form11-k_2010.htm
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
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(Mark One)
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x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2010
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OR
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o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from ____________ to ____________
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Commission File Number: 1-4423
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| A. |
Full title of the plan and address of the plan, if different from that of the issuer named below: |
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HEWLETT-PACKARD COMPANY 401(k) PLAN
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Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
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HEWLETT-PACKARD COMPANY
3000 HANOVER STREET
PALO ALTO, CALIFORNIA 94304
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Hewlett-Packard Company 401(k) Plan
Financial Statements and Supplemental Schedule
December 31, 2010 and 2009,
and for the Year Ended December 31, 2010
Report of Independent Registered Public Accounting Firm
Plan Administrator
Hewlett-Packard Company 401(k) Plan
We have audited the accompanying statements of net assets available for benefits of Hewlett-Packard Company 401(k) Plan as of December 31, 2010 and 2009, and the related statement of changes in net assets available for benefits for the year ended December 31, 2010. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2010 and 2009, and the changes in its net assets available for benefits for the year ended December 31, 2010, in conformity with US generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2010, is presented for purposes of additional analysis and is not a required part of the financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/ Ernst & Young LLP
San Jose, California
June 29, 2011
Hewlett-Packard Company 401(k) Plan
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December 31
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2010
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2009
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Assets
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Cash
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$ |
95,996,407 |
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$ |
4,315,148 |
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Investments, at fair value
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12,394,759,301 |
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10,052,618,179 |
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Receivables:
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Notes receivable from participants
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216,675,830 |
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133,064,572 |
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Company contribution
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40,192,858 |
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25,982,745 |
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Amount due from brokers for securities sold
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29,530,187,605 |
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201,906,549 |
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Forward foreign currency contracts
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4,349,106 |
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68,874,951 |
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Interest, dividends and other
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6,319,563 |
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8,111,837 |
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Total receivables
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29,797,724,962 |
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437,940,654 |
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Total assets
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42,288,480,670 |
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10,494,873,981 |
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Liabilities
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Amount due to brokers for securities purchased
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27,596,895,765 |
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196,379,984 |
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Forward foreign currency contracts payable
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4,309,996 |
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69,385,734 |
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Administrative expenses and other payables
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4,184,902 |
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8,076,020 |
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Total liabilities
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27,605,390,663 |
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273,841,738 |
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Net assets reflecting investments, at fair value
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14,683,090,007 |
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10,221,032,243 |
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Adjustment from fair value to contract value for fully benefit-responsive investment contracts
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1,786,962 |
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16,921,697 |
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Net assets available for benefits
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$ |
14,684,876,969 |
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$ |
10,237,953,940 |
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See accompanying notes.
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Hewlett-Packard Company 401(k) Plan
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Year Ended December 31, 2010
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Additions
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Investment income:
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Interest and dividends
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$ |
169,280,638 |
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Net realized and unrealized appreciation in fair value of investments
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722,494,689 |
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891,775,327 |
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Interest income on notes receivable from participants
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7,462,589 |
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Contributions:
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Participants
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413,972,578 |
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Company
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158,141,680 |
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Rollover
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97,116,854 |
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Total contributions
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669,231,112 |
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Transfers from other plans
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3,858,652,097 |
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Total additions
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5,427,121,125 |
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Deductions
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Benefits paid directly to participants
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963,413,406 |
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Investment management fees
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10,358,095 |
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Administrative expenses and fees
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6,426,595 |
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Total deductions
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980,198,096 |
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Net increase
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4,446,923,029 |
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Net assets available for benefits:
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Beginning of year
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10,237,953,940 |
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End of year
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$ |
14,684,876,969 |
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See accompanying notes.
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Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements
December 31, 2010
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1. Description of the Plan
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The following brief description of the Hewlett-Packard Company 401(k) Plan (the Plan) provides only general information. Participants should refer to the plan document for a more complete description of the Plan’s provisions.
The Plan is a defined contribution plan covering employees of Hewlett-Packard Company (the Company or HP) and designated domestic subsidiaries who are on the U.S. payroll and who are employed as regular full-time or regular part-time or limited-term employees. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).
Assets of the Plan are invested in a three-tier investment structure. Tier 1 includes one ready-made portfolio (the Conservative Portfolio), and nine Birth Date Funds. The Birth Date Funds’ investment strategy is designed to apply over a participant’s entire investment horizon, including the years after retirement, and is designed to become more conservative as participants grow older. Tier 2 includes 15 institutional funds in a range of asset classes. Tier 3 includes 13 brand-name mutual funds spanning several investment categories. Additionally, the Plan offers Company common stock as an investment option. All investments are participant-directed.
Effective December 31, 2010, the Plan offered new investment options designed to help streamline participant’s investment choices and provide new diversification opportunities and lower costs. Assets of the Plan are invested in a five-tier investment structure. The 1990 Birth Date Fund was added to Tier 1, for a total of 10 Birth Date Funds. Tier 2 includes six actively managed institutional funds from the main asset classes – stocks, bonds and short-term investments. Tier 3 includes six index funds that try to mirror a specific market index by investing in the same list of equities and bonds. Tier 4 includes six funds from specialty asset classes, such as real-return income, commodities and real estate. The Company common stock is also included in Tier 4. Tier 5 is a self-directed Mutual Fund Brokerage Window that offers more than 8,500 brand-name mutual funds through Fidelity.
In November 2010, HP approved the merger of the EDS 401(k) Plan into the Plan effective December 31, 2010. A brief blackout period started on December 30, 2010, and ended on January 3, 2011. At the date of the merger, the EDS 401(k) Plan transferred net assets to the Plan amounting to $3,858,652,097. Included in the Company contribution receivable on the statement of net assets available for benefits as of December 31, 2010, were $13,332,342 of employer
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
contributions related to the previous EDS 401(k) Plan participants. During the blackout period, the Plan and EDS 401(k) Plan investments were automatically mapped or moved to the new fund options in the Plan that most closely align with the asset allocation and risk-and-return potential of the existing Plan and EDS 401(k) Plan investment elections. The blackout period was necessary to implement the changes, such as moving assets and establishing the new investment options described above. The financial statement captions “amount due from brokers for securities sold” and “amount due to brokers for securities purchased” reflect the transactions related to these changes in the investment options.
The Plan includes a non-leveraged employee stock ownership plan feature (the ESOP) within the meaning of Internal Revenue Code (the Code) Section 4975(e)(7). The ESOP is maintained as part of the Plan and is designed to invest primarily in the Company’s common stock. The purpose of the ESOP is to permit participants the option of having dividends on the Company’s common stock re-invested in the Plan or paid directly to them in cash. Participants in the Plan who were formerly participants in the Compaq Computer Corporation 401(k) Investment Plan, but who did not become employees of the Company subsequent to the acquisition of Compaq Computer Corporation in May 2002, and participants who were formerly participants in the EDS 401(k) Plan but who did not become employees of the Company subsequent to the acquisition of EDS in August 2008, are not eligible to participate in the ESOP.
Effective January 1, 2010, new guidelines were imposed on participants’ ability to invest in the Company common stock, with a goal of limiting investments in Company common stock to a maximum of 20% of a participant’s portfolio. Under the new guidelines, if a participant’s account currently has more than 20% invested in the Company common stock fund, the participant will not be forced to reduce his or her holdings; however, the investment election for ongoing contributions and loan repayments will be limited to a maximum of 20% in the Company common stock fund, and any percentage above the 20% limit for ongoing contributions will automatically be directed to the appropriate Birth Date Fund based on the year the participant was born. In addition, the new guidelines provide that future requested exchanges into the Company common stock fund will be blocked if the requested change will cause the participant to exceed the 20% limit or if the participant is already at or above the 20% limit of the Company common stock fund to the participant’s overall portfolio balance. Finally, the new guidelines provide that if the participant chooses to rebalance his or her portfolio, the respective holdings in the Company common stock fund will be limited to a maximum of 20% regardless of the current investments in the Company common stock fund.
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
As soon as administratively feasible, normally about 15 days after the employee’s employment start date, and effective December 31, 2009, employees are automatically enrolled in the Plan at a 3% contribution rate in the appropriate Birth Date Funds based on the year employees were born.
