HP 2009 Annual Report Download - page 130
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 12: Guarantees (Continued)
correcting a product failure, as well as specific product class failures outside of HP’s baseline
experience, affect the estimated warranty obligation. If actual product failure rates, repair rates or any
other post sales support costs differ from these estimates, revisions to the estimated warranty liability
would be required.
The changes in HP’s aggregate product warranty liabilities were as follows for the following fiscal
years ended October 31:
2009 2008
In millions
Product warranty liability at beginning of year ..................... $2,614 $ 2,376
Accruals for warranties issued ................................. 2,701 3,351
Adjustments related to pre-existing warranties (including changes in
estimates) .............................................. (223) (107)
Settlements made (in cash or in kind) ........................... (2,683) (3,006)
Product warranty liability at end of year .......................... $2,409 $ 2,614
Note 13: Borrowings
Notes Payable and Short-Term Borrowings
Notes payable and short-term borrowings, including the current portion of long-term debt, were as
follows for the following fiscal years ended October 31:
2009 2008
Weighted- Weighted-
Amount Average Amount Average
Outstanding Interest Rate Outstanding Interest Rate
In millions
Current portion of long-term debt ............. $1,143 1.0% $ 2,674 4.3%
Commercial paper ......................... 294 1.2% 7,146 2.7%
Notes payable to banks, lines of credit and other . . 413 2.0% 356 5.3%
$1,850 $10,176
Notes payable to banks, lines of credit and other includes deposits associated with HP’s banking-
related activities of approximately $326 million and $262 million at October 31, 2009 and 2008,
respectively.
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