UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
February 21, 2013
Date of Report (Date of Earliest Event Reported)
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HEWLETT-PACKARD COMPANY
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(Exact name of registrant as specified in its charter)
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DELAWARE
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1-4423
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94-1081436
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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3000 HANOVER STREET, PALO ALTO, CA
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94304
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(Address of principal executive offices)
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(Zip code)
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(650) 857-1501
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(Registrant’s telephone number, including area code)
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Item 2.02
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Results of Operations and Financial Condition.
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As previously announced, Hewlett-Packard Company (“HP”) plans to release the financial results for its first fiscal quarter of 2013 during the afternoon of February 21, 2013. To assist investors in evaluating those financial results, HP has furnished this Current Report on Form 8-K in advance of that release to provide information about changes made to its segment financial reporting structure effective at the beginning of its first fiscal quarter of 2013 and the impact of those changes on its historical financial statements. Those changes, the most significant of which were previously identified in HP’s 2012 Annual Report on Form 10-K filed on December 27, 2012, include the following:
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● | HP has created a new Enterprise Group segment consisting of its Technology Services business unit, which was previously a part of its former Services segment, and its former Enterprise Servers, Storage and Networking segment; | |
● | HP has created a new Enterprise Services segment consisting of its Application and Business Services business unit and its Infrastructure Technology Outsourcing business unit, both of which were previously a part of its former Services segment; | |
● | HP has transferred its Personal Systems commercial products support business from its Technology Services business unit to the Other business unit within its Personal Systems segment; | |
● | HP has transferred its end-user workplace support business from its Technology Services business unit to its Infrastructure Technology Outsourcing business unit within its new Enterprise Services segment; and | |
● |
HP has transferred the portion of its business intelligence services business that was a part of its Corporate Investments segment to its Application and Business Services business unit within its new Enterprise Services segment.
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As noted above, as a result of these changes, HP has created two new financial reporting segments, the Enterprise Group segment and the Enterprise Services segment. Also as noted above, HP has eliminated two existing financial reporting segments, the Enterprise Servers, Storage and Networking segment and the Services segment. Taking into account these changes, effective at the beginning of HP’s first fiscal quarter of 2013, HP’s seven financial reporting segments are Personal Systems, Printing, the Enterprise Group, Enterprise Services, Software, HP Financial Services and Corporate Investments.
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To provide improved visibility and comparability, HP has reflected these changes to its segment financial reporting structure in prior financial reporting periods on an as-if basis, which has resulted in the transfer of revenue and operating profit among the Personal Systems, Enterprise Group, Enterprise Services and Corporate Investments segments. These changes had no impact on the previously reported financial results for the Printing, Software or HP Financial Services segments. In addition, none of these changes impacted HP’s previously reported consolidated net revenue, earnings from operations, net earnings or net earnings per share.
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As a result of these changes, HP has released modified quarterly and year-to-date segment financial results and statements of business unit revenue for fiscal 2012 and 2011, which are attached hereto as Exhibit 99.1. Exhibit 99.1 is furnished herewith and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended.
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Financial Statements and Exhibits.
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Exhibit Number
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Description
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Exhibit 99.1
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HP’s revised segment financial results and statements of business unit revenue for fiscal 2012 and 2011 (furnished herewith).
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SIGNATURE
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HEWLETT-PACKARD COMPANY
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DATE: February 21, 2013
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By:
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/s/ John F. Schultz | ||
Name:
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John F. Schultz
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Title:
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Executive Vice President, General Counsel
and Secretary
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Exhibit Number
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Description
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Exhibit 99.1
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HP’s revised segment financial results and statements of business unit revenue for fiscal 2012 and 2011 (furnished herewith).
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
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FISCAL 2011 SEGMENT INFORMATION (Revised)
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(Unaudited)
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(In millions)
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REVISED AMOUNTS
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AMOUNTS AS PREVIOUSLY REPORTED
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VARIANCE
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Three months ended
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Twelve
months
ended
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Three months ended
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Twelve
months
ended
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Three months ended
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Twelve months ended
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Jan. 31,
2011
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Apr. 30,
2011
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Jul. 31,
2011
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Oct. 31,
2011
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Oct. 31,
2011
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Jan. 31,
2011
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Apr. 30,
2011
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Jul. 31,
2011
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Oct. 31,
2011
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Oct. 31,
2011
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Jan. 31,
2011
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Apr. 30,
2011
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Jul. 31,
2011
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Oct. 31,
2011
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Oct. 31,
2011
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Net revenue: (a)
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Personal Systems
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$ | 10,472 | $ | 9,438 | $ | 9,610 | $ | 10,134 | $ | 39,654 | $ | 10,449 | $ | 9,415 | $ | 9,592 | $ | 10,118 | $ | 39,574 | $ | 23 | $ | 23 | $ | 18 | $ | 16 | $ | 80 | ||||||||||||||||||||||||||||||
Printing
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6,731 | 6,843 | 6,183 | 6,419 | 26,176 | 6,731 | 6,843 | 6,183 | 6,419 | 26,176 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Total Printing and Personal Systems Group | 17,203 | 16,281 | 15,793 | 16,553 | 65,830 | 17,180 | 16,258 | 15,775 | 16,537 | 65,750 | 23 | 23 | 18 | 16 | 80 | |||||||||||||||||||||||||||||||||||||||||||||
Enterprise Servers, Storage and Networking |
-
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- | - | - | - | 5,599 | 5,516 | 5,348 | 5,601 | 22,064 | (5,599 | ) | (5,516 | ) | (5,348 | ) | (5,601 | ) | (22,064 | ) | ||||||||||||||||||||||||||||||||||||||||
Enterprise Group