Participants may annually contribute, on a pretax basis, up to 50% of their eligible compensation, as defined by the Plan. Contributions are subject to annual deductibility limits specified under the Code. The annual limitation was $16,500 for 2010. Contributions can be made as whole or fractional percentages of pay. Employees can choose pre-tax contributions, after-tax Roth 401(k) contributions, or a combination of the two. The Plan also accepts rollover contributions from a Roth deferral account to the Plan as described in Code section 402A(e)(1) and only to the extent the rollover is permitted under the rules of section 402(c) of the Code. After-tax Roth 401(k) contributions shall be treated as deferred contributions for all purposes under the Plan, including Company matching contributions.
Participants who are age 50 or older by the end of the plan year can contribute an additional $5,500 above the annual limitation. Catch-up contributions can be pre-tax contributions, after-tax Roth 401(k) contributions, or a combination of the two. These catch-up contributions are not eligible for the Company match. Participants may also make rollover contributions of amounts representing distributions from other qualified defined benefit or defined contribution plans.
The Company matching contribution is a quarterly discretionary performance-based match, determined each fiscal quarter based on business results, up to a maximum of 100% of the first 4% of the eligible compensation for all eligible U.S. employees.
For the 2010 plan year, the discretionary Company matching contribution was funded at 100%, up to 4% of eligible earnings. Effective November 1, 2010, the Company matching contribution was reinstated as a fixed benefit rather than as a discretionary performance-based match, i.e., 100% Company matching contribution of the first 4% of eligible pay contributed each pay period.
Employees of Palm, Inc. (Palm), who began participating in the Plan in August 2010, following the Company’s July 1, 2010 acquisition of Palm, are eligible for matching contributions of 50% of the first 6% of eligible pay contributed each pay period.
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
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1. Description of the Plan (continued)
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Participants are fully vested at all times with regard to their contributions and earnings thereon.
Effective January 1, 2006, all new employees are subject to a three-year cliff vesting schedule with regard to Company matching contributions. As a result, participants with no prior HP service who enter the Plan on or after January 1, 2006, do not vest in Company matching contributions until the earlier of earning three years of credited service, attaining age 65, death before termination of employment, or becoming eligible for disability benefits under the Company’s long-term disability benefits program, at which time they will become 100% vested in their Company matching contributions and earnings thereon.
Participants who are employees of Palm are subject to a three-year graded vesting schedule, with their Company matching contributions becoming 33% vested after one full year of service, 66% vested after two full years of service, and 100% vested after three or more years of service.
Each participant’s account is credited with the participant’s contributions and allocations of (i) Company contributions and (ii) Plan earnings and losses. Allocations are determined in accordance with the provisions of the plan document. The benefit to which a participant is entitled is the benefit that can be provided from the vested portion of the participant’s account.
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Notes Receivable from Participants
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The Plan offers two types of loans, namely general-purpose loans and primary residence loans. The repayment period for a general-purpose loan may not exceed five years, and the repayment period for a primary residence loan may not exceed 15 years.
Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balances. Loans are secured by the participant’s account and bear interest at a rate equal to the prevailing prime rate plus 1%. Principal and interest are paid ratably through payroll deductions.
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
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1. Description of the Plan (continued)
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Upon termination of employment, participants forfeit their nonvested balances. Forfeited balances of terminated participants’ nonvested accounts are used to reduce future Company matching contributions, restore previously forfeited balances, or pay eligible Plan expenses. Unallocated forfeiture balances as of December 31, 2010 and 2009, were approximately $2,300,000 and $5,100,000, respectively, and forfeitures used to reduce Company matching contributions for 2010 were $9,957,000. Additionally, the unallocated EDS 401(k) Plan forfeiture balance as of December 31, 2010, was approximately $2,900,000 and was applied to the Company match made in 2011.
On termination of service, death, or retirement, participants may elect to receive a lump-sum amount equal to the value of their account. Lump-sum payments may be made in cash or shares of stock for distribution from the Company common stock fund. Hardship distributions and in-service withdrawals are permitted if certain criteria are met. Participants may also, at any time, withdraw all or part of their rollover accounts.
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Administrative and Investment Management Expenses
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Certain fees and expenses of the Plan for legal and other administrative services are paid directly by the Company on behalf of the Plan. Starting with the Company’s fiscal quarter ended October 31, 2009, each participant was charged a fixed fee of $9.75 per fiscal quarter for recordkeeping expense. Certain administrative and investment management fees related to Tier 1 and 2 investment options are paid directly to the Plan’s investment managers and are reported separately on the statement of changes in net assets available for benefits. Investment management fees charged by the previous Tier 3 mutual funds were deducted from the net asset values of the mutual funds and were, therefore, recorded as a component of the net realized and unrealized appreciation in fair value of the Plan’s investments. For the new investment options offered effective December 31, 2010, the investment management fees related to Tiers 1 through 4 are paid directly to the Plan’s investment managers and are reported separately on the statement of changes in net assets available for benefits. There were no fees charged related to the Tier 5 investments for the year ended December 31, 2010.
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
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1. Description of the Plan (continued)
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Although it has not expressed any intent to do so, the Company has the right to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA.
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2. Summary of Significant Accounting Policies
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Basis of Accounting
The accompanying financial statements have been prepared on the accrual basis of accounting.
Reclassifications
Certain prior year amounts in the statement of net assets available for benefits have been reclassified to conform to the current year presentation.
The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes and supplemental schedule. Actual results could differ from those estimates.
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New Accounting Pronouncements
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In January 2010, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2010-06, Improving Disclosures about Fair Value Measurements (ASU 2010-06). ASU 2010-06 amended ASC 820 to clarify certain existing fair value disclosures and require a number of additional disclosures. The guidance in ASU 2010-06 clarified that disclosures should be presented separately for each “class” of assets and liabilities measured at fair value and provided guidance on how to determine the appropriate classes of assets and liabilities to be presented. ASU 2010-06 also clarified the requirement for entities to disclose information about both the valuation techniques and inputs used in estimating Level 2 and Level 3 fair value measurements. In addition, ASU 2010-06 introduced new requirements to disclose the amounts (on a gross basis) and reasons for any significant transfers between Levels 1, 2, and 3 of the fair value hierarchy and present information regarding the purchases,
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
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2. Summary of Significant Accounting Policies (continued)
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sales, issuances, and settlements of Level 3 assets and liabilities on a gross basis. With the exception of the requirement to present changes in Level 3 measurements on a gross basis, which is delayed until 2011, the guidance in ASU 2010-06 became effective for reporting periods beginning after December 15, 2009. Since ASU 2010-06 only affects fair value measurement disclosures, adoption of ASU 2010-06 did not affect the Plan’s net assets available for benefits or its changes in net assets available for benefits.
In September 2010, the FASB issued Accounting Standards Update 2010-25, Reporting Loans to Participants by Defined Contribution Pension Plans (ASU 2010-25). ASU 2010-25 requires participant loans to be measured at their unpaid principal balance plus any accrued but unpaid interest and classified as notes receivable from participants. Previously loans were measured at fair value and classified as investments. ASU 2010-25 is effective for fiscal years ended after December 15, 2010, and is required to be applied retrospectively. Adoption of ASU 2010-25 did not change the value of participant loans from the amount previously reported as of December 31, 2009. Participant loans have been reclassified to notes receivable from participants as of December 31, 2009.
In May 2011, the FASB issued Accounting Standards Update 2011-04, Amendments to Achieve Common Fair Value Measurements and Disclosure Requirements in U.S. GAAP and IFRSs (ASU 2011-04). ASU 2011-04 amended ASC 820 to converge the fair value measurement guidance in U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs). Some of the amendments clarify the application of existing fair value measurement requirements, while other amendments change a particular principle in ASC 820. In addition, ASU 2011-04 requires additional fair value disclosures. The amendments are to be applied prospectively and are effective for annual periods beginning after December 15, 2011. Plan management is currently evaluating the effect that the provisions of ASU 2011-04 will have on the Plan’s financial statements.
In the normal course of business, the Plan enters into derivative contracts (derivatives) for trading purposes. Derivatives are either exchange-traded or over-the-counter (OTC) contracts. Exchange-traded derivatives are standard contracts traded on a regulated exchange. OTC contracts are private contracts negotiated with counterparties. The Plan has entered into derivatives that include foreign-currency exchange contracts, option contracts, futures and swaps agreements.
