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Table of Contents
Part I. Financial Information

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________
FORM 10-Q
(Mark One) 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
April 30, 2021
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to            
Commission file number
1-4423
_________________________________________
HP INC.
(Exact name of registrant as specified in its charter)
Delaware94-1081436
(State or other jurisdiction of
incorporation or organization)
(I.R.S. employer
identification no.)
1501 Page Mill Road94304
Palo Alto,California(Zip code)
(Address of principal executive offices)
(650) 857-1501
(Registrant’s telephone number, including area code)
_______________________________________
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareHPQNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer  Smaller reporting company
                                 Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
The number of shares of HP Inc. common stock outstanding as of April 30, 2021 was 1,201,255,498 shares.




HP INC. AND SUBSIDIARIES
Form 10-Q
For the Quarterly Period ended April 30, 2021
Table of Contents
  Page
 
 
In this report on Form 10-Q, for all periods presented, “we”, “us”, “our”, the “company”, the “Company”, “HP” and “HP Inc.” refer to HP Inc. (formerly Hewlett-Packard Company) and its consolidated subsidiaries.

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Forward-Looking Statements
This Quarterly Report on Form 10-Q, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 2 of Part I, contains forward-looking statements based on current expectations and assumptions that involve risks and uncertainties. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of HP Inc. and its consolidated subsidiaries (“HP”) may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to, any statements regarding the potential impact of the COVID-19 pandemic and the actions by governments, businesses and individuals in response to the situation; projections of net revenue, margins, expenses, effective tax rates, net earnings, net earnings per share, cash flows, benefit plan funding, deferred taxes, share repurchases, foreign currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings or restructuring and other charges, planned structural cost reductions and productivity initiatives; any statements of the plans, strategies and objectives of management for future operations, including, but not limited to, our business model and transformation, our sustainability goals, our go-to-market strategy, the execution of restructuring plans and any resulting cost savings, net revenue or profitability improvements or other financial impacts; any statements concerning the expected development, performance, market share or competitive performance relating to products or services; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief, including with respect to the timing and expected benefits of acquisitions and other business combination and investment transactions; and any statements of assumptions underlying any of the foregoing. Forward-looking statements can also generally be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will,” “would,” “could,” “can,” “may,” and similar terms. Risks, uncertainties and assumptions include factors relating to the effects of the COVID-19 pandemic and the actions by governments, businesses and individuals in response to the situation, the effects of which may give rise to or amplify the risks associated with many of these factors listed here; HP’s ability to execute on its strategic plan, including the previously announced initiatives, business model changes and transformation; execution of planned structural cost reductions and productivity initiatives; HP’s ability to complete any contemplated share repurchases, other capital return programs or other strategic transactions; the need to address the many challenges facing HP’s businesses; the competitive pressures faced by HP’s businesses; risks associated with executing HP’s strategy and business model changes and transformation; successfully innovating, developing and executing HP’s go-to-market strategy, including online, omnichannel and contractual sales, in an evolving distribution and reseller landscape; the development and transition of new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; successfully competing and maintaining the value proposition of HP’s products, including supplies; the need to manage third-party suppliers, manage HP’s global, multi-tier distribution network, limit potential misuse of pricing programs by HP’s channel partners, adapt to new or changing marketplaces and effectively deliver HP’s services; challenges to HP’s ability to accurately forecast inventories, demand and pricing, which may be due to HP’s multi-tiered channel, sales of HP’s products to unauthorized resellers or unauthorized resale of HP’s products; integration and other risks associated with business combination and investment transactions; the results of the restructuring plans, including estimates and assumptions related to the cost (including any possible disruption of HP’s business) and the anticipated benefits of the restructuring plans; the protection of HP’s intellectual property assets, including intellectual property licensed from third parties; the hiring and retention of key employees; the impact of macroeconomic and geopolitical trends and events; risks associated with HP’s international operations; the execution and performance of contracts by HP and its suppliers, customers, clients and partners; disruptions in operations from system security risks, data protection breaches, cyberattacks, extreme weather conditions, medical epidemics or pandemics such as the COVID-19 pandemic, and other natural or manmade disasters or catastrophic events; the impact of changes to federal, state, local and foreign laws and regulations, including environmental regulations and tax laws; potential impacts, liabilities and costs from pending or potential investigations, claims and disputes; and other risks that are described herein and the risks discussed in Item 1A “Risk Factors” of Part I in our Annual Report on Form 10-K for the fiscal year ended October 31, 2020 and that are otherwise described or updated from time to time in HP’s other filings with the Securities and Exchange Commission (the “SEC”). The forward-looking statements in this report are made as of the date of this filing and HP assumes no obligation and does not intend to update these forward-looking statements.
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Part I. Financial Information

