filings.toolsItem 6. Selected Financial Data.
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Item 6. Selected Financial Data.
The information set forth below is not necessarily indicative of results of future continuing 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.
HP INC. AND SUBSIDIARIES
Selected Financial Data
| For the fiscal years ended October 31 | |||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
| In millions, except per share amounts | |||||||||||||||||||
| Net revenue | $ | 52,056 | $ | 48,238 | $ | 51,463 | $ | 56,651 | $ | 55,273 | |||||||||
| Earnings from continuing operations(1) | $ | 3,519 | $ | 3,549 | $ | 3,920 | $ | 4,256 | $ | 3,516 | |||||||||
| Net (loss) earnings from discontinued operations net of taxes | $ | — | $ | (170 | ) | $ | 836 | $ | 2,089 | $ | 2,653 | ||||||||
| Net earnings(1) | $ | 2,526 | $ | 2,496 | $ | 4,554 | $ | 5,013 | $ | 5,113 | |||||||||
| Net earnings per share: | |||||||||||||||||||
| Basic | |||||||||||||||||||
| Continuing operations | $ | 1.50 | $ | 1.54 | $ | 2.05 | $ | 1.55 | $ | 1.27 | |||||||||
| Discontinued operations | — | (0.10 | ) | 0.46 | 1.11 | 1.37 | |||||||||||||
| Total basic net earnings per share | $ | 1.50 | $ | 1.44 | $ | 2.51 | $ | 2.66 | $ | 2.64 | |||||||||
| Diluted | |||||||||||||||||||
| Continuing operations | $ | 1.48 | $ | 1.53 | $ | 2.02 | $ | 1.53 | $ | 1.26 | |||||||||
| Discontinued operations | — | (0.10 | ) | 0.46 | 1.09 | 1.36 | |||||||||||||
| Total diluted net earnings per share | $ | 1.48 | $ | 1.43 | $ | 2.48 | $ | 2.62 | $ | 2.62 | |||||||||
| Cash dividends declared per share | $ | 0.53 | $ | 0.50 | $ | 0.67 | $ | 0.61 | $ | 0.55 | |||||||||
| At year-end: | |||||||||||||||||||
| Total assets(2)(4) | $ | 32,913 | $ | 28,987 | $ | 106,853 | $ | 103,158 | $ | 105,629 | |||||||||
| Long-term debt(3)(4) | $ | 6,747 | $ | 6,735 | $ | 6,648 | $ | 15,515 | $ | 15,949 | |||||||||
| Total debt(3)(4) | $ | 7,819 | $ | 6,813 | $ | 8,842 | $ | 18,109 | $ | 20,884 |
| (1) | Earnings from continuing operations and net earnings include the following items: |
| 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
| In millions | |||||||||||||||||||
| Restructuring and other charges | $ | 362 | $ | 205 | $ | 63 | $ | 176 | $ | 168 | |||||||||
| Acquisition-related charges | 125 | 7 | 1 | — | — | ||||||||||||||
| Amortization of intangible assets | 1 | 16 | 102 | 129 | 198 | ||||||||||||||
| Defined benefit plan settlement charges (credits) | 5 | 179 | (57 | ) | — | — | |||||||||||||
| Total charges before taxes | $ | 493 | $ | 407 | $ | 109 | $ | 305 | $ | 366 | |||||||||
| Total charges, net of taxes | $ | 367 | $ | 293 | $ | 113 | $ | 238 | $ | 260 |
| (2) | Total assets, for all periods prior to fiscal year 2016, include the total assets of Hewlett Packard Enterprise. For further information on discontinued operations, see Note 17, “Discontinued Operations” in the Consolidated Financial Statements and notes thereto included in Item 8, “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K. |
| (3) | The decrease in Long-term debt and Total debt in fiscal year 2015 was due to the early extinguishment of debt as a result of the Separation of Hewlett Packard Enterprise. For further information on HP Inc. separation transaction, see “HP Inc. Separation Transaction” in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report on Form 10-K. |
| (4) | Effective November 1, 2016, HP adopted ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs”, which amended the presentation of debt issuance costs as a direct deduction from the carrying amount of debt liability re-classed from other non-current assets. The change has been adopted including the prior periods for consistency with the current period. For further information, see Note 11, “Borrowings” in the Consolidated Financial Statements and notes thereto included in Item 8, “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K. |
HP INC. AND SUBSIDIARIES
Management’s Discussion and Analysis of
Financial Condition and Results of Operations
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