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
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2. Summary of Significant Accounting Policies (continued)
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Derivatives are recorded at fair value. The Plan values derivatives at independent values when available; otherwise, fair values are based on pricing models that incorporate the time value of money, volatility, credit spreads, liquidity, and the current market and contractual prices of the underlying financial instruments.
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Investment Valuation and Income Recognition
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The Plan’s investments are stated at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). See Note 4 for further discussion of fair value measurements.
Investment contracts held by a defined contribution plan are required to be reported at fair value (see Note 4). However, contract value is the relevant measurement attribute for that portion of net assets available for benefits of the Plan attributable to fully benefit-responsive contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The Plan invests in fully benefit-responsive guaranteed investment contracts (GICs) and synthetic investment contracts (synthetic GICs). The statements of net assets available for benefits present the fair value of the investment contracts, as well as an adjustment of the fully benefit-responsive investment contracts from fair value to contract value. The fair value of the GICs is calculated by discounting the related cash flows based on current yields of similar instruments with comparable durations. The underlying investments of the synthetic GICs are valued at quoted redemption values on the last business day of the Plan’s year-end. Wrapper contracts are valued using a replacement cost methodology as of the last day of the plan year. The contract value of the fully benefit-responsive investment contracts represents contributions plus earnings, less participant withdrawals and administrative expenses.
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
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2. Summary of Significant Accounting Policies (continued)
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Assets and liabilities measured at fair value are categorized into the following fair value hierarchy:
Level 1 – Fair value is based on unadjusted quoted prices for identical assets or liabilities in an active market that the Plan has the ability to access at the measurement date.
Level 2 – Fair value is based on quoted prices in markets that are not active, quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Pricing models are utilized to estimate fair value for certain financial assets and liabilities categorized in Level 2.
Level 3 – Fair value is based on prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable. These inputs reflect management’s judgment about the assumptions that a market participant would use in pricing the investment and are based on the best available information, some of which may be internally developed.
The level in the fair value hierarchy with which the fair value measurement is classified is determined based on the lowest level input that is significant to the fair value measure in its entirety.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded as earned. Dividends are recorded on the ex-dividend date. Net appreciation in the fair value of investments includes the Plan’s gains and losses on investments bought and sold, as well as held during the year.
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
The fair values of individual investments that represent 5% or more of the fair value of the Plan’s net assets are as follows:
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December 31
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2010
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2009
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HP Common Stock
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$ |
926,242,647 |
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$ |
1,238,052,019 |
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Vanguard PRIMECAP ADM Fund
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820,106,528 |
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688,218,529 |
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Vanguard Employee Benefit Index Fund
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* |
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813,298,960 |
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Dwight Target 2 Fund
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* |
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635,253,443 |
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Fidelity Contrafund
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* |
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572,514,247 |
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*Less than 5% of the fair value of the Plan’s net assets as of year-end.
For the year ended December 31, 2010, the Plan’s investments (including investments purchased, sold, as well as held during the year) appreciated in fair value as follows:
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Registered investment companies
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$ |
467,808,465 |
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Common stock
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278,951,385 |
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Common collective trust funds
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178,448,029 |
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Company common stock
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(209,729,989 |
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Corporate debt
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7,016,799 |
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Total net realized and unrealized appreciation in fair value of investments
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$ |
722,494,689 |
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4. Fair Value Measurements
The following is a description of the valuation methodologies used for assets measured at fair value.
Common collective trusts and privately held mutual funds: Valued at the NAV established by the funds’ sponsor on the last business day of the plan year, based on the fair value of the assets underlying the funds. There are no redemption restrictions on the Plan’s investments in common collective trusts.
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
4. Fair Value Measurements (continued)
Publicly traded mutual funds, common stocks, corporate debt and U.S. government securities: Valued at the closing price reported on the active market on which the individual securities are traded.
Money market funds: Valued at the NAV of units held by the Plan at year-end.
Short-term investments: Valued at cost plus accrued interest, which approximates fair value.
Synthetic GICs: Valued at fair value of the underlying investments, which consist of mutual funds, short-term investments, corporate debt, and U.S. government securities (see Note 5).
Traditional GICs: Value is determined using the present value of the contracts’ future cash flow values discounted by comparable duration Wall Street Journal GIC index rates.
Wrappers: Value is determined by a present value discounting of the difference between the contractual wrap rate fee and the rebid rate.
Derivative instruments: Listed derivatives, such as futures and exchange-traded options, are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy to the extent that these instruments are actively traded and valuation adjustments are not applied. If valuation adjustments are applied to listed derivatives, they are categorized in Level 2. OTC derivative contracts are privately negotiated contracts with counterparties including forwards, credit default swaps and total return swaps. Depending on the product and the terms of the transaction, the fair value for the OTC derivative products can be modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets. Such contracts are categorized in Level 2.
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
4. Fair Value Measurements (continued)
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
