HP 2012 Annual Report Download - page 74
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Management’s Discussion and Analysis of
Financial Condition and Results of Operations (Continued)
outside of the United States to have a material effect on HP’s overall liquidity, financial condition or
results of operations.
LIQUIDITY
We use cash generated by operations as our primary source of liquidity; we believe that internally
generated cash flows are generally sufficient to support business operations, capital expenditures and
the payment of stockholder dividends, in addition to discretionary investments and share repurchases.
We are able to supplement this near-term liquidity, if necessary, with broad access to capital markets
and credit line facilities made available by various foreign and domestic financial institutions. Our
liquidity is subject to various risks including the market risks identified in the section entitled
‘‘Qualitative and Quantitative Disclosures about Market Risk’’ in Item 7A.
For the fiscal years ended October 31
2012 2011 2010
In billions
Cash and cash equivalents ................................ $11.3 $ 8.0 $10.9
Total debt ............................................ $28.4 $30.6 $22.3
Available borrowing resources(1)(2) ........................... $17.4 $14.6 $13.8
(1) In addition to these available borrowing resources, we are able to offer for sale, from time to time,
in one or more offerings, an unspecified amount of debt securities, common stock, preferred stock,
depositary shares and warrants under a shelf registration statement filed with the SEC in May 2012
(the ‘‘2012 Shelf Registration Statement’’).
(2) Available borrowing resources does not include £2.2 billion ($3.6 billion) in borrowing resources
under our 364-day senior unsecured bridge term loan agreement that was entered into in August
2011 and terminated in November 2011.
Our cash position remains strong, and we expect that our cash balances, anticipated cash flow
generated from operations and access to capital markets will be sufficient to cover cash outlays
expected in fiscal 2013.
Cash Flows
The following table summarizes the key cash flow metrics from our consolidated statements of
cash flow:
For the fiscal years ended October 31
2012 2011 2010
In millions
Net cash provided by operating activities ..................... $10,571 $ 12,639 $ 11,922
Net cash used in investing activities ........................ (3,453) (13,959) (11,359)
Net cash used in financing activities ........................ (3,860) (1,566) (2,913)
Net increase (decrease) in cash and cash equivalents ............ $ 3,258 $ (2,886) $ (2,350)
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