Obligation Hewlett-Packard Inc. 2.125% ( US428236BC61 ) en USD

Hewlett-Packard Inc.

100 % ⇌

Etas-Unis

US428236BC61 ( en USD )

2.125% par an ( paiement semestriel )

13/09/2015 - Obligation échue

Prospectus brochure de l'obligation HP Inc US428236BC61 en USD 2.125%, échue

2 000 USD

1 100 000 000 USD

428236BC6

BBB+ ( Qualité moyenne inférieure )

Baa2 ( Qualité moyenne inférieure )

HP Inc. est une entreprise technologique multinationale américaine qui conçoit, développe, fabrique, commercialise et vend des produits informatiques personnels, imprimantes, et des services associés.

L'Obligation émise par Hewlett-Packard Inc. ( Etas-Unis ) , en USD, avec le code ISIN US428236BC61, paye un coupon de 2.125% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 13/09/2015

L'Obligation émise par Hewlett-Packard Inc. ( Etas-Unis ) , en USD, avec le code ISIN US428236BC61, a été notée Baa2 ( Qualité moyenne inférieure ) par l'agence de notation Moody's.

L'Obligation émise par Hewlett-Packard Inc. ( Etas-Unis ) , en USD, avec le code ISIN US428236BC61, a été notée BBB+ ( Qualité moyenne inférieure ) par l'agence de notation Standard & Poor's ( S&P ).

Filed Pursuant to Rule 424(b)(5)
Page 1 of 61
424B5 1 d424b5.htm FILED PURSUANT TO RULE 424(B)(5)
Table of Contents
Filed Pursuant to Rule 424(b)(5)
Registration No. 333-159366
CALCULATION OF REGISTRATION FEE

Maximum
Maximum
Amount to be offering price
aggregate
Amount of
Title of each class of securities offered
registered
per unit
offering price registration fee(1)
Floating Rate Global Notes due September 13, 2012
$800,000,000
100%
$800,000,000
$57,040.00
1.250% Global Notes due September 13, 2013
$1,100,000,000
99.921%
$1,099,131,000
$78,368.04
2.125% Global Notes due September 13, 2015
$1,100,000,000
99.887%
$1,098,757,000
$78,341.37

(1) Calculated in accordance with Rule 457(r) under the Securities Act of 1933, as amended.
http://sec.gov/Archives/edgar/data/47217/000119312510207517/d424b5.htm
9/10/2010

Filed Pursuant to Rule 424(b)(5)
Page 2 of 61
Table of Contents

Prospectus Supplement
September 8, 2010
(To Prospectus dated May 20, 2009)
$3,000,000,000

$800,000,000 Floating Rate Global Notes due September 13, 2012
$1,100,000,000 1.250% Global Notes due September 13, 2013
$1,100,000,000 2.125% Global Notes due September 13, 2015

Hewlett-Packard Company is offering $800,000,000 of our Floating Rate Global Notes due September 13, 2012,
$1,100,000,000 of our 1.250% Global Notes due September 13, 2013 and $1,100,000,000 of our 2.125% Global Notes due
September 13, 2015. The Floating Rate Global Notes will bear interest at a floating rate equal to three-month USD LIBOR
plus 0.125% per annum. The 1.250% Global Notes will bear interest at a rate of 1.250% per annum. The 2.125% Global
Notes will bear interest at a rate of 2.125% per annum. We will pay interest semi-annually on each of the 1.250% Global
Notes and the 2.125% Global Notes on each September 13 and March 13, beginning March 13, 2011, and we will pay
interest quarterly on the Floating Rate Global Notes on each September 13, December 13, March 13 and June 13, beginning
December 13, 2010. The Floating Rate Global Notes will mature on September 13, 2012. The 1.250% Global Notes will
mature on September 13, 2013. The 2.125% Global Notes will mature on September 13, 2015. We refer to the 1.250%
Global Notes and the 2.125% Global Notes collectively as the Fixed Rate Global Notes, and the Fixed Rate Global Notes and
the Floating Rate Global Notes collectively as the Global Notes.
We may redeem some or all of either series of Fixed Rate Global Notes at any time at the redemption prices described
beginning on page S-18. The Global Notes are senior unsecured obligations and will rank equally with all of our other senior
unsecured indebtedness. There is no sinking fund for the Global Notes. The Global Notes are not and will not be listed on any
securities exchange.
See "Risk Factors" beginning on page S-10 of this prospectus supplement for a discussion of certain risks that you
should consider in connection with an investment in the Global Notes.