The following table sets forth by level, within the fair value hierarchy, the Plan’s assets and liabilities as of December 31, 2010 and 2009:
| |
|
|
Fair Value Measurements as of December 31, 2010
|
|
| |
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
| |
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mutual funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Index funds
|
|
$ |
806,641,582 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
806,641,582 |
|
| |
Growth funds
|
|
|
2,210,429,275 |
|
|
|
25,476,458 |
|
|
|
– |
|
|
|
2,235,905,733 |
|
| |
Fixed income funds
|
|
|
753,159,454 |
|
|
|
290,511,997 |
|
|
|
– |
|
|
|
1,043,671,451 |
|
| |
Value funds
|
|
|
99,872,623 |
|
|
|
– |
|
|
|
– |
|
|
|
99,872,623 |
|
| |
Other funds
|
|
|
25,000,000 |
|
|
|
– |
|
|
|
– |
|
|
|
25,000,000 |
|
| |
Total mutual funds
|
|
|
3,895,102,934 |
|
|
|
315,988,455 |
|
|
|
– |
|
|
|
4,211,091,389 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Common collective trusts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Benefit responsive
|
|
|
– |
|
|
|
109,898,140 |
|
|
|
– |
|
|
|
109,898,140 |
|
| |
Growth funds
|
|
|
– |
|
|
|
291,331,604 |
|
|
|
– |
|
|
|
291,331,604 |
|
| |
Fixed income funds
|
|
|
– |
|
|
|
747,873,726 |
|
|
|
– |
|
|
|
747,873,726 |
|
| |
Other funds
|
|
|
– |
|
|
|
25,000,000 |
|
|
|
– |
|
|
|
25,000,000 |
|
| |
Total common collective trusts
|
|
|
– |
|
|
|
1,174,103,470 |
|
|
|
– |
|
|
|
1,174,103,470 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
HP Common Stock
|
|
|
926,242,647 |
|
|
|
– |
|
|
|
– |
|
|
|
926,242,647 |
|
| |
Money market funds
|
|
|
– |
|
|
|
409,204,895 |
|
|
|
– |
|
|
|
409,204,895 |
|
| |
Managed accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Short-term investments
|
|
|
– |
|
|
|
95,202,013 |
|
|
|
– |
|
|
|
95,202,013 |
|
| |
Common and preferred stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Automobiles and components
|
|
|
52,692,030 |
|
|
|
– |
|
|
|
– |
|
|
|
52,692,030 |
|
| |
Banks, insurance and other financial institutions
|
|
|
1,118,421,099 |
|
|
|
– |
|
|
|
– |
|
|
|
1,118,421,099 |
|
| |
Consumer and capital goods
|
|
|
1,268,013,574 |
|
|
|
– |
|
|
|
– |
|
|
|
1,268,013,574 |
|
| |
Health care and pharmaceuticals
|
|
|
505,015,477 |
|
|
|
– |
|
|
|
– |
|
|
|
505,015,477 |
|
| |
Telecommunications and media
|
|
|
221,717,033 |
|
|
|
– |
|
|
|
– |
|
|
|
221,717,033 |
|
| |
Technology, hardware and software
|
|
|
831,193,141 |
|
|
|
– |
|
|
|
– |
|
|
|
831,193,141 |
|
| |
Energy, transportation and other utilities
|
|
|
648,391,939 |
|
|
|
– |
|
|
|
– |
|
|
|
648,391,939 |
|
| |
Hospitality and real estate
|
|
|
366,020,304 |
|
|
|
– |
|
|
|
– |
|
|
|
366,020,304 |
|
| |
Other
|
|
|
2,480,935 |
|
|
|
– |
|
|
|
– |
|
|
|
2,480,935 |
|
| |
Total common and preferred stocks
|
|
|
5,013,945,532 |
|
|
|
– |
|
|
|
– |
|
|
|
5,013,945,532 |
|
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
|
4. Fair Value Measurements (continued)
|
| |
|
|
Fair Value Measurements as of December 31, 2010
|
|
| |
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
| |
Corporate debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Banks, insurance and other financial institutions
|
|
$ |
– |
|
|
$ |
98,166,806 |
|
|
$ |
– |
|
|
$ |
98,166,806 |
|
| |
Consumer and capital goods
|
|
|
– |
|
|
|
22,859,762 |
|
|
|
– |
|
|
|
22,859,762 |
|
| |
Health care, pharmaceuticals, and biotechnology
|
|
|
– |
|
|
|
13,128,645 |
|
|
|
– |
|
|
|
13,128,645 |
|
| |
Technology, hardware and equipment
|
|
|
– |
|
|
|
10,454,278 |
|
|
|
– |
|
|
|
10,454,278 |
|
| |
Telecommunications and media
|
|
|
– |
|
|
|
32,727,305 |
|
|
|
– |
|
|
|
32,727,305 |
|
| |
Energy, transportation and other utilities
|
|
|
– |
|
|
|
18,307,452 |
|
|
|
– |
|
|
|
18,307,452 |
|
| |
Real estate
|
|
|
– |
|
|
|
2,668,102 |
|
|
|
– |
|
|
|
2,668,102 |
|
| |
Other
|
|
|
– |
|
|
|
4,157,969 |
|
|
|
– |
|
|
|
4,157,969 |
|
| |
Total corporate debt
|
|
|
– |
|
|
|
202,470,319 |
|
|
|
– |
|
|
|
202,470,319 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Foreign obligations
|
|
|
– |
|
|
|
1,591,455 |
|
|
|
– |
|
|
|
1,591,455 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
U.S. government securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Federal
|
|
|
– |
|
|
|
331,108,147 |
|
|
|
– |
|
|
|
331,108,147 |
|
| |
State
|
|
|
– |
|
|
|
15,168,992 |
|
|
|
– |
|
|
|
15,168,992 |
|
| |
Municipal
|
|
|
– |
|
|
|
3,362,833 |
|
|
|
– |
|
|
|
3,362,833 |
|
| |
Total U.S. government securities
|
|
|
– |
|
|
|
349,639,972 |
|
|
|
– |
|
|
|
349,639,972 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Guaranteed investment contracts
|
|
|
– |
|
|
|
11,267,609 |
|
|
|
– |
|
|
|
11,267,609 |
|
| |
Total investments
|
|
|
9,835,291,113 |
|
|
|
2,559,468,188 |
|
|
|
– |
|
|
|
12,394,759,301 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Derivative assets
|
|
|
28,949 |
|
|
|
4,394,519 |
|
|
|
– |
|
|
|
4,423,468 |
|
| |
Amount due from brokers for securities sold
|
|
|
29,530,187,605 |
|
|
|
– |
|
|
|
– |
|
|
|
29,530,187,605 |
|
| |
Total assets measured at fair value
|
|
$ |
39,365,507,667 |
|
|
$ |
2,563,862,707 |
|
|
$ |
– |
|
|
$ |
41,929,370,374 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Derivative liabilities
|
|
$ |
33,869 |
|
|
$ |
4,310,164 |
|
|
$ |
– |
|
|
$ |
4,344,033 |
|
| |
Amount due to brokers for securities purchased
|
|
|
27,596,895,765 |
|
|
|
– |
|
|
|
– |
|
|
|
27,596,895,765 |
|
| |
Total liabilities measured at fair value
|
|
$ |
27,596,929,634 |
|
|
$ |
4,310,164 |
|
|
$ |
– |
|
|
$ |
27,601,239,798 |
|
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
|
4. Fair Value Measurements (continued)
|
| |
|
|
Fair Value Measurements as of December 31, 2009
|
|
| |
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
| |
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mutual funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Index funds
|
|
$ |
350,469,034 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
350,469,034 |
|
| |
Growth funds
|
|
|
2,563,953,433 |
|
|
|
293,276,700 |
|
|
|
– |
|
|
|
2,857,230,133 |
|
| |
Fixed income funds
|
|
|
253,519,451 |
|
|
|
8,697,378 |
|
|
|
– |
|
|
|
262,216,829 |
|
| |
Value funds
|
|
|
221,899,884 |
|
|
|
– |
|
|
|
– |
|
|
|
221,899,884 |
|
| |
Other funds
|
|
|
17,533,885 |
|
|
|
– |
|
|
|
– |
|
|
|
17,533,885 |
|
| |
Total mutual funds
|
|
|
3,407,375,687 |
|
|
|
301,974,078 |
|
|
|
– |
|
|
|
3,709,349,765 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Common collective trusts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Index funds
|
|
|
– |
|
|
|
813,298,960 |
|
|
|
– |
|
|
|
813,298,960 |
|
| |
Growth funds
|
|
|
– |
|
|
|
382,720,689 |
|
|
|
– |
|
|
|
382,720,689 |
|
| |
Fixed income funds
|
|
|
– |
|
|
|
1,170,003,695 |
|
|
|
– |
|
|
|
1,170,003,695 |
|
| |
Other funds
|
|
|
– |
|
|
|
105,247,081 |
|
|
|
– |
|
|
|
105,247,081 |
|
| |
Total common collective trusts
|
|
|
– |
|
|
|
2,471,270,425 |
|
|
|
– |
|
|
|
2,471,270,425 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
HP Common Stock
|
|
|
1,238,052,019 |
|
|
|
– |
|
|
|
– |
|
|
|
1,238,052,019 |
|
| |
Money market funds
|
|
|
– |
|
|
|
209,735,873 |
|
|
|
– |
|
|
|
209,735,873 |
|
| |
Managed accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Short-term investments
|
|
|
– |
|
|
|
152,755,663 |
|
|
|
– |
|
|
|
152,755,663 |
|
| |
Common and preferred stocks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Banks, insurance and other financial institutions
|
|
|
182,426,919 |
|
|
|
– |
|
|
|
– |
|
|
|
182,426,919 |
|
| |
Consumer and capital goods
|
|
|
457,870,702 |
|
|
|
– |
|
|
|
– |
|
|
|
457,870,702 |
|
| |
Health care, pharmaceuticals, and biotechnology
|
|
|
279,411,192 |
|
|
|
– |
|
|
|
– |
|
|
|
279,411,192 |
|
| |
Technology, hardware and software
|
|
|
444,502,280 |
|
|
|
– |
|
|
|
– |
|
|
|
444,502,280 |
|
| |
Energy, transportation and other utilities
|
|
|
280,790,968 |
|
|
|
– |
|
|
|
– |
|
|
|
280,790,968 |
|
| |
Hospitality and real estate
|
|
|
182,945,424 |
|
|
|
– |
|
|
|
– |
|
|
|
182,945,424 |
|
| |
Other
|
|
|
609,238 |
|
|
|
– |
|
|
|
– |
|
|
|
609,238 |
|
| |
Total common and preferred stocks
|
|
|
1,828,556,723 |
|
|
|
– |
|
|
|
– |
|
|
|
1,828,556,723 |
|
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
|
4. Fair Value Measurements (continued)
|
| |
|
|
Fair Value Measurements as of December 31, 2009
|
|
| |
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
| |
Corporate debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Banks, insurance and other financial institutions
