HP 2010 Annual Report Download - page 116
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 10: Financial Instruments
Cash Equivalents and Available-for-Sale Investments
Cash equivalents and available-for-sale investments at fair value as of October 31, 2010 and
October 31, 2009 were as follows:
October 31, 2010 October 31, 2009
Gross Gross Estimated Gross Gross Estimated
Unrealized Unrealized Fair Unrealized Unrealized Fair
Cost Gain Loss Value Cost Gain Loss Value
In millions
Cash Equivalents
Time deposits ......... $6,590 $— $ — $6,590 $ 8,870 $— $ — $ 8,870
Commercial paper ...... — — — — 1,388 — — 1,388
Money market funds .... 971 — — 971 262 — — 262
Total cash equivalents ..... 7,561 — — 7,561 10,520 — — 10,520
Available-for-Sale
Investments
Debt securities:
Time deposits ......... 8 — — 8 55 — — 55
Foreign bonds ......... 315 58 — 373 328 49 — 377
Corporate bonds and
other debt securities . . . 89 — (30) 59 91 — (45) 46
Total debt securities ...... 412 58 (30) 440 474 49 (45) 478
Equity securities in public
companies ............ 5 4 — 9 3 2 — 5
Total cash equivalents and
available-for-sale
investments ........... $7,978 $62 $(30) $8,010 $10,997 $51 $(45) $11,003
Cash equivalents consist of investments in time deposits, commercial paper and money market
funds with original maturities of ninety days or less. Interest income related to cash and cash
equivalents was approximately $111 million in fiscal 2010, $119 million in fiscal 2009 and $401 million
in fiscal 2008. Time deposits were primarily issued by institutions outside the U.S. as of October 31,
2010 and October 31, 2009. Available-for-sale securities consist of short-term investments which mature
within twelve months or less and long-term investments with maturities longer than twelve months.
Investments include primarily time deposits, fixed-interest securities, and institutional bonds. HP
estimates the fair values of its investments based on quoted market prices or pricing models using
current market rates. These estimated fair values may not be representative of actual values that will be
realized in the future.
The gross unrealized loss as of October 31, 2010 was due primarily to declines in the fair value of
certain debt securities and included $28 million that has been in a continuous loss position for more
than twelve months. The gross unrealized loss as of October 31, 2009 was due primarily to declines in
the fair value of certain debt securities and included $20 million that had been in a continuous loss
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