Proceeds,
Before
Price to
Underwriting
Expenses, to

Public (1)
Discount

HP
Per Floating Rate Global Note

100%
0.15%
99.85%
Floating Rate Global Note Total

$ 800,000,000
$1,200,000
$ 798,800,000
Per 1.250% Global Note

99.921%
0.20%
99.721%
1.250% Global Note Total

$1,099,131,000
$2,200,000
$1,096,931,000
Per 2.125% Global Note

99.887%
0.35%
99.537%
2.125% Global Note Total

$1,098,757,000
$3,850,000
$1,094,907,000

Total

$2,997,888,000
$7,250,000
$2,990,638,000

(1) Plus accrued interest, if any, from September 13, 2010 if settlement occurs after that date.
Neither the Securities and Exchange Commission nor any state securities commission has approved or
http://sec.gov/Archives/edgar/data/47217/000119312510207517/d424b5.htm
9/10/2010

Filed Pursuant to Rule 424(b)(5)
Page 3 of 61
disapproved of these securities or determined if this prospectus supplement or the prospectus to which it relates
is truthful or complete. Any representation to the contrary is a criminal offense.
Delivery of the Global Notes in book-entry form only will be made through The Depository Trust Company on or
about September 13, 2010. The Global Notes will be approved for clearance through the Clearstream and Euroclear systems.
Joint Book Running Managers

Barclays Capital

Citi
J.P. Morgan

Senior Co-Managers

BofA Merrill Lynch

BNP PARIBAS
Goldman, Sachs & Co.
HSBC

UBS Investment Bank
Wells Fargo Securities
http://sec.gov/Archives/edgar/data/47217/000119312510207517/d424b5.htm
9/10/2010

Filed Pursuant to Rule 424(b)(5)
Page 4 of 61
Table of Contents
TABLE OF CONTENTS
Prospectus Supplement

Page
Forward-Looking Statements

S-1
Summary

S-2
Risk Factors
S-10
Use of Proceeds
S-12
Capitalization
S-13
Description of the Global Notes
S-15
Material United States Federal Tax Considerations
S-22
Underwriting
S-27
Offering Restrictions
S-29
Validity of the Global Notes
S-31
Experts
S-31
Information Incorporated By Reference
S-31
Prospectus

Page
About This Prospectus

1
Forward-looking Statements

1
Use of Proceeds

2
Description of the Debt Securities

2
Description of Common Stock

12
Description of Preferred Stock

14
Description of the Depositary Shares

14
Description of the Warrants

17
Plan of Distribution

18
Legal Matters

20
Experts

20
Where You Can Find More Information

20
Information Incorporated By Reference

21
You should rely only on the information contained or incorporated by reference in this document or to which
we have referred you. We have not authorized anyone to provide you with information that is different. This
document may be used only where it is legal to sell these securities. The information contained or incorporated by
reference in this document is accurate only as of the date of this document or as of its date, as applicable.

In this prospectus supplement and the accompanying prospectus, unless otherwise specified or unless the context
otherwise requires, references to "USD," "dollars," "$" and "U.S.$" are to U.S. dollars, and references to "Hewlett-Packard,"
"HP," "we," "us" or "our" refer to Hewlett-Packard Company, and not to any of our subsidiaries unless otherwise indicated.
http://sec.gov/Archives/edgar/data/47217/000119312510207517/d424b5.htm
9/10/2010

Filed Pursuant to Rule 424(b)(5)
Page 5 of 61
Table of Contents
FORWARD-LOOKING STATEMENTS
This prospectus supplement, the accompanying prospectus, the documents incorporated by reference in this
prospectus supplement and the accompanying prospectus and other written reports and oral statements made from time to
time by the company may contain "forward-looking statements" that involve risks, uncertainties and assumptions. If the risks
or uncertainties ever materialize or the assumptions prove incorrect, our and our consolidated subsidiaries' results may differ
materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than
statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to any
projections of revenue, margins, expenses, tax provisions, earnings, cash flows, benefit obligations, share repurchases,
currency exchange rates, the impact of acquisitions or other financial items; any statements of the plans, strategies and
objectives of management for future operations, including the execution of cost reduction programs and restructuring plans;
any statements concerning expected development, performance or market share relating to products or services; any
statements regarding future economic conditions or performance; any statements regarding pending investigations, claims or
disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks,
uncertainties and assumptions include macroeconomic and geopolitical trends and events; the execution and performance of
contracts by us and our customers, suppliers and partners; the challenge of managing asset levels, including inventory; the
difficulty of aligning expense levels with revenue changes; assumptions related to pension and other post-retirement costs;
expectations and assumptions relating to the execution and timing of cost reduction programs and restructuring plans; the
resolution of pending investigations, claims and disputes; and other risks that are described in our other filings with the
Securities and Exchange Commission, including but not limited to the risks described in our Annual Report on Form 10-K
for our fiscal year ended October 31, 2009 and Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2010.
We assume no obligation and do not intend to update these forward-looking statements.

