UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 11-K
 

 
(Mark One)
   
  ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
 
For the calendar year ended December 31, 2014
   
 
OR
   
  o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
 
For the transition period from ____________ to ____________
   
   
 
Commission File Number: 1-4423
   
   
 A. Full title of the plan and address of the plan, if different from that of the issuer named below:
   
   
 
HEWLETT-PACKARD COMPANY 401(k) PLAN
   
   
 B.  Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
   
   
 
HEWLETT-PACKARD COMPANY
3000 HANOVER STREET
PALO ALTO, CALIFORNIA 94304
 
 
 
 

 
 
Hewlett-Packard Company 401(k) Plan
Financial Statements and Supplemental Schedule
December 31, 2014 and 2013, and
For the Year Ended December 31, 2014
Contents
 
 
Report of Independent Registered Public Accounting Firm
1
 
 
Audited Financial Statements
 
 
 
Statements of Net Assets Available for Benefits
2
Statement of Changes in Net Assets Available for Benefits
3
Notes to Financial Statements
4
 
Supplemental Schedule
 
Schedule H, Part IV, Line 4i – Schedule of Assets (Held at End of Year) 22
 
Signature 87
 
Exhibit Index
 
Exhibit 23.1 — Consent of Independent Registered Public Accounting Firm
 
 

 
 
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, 2014 and 2013, and the related statement of changes in net assets available for benefits for the year ended December 31, 2014. 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 Hewlett-Packard Company 401(k) Plan at December 31, 2014 and 2013, and the changes in its net assets available for benefits for the year ended December 31, 2014, in conformity with U.S. generally accepted accounting principles.
The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2014, has been subjected to audit procedures performed in conjunction with the audit of Hewlett-Packard Company 401(k) Plan’s financial statements. The information in the supplemental schedules is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.
                            
 
 
 
/s/ Ernst & Young LLP
 
San Jose, California
June 24, 2015
 
 
1

 
 
Hewlett-Packard Company 401(k) Plan
Statements of Net Assets Available for Benefits
 
   
December 31, 
   
2014 
 
2013 
Assets
 
(In thousands) 
         
Cash
 
$
4,075
   
$
4,859
 
Investments, at fair value
   
17,363,478
     
16,569,462
 
Receivables:
               
     Notes receivable from participants
   
227,914
     
232,776
 
     Due from broker for securities sold
   
43,402
     
49,589
 
     Employer contributions
   
33,615
     
34,066
 
     Participant contributions
   
17,272
     
17,698
 
     Interest, dividends, and other
   
31,389
     
29,115
 
Total receivables
   
353,592
     
363,244
 
Total assets
   
17,721,145
     
16,937,565
 
                 
Liabilities
               
                 
Due to broker for securities purchased
   
95,875
     
99,758
 
Administrative expenses and other payables
   
16,723
     
8,904
 
Total liabilities
   
112,598
     
108,662
 
                 
Net assets available for benefits
 
$
17,608,547
   
$
16,828,903
 
                 
                 
See accompanying notes.
               
 
2

 
Hewlett-Packard Company 401(k) Plan
Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2014
 

     
Additions
 
(In thousands) 
Investment income:
   
     Net realized and unrealized appreciation in fair value of investments
 
$
1,023,234
 
     Interest and dividends
   
298,930
 
Total investment income
   
1,322,164
 
         
Contributions:
       
     Employer
   
237,116
 
     Participants
   
600,626
 
     Rollovers
   
65,506
 
Total contributions
   
903,248
 
Interest income on notes receivable from participants
   
10,263
 
Total additions
   
2,235,675
 
         
Deductions
       
         
Benefits paid directly to participants
   
1,421,739
 
Investment management fees
   
35,371
 
Administrative expenses
   
5,768
 
Total deductions
   
1,462,878
 
Net increase in net assets before plan merger
   
772,797
 
Transfer in from Microlink, LLC 401(k) Profit Sharing Plan & Trust
   
6,847
 
Net increase in net assets after plan merger
   
779,644
 
Net assets available for benefits:
       
     Beginning of year
   
16,828,903
 
         
     End of year
 
$
17,608,547
 
         
         
See accompanying notes.
       
 
3

 
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements
December 31, 2014
 
1. Description of the Plan
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.
General
The Plan is a defined contribution plan covering employees of Hewlett-Packard Company (the Company, Employer, 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). The Plan’s trustee is Bank of New York Mellon (BNYM) and the recordkeeper is Fidelity Workplace Services LLC (Fidelity).
On October 6, 2014, HP announced plans to separate into two independent publicly traded companies: one comprising enterprise technology infrastructure, software, services and financing businesses, which will conduct business as Hewlett Packard Enterprise and one that will comprise printing and personal systems businesses, which will conduct business as HP Inc. The separation is subject to certain conditions, including, among others, obtaining final approval from HP's Board of Directors, receipt of a favorable opinion and/or rulings with respect to the nature of the transaction for federal income tax purposes and filings with the SEC. The separation is expected to be completed before December 31, 2015. Under the separation plan, HP shareholders will own shares of both Hewlett Packard Enterprise and HP Inc.  Management has not determined the impact, if any, of the separation, on the Plan.
During 2011, the Company completed its acquisition of Autonomy Corporation plc, and, indirectly, its U.S. subsidiary Microlink, LLC.  The Microlink, LLC 401(k) Profit Sharing Plan & Trust (Microlink 401(k) Plan) was merged into the Plan effective December 31, 2014.  Microlink 401(k) Plan’s net assets totaling approximately $6.9 million were transferred to the Plan and each participant who had an account balance under the Microlink 401(k) Plan became a participant of the Plan.


4


 
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
 
1. Description of the Plan (continued)
Investments
Assets of the Plan are invested in a five-tier investment structure. Tier 1 includes ten Birth Date Funds and the Conservative Portfolio. The Birth Date Funds’ investment strategy is designed to become more conservative as participants grow older. The Conservative Portfolio’s investment strategy is designed for a participant who has a low tolerance for risk and/or a shorter time horizon for investing. Tier 2 includes six actively-managed institutional funds from the main asset classes – stocks, bonds, and short-term investments. Tier 3 includes four index funds that seek to mirror a specific market index by investing in similar equities and bonds that the index fund is benchmarked against. Tier 4 includes seven funds in the secondary or specialty asset classes, such as real-return income, commodities, and real estate, including the HP Stock Fund. Tier 5 is a self-directed Mutual Fund Brokerage Window that offers more than 8,500 brand-name mutual funds through an affiliate of Fidelity. All investments are participant-directed.
The Plan includes an employee stock ownership plan feature (the ESOP) within the meaning of Section 4975(e)(7) of the Internal Revenue Code of 1986, as amended (the Code). 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 eligible participants the option of having dividends on the Company’s common stock re-invested in the Plan or paid directly to them in cash.
If a participant’s account currently has more than 20% invested in the HP 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 HP Stock Fund, and any percentage above the 20% limit for ongoing contributions will automatically be directed to the appropriate Birth Date Fund based generally on the year the participant was born. In addition, future requested exchanges into the HP 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. Finally, if the participant chooses to rebalance his or her portfolio, the respective holdings in the HP Stock Fund will be limited to a maximum of 20% regardless of the current investments in the HP Stock Fund.
Contributions
As soon as administratively feasible, employees are automatically enrolled in the Plan at a 3% contribution rate in the Birth Date Fund based generally on the year the employee was born.
Participants may annually contribute, up to 50% of their eligible compensation, as defined by the Plan. Contributions are subject to annual limits specified under the Code. The annual limit was $17,500 for 2014. Participants who are age 50 or older by the end of the plan year can contribute an additional $5,500 above the annual limit. Contributions can be made as whole or fractional percentages of eligible compensation. Employees can choose pretax contributions, after-tax Roth 401(k) contributions, or a combination of the two. Both types of contributions are eligible for the Company matching contributions. Catch-up contributions are not eligible for the Company matching contributions. 
 
