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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, 2022
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, 2022 was 1,005,938,829 shares.




HP INC. AND SUBSIDIARIES
Form 10-Q
For the Quarterly Period ended July 31, 2022
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, the results of HP Inc. and its consolidated subsidiaries (“HP”) 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 potential impact of the COVID-19 pandemic and the actions by governments, businesses and individuals in response to the situation; 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, 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, including with respect to the timing and expected benefits of acquisitions and other business combination and investment transactions; 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 include factors relating to the effects of the COVID-19 pandemic and the actions by governments, businesses and individuals in response to the situation, the effects of which may give rise to or amplify the risks associated with many of these factors listed here; the need to manage (and reliance on) third-party suppliers, including with respect to component shortages, and the need to manage HP’s global, multi-tier distribution network, limit potential misuse of pricing programs by HP’s channel partners, adapt to new or changing marketplaces and effectively deliver HP’s services; HP’s ability to execute on its strategic plan, including the previously announced initiatives, business model changes and transformation; execution of planned structural cost reductions and productivity initiatives; HP’s ability to complete any contemplated share repurchases, other capital return programs or other strategic transactions; the competitive pressures faced by HP’s businesses; risks associated with executing HP’s strategy and business model changes and transformation; successfully innovating, developing and executing HP’s go-to-market strategy, including online, omnichannel and contractual sales, in an evolving distribution, reseller and customer landscape; the development and transition of new products and services and the enhancement of existing products and services to meet evolving customer needs and respond to emerging technological trends; successfully competing and maintaining the value proposition of HP’s products, including supplies; challenges to HP’s ability to accurately forecast inventories, demand and pricing, which may be due to HP’s multi-tiered channel, sales of HP’s products to unauthorized resellers or unauthorized resale of HP’s products or our uneven sales cycle; integration and other risks associated with business combination and investment transactions; the results of our restructuring plans, including estimates and assumptions related to the cost (including any possible disruption of HP’s business) and the anticipated benefits of the restructuring plans; the protection of HP’s intellectual property assets, including intellectual property licensed from third parties; the hiring and retention of key employees; the impact of macroeconomic and geopolitical trends, changes and events, including the Russian invasion of Ukraine and its regional and global ramifications and the effects of inflation; risks associated with HP’s international operations; 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; disruptions in operations from system security risks, data protection breaches, cyberattacks, extreme weather conditions or other effects of climate change, medical epidemics or pandemics such as the COVID-19 pandemic, and other natural or manmade disasters or catastrophic events; the impact of changes to federal, state, local and foreign laws and regulations, including environmental regulations and tax laws; potential impacts, liabilities and costs from pending or potential investigations, claims and disputes; and other risks that are described herein, including but not limited to the items discussed in “Risk Factors” in Item 1A of Part II of this report as well as the risks discussed in “Risk Factors” in Item 1A of Part I in our Annual Report on Form 10-K for the fiscal year ended October 31, 2021 and that are otherwise described or updated from time to time in HP’s other filings with the Securities and Exchange Commission (the “SEC”). The forward-looking statements in this report are made as of the date of this filing and HP assumes no obligation and does not intend to update these forward-looking statements.
3

Part I. Financial Information

ITEM 1. Financial Statements and Supplementary Data.
Index
 Page
    

4

HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Earnings
(Unaudited)
 Three months ended July 31Nine months ended July 31
 2022 202120222021
 In millions, except per share amounts
Net revenue$14,664  $15,289 $48,182 $46,812 
Costs and expenses:  
Cost of revenue11,764  11,901 38,564 36,660 
Research and development368  477 1,211 1,462 
Selling, general and administrative1,143  1,408 4,075 4,267 
Restructuring and other charges13 56 163 216 
Acquisition-related charges31  24 83 40 
Amortization of intangible assets50  42 154 103 
Russia exit charges23  23  
Total costs and expenses13,392  13,908 44,273 42,748 
Earnings from operations1,272  1,381 3,909 4,064 
Interest and other, net(70)(55)(141)(106)
Earnings before taxes1,202  1,326 3,768 3,958 
Provision for taxes(83)(218)(563)(554)
Net earnings$1,119  $1,108 $3,205 $3,404 
Net earnings per share:   
Basic$1.09  $0.94 $3.05 $2.76 
Diluted$1.08  $0.92 $3.01 $2.73 
Weighted-average shares used to compute net earnings per share:   
Basic1,024  1,185 1,052 1,235 
Diluted1,035  1,199 1,064 1,247 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

