HP 2010 Annual Report Download - page 133
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 14: Taxes on Earnings (Continued)
The total amount of gross unrecognized tax benefits was $2.1 billion as of October 31, 2010. A
reconciliation of unrecognized tax benefits is as follows:
Balance at November 1, 2007 ................................................ $2,271
Increases:
For current year’s tax positions ........................................... 101
For prior years’ tax positions ............................................. 739
Decreases:
For prior years’ tax positions ............................................. (751)
Statute of limitations expiration ........................................... (16)
Settlements with taxing authorities ......................................... (11)
Balance at October 31, 2008 ................................................ $2,333
Increases:
For current year’s tax positions ........................................... 115
For prior years’ tax positions ............................................. 626
Decreases:
For prior years’ tax positions ............................................. (762)
Statute of limitations expiration ........................................... (293)
Settlements with taxing authorities ......................................... (131)
Balance at October 31, 2009 ................................................. $1,888
Increases:
For current year’s tax positions ........................................... 27
For prior years’ tax positions ............................................. 347
Decreases:
For prior years’ tax positions ............................................. (120)
Statute of limitations expiration ........................................... (1)
Settlements with taxing authorities ......................................... (56)
Balance at October 31, 2010 ................................................ $2,085
Up to $680 million, $950 million and $1.0 billion of HP’s unrecognized tax benefits at October 31,
2008, 2009 and 2010, respectively, would affect HP’s effective tax rate if realized.
HP recognizes interest income from favorable settlements and income tax receivables and interest
expense and penalties accrued on unrecognized tax benefits within income tax expense. As of
October 31, 2010, HP had accrued a net $181 million payable for interest and penalties. During fiscal
2010, HP recognized net interest expense net of tax on net deficiencies of $66 million.
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