<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [FEE REQUIRED]
for the fiscal year ended December 31, 1999
OR
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
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
TAX SAVING CAPITAL ACCUMULATION 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
<PAGE>
REQUIRED INFORMATION
Hewlett-Packard Company
Tax Saving Capital Accumulation Plan
December 31, 1999 and 1998
Index to Financial Statements
<PAGE>
HEWLETT-PACKARD COMPANY
TAX SAVING CAPITAL ACCUMULATION PLAN
FINANCIAL STATEMENTS AND
ADDITIONAL INFORMATION
DECEMBER 31, 1999 AND 1998
<PAGE>
HEWLETT-PACKARD COMPANY
TAX SAVING CAPITAL ACCUMULATION PLAN
INDEX TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Page
----
<S> <C>
REPORT OF INDEPENDENT ACCOUNTANTS...................................................... 1
FINANCIAL STATEMENTS
Statements of Net Assets Available for Benefits
at December 31, 1999 and 1998......................................................... 2
Statements of Changes in Net Assets Available for Benefits
for the Years Ended December 31, 1999 and 1998........................................ 3
Notes to Financial Statements.......................................................... 4-10
ADDITIONAL INFORMATION
Schedule H - Assets Held for Investment Purposes at December 31, 1999..................11-12
</TABLE>
Note: Other schedules required by Section 2520.103-10 of the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974 have been omitted
because they are not applicable.
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Participants and Administrator of
The Hewlett-Packard Company Tax Saving
Capital Accumulation Plan
In our opinion, the accompanying statements of net assets available for benefits
and the related statements of changes in net assets available for benefits
present fairly, in all material respects, the net assets available for benefits
of the Hewlett-Packard Company Tax Saving Capital Accumulation Plan (the "Plan")
at December 31, 1999 and December 31, 1998, and the changes in net assets
available for benefits for the years then ended in conformity with accounting
principles generally accepted in the United States. 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 of these statements in accordance with auditing standards
generally accepted in the United States which require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatements. An audit 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 the opinion expressed
above.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental Schedule H is presented
for purposes of additional analysis and is not a required part of the basic
financial statements but is supplementary information required by the Department
of Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The supplemental schedule is the
responsibility of the Plan's management. The supplemental schedule has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
June 15, 2000
1
<PAGE>
HEWLETT-PACKARD COMPANY
TAX SAVING CAPITAL ACCUMULATION PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
(IN THOUSANDS)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DECEMBER 31,
---------------------------------
1999 1998
--------------- ---------------
<S> <C> <C>
ASSETS:
Investments, fair value:
Mutual Funds $4,826,945 $3,645,624
Hewlett-Packard Company Common Stock 1,882,709 1,183,405
Loans receivable from participants 93,195 96,903
--------------- ---------------
Total investments 6,802,849 4,925,932
Receivables:
Receivable from Hewlett-Packard Company 17,132 16,669
Receivable from Brokers for Securites Sold 24,654 9,646
Interest & Dividend income receivable 2,801 2,826
--------------- ---------------
Total receivables 44,587 29,141
--------------- ---------------
Total assets 6,847,436 4,955,073
--------------- ---------------
LIABILITIES:
Payable to brokers for securities purchased 4,624 1,097
Miscellaneous payable - 112
--------------- ---------------
Total liabilities 4,624 1,209
--------------- ---------------
Net assets available for benefits $6,842,812 $4,953,864
=============== ===============
</TABLE>
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
HEWLETT-PACKARD COMPANY
TAX SAVING CAPITAL ACCUMULATION PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
(IN THOUSANDS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE FOR THE
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
1999 1998
-------------- --------------
<S> <C> <C>
Contributions
Cash
Employees $ 315,481 $ 276,214
Company 122,236 110,612
Non-cash
Employees 34,524 44,117
Company 24,757 25,525
Transfer of net assets from the Verifone, Inc. 401(k)
Retirement Savings and Investment Plan 54,198 -
Investment income:
