Pump it up…

January 21, 2004

No, this isn’t a reference to the spam we all seem to receive. It’s about Hewlett Packard’s (HPQ) expanding 10-K. In the K it filed yesterday, the company devoted 15% more space to footnotes than it did in its fiscal 2002 10-K and nearly 70% more than it did in fiscal 2001 — before its merger with Compaq. This year’s K provides more details on income taxes — its effective tax rate was 12.1 percent in 2003 — leases, and pensions, which the company said it had contributed $1.2 billion to in fiscal 2003 and planned to contribute another $1 billion in 2004. HPQ also added a sixth business segment, corporate investments, which the company says includes HP Labs and certain incubation projects. Though small when compared with the rest of the company — net revenue was $345 million in fiscal 2003 — it’s 21 percent higher than in 2002.

Posted in: Disclosures, M&A, Perks, Taxes

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