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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________
FORM 10-Q
(Mark One) 
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
July 31, 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 July 31, 2024 was 963,717,799 shares.



HP INC. AND SUBSIDIARIES
Form 10-Q
For the Quarterly Period ended July 31, 2024
Table of Contents
In this report on Form 10-Q, for all periods presented, “we”, “us”, “our”, the “company”, the “Company”, “HP” and “HP Inc.” refer to HP Inc. (formerly Hewlett-Packard Company) and its consolidated subsidiaries.

2
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
3
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.
4
Part I. Financial Information

ITEM 1. Financial Statements and Supplementary Data.
Index
 Page
    

5
HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Earnings
(Unaudited)
 Three months ended July 31Nine months ended July 31
 2024 202320242023
 In millions, except per share amounts
Net revenue:
Products
$12,750 $12,422 $37,212 $37,615 
Services769 774 2,292 2,286 
Total net revenue13,519  13,196 39,504 39,901 
Cost of net revenue:  
Products
10,164 9,939 29,359 30,085 
Services449 435 1,328 1,293 
Total cost of net revenue10,613 10,374 30,687 31,378 
Gross margin2,906 2,822 8,817 8,523 
Research and development413  354 1,248 1,167 
Selling, general and administrative1,404  1,302 4,249 4,031 
Restructuring and other charges46 75 180 416 
Acquisition and divestiture charges22  48 71 205 
Amortization of intangible assets81  91 242 262 
Total operating expenses1,966 1,870 5,990 6,081 
Earnings from operations940  952 2,827 2,442 
Interest and other, net(113)(16)(410)(357)
Earnings before taxes827  936 2,417 2,085 
(Provision for) benefit from taxes(187)(170)(548)204 
Net earnings$640  $766 $1,869 $2,289 
Net earnings per share:   
Basic$0.65  $0.77 $1.90 $2.31 
Diluted$0.65  $0.76 $1.88 $2.29 
Weighted-average shares used to compute net earnings per share:   
Basic979  993 986 991 
Diluted990  1,002 994 999 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

6
HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
(Unaudited)
 Three months ended July 31Nine months ended July 31
 2024202320242023
 In millions
Net earnings$640 $766 $1,869 $2,289 
Other comprehensive (loss) income before taxes:
Change in unrealized components of available-for-sale debt securities:
Unrealized gains arising during the period3 1 7 5 
Change in unrealized components of cash flow hedges:
Unrealized losses arising during the period(36)(68)(47)(757)
(Gains) losses reclassified into earnings(87)68 (251)(104)
(123)— (298)(861)
Change in unrealized components of defined benefit plans:
Gains arising during the period— — 13 5 
Amortization of actuarial loss and prior service benefit1 — 5 — 
Curtailments, settlements and other1 — 2 — 
2 — 20 5 
Change in cumulative translation adjustment11 10 25 48 
Other comprehensive (loss) income before taxes(107)11 (246)(803)
Benefit from taxes24 3 54 164 
Other comprehensive (loss) income, net of taxes(83)14 (192)(639)
Comprehensive income$557 $780 $1,677 $1,650 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
7
HP INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(Unaudited)
 As of
 July 31, 2024October 31, 2023
 
