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UsetheselinkstorapidlyreviewthedocumentTableofContentsTableofContentsPARTIV
TableofContents
UNITEDSTATESSECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549
FORM10-K 
(MarkOne)
˝
ANNUALREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934
Forthefiscalyearended:October31,2008Or
o
TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934
ForthetransitionperiodfromtoCommissionfilenumber1-4423
HEWLETT-PACKARDCOMPANY
(Exactnameofregistrantasspecifiedinitscharter)
Delaware
94-1081436
(Stateorotherjurisdictionof incorporationororganization)(I.R.S.employer identificationno.)
3000HanoverStreet,PaloAlto,California94304
(Addressofprincipalexecutiveoffices)(Zipcode)Registrant’stelephonenumber,includingareacode:
(650)857-1501
SecuritiesregisteredpursuanttoSection12(b)oftheAct:
TitleofeachclassNameofeachexchangeonwhichregistered
Commonstock,parvalue$0.01pershareNewYorkStockExchange
SecuritiesregisteredpursuanttoSection12(g)oftheAct:
 None
Indicatebycheckmarkiftheregistrantisawell-knownseasonedissuerasdefinedinRule405oftheSecuritiesAct.Yes
˝
No
o
IndicatebycheckmarkiftheregistrantisnotrequiredtofilereportspursuanttoSection13orSection15(d)oftheAct.Yes
o
No
˝
Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934(the"ExchangeAct")duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days.Yes
˝
No
o
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IndicatebycheckmarkifdisclosureofdelinquentfilerspursuanttoItem405ofRegulationS-Kisnotcontainedherein,andwillnotbecontained,tothebestofregistrant’sknowledge,indefinitiveproxyorinformationstatementsincorporatedbyreferenceinPartIIIofthisForm10-KoranyamendmenttothisForm10-K.
˝
Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,orasmallerreportingcompany.Seedefinitionsof"largeacceleratedfiler,""acceleratedfiler,"and"smallerreportingcompany"inRule12b-2oftheExchangeAct.(Checkone):Largeacceleratedfiler
˝
Acceleratedfiler
o
Non-acceleratedfiler
o
(Donotcheckifasmaller reportingcompany)Smallerreportingcompany
o
Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedbyRule12b-2oftheExchangeAct).Yes
o
No
˝
Theaggregatemarketvalueoftheregistrant’scommonstockheldbynon-affiliateswas$114,540,461,000basedonthelastsalepriceofcommonstockonApril30,2008.ThenumberofsharesofHPcommonstockoutstandingasofNovember30,2008was2,416,201,335shares.
DOCUMENTSINCORPORATEDBYREFERENCEDOCUMENTDESCRIPTION10-KPART
PortionsoftheRegistrant’snoticeofannualmeetingofstockholdersandproxystatementtobefiledpursuanttoRegulation14Awithin120daysafterRegistrant’sfiscalyearendofOctober31,2008areincorporatedbyreferenceintoPartIIIofthisReport.III
TableofContents
Hewlett-PackardCompanyForm10-K FortheFiscalYearEndedOctober31,2008TableofContents
Page
PARTIItem1.Business3Item1A.RiskFactors16Item1B.UnresolvedStaffComments31Item2.Properties31Item3.LegalProceedings33Item4.SubmissionofMatterstoaVoteofSecurityHolders33PARTIIItem5.MarketforRegistrant’sCommonEquity,RelatedStockholderMattersandIssuerPurchasesofEquitySecurities34Item6.SelectedFinancialData36Item7.Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations37Item7A.QuantitativeandQualitativeDisclosuresaboutMarketRisk 74Item8.FinancialStatementsandSupplementaryData76Item9.ChangesinandDisagreementswithAccountantsonAccountingandFinancialDisclosures160Item9A.ControlsandProcedures160Item9B.OtherInformation160PARTIIIItem10.Directors,ExecutiveOfficersandCorporateGovernance161Item11.ExecutiveCompensation161Item12.SecurityOwnershipofCertainBeneficialOwnersandManagementandRelatedStockholderMatters161Item13.CertainRelationshipsandRelatedTransactions,andDirectorIndependence162Item14.PrincipalAccountingFeesandServices162PARTIVItem15.ExhibitsandFinancialStatementSchedules163TableofContents
