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Table of Contents
Part I. Financial Information

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________
FORM 10-Q
(Mark One) 
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
April 30, 2022
Or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to            
Commission file number
1-4423
_________________________________________
HP INC.
(Exact name of registrant as specified in its charter)
Delaware94-1081436
(State or other jurisdiction of
incorporation or organization)
(I.R.S. employer
identification no.)
1501 Page Mill Road94304
Palo Alto,California(Zip code)
(Address of principal executive offices)
(650) 857-1501
(Registrant’s telephone number, including area code)
_______________________________________
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareHPQNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐
Non-accelerated filer  ☐ Smaller reporting company ☐
                                 Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of HP Inc. common stock outstanding as of April 30, 2022 was 1,034,138,202 shares.



HP INC. AND SUBSIDIARIES
Form 10-Q
For the Quarterly Period ended April 30, 2022
Table of Contents
  Page
 
 
In this report on Form 10-Q, for all periods presented, “we”, “us”, “our”, the “company”, the “Company”, “HP” and “HP Inc.” refer to HP Inc. (formerly Hewlett-Packard Company) and its consolidated subsidiaries.

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Forward-Looking Statements
This Quarterly Report on Form 10-Q, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 2 of Part I, contains forward-looking statements based on current expectations and assumptions that involve risks and uncertainties. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of HP Inc. and its consolidated subsidiaries (“HP”) may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to, any statements regarding the potential impact of the COVID-19 pandemic and the actions by governments, businesses and individuals in response to the situation; projections of net revenue, margins, expenses, effective tax rates, net earnings, net earnings per share, cash flows, benefit plan funding, deferred taxes, share repurchases, foreign currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings or restructuring and other charges, planned structural cost reductions and productivity initiatives; any statements of the plans, strategies and objectives of management for future operations, including, but not limited to, our business model and transformation, our sustainability goals, our go-to-market strategy, the execution of restructuring plans and any resulting cost savings, net revenue or profitability improvements or other financial impacts; any statements concerning the expected development, demand, performance, market share or competitive performance relating to products or services; any statements concerning potential supply constraints, component shortages, manufacturing disruptions or logistics challenges; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims, disputes or other litigation matters; any statements of expectation or belief, including with respect to the timing and expected benefits of acquisitions and other business combination and investment transactions; and any statements of assumptions underlying any of the foregoing. Forward-looking statements can also generally be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will,” “would,” “could,” “can,” “may,” and similar terms. Risks, uncertainties and assumptions include factors relating to the effects of the COVID-19 pandemic and the actions by governments, businesses and individuals in response to the situation, the effects of which may give rise to or amplify the risks associated with many of these factors listed here; the need to manage (and reliance on) third-party suppliers, including with respect to component shortages, and the need to manage HP’s global, multi-tier distribution network, limit potential misuse of pricing programs by HP’s channel partners, adapt to new or changing marketplaces and effectively deliver HP’s services; HP’s ability to execute on its strategic plan, including the previously announced initiatives, business model changes and transformation; execution of planned structural cost reductions and productivity initiatives; HP’s ability to complete any contemplated share repurchases, other capital return programs or other strategic transactions; the competitive pressures faced by HP’s businesses; risks associated with executing HP’s strategy and business model changes and transformation; successfully innovating, developing and executing HP’s go-to-market strategy, including online, omnichannel and contractual sales, in an evolving distribution, reseller and customer landscape; the development and transition of new products and services and the enhancement of existing products and services to meet evolving customer needs and respond to emerging technological trends; successfully competing and maintaining the value proposition of HP’s products, including supplies; challenges to HP’s ability to accurately forecast inventories, demand and pricing, which may be due to HP’s multi-tiered channel, sales of HP’s products to unauthorized resellers or unauthorized resale of HP’s products or our uneven sales cycle; integration and other risks associated with business combination and investment transactions; the results of the restructuring plans, including estimates and assumptions related to the cost (including any possible disruption of HP’s business) and the anticipated benefits of the restructuring plans; the protection of HP’s intellectual property assets, including intellectual property licensed from third parties; the hiring and retention of key employees; the impact of macroeconomic and geopolitical trends, changes and events, including the Russian invasion of Ukraine and its regional and global ramifications and the effects of inflation; risks associated with HP’s international operations; the execution and performance of contracts by HP and its suppliers, customers, clients and partners, including logistical challenges with respect to such execution and performance; changes in estimates and assumptions HP makes in connection with the preparation of its financial statements; disruptions in operations from system security risks, data protection breaches, cyberattacks, extreme weather conditions or other effects of climate change, medical epidemics or pandemics such as the COVID-19 pandemic, and other natural or manmade disasters or catastrophic events; the impact of changes to federal, state, local and foreign laws and regulations, including environmental regulations and tax laws; potential impacts, liabilities and costs from pending or potential investigations, claims and disputes; and other risks that are described herein, including but not limited to the items discussed in “Risk Factors” in Item 1A of Part II of this report as well as the risks discussed in Item 1A “Risk Factors” of Part I in our Annual Report on Form 10-K for the fiscal year ended October 31, 2021 and that are otherwise described or updated from time to time in HP’s other filings with the Securities and Exchange Commission (the “SEC”). The forward-looking statements in this report are made as of the date of this filing and HP assumes no obligation and does not intend to update these forward-looking statements.
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Part I. Financial Information

ITEM 1. Financial Statements and Supplementary Data.
Index
 Page
    

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HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Earnings
(Unaudited)
 Three months ended April 30Six months ended April 30
 2022 202120222021
 In millions, except per share amounts
Net revenue$16,490  $15,877 $33,518 $31,523 
Costs and expenses:  
Cost of revenue13,157  12,437 26,800 24,759 
Research and development425  514 843 985 
Selling, general and administrative1,464  1,483 2,932 2,859 
Restructuring and other charges82 39 150 160 
Acquisition-related charges32  10 52 16 
Amortization of intangible assets52  32 104 61 
Total costs and expenses15,212  14,515 30,881 28,840 
Earnings from operations1,278  1,362 2,637 2,683 
Interest and other, net(39)(26)(71)(51)
Earnings before taxes1,239  1,336 2,566 2,632 
Provision for taxes(239)(108)(480)(336)
Net earnings$1,000  $1,228 $2,086 $2,296 
Net earnings per share:   
Basic$0.95  $1.00 $1.96 $1.82 
Diluted$0.94  $0.98 $1.94 $1.81 
Weighted-average shares used to compute net earnings per share:   
Basic1,050  1,234 1,066 1,260 
Diluted1,062  1,247 1,078 1,270 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