5

HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
(Unaudited)
 Three months ended July 31Nine months ended July 31
 2022202120222021
 In millions
Net earnings$1,119 $1,108 $3,205 $3,404 
Other comprehensive (loss) income before taxes:  
Change in unrealized components of available-for-sale debt securities:  
Unrealized (losses) gains arising during the period(1)1 (7)5 
Change in unrealized components of cash flow hedges:  
Unrealized gains (losses) arising during the period280 133 1,182 (254)
(Gains) losses reclassified into earnings(327)64 (491)262 
(47)197 691 8 
Change in unrealized components of defined benefit plans:  
Gains (losses) arising during the period10 (1)32 40 
Amortization of actuarial loss and prior service benefit5 20 16 62 
Curtailments, settlements and other(1) (1)1 
14 19 47 103 
Change in cumulative translation adjustment(14)2 (56)35 
Other comprehensive (loss) income before taxes(48)219 675 151 
Provision for taxes(62)(32)(178)(41)
Other comprehensive (loss) income, net of taxes(110)187 497 110 
Comprehensive income$1,009 $1,295 $3,702 $3,514 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
6

HP INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(Unaudited)
 As of
 July 31, 2022October 31, 2021
 
In millions, except par value
ASSETS  
Current assets:  
Cash and cash equivalents$5,386 $4,299 
Accounts receivable, net of allowance for credit losses of $112 and $111, respectively
4,427 5,511 
Inventory8,192 7,930 
Other current assets4,991 4,430 
Total current assets22,996 22,170 
Property, plant and equipment, net2,626 2,546 
Goodwill6,809 6,803 
Other non-current assets6,816 7,091 
Total assets$39,247 $38,610 
LIABILITIES AND STOCKHOLDERS’ DEFICIT  
Current liabilities:  
Notes payable and short-term borrowings$705 $1,106 
Accounts payable15,514 16,075 
Other current liabilities10,590 11,915 
Total current liabilities26,809 29,096 
Long-term debt10,294 6,386 
Other non-current liabilities4,462 4,778 
Stockholders’ deficit:  
Preferred stock, $0.01 par value (300 shares authorized; none issued)
  
Common stock, $0.01 par value (9,600 shares authorized; 1,006 and 1,092 shares issued and outstanding at July 31, 2022 and October 31, 2021, respectively)
10 11 
Additional paid-in capital1,130 1,060 
Accumulated deficit(3,695)(2,461)
Accumulated other comprehensive income (loss)237 (260)
Total stockholders’ deficit(2,318)(1,650)
Total liabilities and stockholders’ deficit$39,247 $38,610 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
7

HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows
(Unaudited)
 Nine months ended July 31
 20222021
In millions
Cash flows from operating activities:  
Net earnings$3,205 $3,404 
Adjustments to reconcile net earnings to net cash provided by operating activities:  
Depreciation and amortization571 585 
Stock-based compensation expense273 260 
Restructuring and other charges163 216 
Deferred taxes on earnings47 (93)
Other, net361 254 
Changes in operating assets and liabilities, net of acquisitions:  
Accounts receivable1,076 503 
Inventory(570)(2,225)
Accounts payable(491)1,140 
Net investment in leases(94)(78)
Taxes on earnings(120)19 
Restructuring and other(185)(166)
Other assets and liabilities(1,677)(258)
Net cash provided by operating activities2,559 3,561 
Cash flows from investing activities:  
Investment in property, plant and equipment, net(647)(410)
Proceeds from sale of property, plant and equipment26  
Purchases of available-for-sale securities and other investments(50)(24)
Maturities and sales of available-for-sale securities and other investments8 283 
Collateral posted for derivative instruments14 121 
Payment made in connection with business acquisitions, net of cash acquired(24)(582)
Net cash used in investing activities(673)(612)
Cash flows from financing activities:  
Payment of short-term borrowings with original maturities less than 90 days, net(400) 
Proceeds from debt, net of issuance costs4,086 2,074 
Payment of debt(141)(1,192)
Stock-based award activities and others(88)(42)
Repurchase of common stock(3,547)(4,495)
Cash dividends paid(788)(719)
Settlement of cash flow hedges79  
Net cash used in financing activities(799)(4,374)
Increase (decrease) in cash and cash equivalents1,087 (1,425)
Cash and cash equivalents at beginning of period4,299 4,864 
Cash and cash equivalents at end of period$5,386 $3,439 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
8

