HP 2009 Annual Report Download - page 63
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Management’s Discussion and Analysis of
Financial Condition and Results of Operations (Continued)
The decrease in the overall tax rate in fiscal 2009 from fiscal 2008 was due primarily to the net
income tax benefits recorded for fiscal 2009 which were related to foreign net operating losses,
adjustments to estimated fiscal 2008 tax accruals upon filing the 2008 income tax returns, valuation
allowance reversals for state and foreign net operating losses, and other miscellaneous items.
The decrease in the overall tax rate in fiscal 2008 from fiscal 2007 was related in part to lower tax
rates in other jurisdictions.
For a full reconciliation of our effective tax rate to the U.S. federal statutory rate of 35% and
further explanation of our provision for taxes, see Note 14 to the Consolidated Financial Statements in
Item 8, which is incorporated herein by reference.
Segment Information
A description of the products and services, as well as financial data, for each segment can be
found in Note 19 to the Consolidated Financial Statements in Item 8, which is incorporated herein by
reference. We have realigned segment financial data for the fiscal years ended October 31, 2008 and
2007 to reflect changes in HP’s organizational structure that occurred at the beginning of the first
quarter of fiscal 2009. We describe these changes more fully in Note 19. We have presented the
business segments in this Annual Report on Form 10-K based on the distinct nature of various
businesses such as customer base, homogeneity of products and technology. The discussions below
include the results of each of our segments.
HP Enterprise Business
Services, ESS and HP Software are reported collectively as a broader HP Enterprise Business. We
describe the results of the business segments of the HP Enterprise Business in more detail below.
Services
As a result of the acquisition of EDS, we renamed our services segment and reorganized the
business units within that segment to better align them to our enhanced services portfolio. The business
reorganization resulted in three new business units: application services, infrastructure technology
outsourcing and business process outsourcing. As part of this reorganization, the businesses included in
the former HP consulting and integration business unit were divided among the application services
and technology services business units and the HP Software segment. In addition, the businesses
included in the former outsourcing services business unit were divided among the infrastructure
technology outsourcing and business process outsourcing business units. Further, the managed print
services offering under technology services was moved to IPG.
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