filings.toolsItem 6. Selected Financial Data.
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Item 6. Selected Financial Data.
The following table presents selected consolidated and combined financial data, which should be read in conjunction with our Consolidated Financial Statements and accompanying notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this Form 10-K. The Statement of Earnings data for each of the three fiscal years ended October 31, 2019, 2018 and 2017, and the Balance Sheets data as of October 31, 2019 and 2018 set forth below are derived from our audited Consolidated Financial Statements included elsewhere in this Form 10-K. The Statement of Earnings data for fiscal years ended October 31, 2016 and 2015, and the Balance Sheets data as of October 31, 2017, 2016 and 2015 are derived from our audited Consolidated and Combined Financial Statements that are not included in this Form 10-K.
With the completion of the Everett and Seattle Transactions on April 1, 2017 and September 1, 2017, respectively, the Company has reclassified the historical financial results of the former Enterprise Services segment ("former ES segment") and the former Software segment to Net loss from discontinued operations in its Consolidated Statements of Earnings,.
Prior to October 31, 2015, the Combined and Consolidated Statements of Earnings for the Company reflect allocations of general corporate expenses from HP Co. including, but not limited to, executive management, finance, legal, information technology, employee benefits administration, treasury, risk management, procurement, and other shared services. These allocations were made on a direct usage basis when identifiable, with the remainder allocated on the basis of revenue, expenses, headcount, or other relevant measures. Management of the Company and HP Co. consider these allocations to be a reasonable reflection of the utilization of services by, or the benefits provided to, the Company. The allocations may not, however, reflect the expense the Company would have incurred as a standalone company for the periods presented. Actual costs that may have been incurred if the Company had been a standalone company would depend on a number of factors, including the chosen organizational structure, what functions were outsourced or performed by employees and strategic decisions made in areas such as information technology and infrastructure.
The information set forth below is not necessarily indicative of future results of operations and should be read in conjunction with Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," and the Consolidated Financial Statements and notes thereto included in Item 8, "Financial Statements and Supplementary Data," of this Annual Report on Form 10-K, which are incorporated herein by reference, in order to understand further the factors that may affect the comparability of the financial data presented below.
HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Selected Financial Data
| For the fiscal years ended October 31, | |||||||||||||||||||
| 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
| In millions, except per share amounts | |||||||||||||||||||
| Statements of Earnings: | |||||||||||||||||||
| Net revenue | $ | 29,135 | $ | 30,852 | $ | 28,871 | $ | 30,280 | $ | 31,077 | |||||||||
| Earnings from continuing operations(1) | $ | 1,274 | $ | 1,737 | $ | 564 | $ | 3,741 | $ | 1,903 | |||||||||
| Net earnings from continuing operations | $ | 1,049 | $ | 2,012 | $ | 436 | $ | 3,237 | $ | 2,640 | |||||||||
| Net loss from discontinued operations | — | (104 | ) | (92 | ) | (76 | ) | (179 | ) | ||||||||||
| Net earnings | $ | 1,049 | $ | 1,908 | $ | 344 | $ | 3,161 | $ | 2,461 | |||||||||
| Net earnings (loss) per share | |||||||||||||||||||
| Basic | |||||||||||||||||||
| Continuing operations | $ | 0.78 | $ | 1.32 | $ | 0.26 | $ | 1.89 | $ | 1.46 | |||||||||
| Discontinued operations | — | (0.07 | ) | (0.05 | ) | (0.05 | ) | (0.10 | ) | ||||||||||
| Total basic net earnings per share | $ | 0.78 | $ | 1.25 | $ | 0.21 | $ | 1.84 | $ | 1.36 | |||||||||
| Diluted | |||||||||||||||||||
| Continuing operations | $ | 0.77 | $ | 1.30 | $ | 0.26 | $ | 1.86 | $ | 1.44 | |||||||||
| Discontinued operations | — | (0.07 | ) | (0.05 | ) | (0.04 | ) | (0.10 | ) | ||||||||||
| Total diluted net earnings per share | $ | 0.77 | $ | 1.23 | $ | 0.21 | $ | 1.82 | $ | 1.34 | |||||||||
| Cash dividends declared per share | $ | 0.4575 | $ | 0.4875 | $ | 0.2600 | $ | 0.2200 | $ | — | |||||||||
| Basic shares outstanding | 1,353 | 1,529 | 1,646 | 1,715 | 1,804 | ||||||||||||||
| Diluted shares outstanding | 1,366 | 1,553 | 1,674 | 1,739 | 1,834 | ||||||||||||||
| Balance Sheets: | |||||||||||||||||||
| At year-end: | |||||||||||||||||||
| Total assets | $ | 51,803 | $ | 55,493 | $ | 61,406 | $ | 79,629 | $ | 79,862 | |||||||||
| Long-term debt | $ | 9,395 | $ | 10,136 | $ | 10,182 | $ | 12,168 | $ | 14,679 | |||||||||
| Total debt | $ | 13,820 | $ | 12,141 | $ | 14,032 | $ | 15,693 | $ | 15,353 |
| (1) | Effective at the beginning of the first quarter of fiscal 2019, in connection with the adoption of the accounting standards update for retirement benefits (Topic 715), the Company reclassified its non-service net periodic benefit credit from operating expense to other income and expense in its Consolidated Statements of Earnings. The Company reflected these changes retrospectively, by transferring the non-service net periodic benefit credit, a portion of which was previously allocated to the segments, and the remainder of which was reported within Unallocated corporate costs and eliminations, Restructuring charges, Transformation costs, Separation costs and Defined benefit plan remeasurement benefit. |
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