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7,859 | 7,852 | 7,723 | 8,026 | 31,460 | - | - | - | - | - | 7,859 | 7,852 | 7,723 | 8,026 | 31,460 | |||||||||||||||||||||||||||||||||||||||||||||
Services
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- | - | - | - | - | 8,529 | 8,916 | 9,030 | 9,227 | 35,702 | (8,529 | ) | (8,916 | ) | (9,030 | ) | (9,227 | ) | (35,702 | ) | ||||||||||||||||||||||||||||||||||||||||
Enterprise Services
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6,268 | 6,568 | 6,643 | 6,789 | 26,268 | - | - | - | - | - | 6,268 | 6,568 | 6,643 | 6,789 | 26,268 | |||||||||||||||||||||||||||||||||||||||||||||
Software
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725 | 797 | 822 | 1,023 | 3,367 | 725 | 797 | 822 | 1,023 | 3,367 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
HP Financial Services
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827 | 885 | 932 | 952 | 3,596 | 827 | 885 | 932 | 952 | 3,596 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Corporate Investments
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40 | 31 | 229 | (134 | ) | 166 | 62 | 42 | 235 | (131 | ) | 208 | (22 | ) | (11 | ) | (6 | ) | (3 | ) | (42 | ) | ||||||||||||||||||||||||||||||||||||||
Total segments
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32,922 | 32,414 | 32,142 | 33,209 | 130,687 | 32,922 | 32,414 | 32,142 | 33,209 | 130,687 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Elimination of intersegment net revenue and other
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(620 | ) | (782 | ) | (953 | ) | (1,087 | ) | (3,442 | ) | (620 | ) | (782 | ) | (953 | ) | (1,087 | ) | (3,442 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total HP consolidated net revenue
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$ | 32,302 | $ | 31,632 | $ | 31,189 | $ | 32,122 | $ | 127,245 | $ | 32,302 | $ | 31,632 | $ | 31,189 | $ | 32,122 | $ | 127,245 | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||||||
Earnings before taxes: (a)
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Personal Systems
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$ | 672 | $ | 527 | $ | 561 | $ | 567 | $ | 2,327 | $ | 672 | $ | 533 | $ | 567 | $ | 578 | $ | 2,350 | $ | - | $ | (6 | ) | $ | (6 | ) | $ | (11 | ) | $ | (23 | ) | ||||||||||||||||||||||||||
Printing
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1,119 | 1,136 | 879 | 793 | 3,927 | 1,119 | 1,136 | 879 | 793 | 3,927 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Total Printing and Personal Systems Group
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1,791 | 1,663 | 1,440 | 1,360 | 6,254 | 1,791 | 1,669 | 1,446 | 1,371 | 6,277 | - | (6 | ) | (6 | ) | (11 | ) | (23 | ) | |||||||||||||||||||||||||||||||||||||||||
Enterprise Servers, Storage and Networking
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- | - | - | - | - | 830 | 760 | 690 | 717 | 2,997 | (830 | ) | (760 | ) | (690 | ) | (717 | ) | (2,997 | ) | ||||||||||||||||||||||||||||||||||||||||
Enterprise Group
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1,650 | 1,586 | 1,508 | 1,521 | 6,265 | - | - | - | - | - | 1,650 | 1,586 | 1,508 | 1,521 | 6,265 | |||||||||||||||||||||||||||||||||||||||||||||
Services
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- | - | - | - | - | 1,381 | 1,372 | 1,240 | 1,210 | 5,203 | (1,381 | ) | (1,372 | ) | (1,240 | ) | (1,210 | ) | (5,203 | ) | ||||||||||||||||||||||||||||||||||||||||
Enterprise Services
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567 | 556 | 431 | 418 | 1,972 | - | - | - | - | - | 567 | 556 | 431 | 418 | 1,972 | |||||||||||||||||||||||||||||||||||||||||||||
Software
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120 | 158 | 160 | 284 | 722 | 120 | 158 | 160 | 284 | 722 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
HP Financial Services
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79 | 83 | 88 | 98 | 348 | 79 | 83 | 88 | 98 | 348 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Corporate Investments
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(184 | ) | (203 | ) | (337 | ) | (909 | ) | (1,633 | ) | (178 | ) | (199 | ) | (334 | ) | (908 | ) | (1,619 | ) | (6 | ) | (4 | ) | (3 | ) | (1 | ) | (14 | ) | ||||||||||||||||||||||||||||||
Total segment earnings from operations
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4,023 | 3,843 | 3,290 | 2,772 | 13,928 | 4,023 | 3,843 | 3,290 | 2,772 | 13,928 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Corporate and unallocated costs and eliminations
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149 | (153 | ) | (114 | ) | (196 | ) | (314 | ) | 149 | (153 | ) | (114 | ) | (196 | ) | (314 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||
Unallocated costs related to stock-based
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compensation expense
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(166 | ) | (130 | ) | (130 | ) | (192 | ) | (618 | ) | (166 | ) | (130 | ) | (130 | ) | (192 | ) | (618 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Amortization of purchased intangible assets
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(425 | ) | (413 | ) | (358 | ) | (411 | ) | (1,607 | ) | (425 | ) | (413 | ) | (358 | ) | (411 | ) | (1,607 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Restructuring charges
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(158 | ) | (158 | ) | (150 | ) | (179 | ) | (645 | ) | (158 | ) | (158 | ) | (150 | ) | (179 | ) | (645 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Acquisition-related charges
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(29 | ) | (21 | ) | (18 | ) | (114 | ) | (182 | ) | (29 | ) | (21 | ) | (18 | ) | (114 | ) | (182 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Impairment of goodwill and purchased intangible assets
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- | - | - | (885 | ) | (885 | ) | - | - | - | (885 | ) | (885 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||
Interest and other, net
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(97 | ) | (76 | ) | (121 | ) | (401 | ) | (695 | ) | (97 | ) | (76 | ) | (121 | ) | (401 | ) | (695 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
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Total HP consolidated earnings before taxes
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$ | 3,297 | $ | 2,892 | $ | 2,399 | $ | 394 | $ | 8,982 | $ | 3,297 | $ | 2,892 | $ | 2,399 | $ | 394 | $ | 8,982 | $ | - | $ | - | $ | - | $ | - | $ | - |
(a) |
HP has implemented certain organizational realignments. As a result of these realignments, HP has re-evaluated its segment financial reporting structure and, effective in the first quarter of fiscal 2013, created two new financial reporting segments, the Enterprise Group segment and the Enterprise Services segment, and eliminated two other financial reporting segments, the Enterprise Servers, Storage and Networking (“ESSN”) segment and the Services segment. The Enterprise Group segment consists of the business units within the former ESSN segment and most of the services offerings of the Technology Services (“TS”) business unit, which was previously a part of the former Services segment. The Enterprise Services segment consists of the Applications and Business Services (“ABS”) and Infrastructure Technology Outsourcing (“ITO”) business units from the former Services segment, along with the end-user workplace support services business that was previously a part of the TS business unit. Taking into account these changes, HP has the following seven financial reporting segments: Personal Systems, Printing, the Enterprise Group, Enterprise Services, Software, HP Financial Services and Corporate Investments.
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Also as a result of these realignments, the financial results of the Personal Systems commercial products support business, which were previously reported as part of the TS business unit, will now be reported as part of the Other business unit within the Personal Systems segment, and the financial results of the portion of the business intelligence services business that had continued to be reported as part of the Corporate Investments segment following the implementation of prior realignment actions will now be reported as part of the ABS business unit. In addition, the end-user workplace support services business, which, as noted above, was previously a part of the TS business unit and will now become a part of the Enterprise Services segment, will be reported as part of the ITO business unit within that segment.
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To provide improved visibility and comparability, HP has reflected these changes to its reporting structure in prior financial reporting periods on an as-if basis, which has resulted in the transfer of revenue and operating profit among the Personal Systems, the Enterprise Group, Enterprise Services and Corporate Investments segments. These changes had no impact on the previously reported financial results for the Printing, Software or HP Financial Services segments. In addition, none of these changes impacted HP’s previously reported consolidated net revenue, earnings from operations, net earnings or net earnings per share.
