HP 2005 Annual Report Download - page 107

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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 11: Borrowings (Continued)
Aggregate future maturities of debt at face value (excluding the fair value adjustment related to
SFAS No. 133 of $75 million and discount on debt issuance of $168 million) are as follows at
October 31, 2005:
2006 2007 2008 2009 2010 Thereafter Total
In millions
Aggregate future maturities of debt
outstanding including capital lease
obligations ....................... $1,167 $2,009 $560 $15 $4 $1,062 $4,817
Interest expense on borrowings was $334 million in fiscal 2005, $247 million in fiscal 2004 and
$277 million in fiscal 2003.
Note 12: Taxes on Earnings
The provision for (benefit from) taxes on earnings was as follows for the following fiscal years
ended October 31:
2005 2004 2003
In millions
U.S. federal taxes:
Current .................................................. $ 687 $302 $(127)
Deferred ................................................. (139) (161) (254)
Non-U.S. taxes:
Current .................................................. 598 516 533
Deferred ................................................. (19) 187 159
State taxes:
Current .................................................. 21 (96) 57
Deferred ................................................. (3) (49) (19)
$1,145 $ 699 $ 349
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