S-1
http://sec.gov/Archives/edgar/data/47217/000119312510207517/d424b5.htm
9/10/2010

Filed Pursuant to Rule 424(b)(5)
Page 6 of 61
Table of Contents
SUMMARY
You should read the following summary together with the entire prospectus supplement and accompanying
prospectus and the documents incorporated by reference, including our consolidated condensed financial statements and
related notes. You should carefully consider, among other things, the matters discussed in "Risk Factors" in this
prospectus supplement and in the documents incorporated by reference.
About Hewlett-Packard Company
HP is 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:

·
multi-vendor customer services, including infrastructure technology and business process outsourcing,

technology support and maintenance, application development and support services and consulting and
integration services;

·
enterprise information technology infrastructure, including enterprise storage and server technology,

networking products and resources, information management software and software that optimizes
business technology investments;

·
personal computing and other access devices; and

·
imaging and printing-related products and services.
Our operations are organized into seven business segments: Services, Enterprise Storage and Servers ("ESS"),
HP Software, the Personal Systems Group ("PSG"), the Imaging and Printing Group ("IPG"), HP Financial Services
("HPFS") and Corporate Investments. Services, ESS and HP Software are reported collectively as a broader HP
Enterprise Business (formerly the Technology Solutions Group). While the HP Enterprise Business is not a business
segment, we sometimes aggregate our segments together when providing certain financial data to provide a
supplementary view of our business. In each of the past three fiscal years, notebooks, desktops and printing supplies each
accounted for more than 10% of our consolidated net revenue. In fiscal 2009, infrastructure technology outsourcing also
accounted for more than 10% of our consolidated net revenue, and in fiscal 2007 industry standard servers also
accounted for more than 10% of our consolidated net revenue.
HP Enterprise Business
The HP Enterprise Business provides servers, storage, software and information technology ("IT") services that
enable enterprise and midmarket business customers to better manage their current IT environments and transform IT
into a business enabler. HP Enterprise Business products and services help accelerate growth, minimize risk and reduce
costs to optimize the business value of customers' IT investments. Companies around the globe leverage HP's
infrastructure solutions to deploy next generation data centers and address business challenges ranging from compliance
to business continuity. The HP Enterprise Business's modular IT systems and services are primarily standards-based and
feature differentiated technologies in areas including power and cooling, unified management, security, virtualization
and automation. Each of the three financial reporting segments within the HP Enterprise Business are described in detail
below.

S-2
http://sec.gov/Archives/edgar/data/47217/000119312510207517/d424b5.htm
9/10/2010

Filed Pursuant to Rule 424(b)(5)
Page 7 of 61
Table of Contents
Services
Services, formerly HP Services, was renamed after the reorganization of the business units subsequent to the
acquisition of Electronic Data Systems Corporation ("EDS") in August 2008. Services provides consulting, outsourcing
and technology services across infrastructure, applications and business process domains. Services delivers to its clients
by leveraging investments in consulting and support professionals, infrastructure technology, applications, standardized
methodologies, and global supply and delivery. It is divided into four main business units: infrastructure technology
outsourcing, applications services, business process outsourcing and technology services.
Infrastructure Technology Outsourcing. Infrastructure technology outsourcing delivers comprehensive services
that streamline and optimize our clients' infrastructure to efficiently enhance performance, reduce costs, mitigate risk and
enable business change. These services encompass the data center and the workplace (desktop); network and
communications; and security, compliance and business continuity. We also offer a set of managed services, providing a
cross-section of our broader infrastructure services for smaller discrete engagements.
Application Services. Applications services help clients revitalize and manage their applications assets through
flexible, project-based, consulting services and longer-term outsourcing contracts. These full lifecycle services
encompass application development, testing, modernization, system integration, maintenance and management.
Applications projects open doors to new infrastructure technology outsourcing and business process outsourcing
opportunities and represent attractive cross-selling opportunities to current HP clients.
Business Process Outsourcing. Business process outsourcing is powered by a platform of underlying
infrastructure technology, applications and standardized methodologies and is supplemented by IT experience and in-
depth, industry-specific knowledge. These services encompass both industry-specific and cross-industry solutions. Our
cross-industry solutions include a broad array of enterprise shared services, customer relationship management services,
financial process management services and administrative services.
Technology Services. HP provides consulting and support services, as well as warranty support across HP's
product lines. HP specializes in keeping technology running with mission critical services, converged infrastructure
services, networking services, data center transformation services and infrastructure services for storage, server and
unified communication environments. HP's technology services offerings are available in the form of service contracts,
pre-packaged offerings (HP Care Pack services) or on an individual basis.
Enterprise Storage and Servers
The server market continues to shift towards standards-based architectures as proprietary hardware and
operating systems are replaced by industry standard server platforms that typically offer compelling price and
performance advantages by leveraging standards-based operating systems and microprocessor designs. At the same time,
critical business functions continue to demand scalability and reliability. By providing a broad portfolio of storage and
server solutions, ESS aims to optimize the combined product solutions required by different customers and provide
solutions for a wide range of operating environments, spanning both the enterprise and the SMB markets. ESS provides
storage and server products in a number of categories.

