, Inv, Fin
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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, 2021
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 number001-37483
______________________________________________________________________________
HEWLETT PACKARD ENTERPRISE COMPANY
(Exact name of registrant as specified in its charter)

Delaware 47-3298624
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. employer
identification no.)

11445 Compaq Center West Drive,Houston,Texas77070
(Address of principal executive offices)(Zip code)
(650)687-5817
(Registrant's telephone number, including area code)
______________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareHPENew 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 Hewlett Packard Enterprise Company common stock outstanding as of February 26, 2021 was 1,301,145,494 shares, par value $0.01.



HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Form 10-Q
For the Quarterly Period Ended January 31, 2021

Table of Contents
   Page
 
 

3


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 within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of Hewlett Packard Enterprise Company and its consolidated subsidiaries ("Hewlett Packard Enterprise") may differ materially from those expressed or implied by such forward-looking statements and assumptions. The words "believe", "expect", "anticipate", "optimistic", "intend", "aim", "will", "should" and similar expressions are intended to identify such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to the scope and duration of the novel coronavirus pandemic ("COVID-19") and its impact on our business, operations, liquidity and capital resources, employees, customers, partners, supply chain, financial results and the world economy; any projections of revenue, margins, expenses, investments, effective tax rates, interest rates, the impact of the U.S. Tax Cuts and Jobs Act of 2017 and related guidance or regulations, net earnings, net earnings per share, cash flows, liquidity and capital resources, inventory, goodwill, impairment charges, hedges and derivatives and related offsets, order backlog, benefit plan funding, deferred tax assets, share repurchases, currency exchange rates, repayments of debts including our asset-backed debt securities, or other financial items; the projections, execution, timing and results of any transformation or restructuring plans, including estimates and assumptions related to the anticipated benefits, cost savings or charges of implementing the transformation and restructuring plans; any statements of the plans, strategies and objectives of management for future operations, as well as the execution of corporate transactions or contemplated acquisitions, research and development expenditures, and any resulting benefit, cost savings, charges, or revenue or profitability improvements; any statements concerning the expected development, performance, market share or competitive performance relating to products or services; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on Hewlett Packard Enterprise and its financial performance; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the need to address the many challenges facing Hewlett Packard Enterprise's businesses; the competitive pressures faced by Hewlett Packard Enterprise's businesses; risks associated with executing Hewlett Packard Enterprise's strategy; the impact of macroeconomic and geopolitical trends and events; the need to manage third-party suppliers and the distribution of Hewlett Packard Enterprise's products and the delivery of Hewlett Packard Enterprise's services effectively; the protection of Hewlett Packard Enterprise's intellectual property assets, including intellectual property licensed from third parties and intellectual property shared with its former parent; risks associated with Hewlett Packard Enterprise's international operations (including pandemics and public health problems, such as the outbreak of COVID-19); the development and transition of new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; the execution and performance of contracts by Hewlett Packard Enterprise and its suppliers, customers, clients and partners, including any impact thereon resulting from events such as the COVID-19 pandemic; the hiring and retention of key employees; the execution, integration and risks associated with business combination and investment transactions; the impact of changes to environmental, global trade, and other governmental regulations; changes in our product, lease, intellectual property or real estate portfolio; the payment or non-payment of a dividend for any period; the efficacy of using non-GAAP, rather than GAAP, financial measures in business projections and planning; the judgments required in connection with determining revenue recognition; impact of company policies and related compliance; utility of segment realignments; allowances for recovery of receivables and warranty obligations; provisions for, and resolution of, pending investigations, claims and disputes; and other risks that are described herein, including but not limited to the items discussed in "Risk Factors" in Item 1A of Part II of this Quarterly Report on Form 10-Q and that are otherwise described or updated from time to time in Hewlett Packard Enterprise's reports filed with the Securities and Exchange Commission. Hewlett Packard Enterprise assumes no obligation and does not intend to update these forward-looking statements, except as required by applicable law.

