HP 2009 Annual Report Download - page 111
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 3: Net Earnings Per Share (Continued)
the fiscal 2008 awards. HP has excluded all other shares underlying the fiscal 2008 PRU awards when
calculating diluted EPS as those shares were not contingently issuable.
In October and November 1997, HP issued U.S. dollar zero-coupon subordinated convertible notes
due 2017 (the ‘‘LYONs’’), the outstanding principal amount of which was redeemed in March 2008. The
LYONs were convertible at the option of the holders at any time prior to maturity, unless previously
redeemed or otherwise purchased. For purposes of calculating diluted earnings per share above, the
interest expense (net of tax) associated with the LYONs was added back to net earnings, and the shares
issuable upon conversion of the LYONs were included in the weighted-average shares used to compute
diluted earnings per share for periods that the LYONs were outstanding.
Note 4: Balance Sheet Details
Balance sheet details were as follows for the following fiscal years ended October 31:
Accounts and Financing Receivables
2009 2008
In millions
Accounts receivable ............................................... $17,166 $17,481
Allowance for doubtful accounts ..................................... (629) (553)
$16,537 $16,928
Financing receivables ............................................. $ 2,723 $ 2,355
Allowance for doubtful accounts ..................................... (48) (41)
$ 2,675 $ 2,314
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
$568 million as of October 31, 2009. HP sold $1,667 million of trade receivables during fiscal 2009. As
of October 31, 2009, HP had $269 million available under these programs.
Inventory
2009 2008
In millions
Finished goods .................................................... $4,092 $5,219
Purchased parts and fabricated assemblies ................................ 2,036 2,660
$6,128 $7,879
104