HP Reports First Quarter 2013 Results - Page 7

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Thursday, February 21st 2013
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                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
                    CONSOLIDATED CONDENSED BALANCE SHEETS
                                (In millions)

                                                    January 31,  October 31,
                                                       2013         2012
                                                   ------------ ------------
                                                    (Unaudited)
ASSETS

Current assets:
  Cash and cash equivalents                        $     12,589 $     11,301
  Accounts receivable                                    14,236       16,407
  Financing receivables                                   3,316        3,252
  Inventory                                               6,374        6,317
  Other current assets                                   13,037       13,360
                                                   ------------ ------------

    Total current assets                                 49,552       50,637
                                                   ------------ ------------

Property, plant and equipment                            11,686       11,954

Long-term financing receivables and other assets         10,249       10,593

Goodwill and purchased intangible assets                 35,214       35,584
                                                   ------------ ------------

Total assets                                       $    106,701 $    108,768
                                                   ============ ============


LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Notes payable and short-term borrowings          $      6,475 $      6,647
  Accounts payable                                       11,660       13,350
  Employee compensation and benefits                      3,520        4,058
  Taxes on earnings                                         851          846
  Deferred revenue                                        7,603        7,494
  Other accrued liabilities                              14,277       14,271
                                                   ------------ ------------

    Total current liabilities                            44,386       46,666
                                                   ------------ ------------

Long-term debt                                           21,752       21,789

Other liabilities                                        17,273       17,480

Stockholders' equity:
  HP stockholders' equity                                22,895       22,436
  Non-controlling interests                                 395          397
                                                   ------------ ------------

    Total stockholders' equity                           23,290       22,833
                                                   ------------ ------------

Total liabilities and stockholders' equity         $    106,701 $    108,768
                                                   ============ ============


                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
              CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                (Unaudited)
                               (In millions)

                                                     Three months ended
                                                 --------------------------
                                                  January 31,   January 31,
                                                     2013          2012
                                                 ------------  ------------

Cash flows from operating activities:
  Net earnings                                   $      1,232  $      1,468
  Adjustments to reconcile net earnings to net
   cash provided by operating activities:
    Depreciation and amortization                       1,163         1,303
    Stock-based compensation expense                      184           175
    Provision for bad debt and inventory                  124            52
    Restructuring charges                                 130            40
    Deferred taxes on earnings                            500          (110)
    Excess tax benefit from stock-based
     compensation                                           -           (11)
    Other, net                                            167            44

    Changes in operating assets and liabilities:
      Accounts and financing receivables                2,246         2,311
      Inventory                                          (149)          180
      Accounts payable                                 (1,690)       (2,376)
      Taxes on earnings                                  (423)          (12)
      Restructuring                                      (237)         (174)
      Other assets and liabilities                       (685)       (1,697)
                                                 ------------  ------------
        
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