In millions, except par value
ASSETS  
Current assets:  
Cash, cash equivalents and restricted cash$2,878 $3,232 
Accounts receivable, net of allowance for credit losses of $83 and $93, respectively
4,659 4,237 
Inventory7,790 6,862 
Other current assets3,988 3,646 
Total current assets19,315 17,977 
Property, plant and equipment, net2,831 2,827 
Goodwill8,606 8,591 
Other non-current assets7,307 7,609 
Total assets$38,059 $37,004 
LIABILITIES AND STOCKHOLDERS’ DEFICIT  
Current liabilities:  
Notes payable and short-term borrowings$1,396 $230 
Accounts payable15,447 14,046 
Other current liabilities10,200 10,212 
Total current liabilities27,043 24,488 
Long-term debt8,229 9,254 
Other non-current liabilities4,179 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; 963 and 989 shares issued and outstanding at July 31, 2024 and October 31, 2023, respectively)
10 10 
Additional paid-in capital1,742 1,505 
Accumulated deficit(2,729)(2,361)
Accumulated other comprehensive loss(415)(223)
Total stockholders’ deficit(1,392)(1,069)
Total liabilities and stockholders’ deficit$38,059 $37,004 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
8
HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows
(Unaudited)
 Nine months ended July 31
 20242023
In millions
Cash flows from operating activities:  
Net earnings$1,869 $2,289 
Adjustments to reconcile net earnings to net cash provided by operating activities:  
Depreciation and amortization622 638 
Stock-based compensation expense367 353 
Restructuring and other charges180 416 
Deferred taxes on earnings69 (774)
Other, net(24)(61)
Changes in operating assets and liabilities, net of acquisitions:  
Accounts receivable(447)180 
Inventory(953)364 
Accounts payable1,442 (1,133)
Net investment in leases from integrated financing
(123)(82)
Taxes on earnings(89)354 
Restructuring and other(204)(244)
Other assets and liabilities(583)(704)
Net cash provided by operating activities2,126 1,596 
Cash flows from investing activities:  
Investment in property, plant and equipment, net(439)(459)
Purchases of available-for-sale securities and other investments— (6)
Maturities and sales of available-for-sale securities and other investments— 18 
Collateral posted for derivative instruments
(60)(118)
Payment made in connection with business acquisitions, net of cash acquired(15)(5)
Net cash used in investing activities(514)(570)
Cash flows from financing activities:  
Proceeds from short-term borrowings with original maturities less than 90 days, net— 190 
Proceeds from debt, net of issuance costs266 177 
Payment of debt and associated costs(153)(1,654)
Stock-based award activities and others(67)(86)
Repurchase of common stock(1,200)(100)
Cash dividends paid(812)(777)
Collateral returned for derivative instruments
— (200)
Settlement of cash flow hedges— (3)
Net cash used in financing activities(1,966)(2,453)
Decrease in cash, cash equivalents and restricted cash(354)(1,427)
Cash, cash equivalents and restricted cash at beginning of period3,232 3,145 
Cash, cash equivalents and restricted cash at end of period$2,878 $1,718 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
9
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)
Net earnings— — — 607 — 607 
Other comprehensive income, net of taxes— — — — 126 126 
Comprehensive income— — — — — 733 
Issuance of common stock in connection with employee stock plans and other584 — (4)— — (4)
Repurchases of common stock (Note 10)(3,474)— (6)(93)— (99)
Stock-based compensation expense— — 94 — — 94 
Balance at April 30, 2024
977,507 $10 $1,663 $(2,257)$(332)$(916)
Net earnings— — — 640 — 640 
Other comprehensive loss, net of taxes— — — — (83)(83)
Comprehensive income— — — — — 557 
Issuance of common stock in connection with employee stock plans and other2,907 — 13 — — 13 
Repurchases of common stock (Note 10)(17,006)— (30)(576)— (606)
Cash dividends ($0.55 per common share)
— — — (536)— (536)
Stock-based compensation expense— — 96 — — 96 
Balance at July 31, 2024
963,408 $10 $1,742 $(2,729)$(415)$(1,392)





















10
HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Stockholders’ Deficit
(Unaudited)
 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)
Net earnings— — — 1,054 — 1,054 
Other comprehensive income, net of taxes— — — — 88 88 
Comprehensive income— — — — — 1,142 
Issuance of common stock in connection with employee stock plans and other787 — (7)— — (7)
Cash dividends — — — 4 — 4 
Stock-based compensation expense— — 95 — — 95 
Balance at April 30, 2023
985,876 $10 $1,344 $(3,579)$(368)$(2,593)
Net earnings— — — 766 — 766 
Other comprehensive income, net of taxes— — — — 14 14 
Comprehensive income— — — — — 780 
Issuance of common stock in connection with employee stock plans and other2,344 — — — — — 
Cash dividends ($0.52 per common share)
— — — (523)— (523)
Stock-based compensation expense— — 91 — — 91 
Balance at July 31, 2023
988,220 $10 $1,435 $(3,336)$(354)$(2,245)
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

11
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.
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.

