HP 2009 Annual Report Download - page 144
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Please find page 144 of the 2009 HP annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 16: Retirement and Post-Retirement Benefit Plans (Continued)
Similar to HP, EDS offered participation in defined contribution plans for U.S. and non-U.S.
employees.
During fiscal 2008, HP matched employee contributions to the HP 401(k) Plan with cash
contributions up to a maximum of 6% of eligible compensation for U.S. employees hired prior to
August 1, 2008. For U.S. employees hired on or after August 1, 2008 HP matched employee
contributions up to a maximum of 4% of eligible compensation.
The employer match for the EDS plan was 25% of the employee contribution based on a
maximum contribution of 6% of the employee’s salary. Effective January 1, 2009, U.S. employees
participating in the EDS 401(k) plan became eligible for a 4% HP matching contribution on eligible
compensation. Similar to the HP 401(k) plan, contributions are invested at the direction of the
employee in various funds, although the EDS 401(k) plan does not offer an HP stock fund.
Effective April 1, 2009, HP matching contributions under both the U.S. HP 401(k) Plan and the
EDS 401(k) Plan were changed to a quarterly, discretionary, performance-based match of up to a
maximum of 4% of eligible compensation for all U.S. employees, which will be determined each fiscal
quarter based on business results. HP matching contributions will vary from 0% to 100% of the
maximum 4% match, based on such factors as quarterly earnings, market share growth, and
performance relative to market and economic conditions. HP’s matching contributions for the quarter
ended October 31, 2009 was 100% of the maximum 4% match.
Effective January 31, 2004, HP designated the HP Stock Fund, an investment option under the
HP 401(k) Plan, as an Employee Stock Ownership Plan and, as a result, participants in the HP Stock
Fund may receive dividends in cash or may reinvest such dividends into the HP Stock Fund. HP paid
approximately $8 million, $9 million and $9 million in dividends for the HP common shares held by the
HP Stock Fund in fiscal 2009, 2008 and 2007, respectively. HP records the dividends as a reduction of
retained earnings in the Consolidated Statements of Stockholders’ Equity. The HP Stock Fund held
approximately 25 million shares of HP common stock at October 31, 2009.
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