ITEM 1. Financial Statements and Supplementary Data.
Index
 Page

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HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Earnings
(Unaudited)
 Three months ended April 30Six months ended April 30
 2021 202020212020
 In millions, except per share amounts
Net revenue$15,877  $12,469 $31,523 $27,087 
Costs and expenses:  
Cost of revenue12,437  9,976 24,759 21,722 
Research and development514  338 985 738 
Selling, general and administrative1,483  1,216 2,859 2,506 
Restructuring and other charges39 81 160 372 
Acquisition-related charges10  3 16 3 
Amortization of intangible assets32  29 61 55 
Total costs and expenses14,515  11,643 28,840 25,396 
Earnings from operations1,362  826 2,683 1,691 
Interest and other, net(26) (51)13 
Earnings before taxes1,336  826 2,632 1,704 
Provision for taxes(108)(62)(336)(262)
Net earnings$1,228  $764 $2,296 $1,442 
Net earnings per share:   
Basic$1.00  $0.53 $1.82 $1.00 
Diluted$0.98  $0.53 $1.81 $0.99 
Weighted-average shares used to compute net earnings per share:   
Basic1,234  1,435 1,260 1,444 
Diluted1,247  1,440 1,270 1,450 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

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HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
(Unaudited)
 Three months ended April 30Six months ended April 30
 2021202020212020
 In millions
Net earnings$1,228 $764 $2,296 $1,442 
Other comprehensive income (loss) before taxes:    
Change in unrealized components of available-for-sale debt securities:    
Unrealized (losses) gains arising during the period (2)4 (1)
Change in unrealized components of cash flow hedges:    
Unrealized (losses) gains arising during the period(21)231 (387)291 
Losses (gains) reclassified into earnings149 (53)198 (112)
128 178 (189)179 
Change in unrealized components of defined benefit plans:    
Gains (losses) arising during the period42 (1)41 (1)
Amortization of actuarial loss and prior service benefit21 21 42 41 
Curtailments, settlements and other 1 1 1 
63 21 84 41 
Change in cumulative translation adjustment3 (17)33 (11)
Other comprehensive income (loss) before taxes194 180 (68)208 
 Provision for taxes(41)(22)(9)(33)
Other comprehensive income (loss), net of taxes153 158 (77)175 
Comprehensive income$1,381 $922 $2,219 $1,617 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
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HP INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(Unaudited)
 As of
 April 30, 2021October 31, 2020
 
In millions, except par value
ASSETS  
Current assets:  
Cash and cash equivalents$3,424 $4,864 
Accounts receivable, net of allowance for credit losses of $133 and $122, respectively
4,990 5,381 
Inventory7,502 5,963 
Other current assets4,175 4,440 
Total current assets20,091 20,648 
Property, plant and equipment, net2,538 2,627 
Goodwill6,524 6,380 
Other non-current assets5,396 5,026 
Total assets$34,549 $34,681 
LIABILITIES AND STOCKHOLDERS’ DEFICIT  
Current liabilities:  
Notes payable and short-term borrowings$1,222 $674 
Accounts payable15,228 14,704 
Other current liabilities11,579 10,842 
Total current liabilities28,029 26,220 
Long-term debt4,917 5,543 
Other non-current liabilities4,963 5,146 
Stockholders’ deficit:  
Preferred stock, $0.01 par value (300 shares authorized; none issued)
  