5

 
 
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
The Plan also accepts rollover contributions of amounts representing distributions from other qualified defined benefit or defined contribution plans, including amounts from a Roth deferred account, as described in Section 402A(e)(1) of the Code, to the extent the rollover is permitted under Section 402(c) of the Code.
The Company matching contribution is a fixed contribution equal to 100% of the first 4% of eligible earnings a participant contributes each pay period. The Company matching contribution is funded after the end of the fiscal quarter.
In order to receive a Company matching contribution for a fiscal quarter, a participant must be employed on the last day of such fiscal quarter or have terminated employment during such fiscal quarter as a result of such participant’s death, termination under a Company-approved severance program, or in connection with a sale or divestiture by the Company of the business unit in which the participant was employed. For Company matching contributions on behalf of a participant who terminated employment under the 2012 U.S. Enhanced Early Retirement Program or the 2014 U.S. Phased Retirement Program, a participant was also eligible for a Company matching contribution for the fiscal quarter in which the participant terminated.
Vesting
Participants are fully vested at all times with regard to their contributions and earnings thereon.
In general, participants are subject to a three-year cliff vesting schedule with regard to Company matching contributions, and earnings thereon, after which time they will become 100% vested in their Company matching contributions, and earnings thereon. In addition, a participant becomes 100% vested in their Company matching contributions, and earnings thereon, at attainment of age 65, death before termination of employment, or becoming eligible for disability benefits under the Company’s long-term disability program. Participants are also fully vested in their Company matching contributions, and earnings thereon, if they terminate employment in connection with a sale or divestiture by the Company of the business unit in which the participant had been employed. Additionally, participants were fully vested in their Company matching contributions, and earnings thereon, if they terminated employment under the 2012 U.S. Enhanced Early Retirement Program or the 2014 U.S. Phased Retirement Program.
 
6

 
 
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
Participant Accounts
Each participant’s account is credited with the participant’s contributions, applicable Company matching contributions, and plan earnings, and is charged with an allocation of administrative expenses. Plan earnings are allocated to each participant’s account based on the ratio of the participant’s account balance and share of net earnings or losses of their respective elected investment options. 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.
Notes Receivable from Participants
The Plan offers two types of loans, which are 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 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 vested account and bear interest at a fixed rate equal to the prevailing prime rate plus 1%. Principal and interest are paid ratably through payroll deductions. Participant loans are classified as notes receivable from participants on the Statements of Net Assets Available for Benefits and are valued at their unpaid principal balance, plus accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. Related fees are recorded as administrative expenses and are recorded when they are incurred. No allowance for credit losses has been recorded as of December 31, 2014 or 2013. Participants can continue to repay their loans post-termination, as long as they have not taken a distribution from their account.
Forfeitures
If a participant terminates employment before becoming fully vested in their Company matching contributions, the nonvested Company matching contributions (and earnings thereon) are forfeited at the earlier of the date the participant receives a distribution or incurs a five-year break-in-service. Forfeited balances are restored if the participant returns to an eligible status within five years of termination and repays any amount previously distributed. 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, 2014 and 2013, were approximately $3 million and $4 million, respectively, and forfeitures used to reduce Company matching contributions for 2014 were approximately $16 million
 
7

 
 
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
Payment of Benefits
On termination, death, or retirement, participants may elect to receive a lump-sum amount equal to the vested value of their accounts. Lump-sum payments may be made in cash or shares of stock for distribution from the HP Stock Fund. Hardship withdrawals 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.  Effective July 1, 2015, a separation of Hewlett Packard Enterprise from the Company will not be deemed a distributable event.
Administrative Expenses and Investment Management Fees
Certain expenses of the Plan for administrative services are paid directly by the Plan, except to the extent the Company chooses to pay such expenses. Each participant is charged a fixed amount of $34 per year for recordkeeping services. Certain investment management fees related to 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.
Plan Termination
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. In the event that the Plan is terminated, participants would become 100% vested in their accounts.
2. Summary of Significant Accounting Policies
Basis of Accounting
The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP).
Use of Estimates
The preparation of the financial statements in conformity with GAAP 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.
 
8

 
 
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
2. Summary of Significant Accounting Policies (continued)
Investment Valuation and Income Recognition
The Plan’s investments are stated at fair value. See Note 4 for discussion on fair value measurements.
In the normal course of business, the Plan may enter into derivative contracts (derivatives). 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 between counterparties. The Plan has entered into derivatives that include foreign currency forward contracts, option contracts, futures contracts, and interest rate and credit default swaps contracts. See Note 5 for discussion of the Plan’s use of derivatives.
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 (depreciation) 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.
Securities Financing
Repurchase agreements are recorded as collateralized financing transactions. The Plan receives collateral with a market value equal to or in excess of the principal amount loaned under the resale agreements. On a daily basis, the Plan manages its risk by calculating the market value of each position and comparing it to the contract amounts, with any difference to be settled by the counterparty. Repurchase agreements are presented gross in the Plan’s Statements of Net Assets Available for Benefits.
Benefit Payments
Benefit payments are recorded when paid.
 
9

 
 
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
3. Investments
The fair value of individual investments that represent 5% or more of the fair value of the Plan’s net assets were as follows:
   
December 31, 
   
2014 
 
2013 
   
(In thousands) 
Vanguard Primecap Adm Fund
 
$
1,100,292
   
$
995,731
 
Blackrock Russell 1000 Index Fund
   
1,990,206
     
1,814,207
 

For the year ended December 31, 2014, the Plan’s investments (including investments purchased, sold, as well as held during the year) appreciated (depreciated) in fair value as follows:
   
(In thousands) 
Mutual funds
 
$
162,635
 
Common collective trust funds
   
281,212
 
Partnership interest
   
7,285
 
Exchange-traded funds
   
(829
)
HP Common Stock
   
216,550
 
Common and preferred stock
   
328,809
 
Corporate debt
   
1,585
 
Foreign obligations
   
(904
)
U.S. government securities
   
18,588
 
State and municipal bond funds
   
4,456
 
Self-directed brokerage accounts
   
4,623
 
Derivatives
   
(776
)
         
Total net realized and unrealized appreciation in the fair value of investments
 
$
1,023,234
 
 
10

 
 
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
4. Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date.
Fair Value Hierarchy
Valuation techniques used by the Plan are based upon observable and unobservable inputs. Observable or market inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Plan’s assumptions about market participant assumptions based on the best information available. Assets and liabilities are classified in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 – Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 – Unobservable inputs for the asset or liability.
The fair value hierarchy gives the highest priority to observable inputs and lowest priority to unobservable inputs.
Valuation Techniques
The following is a description of the valuation techniques used to measure fair value. There were no changes in the techniques used to measure fair value during the year ended December 31, 2014.
Common collective trusts, open-ended mutual funds, money market funds, pooled separate accounts and partnership interest: Valued at the net asset value (NAV) established by the fund’s 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 or future commitments on these investments.
Close-ended mutual funds, exchange-traded funds, and common and preferred stocks: Valued at the closing price reported on the active market on which the individual securities are traded.
Corporate debt, U.S. government securities, and foreign obligations: Valued using quoted market prices that are traded in less active markets or quoted market prices for similar instruments.
 
