HP 2013 Annual Report Download - page 91

HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Consolidated Statements of Cash Flows
For the fiscal years ended October 31
2013 2012 2011
In millions
Cash flows from operating activities:
Net earnings (loss) .................................. $5,113 $(12,650) $ 7,074
Adjustments to reconcile net earnings (loss) to net cash provided by
operating activities:
Depreciation and amortization ......................... 4,611 5,095 4,984
Impairment of goodwill and intangible assets ............... — 18,035 885
Stock-based compensation expense ...................... 500 635 685
Provision for doubtful accounts ........................ 61 142 81
Provision for inventory .............................. 275 277 217
Restructuring charges ............................... 990 2,266 645
Deferred taxes on earnings ........................... (410) (711) 166
Excess tax benefit from stock-based compensation ........... (2) (12) (163)
Other, net ....................................... 443 265 (46)
Changes in operating assets and liabilities (net of acquisitions):
Accounts receivable ............................... 530 1,687 448
Financing receivables .............................. 484 (418) (675)
Inventory ...................................... (4) 890 (1,252)
Accounts payable ................................ 541 (1,414) 275
Taxes on earnings ................................ 417 (320) 610
Restructuring ................................... (904) (840) (1,002)
Other assets and liabilities .......................... (1,037) (2,356) (293)
Net cash provided by operating activities ............... 11,608 10,571 12,639
Cash flows from investing activities:
Investment in property, plant and equipment ................. (3,199) (3,706) (4,539)
Proceeds from sale of property, plant and equipment ........... 653 617 999
Purchases of available-for-sale securities and other investments .... (1,243) (972) (96)
Maturities and sales of available-for-sale securities and other
investments ...................................... 1,153 662 68
Payments in connection with business acquisitions, net of cash
acquired ........................................ (167) (141) (10,480)
Proceeds from business divestiture, net ..................... — 87 89
Net cash used in investing activities .................. (2,803) (3,453) (13,959)
Cash flows from financing activities:
Repayment of commercial paper and notes payable, net ......... (154) (2,775) (1,270)
Issuance of debt .................................... 279 5,154 11,942
Payment of debt .................................... (5,721) (4,333) (2,336)
Issuance of common stock under employee stock plans .......... 288 716 896
Repurchase of common stock ........................... (1,532) (1,619) (10,117)
Excess tax benefit from stock-based compensation ............. 2 12 163
Cash dividends paid .................................. (1,105) (1,015) (844)
Net cash used in financing activities .................. (7,943) (3,860) (1,566)
Increase (decrease) in cash and cash equivalents ................ 862 3,258 (2,886)
Cash and cash equivalents at beginning of period ............... 11,301 8,043 10,929
Cash and cash equivalents at end of period ................... $12,163 $ 11,301 $ 8,043
Supplemental cash flow disclosures:
Income taxes paid (net of refunds) ......................... $ 1,391 $ 1,750 $ 1,134
Interest expense paid .................................. 837 856 451
The accompanying notes are an integral part of these Consolidated Financial Statements.
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