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
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FISCAL 2012 SEGMENT INFORMATION (Revised)
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(Unaudited)
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(In millions)
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REVISED AMOUNTS |
AMOUNTS AS PREVIOUSLY REPORTED
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VARIANCE
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Three months ended
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Twelve months ended
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Three months ended
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Twelve months ended
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Three months ended
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Twelve months ended
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Jan. 31,
2012
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Apr. 30,
2012
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Jul. 31,
2012
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Oct. 31,
2012
|
Oct. 31,
2012
|
Jan. 31,
2012
|
Apr. 30,
2012
|
Jul. 31,
2012
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Oct. 31,
2012
|
Oct. 31,
2012
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Jan. 31,
2012
|
Apr. 30,
2012
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Jul. 31,
2012
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Oct. 31,
2012
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Oct. 31,
2012
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Net revenue: (a)
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Personal Systems
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$ | 8,892 | $ | 9,470 | $ | 8,636 | $ | 8,727 | $ | 35,725 | $ | 8,873 | $ | 9,452 | $ | 8,620 | $ | 8,705 | $ | 35,650 | $ | 19 | $ | 18 | $ | 16 | $ | 22 | $ | 75 | ||||||||||||||||||||||||||||||
Printing
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6,258 | 6,132 | 6,017 | 6,080 | 24,487 | 6,258 | 6,132 | 6,017 | 6,080 | 24,487 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Total Printing and Personal Systems Group
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15,150 | 15,602 | 14,653 | 14,807 | 60,212 | 15,131 | 15,584 | 14,637 | 14,785 | 60,137 | 19 | 18 | 16 | 22 | 75 | |||||||||||||||||||||||||||||||||||||||||||||
Enterprise Servers, Storage and Networking
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- | - | - | - | - | 5,018 | 5,211 | 5,143 | 5,119 | 20,491 | (5,018 | ) | (5,211 | ) | (5,143 | ) | (5,119 | ) | (20,491 | ) | ||||||||||||||||||||||||||||||||||||||||
Enterprise Group
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7,282 | 7,546 | 7,492 | 7,459 | 29,779 | - | - | - | - | - | 7,282 | 7,546 | 7,492 | 7,459 | 29,779 | |||||||||||||||||||||||||||||||||||||||||||||
Services
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- | - | - | - | - | 8,626 | 8,831 | 8,754 | 8,711 | 34,922 | (8,626 | ) | (8,831 | ) | (8,754 | ) | (8,711 | ) | (34,922 | ) | ||||||||||||||||||||||||||||||||||||||||
Enterprise Services
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6,371 | 6,489 | 6,397 | 6,352 | 25,609 | - | - | - | - | - | 6,371 | 6,489 | 6,397 | 6,352 | 25,609 | |||||||||||||||||||||||||||||||||||||||||||||
Software
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946 | 970 | 973 | 1,171 | 4,060 | 946 | 970 | 973 | 1,171 | 4,060 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
HP Financial Services
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950 | 968 | 935 | 966 | 3,819 | 950 | 968 | 935 | 966 | 3,819 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Corporate Investments
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30 | 7 | 11 | 10 | 58 | 58 | 18 | 19 | 13 | 108 | (28 | ) | (11 | ) | (8 | ) | (3 | ) | (50 | ) | ||||||||||||||||||||||||||||||||||||||||
Total segments
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30,729 | 31,582 | 30,461 | 30,765 | 123,537 | 30,729 | 31,582 | 30,461 | 30,765 | 123,537 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Elimination of intersegment net revenue and other
|
(693 | ) | (889 | ) | (792 | ) | (806 | ) | (3,180 | ) | (693 | ) | (889 | ) | (792 | ) | (806 | ) | (3,180 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total HP consolidated net revenue
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$ | 30,036 | $ | 30,693 | $ | 29,669 | $ | 29,959 | $ | 120,357 | $ | 30,036 | $ | 30,693 | $ | 29,669 | $ | 29,959 | $ | 120,357 | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||||||
Earnings before taxes: (a)
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Personal Systems
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$ | 459 | $ | 516 | $ | 405 | $ | 309 | $ | 1,689 | $ | 464 | $ | 524 | $ | 409 | $ | 309 | $ | 1,706 | $ | (5 | ) | $ | (8 | ) | $ | (4 | ) | $ | - | $ | (17 | ) | ||||||||||||||||||||||||||
Printing
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761 | 808 | 949 | 1,067 | 3,585 | 761 | 808 | 949 | 1,067 | 3,585 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Total Printing and Personal Systems Group
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1,220 | 1,324 | 1,354 | 1,376 | 5,274 | 1,225 | 1,332 | 1,358 | 1,376 | 5,291 | (5 | ) | (8 | ) | (4 | ) | - | (17 | ) | |||||||||||||||||||||||||||||||||||||||||
Enterprise Servers, Storage and Networking
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- | - | - | - | - | 562 | 585 | 562 | 423 | 2,132 | (562 | ) | (585 | ) | (562 | ) | (423 | ) | (2,132 | ) | ||||||||||||||||||||||||||||||||||||||||
Enterprise Group
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1,329 | 1,352 | 1,284 | 1,229 | 5,194 | - | - | - | - | - | 1,329 | 1,352 | 1,284 | 1,229 | 5,194 | |||||||||||||||||||||||||||||||||||||||||||||
Services
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- | - | - | - | - | 905 | 997 | 959 | 1,234 | 4,095 | (905 | ) | (997 | ) | (959 | ) | (1,234 | ) | (4,095 | ) | ||||||||||||||||||||||||||||||||||||||||
Enterprise Services
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145 | 237 | 240 | 423 | 1,045 | - | - | - | - | - | 145 | 237 | 240 | 423 | 1,045 | |||||||||||||||||||||||||||||||||||||||||||||
Software
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162 | 172 | 175 | 318 | 827 | 162 | 172 | 175 | 318 | 827 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
HP Financial Services
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91 | 96 | 97 | 104 | 388 | 91 | 96 | 97 | 104 | 388 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Corporate Investments
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(50 | ) | (48 | ) | (57 | ) | (78 | ) | (233 | ) | (48 | ) | (49 | ) | (58 | ) | (83 | ) | (238 | ) | (2 | ) | 1 | 1 | 5 | 5 | ||||||||||||||||||||||||||||||||||
Total segment earnings from operations
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2,897 | 3,133 | 3,093 | 3,372 | 12,495 | 2,897 | 3,133 | 3,093 | 3,372 | 12,495 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Corporate and unallocated costs and eliminations
|
(153 | ) | (203 | ) | (314 | ) | (120 | ) | (790 | ) | (153 | ) | (203 | ) | (314 | ) | (120 | ) | (790 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Unallocated costs related to stock-based
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
compensation expense
|
(174 | ) | (168 | ) | (150 | ) | (140 | ) | (632 | ) | (174 | ) | (168 | ) | (150 | ) | (140 | ) | (632 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Amortization of purchased intangible assets
|
(466 | ) | (470 | ) | (476 | ) | (372 | ) | (1,784 | ) | (466 | ) | (470 | ) | (476 | ) | (372 | ) | (1,784 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Restructuring charges
|
(40 | ) | (53 | ) | (1,795 | ) | (378 | ) | (2,266 | ) | (40 | ) | (53 | ) | (1,795 | ) | (378 | ) | (2,266 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Acquisition-related charges
|
(22 | ) | (17 | ) | (3 | ) | (3 | ) | (45 | ) | (22 | ) | (17 | ) | (3 | ) | (3 | ) | (45 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Impairment of goodwill and purchased intangible assets
|
- | - | (9,188 | ) | (8,847 | ) | (18,035 | ) | - | - | (9,188 | ) | (8,847 | ) | (18,035 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
Interest and other, net
|
(221 | ) | (243 | ) | (224 | ) | (188 | ) | (876 | ) | (221 | ) | (243 | ) | (224 | ) | (188 | ) | (876 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total HP consolidated earnings (loss) before taxes