11

 
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
 
4. Fair Value Measurements (continued)
Derivative instruments: Listed derivatives, such as futures and exchange-traded options, are valued at the closing prices reported on the active market on which the derivative trades. OTC derivative contracts are privately negotiated contracts with counterparties, including forwards, credit default swaps, and total return swaps. The fair value for OTC derivative contracts is estimated using industry standard valuation models. These models project future cash flows and discount the future amounts to present fair value using market-based observable inputs, including spot and forward prices for foreign currencies, commodities, equities and interest rates, volatility of the underlying credit spreads, interest rate curves and the credit risk of the Plan and the counterparty.
Repurchase agreements: Valued at contract value plus accrued interest, as specified in the respective agreements.
The methods described above may produce a fair value estimate that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to estimate fair value could result in a different fair value measurement at the reporting date.
The Plan does not hold any assets or liabilities classified as Level 3 as of December 31, 2014 and 2013. The Plan does not hold any assets or liabilities that are measured on a nonrecurring basis as of December 31, 2014 and 2013.
In May 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-07, “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), which amends ASC 820, Fair Value Measurement.  This ASU removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share as a practical expedient.  ASU 2015-07 is effective for interim and annual reporting periods beginning after December 15, 2015, and will be applied retrospectively to all periods presented.  Plan management is currently evaluating the effect that the provisions of ASU 2015-07 will have on the Plan’s financial statements.
 
12

 
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
4. Fair Value Measurements (continued)
The following tables set forth the Plan’s assets and liabilities at fair value as of December 31, 2014 and 2013, by level, within the fair value hierarchy: 
   
As of December 31, 2014 (In thousands) 
   
Level 1 
 
Level 2 
 
Total 
Assets
           
             
Mutual funds:
           
     Growth funds
 
$
1,622,540
   
$
51,329
   
$
1,673,869
 
     Fixed-income funds
   
337,065
     
359,374
     
696,439
 
Total mutual funds
   
1,959,605
     
410,703
     
2,370,308
 
                         
Self-directed brokerage accounts:
                       
     Mutual funds:
                       
       Index funds
   
48,702
     
-
     
48,702
 
       Growth funds
   
122,467
     
-
     
122,467
 
       Fixed-income funds
   
141,639
     
-
     
141,639
 
       Value funds
   
66,847
     
-
     
66,847
 
       Industry-specific funds
   
68,358
     
-
     
68,358
 
       Other funds
   
43,057
     
-
     
43,057
 
Total self-directed brokerage accounts
   
491,070
     
-
     
491,070
 
                         
Common collective trusts:
                       
     Index funds
   
-
     
3,582,431
     
3,582,431
 
     Growth funds
   
-
     
451,034
     
451,034
 
Total common collective trusts
   
-
     
4,033,465
     
4,033,465
 
                         
Exchange-traded funds - Growth funds
   
5,176
     
-
     
5,176
 
                         
HP common stock
   
684,236
     
-
     
684,236
 
                         
Short-term investments
   
-
     
755,785
     
755,785
 
                         
Foreign obligations
   
-
     
43,788
     
43,788
 
                         
Pooled separate accounts
   
-
     
6,847
     
6,847
 
 
 
13

 
 
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
4. Fair Value Measurements (continued)
   
As of December 31, 2014 (In thousands) 
   
Level 1 
 
Level 2 
 
Total 
Common and preferred stocks:
           
     Basic materials
 
$
175,182
   
$
-
   
$
175,182
 
     Communications
   
823,985
     
-
     
823,985
 
     Consumer goods
   
1,983,297
     
-
     
1,983,297
 
     Diversified
   
8,675
     
-
     
8,675
 
     Energy
   
377,217
     
-
     
377,217
 
     Financial
   
1,598,721
     
-
     
1,598,721
 
     Industrial
   
700,512
     
-
     
700,512
 
     Technology
   
582,342
     
-
     
582,342
 
     Utilities
   
120,509
     
-
     
120,509
 
Total common and preferred stocks
   
6,370,440
     
-
     
6,370,440
 
                         
Corporate debt:
                       
     Basic materials
   
-
     
38,724
     
38,724
 
     Communications
   
-
     
209,883
     
209,883
 
     Consumer goods
   
-
     
228,710
     
228,710
 
     Energy
   
-
     
115,959
     
115,959
 
     Financial
   
-
     
320,978
     
320,978
 
     Industrial
   
-
     
88,720
     
88,720
 
     Technology
   
-
     
31,907
     
31,907
 
     Utilities
   
-
     
26,574
     
26,574
 
Total corporate debt
   
-
     
1,061,455
     
1,061,455
 
                         
U.S. government securities:
                       
     Federal
   
-
     
1,490,821
     
1,490,821
 
     Municipal
   
-
     
43,645
     
43,645
 
Total U.S. government securities
   
-
     
1,534,466
     
1,534,466
 
                         
Derivative assets
   
207
     
11,232
     
11,439
 
                         
Total assets
 
$
9,510,734
   
$
7,857,741
   
$
17,368,475
 
                         
Liabilities
                       
                         
Derivative liabilities
 
$
489
   
$
4,508
   
$
4,997
 
                         
Total liabilities
 
$
489
   
$
4,508
   
$
4,997
 
 
 
14


 
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
 
4. Fair Value Measurements (continued)
   
As of December 31, 2013 (In thousands) 
   
Level 1 
 
Level 2 
 
Total 
Assets
           
             
Mutual funds:
           
     Growth funds
 
$
1,523,864
   
$
46,438
   
$
1,570,302
 
     Fixed-income funds
   
332,190
     
346,655
     
678,845
 
     Other funds
   
85,233
     
-
     
85,233
 
Total mutual funds
   
1,941,287
     
393,093
     
2,334,380
 
                         
Self-directed brokerage accounts:
                       
     Mutual funds:
                       
       Index funds
   
32,815
     
-
     
32,815
 
       Growth funds
   
121,381
     
-
     
121,381
 
       Fixed-income funds
   
126,321
     
-
     
126,321
 
       Value funds
   
60,265
     
-
     
60,265
 
       Industry-specific funds
   
45,002
     
-
     
45,002
 
       Other funds
   
30,218
     
-
     
30,218
 
Total self-directed brokerage accounts
   
416,002
     
-
     
416,002
 
                         
Common collective trusts:
                       
     Index funds
   
-
     
3,411,678
     
3,411,678
 
     Growth funds
   
-
     
463,045
     
463,045
 
Total common collective trusts
   
-
     
3,874,723
     
3,874,723
 
                         
Partnership interest - Energy
   
-
     
88,443
     
88,443
 
                         
Exchange-traded funds - Growth funds
   
40,551
     
-
     
40,551
 
                         
HP common stock
   
523,810
     
-
     
523,810
 
                         
Repurchase agreements
   
-
     
50,700
     
50,700
 
                         
Short-term investments
   
-
     
782,799
     
782,799
 
 
Foreign obligations
   
-
     
28,071
     
28,071
 
 
 
