HP 2009 Annual Report Download - page 78

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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Management’s Discussion and Analysis of
Financial Condition and Results of Operations (Continued)
associated with some of our fixed global notes for variable rate obligations through interest rate swaps
in a declining rates environment.
For more information on our borrowings, see Note 13 to the Consolidated Financial Statements in
Item 8, which is incorporated herein by reference.
Available Borrowing Resources
At October 31, 2009, we had the following resources available to obtain short-term or long-term
financings if we need additional liquidity:
At October 31, 2009
In millions
2009 Shelf Registration Statement(1) .................................... Unspecified
Commercial paper programs(2) ........................................ 16,200
Uncommitted lines of credit(3) ........................................ 1,600
Revolving trade receivables-based facilities(4) .............................. 269
(1) In May 2009, we filed a shelf registration statement (the ‘‘2009 Shelf Registration Statement’’) with
the SEC to enable us to offer for sale, from time to time and as the capital markets permit, in one
or more offerings, an unspecified amount of debt securities, common stock, preferred stock,
depositary shares and warrants.
(2) Our commercial paper programs are supported by various credit facilities, including a $3.5 billion
credit facility expiring in February 2010 and a $2.9 billion credit facility expiring in May 2012. Our
ability to have a U.S. commercial paper outstanding balance that exceeds the $6.4 billion
supported by our credit facilities is subject to a number of factors, including liquidity conditions
and business performance. HP also has registered for the Commercial Paper Funding Facility
(‘‘CPFF’’) provided by the Federal Reserve Bank of New York, which would enable HP to issue
three-month unsecured commercial paper through a special purpose vehicle of the Federal
Reserve. The maximum amount of commercial paper that HP may issue at any time through this
program is $10.4 billion less the total principal amount of all other outstanding commercial paper
that HP has issued. The CPFF program is currently scheduled to expire on February 1, 2010. As of
October 31, 2009, HP had not issued any commercial paper under the CPFF program. See
Note 13 to the Consolidated Financial Statements, which is incorporated herein by reference, for
additional information about these credit facilities and the CPFF program.
(3) HP maintains uncommitted lines of credit from a number of financial institutions that are available
through various foreign subsidiaries.
(4) We have revolving trade receivables-based facilities permitting us 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.
71