|
|
$ |
– |
|
|
$ |
68,537,872 |
|
|
$ |
– |
|
|
$ |
68,537,872 |
|
| |
Consumer and capital goods
|
|
|
– |
|
|
|
23,391,435 |
|
|
|
– |
|
|
|
23,391,435 |
|
| |
Health care, pharmaceuticals, and biotechnology
|
|
|
– |
|
|
|
19,320,084 |
|
|
|
– |
|
|
|
19,320,084 |
|
| |
Technology, hardware and software
|
|
|
– |
|
|
|
9,004,335 |
|
|
|
– |
|
|
|
9,004,335 |
|
| |
Energy, transportation and other utilities
|
|
|
– |
|
|
|
55,824,306 |
|
|
|
– |
|
|
|
55,824,306 |
|
| |
Hospitality and real estate
|
|
|
– |
|
|
|
3,484,710 |
|
|
|
– |
|
|
|
3,484,710 |
|
| |
Other
|
|
|
– |
|
|
|
593,680 |
|
|
|
– |
|
|
|
593,680 |
|
| |
Total corporate debt
|
|
|
– |
|
|
|
180,156,422 |
|
|
|
– |
|
|
|
180,156,422 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
U.S. government securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Federal
|
|
|
– |
|
|
|
234,707,407 |
|
|
|
– |
|
|
|
234,707,407 |
|
| |
State
|
|
|
– |
|
|
|
7,173,879 |
|
|
|
– |
|
|
|
7,173,879 |
|
| |
Municipal
|
|
|
– |
|
|
|
2,257,999 |
|
|
|
– |
|
|
|
2,257,999 |
|
| |
Total U.S. government securities
|
|
|
– |
|
|
|
244,139,285 |
|
|
|
– |
|
|
|
244,139,285 |
|
| |
Guaranteed investment contracts
|
|
|
– |
|
|
|
17,749,665 |
|
|
|
– |
|
|
|
17,749,665 |
|
| |
Wrapper contracts
|
|
|
– |
|
|
|
– |
|
|
|
852,339 |
|
|
|
852,339 |
|
| |
Total investments
|
|
|
6,473,984,429 |
|
|
|
3,577,781,411 |
|
|
|
852,339 |
|
|
|
10,052,618,179 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Derivative assets
|
|
|
– |
|
|
|
69,005,522 |
|
|
|
– |
|
|
|
69,005,522 |
|
| |
Amount due from brokers for securities sold
|
|
|
201,906,549 |
|
|
|
– |
|
|
|
– |
|
|
|
201,906,549 |
|
| |
Total assets measured at fair value
|
|
$ |
6,675,890,978 |
|
|
$ |
3,646,786,933 |
|
|
$ |
852,339 |
|
|
$ |
10,323,530,250 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Derivative liabilities
|
|
$ |
74,346 |
|
|
$ |
69,396,090 |
|
|
$ |
– |
|
|
$ |
69,470,436 |
|
| |
Amount due to brokers for securities purchased
|
|
|
196,379,984 |
|
|
|
– |
|
|
|
– |
|
|
|
196,379,984 |
|
| |
Total liabilities measured at fair value
|
|
$ |
196,454,330 |
|
|
$ |
69,396,090 |
|
|
$ |
– |
|
|
$ |
265,850,420 |
|
Certain prior year amounts in the fair value hierarchy table have been reclassified to conform to the current year presentation.
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
|
4. Fair Value Measurements (continued)
|
The table below sets forth a summary of changes in the fair value of the Plan’s Level 3 assets for the year ended December 31, 2010.
| |
|
|
Wrapper Contracts
|
|
| |
|
|
|
|
| |
Balance, beginning of year
|
|
$ |
852,339 |
|
| |
Purchases, sales, issuances and settlements (net)
|
|
|
(852,339 |
) |
| |
Balance, end of year
|
|
$ |
– |
|
|
5. Guaranteed Investment Contracts
|
Prior to December 31, 2010, the Plan offered a Stable Value Fund, which invested in GICs and synthetic GICs, to provide participants with a stable, fixed-rate return and protection of principal from market changes. There are no reserves against contract value for credit risk of the contract issuers or otherwise. The crediting interest rates are based on a formula agreed upon with the issuer. The interest rate paid by the issuer or contract rate may be fixed over the life of the contract or adjusted periodically, but cannot fall below 0%.
Certain events limit the ability of the Plan to transact at contract value with the issuer. Such events include amendments to the plan document, changes to the Plan’s prohibition of competing investment options, complete or partial termination of the Plan, the failure of the Plan or its trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA, the redemption of all or a portion of the Plan’s interest in the investment at the direction of the Company, or delivery of any communication to participants designed to influence participants not to invest in the Stable Value Fund. The Company does not believe that the occurrence of any such events, which would limit the Plan’s ability to transact at contract value with participants, is probable.
GICs generally do not permit issuers to terminate the contract prior to the scheduled maturity date. Wrapper contracts, a component of synthetic GICs, generally allow the issuer to terminate upon notice at any time for market value. Wrapper contracts generally also contain provisions to allow the Plan to elect to convert the wrapped portfolio to a declining direction strategy upon termination by the issuer. Such provisions are intended to result in contract value equaling market value by the ultimate maturity date.
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
|
5. Guaranteed Investment Contracts (continued)
|
As of December 31, 2010, the Plan terminated its investment in synthetic GICs and the related wrapper contracts.
Average yields earned on the Stable Value Fund are as follows:
| |
|
|
Year Ended December 31
|
|
| |
|
|
2010
|
|
|
2009
|
|
| |
|
|
|
|
|
|
|
| |
Based on actual earnings
|
|
|
1.27 |
% |
|
|
3.22 |
% |
| |
Based on interest rate credited to participants
|
|
|
1.32 |
% |
|
|
2.93 |
% |
As of December 31, 2010, the Plan holds a common collective trust fund that invests in fully benefit responsive GICs and a traditional GIC. All other investments that comprised the Stable Value Fund prior to December 31, 2010, were liquidated in preparation for the new investment option line up described above.
As the Plan holds investments denominated in foreign currencies, forward foreign currency contracts are generally utilized to hedge a portion of the currency exposure that results in those investments denominated in foreign currencies. The forward foreign currency contracts are not designated as hedging instruments.
Forward foreign currency contracts are generally marked-to-market at the prevailing forward exchange rate of the underlying currencies, and the difference between contract value and market value is recorded as unrealized appreciation (depreciation) in fair value of investments. When the forward foreign currency contract is closed, the Plan transfers the unrealized appreciation (depreciation) to a realized gain (loss) equal to the change in the value of the forward foreign currency contract when it was opened and the value at the time it was closed or offset.
Certain risks may arise upon entering into a forward foreign currency contract from the potential inability of the counterparties to meet the terms of their contracts. Additionally, when utilizing forward foreign currency contracts to hedge, the Plan gives up the opportunity to profit from favorable exchange rate movements during the term of the contract. As of December 31, 2010 and 2009, the value of currencies under forward foreign currency contracts represented less than 1% of net assets available for benefits.
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
6. Derivatives (continued)
Total gross notional amounts for outstanding derivatives (recorded at fair value) were as follows:
| |
|
|
December 31
|
|
| |
|
|
2010
|
|
|
2009
|
|
| |
|
|
|
|
|
|
|
| |
Forward foreign currency exchange
|
|
$ |
1,178,178 |
|
|
$ |
63,984,617 |
|
| |
Financial futures
|
|
|
135,000,000 |
|
|
|
24,500,000 |
|
| |
Interest rate swaps
|
|
|
3,121,615 |
|
|
|
11,000,000 |
|
| |
Financial options
|
|
|
(28,800,000 |
) |
|
|
9,400,000 |
|
| |
Credit default swaps
|
|
|
134,155 |
|
|
|
– |
|
| |
Total
|
|
$ |
110,633,948 |
|
|
$ |
108,884,617 |
|
Total gross notional amounts for forward foreign currency exchange contracts by currency were as follows:
| |
|
|
December 31
|
|
| |
|
|
2010
|
|
|
2009
|
|
| |
|
|
|
|
|
|
|
| |
South Korean won
|
|
$ |
203,163 |
|
|
$ |
99,613 |
|
| |
Philippine peso
|
|
|
100,479 |
|
|
|
– |
|
| |
Chinese yuan
|
|
|
422,615 |
|
|
|
253,202 |
|
| |
Mexican peso
|
|
|
197,982 |
|
|
|
205,003 |
|
| |
Singapore dollar
|
|
|
364,817 |
|
|
|
52,449 |
|
| |
British pound
|
|
|
(3,712 |
) |
|
|
17,951,934 |
|
| |
Japanese yen
|
|
|
(1,834 |
) |
|
|
10,969,135 |
|
| |
Australian dollar
|
|
|
(57 |
) |
|
|
8,655,624 |
|
| |
Canadian dollar
|
|
|
(103,658 |
) |
|
|
7,192,366 |
|
| |
Euro
|
|
|
(1,617 |
) |
|
|
5,904,548 |
|
| |
Norwegian krone
|
|
|
– |
|
|
|
4,456,546 |
|
| |
Swedish krona
|
|
|
– |
|
|
|
4,374,092 |
|
| |
Swiss franc
|
|
|
– |
|
|
|
3,870,105 |
|
| |
Total
|
|
$ |
1,178,178 |
|
|
$ |
63,984,617 |
|
None of the derivative instruments contain credit-risk-related contingent features. Credit ratings are not applicable to the Plan investment accounts.