12
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 (including HP’s portfolio of AI PCs), detachables and convertibles, workstations, thin clients, commercial mobility devices, retail point-of-sale (“POS”) systems, displays, hybrid systems, software, solutions including endpoint security, 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 secure 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 including endpoint security. Printing is also focused on Graphics and 3D Printing and Personalization in the commercial and industrial markets. HP global business capabilities within Printing are described below:
•Office Printing Solutions delivers HP’s secure 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 and secure 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.
13
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 July 31Nine months ended July 31
 2024202320242023
In millions
Net revenue:
Commercial PS$6,677 $6,201 $18,964 $18,499 
Consumer PS2,692 2,731 7,640 7,787 
Personal Systems9,369 8,932 26,604 26,286 
Supplies2,703 2,768 8,430 8,631 
Commercial Printing1,147 1,208 3,579 3,969 
Consumer Printing293 287 877 1,011 
Printing4,143 4,263 12,886 13,611 
Corporate Investments7 1 14 5 
Total segment net revenue13,519 13,196 39,504 39,902 
Other— — — (1)
Total net revenue$13,519 $13,196 $39,504 $39,901 
  
Earnings before taxes:
Personal Systems$599 $592 $1,644 $1,498 
Printing715 794 2,416 2,563 
Corporate Investments(28)(32)(95)(103)
Total segment earnings from operations1,286 1,354 3,965 3,958 
Corporate and unallocated costs and other(101)(97)(278)(280)
Stock-based compensation expense(96)(91)(367)(353)
Restructuring and other charges(46)(75)(180)(416)
Acquisition and divestiture charges(22)(48)(71)(205)
Amortization of intangible assets(81)(91)(242)(262)
Interest and other, net(113)(16)(410)(357)
Total earnings before taxes$827 $936 $2,417 $2,085 
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”).
14
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 
Charges120 8 4 132 
Cash payments(141)(11)(4)(156)
Non-cash and other adjustments— (3)(2)(5)
Accrued balance as of July 31, 2024$67 $12 $— $79 
Total costs incurred to date as of July 31, 2024$522 $49 $870 $1,441 
Reflected in Consolidated Condensed Balance Sheets
Other current liabilities$67 $3 $— $70 
Other non-current liabilities$— $9 $— $9 
Accrued balance as of October 31, 2022$— $— $32 $32 
Charges318 38 3 359 
Cash payments(135)(15)(37)(187)
Non-cash and other adjustments(141)(2)(5)3 (143)
Accrued balance as of July 31, 2023$42 $18 $1 $61 
HP’s restructuring charges for the three months ended July 31, 2024 summarized by the plans outlined below were as follows:
Fiscal 2023 Plan
Severance and EERNon-labor
Other prior-year plans(1)
Total
In millions
For the three months ended July 31, 2024$27 $2 $1 $30 
(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.
(2)    Includes reclassification of liabilities related to the Enhanced Early Retirement (“EER”) program of $139 million for pension and post-retirement plan special termination benefits. See Note 4 “Retirement and Post-Retirement Benefit Plans” for further information.
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 and nine months ended July 31, 2024, HP incurred $16 million and $48 million of other charges, respectively. For the three and nine months ended July 31, 2023, HP incurred $25 million and $57 million of other charges, respectively.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements
(Unaudited)
Note 4: Retirement and Post-Retirement Benefit Plans
The components of HP’s pension and post-retirement benefit (credit) cost recognized in the Consolidated Condensed Statements of Earnings were as follows:
 Three months ended July 31
 U.S. Defined Benefit PlansNon-U.S. Defined Benefit PlansPost-Retirement Benefit Plans
 202420232024202320242023
 In millions
Service cost$— $— $9 $10 $1 $1 
Interest cost57 54 11 10 4 4 
Expected return on plan assets(61)(65)(13)(13)(4)(4)
Amortization and deferrals:      
Actuarial loss (gain)6 4 — 1 (3)(4)
Prior service cost (credit)— — 1 1 (3)(2)
Net periodic benefit (credit) cost2 (7)8 9 (5)(5)
Settlement gain (loss)— — 1 — — — 
Special termination benefit cost— — — — — — 
Total periodic benefit (credit) cost$2 $(7)$9 $9 $(5)$(5)
 Nine months ended July 31
 U.S. Defined Benefit PlansNon-U.S. Defined Benefit PlansPost- Retirement Benefit Plans
 202420232024202320242023
 In millions
Service cost$— $— $27 $30 $1 $1 
Interest cost171 163 34 30 12 11 
Expected return on plan assets(184)(194)(39)(39)(12)(10)
Amortization and deferrals:
Actuarial loss (gain)20 13 — 3 (11)(12)
Prior service cost (credit)— — 4 4 (8)(8)
Net periodic benefit (credit) cost7 (18)26 28 (18)(18)
Settlement loss — — 2 — — — 
Special termination benefit cost— 105 — — — 34 
Total periodic benefit (credit) cost$7 $87 $28 $28 $(18)$16 
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 $4 million to cover benefit claims under HP’s post-retirement benefit plans. During the nine months ended July 31, 2024, HP contributed $41 million to its non-U.S. pension plans, paid $20 million to cover benefit payments to U.S. non-qualified plan participants and paid $4 million to cover benefit claims under HP’s post-retirement benefit plans.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)