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HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
(Unaudited)
 Three months ended April 30Six months ended April 30
 2022202120222021
 In millions
Net earnings$1,000 $1,228 $2,086 $2,296 
Other comprehensive income (loss) before taxes:  
Change in unrealized components of available-for-sale debt securities:  
Unrealized (loss) gains arising during the period(4)— (6)4 
Change in unrealized components of cash flow hedges:  
Unrealized gains (losses) arising during the period603 (21)902 (387)
(Gains) losses reclassified into earnings(120)149 (164)198 
483 128 738 (189)
Change in unrealized components of defined benefit plans:  
Gains arising during the period1 42 22 41 
Amortization of actuarial loss and prior service benefit5 21 11 42 
Curtailments, settlements and other— — — 1 
6 63 33 84 
Change in cumulative translation adjustment(32)3 (42)33 
Other comprehensive income (loss) before taxes453 194 723 (68)
Provision for taxes(90)(41)(116)(9)
Other comprehensive income (loss), net of taxes363 153 607 (77)
Comprehensive income$1,363 $1,381 $2,693 $2,219 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
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HP INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(Unaudited)
 As of
 April 30, 2022October 31, 2021
 
In millions, except par value
ASSETS  
Current assets:  
Cash and cash equivalents$4,477 $4,299 
Accounts receivable, net of allowance for credit losses of $118 and $111, respectively
5,405 5,511 
Inventory8,944 7,930 
Other current assets4,689 4,430 
Total current assets23,515 22,170 
Property, plant and equipment, net2,613 2,546 
Goodwill6,801 6,803 
Other non-current assets6,972 7,091 
Total assets$39,901 $38,610 
LIABILITIES AND STOCKHOLDERS’ DEFICIT  
Current liabilities:  
Notes payable and short-term borrowings$694 $1,106 
Accounts payable17,004 16,075 
Other current liabilities11,208 11,915 
Total current liabilities28,906 29,096 
Long-term debt8,304 6,386 
Other non-current liabilities4,589 4,778 
Stockholders’ deficit:  
Preferred stock, $0.01 par value (300 shares authorized; none issued)
— — 
Common stock, $0.01 par value (9,600 shares authorized; 1,033 and 1,092 shares issued and outstanding at April 30, 2022 and October 31, 2021, respectively)
10 11 
Additional paid-in capital1,081 1,060 
Accumulated deficit(3,336)(2,461)
Accumulated other comprehensive income (loss)347 (260)
Total stockholders’ deficit(1,898)(1,650)
Total liabilities and stockholders’ deficit$39,901 $38,610 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
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HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows
(Unaudited)
 Six months ended April 30
 20222021
In millions
Cash flows from operating activities:  
Net earnings$2,086 $2,296 
Adjustments to reconcile net earnings to net cash provided by operating activities:  
Depreciation and amortization390 389 
Stock-based compensation expense203 191 
Restructuring and other charges150 160 
Deferred taxes on earnings(5)50 
Other, net304 101 
Changes in operating assets and liabilities, net of acquisitions:  
Accounts receivable91 335 
Inventory(1,270)(1,555)
Accounts payable981 515 
Net investment in leases(41)(38)
Taxes on earnings(23)(99)
Restructuring and other(146)(115)
Other assets and liabilities(555)238 
Net cash provided by operating activities2,165 2,468 
Cash flows from investing activities:  
Investment in property, plant and equipment, net(452)(252)
Proceeds from sale of property, plant and equipment1 — 
Purchases of available-for-sale securities and other investments(8)(13)
Maturities and sales of available-for-sale securities and other investments7 274 
Collateral posted for derivative instruments14 (154)
Payment made in connection with business acquisitions, net of cash acquired(24)(170)
Net cash used in investing activities(462)(315)
Cash flows from financing activities:  
Payment of short-term borrowings with original maturities less than 90 days, net(400)— 
Proceeds from debt, net of issuance costs2,060 60 
Payment of debt(96)(126)
Stock-based award activities and others(97)(50)
Repurchase of common stock(2,518)(2,988)
Cash dividends paid(533)(489)
Settlement of cash flow hedges59 — 
Net cash used in financing activities(1,525)(3,593)
Increase (decrease) in cash and cash equivalents178 (1,440)
Cash and cash equivalents at beginning of period4,299 4,864 
Cash and cash equivalents at end of period$4,477 $3,424 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
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HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Stockholders’ Deficit
(Unaudited)
 Common StockAdditional
Paid-in Capital		 Accumulated
Other
Comprehensive Income (Loss) 		 Total Stockholders’ Deficit
Number of SharesPar ValueAccumulated Deficit
 In millions, except number of shares in thousands
Balance January 31, 20211,252,532 $13 $984 $(2,759)$(1,473)$(3,235)
Net earnings1,228 1,228 
Other comprehensive income, net of taxes153 153 
Comprehensive income1,381 
Issuance of common stock in connection with employee stock plans and other717 — 
Repurchases of common stock (Note 10)(51,994)(1)(42)(1,546)(1,589)
Cash dividends7 7 
Stock-based compensation expense76 76 
Balance April 30, 20211,201,255 $12 $1,018 $(3,070)$(1,320)$(3,360)
Balance January 31, 20221,059,900 $11 $1,046 $(3,369)$(16)$(2,328)
Net earnings1,000 1,000 
Other comprehensive income, net of taxes363 363 
Comprehensive income1,363 
Issuance of common stock in connection with employee stock plans and other608 (7)(7)
Repurchases of common stock (Note 10)(27,116)(1)(28)(970)(999)
Cash dividends3 3 
Stock-based compensation expense70 70 
Balance April 30, 20221,033,392 $10 $1,081 $(3,336)$347 $(1,898)
Common StockAdditional
Paid-in Capital		 Accumulated
Other
Comprehensive Income (Loss)		 Total Stockholders’ Deficit
Number of SharesPar ValueAccumulated Deficit
In millions, except number of shares in thousands
Balance October 31, 20201,303,927 $13 $963 $(1,961)$(1,243)$(2,228)
Net earnings2,296 2,296 
Other comprehensive loss, net of taxes(77)(77)
Comprehensive income2,219 
Issuance of common stock in connection with employee stock plans and other10,416 (48)(48)
Repurchases of common stock (Note 10)(113,088)(1)(88)(2,915)(3,004)
Cash dividends ($0.39 per common share)
(490)(490)
Stock-based compensation expense191 191 
Balance April 30, 20211,201,255 $12 $1,018 $(3,070)$(1,320)$(3,360)
Balance October 31, 20211,092,205 $11 $1,060 $(2,461)$(260)$(1,650)
Net earnings2,086 2,086 
Other comprehensive income, net of taxes607 607 
Comprehensive income2,693 
Issuance of common stock in connection with employee stock plans and other10,384 (113)(113)
Repurchases of common stock (Note 10)(69,197)(1)(69)(2,428)(2,498)
Cash dividends ($0.50 per common share)
(533)(533)
Stock-based compensation expense203 203 
Balance April 30, 20221,033,392 $10 $1,081 $(3,336)$347 $(1,898)
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements
(Unaudited)