 
15

 
 
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
 
4. Fair Value Measurements (continued)
 
   
As of December 31, 2013 (In thousands) 
   
Level 1 
 
Level 2 
 
Total 
Common and preferred stocks:
           
     Basic materials
 
$
193,336
   
$
-
   
$
193,336
 
     Communications
   
812,793
     
-
     
812,793
 
     Consumer goods
   
1,767,137
     
-
     
1,767,137
 
     Diversified
   
13,785
     
-
     
13,785
 
     Energy
   
422,747
     
-
     
422,747
 
     Financial
   
1,442,857
     
-
     
1,442,857
 
     Industrial
   
738,275
     
-
     
738,275
 
     Technology
   
501,683
     
-
     
501,683
 
     Utilities
   
89,878
     
-
     
89,878
 
Total common and preferred stocks
   
5,982,491
     
-
     
5,982,491
 
                         
Corporate debt:
                       
     Basic materials
   
-
     
41,327
     
41,327
 
     Communications
   
-
     
185,787
     
185,787
 
     Consumer goods
   
-
     
199,578
     
199,578
 
     Energy
   
-
     
116,085
     
116,085
 
     Financial
   
-
     
310,359
     
310,359
 
     Industrial
   
-
     
85,665
     
85,665
 
     Technology
   
-
     
33,699
     
33,699
 
     Utilities
   
-
     
19,434
     
19,434
 
Total corporate debt
   
-
     
991,934
     
991,934
 
                         
U.S. government securities:
                       
     Federal
   
-
     
1,412,017
     
1,412,017
 
     Municipal
   
-
     
44,322
     
44,322
 
Total U.S. government securities
   
-
     
1,456,339
     
1,456,339
 
                         
Derivative assets
   
1,926
     
2,653
     
4,579
 
                         
Total assets
 
$
8,906,067
   
$
7,668,755
   
$
16,574,822
 
                         
Liabilities
                       
                         
Derivative liabilities
 
$
2,282
   
$
3,078
   
$
5,360
 
                         
Total liabilities
 
$
2,282
   
$
3,078
   
$
5,360
 

 
16

 
 
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
4. Fair Value Measurements (continued)
Transfers Between Levels
The availability of observable market data is monitored to assess the appropriate classification of assets and liabilities within the fair value hierarchy. Changes in economic conditions, changes in observability of significant inputs, or changes in model-based valuation techniques may require the transfer of an asset or liability between levels of the fair value hierarchy. In such instances, the transfer is reported at the beginning of the reporting period. For the year ended December 31, 2014, there were no transfers between levels.
5. Derivative Financial Instruments
The Plan may enter into derivatives to implement the Plan’s asset allocation and investment strategies. All derivatives are included in investments on the Statements of Net Assets Available for Benefits. Certain risks may arise upon entering into a derivative, including, but not limited to, the risk of nonperformance by the Plan or the counterparty. If the derivatives are used to hedge a position, or exposure of the Plan, while the derivative is outstanding, the Plan gives up a portion of the opportunity to profit from favorable market movements in the hedged item or limits a portion of the exposure to losses from unfavorable market movements in the underlying. In the Statements of Net Assets Available for Benefits, the Plan does not offset derivative assets against liabilities where the Plan has a legal right of setoff under a master netting agreement nor does it offset investments at fair value, or other payables for collateral deposits recognized upon payment or receipt of cash collateral against the fair value of the related derivative instruments.
Foreign currency forward contracts may be utilized to hedge a portion of the currency exposure resulting from investments denominated in foreign currencies.
Futures contracts may be used to increase or decrease the exposure to a position.
Swap agreements may be used to exchange or swap investment cash flows, assets, or market-linked returns at specified future intervals with counterparties. Interest rate and credit default swap agreements may be used to manage exposure to interest rate risk and credit risk.
Option contracts may be utilized to hedge exposure to interest rate or market risks.
 
17

 
 
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)

5. Derivative Financial Instruments (continued)
The fair value and gross notional amounts of derivative instruments included in the Statements of Net Assets Available for Benefits were as follows: 
   
December 31, 2014 
   
Assets 
 
Liabilities 
 
Notional 
   
(In thousands) 
Forward contracts
 
$
6,648
   
$
2,495
   
$
541,210
 
Futures contracts
   
207
     
489
     
661,000
 
Interest rate swaps
   
3,685
     
1,517
     
116,889
 
Credit default swaps
   
677
     
108
     
51,975
 
Option contracts
   
222
     
388
     
64,500
 
                         
   
$
11,439
   
$
4,997
   
$
1,435,574
 
 
   
December 31, 2013 
   
Assets 
 
Liabilities 
 
Notional 
   
(In thousands) 
Forward contracts
 
$
2,438
   
$
1,570
   
$
438,282
 
Futures contracts
   
1,510
     
2,282
     
1,661,300
 
Interest rate swaps
   
430
     
-
     
15,115
 
Credit default swaps
   
171
     
1,038
     
22,793
 
Option contracts
   
30
     
470
     
1,375,800
 
                         
   
$
4,579
   
$
5,360
   
$
3,513,290
 

 
18

 
 
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
5. Derivative Financial Instruments (continued)
The effects of derivatives on the net realized and unrealized appreciation (depreciation) for the year ended December 31, 2014, presented in thousands, were as follows:
Futures contracts
 
$
(1,939
)
Options contracts
   
56
 
Forward contracts
   
(286
)
Interest rate and credit default swaps
   
1,393
 
         
Total
 
$
(776
)

6. Master Netting Agreements
The Plan has executed master netting agreements to mitigate credit exposure to counterparties by permitting the Plan to net certain amounts due from the Plan to a counterparty against amounts due to the Plan from the same counterparty under certain conditions.
As of December 31, 2014 and 2013, information related to the potential effect of the Plan’s master netting agreements, included in the Statements of Net Assets Available for Benefits, presented in thousands, was as follows:
   
Gross
 
Gross
     
Gross Amounts Not Offset
   
   
Amount
 
Amount
 
Net Amount
 
Financial
 
Financial
 
Net
(In thousands)
 