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 nine months ended July 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 nine months ended July 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 22.6% and 18.2% for the three months ended July 31, 2024 and 2023, respectively and 22.7% and (9.8)% for the nine months ended July 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 July 31, 2023 was primarily due to favorable tax rates associated with certain earnings from HP’s operations in lower-tax jurisdictions throughout the world. For the nine months ended July 31, 2023, the difference was primarily due to tax effects of internal reorganization.
During the three and nine months ended July 31, 2024, HP recorded $3 million of net income tax charges and $14 million of net income tax benefits, respectively, related to discrete items in the provision for taxes. The nine months ended July 31, 2024 included benefits of $17 million related to the filing of tax returns in various jurisdictions. The three and nine months ended July 31, 2024 also included benefits of $10 million and $36 million related to restructuring charges, respectively. These benefits were partially offset by income tax charges of $19 million and $46 million related to uncertain tax positions for the three and nine months ended July 31, 2024, respectively.
During the three and nine months ended July 31, 2023, HP recorded $32 million and $724 million, respectively of net income tax benefits related to discrete items in the provision for taxes. The nine months ended July 31, 2023 included benefits of $697 million related to tax effects of internal reorganization. The three and nine months ended July 31, 2023 also included benefits of $16 million and $82 million related to restructuring charges, $51 million and $15 million related to the filing of tax returns in various jurisdictions, and $10 million and $37 million related to acquisition and divestiture charges, respectively. These benefits were partially offset by income tax charges of $2 million and $60 million related to audit settlements in various jurisdictions, $17 million and $32 million of uncertain tax position charges, and $27 million and $25 million related to extinguishment of debt for the three and nine months ended July 31, 2023, respectively.
Uncertain Tax Positions
As of July 31, 2024, the amount of gross unrecognized tax benefits was $1.2 billion, of which up to $867 million would affect HP’s effective tax rate if realized. Total gross unrecognized tax benefits increased by $43 million for the nine months ended July 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 July 31, 2024 and 2023, HP had accrued $130 million and $98 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 $21 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
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 6: Supplementary Financial Information

Cash, cash equivalents and restricted cash
 As of
 July 31, 2024October 31, 2023
 In millions
Cash and cash equivalents$2,785 $3,107 
Restricted cash(1)
93 125 
$2,878 $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:
 Nine months ended July 31, 2024
 In millions
Balance at beginning of period$93 
Benefit of allowance for credit losses(2)
Deductions, net of recoveries(8)
Balance at end of period$83 
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 July 31, 2024 and October 31, 2023 were not material.
The following is a summary of the activity under these arrangements:
Three months ended July 31Nine months ended July 31
 2024 20232024 2023
 In millions
Balance at beginning of period(1)
$181 $174 $141 $185 
Trade receivables sold3,111 3,383 9,256 10,241 
Cash receipts(2,983)(3,398)(9,089)(10,286)
Foreign currency and other3 — 4 19 
Balance at end of period(1)
$312 $159 $312