|
$ | 1,821 | $ | 1,979 | $ | (9,057 | ) | $ | (6,676 | ) | $ | (11,933 | ) | $ | 1,821 | $ | 1,979 | $ | (9,057 | ) | $ | (6,676 | ) | $ | (11,933 | ) | $ | - | $ | - | $ | - | $ | - | $ | - |
(a) |
HP has implemented certain organizational realignments. As a result of these realignments, HP has re-evaluated its segment financial reporting structure and, effective in the first quarter of fiscal 2013, created two new financial reporting segments, the Enterprise Group segment and the Enterprise Services segment, and eliminated two other financial reporting segments, the Enterprise Servers, Storage and Networking (“ESSN”) segment and the Services segment. The Enterprise Group segment consists of the business units within the former ESSN segment and most of the services offerings of the Technology Services (“TS”) business unit, which was previously a part of the former Services segment. The Enterprise Services segment consists of the Applications and Business Services (“ABS”) and Infrastructure Technology Outsourcing (“ITO”) business units from the former Services segment, along with the end-user workplace support services business that was previously a part of the TS business unit. Taking into account these changes, HP has the following seven financial reporting segments: Personal Systems, Printing, the Enterprise Group, Enterprise Services, Software, HP Financial Services and Corporate Investments.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Also as a result of these realignments, the financial results of the Personal Systems commercial products support business, which were previously reported as part of the TS business unit, will now be reported as part of the Other business unit within the Personal Systems segment, and the financial results of the portion of the business intelligence services business that had continued to be reported as part of the Corporate Investments segment following the implementation of prior realignment actions will now be reported as part of the ABS business unit. In addition, the end-user workplace support services business, which, as noted above, was previously a part of the TS business unit and will now become a part of the Enterprise Services segment, will be reported as part of the ITO business unit within that segment.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
To provide improved visibility and comparability, HP has reflected these changes to its reporting structure in prior financial reporting periods on an as-if basis, which has resulted in the transfer of revenue and operating profit among the Personal Systems, the Enterprise Group, Enterprise Services and Corporate Investments segments. These changes had no impact on the previously reported financial results for the Printing, Software or HP Financial Services segments. In addition, none of these changes impacted HP’s previously reported consolidated net revenue, earnings from operations, net earnings or net earnings per share.
|
HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FISCAL 2011 SEGMENT INFORMATION (Revised)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVISED AMOUNTS
|
AMOUNTS AS PREVIOUSLY REPORTED
|
VARIANCE
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended
|
Twelve months ended
|
Three months ended
|
Twelve months ended
|
Three months ended
|
Twelve months ended
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jan. 31,
2011
|
Apr. 30,
2011
|
Jul. 31,
2011
|
Oct. 31,
2011
|
Oct. 31,
2011
|
Jan. 31,
2011
|
Apr. 30,
2011
|
Jul. 31,
2011
|
Oct. 31,
2011
|
Oct. 31,
2011
|
Jan. 31,
2011
|
Apr. 30,
2011
|
Jul. 31,
2011
|
Oct. 31,
2011
|
Oct. 31,
2011
|
||||||||||||||||||||||||||||||||||||||||||||||
Segment operating margin: (a)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Systems
|
6.4 | % | 5.6 | % | 5.8 | % | 5.6 | % | 5.9 | % | 6.4 | % | 5.7 | % | 5.9 | % | 5.7 | % | 5.9 | % | - | (0.1 | pts) | (0.1 | pts) | (0.1 | pts) | - | ||||||||||||||||||||||||||||||||
Printing
|
16.6 | % | 16.6 | % | 14.2 | % | 12.4 | % | 15.0 | % | 16.6 | % | 16.6 | % | 14.2 | % | 12.4 | % | 15.0 | % | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Printing and Personal Systems Group
|
10.4 | % | 10.2 | % | 9.1 | % | 8.2 | % | 9.5 | % | 10.4 | % | 10.3 | % | 9.2 | % | 8.3 | % | 9.5 | % | - | (0.1 | pts) | (0.1 | pts) | (0.1 | pts) | - | ||||||||||||||||||||||||||||||||
Enterprise Servers, Storage and Networking | - | - | - | - | - | 14.8 | % | 13.8 | % | 12.9 | % | 12.8 | % | 13.6 | % | (14.8 | pts) | (13.8 | pts) | (12.9 | pts) | (12.8 | pts) | (13.6 | pts) | |||||||||||||||||||||||||||||||||||
Enterprise Group
|
21.0 | % | 20.2 | % | 19.5 | % | 19.0 | % | 19.9 | % | - | - | - | - | - | 21.0 | pts | 20.2 | pts | 19.5 | pts | 19.0 | pts | 19.9 | pts | |||||||||||||||||||||||||||||||||||
Services
|
- | - | - | - | - | 16.2 | % | 15.4 | % | 13.7 | % | 13.1 | % | 14.6 | % | (16.2 | pts) | (15.4 | pts) | (13.7 | pts) | (13.1 | pts) | (14.6 | pts) | |||||||||||||||||||||||||||||||||||
Enterprise Services
|
9.0 | % | 8.5 | % | 6.5 | % | 6.2 | % | 7.5 | % | - | - | - | - | - | 9.0 | pts | 8.5 | pts | 6.5 | pts | 6.2 | pts | 7.5 | pts | |||||||||||||||||||||||||||||||||||
Software
|
16.6 | % | 19.8 | % | 19.5 | % | 27.8 | % | 21.4 | % | 16.6 | % | 19.8 | % | 19.5 | % | 27.8 | % | 21.4 | % | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
HP Financial Services
|
9.6 | % | 9.4 | % | 9.4 | % | 10.3 | % | 9.7 | % | 9.6 | % | 9.4 | % | 9.4 | % | 10.3 | % | 9.7 | % | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Corporate Investments
|
(460.0 | %) | (654.8 | %) | (147.2 | %) | 678.4 | % | (983.7 | %) | (287.1 | %) | (473.8 | %) | (142.1 | %) | 693.1 | % | (778.4 | %) | (172.9 | pts) | (181.0 | pts) | (5.1 | pts) | (14.7 | pts) | (205.3 | pts) |
(a) |
HP has implemented certain organizational realignments. As a result of these realignments, HP has re-evaluated its segment financial reporting structure and, effective in the first quarter of fiscal 2013, created two new financial reporting segments, the Enterprise Group segment and the Enterprise Services segment, and eliminated two other financial reporting segments, the Enterprise Servers, Storage and Networking (“ESSN”) segment and the Services segment. The Enterprise Group segment consists of the business units within the former ESSN segment and most of the services offerings of the Technology Services (“TS”) business unit, which was previously a part of the former Services segment. The Enterprise Services segment consists of the Applications and Business Services (“ABS”) and Infrastructure Technology Outsourcing (“ITO”) business units from the former Services segment, along with the end-user workplace support services business that was previously a part of the TS business unit. Taking into account these changes, HP has the following seven financial reporting segments: Personal Systems, Printing, the Enterprise Group, Enterprise Services, Software, HP Financial Services and Corporate Investments.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Also as a result of these realignments, the financial results of the Personal Systems commercial products support business, which were previously reported as part of the TS business unit, will now be reported as part of the Other business unit within the Personal Systems segment, and the financial results of the portion of the business intelligence services business that had continued to be reported as part of the Corporate Investments segment following the implementation of prior realignment actions will now be reported as part of the ABS business unit. In addition, the end-user workplace support services business, which, as noted above, was previously a part of the TS business unit and will now become a part of the Enterprise Services segment, will be reported as part of the ITO business unit within that segment.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
To provide improved visibility and comparability, HP has reflected these changes to its reporting structure in prior financial reporting periods on an as-if basis, which has resulted in the transfer of revenue and operating profit among the Personal Systems, the Enterprise Group, Enterprise Services and Corporate Investments segments. These changes had no impact on the previously reported financial results for the Printing, Software or HP Financial Services segments. In addition, none of these changes impacted HP’s previously reported consolidated net revenue, earnings from operations, net earnings or net earnings per share.
