HP 2006 Annual Report Download - page 7

Forward-Looking Statements
This Annual Report on Form 10-K, including ‘‘Management’s Discussion and Analysis of Financial
Condition and Results of Operations’’ in Item 7, contains forward-looking statements that involve risks,
uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove
incorrect, the results of Hewlett-Packard Company 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 projections of revenue, margins, expenses, tax provisions,
earnings, cash flows, benefit obligations, share repurchases or other financial items; any statements of the
plans, strategies and objectives of management for future operations, including the execution of cost
reduction programs and restructuring plans; any statements concerning expected development, performance
or market share relating to products or services; any statements regarding future economic conditions or
performance; any statements regarding pending investigations, claims or disputes; any statements of
expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties
and assumptions include macroeconomic and geopolitical trends and events; the execution and performance
of contracts by customers, suppliers and partners; the challenge of managing asset levels, including inventory;
the difficulty of aligning expense levels with revenue changes; assumptions related to pension and other
post-retirement costs; expectations and assumptions relating to the execution and timing of cost reduction
programs and restructuring plans; the outcome of pending legislation and accounting pronouncements; the
resolution of pending investigations, claims and disputes; and other risks that are described herein, including
but not limited to the items discussed in ‘‘Risk Factors’’ in Item 1A of this report, and that are otherwise
described or updated from time to time in HP’s Securities and Exchange Commission reports. HP assumes
no obligation and does not intend to update these forward-looking statements.
Reclassifications
HP has made certain reclassifications to its Consolidated Balance Sheet as of October 31, 2006 and its
Consolidated Statement of Cash Flows for the fiscal year ended October 31, 2006 since HP reported its
preliminary fourth quarter financial results on November 16, 2006. These reclassifications were made in
connection with the completion of an extensive internal and external review of tax data (including
consolidating and reviewing the tax provisions of numerous domestic and foreign entities) in the ordinary
course of preparing this Annual Report on Form 10-K. These reclassifications are limited to the ‘‘Other
current assets,’’ ‘‘Long-term financing receivables and other assets,’’ ‘‘Taxes on earnings’’ and ‘‘Other
liabilities’’ line items of that Consolidated Balance Sheet and the ‘‘Deferred taxes on earnings’’ and ‘‘Taxes
on earnings’’ line items of the Consolidated Statement of Cash Flows and do not affect HP’s previously
reported Consolidated Statement of Earnings for the fiscal year ended October 31, 2006.
PART I
ITEM 1. Business.
HP is a leading global provider of products, technologies, software, solutions and services to
individual consumers, small and medium sized businesses (‘‘SMBs’’), large enterprises, including the
public and education sectors. Our offerings span:
• personal computing and other access devices,
• imaging and printing-related products and services,
• enterprise information technology infrastructure, including enterprise storage and server
technology, enterprise system and network management software, and
• multi-vendor customer services, including technology support and maintenance, consulting and
integration and managed services.
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