4


Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
Index
 Page

5


HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(Unaudited)
 Three Months Ended January 31,
 20212020
 In millions, except per share amounts
Net revenue:  
Products$4,138 $4,247 
Services2,573 2,589 
Financing income122 113 
Total net revenue6,833 6,949 
Costs and expenses:  
Cost of products2,890 2,910 
Cost of services1,596 1,684 
Financing interest59 73 
Research and development468 485 
Selling, general and administrative1,159 1,218 
Amortization of intangible assets110 120 
Transformation costs311 89 
Acquisition, disposition and other related charges18 22 
Total costs and expenses6,611 6,601 
Earnings from operations222 348 
Interest and other, net(44)(19)
Tax indemnification adjustments(16)(21)
Non-service net periodic benefit credit17 37 
Earnings from equity interests26 33 
Earnings before taxes205 378 
(Provision) benefit for taxes18 (45)
Net earnings $223 $333 
Net earnings per share:  
Basic$0.17 $0.26 
Diluted$0.17 $0.25 
Weighted-average shares used to compute net earnings per share:  
Basic1,300 1,300 
Diluted1,315 1,315 


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
6


HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 Three Months Ended
January 31,
 20212020
 In millions
Net earnings$223 $333 
Other comprehensive income before taxes:  
Change in net unrealized gains (losses) on available-for-sale securities:  
Net unrealized gains (losses) arising during the period3 2 
(Gains) losses reclassified into earnings— (3)
3 (1)
Change in net unrealized gains (losses) on cash flow hedges:  
Net unrealized gains (losses) arising during the period(329)75 
Net (gains) losses reclassified into earnings278 (69)
(51)6 
Change in unrealized components of defined benefit plans:  
Net unrealized gains (losses) arising during the period— 17 
Amortization of net actuarial loss and prior service benefit71 61 
Curtailments, settlements and other1 — 
72 78 
Change in cumulative translation adjustment21 (4)
Other comprehensive income before taxes45 79 
(Provision) benefit for taxes(2)(9)
Other comprehensive income, net of taxes43 70 
Comprehensive income$266 $403 


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
7


HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
 As of
 January 31, 2021October 31, 2020
(Unaudited)(Audited)
 In millions, except par value
ASSETS  
Current assets:  
Cash and cash equivalents$4,165 $4,233 
Accounts receivable, net of allowances2,933 3,386 
Financing receivables, net of allowances3,883 3,794 
Inventory2,791 2,674 
Assets held for sale34 77 
Other current assets2,266 2,392 
Total current assets16,072 16,556 
Property, plant and equipment5,573 5,625 
Long-term financing receivables and other assets10,585 10,544 
Investments in equity interests2,211 2,170 
Goodwill18,017 18,017 
Intangible assets993 1,103 
Total assets$53,451 $54,015 
LIABILITIES AND STOCKHOLDERS' EQUITY  
Current liabilities:  
Notes payable and short-term borrowings$3,727 $3,755 
Accounts payable5,196 5,383 
Employee compensation and benefits1,149 1,391 
Taxes on earnings119 148 
Deferred revenue3,440 3,430 
Accrued restructuring241 366 
Other accrued liabilities4,059 4,265 
Total current liabilities17,931 18,738 
Long-term debt11,963 12,186 
Other non-current liabilities7,298 6,995 
Commitments and contingencies
Stockholders' equity  
HPE stockholders' equity:  
Preferred stock, $0.01 par value (300 shares authorized; none issued)
— — 
Common stock, $0.01 par value (9,600 shares authorized; 1,300 and 1,287 shares issued and outstanding at January 31, 2021 and October 31, 2020, respectively)
13 13 
Additional paid-in capital28,427 28,350 
Accumulated deficit(8,332)(8,375)
Accumulated other comprehensive loss(3,896)(3,939)
Total HPE stockholders' equity16,212 16,049 
Non-controlling interests 47 47 
Total stockholders' equity16,259 16,096 
Total liabilities and stockholders' equity$53,451 $54,015 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
8


HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
 Three Months Ended January 31,
 20212020
 In millions
Cash flows from operating activities:  
Net earnings$223 $333 
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:  
Depreciation and amortization674 690 
Stock-based compensation expense113 93 
Provision for inventory and doubtful accounts52 41 
Restructuring charges232 84 
Deferred taxes on earnings(71)(28)
Earnings from equity interests(26)(33)
Other, net65 (36)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable446 82 
Financing receivables(120)(104)
Inventory(148)(204)
Accounts payable(161)(250)
Taxes on earnings(34)(27)
Restructuring(220)(87)
Other assets and liabilities(62)(633)
Net cash provided by (used in) operating activities963 (79)
Cash flows from investing activities:  
Investment in property, plant and equipment(513)(568)
Proceeds from sale of property, plant and equipment113 462 
Purchases of available-for-sale securities and other investments(7)(59)
Maturities and sales of available-for-sale securities and other investments1 8 
Financial collateral posted(266)(48)
Financial collateral received20 147 
Payments made in connection with business acquisitions, net of cash acquired— (6)
Net cash used in investing activities(652)(64)
Cash flows from financing activities:  
Short-term borrowings with original maturities less than 90 days, net26 127 
Proceeds from debt, net of issuance costs323 340 
Payment of debt(611)(450)
Payments related to stock-based award activities, net(34)(43)
Repurchase of common stock— (204)
Cash dividends paid to non-controlling interests(8)— 
Contributions from non-controlling interests— 1 
Cash dividends paid(155)(156)
Net cash used in financing activities(459)(385)
Decrease in cash, cash equivalents and restricted cash(148)(528)
Cash, cash equivalents and restricted cash at beginning of period4,621 4,076 
Cash, cash equivalents and restricted cash at end of period$4,473 $3,548 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
9