|
HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FISCAL 2012 SEGMENT INFORMATION (Revised)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVISED AMOUNTS
|
AMOUNTS AS PREVIOUSLY REPORTED
|
VARIANCE
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended
|
Twelve months ended
|
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|
Twelve months ended
|
Three months ended
|
Twelve months ended
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jan. 31,
2012
|
Apr. 30,
2012
|
Jul. 31,
2012
|
Oct. 31,
2012
|
Oct. 31,
2012
|
Jan. 31,
2012
|
Apr. 30,
2012
|
Jul. 31,
2012
|
Oct. 31,
2012
|
Oct. 31,
2012
|
Jan. 31,
2012
|
Apr. 30,
2012
|
Jul. 31,
2012
|
Oct. 31,
2012
|
Oct. 31,
2012
|
||||||||||||||||||||||||||||||||||||||||||||||
Segment operating margin: (a)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Systems
|
5.2 | % | 5.4 | % | 4.7 | % | 3.5 | % | 4.7 | % | 5.2 | % | 5.5 | % | 4.7 | % | 3.5 | % | 4.8 | % | - | (0.1 | pts) | - | - | (0.1 | pts) | |||||||||||||||||||||||||||||||||
Printing
|
12.2 | % | 13.2 | % | 15.8 | % | 17.5 | % | 14.6 | % | 12.2 | % | 13.2 | % | 15.8 | % | 17.5 | % | 14.6 | % | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Printing and Personal Systems Group
|
8.1 | % | 8.5 | % | 9.2 | % | 9.3 | % | 8.8 | % | 8.1 | % | 8.5 | % | 9.3 | % | 9.3 | % | 8.8 | % | - | - | (0.1 | pts) | - | - | ||||||||||||||||||||||||||||||||||
Enterprise Servers, Storage and Networking | - |
|
- | - | - | - | 11.2 | % | 11.2 | % | 10.9 | % | 8.3 | % | 10.4 | % | (11.2 | pts) | (11.2 | pts) | (10.9 | pts) | (8.3 | pts) | (10.4 | pts) | ||||||||||||||||||||||||||||||||||
Enterprise Group
|
18.3 | % | 17.9 | % | 17.1 | % | 16.5 | % | 17.4 | % | - | - | - | - | - | 18.3 | pts | 17.9 | pts | 17.1 | pts | 16.5 | pts | 17.4 | pts | |||||||||||||||||||||||||||||||||||
Services
|
- | - | - | - | - | 10.5 | % | 11.3 | % | 11.0 | % | 14.2 | % | 11.7 | % | (10.5 | pts) | (11.3 | pts) | (11.0 | pts) | (14.2 | pts) | (11.7 | pts) | |||||||||||||||||||||||||||||||||||
Enterprise Services
|
2.3 | % | 3.7 | % | 3.8 | % | 6.7 | % | 4.1 | % | - | - | - | - | - | 2.3 | pts | 3.7 | pts | 3.8 | pts | 6.7 | pts | 4.1 | pts | |||||||||||||||||||||||||||||||||||
Software
|
17.1 | % | 17.7 | % | 18.0 | % | 27.2 | % | 20.4 | % | 17.1 | % | 17.7 | % | 18.0 | % | 27.2 | % | 20.4 | % | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
HP Financial Services
|
9.6 | % | 9.9 | % | 10.4 | % | 10.8 | % | 10.2 | % | 9.6 | % | 9.9 | % | 10.4 | % | 10.8 | % | 10.2 | % | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Corporate Investments
|
(166.7 | %) | (685.7 | %) | (518.2 | %) | (780.0 | %) | (401.7 | %) | (82.8 | %) | (272.2 | %) | (305.3 | %) | (638.5 | %) | (220.4 | %) | (83.9 | pts) | (413.5 | pts) | (212.9 | pts) | (141.5 | pts) | (181.3 | pts) |
(a) |
HP has implemented certain organizational realignments. As a result of these realignments, HP has re-evaluated its segment financial reporting structure and, effective in the first quarter of fiscal 2013, created two new financial reporting segments, the Enterprise Group segment and the Enterprise Services segment, and eliminated two other financial reporting segments, the Enterprise Servers, Storage and Networking (“ESSN”) segment and the Services segment. The Enterprise Group segment consists of the business units within the former ESSN segment and most of the services offerings of the Technology Services (“TS”) business unit, which was previously a part of the former Services segment. The Enterprise Services segment consists of the Applications and Business Services (“ABS”) and Infrastructure Technology Outsourcing (“ITO”) business units from the former Services segment, along with the end-user workplace support services business that was previously a part of the TS business unit. Taking into account these changes, HP has the following seven financial reporting segments: Personal Systems, Printing, the Enterprise Group, Enterprise Services, Software, HP Financial Services and Corporate Investments.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Also as a result of these realignments, the financial results of the Personal Systems commercial products support business, which were previously reported as part of the TS business unit, will now be reported as part of the Other business unit within the Personal Systems segment, and the financial results of the portion of the business intelligence services business that had continued to be reported as part of the Corporate Investments segment following the implementation of prior realignment actions will now be reported as part of the ABS business unit. In addition, the end-user workplace support services business, which, as noted above, was previously a part of the TS business unit and will now become a part of the Enterprise Services segment, will be reported as part of the ITO business unit within that segment.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
To provide improved visibility and comparability, HP has reflected these changes to its reporting structure in prior financial reporting periods on an as-if basis, which has resulted in the transfer of revenue and operating profit among the Personal Systems, the Enterprise Group, Enterprise Services and Corporate Investments segments. These changes had no impact on the previously reported financial results for the Printing, Software or HP Financial Services segments. In addition, none of these changes impacted HP’s previously reported consolidated net revenue, earnings from operations, net earnings or net earnings per share.