Note 1: Basis of Presentation
Basis of Presentation
The accompanying Consolidated Condensed Financial Statements of HP and its wholly-owned subsidiaries are prepared in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The interim financial information is unaudited but reflects all normal adjustments that are necessary to provide a fair statement of results for the interim periods presented. This interim information should be read in conjunction with the Consolidated Financial Statements for the fiscal year ended October 31, 2021 in the Annual Report on Form 10-K, filed on December 9, 2021. The Consolidated Condensed Balance Sheet for October 31, 2021 was derived from audited financial statements.
Principles of Consolidation
The Consolidated Condensed Financial Statements include the accounts of HP and its subsidiaries and affiliates in which HP has a controlling financial interest or is the primary beneficiary. All intercompany balances and transactions have been eliminated.
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in HP’s Consolidated Condensed Financial Statements and accompanying notes. Actual results may differ materially from those estimates. As of April 30, 2022, the extent to which the COVID-19 pandemic will impact our business going forward depends on numerous dynamic factors which we cannot reliably predict. As a result, many of our estimates and assumptions required increased judgment and may carry a higher degree of variability and volatility. As the events continue to evolve with respect to the pandemic, our estimates may materially change in future periods.
Recently Adopted Accounting Pronouncements
In October 2021, the Financial Accounting Standards Board (“FASB”) issued guidance on the recognition and measurement of contract assets and contract liabilities acquired in a business combination. This guidance requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. Under the new guidance, it is generally expected that an acquirer will recognize and measure contract assets and liabilities in a manner consistent with how they were recognized by the acquiree in its preacquisition financial statements. HP is required to adopt the guidance in the first quarter of fiscal year 2024, with early adoption permitted. HP has early adopted the guidance in fiscal year 2022, and the implementation of this guidance did not have a material impact on the Consolidated Condensed Financial Statements.

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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)

Note 2: Segment Information
HP is a leading global provider of personal computing and other access devices, imaging and printing products, and related technologies, solutions and services. HP sells to individual consumers, small- and medium-sized businesses (“SMBs”) and large enterprises, including customers in the government, health and education sectors. HP goes to market through its extensive channel network and direct sales.
HP’s operations are organized into three reportable segments: Personal Systems, Printing, and Corporate Investments. HP’s organizational structure is based on many factors that the chief operating decision maker (“CODM”) uses to evaluate, view and run the business operations, which include, but are not limited to, customer base and homogeneity of products and technology. The segments are based on this organizational structure and information reviewed by HP’s CODM to evaluate segment results. The CODM uses several metrics to evaluate the performance of the overall business, including earnings from operations, and uses these results to allocate resources to each of the segments.
A summary description of each segment is as follows:
Personal Systems offers commercial and consumer desktop and notebook personal computers (“PCs”), workstations, thin clients, commercial mobility devices, retail point-of-sale (“POS”) systems, displays and peripherals, software, support and services. HP groups commercial notebooks, commercial desktops, commercial services, commercial mobility devices, commercial detachables and convertibles, workstations, retail POS systems and thin clients into commercial PCs and consumer notebooks, consumer desktops, consumer services and consumer detachables into consumer PCs when describing performance in these markets. Described below are HP’s global business capabilities within Personal Systems:
•Commercial PCs are optimized for use by enterprise, public sector which includes education, and SMB customers, with a focus on robust designs, security, serviceability, connectivity, reliability and manageability in the customer’s environment. Additionally, HP offers a range of services and solutions to enterprise, public sector which includes education, and SMB customers to help them manage the lifecycle of their PC and mobility installed base. 
•Consumer PCs are optimized for consumer usage, focusing on gaming, learning and working remotely, consuming multi-media for entertainment, managing personal life activities, staying connected, sharing information, getting things done for work including creating content and staying informed and secure.
Personal Systems groups its global business capabilities into the following business units when reporting business performance:
•Notebooks consists of consumer notebooks, commercial notebooks, mobile workstations, peripherals, and commercial mobility devices;
• Desktops includes consumer desktops, commercial desktops, thin clients, displays, peripherals, and retail POS systems;
•     Workstations consists of desktop workstations, displays, and peripherals; and
•     Other consists of consumer and commercial services as well as other Personal Systems capabilities.
Printing provides consumer and commercial printer hardware, supplies, services and solutions. Printing is also focused on imaging solutions in the commercial and industrial markets. Described below are HP’s global business capabilities within Printing.
•Office Printing Solutions delivers HP’s office printers, supplies, services and solutions to SMBs and large enterprises. It also includes OEM hardware and solutions, and some Samsung-branded supplies.
•Home Printing Solutions delivers innovative printing products, supplies, services and solutions for the home, home business and micro business customers utilizing both HP’s Ink and Laser technologies. It also includes some Samsung-branded supplies.
•Graphics Solutions delivers large-format, commercial and industrial solutions and supplies to print service providers and packaging converters through a wide portfolio of printers and presses (HP DesignJet, HP Latex, HP Indigo and HP PageWide Web Presses).
•3D Printing & Digital Manufacturing offers a portfolio of additive manufacturing solutions and supplies to help customers succeed in their additive and digital manufacturing journey. HP offers complete solutions in collaboration with an ecosystem of partners.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 2: Segment Information (Continued)
Printing groups its global business capabilities into the following business units when reporting business performance:
•Commercial consists of office printing solutions, graphics solutions and 3D printing & digital manufacturing, excluding supplies;
•Consumer consists of home printing solutions, excluding supplies; and
•Supplies comprises a set of highly innovative consumable products, ranging from ink and laser cartridges to media, graphics supplies and 3D printing & digital manufacturing supplies, for recurring use in consumer and commercial hardware.
Corporate Investments includes HP Labs and certain business incubation and investment projects.
The accounting policies HP uses to derive segment results are substantially the same as those used by HP in preparing these financial statements. HP derives the results of the business segments directly from its internal management reporting system.
HP does not allocate certain operating expenses, which it manages at the corporate level, to its segments. These unallocated amounts include certain corporate governance costs and infrastructure investments, stock-based compensation expense, restructuring and other charges, acquisition-related charges and amortization of intangible assets.
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Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 2: Segment Information (Continued)
Segment Operating Results from Operations and the reconciliation to HP consolidated results were as follows:
 Three months ended April 30Six months ended April 30
 2022202120222021
 In millions
Net revenue:
Notebooks$7,734 $7,489 $16,155 $14,855 
Desktops2,855 2,225 5,662 4,625 
Workstations494 407 1,028 789 
Other449 434 883 889 
Personal Systems11,532 10,555 23,728 21,158 
Supplies3,131 3,337 6,199 6,483 
Commercial1,042 1,085 2,081 2,042 
Consumer790 901 1,514 1,842 
Printing4,963 5,323 9,794 10,367 
Corporate Investments— 1 1 1 
Total segment net revenue16,495 15,879 33,523 31,526 
Other(5)(2)(5)(3)
Total net revenue$16,490 $15,877 $33,518 $31,523 
  
