HP 2011 Annual Report Download - page 129

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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 13: Borrowings (Continued)
Within Other, including capital lease obligations, are borrowings that are collateralized by certain
financing receivable assets. As of October 31, 2011, the carrying value of the assets approximated the
carrying value of the borrowings of $247 million.
As of October 31, 2011, HP had the capacity to issue an unspecified amount of additional debt
securities, common stock, preferred stock, depositary shares and warrants under the 2009 Shelf
Registration Statement. As of that date, HP also had up to approximately $14.6 billion of available
borrowing resources, including $13.3 billion under its commercial paper programs, approximately
$1.3 billion relating to uncommitted lines of credit, and £2.2 billion ($3.6 billion) under the Bridge
Facility.
Aggregate future maturities of long-term debt at face value (excluding a fair value adjustment
related to hedged debt of $543 million, a premium on debt issuance of $35 million, and a discount on
debt issuance of $21 million) were as follows at October 31, 2011:
2012 2013 2014 2015 2016 Thereafter Total
In millions
Aggregate future maturities of debt
outstanding including capital lease
obligations ....................... $4,312 $5,685 $5,067 $1,858 $2,955 $6,462 $26,339
Interest expense on borrowings was approximately $551 million in fiscal 2011, $417 million in fiscal
2010 and $597 million in fiscal 2009.
Subsequent Event
On December 9, 2011, HP issued $3 billion of U.S. Dollar Global Notes under the 2009 Shelf
Registration Statement. The Global Notes consisted of fixed rate notes at market rates with maturities
of three, five and ten years from the date of issuance.
Note 14: Taxes on Earnings
The domestic and foreign components of earnings were as follows for the following fiscal years
ended October 31:
2011 2010 2009
In millions
U.S. .................................................... $3,039 $ 4,027 $2,569
Non-U.S. ................................................ 5,943 6,947 6,846
$8,982 $10,974 $9,415
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