S-3
http://sec.gov/Archives/edgar/data/47217/000119312510207517/d424b5.htm
9/10/2010

Filed Pursuant to Rule 424(b)(5)
Page 8 of 61
Table of Contents
Industry Standard Servers. Industry standard servers include primarily entry-level and mid-range ProLiant
servers, which run primarily Windows ,
® 1 Li

nux and Novell operating systems and leverage Intel Corporation ("Intel")
and Advanced Micro Devices ("AMD") processors. The business spans a range of product lines that include pedestal-
tower servers, density-optimized rack servers and HP's BladeSystem family of server blades. In fiscal 2009, HP's
industry standard server business continued to lead the industry in terms of units shipped and factory revenue. HP also
has a leadership position in server blades, the fastest growing segment of the market.
Business Critical Systems. Business critical systems include Itanium®2 -based Integrity servers running on the
HP-UX, Windows® , Linux, OpenVMS and NonStop operating systems, including the high-end Superdome servers and
fault-tolerant Integrity NonStop servers. Business critical systems also include the Reduced Instruction Set Computing
("RISC")-based servers with the HP 9000 line running on the HP-UX operating system, HP AlphaServers running on
both Tru64 UNIX® 3 and OpenVMS, and MIPs-based NonStop servers. During 2009, we continued to transition all
business critical systems platforms to Itanium-based servers.
Storage. HP's StorageWorks offerings include entry-level, mid-range and high-end arrays, storage area
networks, network attached storage, storage management software and virtualization technologies, as well as tape drives,
tape libraries and optical archival storage.
HP Software
HP Software is a leading provider of enterprise and service-provider software and services. Our portfolio
consists of:
Enterprise IT management software. Enterprise IT management solutions, including support and professional
services, allow customers to manage IT infrastructure, operations, applications, IT services, and business processes.
These solutions also include tools to automate data center operations and IT processes. We market them as the HP
business technology optimization suite, and we deliver them in the form of traditional software licenses and, in some
cases, via a software-as-a-service distribution model.
Information management and business intelligence solutions. Our information management and business
intelligence solutions include information data strategy, enterprise data warehousing, data integration, data protection,
archiving, compliance, e-discovery and records management products. These solutions enable businesses to extract more
value from their structured and unstructured information.
Communications and media solutions. Our communications and media industry solutions address the creation,
delivery and management of consumer and enterprise communications services, with offerings in service delivery
infrastructure and applications, real-time business support systems, next-generation operations support systems and
digital media. These solutions enable operators, media companies, and network equipment providers to drive incremental
revenue, enable new business models and reduce infrastructure costs.

1 Windows is a trademark of Microsoft Corporation.

2 Itanium is a trademark of Intel Corporation.

3 UNIX is a trademark of The Open Group.

S-4
http://sec.gov/Archives/edgar/data/47217/000119312510207517/d424b5.htm
9/10/2010