Condensed Consolidated Statements of Stockholders' Equity (Unaudited)

Common Stock
Three Months Ended January 31, 2021Number of SharesPar ValueAdditional Paid-in CapitalAccumulated DeficitAccumulated
Other
Comprehensive
Loss		Equity
Attributable
to the
Company		Non-
controlling
Interests		Total
Equity
 In millions, except number of shares in thousands
Balance at October 31, 20201,287,010 $13 $28,350 $(8,375)$(3,939)$16,049 $47 $16,096 
Net earnings223 223 223 
Other comprehensive income43 43 43 
Comprehensive income266 — 266 
Stock-based compensation expense113 113 113 
Tax withholding related to vesting of employee stock plans(57)(57)(57)
Issuance of common stock in connection with employee stock plans and other13,486 21 21 21 
Cash dividends declared ($0.12 per share)
(155)(155)(155)
Effects of adoption of accounting standard updates (1)
(25)(25)(25)
Balance at January 31, 20211,300,496 $13 $28,427 $(8,332)$(3,896)$16,212 $47 $16,259 

(1) Represents the impact of the adoption of the accounting standard on the measurement of credit losses on financial instruments.

(1) Represents the impact of the adoption of an accounting standard - Pending
10


Common Stock
Three Months Ended January 31, 2020Number of SharesPar ValueAdditional Paid-in Capital Accumulated Deficit Accumulated
Other
Comprehensive
Loss		Equity
Attributable
to the
Company		Non-
controlling
Interests		Total
Equity
 In millions, except number of shares in thousands
Balance at October 31, 20191,294,369 $13 $28,444 $(7,632)$(3,727)$17,098 $51 $17,149 
Net earnings333 333 2 335 
Other comprehensive income70 70 70 
Comprehensive income403 2 405 
Stock-based compensation expense93 93 93 
Tax withholding related to vesting of restricted stock units(72)(72)(72)
Issuance of common stock in connection with employee stock plans and other11,361 26 1 27 1 28 
Repurchases of common stock(12,827)(204)(204)(204)
Cash dividends declared ($0.12 per share)
(156)(156)(156)
Effects of adoption of accounting standard updates 43 (43)— — 
Balance at January 31, 20201,292,903 $13 $28,287 $(7,411)$(3,700)$17,189 $54 $17,243 