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 April 30, 20211,201,255 $12 $1,018 $(3,070)$(1,320)$(3,360)
Net earnings1,108 1,108 
Other comprehensive income, net of taxes187 187 
Comprehensive income1,295 
Issuance of common stock in connection with employee stock plans and other968 7 7 
Repurchases of common stock (Note 10)(49,704)— (44)(1,456)(1,500)
Cash dividends ($$0.39 per common share)
(453)(453)
Stock-based compensation expense69 69 
Balance July 31, 20211,152,519 $12 $1,050 $(3,871)$(1,133)$(3,942)
Balance April 30, 20221,033,392 $10 $1,081 $(3,336)$347 $(1,898)
Net earnings1,119 1,119 
Other comprehensive loss, net of taxes(110)(110)
Comprehensive income1,009 
Issuance of common stock in connection with employee stock plans and other1,068 9 9 
Repurchases of common stock (Note 10)(28,522)(30)(971)(1,001)
Cash dividends ($$0.50 per common share)
(507)(507)
Stock-based compensation expense70 70 
Balance July 31, 20221,005,938 $10 $1,130 $(3,695)$237 $(2,318)
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 October 31, 20201,303,927 $13 $963 $(1,961)$(1,243)$(2,228)
Net earnings3,404 3,404 
Other comprehensive income, net of taxes110 110 
Comprehensive income3,514 
Issuance of common stock in connection with employee stock plans and other11,385 (41)(41)
Repurchases of common stock (Note 10)(162,793)(1)(132)(4,371)(4,504)
Cash dividends ($0.78 per common share)
(943)(943)
Stock-based compensation expense260 260 
Balance July 31, 20211,152,519 $12 $1,050 $(3,871)$(1,133)$(3,942)
Balance October 31, 20211,092,205 $11 $1,060 $(2,461)$(260)$(1,650)
Net earnings3,205 3,205 
Other comprehensive income, net of taxes497 497 
Comprehensive income3,702 
Issuance of common stock in connection with employee stock plans and other11,452 (104)(104)
Repurchases of common stock (Note 10)(97,719)(1)(99)(3,399)(3,499)
Cash dividends ($1.00 per common share)
(1,040)(1,040)
Stock-based compensation expense273 273 
Balance July 31, 20221,005,938 $10 $1,130 $(3,695)$237 $(2,318)
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
9

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, 2021 in HP’s Annual Report on Form 10-K, filed on December 9, 2021. The Consolidated Condensed Balance Sheet for October 31, 2021 was derived from audited financial statements.
Principles of Consolidation
The Consolidated Condensed Financial Statements include the accounts of HP and its subsidiaries and affiliates in which HP has a controlling financial interest or is the primary beneficiary. All intercompany balances and transactions have been eliminated.
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in HP’s Consolidated Condensed Financial Statements and accompanying notes. Actual results may differ materially from those estimates. As of July 31, 2022, the extent to which the COVID-19 pandemic and current macroeconomic factors will impact our business going forward depends on numerous dynamic factors which we cannot reliably predict. As a result, many of our estimates and assumptions required increased judgment and may carry a higher degree of variability and volatility. As the events continue to evolve with respect to the pandemic, our estimates may materially change in future periods.
Recently Adopted Accounting Pronouncements
In October 2021, the Financial Accounting Standards Board (“FASB”) issued guidance on the recognition and measurement of contract assets and contract liabilities acquired in a business combination. This guidance requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. Under the new guidance, it is generally expected that an acquirer will recognize and measure contract assets and liabilities in a manner consistent with how they were recognized by the acquiree in its preacquisition financial statements. HP is required to adopt the guidance in the first quarter of fiscal year 2024, with early adoption permitted. HP has early adopted the guidance in fiscal year 2022, and the implementation of this guidance did not have a material impact on the Consolidated Condensed Financial Statements.