Earnings before taxes:
Personal Systems$798 $710 $1,755 $1,468 
Printing958 951 1,837 1,949 
Corporate Investments(52)(35)(126)(62)
Total segment earnings from operations1,704 1,626 3,466 3,355 
Corporate and unallocated costs and other(190)(108)(320)(244)
Stock-based compensation expense(70)(75)(203)(191)
Restructuring and other charges(82)(39)(150)(160)
Acquisition-related charges(32)(10)(52)(16)
Amortization of intangible assets(52)(32)(104)(61)
Interest and other, net(39)(26)(71)(51)
Total earnings before taxes$1,239 $1,336 $2,566 $2,632 

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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements
(Unaudited)
Note 3: Restructuring and Other Charges
Summary of Restructuring Plans
HP’s restructuring activities for the six months ended April 30, 2022 and 2021 summarized by plan were as follows:
Fiscal 2020 Plan
Severance and EERNon-laborOther prior-year planTotal
In millions
Accrued balance as of October 31, 2021$75 $— $— $75 
Charges85 57 3 145 
Cash payments(115)(23)(3)(141)
Non-cash and other adjustments2 (34)— (32)
Accrued balance as of April 30, 2022$47 $— $— $47 
Total costs incurred to date as of April 30, 2022$694 $105 $507 $1,306 
Reflected in Consolidated Condensed Balance Sheets
Other current liabilities$47 $— $— $47 
Accrued balance as of October 31, 2020$55 $— $12 $67 
Charges136 15 — 151 
Cash payments(92)(3)(10)(105)
Non-cash and other adjustments1 (12)— (11)
Accrued balance as of April 30, 2021$100 $— $2 $102 

HP’s restructuring charges for the three months ended April 30, 2022 summarized by the plans outlined below were as follows:
Fiscal 2020 Plan
Severance and EERNon-laborTotal
In millions
For the three months ended April 30, 2022$32 $46 $78 