Recognized
 
Offset
 
Presented
 
Instruments
 
Collateral
 
Amount
December 31, 2014
                       
Derivative assets
 
$
11,439
   
$
-
   
$
11,439
   
$
3,599
   
$
1,420
   
$
6,420
 
Derivative liabilities
   
4,997
     
-
     
4,997
     
3,599
     
1,256
     
142
 
                                                 
December 31, 2013
                                               
Derivative assets
 
$
4,579
   
$
-
   
$
4,579
   
$
1,785
   
$
-
   
$
2,794
 
Derivative liabilities
   
5,360
     
-
     
5,360
     
1,785
     
1,258
     
2,317
 
Repurchase agreements
   
50,700
     
-
     
50,700
     
-
     
-
     
50,700
 

 
19

 
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
7. Income Tax Status
The Plan received a determination letter from the Internal Revenue Service (IRS) dated November 26, 2014, 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. The Plan is required to operate in conformity with the Code to maintain its qualified status. The plan sponsor has indicated that it will take the necessary steps, if any, to maintain the tax qualified status of the Plan.
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, 2014, 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 2011.
8. Related-Party Transactions
The Plan engages in certain transactions involving the Company, BNYM (the trustee), and affiliates of Fidelity, which are parties-in-interest under the provisions of ERISA. These transactions involve the purchase and sale of the Company’s common stock and debt, the payment of trustee fees to BNYM, and investments in money market and mutual funds and a self-directed brokerage feature managed by affiliates of Fidelity.
At December 31, 2014 and 2013, the Plan held approximately 17 and 19 million shares, respectively, of common stock of the Company, with fair values of approximately $684.2 and $523.8 million, respectively. During 2014, the Plan made purchases of $17.1 million and sales of $73.2 million of the Company’s common stock. During the year ended December 31, 2014, the Plan recorded dividend income of $10.6 million from the Company’s common stock. Additionally, at December 31, 2014 and 2013, the Plan held $0 and approximately $3.7 million, respectively,  of the Company’s corporate debt.
Trustee and recordkeeping fees paid to BNYM and affiliates of Fidelity were not significant for the year ended December 31, 2014. As of December 31, 2014 and 2013, the Plan held investments issued by affiliates of Fidelity totaling $178.3 and $145.7 million, respectively. 
 
20

 
Hewlett-Packard Company 401(k) Plan
Notes to Financial Statements (continued)
9. Risk and Uncertainties
Investment securities are exposed to various risks, such as interest rate, market risks, and credit risks. Due to the level of risk associated with certain investment securities held by the Plan, it is at least reasonably possible that changes in fair value may occur and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.
10. Reconciliation of Financial Statements to the Form 5500
A reconciliation of net assets available for benefits per the financial statements to the Form 5500 as of December 31, 2014 and 2013, was as follows:
   
December 31, 
   
2014 
 
2013 
   
(In thousands) 
Net assets available for benefits per the financial statements
 
$
17,608,547
   
$
16,828,903
 
Benefits payable to participants at year-end
   
(5,770
)
   
(4,422
)
                 
Net assets available for benefits per Form 5500
 
$
17,602,777
   
$
16,824,481
 

A reconciliation of benefits paid to participants per the financial statements to benefits paid to participants per the Form 5500 for the year ended December 31, 2014, was as follows:
   
(In thousands) 
Benefits paid to participants per financial statements
 
$
1,421,739
 
Add: Benefits payable to participants at December 31, 2014
   
5,770
 
Less: Benefits payable to participants at December 31, 2013
   
(4,422
)
         
Total benefits paid to participants per the Form 5500
 
$
1,423,087
 

Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit payments that have been processed and approved for payment prior to year-end, but not paid as of that date.
 
21

 
 
 
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, 2014 
 
(a)
 
(b)
Identity of Issue, Borrower,
Lessor, or Similar Party
(c)
Description of Investment, Including
Maturity Date, Rate of Interest, Collateral,
and Par or Maturity Value
 
(e)
Current Value 
 
Short-Term Investments:
           
 
DREYFUS GOV PRIME CSH MGT INS, VAR RT 12/31/2019
   
271,014,486
 
shares
 
$
271,014,486
 
 
VANGUARD PRIME MMKT-INST
   
484,770,712
 
shares
   
484,770,712
 
 
 Total Short-Term Investments
            
$
755,785,198
 
                       
Mutual Funds:
                   
 
PIMCO ASSET BKD SECS PORTFOLIO
   
3,512,023
 
shares
 
$
43,022,277
 
 
DODGE & COX INTL STOCK FUND
   
12,402,000
 
shares
   
522,248,204
 
 
PIMCO EMERGING MKTS PORT FOLIO INSTL
   
1,729,537
 
shares
   
16,707,331
 
 
PIMCO HIGH YIELD PORTFOLIO INSTL CL
   
1,136,481
 
shares
   
8,455,419
 
 
PIMCO INTL PORT
   
7,109,227
 
shares
   
34,621,934
 
 
PIMCO INVT GRADE CORP PORTFOLIO INS
   
6,036,548
 
shares
   
60,546,580
 
 
PIMCO MTG PORTFOLIO INSTL CL
   
9,553,556
 
shares
   
103,656,079
 
 
PIMCO MUNICIPAL SECTOR PORTFOLIO
   
546,906
 
shares
   
4,495,571
 
 
PIMCO REAL RETURN FUND-INST
   
30,866,734
 
shares
   
337,064,736
 
 
PIMCO REAL RETURN BD PORT INSTL CL
   
5,928,251
 
shares
   
51,990,762
 
 
PIMCO SHORT TERM PORTFOLIO INSTL CL
   
2,327,595
 
shares
   
22,135,428
 
 
PIMCO US GOVT SECT PORTFOLIO INSTR
   
6,974,519
 
shares
   
65,072,266
 
 
VANGUARD PRIMECAP FUND-ADM
   
10,326,530
 
shares
   
1,100,291,785
 
 
 Total Mutual Funds
               
$
2,370,308,372
 
                       
Exchange Traded Funds:
                   
 
ISHARES MSCI EAFE ETF
   
66,582
 
shares
 
$
4,050,849
 
 
ISHARES MSCI EMERGING MARKET
   
28,619
 
shares
   
1,124,440
 
 
 Total Exchange Traded Funds
            
$
5,175,289
 
                       
HP Stock:
                   
 
*
 
HEWLETT-PACKARD CO
   
17,050,495
 
shares
 
$
684,236,364
 
                           
Common Collective Trust Funds:
                 
     
BLACKROCK US DEBT INDEX
   
13,151,013
 
 units
  $
381,651,589
 
     
 BGI MSCI ACWI EX-US INDEX SUPERFUND F
   
19,249,765
 
 units
   
410,318,357
 
     
BLACKROCK RUSSELL 2500 INDEX
   
37,509,931
 
 units
   
800,255,054
 
     
BLACKROCK RUSSELL 1000 INDEX FD CL F
   
80,687,195
 
 units
   
1,990,206,154
 
     
JP MORGAN FOCUS
   
13,132,495
 
 units
   
226,141,564
 
     
LAZARD EMERGING MARKETS CL  C
   
13,687,903
 
 units
   
224,892,252
 
     
 Total Common Collective Trust Funds
            
$
4,033,464,970
 
                           
Common Stock:
                   
