HP 2012 Annual Report Download - page 156
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 16: Retirement and Post-Retirement Benefit Plans (Continued)
Future Contributions and Funding Policy
In fiscal 2013, HP expects to contribute approximately $674 million to its non-US pension plans
and approximately $33 million to cover benefit payments to U.S. non-qualified plan participants. HP
expects to pay approximately $124 million to cover benefit claims for HP’s post-retirement benefit
plans. HP’s funding policy is to contribute cash to its pension plans so that it meets at least the
minimum contribution requirements, as established by local government, funding and taxing authorities.
Estimated Future Benefits Payable
HP estimates that the future benefits payable for the retirement and post-retirement plans in place
were as follows at October 31, 2012:
Non-U.S.
U.S. Defined Defined Post-Retirement
Benefit Plans Benefit Plans Benefit Plans(1)
In millions
Fiscal year ending October 31
2013 ........................................ $1,324(2) $ 437 $164(2)
2014 ........................................ $ 594 $ 461 $133(2)
2015 ........................................ $ 606 $ 487 $ 78
2016 ........................................ $ 643 $ 529 $ 72
2017 ........................................ $ 689 $ 582 $ 69
Next five fiscal years to October 31, 2022 ............... $3,674 $3,645 $307
(1) The estimated future benefits payable for the post-retirement plans are reflected net of the
expected Medicare Part D subsidy.
(2) Increase in future benefits payable primarily attributable to the 2012 EER program.
Note 17: Commitments
HP leases certain real and personal property under non-cancelable operating leases. Certain leases
require HP to pay property taxes, insurance and routine maintenance and include renewal options and
escalation clauses. Rent expense was approximately $1,012 million in fiscal 2012, $1,042 million in fiscal
2011 and $1,062 million in fiscal 2010. Sublease rental income was approximately $37 million in fiscal
2012, $38 million in fiscal 2011 and $46 million in fiscal 2010.
At October 31, 2012 and October 31, 2011, property under capital lease, which was comprised
primarily of equipment and furniture, was approximately $882 million and $577 million, respectively,
and was included in property, plant and equipment in the accompanying Consolidated Balance Sheets.
Accumulated depreciation on the property under capital lease was approximately $453 million and
$454 million, respectively, at October 31, 2012 and October 31, 2011. The related depreciation is
included in depreciation expense.
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