HP 2014 Annual Report Download - page 160
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 12: Borrowings (Continued)
HP’s and the HP subsidiary’s resources available to obtain short- or long-term financing were as
follows:
As of
October 31,
2014
In millions
2012 Shelf Registration Statement(1) ....................................... Unspecified
Commercial paper programs ............................................ $16,202
Uncommitted lines of credit ............................................. $ 1,587
(1) HP has the capacity to issue an unspecified amount of additional debt securities, common stock,
preferred stock, depositary shares and warrants under the 2012 Shelf Registration Statement.
The extent to which HP is able to utilize the 2012 Shelf Registration Statement and the
commercial paper programs as sources of liquidity at any given time is subject to a number of factors,
including market demand for HP securities and commercial paper, HP’s financial performance, HP’s
credit ratings and market conditions generally.
As of October 31, 2014, aggregate future maturities of long-term debt at face value (excluding a
fair value adjustment related to hedged debt of $120 million, a premium on debt issuance of
$13 million and a discount on debt issuance of $13 million) were as follows:
2015 2016 2017 2018 2019 Thereafter Total
In millions
Aggregate future maturities of debt outstanding
including capital lease obligations .......... $2,652 $3,027 $2,920 $786 $2,003 $7,186 $18,574
Interest expense on borrowings recognized in the Consolidated Statements of Earnings during the
fiscal years was as follows:
Expense Location 2014 2013 2012
In millions
Financing interest ............................ Financing interest $277 $312 $317
Interest expense .............................. Interest and other, net 344 426 514
Total interest expense ........................ $621 $738 $831
Note 13: Stockholders’ Equity
Dividends
The stockholders of HP common stock are entitled to receive dividends when and as declared by
HP’s Board of Directors. Dividends declared were $0.61 per common share in fiscal 2014, $0.55 per
common share in fiscal 2013 and $0.50 per common share in fiscal 2012.
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