HP 2013 Annual Report Download - page 48

ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Management’s Discussion and Analysis of
Financial Condition and Results of Operations
This Management’s Discussion and Analysis of Financial Condition and Results of Operations
(‘‘MD&A’’) is organized as follows:
•Overview. A discussion of our business and overall analysis of financial and other highlights
affecting the company to provide context for the remainder of MD&A.
•Critical Accounting Policies and Estimates. A discussion of accounting estimates that we believe
are important to understanding the assumptions and judgments incorporated in our reported
financial results.
•Results of Operations. An analysis of our financial results comparing fiscal 2013 to fiscal 2012
and comparing fiscal 2012 to fiscal 2011. A discussion of results of operations at the
consolidated level is followed by a more detailed discussion of results of operations by segment.
•Liquidity and Capital Resources. An analysis of changes in our balance sheets and cash flows,
and a discussion of our financial condition and liquidity.
•Contractual and Other Obligations and Off-Balance Sheet Arrangements. Overview of contractual
obligations, postretirement benefit plan funding commitments, payments for restructuring,
uncertain tax positions and off-balance sheet arrangements.
We intend the discussion of our financial condition and results of operations that follows to
provide information that will assist in understanding our Consolidated Financial Statements, the
changes in certain key items in those financial statements from year to year, and the primary factors
that accounted for those changes, as well as how certain accounting principles, policies and estimates
affect our Consolidated Financial Statements. That discussion should be read in conjunction with our
Consolidated Financial Statements and the related notes that appear elsewhere in this document.
OVERVIEW
We are a leading global provider of products, technologies, software, solutions and services to
individual consumers, small- and medium-sized businesses (‘‘SMBs’’), and large enterprises, including
customers in the government, health and education sectors. Our offerings span the following: personal
computing and other access devices; imaging and printing-related products and services; enterprise IT
infrastructure, including enterprise server and storage technology, networking products and solutions,
technology support and maintenance; multi-vendor customer services, including infrastructure
technology and business process outsourcing, application development and support services, and
consulting and integration services; and IT management software, information management solutions
and security intelligence/risk management solutions. We have seven reportable business segments for
financial reporting purposes: Personal Systems, Printing, the Enterprise Group (‘‘EG’’), Enterprise
Services (‘‘ES’’), Software, HP Financial Services (‘‘HPFS’’) and Corporate Investments.
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