     
APOLLO GLOBAL MANAGEMENT LLC
   
390,050
 
shares
 
$
9,197,379
 
     
LXB RETAIL PROPERTIES PLC
   
311,722
 
shares
   
670,752
 
     
51JOB INC ADR
     
21,983
 
shares
   
788,091
 
     
AALBERTS INDUSTRIES NV
   
8,705
 
shares
   
258,439
 
     
ABBOTT LABORATORIES
   
335,172
 
shares
   
15,089,443
 
     
ABBVIE INC
     
53,761
 
shares
   
3,518,120
 
     
ABCAM PLC
     
19,786
 
shares
   
143,690
 
     
ABC-MART INC
     
13,200
 
shares
   
641,862
 
     
ABERDEEN ASSET MANAGEMENT PLC
   
205,792
 
shares
   
1,386,848
 
     
ABIOMED INC
     
198,868
 
shares
   
7,568,916
 
     
ABRIL EDUCACAO SA
     
55,902
 
shares
   
239,111
 
     
ACADIA REALTY TRUST
   
16,759
 
shares
   
536,791
 
     
ACCIONA SA
     
1,735
 
shares
   
117,988
 
     
ACE LTD
     
48,944
 
shares
   
5,622,687
 
     
ACI WORLDWIDE INC
     
306,450
 
shares
   
6,181,097
 
     
ACS ACTIVIDADES DE CONSTRUCCIO
   
53,499
 
shares
   
1,875,415
 
     
ACTAVIS PLC
     
58,893
 
shares
   
15,159,647
 
     
ACTELION LTD
     
24,925
 
shares
   
2,892,218
 
     
ACTIVIA PROPERTIES INC
   
108
 
shares
   
942,224
 
     
ACTIVISION BLIZZARD INC
   
148,680
 
shares
   
2,995,902
 
 
22

 
 
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, 2014 
               
(a)
 
(b)
Identity of Issue, Borrower,
Lessor, or Similar Party
(c)
Description of Investment, Including
Maturity Date, Rate of Interest, Collateral,
and Par or Maturity Value
 
(e)
Current Value 
 
Common Stock (continued):
 
ADMIRAL GROUP PLC
12,760
shares
$
263,026
 
ADOBE SYSTEMS INC
288,314
shares
20,960,428
 
ADT CORP/THE
410,105
shares
14,858,104
     
ADVANCE AUTO PARTS INC
   
21,124
 
shares
   
3,364,631
 
     
ADVANCE RESIDENCE INVESTMENT C
   
131
 
shares
   
350,732
 
     
ADVANTECH CO LTD
     
76,463
 
shares
   
567,387
 
     
ADVISORY BOARD CO/THE
   
141,925
 
shares
   
6,951,487
 
     
AEGON NV
     
232,091
 
shares
   
1,757,788
 
     
AEGON NV
     
745,507
 
shares
   
5,591,303
 
     
AEON FINANCIAL SERVICE CO LTD
   
26,600
 
shares
   
532,910
 
     
AEON MALL CO LTD
     
4,000
 
shares
   
71,529
 
     
AEON THANA SINSAP THAILAND PCL
   
106,700
 
shares
   
351,883
 
     
AERCAP HOLDINGS NV
     
545,000
 
shares
   
21,156,900
 
     
AES CORP/VA
     
971,577
 
shares
   
13,378,615
 
     
AFFILIATED MANAGERS GROUP INC
   
54,310
 
shares
   
11,526,754
 
     
AGCO CORP
     
223,318
 
shares
   
10,093,974
 
     
AGGREKO PLC
     
342,570
 
shares
   
8,033,650
 
     
AGNICO EAGLE MINES LIMITED
   
6,596
 
shares
   
164,694
 
     
AIA GROUP LTD
     
3,316,200
 
shares
   
18,452,198
 
     
AIR FRANCE-KLM ADR
     
1,065,700
 
shares
   
10,092,179
 
     
AIR WATER INC
     
73,000
 
shares
   
1,166,587
 
     
AIRBUS GROUP NV
     
54,783
 
shares
   
2,741,098
 
     
AIXTRON SE
     
159,678
 
shares
   
1,810,456
 
     
AJISEN CHINA HOLDINGS LTD
   
478,963
 
shares
   
365,019
 
     
AK STEEL HOLDING CORP
   
333,385
 
shares
   
1,980,307
 
     
ALCATEL-LUCENT ADR
     
333,381
 
shares
   
1,183,503
 
     
ALCATEL-LUCENT
     
441,436
 
shares
   
1,586,454
 
     
ALEXANDRIA REAL ESTATE EQUITIE
   
10,480
 
shares
   
929,995
 
     
ALEXION PHARMACEUTICALS INC
   
72,619
 
shares
   
13,436,694
 
     
ALFA LAVAL AB
     
289,741
 
shares
   
5,488,914
 
     
ALIBABA GROUP HOLDING LTD
   
258,007
 
shares
   
26,817,248
 
     
ALIGN TECHNOLOGY INC
   
128,000
 
shares
   
7,156,480
 
     
ALIMENTATION COUCHE-TARD INC
   
29,757
 
shares
   
1,250,912
 
     
ALLEGIANT TRAVEL CO
     
41,251
 
shares
   
6,201,263
 
     
ALLERGAN INC/UNITED STATES
   
103,440
 
shares
   
21,990,310
 
     
ALLETE INC
     
90,940
 
shares
   
5,014,432
 
     
ALLSTATE CORP/THE
     
225,664
 
shares
   
15,852,896
 
     
ALNYLAM PHARMACEUTICALS INC
   
14,500
 
shares
   
1,406,500
 
     
ALSTRIA OFFICE REIT-AG
   
8,210
 
shares
   
102,325
 
     
ALTAREA SCA
     
376
 
shares
   
59,875
 
     
ALTICE SA
     
2,495
 
shares
   
197,025
 
     
ALUPAR INVESTIMENTO SA
   
41,497
 
shares
   
275,377
 
     
AMADA CO LTD
     
56,000
 
shares
   
484,357
 
     
AMADEUS FIRE AG
     
6,605
 
shares
   
498,725
 
     
AMADEUS IT HOLDING SA
   
111,543
 
shares
   
4,465,569
 
     
AMAZON.COM INC
     
69,565
 
shares
   
21,589,498
 
     
AMERICAN EAGLE OUTFITTERS INC
   
228,391
 
shares
   
3,170,067
 
     
AMERICAN EXPRESS CO
   
82,600
 
shares
   
7,685,104
 
     
AMERICAN FINANCIAL GROUP INC/O
   
87,435
 
shares
   
5,309,053
 
     
AMERICAN HOMES 4 RENT
   
67,832
 
shares
   
1,155,179
 
     
AMERICAN INTERNATIONAL GROUP I
   
285,900
 
shares
   
16,013,259
 
     
AMERICAN NATIONAL INSURANCE CO
   
47,745
 
shares
   
5,455,344
 
     
AMERICAN REALTY CAPITAL HEAL
   
41,761
 
shares
   
496,956
 
     
AMERICAN REALTY CAPITAL PROPER
   
234,500
 
shares
   
2,122,225
 
 
23

 
 
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, 2014 
               
(a)
 
(b)
Identity of Issue, Borrower,
Lessor, or Similar Party
(c)
Description of Investment, Including
Maturity Date, Rate of Interest, Collateral,
and Par or Maturity Value
 
(e)
Current Value 
 
Common Stock (continued):
 