10

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

Note 2: Segment Information
HP is a leading global provider of personal computing and other access devices, imaging and printing products, and related technologies, solutions and services. HP sells to individual consumers, small- and medium-sized businesses (“SMBs”) and large enterprises, including customers in the government, health and education sectors. HP goes to market through its extensive channel network and direct sales.
HP’s operations are organized into three reportable segments: Personal Systems, Printing, and Corporate Investments. HP’s organizational structure is based on many factors that the chief operating decision maker (“CODM”) uses to evaluate, view and run the business operations, which include, but are not limited to, customer base and homogeneity of products and technology. The segments are based on this organizational structure and information reviewed by HP’s CODM to evaluate segment results. The CODM uses several metrics to evaluate the performance of the overall business, including earnings from operations, and uses these results to allocate resources to each of the segments.
A summary description of each segment is as follows:
Personal Systems offers commercial and consumer desktop and notebook personal computers (“PCs”), workstations, thin clients, commercial mobility devices, retail point-of-sale (“POS”) systems, displays and peripherals, software, support and services. HP groups commercial notebooks, commercial desktops, commercial services, commercial mobility devices, commercial detachables and convertibles, workstations, retail POS systems and thin clients into commercial PCs and consumer notebooks, consumer desktops, consumer services and consumer detachables into consumer PCs when describing performance in these markets. Described below are HP’s global business capabilities within Personal Systems:
Commercial PCs are optimized for use by enterprise, public sector (which includes education), and SMB customers, with a focus on robust designs, security, serviceability, connectivity, reliability and manageability in the customer’s environment. Additionally, HP offers a range of services and solutions to enterprise, public sector (which includes education), and SMB customers to help them manage the lifecycle of their PC and mobility installed base. 
Consumer PCs are optimized for consumer usage, focusing on gaming, learning and working remotely, consuming multi-media for entertainment, managing personal life activities, staying connected, sharing information, getting things done for work including creating content and staying informed and secure.
Personal Systems groups its global business capabilities into the following business units when reporting business performance:
Notebooks consists of consumer notebooks, commercial notebooks, mobile workstations, peripherals, and commercial mobility devices;
Desktops includes consumer desktops, commercial desktops, thin clients, displays, peripherals, and retail POS systems;
•     Workstations consists of desktop workstations, displays, and peripherals; and
•     Other consists of consumer and commercial services as well as other Personal Systems capabilities.
Printing provides consumer and commercial printer hardware, supplies, services and solutions. Printing is also focused on imaging solutions in the commercial and industrial markets. Described below are HP’s global business capabilities within Printing.
Office Printing Solutions delivers HP’s office printers, supplies, services and solutions to SMBs and large enterprises. It also includes OEM hardware and solutions, and some Samsung-branded supplies.
Home Printing Solutions delivers innovative printing products, supplies, services and solutions for the home, home business and micro business customers utilizing both HP’s Ink and Laser technologies. It also includes some Samsung-branded supplies.
Graphics Solutions delivers large-format, commercial and industrial solutions and supplies to print service providers and packaging converters through a wide portfolio of printers and presses (HP DesignJet, HP Latex, HP Indigo and HP PageWide Web Presses).
3D Printing & Digital Manufacturing offers a portfolio of additive manufacturing solutions and supplies to help customers succeed in their additive and digital manufacturing journey. HP offers complete solutions in collaboration with an ecosystem of partners.
11

HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 2: Segment Information (Continued)
Printing groups its global business capabilities into the following business units when reporting business performance:
Commercial consists of office printing solutions, graphics solutions and 3D printing and digital manufacturing, excluding supplies;
Consumer 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 HP Labs and certain business incubation and investment projects.
The accounting policies HP uses to derive segment results are substantially the same as those used by HP in preparing these financial statements. HP derives the results of the business segments directly from its internal management reporting system.
HP does not allocate certain operating expenses, which it manages at the corporate level, to its segments. These unallocated amounts include expenses such as certain corporate governance costs and infrastructure investments, stock-based compensation expense, restructuring and other charges, acquisition-related charges, amortization of intangible assets and Russia exit charges.
12

HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 2: Segment Information (Continued)
Segment Operating Results from Operations and the reconciliation to HP consolidated results were as follows:
 Three months ended July 31Nine months ended July 31
 2022202120222021
 In millions
Net revenue:
Notebooks$6,574 $7,328 $22,729 $22,183 
Desktops2,537 2,246 8,199 6,871 
Workstations537 388 1,565 1,177 
Other441 444 1,324 1,333 
Personal Systems10,089 10,406 33,817 31,564 
Supplies2,814 3,092 9,013 9,575 
Commercial1,036 1,070 3,117 3,112 
Consumer725 720 2,239 2,562 
Printing4,575 4,882 14,369 15,249 
Corporate Investments  1 1 
Total segment net revenue14,664 15,288 48,187 46,814 
Other 1 (5)(2)
Total net revenue$14,664 $15,289 $48,182 $46,812 
  
Earnings before taxes:
Personal Systems$695 $869 $2,450 $2,337 
Printing911 857 2,748 2,806 
Corporate Investments(58)(20)(184)(82)
Total segment earnings from operations1,548 1,706 5,014 5,061 
Corporate and unallocated costs and other(89)(134)(409)(378)
Stock-based compensation expense(70)(69)(273)(260)
Restructuring and other charges(13)(56)(163)(216)
Acquisition-related charges(31)(24)(83)(40)
Amortization of intangible assets(50)(42)(154)(103)
Russia exit charges(23) (23) 
Interest and other, net(70)(55)(141)(106)
Total earnings before taxes$1,202 $1,326 $3,768 $3,958 


13

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 for the nine months ended July 31, 2022 and 2021 summarized by plan were as follows:
Fiscal 2020 Plan
Severance and EERNon-laborOther prior-year planTotal
In millions
Accrued balance as of October 31, 2021$75 $ $ $75 
Charges89 62  151 
Cash payments(144)(26) (170)
Non-cash and other adjustments (36) (36)
Accrued balance as of July 31, 2022$20 $ $ $20 
Total costs incurred to date as of July 31, 2022$698 $110 $504 $1,312 
Reflected in Consolidated Condensed Balance Sheets
Other current liabilities$20 $ $ $20 
Accrued balance as of October 31, 2020$55 $ $12 $67 
Charges164 35  199 
Cash payments(132)(4)(12)(148)
Non-cash and other adjustments(1)(31)