Fiscal 2020 Plan
On September 30, 2019, HP’s Board of Directors approved the Fiscal 2020 Plan intended to optimize and simplify its operating model and cost structure that HP expects will be implemented through fiscal 2022. HP expects to reduce global headcount by approximately 7,000 to 9,000 employees through a combination of employee exits and voluntary EER. HP estimates that it will incur pre-tax charges of approximately $1.0 billion relating to labor and non-labor actions. HP expects to incur approximately $0.7 billion primarily in labor costs related to workforce reductions and the remaining costs will relate to non-labor actions and other charges.
Other charges
Other charges include non-recurring costs, including those as a result of information technology rationalization efforts, and are distinct from ongoing operational costs. These costs primarily relate to third-party professional services and other non-recurring costs. For the three and six months ended April 30, 2022, HP incurred $4 million and $5 million of other charges, respectively. For the three and six months ended April 30, 2021, HP incurred $5 million and $9 million of other charges, respectively.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements
(Unaudited)
Note 4: Retirement and Post-Retirement Benefit Plans
The components of HP’s pension and post-retirement benefit (credit) cost recognized in the Consolidated Condensed Statements of Earnings were as follows:
 Three months ended April 30
 U.S. Defined Benefit PlansNon-U.S. Defined Benefit PlansPost-Retirement Benefit Plans
 202220212022202120222021
 In millions
Service cost$— $— $14 $17 $— $1 
Interest cost40 76 5 4 2 2 
Expected return on plan assets(75)(127)(12)(12)(2)(6)
Amortization and deferrals:      
Actuarial loss (gain)2 15 9 14 (4)(4)
Prior service cost (credit)— — 1 (1)(3)(3)
Total periodic benefit (credit) cost$(33)$(36)$17 $22 $(7)$(10)
 Six months ended April 30
 U.S. Defined Benefit PlansNon-U.S. Defined Benefit PlansPost- Retirement Benefit Plans
 202220212022202120222021
 In millions
Service cost$— $— $28 $34 $— $1 
Interest cost80 152 11 9 4 4 
Expected return on plan assets(149)(254)(25)(24)(4)(12)
Amortization and deferrals:
Actuarial loss (gain)3 30 19 27 (8)(8)
Prior service cost (credit)— — 3 (1)(6)(6)
Net periodic benefit (credit) cost(66)(72)36 45 (14)(21)
Settlement loss — 1 — — — — 
Total periodic benefit (credit) cost$(66)$(71)$36 $45 $(14)$(21)
Employer Contributions and Funding Policy
HP’s policy is to fund its pension plans so that it makes the minimum contribution required by local government, funding and taxing authorities.
During fiscal year 2022, HP anticipates making contributions of approximately $44 million to its non-U.S. pension plans, approximately $36 million to its U.S. non-qualified plan participants and approximately $4 million to cover benefit claims under HP’s post-retirement benefit plans. During the six months ended April 30, 2022, HP contributed $19 million to its non-U.S. pension plans, paid $15 million to cover benefit payments to U.S. non-qualified plan participants and paid $2 million to cover benefit claims under HP’s post-retirement benefit plans.
HP’s pension and other post-retirement benefit costs and obligations depend on various assumptions. Differences between expected and actual returns on investments and changes in discount rates and other actuarial assumptions are reflected as unrecognized gains or losses, and such gains or losses are amortized to earnings in future periods. A deterioration in the funded status of a plan could result in a need for additional contributions or an increase in net pension and post-retirement benefit costs in future periods. Actuarial gains or losses are determined at the measurement date and amortized over the remaining service life for active plans or the life expectancy of plan participants for frozen plans.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 4: Retirement and Post-Retirement Benefit Plans (Continued)
In fiscal 2021, HP entered into an agreement with The Prudential Insurance Company of America (“Prudential”) to purchase an irrevocable group annuity contract and transferred approximately $5.2 billion of the Pension Plan obligations resulting in a decrease in interest cost and expected returns on plan assets for the three and six months ended April 30, 2022.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements
(Unaudited)
Note 5: Taxes on Earnings
Provision for Taxes
HP’s effective tax rate was 19.3% and 8.1% for the three months ended April 30, 2022 and 2021, respectively, and 18.7% and 12.7% for the six months ended April 30, 2022 and 2021, respectively. The difference between the U.S. federal statutory tax rate of 21% and HP’s effective tax rate for the three and six months ended April 30, 2022 was primarily due to tax effects of favorable tax rates associated with certain earnings from HP’s operations in lower-tax jurisdictions throughout the world. The difference between the U.S. federal statutory tax rate of 21% and HP’s effective tax rate for the three and six months ended April 30, 2021 was primarily due to tax effects of internal reorganization and by favorable tax rates associated with certain earnings from HP’s operations in lower-tax jurisdictions throughout the world.
During the three and six months ended April 30, 2022, HP recorded $8 million and $35 million, respectively, of net income tax charges related to discrete items in the provision for taxes. These amounts included income tax charges of $18 million related to the filing of tax returns in various jurisdictions for the six months ended April 30, 2022 and $17 million and $56 million related to withholding taxes on undistributed foreign earnings for the three and six months ended April 30, 2022, respectively. These charges were partially offset by income tax benefits of $20 million and $31 million related to restructuring charges and $7 million and $8 million related to other tax benefits for the three and six months ended April 30, 2022, respectively. In addition to the discrete items mentioned above, HP recorded excess tax benefits of $36 million associated with stock options, restricted stock units and performance-adjusted restricted stock units for the six months ended April 30, 2022.
During the three and six months ended April 30, 2021, HP recorded $128 million and $129 million, respectively, of net income tax benefits related to discrete items in the provision for taxes. These amounts included tax benefits of $89 million related to tax effects of internal reorganization, $8 million and $36 million related to restructuring charges, $23 million and $11 million related to audit settlements in various jurisdictions, and $12 million and $5 million related to other tax benefits for the three and six months ended April 30, 2021, respectively. These benefits were partially offset by $4 million and $12 million of uncertain tax position charges for the three and six months ended April 30, 2021, respectively. For the six months ended April 30, 2021, excess tax benefits associated with stock options, restricted stock units and performance-adjusted restricted stock units were immaterial.
Uncertain Tax Positions
As of April 30, 2022, the amount of gross unrecognized tax benefits was $843 million, of which up to $642 million would affect HP’s effective tax rate if realized. Total gross unrecognized tax benefits increased by $23 million for the six months ended April 30, 2022. HP recognizes interest income from favorable settlements and interest expense and penalties accrued on unrecognized tax benefits in the provision for taxes in the Consolidated Condensed Statements of Earnings. As of April 30, 2022 and 2021, HP had accrued $81 million and $66 million, respectively, for interest and penalties.
HP engages in continuous discussions and negotiations with taxing authorities regarding tax matters in various jurisdictions. HP expects to complete resolution of certain tax years with various tax authorities within the next 12 months. HP believes it is reasonably possible that its existing gross unrecognized tax benefits may be reduced by $80 million within the next 12 months, affecting HP’s effective tax rate if realized.
HP is subject to income tax in the United States and approximately 60 other countries and is subject to routine corporate income tax audits in many of these jurisdictions. In addition, HP is subject to numerous ongoing audits by federal, state and foreign tax authorities. The Internal Revenue Service (“IRS”) is conducting an audit of HP’s 2018 and 2019 income tax returns.
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HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Earnings (Continued)
(Unaudited)
Note 6: Supplementary Financial Information
Accounts Receivable
The allowance for credit losses related to accounts receivable and changes were as follows:
 Six months ended April 30, 2022
 In millions
Balance at beginning of period$111 
Current-period allowance for credit losses10 
Deductions, net of recoveries(3)
Balance at end of period$118 
HP has third-party arrangements, consisting of revolving short-term financing, which provide liquidity to certain partners to facilitate their working capital requirements. These financing arrangements, which in certain circumstances may contain partial recourse, result in a transfer of HP’s receivables and risk to the third-party. As these transfers qualify as true sales under the applicable accounting guidance, the receivables are de-recognized from the Consolidated Condensed Balance Sheets upon transfer, and HP receives a payment for the receivables from the third-party within a mutually agreed upon time period. For arrangements involving an element of recourse, the recourse obligation is measured using market data from similar transactions and reported as a current liability in the Consolidated Condensed Balance Sheets. The recourse obligations as of April 30, 2022 and October 31, 2021, and the costs associated with the sale of trade receivables for the three and six months ended April 30, 2022 and 2021 were not material.
The following is a summary of the activity under these arrangements:
Three months ended April 30Six months ended April 30
 2022 20212022 2021
 In millions
Balance at beginning of period(1)
$121 $207 $131 $188 
Trade receivables sold3,002 2,947 5,969 6,489 
Cash receipts(2,941)(2,940)(5,914)(6,472)
Foreign currency and other(9)(2)(13)7 
Balance at end of period(1)
$173 $212 $173 $212 
(1) Amounts outstanding from third parties reported in Accounts receivable in the Consolidated Condensed Balance Sheets.
Inventory
 As of
 April 30, 2022October 31, 2021
 In millions
Finished goods$5,324 $4,532 
Purchased parts and fabricated assemblies3,620 3,398 
$8,944 $7,930 

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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 6: Supplementary Financial Information (Continued)
Other Current Assets
 As of
 April 30, 2022October 31, 2021
 In millions
Prepaid and other current assets$1,839 $1,092 
Supplier and other receivables1,761 2,333 
Value-added taxes receivable1,089 1,005 
$4,689 $4,430 

Property, Plant and Equipment, net
 As of
 April 30, 2022October 31, 2021
 In millions
Land, buildings and leasehold improvements$2,182 $2,166 
Machinery and equipment, including equipment held for lease5,422 5,307 
7,604 7,473 
Accumulated depreciation(4,991)(4,927)
$2,613 $2,546 

Other Non-Current Assets
 As of
 April 30, 2022October 31, 2021
 In millions
Deferred tax assets$2,810 $2,917 
Right-of-use assets from operating leases, net1,098 1,192 
Prepaid pension asset837 766 
Deposits and prepaid659 734 
Intangible assets651 784 
Other917 698 
$6,972 $7,091 
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 6: Supplementary Financial Information (Continued)
Other Current Liabilities
 As of
 April 30, 2022October 31, 2021
 In millions
Sales and marketing programs$3,223 $3,179 
Deferred revenue1,237 1,277 
Other accrued taxes1,214 1,227 
Employee compensation and benefit1,183 1,627 
Warranty649 731 
Tax liability374 296 
Operating lease liabilities353 350 
Other2,975 3,228 
$11,208 $11,915 