AMERICAN TOWER CORP
106,807
shares
$
10,557,872
 
AMERIPRISE FINANCIAL INC
48,600
shares
6,427,350
 
AMGEN INC
55,600
shares
8,856,524
AMLIN PLC
   
91,750
 
shares
   
684,119
 
AMTRUST FINANCIAL SERVICES INC
   
68,965
 
shares
   
3,879,281
 
ANA HOLDINGS INC
   
1,056,000
 
shares
   
2,636,147
 
ANADARKO PETROLEUM CORP
   
16,200
 
shares
   
1,336,500
 
ANHEUSER-BUSCH INBEV NV
   
3,852
 
shares
   
437,492
 
ANN INC
   
90,380
 
shares
   
3,297,062
 
ANSELL LTD
   
48,467
 
shares
   
893,210
 
AO SMITH CORP
   
46,466
 
shares
   
2,621,147
 
AOL INC
   
83,000
 
shares
   
3,832,110
 
AON PLC
   
230,479
 
shares
   
21,856,324
 
AP MOELLER - MAERSK A/S
   
356
 
shares
   
715,616
 
APACHE CORP
   
360,200
 
shares
   
22,573,734
 
APOLLO EDUCATION GROUP INC
   
74,709
 
shares
   
2,548,324
 
APPLE INC
   
531,193
 
shares
   
58,633,083
 
ARCBEST CORP
   
54,400
 
shares
   
2,522,528
 
ARCELORMITTAL
   
70,900
 
shares
   
782,027
 
ARCELORMITTAL
   
15,766
 
shares
   
173,378
 
ARCH CAPITAL GROUP LTD
   
98,880
 
shares
   
5,843,808
 
ARKEMA SA
   
3,705
 
shares
   
246,892
 
ARM HOLDINGS PLC
   
241,396
 
shares
   
11,176,635
 
ARM HOLDINGS PLC
   
932,014
 
shares
   
14,459,766
 
ARROW ELECTRONICS INC
   
51,710
 
shares
   
2,993,492
 
ARTISAN PARTNERS ASSET MANAGEM
   
131,000
 
shares
   
6,619,430
 
ARYZTA AG
   
29,310
 
shares
   
2,269,818
 
ASAHI GLASS CO LTD
   
235,000
 
shares
   
1,154,468
 
ASBURY AUTOMOTIVE GROUP INC
   
91,000
 
shares
   
6,908,720
 
ASCENA RETAIL GROUP INC
   
167,375
 
shares
   
2,102,230
 
ASCENDAS INDIA TRUST
   
1,237,000
 
shares
   
765,482
 
ASCENDAS REAL ESTATE INVESTMEN
   
204,000
 
shares
   
366,403
 
ASHTEAD GROUP PLC
   
18,754
 
shares
   
336,870
 
ASM INTERNATIONAL NV
   
21,915
 
shares
   
930,790
 
ASML HOLDING NV
   
33,389
 
shares
   
3,616,011
 
ASOS PLC
   
61,453
 
shares
   
2,468,338
 
ASPEN TECHNOLOGY INC
   
203,000
 
shares
   
7,109,060
 
ASSURED GUARANTY LTD
   
153,258
 
shares
   
3,983,175
 
ASTELLAS PHARMA INC
   
276,000
 
shares
   
3,882,347
 
ASTRAZENECA PLC ADR
   
75,365
 
shares
   
5,304,189
 
ASTRAZENECA PLC
   
27,924
 
shares
   
1,983,487
 
ASTRO MALAYSIA HOLDINGS BHD
   
830,841
 
shares
   
719,991
 
ASUSTEK COMPUTER INC
   
126,000
 
shares
   
1,381,526
 
ASYA KATILIM BANKASI AS
   
156,205
 
shares
   
43,432
 
AT&T INC
   
175,700
 
shares
   
5,901,763
 
ATHENAHEALTH INC
   
37,466
 
shares
   
5,458,796
 
ATLAS COPCO AB
   
32,030
 
shares
   
822,001
 
ATLAS COPCO AB
   
628,790
 
shares
   
17,542,584
 
ATRIUM EUROPEAN REAL ESTATE LT
   
59,232
 
shares
   
293,145
 
ATRIUM LJUNGBERG AB
   
17,997
 
shares
   
263,693
 
AU OPTRONICS CORP
   
182,000
 
shares
   
93,298
 
AUCKLAND INTERNATIONAL AIRPORT
   
83,407
 
shares
   
275,758
 
AUSTBROKERS HOLDINGS LTD
   
93,366
 
shares
   
775,522
 
AVALONBAY COMMUNITIES INC
   
74,440
 
shares
   
12,162,751
 
AVERY DENNISON CORP
   
37,783
 
shares
   
1,960,182
 
AVEVA GROUP PLC
   
7,291
 
shares
   
149,382
 
 
24

 
 
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, 2014 
               
(a)
 
(b)
Identity of Issue, Borrower,
Lessor, or Similar Party
(c)
Description of Investment, Including
Maturity Date, Rate of Interest, Collateral,
and Par or Maturity Value
 