The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
11

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1: Overview and Summary of Significant Accounting Policies
Background
Hewlett Packard Enterprise Company ("Hewlett Packard Enterprise", "HPE", or the "Company") is a global technology leader focused on developing intelligent solutions that allow customers to capture, analyze and act upon data seamlessly from edge to cloud. Hewlett Packard Enterprise enables customers to accelerate business outcomes by driving new business models, creating new customer and employee experiences, and increasing operational efficiency today and into the future. Hewlett Packard Enterprise's customers range from small- and medium-sized businesses ("SMBs") to large global enterprises and governmental entities.
On November 1, 2015, the Company became an independent publicly-traded company through a pro rata distribution by HP Inc. ("former Parent" or "HPI"), formerly known as Hewlett-Packard Company ("HP Co."), of 100% of the outstanding shares of Hewlett Packard Enterprise Company to HP Inc.'s stockholders (the "Separation").
Basis of Presentation
The Condensed Consolidated Financial Statements of the Company were prepared in accordance with United States ("U.S.") Generally Accepted Accounting Principles ("GAAP"). In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements of Hewlett Packard Enterprise contain all adjustments, including normal recurring adjustments, necessary to present fairly the Company's financial position as of January 31, 2021 and October 31, 2020, its results of operations for the three months ended January 31, 2021 and 2020, its cash flows for the three months ended January 31, 2021 and 2020, and its statements of stockholders' equity for the three months ended January 31, 2021 and 2020.
The results of operations for the three months ended January 31, 2021 and the cash flows for the three months ended January 31, 2021 are not necessarily indicative of the results to be expected for the full year. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2020, including "Management's Discussion and Analysis of Financial Condition and Results of Operations", "Quantitative and Qualitative Disclosures About Market Risk" and the Consolidated Financial Statements and notes thereto included in Items 7, 7A and 8, respectively.
Principles of Consolidation
The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of the Company and all subsidiaries and affiliates in which the Company has a controlling financial interest or is the primary beneficiary. All intercompany transactions and accounts within the consolidated businesses of the Company have been eliminated.
The Company consolidates a Variable Interest Entity (“VIE”) where it has been determined that the Company is the primary beneficiary of the entity’s operation. In evaluating whether the Company is the primary beneficiary, the Company evaluates its power to direct the most significant activities of the VIE by considering the purpose and design of the entity and the risks the entity was designed to create and pass through to its variable interest holders. The Company also evaluates its economic interests in the VIE.
The Company accounts for investments in companies over which it has the ability to exercise significant influence but does not hold a controlling interest under the equity method of accounting, and the Company records its proportionate share of income or losses in Earnings from equity interests in the Condensed Consolidated Statements of Earnings.
Non-controlling interests are presented as a separate component within Total stockholders' equity in the Condensed Consolidated Balance Sheets. Net earnings attributable to non-controlling interests are recorded within Interest and other, net in the Condensed Consolidated Statements of Earnings and are not presented separately, as they were not material for any periods presented.
12
HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Segment Realignment and Reclassifications
Effective at the beginning of the first quarter of fiscal 2021, HPE implemented certain organizational changes to align its segment financial reporting more closely with its current business structure. These organizational changes are:
(i) the transfer of the lifecycle event services business, previously reported within the Advisory and Professional Services ("A & PS") reportable segment to Compute, Storage and HPC & MCS reportable segments; (ii) the transfer of certain software and related services business, previously reported within the Compute, Storage and A & PS reportable segments to the Corporate Investments and Other reportable segment, to form a new Software operating segment; and (iii) the transfer of the remaining A & PS operating segment, previously reported as a separate reportable segment, to the Corporate Investments and Other reportable segment. As a result of these changes, the Corporate Investments and Other Segment now includes the A & PS operating segment, the Communications and Media Solutions operating segment, the Software operating segment, and Hewlett Packard Enterprise Labs which is responsible for research and development.
Additionally, effective at the beginning of the first quarter of fiscal 2021, the Company has excluded stock-based compensation expense from its segment earnings from operations.
The Company reflected these changes to its segment information retrospectively to the earliest period presented, which primarily resulted in the realignment of net revenue, operating profit and total assets for each of the segments as described above. These changes had no impact on Hewlett Packard Enterprise’s previously reported consolidated net revenue, net earnings, net earnings per share ("EPS") or total assets.
Significant Accounting Policies
Except for the change in certain accounting policies upon adoption of the accounting standards described below, there have been no significant changes to the Company's significant accounting policies described in PART II, Item 8, Note 1, "Overview and Summary of Significant Accounting Policies", of the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2020.
Recently Adopted Accounting Pronouncements
In January 2021, the FASB issued guidance to clarify that all derivative instruments affected by changes to the interest rates used for discounting, margining or contract price alignment can apply certain optional expedients and exceptions mentioned in its reference rate reform guidance even though they do not reference to LIBOR or a rate being discontinued. This guidance was effective upon issuance. The Company adopted the guidance in the first quarter of fiscal 2021 and there was no impact on its Condensed Consolidated Financial Statements upon adoption.
In December 2019, the FASB amended the existing accounting standards for income taxes. The amendments clarify and simplify the accounting for income taxes by eliminating certain exceptions to the general principles. The Company adopted the guidance in the first quarter of fiscal 2021 and there was no material impact on its Condensed Consolidated Financial Statements.
In August 2018, the FASB issued guidance on a customer's accounting for implementation costs incurred in cloud-computing arrangements that are hosted by a vendor. Certain types of implementation costs should be capitalized and amortized over the term of the hosting arrangement. The Company adopted the guidance in the first quarter of fiscal 2021 and there was no material impact on its Condensed Consolidated Financial Statements.

In August 2018, the FASB issued guidance which changes the disclosure requirements for fair value measurements and defined benefit pension plans. The Company adopted the guidance in the first quarter of fiscal 2021 and there was no impact on its Condensed Consolidated Financial Statements. However, the Company expects to have additional disclosures relating to retirement and post-retirement benefit plans in its Annual Report on Form 10-K for the fiscal year ended October 31, 2021.