Filed Pursuant to Rule 424(b)(5)
Page 9 of 61
Table of Contents
Personal Systems Group
PSG is the leading provider of personal computers ("PCs") in the world based on unit volume shipped and
annual revenue. PSG provides commercial PCs, consumer PCs, workstations, handheld computing devices, calculators
and other related accessories, software and services for the commercial and consumer markets. We group commercial
desktops, commercial notebooks and workstations into commercial clients and consumer desktop and consumer
notebooks into consumer clients when describing our performance in these markets. Like the broader PC market, PSG
continues to experience a shift toward mobile products such as notebooks. Both commercial and consumer PCs are based
predominately on the Windows® operating system and use Intel and AMD processors.
Commercial PCs. PSG offers a variety of personal computers optimized for commercial uses, including
enterprise and SMB customers, and for connectivity and manageability in networked environments. These commercial
PCs include primarily the HP Compaq business desktops, notebooks, tablet PCs, mini notebooks and mobile
workstations, as well as the thin clients, retail point of sale systems, displays and the new TouchSmart all-in-one PC for
business.
Consumer PCs. Consumer PCs include the HP and Compaq series of multi-media consumer desktops,
notebooks and mini notebooks, including the TouchSmart line of touch-enabled all-in-one desktops and notebooks.
Workstations. Workstations are individual computing products designed for users demanding enhanced
performance, such as computer animation, engineering design and other programs requiring high-resolution graphics.
PSG provides workstations that run on both Windows® and Linux-based operating systems.
Handheld Computing. PSG provides a series of HP iPAQ Pocket PC handheld computing devices that run on
Windows® Mobile software. These products range from basic PDAs to advanced "smartphone" devices with voice and
data capability.
Imaging and Printing Group
IPG is the leading imaging and printing systems provider in the world for consumer and commercial printer
hardware, printing supplies, printing media and scanning devices. IPG is also focused on imaging and printing solutions
in the commercial markets, from managed print services solutions to addressing new growth opportunities in commercial
printing and capturing high-value pages in areas such as industrial applications, outdoor signage and the graphic arts
business. When describing our performance in this segment, we group inkjet printer units and retail products and
services into consumer hardware, LaserJet and enterprise solutions and graphics solutions into commercial hardware and
break out printer supplies separately.
Inkjet and Web Solutions. This unit delivers our consumer and SMB inkjet solutions (hardware, ink, media) as
well as developing our retail and web businesses. It includes single function and all-in-one inkjet printers targeted toward
consumers and SMBs as well as retail publishing solutions, Snapfish and Logoworks.
LaserJet and Enterprise Solutions. This unit is focused on delivering products and services to the enterprise
segment. It includes LaserJet printers and supplies, multi-function printers, scanners and enterprise software solutions
such as Exstream Software and Web Jetadmin.

S-5
http://sec.gov/Archives/edgar/data/47217/000119312510207517/d424b5.htm
9/10/2010

Filed Pursuant to Rule 424(b)(5)
Page 10 of 61
Table of Contents
Managed Enterprise Solutions. This unit is focused on delivering managed print services products and solutions
to Enterprise customers. This unit partners with third-party software providers to offer workflow solutions in the
enterprise environment.
Graphics Solutions. Graphics solutions include large format printing (Designjet, Scitex, ColorSpan and NUR),
large format supplies, inkjet high-speed production (WebPress) solutions and supplies, Indigo printing and specialty
printing systems.
Printer Supplies. Printer supplies include LaserJet toner, inkjet cartridges, graphic solutions ink products,
including inks for our large format, super-wide and digital press products, and other printing-related media. These
supplies include HP-branded Vivera and ColorSphere ink and HP Premium and Premium Plus photo papers, which are
designed to work together as a system to produce faster prints with improved resistance to fading, increased print quality
and better affordability.
HP Financial Services
HPFS supports and enhances HP's global product and service solutions, providing a broad range of value-added
financial life-cycle management services. HPFS enables our worldwide customers to acquire complete IT solutions,
including hardware, software and services. The group offers leasing, financing, utility programs and asset recovery
services, as well as financial asset management services for large global and enterprise customers. HPFS also provides
an array of specialized financial services to SMBs and educational and governmental entities. HPFS offers innovative,
customized and flexible alternatives to balance unique customer cash flow, technology obsolescence and capacity needs.
Corporate Investments
Corporate Investments includes Hewlett-Packard Laboratories, also known as HP Labs, and certain business
incubation projects. Revenue in this segment is attributable to the sale of certain network infrastructure products,
including Ethernet switch products that enhance computing and enterprise solutions sold under the ProCurve, 3Com and
TippingPoint brands. This segment also includes certain video collaboration products sold under the brand "Halo," and
Palm smartphones, which are targeted at the consumer segment and include the Pixi and Pre models running on the
WebOS operating system.
Recent Developments
Proposed Acquisition of 3PAR Inc.
On September 2, 2010, we entered into a definitive agreement with 3PAR Inc. ("3PAR") to acquire all of the
outstanding shares of common stock, par value $0.001 (the "Shares"), of 3PAR in a cash tender offer at a price of $33.00
per Share in cash, implying an enterprise value of approximately $2.34 billion.
The completion of the acquisition is subject to customary closing conditions, and we expect to complete the
acquisition by the end of the calendar year.
In addition to our proposed acquisition of 3PAR, we may engage in other acquisitions.

S-6
http://sec.gov/Archives/edgar/data/47217/000119312510207517/d424b5.htm
9/10/2010