Common stock, $0.01 par value (9,600 shares authorized; 1,201 and 1,304 shares issued and outstanding at April 30, 2021 and October 31, 2020, respectively)
12 13 
Additional paid-in capital1,018 963 
Accumulated deficit(3,070)(1,961)
Accumulated other comprehensive loss(1,320)(1,243)
Total stockholders’ deficit(3,360)(2,228)
Total liabilities and stockholders’ deficit$34,549 $34,681 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
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HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows
(Unaudited)
 Six months ended April 30
 20212020
In millions
Cash flows from operating activities:  
Net earnings$2,296 $1,442 
Adjustments to reconcile net earnings to net cash provided by operating activities:  
Depreciation and amortization389 396 
Stock-based compensation expense191 172 
Restructuring and other charges160 372 
Deferred taxes on earnings50 114 
Other, net101 153 
Changes in operating assets and liabilities, net of acquisitions:  
Accounts receivable335 856 
Inventory(1,555)(645)
Accounts payable515 (518)
Net investment in leases(38)(85)
Taxes on earnings(99)(149)
Restructuring and other(115)(337)
Other assets and liabilities238 (996)
Net cash provided by operating activities2,468 775 
Cash flows from investing activities:  
Investment in property, plant and equipment(252)(347)
Proceeds from sale of property, plant and equipment 3 
Purchases of available-for-sale securities and other investments(13)(303)
Maturities and sales of available-for-sale securities and other investments274 303 
Collateral posted for derivative instruments(154) 
Payment made in connection with business acquisitions, net of cash acquired(170)(36)
Net cash used in investing activities(315)(380)
Cash flows from financing activities:  
Proceeds from short-term borrowings with original maturities less than 90 days, net 613 
Proceeds from short-term borrowings with original maturities greater than 90 days12 11 
Proceeds from debt, net of issuance costs48 58 
Payment of debt(126)(126)
Stock-based award activities and others(50)(112)
Repurchase of common stock(2,988)(814)
Cash dividends paid(489)(508)
Net cash used in financing activities(3,593)(878)
Decrease in cash and cash equivalents(1,440)(483)
Cash and cash equivalents at beginning of period4,864 4,537 
Cash and cash equivalents at end of period$3,424 $4,054 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
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HP INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Stockholders’ Deficit
(Unaudited)
 Common StockAdditional
Paid-in Capital
 Accumulated
Other
Comprehensive Loss
 Total Stockholders’ Deficit
Number of SharesPar ValueAccumulated Deficit
 In millions, except number of shares in thousands
Balance January 31, 20201,433,346 $14 $866 $(1,306)$(1,208)$(1,634)
Net earnings764 764 
Other comprehensive income, net of taxes158 158 
Comprehensive income922 
Issuance of common stock in connection with employee stock plans and other954 — 
Repurchases of common stock (Note 10)(4,343)(3)(94)(97)
Cash dividends3 3 
Stock-based compensation expense63 63 
Balance April 30, 20201,429,957 $14 $926 $(633)$(1,050)$(743)
Balance January 31, 20211,252,532 $13 $984 $(2,759)$(1,473)$(3,235)
Net earnings1,228 1,228 
Other comprehensive income, net of taxes153 153 
Comprehensive income1,381 
Issuance of common stock in connection with employee stock plans and other717 — 
Repurchases of common stock (Note 10)(51,994)(1)(42)(1,546)(1,589)
Cash dividends7 7 
Stock-based compensation expense76 76 
Balance April 30, 20211,201,255 $12 $1,018 $(3,070)$(1,320)$(3,360)
Common StockAdditional
Paid-in Capital
 Accumulated
Other
Comprehensive Loss
 Total Stockholders’ Deficit
Number of SharesPar ValueAccumulated Deficit
In millions, except number of shares in thousands
Balance October 31, 20191,457,719 $15 $835 $(818)$(1,225)$(1,193)
Net earnings1,442 1,442 
Other comprehensive income, net of taxes175 175 
Comprehensive income1,617 
Issuance of common stock in connection with employee stock plans and other10,763 (58)(58)
Repurchases of common stock (Note 10)(38,525)(1)(23)(776)(800)
Cash dividends ($0.35 per common share)
(508)(508)
Stock-based compensation expense172 172 
Adjustment for adoption of accounting standards27 27 
Balance April 30, 20201,429,957 $14 $926 $(633)$(1,050)$(743)
Balance October 31, 20201,303,927 $13 $963 $(1,961)$(1,243)$(2,228)
Net earnings2,296 2,296 
Other comprehensive loss, net of taxes(77)(77)
Comprehensive income2,219 
Issuance of common stock in connection with employee stock plans and other10,416 (48)(48)
Repurchases of common stock (Note 10)(113,088)(1)(88)(2,915)(3,004)
Cash dividends ($0.39 per common share)
(490)(490)
Stock-based compensation expense191 191 
Balance April 30, 20211,201,255 $12 $1,018 $(3,070)$(1,320)$(3,360)
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements
(Unaudited)