In June 2016, the FASB amended the existing accounting standards for the measurement of credit losses with additional amendments in 2018, 2019 and 2020. These amendments primarily require the measurement and recognition of current expected credit losses for financial assets held at amortized cost. The amended accounting standard replaces the existing incurred loss impairment model with an expected loss model, which requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. The Company adopted the Current Expected Credit Losses standard (the “CECL standard”) as of November 1, 2020 using the modified retrospective method, with the cumulative-effect adjustment recorded to the opening balance of Accumulated deficit within stockholders’
13
HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
equity in the Condensed Consolidated Balance Sheets. The cumulative effect of adopting the CECL standard resulted in an increase of $28 million to the allowance for expected credit losses within financing receivables, and a corresponding increase of $25 million, net of $3 million of deferred taxes to Accumulated deficit as of November 1, 2020.

The allowance for expected credit losses related to accounts receivables is comprised of a general reserve and a specific reserve. The Company may record a specific reserve for individual accounts when the Company becomes aware of specific customer circumstances, such as in the case of a bankruptcy filing or deterioration in the customer's operating results or financial position. If there are additional changes in circumstances related to the specific customer, the Company further adjusts estimates of the recoverability of receivables. The Company maintains an allowance for credit losses for all other customers based on a variety of factors, including the use of third-party credit risk models that generate quantitative measures of default probabilities based on market factors, the financial condition of customers and the length of time receivables are past due. These qualitative factors are subjective and require a degree of management judgement. The past due or delinquency status of a receivable is based on the contractual payment terms of the receivable. The Company establishes an allowance for expected credit losses related to accounts receivable, including unbilled receivables.