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
|
6. Derivatives (continued)
|
The fair values of the derivatives instruments included in the net assets available for benefits were as follows:
| |
|
|
December 31, 2010
|
|
|
December 31, 2009
|
|
| |
|
|
Derivative
Asset
|
|
|
Derivative
Liability
|
|
|
Derivative
Asset
|
|
|
Derivative
Liability
|
|
| |
Forward foreign currency exchange
|
|
$ |
4,349,106 |
|
|
$ |
4,309,996 |
|
|
$ |
68,874,951 |
|
|
$ |
69,385,734 |
|
| |
Financial futures
|
|
|
22,125 |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| |
Interest rate swaps
|
|
|
45,413 |
|
|
|
– |
|
|
|
130,571 |
|
|
|
10,356 |
|
| |
Financial options
|
|
|
6,824 |
|
|
|
33,869 |
|
|
|
– |
|
|
|
74,346 |
|
| |
Credit default swap
|
|
|
– |
|
|
|
168 |
|
|
|
– |
|
|
|
– |
|
| |
Total
|
|
$ |
4,423,468 |
|
|
$ |
4,344,033 |
|
|
$ |
69,005,522 |
|
|
$ |
69,470,436 |
|
All income from derivatives was recorded as net realized and unrealized appreciation (depreciation) in fair value of investments. The effects of derivatives on the net realized and unrealized appreciation (depreciation) in fair value of investments for the year ended December 31, 2010, were as follows:
| |
Forward foreign currency exchange
|
|
$ |
49,912 |
|
| |
Interest rate swaps
|
|
|
8,163 |
|
| |
Financial options
|
|
|
(1,394 |
) |
| |
Credit default swap
|
|
|
(168 |
) |
| |
Total
|
|
$ |
56,513 |
|
The Plan has received a determination letter from the Internal Revenue Service (IRS) dated October 24, 2009, stating that the Plan is qualified under Section 401(a) of the Code and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the IRS, the Plan was amended. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. The plan administrator believes that the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes the Plan, as amended, is qualified and the related trust is tax-exempt. The plan administrator has indicated that it will take any steps necessary to maintain the tax qualified status of the Plan.
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
|
7. Income Tax Status (continued)
|
Plan management evaluates any uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2010, there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The plan administrator believes it is no longer subject to income tax examinations for years prior to 2007.
8. Related-Party Transactions
Transactions in shares of the Company’s common stock qualify as party-in-interest transactions under the provisions of ERISA. During 2010, the Plan made purchases of approximately $21,229,235 and sales of approximately $138,622,764 of the Company’s common stock.
|
9. Risk and Uncertainties
|
The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
|
10. Reconciliation of Financial Statements to Form 5500
|
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:
| |
|
|
December 31
|
|
| |
|
|
2010
|
|
|
2009
|
|
| |
Net assets available for benefits per the financial statements
|
|
$ |
14,684,876,969 |
|
|
$ |
10,237,953,940 |
|
| |
Less: Adjustment from fair value to contract value for fully benefit-responsive investment contracts
|
|
|
(1,786,962 |
) |
|
|
(16,921,697 |
) |
| |
Net assets available for benefits per the Form 5500
|
|
$ |
14,683,090,007 |
|
|
$ |
10,221,032,243 |
|
The following is a reconciliation of the net investment gain per the financial statements for the year ended December 31, 2010, to the Form 5500:
| |
Net investment gain per the financial statements
|
|
$ |
891,775,327 |
|
| |
Less: Current year adjustment from fair value to contract value for fully benefit-responsive investment contracts
|
|
|
(1,786,962 |
) |
| |
Add: Prior year adjustment from fair value to contract value for fully benefit-responsive investment contracts
|
|
|
16,921,697 |
|
| |
Net investment gain per the Form 5500
|
|
$ |
906,910,062 |
|
|
Hewlett-Packard Company 401(k) Plan
|
| |
|
EIN: 94-1081436 PN: 004
|
| |
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
|
| |
|
December 31, 2010
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
(c)
|
|
|
|
| |
|
|
Description of Investment,
|
|
|
|
| |
|
(b)
|
Including Maturity Date,
|
|
(e)
|
|
| |
|
Identity of Issue, Borrower,
|
Rate of Interest, Collateral,
|
|
Current
|
|
|
(a)
|
|
Lessor, or Similar Party
|
Par, or Maturity Value
|
|
Value
|
|
| |
|
|
|
|
|
|
|
|
|
|
Money market funds:
|
|
|
|
|
|
|
|
| |
* |
|
FIDELITY INSTITUTIONAL CASH PORTFOLIO
|
|
|
409,204,895 |
|
shares
|
|
$ |
409,204,895 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investments:
|
|
|
|
|
|
|
|
|
|
| |
|
|
DREYFUS TREASURY CASH MGMT
|
|
|
60,777,248 |
|
shares
|
|
|
60,777,248 |
|
| |
|
|
WACHOVIA BK NA BN 6% 11/15/17
|
|
|
725,000 |
|
shares
|
|
|
804,362 |
|
| |
|
|
STATE STREET SHORT TERM INVESTMENT
|
|
|
7,123,478 |
|
shares
|
|
|
7,123,478 |
|
| |
|
|
INTEREST-BEARING CASH
|
|
|
26,496,925 |
|
units
|
|
|
26,496,925 |
|
| |
|
|
|
|
|
|
|
|
|
|
95,202,013 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered investment companies:
|
|
|
|
|
|