|
HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FISCAL 2011 SEGMENT / BUSINESS UNIT INFORMATION (Revised)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVISED AMOUNTS
|
AMOUNTS AS PREVIOUSLY REPORTED
|
VARIANCE
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended
|
Twelve months ended
|
Three months ended
|
Twelve months ended
|
Three months ended
|
Twelve months ended
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jan. 31,
2011
|
Apr. 30,
2011
|
Jul. 31,
2011
|
Oct. 31,
2011
|
Oct. 31,
2011
|
Jan. 31,
2011
|
Apr. 30,
2011
|
Jul. 31,
2011
|
Oct. 31,
2011
|
Oct. 31,
2011
|
Jan. 31,
2011
|
Apr. 30,
2011
|
Jul. 31,
2011
|
Oct. 31,
2011
|
Oct. 31,
2011
|
||||||||||||||||||||||||||||||||||||||||||||||
Net revenue: (a)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Printing and Personal Systems Group | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Systems
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notebooks
|
$ | 5,808 | $ | 5,039 | $ | 5,082 | $ | 5,390 | $ | 21,319 | $ | 5,808 | $ | 5,039 | $ | 5,082 | $ | 5,390 | $ | 21,319 | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||||||
Desktops
|
3,896 | 3,641 | 3,777 | 3,946 | 15,260 | 3,896 | 3,641 | 3,777 | 3,946 | 15,260 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Workstations
|
535 | 541 | 547 | 593 | 2,216 | 535 | 541 | 547 | 593 | 2,216 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Other
|
233 | 217 | 204 | 205 | 859 | 210 | 194 | 186 | 189 | 779 | 23 | 23 | 18 | 16 | 80 | |||||||||||||||||||||||||||||||||||||||||||||
Total Personal Systems
|
10,472 | 9,438 | 9,610 | 10,134 | 39,654 | 10,449 | 9,415 | 9,592 | 10,118 | 39,574 | 23 | 23 | 18 | 16 | 80 | |||||||||||||||||||||||||||||||||||||||||||||
Printing
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplies
|
4,358 | 4,612 | 4,143 | 4,041 | 17,154 | 4,358 | 4,612 | 4,143 | 4,041 | 17,154 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Commercial Hardware
|
1,565 | 1,536 | 1,388 | 1,694 | 6,183 | 1,565 | 1,536 | 1,388 | 1,694 | 6,183 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Consumer Hardware
|
808 | 695 | 652 | 684 | 2,839 | 808 | 695 | 652 | 684 | 2,839 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Total Printing
|
6,731 | 6,843 | 6,183 | 6,419 | 26,176 | 6,731 | 6,843 | 6,183 | 6,419 | 26,176 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Total Printing and Personal Systems Group
|
17,203 | 16,281 | 15,793 | 16,553 | 65,830 | 17,180 | 16,258 | 15,775 | 16,537 | 65,750 | 23 | 23 | 18 | 16 | 80 | |||||||||||||||||||||||||||||||||||||||||||||
Enterprise Servers, Storage and Networking
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Standard Servers
|
- | - | - | - | - | 3,448 | 3,387 | 3,302 | 3,384 | 13,521 | (3,448 | ) | (3,387 | ) | (3,302 | ) | (3,384 | ) | (13,521 | ) | ||||||||||||||||||||||||||||||||||||||||
Storage
|
- | - | - | - | - | 1,012 | 980 | 976 | 1,088 | 4,056 | (1,012 | ) | (980 | ) | (976 | ) | (1,088 | ) | (4,056 | ) | ||||||||||||||||||||||||||||||||||||||||
Networking
|
- | - | - | - | - | 584 | 603 | 611 | 594 | 2,392 | (584 | ) | (603 | ) | (611 | ) | (594 | ) | (2,392 | ) | ||||||||||||||||||||||||||||||||||||||||
Business Critical Systems
|
- | - | - | - | - | 555 | 546 | 459 | 535 | 2,095 | (555 | ) | (546 | ) | (459 | ) | (535 | ) | (2,095 | ) | ||||||||||||||||||||||||||||||||||||||||
Total Enterprise Servers, Storage and Networking
|
- | - | - | - | - | 5,599 | 5,516 | 5,348 | 5,601 | 22,064 | (5,599 | ) | (5,516 | ) | (5,348 | ) | (5,601 | ) | (22,064 | ) | ||||||||||||||||||||||||||||||||||||||||
Enterprise Group
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Standard Servers
|
3,448 | 3,387 | 3,302 | 3,384 | 13,521 | - | - | - | - | - | 3,448 | 3,387 | 3,302 | 3,384 | 13,521 | |||||||||||||||||||||||||||||||||||||||||||||
Technology Services
|
2,260 | 2,336 | 2,375 | 2,425 | 9,396 | - | - | - | - | - | 2,260 | 2,336 | 2,375 | 2,425 | 9,396 | |||||||||||||||||||||||||||||||||||||||||||||
Storage
|
1,012 | 980 | 976 | 1,088 | 4,056 | - | - | - | - | - | 1,012 | 980 | 976 | 1,088 | 4,056 | |||||||||||||||||||||||||||||||||||||||||||||
Networking
|
584 | 603 | 611 | 594 | 2,392 | - | - | - | - | - | 584 | 603 | 611 | 594 | 2,392 | |||||||||||||||||||||||||||||||||||||||||||||
Business Critical Systems
|
555 | 546 | 459 | 535 | 2,095 | - | - | - | - | - | 555 | 546 | 459 | 535 | 2,095 | |||||||||||||||||||||||||||||||||||||||||||||
Total Enterprise Group
|
7,859 | 7,852 | 7,723 | 8,026 | 31,460 | - | - | - | - | - | 7,859 | 7,852 | 7,723 | 8,026 | 31,460 | |||||||||||||||||||||||||||||||||||||||||||||
Services
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Infrastructure Technology Outsourcing
|
- | - | - | - | - | 3,644 | 3,786 | 3,899 | 3,895 | 15,224 | (3,644 | ) | (3,786 | ) | (3,899 | ) | (3,895 | ) | (15,224 | ) | ||||||||||||||||||||||||||||||||||||||||
Technology Services
|
- | - | - | - | - | 2,514 | 2,629 | 2,671 | 2,728 | 10,542 | (2,514 | ) | (2,629 | ) | (2,671 | ) | (2,728 | ) | (10,542 | ) | ||||||||||||||||||||||||||||||||||||||||
Application and Business Services
|
- | - | - | - | - | 2,371 | 2,501 | 2,460 | 2,604 | 9,936 | (2,371 | ) | (2,501 | ) | (2,460 | ) | (2,604 | ) | (9,936 | ) | ||||||||||||||||||||||||||||||||||||||||
Total Services
|
- | - | - | - | - | 8,529 | 8,916 | 9,030 | 9,227 | 35,702 | (8,529 | ) | (8,916 | ) | (9,030 | ) | (9,227 | ) | (35,702 | ) | ||||||||||||||||||||||||||||||||||||||||
Enterprise Services
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Infrastructure Technology Outsourcing
|
3,875 | 4,056 | 4,177 | 4,182 | 16,290 | - | - | - | - | - | 3,875 | 4,056 | 4,177 | 4,182 | 16,290 | |||||||||||||||||||||||||||||||||||||||||||||
Application and Business Services
|
2,393 | 2,512 | 2,466 | 2,607 | 9,978 | - | - | - | - | - | 2,393 | 2,512 | 2,466 | 2,607 | 9,978 | |||||||||||||||||||||||||||||||||||||||||||||
Total Enterprise Services
|
6,268 | 6,568 | 6,643 | 6,789 | 26,268 | - | - | - | - | - | 6,268 | 6,568 | 6,643 | 6,789 | 26,268 | |||||||||||||||||||||||||||||||||||||||||||||
Software
|
725 | 797 | 822 | 1,023 | 3,367 | 725 | 797 | 822 | 1,023 | 3,367 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
HP Financial Services
|
827 | 885 | 932 | 952 | 3,596 | 827 | 885 | 932 | 952 | 3,596 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Corporate Investments
|
40 | 31 | 229 | (134 | ) | 166 | 62 | 42 | 235 | (131 | ) | 208 | (22 | ) | (11 | ) | (6 | ) | (3 | ) | (42 | ) | ||||||||||||||||||||||||||||||||||||||
Total segment earnings from operations
|
32,922 | 32,414 | 32,142 | 33,209 | 130,687 | 32,922 | 32,414 | 32,142 | 33,209 | 130,687 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Elimination of intersegment net revenue and other
