HP 2014 Annual Report Download - page 111
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 2: Segment Information (Continued)
Segment Operating Results
Printing and
Personal Systems
Personal Enterprise Enterprise HP Financial Corporate
Systems Printing Group Services Software Services Investments Total
In millions
2014
Net revenue ..................... $33,304 $22,719 $26,809 $21,297 $3,607 $3,416 $ 302 $111,454
Intersegment net revenue and other ........ 999 260 1,005 1,101 326 82 — 3,773
Total segment net revenue ........... $34,303 $22,979 $27,814 $22,398 $3,933 $3,498 $ 302 $115,227
Earnings (loss) from operations ........ $1,270 $ 4,185 $ 4,008 $ 803 $ 872 $ 389 $(199) $ 11,328
2013
Net revenue ..................... $31,232 $23,685 $27,045 $23,041 $3,701 $3,570 $ 24 $112,298
Intersegment net revenue and other ........ 947 211 1,036 1,020 320 59 — 3,593
Total segment net revenue ........... $32,179 $23,896 $28,081 $24,061 $4,021 $3,629 $ 24 $115,891
Earnings (loss) from operations ........ $ 980 $3,933 $ 4,259 $ 679 $ 868 $ 399 $(316) $ 10,802
2012
Net revenue ..................... $34,892 $24,317 $28,349 $25,090 $3,868 $3,784 $ 57 $120,357
Intersegment net revenue and other ........ 951 221 1,294 903 303 35 1 3,708
Total segment net revenue ........... $35,843 $24,538 $29,643 $25,993 $4,171 $3,819 $ 58 $124,065
Earnings (loss) from operations ........ $1,724 $ 3,612 $ 5,123 $ 1,045 $ 836 $ 388 $(233) $ 12,495
The reconciliation of segment operating results to HP consolidated results was as follows:
For the fiscal years ended October 31
2014 2013 2012
In millions
Net Revenue:
Total segments ........................................ $115,227 $115,891 $124,065
Elimination of intersegment net revenue and other .............. (3,773) (3,593) (3,708)
Total HP consolidated net revenue ........................ $111,454 $112,298 $120,357
Earnings before taxes:
Total segment earnings from operations ...................... $ 11,328 $ 10,802 $ 12,495
Corporate and unallocated costs and eliminations ............... (953) (786) (787)
Stock-based compensation expense .......................... (560) (500) (635)
Amortization of intangible assets ........................... (1,000) (1,373) (1,784)
Impairment of goodwill and intangible assets .................. — — (18,035)
Restructuring charges ................................... (1,619) (990) (2,266)
Acquisition-related charges ............................... (11) (22) (45)
Interest and other, net ................................... (628) (621) (876)
Total HP consolidated earnings (loss) before taxes ............. $ 6,557 $ 6,510 $ (11,933)
103