|
|
|
|
| |
|
|
CRM MID CAP VALUE FD INSTL
|
|
|
3,483,524 |
|
shares
|
|
|
99,872,623 |
|
| |
|
|
DODGE & COX INTL STOCK FD
|
|
|
13,852,471 |
|
shares
|
|
|
494,671,752 |
|
| |
|
|
DODGE & COX STOCK FD
|
|
|
2,085,785 |
|
shares
|
|
|
224,764,202 |
|
| |
|
|
FIDELITY LOW PRICED STOCK FUND
|
|
|
7,431,128 |
|
shares
|
|
|
285,206,675 |
|
| |
|
|
HIGH YIELD PORTFOLIO INSTL CL
|
|
|
1,094,347 |
|
shares
|
|
|
8,623,458 |
|
| |
|
|
HIGHBRIDGE DYNA COMM STR FD R5
|
|
|
1,289,990 |
|
shares
|
|
|
25,000,000 |
|
| |
|
|
LAZARD EMERGING MKTS PORT FD
|
|
|
9,462,500 |
|
shares
|
|
|
206,093,257 |
|
| |
|
|
MFS INTL NEW DISCOVERY FD I
|
|
|
7,495,578 |
|
shares
|
|
|
168,575,560 |
|
| |
|
|
PIMCO ASSET BACK SECS PORT-UNL
|
|
|
964,280 |
|
shares
|
|
|
10,279,222 |
|
| |
|
|
PIMCO EMMERG MKTS FD INST CL
|
|
|
1,060,819 |
|
shares
|
|
|
11,011,301 |
|
| |
|
|
PIMCO HIGH YIELD FUND
|
|
|
30,689,713 |
|
shares
|
|
|
285,414,328 |
|
| |
|
|
PIMCO INTL PORT FUND (UNLISTED)
|
|
|
5,699,431 |
|
shares
|
|
|
25,476,458 |
|
| |
|
|
PIMCO INV GRD CORP PORT (UNLST)
|
|
|
6,833,524 |
|
shares
|
|
|
72,230,346 |
|
| |
|
|
PIMCO MTG PORT INSTL CL(UNLST)
|
|
|
19,223,884 |
|
shares
|
|
|
208,002,429 |
|
| |
|
|
PIMCO MUNI SECTR PORT INSTL CL
|
|
|
1,204,933 |
|
shares
|
|
|
9,398,477 |
|
| |
|
|
PIMCO REAL RETRN BD FD INST CL
|
|
|
1,558,318 |
|
shares
|
|
|
14,102,776 |
|
| |
|
|
PIMCO REAL RETURN BD FD I CL
|
|
|
31,607,835 |
|
shares
|
|
|
359,065,001 |
|
| |
|
|
PIMCO SHORT TERM PORT INSTL CL
|
|
|
1,245,714 |
|
shares
|
|
|
11,398,285 |
|
| |
|
|
PIMCO US GOVT SECTOR PORT INST
|
|
|
7,362,387 |
|
shares
|
|
|
65,157,129 |
|
| |
|
|
VANGUARD PRIMECAP ADMIRAL SHS
|
|
|
12,012,693 |
|
shares
|
|
|
820,106,528 |
|
| |
|
|
SPDR S&P 500 ETF TRUST
|
|
|
4,794,280 |
|
shares
|
|
|
603,024,538 |
|
| |
|
|
ISHARES TR RUSSELL 2000 INDEX
|
|
|
2,602,800 |
|
shares
|
|
|
203,617,044 |
|
| |
|
|
|
|
|
|
|
|
|
|
4,211,091,389 |
|
|
Hewlett-Packard Company 401(k) Plan
|
| |
|
EIN: 94-1081436 PN: 004
|
| |
|
Schedule H, Line 4i – Schedule of Assets (Held At End of Year) (continued)
|
| |
|
December 31, 2010
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
(c)
|
|
|
|
|
| |
|
|
|
Description of Investment,
|
|
|
|
|
| |
|
|
(b)
|
Including Maturity Date,
|
|
(e)
|
|
| |
|
|
Identity of Issue, Borrower,
|
Rate of Interest, Collateral,
|
|
Current
|
|
|
(a)
|
|
Lessor, or Similar Party
|
Par, or Maturity Value
|
|
Value
|
|
|
Common stock:
|
|
|
|
|
|
|
|
|
|
| |
|
|
1ST UNITED BANCORP INC
|
|
|
2,849 |
|
shares
|
|
$ |
19,687 |
|
| |
|
|
3D SYSTEMS CORP DEL
|
|
|
2,374 |
|
shares
|
|
|
74,757 |
|
| |
|
|
3I GROUP PLC
|
|
|
20,363 |
|
shares
|
|
|
104,362 |
|
| |
|
|
3M CO
|
|
|
104,840 |
|
shares
|
|
|
9,047,692 |
|
| |
|
|
8X8 INC
|
|
|
7,269 |
|
shares
|
|
|
17,300 |
|
| |
|
|
99 CENTS ONLY STORES
|
|
|
6,051 |
|
shares
|
|
|
96,453 |
|
| |
|
|
A123 SYSTEM INC
|
|
|
10,552 |
|
shares
|
|
|
100,666 |
|
| |
|
|
A2A SPA
|
|
|
19,790 |
|
shares
|
|
|
27,227 |
|
| |
|
|
AALBERTS INDUSTRIES NV
|
|
|
3,078 |
|
shares
|
|
|
64,919 |
|
| |
|
|
AAON INC
|
|
|
1,537 |
|
shares
|
|
|
43,359 |
|
| |
|
|
AAR CORP
|
|
|
89,772 |
|
shares
|
|
|
2,466,037 |
|
| |
|
|
AARONS INC A
|
|
|
9,423 |
|
shares
|
|
|
192,135 |
|
| |
|
|
ABAXIS INC
|
|
|
2,887 |
|
shares
|
|
|
77,516 |
|
| |
|
|
ABBOTT LABORATORIES
|
|
|
292,196 |
|
shares
|
|
|
13,999,110 |
|
| |
|
|
ABERCROMBIE & FITCH CO CL A
|
|
|
12,883 |
|
shares
|
|
|
742,447 |
|
| |
|
|
ABINGTON BANCORP INC
|
|
|
2,242 |
|
shares
|
|
|
26,747 |
|
| |
|
|
ABIOMED INC
|
|
|
3,417 |
|
shares
|
|
|
32,837 |
|
| |
|
|
ABM INDUSTRIES INC
|
|
|
6,070 |
|
shares
|
|
|
159,641 |
|
| |
|
|
ABOVENET INC
|
|
|
3,304 |
|
shares
|
|
|
193,152 |
|
| |
|
|
ABRAXAS PETROLEUM CORP
|
|
|
9,868 |
|
shares
|
|
|
45,097 |
|
| |
|
|
ACACIA RESEARCH - ACACIA TECH
|
|
|
3,827 |
|
shares
|
|
|
99,272 |
|
| |
|
|
ACADIA REALTY TRUST
|
|
|
27,478 |
|
shares
|
|
|
501,199 |
|
| |
|
|
ACCELRYS INC
|
|
|
7,193 |
|
shares
|
|
|
59,702 |
|
| |
|
|
ACCENTURE PLC CL A
|
|
|
97,450 |
|
shares
|
|
|
4,725,351 |
|
| |
|
|
ACCO BRANDS CORP
|
|
|
7,091 |
|
shares
|
|
|
60,415 |
|
| |
|
|
ACCRETIVE HEALTH INC
|
|
|
1,411 |
|
shares
|
|
|
22,929 |
|
| |
|
|
ACCURAY INC
|
|
|
6,092 |
|
shares
|
|
|
41,121 |
|
| |
|
|
ACE LTD
|
|
|
65,966 |
|
shares
|
|
|
4,106,384 |
|
| |
|
|
ACETO CORP
|
|
|
3,287 |
|
shares
|
|
|
29,583 |
|
| |
|
|
ACHILLION PHARMACEUTICALS INC
|
|
|
5,728 |
|
shares
|
|
|
23,771 |
|
| |
|
|
ACI WORLDWIDE INC
|
|
|
4,289 |
|
shares
|
|
|
115,245 |
|
| |
|
|
ACME PACKET INC
|
|
|
6,234 |
|
shares
|
|
|
331,399 |
|
| |
|
|
ACORDA THERAPEUTICS INC
|
|
|
5,048 |
|
shares
|
|
|
137,608 |
|
| |
|
|
ACTIVE POWER INC
|
|
|
10,301 |
|
shares
|
|
|
25,340 |
|
| |
|
|
ACTIVISION BLIZZARD INC
|
|
|
66,982 |
|
shares
|
|
|
833,256 |
|
| |
|
|
ACTUANT CORP CL A
|
|
|
33,767 |
|
shares
|
|
|
898,878 |
|
| |
|
|
ACTUATE CORP
|
|
|
5,803 |
|
shares
|
|
|
33,077 |
|
| |
|
|
ACUITY BRANDS INC
|
|
|
5,561 |
|
shares
|
|
|
320,703 |
|
| |
|
|
ACXIOM CORP
|
|
|
10,360 |
|
shares