|
(620 | ) | (782 | ) | (953 | ) | (1,087 | ) | (3,442 | ) | (620 | ) | (782 | ) | (953 | ) | (1,087 | ) | (3,442 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total HP consolidated net revenue
|
$ | 32,302 | $ | 31,632 | $ | 31,189 | $ | 32,122 | $ | 127,245 | $ | 32,302 | $ | 31,632 | $ | 31,189 | $ | 32,122 | $ | 127,245 | $ | - | $ | - | $ | - | $ | - | $ | - |
(a) |
HP has implemented certain organizational realignments. As a result of these realignments, HP has re-evaluated its segment financial reporting structure and, effective in the first quarter of fiscal 2013, created two new financial reporting segments, the Enterprise Group segment and the Enterprise Services segment, and eliminated two other financial reporting segments, the Enterprise Servers, Storage and Networking (“ESSN”) segment and the Services segment. The Enterprise Group segment consists of the business units within the former ESSN segment and most of the services offerings of the Technology Services (“TS”) business unit, which was previously a part of the former Services segment. The Enterprise Services segment consists of the Applications and Business Services (“ABS”) and Infrastructure Technology Outsourcing (“ITO”) business units from the former Services segment, along with the end-user workplace support services business that was previously a part of the TS business unit. Taking into account these changes, HP has the following seven financial reporting segments: Personal Systems, Printing, the Enterprise Group, Enterprise Services, Software, HP Financial Services and Corporate Investments.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Also as a result of these realignments, the financial results of the Personal Systems commercial products support business, which were previously reported as part of the TS business unit, will now be reported as part of the Other business unit within the Personal Systems segment, and the financial results of the portion of the business intelligence services business that had continued to be reported as part of the Corporate Investments segment following the implementation of prior realignment actions will now be reported as part of the ABS business unit. In addition, the end-user workplace support services business, which, as noted above, was previously a part of the TS business unit and will now become a part of the Enterprise Services segment, will be reported as part of the ITO business unit within that segment.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
To provide improved visibility and comparability, HP has reflected these changes to its reporting structure in prior financial reporting periods on an as-if basis, which has resulted in the transfer of revenue and operating profit among the Personal Systems, the Enterprise Group, Enterprise Services and Corporate Investments segments. These changes had no impact on the previously reported financial results for the Printing, Software or HP Financial Services segments. In addition, none of these changes impacted HP’s previously reported consolidated net revenue, earnings from operations, net earnings or net earnings per share.
|
HEWLETT-PACKARD COMPANY AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FISCAL 2012 SEGMENT/BUSINESS UNIT INFORMATION (Revised) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVISED AMOUNTS
|
AMOUNTS AS PREVIOUSLY REPORTED
|
VARIANCE
|
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Three months ended
|
Twelve months ended
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Three months ended
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Twelve months ended
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Three months ended
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Twelve months ended
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Jan. 31,
2012
|
Apr. 30,
2012
|
Jul. 31,
2012
|
Oct. 31,
2012
|
Oct. 31,
2012
|
Jan. 31,
2012
|
Apr. 30,
2012
|
Jul. 31,
2012
|
Oct. 31,
2012
|
Oct. 31,
2012
|
Jan. 31,
2012
|
Apr. 30,
2012
|
Jul. 31,
2012
|
Oct. 31,
2012
|
Oct. 31,
2012
|
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Net revenue: (a)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Printing and Personal Systems Group | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Systems
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notebooks
|
$ | 4,942 | $ | 4,900 | $ | 4,416 | $ | 4,572 | $ | 18,830 | $ | 4,942 | $ | 4,900 | $ | 4,416 | $ | 4,572 | $ | 18,830 | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||||||
Desktops
|
3,206 | 3,827 | 3,486 | 3,369 | 13,888 | 3,206 | 3,827 | 3,486 | 3,369 | 13,888 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Workstations
|
535 | 537 | 526 | 550 | 2,148 | 535 | 537 | 526 | 550 | 2,148 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Other
|
209 | 206 | 208 | 236 | 859 | 190 | 188 | 192 | 214 | 784 | 19 | 18 | 16 | 22 | 75 | |||||||||||||||||||||||||||||||||||||||||||||
Total Personal Systems
|
8,892 | 9,470 | 8,636 | 8,727 | 35,725 | 8,873 | 9,452 | 8,620 | 8,705 | 35,650 | 19 | 18 | 16 | 22 | 75 | |||||||||||||||||||||||||||||||||||||||||||||
Printing
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplies
|
4,079 | 4,060 | 4,005 | 4,007 | 16,151 | 4,079 | 4,060 | 4,005 | 4,007 | 16,151 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Commercial Hardware
|
1,489 | 1,479 | 1,445 | 1,482 | 5,895 | 1,489 | 1,479 | 1,445 | 1,482 | 5,895 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Consumer Hardware
|
690 | 593 | 567 | 591 | 2,441 | 690 | 593 | 567 | 591 | 2,441 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Total Printing
|
6,258 | 6,132 | 6,017 | 6,080 | 24,487 | 6,258 | 6,132 | 6,017 | 6,080 | 24,487 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Total Printing and Personal Systems Group
|
15,150 | 15,602 | 14,653 | 14,807 | 60,212 | 15,131 | 15,584 | 14,637 | 14,785 | 60,137 | 19 | 18 | 16 | 22 | 75 | |||||||||||||||||||||||||||||||||||||||||||||
Enterprise Servers, Storage and Networking
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Standard Servers
|
- | - | - | - | - | 3,072 | 3,186 | 3,187 | 3,137 | 12,582 | (3,072 | ) | (3,186 | ) | (3,187 | ) | (3,137 | ) | (12,582 | ) | ||||||||||||||||||||||||||||||||||||||||
Storage
|
- | - | - | - | - | 955 | 990 | 924 | 946 | 3,815 | (955 | ) | (990 | ) | (924 | ) | (946 | ) | (3,815 | ) | ||||||||||||||||||||||||||||||||||||||||
Networking
|
- | - | - | - | - | 586 | 614 | 647 | 635 | 2,482 | (586 | ) | (614 | ) | (647 | ) | (635 | ) | (2,482 | ) | ||||||||||||||||||||||||||||||||||||||||
Business Critical Systems