Note 1: Basis of Presentation
Basis of Presentation
The accompanying Consolidated Condensed Financial Statements of HP and its wholly-owned subsidiaries are prepared in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The interim financial information is unaudited but reflects all normal adjustments that are necessary to provide a fair statement of results for the interim periods presented. This interim information should be read in conjunction with the Consolidated Financial Statements for the fiscal year ended October 31, 2020 in the Annual Report on Form 10-K, filed on December 10, 2020. The Consolidated Condensed Balance Sheet for October 31, 2020 was derived from audited financial statements.
Principles of Consolidation
The Consolidated Condensed Financial Statements include the accounts of HP and its subsidiaries and affiliates in which HP has a controlling financial interest or is the primary beneficiary. All intercompany balances and transactions have been eliminated.
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in HP’s Consolidated Condensed Financial Statements and accompanying notes. Actual results may differ materially from those estimates. As of April 30, 2021, the extent to which the COVID-19 pandemic will impact our business going forward depends on numerous dynamic factors which we cannot reliably predict. As a result, many of our estimates and assumptions required increased judgment and may carry a higher degree of variability and volatility. As the events continue to evolve with respect to the pandemic, our estimates may materially change in future periods.
Separation Transaction
On November 1, 2015, Hewlett-Packard Company completed the separation of Hewlett Packard Enterprise Company (“Hewlett Packard Enterprise”), Hewlett-Packard Company’s former enterprise technology infrastructure, software, services and financing businesses (the “Separation”). In connection with the Separation, HP and Hewlett Packard Enterprise entered into a separation and distribution agreement, an employee matters agreement and various other agreements which remain enforceable and provide a framework for the continuing relationships between the parties. For more information on the impacts of these agreements, see Note 12, “Litigation and Contingencies”.
Recently Adopted Accounting Pronouncements
In June 2016, the FASB issued guidance, which requires credit losses on financial assets measured at amortized cost basis to be presented at the net amount expected to be collected, not based on incurred losses. Furthermore, credit losses on available-for-sale debt securities should be recorded through an allowance for credit losses limited to the amount by which fair value is below amortized cost. HP adopted the new credit loss standard as of November 1, 2020 using a modified retrospective approach. The cumulative effect upon adoption was not material to the consolidated condensed financial statements.
Accounts receivable
HP records allowance for credit losses for the current expected credit losses (“CECL”) inherent in the asset over its expected life. The allowance for credit losses is maintained based on the relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount.
HP records a specific reserve for individual accounts when HP becomes aware of specific customer circumstances, such as in the case of a bankruptcy filing or deterioration in the customer’s operating results or financial position. If there are additional changes in circumstances related to the specific customer, HP further adjusts estimates of the recoverability of receivables. HP assesses collectability by pooling receivables where similar risk characteristics exist.
HP maintains an allowance for credit losses for all other customers based on a variety of factors, including the use of third-party credit risk models that generate quantitative measures of default probabilities based on market factors, financial condition of customers, length of time receivables are past due, trends in the weighted-average risk rating for the portfolio, macroeconomic conditions, information derived from competitive benchmarking, significant one-time events, and historical experience. The past due or delinquency status of a receivable is based on the contractual payment terms of the receivable.
HP has third-party short-term financing arrangements intended to facilitate the working capital requirements of certain customers. These financing arrangements, which in certain cases provide for partial recourse, result in the transfer of HP’s trade receivables to a third-party. HP reflects amounts transferred to, but not yet collected from the third-party in Accounts receivable
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 1: Basis of Presentation (Continued)

