(a) Pursuant to the adoption of Accounting Standard Update 2016-09 “Improvements to Employee Share-Based Payment Accounting” in Q1 FY17, excess income tax benefit from stock-based compensation expense is no longer separated from operating income tax cash flows and reported as financing activity. In addition, income taxes paid on shares withheld is now required to be presented as financing activity as opposed to operating activity. The change has been adopted including prior comparative periods.

HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)
	Twelve months ended October 31,
	2017				2016
Cash flows from operating activities:(a)
Net earnings	$	2,526			$	2,496
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	354				332
Stock-based compensation expense	224				182
Restructuring and other charges	362				200
Deferred taxes on earnings	238				401
Other, net	134				(32		)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(453		)		565
Inventory	(1,346		)		(291		)
Accounts payable	2,161				928
Taxes on earnings	73				106
Restructuring and other	(233		)		(157		)
Other assets and liabilities	(363		)		(1,478		)
Net cash provided by operating activities	3,677				3,252
Cash flows from investing activities:
Investment in property, plant and equipment	(402		)		(433		)
Proceeds from sale of property, plant and equipment	69				6
Purchases of available-for-sale securities and other investments	(1,919		)		(126		)
Maturities and sales of available-for-sale securities and other investments	535				133
Payments made in connection with business acquisitions, net of cash acquired	—				(7		)
Proceeds from business divestitures, net	—				475
Net cash (used in) provided by investing activities	(1,717		)		48
Cash flows from financing activities:(a)
Short-term borrowings with original maturities less than 90 days, net	202				97
Proceeds from debt, net of issuance costs	892				4
Payment of debt	(87		)		(2,188		)
Settlement of cash flow hedge	(9		)		4
Net transfer of cash and cash equivalents to Hewlett Packard Enterprise Company	—				(10,375		)
Net proceeds (payments) related to stock-based award activities	57				32
Repurchase of common stock	(1,412		)		(1,161		)
Cash dividends paid	(894		)		(858		)
Net cash used in financing activities	(1,251		)		(14,445		)
Increase (Decrease) in cash and cash equivalents	709				(11,145		)
Cash and cash equivalents at beginning of period	6,288				17,433
Cash and cash equivalents at end of period	$	6,997			$	6,288

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