(e)
Current Value 
 
Common Stock (continued):
AVIS BUDGET GROUP INC
   
181,070
 
shares
  $
12,010,373
 
AVON PRODUCTS INC
   
292,561
 
shares
   
2,747,148
 
B&M EUROPEAN VALUE RETAIL SA
   
144,086
 
shares
   
640,298
 
BABCOCK INTERNATIONAL GROUP PL
   
8,907
 
shares
   
146,938
 
BAIDU INC ADR
   
164,170
 
shares
   
37,425,835
 
BAKER HUGHES INC
   
234,000
 
shares
   
13,120,380
 
BAKKAFROST P/F
   
28,571
 
shares
   
638,294
 
BANCO BRADESCO SA ADR
   
44,041
 
shares
   
588,828
 
BANCO DE SABADELL SA NEW
   
140,760
 
shares
   
375,570
 
BANCO DO BRASIL SA
   
75,600
 
shares
   
676,026
 
BANCO ESPIRITO SANTO SA
   
237,150
 
shares
   
34,436
 
BANCO POPULAR ESPANOL SA
   
3,096,833
 
shares
   
15,588,863
 
BANCO SANTANDER SA
   
946,444
 
shares
   
8,012,131
 
BANCORPSOUTH INC
   
149,360
 
shares
   
3,362,094
 
BANK HAPOALIM BM
   
285,219
 
shares
   
1,348,605
 
BANK LEUMI LE-ISRAEL BM
   
349,893
 
shares
   
1,203,040
 
BANK MANDIRI PERSERO TBK PT
   
1,564,400
 
shares
   
1,361,037
 
BANK OF AMERICA CORP
   
1,961,700
 
shares
   
35,094,813
 
BANK OF COMMUNICATIONS CO LTD
   
1,291,000
 
shares
   
1,205,290
 
BANK OF IRELAND
   
14,422,053
 
shares
   
5,462,290
 
BANK OF NEW YORK MELLON CORP/T
   
626,100
 
shares
   
25,400,877
 
BANK RAKYAT INDONESIA PERSERO
   
2,475,900
 
shares
   
2,328,970
 
BARRICK GOLD CORP
   
94,309
 
shares
   
1,013,822
 
BASF SE
   
24,522
 
shares
   
2,073,538
 
BAYER AG
   
22,302
 
shares
   
3,049,478
 
BAYERISCHE MOTOREN WERKE AG
   
11,696
 
shares
   
1,270,492
 
BB&T CORP
   
232,363
 
shares
   
9,036,597
 
BDO UNIBANK INC
   
474,430
 
shares
   
1,164,532
 
BEACON ROOFING SUPPLY INC
   
190,000
 
shares
   
5,282,000
 
BEIERSDORF AG
   
9,599
 
shares
   
783,102
 
BELGACOM SA
   
76,784
 
shares
   
2,796,666
 
BELLWAY PLC
   
72,057
 
shares
   
2,178,561
 
BENI STABILI SPA SIIQ
   
413,152
 
shares
   
290,212
 
BERKSHIRE HATHAWAY INC
   
101,887
 
shares
   
15,298,333
 
BEZEQ THE ISRAELI TELECOMMUNIC
   
218,341
 
shares
   
389,950
 
BGP NPV
   
1,317,017
 
shares
   
-
 
BIM BIRLESIK MAGAZALAR AS
   
202,694
 
shares
   
4,335,237
 
BIOGEN IDEC INC
   
66,504
 
shares
   
22,574,783
 
BIOMED REALTY TRUST INC
   
111,800
 
shares
   
2,408,172
 
BIO-TECHNE CORP
   
132,731
 
shares
   
12,264,344
 
BLACKBAUD INC
   
221,995
 
shares
   
9,603,504
 
BLOOMIN' BRANDS INC
   
141,049
 
shares
   
3,492,373
 
BM&FBOVESPA SA
   
212,400
 
shares
   
787,051
 
BOARDWALK REAL ESTATE INVT
   
32,666
 
shares
   
1,735,606
 
BOEING CO/THE
   
169,391
 
shares
   
22,017,442
 
BOLIDEN AB
   
110,026
 
shares
   
1,763,902
 
BOLSA MEXICANA DE VALORES SAB
   
194,597
 
shares
   
352,763
 
BOOKER GROUP PLC
   
593,338
 
shares
   
1,513,565
 
BOSKALIS WESTMINSTER NV
   
12,450
 
shares
   
684,710
 
BOSTON PROPERTIES INC
   
53,070
 
shares
   
6,829,578
 
BR MALLS PARTICIPACOES SA
   
69,957
 
shares
   
432,395
 
BR PROPERTIES SA
   
65,200
 
shares
   
251,411
 
BRANDYWINE REALTY TRUST
   
75,500
 
shares
   
1,206,490
 
 
25

 
 
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, 2014 
               
(a)
 
(b)
Identity of Issue, Borrower,
Lessor, or Similar Party
(c)
Description of Investment, Including
Maturity Date, Rate of Interest, Collateral,
and Par or Maturity Value
 
(e)
Current Value 
 
Common Stock (continued):
BRASIL BROKERS PARTICIPACOES S
   
90,525
 
shares
  $
86,159
 
BRASIL INSURANCE PARTICIPACOES
   
53,716
 
shares
   
68,706
 
BRENNTAG AG
   
18,192
 
shares
   
1,023,835
 
BRIGHT HORIZONS FAMILY SOLUTIO
   
97,100
 
shares
   
4,564,671
 
BRISTOL-MYERS SQUIBB CO
   
320,924
 
shares
   
18,944,144
 
BRISTOW GROUP INC
   
29,224
 
shares
   
1,922,647
 
BRITISH LAND CO PLC/THE
   
515,731
 
shares
   
6,248,273
 
BRITVIC PLC
   
29,953
 
shares
   
315,020
 
BRIXMOR PROPERTY GROUP INC
   
71,800
 
shares
   
1,783,512
 
BROADRIDGE FINANCIAL SOLUTIONS
   
434,090
 
shares
   
20,046,276
 
BROCADE COMMUNICATIONS SYSTEMS
   
302,569
 
shares
   
3,582,417
 
BROOKDALE SENIOR LIVING INC
   
132,000
 
shares
   
4,840,440
 
BROOKFIELD CANADA OFFICE PPTYS
   
20,207
 
shares
   
470,348
 
BROTHER INDUSTRIES LTD
   
83,000
 
shares
   
1,525,768
 
BROWN SHOE CO INC
   
103,750
 
shares
   
3,335,563
 
BRUKER CORP
   
193,940
 
shares
   
3,805,103
 
BRUNEL INTERNATIONAL NV
   
10,635
 
shares
   
175,017
 
BRUNSWICK CORP/DE
   
115,640
 
shares
   
5,927,706
 
BT GROUP PLC
   
677,992
 
shares
   
4,244,493
 
BUNZL PLC
   
221,579
 
shares
   
6,094,568
 
BURBERRY GROUP PLC
   
18,218
 
shares
   
464,729
 
BURCKHARDT COMPRESSION HOLDING
   
1,208
 
shares
   
462,885
 
BUWOG AG
   
9,984
 
shares
   
197,889
 
CABELA'S INC
   
49,700
 
shares
   
2,619,687
 
CADENCE DESIGN SYSTEMS INC
   
125,000
 
shares
   
2,371,250
 
CAIRN ENERGY PLC
   
61,834
 
shares
   
172,100
 
CALBEE INC
   
14,500
 
shares
   
504,921
 
CALIFORNIA RESOURCES CORP
   
9,526
 
shares
   
52,488
 
CALLOWAY REIT
   
5,852
 
shares
   
137,932
 
CAMDEN PROPERTY TRUST
   
30,200
 
shares
   
2,229,968
 
CANADIAN APARTMENT PPTYS REIT
   
3,484
 
shares
   
75,591
 
CANADIAN NATIONAL RAILWAY CO
   
5,026
 
shares
   
347,231
 
CANADIAN NATURAL RESOURCES LTD
   
162,007
 
shares
   
5,002,776
 
CANADIAN OIL SANDS LTD
   
22,296
 
shares
   
200,582
 
CANADIAN PACIFIC RAILWAY LTD
   
122,137
 
shares
   
23,534,579
 
CANADIAN REIT
   
19,400
 
shares
   
766,955
 
CANADIAN WESTERN BANK
   
13,213
 
shares
   
373,603
 
CANON INC
   
141,100
 
shares
   
4,519,742
 
CAP GEMINI SA
   
5,667
 
shares
   
407,875
 
CAPITA PLC
   
62,079
 
shares
   
1,046,372
 
CAPITACOMMERCIAL TRUST
   
1,410,000
 
shares
   
1,867,444
 
CAPITAL & COUNTIES PROPERTIES
   
72,437
 
shares
   
411,806
 
CAPITAL & REGIONAL PLC
   
616,438
 
shares
   
504,620
 
CAPITAL ONE FINANCIAL CORP
   
454,495
 
shares
   
37,518,562
 
CAPITALAND LTD
   
1,678,200
 
shares
   
4,192,017
 
CAPITAMALL TRUST
   
379,000
 
shares
   
583,473
 
CARBO CERAMICS INC
   
72,470
 
shares
   
2,902,424
 
CARLSBERG A/S
   
5,292
 
shares
   
411,750
 
CARMAX INC
   
55,000
 
shares
   
3,661,900
 
CARNIVAL CORP
   
313,900
 
shares
   
14,229,087
 
CASEY'S GENERAL STORES INC
   
32,300
 
shares
   
2,917,336
 
CASINO GUICHARD PERRACHON SA
   
6,257
 
shares
   
578,900
 
 
 
26

 
 
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, 2014 
               
(a)
 
(b)
Identity of Issue, Borrower,
Lessor, or Similar Party
(c)
Description of Investment, Including
Maturity Date, Rate of Interest, Collateral,
and Par or Maturity Value
 
(e)
Current Value 
 
Common Stock (continued):
CASTELLUM AB
   
13,576
 
shares
  $
211,750
 
CATCHER TECHNOLOGY TWD10
   
175,000
 
shares
   
1,365,024
 
CATLIN GROUP LTD