Other Non-Current Liabilities
 As of
 April 30, 2022October 31, 2021
In millions
Deferred revenue$1,146 $1,099 
Pension, post-retirement, and post-employment liabilities957 1,041 
Operating lease liabilities820 936 
Tax liability728 830 
Deferred tax liability92 57 
Other846 815 
$4,589 $4,778 

Interest and other, net
 Three months ended April 30Six months ended April 30
 202220212022 2021
 In millions
Interest expense on borrowings$(74)$(64)$(136)$(128)
Other, net35 38 65 77 
$(39)$(26)$(71)$(51)




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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 6: Supplementary Financial Information (Continued)
Net revenue by region
Three months ended April 30Six months ended April 30
 202220212022 2021
 In millions
Americas$6,903 $6,846 $13,762 $13,740 
Europe, Middle East and Africa6,022 5,766 11,958 11,263 
Asia-Pacific and Japan3,565 3,265 7,798 6,520 
Total net revenue$16,490 $15,877 $33,518 $31,523 

Value of Remaining Performance Obligations
    As of April 30, 2022, the estimated value of transaction price allocated to remaining performance obligations was $3.6 billion. HP expects to recognize approximately $1.6 billion of the unearned amount in next 12 months and $2.0 billion thereafter.
    HP has elected the practical expedients and accordingly does not disclose the aggregate amount of the transaction price allocated to remaining performance obligations if:
•the contract has an original expected duration of one year or less; or
•the revenue from the performance obligation is recognized over time on an as-invoiced basis when the amount corresponds directly with the value to the customer; or
•the portion of the transaction price that is variable in nature is allocated entirely to a wholly unsatisfied performance obligation.
The remaining performance obligations are subject to change and may be affected by various factors, such as termination of contracts, contract modifications and adjustment for currency.
Contract Liabilities
As of April 30, 2022 and October 31, 2021, HP’s contract liabilities balances were $2.4 billion and $2.3 billion, respectively, included in Other current liabilities and Other non-current liabilities in the Consolidated Condensed Balance Sheets.
The increase in the contract liabilities balance for the six months ended April 30, 2022, was primarily driven by sales of fixed-price support and maintenance services, partially offset by $0.7 billion of revenue recognized that was included in the contract liabilities balance as of October 31, 2021.


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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 7: Fair Value
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date.
Fair Value Hierarchy
HP uses valuation techniques that are based upon observable and unobservable inputs. Observable inputs are developed using market data such as publicly available information and reflect the assumptions market participants would use, while unobservable inputs are developed using the best information available about the assumptions market participants would use. Assets and liabilities are classified in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement:
Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2—Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and market-corroborated inputs.
Level 3—Unobservable inputs for the asset or liability.
The fair value hierarchy gives the highest priority to observable inputs and lowest priority to unobservable inputs.
    The following table presents HP’s assets and liabilities that are measured at fair value on a recurring basis:
 As of April 30, 2022As of October 31, 2021
 Fair Value Measured UsingFair Value Measured Using
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
 In millions
Assets:        
Cash Equivalents:        
Corporate debt$— $735 $— $735 $— $1,112 $— $1,112 
Government debt(1)
2,558 — — 2,558 1,931 — — 1,931 
Available-for-Sale Investments:
Financial institution instruments— 5 — 5 — 5 — 5 
Marketable equity securities and mutual funds
6 48 — 54 15 56 — 71 
Derivative Instruments:     
Interest rate contracts— 3 — 3 — — — — 
Foreign currency contracts— 1,004 — 1,004 — 277 — 277 
Other derivatives— 2 — 2 — 5 — 5 
Total assets$2,564 $1,797 $— $4,361 $1,946 $1,455 $— $3,401 
Liabilities:        
Derivative Instruments:        
Interest rate contracts$— $58 $— $58 $— $24 $— $24 
Foreign currency contracts— 238 — 238 — 203 — 203 
Other derivatives— 9 — 9 — — — — 
Total liabilities$— $305 $— $305 $— $227 $— $227 

(1) Government debt includes instruments such as U.S. treasury notes, U.S. agency securities and non-U.S. government bonds. Money market funds invested in government debt and traded in active markets are included in Level 1.
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Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 7: Fair Value (Continued)
Valuation Techniques
Cash Equivalents and Investments: HP holds time deposits, money market funds, mutual funds, other debt securities primarily consisting of corporate and foreign government notes and bonds, and common stock and equivalents. HP values cash equivalents and equity investments using quoted market prices, alternative pricing sources, including net asset value, or models utilizing market observable inputs. The fair value of debt investments is based on quoted market prices or model-driven valuations using inputs primarily derived from or corroborated by observable market data, and, in certain instances, valuation models that utilize assumptions which cannot be corroborated with observable market data.
Derivative Instruments: HP uses industry standard valuation models to measure fair value. Where applicable, these models project future cash flows and discount the future amounts to present value using market-based observable inputs, including interest rate curves, HP and counterparty credit risk, foreign exchange rates, and forward and spot prices for currencies and interest rates. See Note 8, “Financial Instruments” for a further discussion of HP’s use of derivative instruments.
Other Fair Value Disclosures
Short- and Long-Term Debt: HP estimates the fair value of its debt primarily using an expected present value technique, which is based on observable market inputs using interest rates currently available to companies of similar credit standing for similar terms and remaining maturities and considering its own credit risk. The portion of HP’s debt that is hedged is reflected in the Consolidated Condensed Balance Sheets as an amount equal to the debt’s carrying amount and a fair value adjustment representing changes in the fair value of the hedged debt obligations arising from movements in benchmark interest rates. The fair value of HP’s short- and long-term debt was $8.4 billion as compared to its carrying amount of $9.0 billion at April 30, 2022. The fair value of HP’s short- and long-term debt was $8.0 billion as compared to its carrying value of $7.5 billion at October 31, 2021. If measured at fair value in the Consolidated Condensed Balance Sheets, short- and long-term debt would be classified in Level 2 of the fair value hierarchy.
Other Financial Instruments: For the balance of HP’s financial instruments, primarily accounts receivable, accounts payable and financial liabilities included in Other current liabilities on the Consolidated Condensed Balance Sheets, the carrying amounts approximate fair value due to their short maturities. If measured at fair value in the Consolidated Condensed Balance Sheets, these other financial instruments would be classified as Level 2 or Level 3 in the fair value hierarchy.
Non-Marketable Equity Investments and Non-Financial Assets: HP’s non-marketable equity investments are measured at cost less impairment, adjusted for observable price changes. HP’s non-financial assets, such as intangible assets, goodwill and property, plant and equipment, are recorded at fair value in the period an impairment charge is recognized. If measured at fair value in the Consolidated Condensed Balance Sheets these would generally be classified within Level 3 of the fair value hierarchy.