The allowance for expected credit losses related to financing receivables is comprised of a general reserve and a specific reserve. The Company establishes a specific reserve for financing receivables with identified exposures, such as customer defaults, bankruptcy or other events, that make it unlikely the Company will recover its investment. For individually evaluated receivables, the Company determines the expected cash flow for the receivable, which includes consideration of estimated proceeds from disposition of the collateral and calculates an estimate of the potential loss and the probability of loss. For those accounts where a loss is considered probable, the Company records a specific reserve. The Company maintains a general reserve using a credit loss model on a regional basis and bases such percentages on several factors, including consideration of historical credit losses and portfolio delinquencies, trends in the overall weighted-average risk rating of the portfolio, current economic conditions, and forward-looking information, including reasonable and supportable forecasts. The Company believes the economic forecasts employed represent reasonable and supportable forecasts, followed by a reversion to long term trends. The Company excludes accounts evaluated as part of the specific reserve from the general reserve analysis. The Company generally writes off a receivable or records a specific reserve when a receivable becomes 180 days past due, or sooner if the Company determines that the receivable is not collectible.
The Company’s debt securities are generally considered available-for-sale and are reported at fair value with unrealized gains and losses, net of applicable taxes, recorded in Accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets. Realized gains and losses for available-for-sale securities are calculated based on the specific identification method and included in Interest and other, net in the Condensed Consolidated Statements of Earnings. The Company monitors its investment portfolio for potential impairment on a quarterly basis. When the carrying amount of an investment in debt securities exceeds its fair value and the decline in value is determined to be due to credit-related factors, the Company recognizes the impairment by way of an allowance for credit loss in Interest and other, net in the Condensed Consolidated Statement of Earnings while the impairment that is not credit related is recorded in Accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets.
Recently Enacted Accounting Pronouncements
In January 2020, the FASB issued guidance to clarify certain interactions between the guidance to account for equity securities, the guidance to account for investments under the equity method of accounting, and the guidance to account for derivatives and hedging. The new guidance clarifies the application of measurement alternatives and the accounting for certain forward contracts and purchased options to acquire investments. The Company is required to adopt the guidance in the first quarter of fiscal 2022, though early adoption is permitted. The Company is currently evaluating the timing and the impact of these amendments on its Consolidated Financial Statements.
There have been no other significant changes to the Company's accounting policies, or recently adopted or enacted accounting pronouncements disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2020.
Note 2: Segment Information
As described in Note 1, "Overview and Summary of Significant Accounting Policies", effective at the beginning of the first quarter of fiscal 2021, the Company implemented certain organizational changes to align its segment financial reporting more closely with its current business structure. Hewlett Packard Enterprise's operations are now organized into six segments for financial reporting purposes: Compute, HPC & MCS, Storage, Intelligent Edge, Financial Services ("FS"), and Corporate Investments and Other. Hewlett Packard Enterprise's organizational structure is based on a number of factors that the Chief Operating Decision Maker ("CODM"), who is the Chief Executive Officer ("CEO"), uses to evaluate, view and run the
14
HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Company's business operations, which include, but are not limited to, customer base and homogeneity of products and technology. The six segments are based on this organizational structure and information reviewed by Hewlett Packard Enterprise's management to evaluate segment results. A summary description of each segment follows.
Compute portfolio offers both general purpose servers for multi-workload computing and workload optimized servers to
offer the best performance and value for demanding applications. This portfolio of products includes the HPE Proliant rack and
tower servers; HPE BladeSystem, and HPE Synergy. Compute offerings also include operational and support services.
High Performance Computing & Mission-Critical Solutions portfolio offers specialized compute servers designed to support specific use cases. The HPC portfolio of products includes the HPE Apollo and Cray high performance computing products that are often sold as supercomputing systems, including exascale supercomputers. The MCS portfolio includes the HPE Superdome Flex, HPE Nonstop and HPE Integrity product lines. The HPC & MCS segment also includes the Converged Edge Systems business which consists of the HPE Moonshot and HPE Edgeline products. HPC & MCS offerings also include operational and support services.
Storage portfolio offers workload optimized storage product and service offerings which include an intelligent hyperconverged infrastructure ("HCI") with HPE Nimble Storage dHCI and HPE SimpliVity. The portfolio also includes HPE Primera, HPE Nimble Storage and HPE 3PAR Storage for mission-critical and general-purpose workloads, HPE Recovery Manager Central, HPE StoreOnce, HPE Cloud Volumes Backup and Big Data solutions. Storage also provides solutions for secondary workloads and traditional tape, storage networking and disk products, such as HPE Modular Storage Arrays ("MSA") and HPE XP. Storage offerings also include operational and support services.
Intelligent Edge portfolio offers wired and wireless local area network "(LAN"), campus and data center switching, software-defined wide-area-networking, security, and associated services to enable secure connectivity for businesses of any size. The HPE Aruba product portfolio includes products such as Wi-Fi access points, switches, routers, and sensors. The HPE Aruba software and services portfolio includes software products for cloud-based management, network management, network access control, analytics and assurance, location services software and professional and support services, as well as as-a Service ("aaS") and consumption models for the Intelligent Edge portfolio of products.
Financial Services provides flexible investment solutions, such as leasing, financing, IT consumption, and utility programs and asset management services, for customers that facilitate unique technology deployment models and the acquisition of complete IT solutions, including hardware, software and services from Hewlett Packard Enterprise and others.
Corporate Investments and Other includes the Communications and Media Solutions business ("CMS") which primarily offers software and related services to the telecommunications industry; the HPE Software business which offers HPE Ezmeral Container Platform and HPE Ezmeral Data Fabric, and incubates other software related technology innovation; the A & PS business which primarily offers consultative-led services, HPE and partner technology expertise and advice, implementation services as well as complex solution engagement capabilities; and the Hewlett Packard Labs which is responsible for research and development.
Segment Policy
There have been no changes to the Company's segment accounting policies disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2020, except for the organizational changes and the change in allocation of stock based compensation expense described in Note 1, "Overview and Summary of Significant Accounting Policies".
Hewlett Packard Enterprise does not allocate to its segments certain operating expenses, which it manages at the corporate level. These unallocated operating costs include certain corporate costs and eliminations, stock-based compensation expense, amortization of initial direct costs, amortization of intangible assets, impairment of goodwill, transformation costs, disaster charges, acquisition, disposition and other related charges.
15
HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Segment Operating Results
Segment net revenue and segment operating results were as follows:
 ComputeHPC & MCSStorageIntelligent EdgeFinancial
Services		Corporate
Investments and Other		Total
 In millions
Three months ended January 31, 2021     
Net revenue$2,930 $746 $1,174 $803 $859 $321 $6,833 
Intersegment net revenue56 16 19 3 1 — 95 
Total segment net revenue$2,986 $762 $1,193 $806 $860 $321 $6,928 
Segment earnings (loss) from operations$342 $43 $235 $152 $84 $(31)$825 
Three months ended January 31, 2020     
Net revenue$2,982 $831 $1,237 $715 $857 $327 $6,949 
Intersegment net revenue48 8 15 5 2 — 78 
Total segment net revenue$3,030 $839 $