|
- | - | - | - | - | 405 | 421 | 385 | 401 | 1,612 | (405 | ) | (421 | ) | (385 | ) | (401 | ) | (1,612 | ) | ||||||||||||||||||||||||||||||||||||||||
Total Enterprise Servers, Storage and Networking
|
- | - | - | - | - | 5,018 | 5,211 | 5,143 | 5,119 | 20,491 | (5,018 | ) | (5,211 | ) | (5,143 | ) | (5,119 | ) | (20,491 | ) | ||||||||||||||||||||||||||||||||||||||||
Enterprise Group
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Standard Servers
|
3,072 | 3,186 | 3,187 | 3,137 | 12,582 | - | - | - | - | - | 3,072 | 3,186 | 3,187 | 3,137 | 12,582 | |||||||||||||||||||||||||||||||||||||||||||||
Technology Services
|
2,264 | 2,335 | 2,349 | 2,340 | 9,288 | - | - | - | - | - | 2,264 | 2,335 | 2,349 | 2,340 | 9,288 | |||||||||||||||||||||||||||||||||||||||||||||
Storage
|
955 | 990 | 924 | 946 | 3,815 | - | - | - | - | - | 955 | 990 | 924 | 946 | 3,815 | |||||||||||||||||||||||||||||||||||||||||||||
Networking
|
586 | 614 | 647 | 635 | 2,482 | - | - | - | - | - | 586 | 614 | 647 | 635 | 2,482 | |||||||||||||||||||||||||||||||||||||||||||||
Business Critical Systems
|
405 | 421 | 385 | 401 | 1,612 | - | - | - | - | - | 405 | 421 | 385 | 401 | 1,612 | |||||||||||||||||||||||||||||||||||||||||||||
Total Enterprise Group
|
7,282 | 7,546 | 7,492 | 7,459 | 29,779 | - | - | - | - | - | 7,282 | 7,546 | 7,492 | 7,459 | 29,779 | |||||||||||||||||||||||||||||||||||||||||||||
Services
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Infrastructure Technology Outsourcing
|
- | - | - | - | - | 3,701 | 3,669 | 3,665 | 3,657 | 14,692 | (3,701 | ) | (3,669 | ) | (3,665 | ) | (3,657 | ) | (14,692 | ) | ||||||||||||||||||||||||||||||||||||||||
Technology Services
|
- | - | - | - | - | 2,562 | 2,638 | 2,634 | 2,629 | 10,463 | (2,562 | ) | (2,638 | ) | (2,634 | ) | (2,629 | ) | (10,463 | ) | ||||||||||||||||||||||||||||||||||||||||
Application and Business Services
|
- | - | - | - | - | 2,363 | 2,524 | 2,455 | 2,425 | 9,767 | (2,363 | ) | (2,524 | ) | (2,455 | ) | (2,425 | ) | (9,767 | ) | ||||||||||||||||||||||||||||||||||||||||
Total Services
|
- | - | - | - | - | 8,626 | 8,831 | 8,754 | 8,711 | 34,922 | (8,626 | ) | (8,831 | ) | (8,754 | ) | (8,711 | ) | (34,922 | ) | ||||||||||||||||||||||||||||||||||||||||
Enterprise Services
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Infrastructure Technology Outsourcing
|
3,980 | 3,954 | 3,934 | 3,924 | 15,792 | - | - | - | - | - | 3,980 | 3,954 | 3,934 | 3,924 | 15,792 | |||||||||||||||||||||||||||||||||||||||||||||
Application and Business Services
|
2,391 | 2,535 | 2,463 | 2,428 | 9,817 | - | - | - | - | - | 2,391 | 2,535 | 2,463 | 2,428 | 9,817 | |||||||||||||||||||||||||||||||||||||||||||||
Total Enterprise Services
|
6,371 | 6,489 | 6,397 | 6,352 | 25,609 | - | - | - | - | - | 6,371 | 6,489 | 6,397 | 6,352 | 25,609 | |||||||||||||||||||||||||||||||||||||||||||||
Software
|
946 | 970 | 973 | 1,171 | 4,060 | 946 | 970 | 973 | 1,171 | 4,060 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
HP Financial Services
|
950 | 968 | 935 | 966 | 3,819 | 950 | 968 | 935 | 966 | 3,819 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Corporate Investments
|
30 | 7 | 11 | 10 | 58 | 58 | 18 | 19 | 13 | 108 | (28 | ) | (11 | ) | (8 | ) | (3 | ) | (50 | ) | ||||||||||||||||||||||||||||||||||||||||
Total segment earnings from operations
|
30,729 | 31,582 | 30,461 | 30,765 | 123,537 | 30,729 | 31,582 | 30,461 | 30,765 | 123,537 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Elimination of intersegment net revenue and other
|
(693 | ) | (889 | ) | (792 | ) | (806 | ) | (3,180 | ) | (693 | ) | (889 | ) | (792 | ) | (806 | ) | (3,180 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total HP consolidated net revenue
|
$ | 30,036 | $ | 30,693 | $ | 29,669 | $ | 29,959 | $ | 120,357 | $ | 30,036 | $ | 30,693 | $ | 29,669 | $ | 29,959 | $ | 120,357 | $ | - | $ | - | $ | - | $ | - | $ | - |
(a) |
HP has implemented certain organizational realignments. As a result of these realignments, HP has re-evaluated its segment financial reporting structure and, effective in the first quarter of fiscal 2013, created two new financial reporting segments, the Enterprise Group segment and the Enterprise Services segment, and eliminated two other financial reporting segments, the Enterprise Servers, Storage and Networking (“ESSN”) segment and the Services segment. The Enterprise Group segment consists of the business units within the former ESSN segment and most of the services offerings of the Technology Services (“TS”) business unit, which was previously a part of the former Services segment. The Enterprise Services segment consists of the Applications and Business Services (“ABS”) and Infrastructure Technology Outsourcing (“ITO”) business units from the former Services segment, along with the end-user workplace support services business that was previously a part of the TS business unit. Taking into account these changes, HP has the following seven financial reporting segments: Personal Systems, Printing, the Enterprise Group, Enterprise Services, Software, HP Financial Services and Corporate Investments.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Also as a result of these realignments, the financial results of the Personal Systems commercial products support business, which were previously reported as part of the TS business unit, will now be reported as part of the Other business unit within the Personal Systems segment, and the financial results of the portion of the business intelligence services business that had continued to be reported as part of the Corporate Investments segment following the implementation of prior realignment actions will now be reported as part of the ABS business unit. In addition, the end-user workplace support services business, which, as noted above, was previously a part of the TS business unit and will now become a part of the Enterprise Services segment, will be reported as part of the ITO business unit within that segment.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
To provide improved visibility and comparability, HP has reflected these changes to its reporting structure in prior financial reporting periods on an as-if basis, which has resulted in the transfer of revenue and operating profit among the Personal Systems, the Enterprise Group, Enterprise Services and Corporate Investments segments. These changes had no impact on the previously reported financial results for the Printing, Software or HP Financial Services segments. In addition, none of these changes impacted HP’s previously reported consolidated net revenue, earnings from operations, net earnings or net earnings per share.
|