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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)

Note 8: Financial Instruments
Cash Equivalents and Available-for-Sale Investments
 As of April 30, 2022As of October 31, 2021
 CostGross Unrealized GainGross Unrealized LossFair ValueCostGross Unrealized GainGross Unrealized LossFair Value
 In millions
Cash Equivalents:        
Corporate debt$735 $— $— $735 $1,112 $— $— $1,112 
Government debt2,558 — — 2,558 1,931 — — 1,931 
Total cash equivalents3,293 — — 3,293 3,043 — — 3,043 
Available-for-Sale Investments:     
Financial institution instruments5 — — 5 5 — — 5 
Marketable equity securities and mutual funds
39 15 — 54 42 29 — 71 
Total available-for-sale investments44 15 — 59 47 29 — 76 
Total cash equivalents and available-for-sale investments$3,337 $15 $— $3,352 $3,090 $29 $— $3,119 
All highly liquid investments with original maturities of three months or less at the date of acquisition are considered cash equivalents. As of April 30, 2022 and October 31, 2021, the carrying amount of cash equivalents approximated fair value due to the short period of time to maturity. The estimated fair value of the available-for-sale investments may not be representative of values that will be realized in the future.
Contractual maturities of investments in available-for-sale debt securities were as follows:
 As of April 30, 2022
 Amortized CostFair Value
 In millions
Due in one year$5 $5 
Non-marketable equity securities in privately held companies are included in Other non-current assets in the Consolidated Condensed Balance Sheets. These amounted to $65 million and $59 million as of April 30, 2022 and October 31, 2021, respectively.
HP determines credit losses on cash equivalents and available-for-sale debt securities at the individual security level. All instruments are considered investment grade. No credit-related or noncredit-related impairment losses were recorded for the three and six months ended April 30, 2022.

Derivative Instruments
HP uses derivatives to offset business exposure to foreign currency and interest rate risk on expected future cash flows and on certain existing assets and liabilities. As part of its risk management strategy, HP uses derivative instruments, primarily forward contracts, interest rate swaps, total return swaps, treasury rate locks, forward starting swaps and, at times, option contracts to hedge certain foreign currency, interest rate and, return on certain investment exposures. HP may designate its derivative contracts as fair value hedges or cash flow hedges and classifies the cash flows with the activities that correspond to the underlying hedged items. Additionally, for derivatives not designated as hedging instruments, HP categorizes those economic hedges as other derivatives. HP recognizes all derivative instruments at fair value in the Consolidated Condensed Balance Sheets.
As a result of its use of derivative instruments, HP is exposed to the risk that its counterparties will fail to meet their contractual obligations. Master netting agreements mitigate credit exposure to counterparties by permitting HP to net amounts
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Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 8: Financial Instruments (Continued)
due from HP to counterparty against amounts due to HP from the same counterparty under certain conditions. To further limit credit risk, HP has collateral security agreements that allow HP’s custodian to hold collateral from, or require HP to post collateral to, counterparties when aggregate derivative fair values exceed contractually established thresholds which are generally based on the credit ratings of HP and its counterparties. If HP’s or the counterparty’s credit rating falls below a specified credit rating, either party has the right to request full collateralization of the derivatives’ net liability position. The fair value of derivatives with credit contingent features in a net liability position was $60 million and $64 million as of April 30, 2022 and as of October 31, 2021, respectively, all of which were fully collateralized within two business days.
Under HP’s derivative contracts, the counterparty can terminate all outstanding trades following a covered change of control event affecting HP that results in the surviving entity being rated below a specified credit rating. This credit contingent provision did not affect HP’s financial position or cash flows as of April 30, 2022 and October 31, 2021.
Fair Value Hedges
HP enters into fair value hedges, such as interest rate swaps, to reduce the exposure of its debt portfolio to changes in fair value resulting from changes in benchmark interest rates on HP’s future interest payments.
For derivative instruments that are designated and qualify as fair value hedges, HP recognizes the change in fair value of the derivative instrument, as well as the offsetting change in the fair value of the hedged item, in Interest and other, net in the Consolidated Condensed Statements of Earnings in the period of change.
Cash Flow Hedges
HP uses forward contracts, treasury rate locks, forward starting swaps and, at times, option contracts designated as cash flow hedges to protect against the foreign currency exchange and interest rate risks inherent in its forecasted net revenue, cost of revenue, operating expenses and debt issuance. HP’s foreign currency cash flow hedges mature predominantly within twelve months; however, hedges related to long-term procurement arrangements extend several years.
For derivative instruments that are designated and qualify as cash flow hedges, HP initially records changes in fair value of the derivative instrument in Accumulated other comprehensive income (loss) as a separate component of stockholders’ deficit in the Consolidated Condensed Balance Sheets and subsequently reclassifies these amounts into earnings in the period during which the hedged transaction is recognized in earnings. HP reports the changes in the fair value of the derivative instrument in the same financial statement line item as changes in the fair value of the hedged item.
In March 2022, a series of forward starting swaps totaling $1.5 billion notional amount were settled upon the issuance of the senior unsecured notes resulting in a gain of $59 million recognized in accumulated other comprehensive income (loss). The gain will be reclassified to Interest and other, net over a portion of the life of the related debt. In April 2022, HP entered into a series of forward starting swap instruments with notional amount totaling $1.5 billion to hedge the exposure to variability in future cash flows resulting from changes in interest rates related to the anticipated issuance of long-term debt.
Other Derivatives
Other derivatives not designated as hedging instruments consist primarily of forward contracts used to hedge foreign currency-denominated balance sheet exposures. HP also uses total return swaps to hedge its executive deferred compensation plan liability.
For derivative instruments not designated as hedging instruments, HP recognizes changes in fair value of the derivative instrument, as well as the offsetting change in the fair value of the hedged item, in Interest and other, net in the Consolidated Condensed Statements of Earnings in the period of change.

