HP 2012 Annual Report Download - page 109
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 4: Balance Sheet Details (Continued)
HP has third-party financing arrangements in order to facilitate the working capital requirements
of certain partners consisting of revolving short-term financing. These financing arrangements, which in
certain circumstances may contain partial recourse, result in a transfer of HP’s receivables and risk to
the third party. As these transfers qualify as true sales, the receivables are derecognized from the
Consolidated Balance Sheets upon transfer, and HP receives a payment for the receivables from the
third party within a mutually agreed upon time period. For arrangements involving an element of
recourse, the recourse obligation is measured using market data from similar transactions and reported
as a current liability in the Consolidated Balance Sheets. The recourse obligation as of October 31,
2012 and 2011 were not material. As of October 31, 2012, the capacity of the partial recourse facility
was $876 million and for arrangements not involving recourse, the total aggregate capacity was
$636 million.
For fiscal 2012 and 2011, trade receivables sold under these facilities were $4.3 billion and
$2.8 billion, respectively, which approximates the amount of cash received. The resulting costs
associated with the sales of trade accounts receivable for the twelve months ended October 31, 2012
and 2011 were not material. HP had $0.8 billion as of October 31, 2012 and $0.7 billion as of
October 31, 2011 of available capacity under these programs.
Inventory
2012 2011
In millions
Finished goods .................................................... $4,094 $4,869
Purchased parts and fabricated assemblies ................................ 2,223 2,621
$6,317 $7,490
Other Current Assets
2012 2011
In millions
Deferred tax assets—short-term ...................................... $ 3,783 $ 5,374
Value-added taxes receivable from various governments ..................... 3,298 2,480
Supplier and other receivables ....................................... 2,549 2,762
Prepaid and other current assets ..................................... 3,730 3,486
$13,360 $14,102
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