in the Consolidated Condensed Balance Sheets. For arrangements involving an element of recourse, the fair value of the recourse obligation is measured using market data from similar transactions and reported as a current liability in the Consolidated Condensed Balance Sheets.
Debt and Marketable Equity Securities Investments
HP determines the appropriate classification of its investments at the time of purchase and re-evaluates the classifications at each balance sheet date. Debt and marketable equity securities are generally considered available-for-sale. All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents. Marketable debt securities with maturities of twelve months or less are classified as short-term investments and marketable debt securities with maturities greater than twelve months are classified based on their availability for use in current operations. Marketable equity securities, including mutual funds, are classified as either short- or long-term based on the nature of each security and its availability for use in current operations.
Available-for-sale debt securities are reported at fair value with unrealized gains and losses, net of applicable taxes, in Accumulated other comprehensive loss. Unrealized gains and losses on equity securities, credit losses and impairments on available-for-sale debt securities are recorded in Consolidated Condensed Statements of Earnings. Realized gains and losses on available-for-sale securities are calculated at the individual security level and included in Interest and other, net in the Consolidated Condensed Statements of Earnings.
HP monitors its investment portfolio for potential impairment and credit losses on a quarterly basis. If HP intends to sell a debt security or it is more likely than not that HP will be required to sell the security before recovery, then a decline in fair value below cost is recorded as an impairment charge in Interest and other, net and a new cost basis in the investment is established.
In other cases, if the carrying amount of an investment in debt securities exceeds its fair value and the decline in value is determined to be due to credit related reasons, HP records a credit loss allowance, limited by the amount that fair value is less than the amortized cost basis. HP recognizes the corresponding charge in Interest and other, net and the remaining unrealized loss, if any, in Accumulated other comprehensive loss in the Consolidated Condensed Balance Sheets. Factors that HP considers while determining the credit loss allowance includes, but is not limited to, severity and the reason for the decline in value, interest rate changes and counterparty long-term ratings.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)