Forward-LookingStatements

ThisAnnualReportonForm10-K,including"Management’sDiscussionandAnalysisofFinancialConditionandResultsof  Operations"inItem7,containsforward-lookingstatementsthatinvolverisks,uncertaintiesandassumptions.Iftherisksoruncertaintiesevermaterializeortheassumptionsproveincorrect,theresultsofHewlett-PackardCompanyanditsconsolidatedsubsidiaries("HP")may
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differmateriallyfromthoseexpressedorimpliedbysuchforward-lookingstatementsandassumptions.Allstatementsotherthanstatementsofhistoricalfactarestatementsthatcouldbedeemedforward-lookingstatements,includingbutnotlimitedtoanyprojectionsofrevenue,margins,expenses,taxprovisions,earnings,cashflows,benefitobligations,sharerepurchases,acquisitionsynergies,currencyexchangeratesorotherfinancialitems;anystatementsoftheplans,strategiesandobjectivesofmanagementforfutureoperations,includingtheexecutionofcostreductionprogramsandrestructuringandintegrationplans;anystatementsconcerningexpecteddevelopment,erformanceormarketsharerelatingtoproductsorservices;anystatementsregardingfutureeconomicconditionsorperformance;any statementsregardingpendinginvestigations,claimsordisputes;anystatementsofexpectationorbelief;andanystatementsofassumptionsunderlyinganyoftheforegoing.Risks,uncertaintiesandassumptionsincludemacroeconomicandgeopoliticaltrendsandevents;theexecutionandperformanceofcontractsbyHPanditscustomers,suppliersandpartners;thechallengeofmanagingassetlevels,including inventory;thedifficultyofaligningexpenselevelswithrevenuechanges;assumptionsrelatedtopensionandotherpost-retirementcosts;expectationsandassumptionsrelatingtotheexecutionandtimingofcostreductionprogramsandrestructuringandintegrationplans;theossibilitythattheexpectedbenefitsofbusinesscombinationtransactionsmaynotmaterializeasexpected;theresolutionofpending investigations,claimsanddisputes;andotherrisksthataredescribedherein,includingbutnotlimitedtotheitemsdiscussedin"Risk  Factors"inItem1Aofthisreport,andthatareotherwisedescribedorupdatedfromtimetotimeinHP’sSecuritiesandExchangeCommissionreports.HPassumesnoobligationanddoesnotintendtoupdatetheseforward-lookingstatements.
PARTIITEM1.Business.
HPisaleadingglobalproviderofproducts,technologies,software,solutionsandservicestoindividualconsumers,small-andmedium-sizedbusinesses("SMBs")andlargeenterprises,includingthepublicandeducationsectors.Ourofferingsspan:? personalcomputingandotheraccessdevices,?imagingandprinting-relatedproductsandservices,?enterpriseinformationtechnologyinfrastructure,includingenterprisestorageandservertechnologyandsoftwarethatoptimizes businesstechnologyinvestments,and?multi-vendorcustomerservices,includingtechnologysupportandmaintenance,consultingandintegrationandoutsourcingservices,aswellasapplicationservicesandbusinessprocessoutsourcing.HPwasincorporatedin1947underthelawsoftheStateofCaliforniaasthesuccessortoapartnershipfoundedin1939byWilliamR.HewlettandDavidPackard.EffectiveinMay1998,wechangedourstateofincorporationfromCaliforniatoDelaware.
HPProductsandServices;SegmentInformation
Duringfiscal2008,ouroperationswereorganizedintosevenbusinesssegments:EnterpriseStorageandServers("ESS"),HPServices("HPS"),HPSoftware,thePersonalSystemsGroup("PSG"),theImagingandPrintingGroup("IPG"),HPFinancialServices("HPFS")andCorporateInvestments.Inthefourthquarterof2008,weaddedthebusinessoperationsthatweacquiredthroughouracquisitionofElectronicDataSystemsCorporation("EDS")asabusinessunitwithinHPSforfinancialreporting3
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