HP Inc. Reports Fiscal 2019 First Quarter Results


HP INC. AND SUBSIDIARIES
FISCAL 2018 SEGMENT INFORMATION (Revised)
(Unaudited)
(In millions)

	REVISED AMOUNTS															AMOUNTS AS PREVIOUSLY REPORTED															CHANGE
	Three months ended												Twelve months ended			Three months ended												Twelve months ended			Three months ended												Twelve months ended
	Jan 31, 2018			Apr 30, 2018			July 31, 2018			Oct 31, 2018			Oct 31, 2018			Jan 31, 2018			Apr 30, 2018			July 31, 2018			Oct 31, 2018			Oct 31, 2018			Jan 31, 2018			Apr 30, 2018			July 31, 2018			Oct 31, 2018			Oct 31, 2018
Net revenue:^(a)

Personal Systems	$	9,440		$	8,762		$	9,395		$	10,064		$	37,661		$	9,440		$	8,762		$	9,395		$	10,064		$	37,661		$	—		$	—		$	—		$	—		$	—
Printing	5,076			5,241			5,188			5,300			20,805			5,076			5,241			5,188			5,300			20,805			—			—			—			—			—
Corporate Investments	1			1			1			2			5			1			1			1			2			5			—			—			—			—			—
Total segments	14,517			14,004			14,584			15,366			58,471			14,517			14,004			14,584			15,366			58,471			—			—			—			—			—
Other	—			(1		)	2			—			1			—			(1		)	2			—			1			—			—			—			—			—
Total net revenue	$	14,517		$	14,003		$	14,586		$	15,366		$	58,472		$	14,517		$	14,003		$	14,586		$	15,366		$	58,472		$	—		$	—		$	—		$	—		$	—

Earnings before taxes: ^(a)

Personal Systems	$	335		$	329		$	362		$	376		$	1,402		$	337		$	331		$	365		$	378		$	1,411		$	(2	)	$	(2	)	$	(3	)	$	(2	)	$	(9	)
Printing	799			837			829			849			3,314			801			839			832			851			3,323			(2		)	(2		)	(3		)	(2		)	(9		)
Corporate Investments	(19		)	(21		)	(22		)	(20		)	(82		)	(19		)	(21		)	(22		)	(20		)	(82		)	—			—			—			—			—
Total segments	1,115			1,145			1,169			1,205			4,634			1,119			1,149			1,175			1,209			4,652			(4		)	(4		)	(6		)	(4		)	(18		)

Corporate and unallocated costs and other	(24		)	(54		)	(62		)	(60		)	(200		)	(23		)	(53		)	(61		)	(60		)	(197		)	(1		)	(1		)	(1		)	—			(3		)
Stock-based compensation expense	(85		)	(63		)	(55		)	(65		)	(268		)	(85		)	(63		)	(55		)	(65		)	(268		)	—			—			—			—			—
Restructuring and other charges	(31		)	(57		)	(4		)	(40		)	(132		)	(31		)	(57		)	(4		)	(40		)	(132		)	—			—			—			—			—
Acquisition and other related charges	(42		)	(45		)	(10		)	(26		)	(123		)	(42		)	(45		)	(10		)	(26		)	(123		)	—			—			—			—			—
Amortization of intangible assets	(20		)	(20		)	(20		)	(20		)	(80		)	(20		)	(20		)	(20		)	(20		)	(80		)	—			—			—			—			—
Non-operating retirement-related credits	—			—			—			—			—			56			53			56			54			219			(56		)	(53		)	(56		)	(54		)	(219		)
Defined benefit plan settlement expense	—			—			—			—			—			(1		)	—			(1		)	(5		)	(7		)	1			—			1			5			7
Interest and other, net ^(b)	(8		)	(823		)	—			13			(818		)	(68		)	(881		)	(62		)	(40		)	(1,051		)	60			58			62			53			233
Total earnings before taxes	$	905		$	83		$	1,018		$	1,007		$	3,013		$	905		$	83		$	1,018		$	1,007		$	3,013		$	—		$	—		$	—		$	—		$	—

(a) Effective at the beginning of its first quarter of fiscal year 2019, HP implemented an organizational change to align its business unit financial reporting more closely with its current business structure. The organizational change resulted in the transfer of certain Samsung-branded product categories from Commercial to Consumer within the Printing segment. HP reflected this change to its business unit information in prior reporting periods on an as-if basis. The reporting change had no impact to previously reported segment net revenue, consolidated net revenue, earnings from operations, net earnings or net EPS.

(b) Pursuant to adoption of ASU 2017-07 in the first quarter of fiscal year 2019, HP now reclassifies market-related retirement credits and all other components (excluding service cost component) of net periodic benefit cost to Interest and other, net in Consolidated Condensed Statement of Earnings. HP reflected this change in prior reporting periods on an as-if basis.

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