Note 2. Segment Information
HP is a leading global provider of personal computing and other access devices, imaging and printing products, and related technologies, solutions and services. HP sells to individual consumers, small- and medium-sized businesses (“SMBs”) and large enterprises, including customers in the government, health and education sectors. HP goes to market through its extensive channel network and direct sales.
HP’s operations are organized into three reportable segments: Personal Systems, Printing, and Corporate Investments. HP’s organizational structure is based on many factors that the chief operating decision maker (“CODM”) uses to evaluate, view and run the business operations, which include, but are not limited to, customer base and homogeneity of products and technology. The segments are based on this organizational structure and information reviewed by HP’s CODM to evaluate segment results. The CODM uses several metrics to evaluate the performance of the overall business, including earnings from operations, and uses these results to allocate resources to each of the segments.
A summary description of each segment is as follows:
Personal Systems offers commercial and consumer desktop and notebook personal computers (“PCs”), workstations, thin clients, commercial mobility devices, retail point-of-sale (“POS”) systems, displays and peripherals, software, support and services. HP groups commercial notebooks, commercial desktops, commercial services, commercial mobility devices, commercial detachables and convertibles, workstations, retail POS systems and thin clients into commercial PCs and consumer notebooks, consumer desktops, consumer services and consumer detachables into consumer PCs when describing performance in these markets. Described below are HP’s global business capabilities within Personal Systems:
Commercial PCs are optimized for use by enterprise, public sector which includes education, and SMB customers, with a focus on robust designs, security, serviceability, connectivity, reliability and manageability in the customer’s environment. Additionally, HP offers a range of services and solutions to enterprise, public sector which includes education, and SMB customers to help them manage the lifecycle of their PC and mobility installed base. 
Consumer PCs are optimized for consumer usage, focusing on gaming, learning and working remotely, consuming multi-media for entertainment, managing personal life activities, staying connected, sharing information, getting things done for work including creating content and staying informed and secure.
Personal Systems groups its global business capabilities into the following business units when reporting business performance:
Notebooks consists of consumer notebooks, commercial notebooks, mobile workstations, peripherals, and commercial mobility devices;
Desktops includes consumer desktops, commercial desktops, thin clients, displays, peripherals, and retail POS systems;
•     Workstations consists of desktop workstations, displays, and peripherals; and
•     Other consists of consumer and commercial services as well as other Personal Systems capabilities.
Printing provides consumer and commercial printer hardware, supplies, services and solutions. Printing is also focused on imaging solutions in the commercial and industrial markets. Described below are HP’s global business capabilities within Printing.
Office Printing Solutions delivers HP’s office printers, supplies, services and solutions to SMBs and large enterprises. It also includes OEM hardware and solutions, and some Samsung-branded supplies.
Home Printing Solutions delivers innovative printing products, supplies, services and solutions for the home, home business and micro business customers utilizing both HP’s Ink and Laser technologies. It also includes some Samsung-branded supplies.
Graphics Solutions delivers large-format, commercial and industrial solutions and supplies to print service providers and packaging converters through a wide portfolio of printers and presses (HP DesignJet, HP Latex, HP Indigo and HP PageWide Web Presses).
3D Printing & Digital Manufacturing offers a portfolio of additive manufacturing solutions and supplies to help customers succeed in their additive and digital manufacturing journey. HP offers complete solutions in collaboration with an ecosystem of partners.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 2: Segment Information (Continued)
Printing groups its global business capabilities into the following business units when reporting business performance:
Commercial consists of office printing solutions, graphics solutions and 3D printing & digital manufacturing, excluding supplies;
Consumer consists of home printing solutions, excluding supplies; and
Supplies comprises a set of highly innovative consumable products, ranging from ink and laser cartridges to media, graphics supplies and 3D printing & digital manufacturing supplies, for recurring use in consumer and commercial hardware.
Corporate Investments includes HP Labs and certain business incubation and investment projects.
The accounting policies HP uses to derive segment results are substantially the same as those used by HP in preparing these financial statements. HP derives the results of the business segments directly from its internal management reporting system.
HP does not allocate certain operating expenses, which it manages at the corporate level, to its segments. These unallocated amounts include certain corporate governance costs and infrastructure investments, stock-based compensation expense, restructuring and other charges, acquisition-related charges and amortization of intangible assets.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements (Continued)
(Unaudited)
Note 2: Segment Information (Continued)
Segment Operating Results from Operations and the reconciliation to HP consolidated results were as follows:
 Three months ended April 30Six months ended April 30
 2021202020212020
 In millions
Net revenue:
Notebooks$7,489 $5,083 $14,855 $11,057 
Desktops2,225 2,409 4,625 5,332 
Workstations407 439 789 1,033 
Other434 382 889 783 
Personal Systems10,555 8,313 21,158 18,205 
Supplies3,337 2,841 6,483 5,882 
Commercial1,085 808 2,042 1,884 
Consumer901 509 1,842 1,116 
Printing5,323 4,158 10,367 8,882 
Corporate Investments1  1 1 
Total segment net revenue15,879 12,471 31,526 27,088 
Other(2)(2)(3)(1)
Total net revenue$15,877 $12,469 $31,523 $27,087 
  
