HP 2008 Annual Report Download - page 110
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 4: Balance Sheet Details
Balance sheet details were as follows for the following fiscal years ended October 31:
Accounts and Financing Receivables
2008 2007
In millions
Accounts receivable ............................................... $17,481 $13,646
Allowance for doubtful accounts ..................................... (553) (226)
$16,928 $13,420
Financing receivables ............................................. $ 2,404 $ 2,547
Allowance for doubtful accounts ..................................... (90) (40)
$ 2,314 $ 2,507
The increase in the allowance for doubtful accounts for accounts receivable from $226 million as
of October 31, 2007 to $553 million as of October 31, 2008 is due primarily to additional allowances
acquired in connection with the EDS acquisition and further allowances taken against EDS’s accounts
receivable after the acquisition, combined with an increase in allowances taken for HP’s customer
specific risks due in part to the slowing of the economy.
HP has revolving trade receivables-based facilities permitting it to sell certain trade receivables to
third parties on a non-recourse basis. The aggregate maximum capacity under these programs was
approximately $584 million as of October 31, 2008. HP sold approximately $2.7 billion of trade
receivables during fiscal 2008. As of October 31, 2008, HP had approximately $142 million available
under these programs.
Inventory
2008 2007
In millions
Finished goods .................................................... $5,219 $5,404
Purchased parts and fabricated assemblies ................................ 2,660 2,629
$7,879 $8,033
Other Current Assets
2008 2007
In millions
Deferred tax assets — short-term ..................................... $ 3,920 $ 4,609
Value added taxes receivable from the government ........................ 3,115 2,979
Supplier and other receivables ....................................... 3,082 2,676
Prepaid and other current assets ..................................... 4,244 1,733
$14,361 $11,997
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