HP 2011 Annual Report Download - page 85

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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Consolidated Statements of Cash Flows
For the fiscal years ended October 31
2011 2010 2009
In millions
Cash flows from operating activities:
Net earnings ........................................... $ 7,074 $ 8,761 $ 7,660
Adjustments to reconcile net earnings to net cash provided by operating
activities:
Depreciation and amortization ............................. 4,984 4,820 4,780
Impairment of goodwill and purchased intangible assets ........... 885 — —
Stock-based compensation expense .......................... 685 668 635
Provision for doubtful accounts—accounts and financing receivables . . 81 156 345
Provision for inventory .................................. 217 189 221
Restructuring charges ................................... 645 1,144 640
Deferred taxes on earnings ............................... 166 197 379
Excess tax benefit from stock-based compensation ............... (163) (294) (162)
Other, net ........................................... (46) 169 22
Changes in assets and liabilities:
Accounts and financing receivables ........................ (227) (2,398) (549)
Inventory .......................................... (1,252) (270) 1,532
Accounts payable .................................... 275 (698) (153)
Taxes on earnings .................................... 610 723 733
Restructuring ....................................... (1,002) (1,334) (1,237)
Other assets and liabilities .............................. (293) 89 (1,467)
Net cash provided by operating activities .................. 12,639 11,922 13,379
Cash flows from investing activities:
Investment in property, plant and equipment .................... (4,539) (4,133) (3,695)
Proceeds from sale of property, plant and equipment .............. 999 602 495
Purchases of available-for-sale securities and other investments ........ (96) (51) (160)
Maturities and sales of available-for-sale securities and other investments . 68 200 171
Payments in connection with business acquisitions, net of cash acquired . . (10,480) (8,102) (391)
Proceeds from business divestiture, net ........................ 89 125 —
Net cash used in investing activities ...................... (13,959) (11,359) (3,580)
Cash flows from financing activities:
(Payments) issuance of commercial paper and notes payable, net ...... (1,270) 4,156 (6,856)
Issuance of debt ........................................ 11,942 3,156 6,800
Payment of debt ........................................ (2,336) (1,323) (2,710)
Issuance of common stock under employee stock plans ............. 896 2,617 1,837
Repurchase of common stock ............................... (10,117) (11,042) (5,140)
Excess tax benefit from stock-based compensation ................. 163 294 162
Cash dividends paid ...................................... (844) (771) (766)
Net cash used in financing activities ...................... (1,566) (2,913) (6,673)
(Decrease) increase in cash and cash equivalents ................... (2,886) (2,350) 3,126
Cash and cash equivalents at beginning of period ................... 10,929 13,279 10,153
Cash and cash equivalents at end of period ....................... $ 8,043 $ 10,929 $13,279
The accompanying notes are an integral part of these Consolidated Financial Statements.
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