Earnings before taxes:
Personal Systems$710 $552 $1,468 $1,214 
Printing951 548 1,949 1,302 
Corporate Investments(35)(14)(62)(27)
Total segment earnings from operations1,626 1,086 3,355 2,489 
Corporate and unallocated costs and other(108)(84)(244)(196)
Stock-based compensation expense(75)(63)(191)(172)
Restructuring and other charges(39)(81)(160)(372)
Acquisition-related charges(10)(3)(16)(3)
Amortization of intangible assets(32)(29)(61)(55)
Interest and other, net(26) (51)13 
Total earnings before taxes$1,336 $826 $2,632 $1,704 

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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements
(Unaudited)
Note 3: Restructuring and Other Charges
Summary of Restructuring Plans
HP’s restructuring activities for the six months ended April 30, 2021 and 2020 summarized by plan were as follows:
Fiscal 2020 Plan
Severance and EERNon-laborOther prior-year Plans Total
In millions
Accrued balance as of October 31, 2020$55 $ $12 $67 
Charges136 15  151 
Cash payments(92)(3)(10)(105)
Non-cash and other adjustments1 (12) (11)
Accrued balance as of April 30, 2021$100 $ $2 $102 
Total costs incurred to date as of April 30, 2021$564 $25 $1,817 $2,406 
Reflected in Consolidated Condensed Balance Sheets
Other current liabilities$100 $ $2 $102 
Accrued balance as of October 31, 2019$76 $ $66 $142 
Charges282 2 1 285 
Cash payments(205)(2)(40)(247)
Non-cash and other adjustments(49)(1) (3)(52)
Accrued balance as of April 30, 2020$104 $ $24 $128 
(1)Includes reclassification of liability related to the Enhanced Early Retirement (“EER”) plan of $44 million for certain healthcare and medical savings account benefits to pension and post-retirement plans.
HP’s restructuring charges for the three months ended April 30, 2021 summarized by the plans outlined below were as follows:
Fiscal 2020 Plan
Severance and EERNon-laborTotal
In millions
For the three months ended April 30, 2021$30 $4 $34 
Fiscal 2020 Plan
On September 30, 2019, HP’s Board of Directors approved the Fiscal 2020 Plan intended to optimize and simplify its operating model and cost structure that HP expects will be implemented through fiscal 2022. HP expects to reduce global headcount by approximately 7,000 to 9,000 employees through a combination of employee exits and voluntary EER. HP estimates that it will incur pre-tax charges of approximately $1.0 billion relating to labor and non-labor actions. HP now expects to incur approximately $0.8 billion primarily in labor costs related to workforce reductions and the remaining costs will relate to non-labor actions and other charges.
Other charges
Other charges include non-recurring costs, including those as a result of information technology rationalization efforts and proxy contest activities, and are distinct from ongoing operational costs. These costs primarily relate to third-party legal, professional services and other non-recurring costs. For the three and six months ended April 30, 2021, HP incurred $5 million and $9 million of other charges, respectively. For the three and six months ended April 30, 2020, HP incurred $53 million and $87 million of other charges, respectively.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Condensed Financial Statements
(Unaudited)
Note 4: Retirement and Post-Retirement Benefit Plans
The components of HP’s pension and post-retirement benefit (credit) cost recognized in the Consolidated Condensed Statements of Earnings were as follows:
 Three months ended April 30
 U.S. Defined Benefit PlansNon-U.S. Defined Benefit PlansPost-Retirement Benefit Plans
 202120202021202020212020
 In millions