HP 2009 Annual Report Download - page 89

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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Consolidated Statements of Cash Flows
For the fiscal years ended October 31
2009 2008 2007
In millions
Cash flows from operating activities:
Net earnings ........................................... $ 7,660 $ 8,329 $ 7,264
Adjustments to reconcile net earnings to net cash provided by operating
activities:
Depreciation and amortization ............................ 4,773 3,356 2,705
Stock-based compensation expense ......................... 635 606 629
Provision for doubtful accounts — accounts and financing receivables . 345 275 47
Provision for inventory .................................. 221 214 362
Restructuring charges ................................... 640 270 387
Pension curtailments and pension settlements, net ............... — — (517)
In-process research and development charges .................. 7 45 190
Deferred taxes on earnings ............................... 379 773 (74)
Excess tax benefit from stock-based compensation ............... (162) (293) (481)
Other, net ........................................... (54) (61) (138)
Changes in assets and liabilities:
Accounts and financing receivables ........................ (549) (264) (2,808)
Inventory .......................................... 1,532 89 (633)
Accounts payable .................................... (153) 1,749 (346)
Taxes on earnings .................................... 733 235 1,031
Restructuring ....................................... (1,237) (165) (606)
Other assets and liabilities .............................. (1,391) (567) 2,603
Net cash provided by operating activities .................. 13,379 14,591 9,615
Cash flows from investing activities:
Investment in property, plant and equipment .................... (3,695) (2,990) (3,040)
Proceeds from sale of property, plant and equipment .............. 495 425 568
Purchases of available-for-sale securities and other investments ....... (160) (178) (283)
Maturities and sales of available-for-sale securities and other investments . 171 280 425
Payments made in connection with business acquisitions, net ......... (391) (11,248) (6,793)
Net cash used in investing activities ...................... (3,580) (13,711) (9,123)
Cash flows from financing activities:
(Repayment) issuance of commercial paper and notes payable, net ..... (6,856) 5,015 1,863
Issuance of debt ........................................ 6,800 3,121 4,106
Payment of debt ........................................ (2,710) (1,843) (3,419)
Issuance of common stock under employee stock plans ............. 1,837 1,810 3,103
Repurchase of common stock ............................... (5,140) (9,620) (10,887)
Excess tax benefit from stock-based compensation ................ 162 293 481
Dividends ............................................. (766) (796) (846)
Net cash used in financing activities ..................... (6,673) (2,020) (5,599)
Increase (decrease) in cash and cash equivalents ................... 3,126 (1,140) (5,107)
Cash and cash equivalents at beginning of period .................. 10,153 11,293 16,400
Cash and cash equivalents at end of period ....................... $13,279 $ 10,153 $ 11,293
The accompanying notes are an integral part of these Consolidated Financial Statements.
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