|
|
|
177,674 |
|
|
Hewlett-Packard Company 401(k) Plan
|
| |
|
EIN: 94-1081436 PN: 004
|
| |
|
Schedule H, Line 4i – Schedule of Assets (Held At End of Year) (continued)
|
| |
|
December 31, 2010
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
(c)
|
|
|
|
|
| |
|
|
|
Description of Investment,
|
|
|
|
|
| |
|
|
(b)
|
Including Maturity Date,
|
|
(e)
|
|
| |
|
|
Identity of Issue, Borrower,
|
Rate of Interest, Collateral,
|
|
Current
|
|
|
(a)
|
|
Lessor, or Similar Party
|
Par, or Maturity Value
|
|
Value
|
|
|
Common stock (continued):
|
|
|
|
|
|
|
|
|
|
| |
|
|
ADA-ES INC
|
|
|
968 |
|
shares
|
|
$ |
10,803 |
|
| |
|
|
ADMINISTAFF INC
|
|
|
2,887 |
|
shares
|
|
|
84,589 |
|
| |
|
|
ADMIRAL GROUP PLC
|
|
|
101,469 |
|
shares
|
|
|
2,398,349 |
|
| |
|
|
ADOBE SYSTEMS INC
|
|
|
74,607 |
|
shares
|
|
|
2,296,403 |
|
| |
|
|
ADTRAN INC
|
|
|
34,617 |
|
shares
|
|
|
1,253,482 |
|
| |
|
|
ADVANCE AMER CASH ADV CTRS INC
|
|
|
6,662 |
|
shares
|
|
|
37,574 |
|
| |
|
|
ADVANCE AUTO PARTS INC
|
|
|
57,878 |
|
shares
|
|
|
3,828,630 |
|
| |
|
|
ADVANCE RESID INV CRP NEW REIT
|
|
|
50 |
|
shares
|
|
|
111,925 |
|
| |
|
|
ADVANCED ANALOGIC TECH INC
|
|
|
5,452 |
|
shares
|
|
|
21,863 |
|
| |
|
|
ADVANCED BATTERY TECH INC
|
|
|
7,709 |
|
shares
|
|
|
29,680 |
|
| |
|
|
ADVANCED ENERGY INDUSTRIES INC
|
|
|
4,980 |
|
shares
|
|
|
67,927 |
|
| |
|
|
ADVANCED MICRO DEVICES INC
|
|
|
83,988 |
|
shares
|
|
|
687,022 |
|
| |
|
|
ADVENT SOFTWARE
|
|
|
2,064 |
|
shares
|
|
|
119,547 |
|
| |
|
|
ADVISORY BOARD CO
|
|
|
57,015 |
|
shares
|
|
|
2,715,624 |
|
| |
|
|
AECOM TECHNOLOGY CORP
|
|
|
15,310 |
|
shares
|
|
|
428,221 |
|
| |
|
|
AEON CO LTD
|
|
|
36,700 |
|
shares
|
|
|
459,117 |
|
| |
|
|
AEON CREDIT SERVICE LTD
|
|
|
7,200 |
|
shares
|
|
|
101,774 |
|
| |
|
|
AEP INDUSTRIES INC
|
|
|
641 |
|
shares
|
|
|
16,634 |
|
| |
|
|
AERCAP HOLDINGS NV
|
|
|
275,000 |
|
shares
|
|
|
3,883,000 |
|
| |
|
|
AEROPOSTALE INC
|
|
|
88,742 |
|
shares
|
|
|
2,186,603 |
|
| |
|
|
AEROVIRONMENT INC
|
|
|
1,941 |
|
shares
|
|
|
52,077 |
|
| |
|
|
AES CORP
|
|
|
97,088 |
|
shares
|
|
|
1,182,532 |
|
| |
|
|
AETNA INC
|
|
|
163,833 |
|
shares
|
|
|
4,998,545 |
|
| |
|
|
AFC ENTERPRISES INC
|
|
|
52,761 |
|
shares
|
|
|
733,378 |
|
| |
|
|
AFFILIATED MANAGERS GROUP
|
|
|
21,004 |
|
shares
|
|
|
2,084,017 |
|
| |
|
|
AFFYMAX INC
|
|
|
2,728 |
|
shares
|
|
|
18,141 |
|
| |
|
|
AFFYMETRIX INC
|
|
|
9,124 |
|
shares
|
|
|
45,894 |
|
| |
|
|
AFLAC INC
|
|
|
112,070 |
|
shares
|
|
|
6,324,110 |
|
| |
|
|
AFREN PLC
|
|
|
587,100 |
|
shares
|
|
|
1,351,963 |
|
| |
|
|
AGCO CORP
|
|
|
12,018 |
|
shares
|
|
|
608,832 |
|
| |
|
|
AGEAS (BELG)
|
|
|
36,143 |
|
shares
|
|
|
82,633 |
|
| |
|
|
AGGREKO PLC
|
|
|
40,900 |
|
shares
|
|
|
945,666 |
|
| |
|
|
AGILE PROPERTY HOLDINGS LTD
|
|
|
348,000 |
|
shares
|
|
|
512,206 |
|
| |
|
|
AGILENT TECHNOLOGIES INC
|
|
|
318,695 |
|
shares
|
|
|
13,203,534 |
|
| |
|
|
AGILYSYS INC
|
|
|
2,529 |
|
shares
|
|
|
14,238 |
|
| |
|
|
AGL RESOURCES INC
|
|
|
10,080 |
|
shares
|
|
|
361,368 |
|
| |
|
|
AGNICO-EAGLE MINES LTD (CANA)
|
|
|
17,100 |
|
shares
|
|
|
1,311,570 |
|
| |
|
|
AGREE REALTY CORP
|
|
|
1,122 |
|
shares
|
|
|
29,385 |
|
| |
|
|
AGRICULTURAL BANK OF CHINA H
|
|
|
228,000 |
|
shares
|
|
|
114,403 |
|
|
Hewlett-Packard Company 401(k) Plan
|
| |
|
EIN: 94-1081436 PN: 004
|
| |
|
Schedule H, Line 4i – Schedule of Assets (Held At End of Year) (continued)
|
| |
|
December 31, 2010
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
(c)
|
|
|
|
|
| |
|
|
|
Description of Investment,
|
|
|
|
|
| |
|
|
(b)
|
Including Maturity Date,
|
|
(e)
|
|
| |
|
|
Identity of Issue, Borrower,
|
Rate of Interest, Collateral,
|
|
Current
|
|
|
(a)
|
|
Lessor, or Similar Party
|
Par, or Maturity Value
|
|
Value
|
|
|
Common stock (continued):
|
|
|
|
|
|
|
|
|
|
| |
|
|
AGRIUM INC
|
|
|
11,400 |
|
shares
|
|
$ |
1,045,924 |
|
| |
|
|
AH BELO CORP CL A
|
|
|
2,398 |
|
shares
|
|
|
20,863 |
|
| |
|
|
AHOLD NV, KONINKLIJKE
|
|
|
39,000 |
|
shares
|
|
|
514,964 |
|
| |
|
|
AIA GROUP LTD
|
|
|
686,400 |
|
shares
|
|
|
1,929,603 |
|
| |
|
|
AIFUL CORP
|
|
|
33,150 |
|
shares
|
|
|
30,613 |
|
| |
|
|
AIR GAS INC
|
|
|
10,974 |
|
shares
|
|
|
685,436 |
|
| |
|
|
AIR LIQUIDE SA
|
|
|
4,549 |
|
shares
|
|
|
575,602 |
|
| |
|
|
AIR METHODS CORP
|
|
|
1,441 |
|
shares
|
|
|
81,085 |
|
| |
|
|
AIR PRODUCTS & CHEMICALS
|
|
|
46,946 |
|
shares
|
|
|
4,269,739 |
|
| |
|
|
AIR TRANSPORT SERVICES GROUP
|
|
|
8,237 |
|
shares
|
|
|
65,072 |
|
| |
|
|
AIRCASTLE LTD
|
|
|
5,953 |
|
shares
|
|
|
62,209 |
|
| |
|
|
AIRTRAN HLDGS INC
|
|
|
17,499 |
|
shares
|
|
|
129,318 |
|
| |
|
|
AISIN SEIKI CO LTD
|
|
|
2,300 |
|
shares
|
|
|
81,363 |
|
| |
|
|
AK STEEL HLDG CORP
|
|
|
16,132 |
|
shares
|
|
|
264,081 |
|
| |
|
|
AKAMAI TECHNOLOGIES INC
|
|
|
26,742 |
|
shares
|
|
|
1,258,211 |
|
| |
|
|
AKORN INC
|
|
|
7,749 |
|
shares
|
|
|
47,036 |
|
| |
|
|
ALAMO GROUP INC
|
|
|
961 |
|
shares
|
|
|
26,735 |
|
| |
|
|
ALASKA AIR GROUP INC
|
|
|
4,756 |
|
shares
|
|
|
269,618 |
|