Hedge Effectiveness
For interest rate swaps designated as fair value hedges, HP measures hedge effectiveness by offsetting the change in fair value of the hedged item with the change in fair value of the derivative. For foreign currency options, forward contracts and forward starting swaps designated as cash flow hedges, HP measures hedge effectiveness by comparing the cumulative change in fair value of the hedge contract with the cumulative change in fair value of the hedged item, both of which are based on forward rates.
During the three and six months ended April 30, 2022 and 2021, no portion of the hedging instruments’ gain or loss was excluded from the assessment of effectiveness for fair value and cash flow hedges.
Fair Value of Derivative Instruments in the Consolidated Condensed Balance Sheets
The gross notional and fair value of derivative instruments in the Consolidated Condensed Balance Sheets were as follows:
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 8: Financial Instruments (Continued)
 As of April 30, 2022As of October 31, 2021
 Outstanding Gross NotionalOther Current AssetsOther Non-Current AssetsOther Current LiabilitiesOther Non-Current LiabilitiesOutstanding Gross NotionalOther Current AssetsOther Non-Current AssetsOther Current LiabilitiesOther Non-Current Liabilities
 In millions
Derivatives designated as hedging instruments     
Fair value hedges:     
Interest rate contracts$750 $— $— $— $58 $750 $— $— $— $16 
Cash flow hedges:
Foreign currency contracts17,523 752 217 165 57 17,137 198 69 148 42 
Interest rate contracts1,500 — 3 — — 1,500 — — — 8 
Total derivatives designated as hedging instruments19,773 752 220 165 115 19,387 198 69 148 66 
Derivatives not designated as hedging instruments    
Foreign currency contracts4,362 35 — 16 — 6,293 10 — 13 — 
Other derivatives125 2 — 9 — 103 5 — — — 
Total derivatives not designated as hedging instruments4,487 37 — 25 — 6,396 15 — 13 — 
Total derivatives$24,260 $789 $220 $190 $115 $25,783 $213 $69 $161 $66 

Offsetting of Derivative Instruments
HP recognizes all derivative instruments on a gross basis in the Consolidated Condensed Balance Sheets. HP does not offset the fair value of its derivative instruments against the fair value of cash collateral posted under its collateral security agreements. As of April 30, 2022 and October 31, 2021, information related to the potential effect of HP’s master netting agreements and collateral security agreements was as follows:
 In the Consolidated Condensed Balance Sheets  
 (i)(ii)(iii) = (i)–(ii)(iv)(v)(vi) = (iii)–(iv)–(v)
Gross Amounts Not Offset
 Gross Amount
Recognized		Gross Amount
Offset		Net Amount
Presented		Derivatives
Financial
Collateral		 Net Amount
 In millions
As of April 30, 2022       
Derivative assets$1,009 $— $1,009 $234 $654 (1)$121 
Derivative liabilities$305 $— $305 $234 $86 (2)$(15)
As of October 31, 2021       
Derivative assets$282 $— $282 $160 $65 (1)$57 
Derivative liabilities$227 $— $227 $160 $64 (2)$3 
(1)Represents the cash collateral posted by counterparties as of the respective reporting date for HP’s asset position, net of derivative amounts that could be offset, as of, generally, two business days prior to the respective reporting date.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 8: Financial Instruments (Continued)
(2)Represents the collateral posted by HP including any re-use of counterparty cash collateral as of the respective reporting date for HP’s liability position, net of derivative amounts that could be offset, as of, generally, two business days prior to the respective reporting date.
Effect of Derivative Instruments in the Consolidated Condensed Statements of Earnings
The pre-tax effect of derivative instruments and related hedged items in a fair value hedging relationship were as follows:
Derivative InstrumentHedged ItemLocationYearTotal amounts of income/(expense) line items in the statement of financial performance in which the effects of fair value hedges are recordedGain/(loss) recognized in earnings on derivative instrumentsGain/(loss) recognized in earnings on hedged item
In millions
Three months ended April 30
Interest rate contractFixed-rate debtInterest and other, net2022$(39)$(31)$31 
2021$(26)$(7)$7 
Six months ended April 30
Interest rate contractFixed-rate debtInterest and other, net2022$(71)$(42)$42 
2021$(51)$(10)$10 
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 8: Financial Instruments (Continued)
The pre-tax effect of derivative instruments in cash flow hedging relationships included in Accumulated other comprehensive income (loss) was as follows:
Three months ended April 30Six months ended April 30
2022202120222021
In millions
Gain/(loss) recognized in Accumulated other comprehensive income (loss) on derivatives:
Foreign currency contracts$553 $(21)$833 $(387)
Interest rate contracts$50 $— $69 $— 
The pre-tax effect of derivative instruments in cash flow hedging relationships included in earnings were as follows:
Total amounts of income/(expense) line items in the statement of financial performance in which the effects of cash flow hedges are recordedGain/(loss) reclassified from Accumulated 
other comprehensive income (loss) into earnings
Three months ended April 30Six months ended April 30Three months ended April 30Six months ended April 30
20222021202220212022202120222021
In millions
Net revenue$16,490 $15,877 $33,518 $31,523 $142 $(146)$199 $(189)
Cost of revenue(13,157)(12,437)(26,800)(24,759)(21)(4)(35)(10)
Other operating expenses(2,055)(2,078)(4,081)(4,081)— 1 1 1 
Interest and other, net(39)(26)(71)(51)(1)— (1)— 
Total$120 $(149)$164 $(198)
As of April 30, 2022, HP expects to reclassify an estimated accumulated other comprehensive gain of $475 million, net of taxes, to earnings within the next twelve months associated with cash flow hedges along with the earnings effects of the related forecasted transactions. The amounts ultimately reclassified into earnings could be different from the amounts previously included in Accumulated other comprehensive income (loss) based on the change of market rate, and therefore could have different impact on earnings.
The pre-tax effect of derivative instruments not designated as hedging instruments recognized in Interest and other, net in the Consolidated Condensed Statements of Earnings for the three and six months ended April 30, 2022 and 2021 was as follows:
Gain/(loss) recognized in earnings on derivative instrument
 Three months ended April 30Six months ended April 30
 Location2022202120222021
  In millions
Foreign currency contractsInterest and other, net$32 $(23)$(5)$(9)
Other derivativesInterest and other, net(1)2 (12)5 
Total $31 $(21)$(17)$(4)


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Consolidated Condensed Statements of Earnings (Continued)
(Unaudited)
Note 9: Borrowings
Notes Payable and Short-Term Borrowings
 As of April 30, 2022As of October 31, 2021
 Amount
Outstanding		Weighted-Average
Interest Rate		Amount
Outstanding		Weighted-Average
Interest Rate
 In millions
Commercial paper$— — %$400 0.2 %
Current portion of long-term debt665 3.9 %672 3.8 %
Notes payable to banks, lines of credit and other29 3.3 %34 1.2 %
$694  $1,106  
Long-Term Debt
 As of
 April 30, 2022October 31, 2021
 In millions
U.S. Dollar Global Notes(1)
  
$500 issued at discount to par at a price of 99.771% at 4.05%, due September 2022
$499 $499 
$1,200 issued at discount to par at a price of 99.863% at 6.00%, due September 2041