Net realized and unrealized appreciation
in fair value of investments 1,259,405 779,329
Interest and dividend income 379,001 36,500
-------------- --------------
Total additions 2,189,602 1,272,297
-------------- --------------
Benefits paid to participants (295,948) (154,242)
Loans deemed repaid due to termination (4,706) (2,870)
-------------- --------------
Total deductions (300,654) (157,112)
Net increase (decrease) 1,888,948 1,115,185
Net assets available for benefits:
Beginning of year 4,953,864 3,838,679
-------------- --------------
End of year $ 6,842,812 $ 4,953,864
============== ==============
</TABLE>
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
HEWLETT-PACKARD COMPANY
TAX SAVING CAPITAL ACCUMULATION PLAN
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
1. PLAN DESCRIPTION
PURPOSE AND PLAN BENEFITS
The purpose of the Hewlett-Packard Company (the "Company") Tax Saving
Capital Accumulation Plan (the "Plan") is to provide eligible employees
an opportunity for regular savings of tax-deferred dollars for their
retirement to supplement benefits provided under the Company's Retirement
Program and the Federal Social Security Act. The following brief
description of the Plan is provided for general information purposes
only. Participants should refer to the Plan agreement for a more complete
description of the Plan's provisions.
The Plan is designed to qualify as a stock bonus plan under Section
401(a) of the Internal Revenue Code of 1986, as amended (the "Code"),
and to meet the requirements set forth in Section 401(k) of the Code.
The Plan is also intended to qualify as an individual account plan
which permits each participant to exercise control over certain assets
of the Plan pursuant to Section 404(c) of the Employee Retirement
Income Security Act of 1974 ("ERISA").
Fidelity Investments provides recordkeeping and investment management for
the Plan. Fidelity Management Trust Company provides trustee services for
the Plan. The Company determines eligibility for participation,
interprets the Plan, communicates with participants and their
beneficiaries and is otherwise generally responsible for Plan operations.
ELIGIBILITY
Employees who are eligible to participate in the Plan include those
employees of the Company and designated domestic subsidiaries who are on
the U.S. payroll and who are employed as regular full-time or regular
part-time employees of the Company. Effective February 1, 1998, there is
no waiting period for eligibility. Prior to February 1, 1998, the waiting
period was one year from date of hire.
EMPLOYEE CONTRIBUTIONS
Effective February 1, 1998, all employees who were hired on or after
February 1, 1998 are deemed to have elected a three percent deferral
effective on the first day of their employment, unless the employee makes
a change to that election in the manner prescribed by the Company. Prior
to February 1, 1998, participation was initiated by the employee upon
becoming eligible after the one year waiting period.
Effective January 1, 1998, participating employees may have from 1% to
20% of their salary deferred by the Company through payroll deductions
and have contributions made directly to their 401(k) account. Prior to
January 1, 1998, participating employees could defer 1% to 12% of their
salary. Employee contributions are deposited into the trust account after
the end of each semi-monthly pay period.
COMPANY CONTRIBUTIONS
The Company contributes to the employee's 401(k) account a percentage of
the amount which has been deferred and contributed by the employee. The
Company contributes an amount equal to the employee's deferral for the
first 3% of salary deferred and an amount equal to half of the employee's
deferral for the next 2% of salary deferred. The Company matching
contribution is deposited into the individual employee's 401(k) account
after the end of each of the Company's fiscal quarters, which are January
31, April 30, July 31 and October 31.
4
<PAGE>
The Company may guarantee a minimum amount of employee and Company
contributions that will be made to the Plan in a Plan year. The amount,
if any, that this minimum exceeds the actual employee and Company
contributions as determined above will be allocated to non-highly
compensated employees (as defined in the Code) in the manner prescribed
by the Plan document. Minimum contributions were guaranteed for the 1999
Plan year.
VESTING
Participants are one hundred percent vested in the Plan at all times.
PARTICIPANT ACCOUNTS
Participants can invest their account balance and/or future contributions
in any combination of sixteen investment options. Participant accounts
that are established at the three percent deferral default for new hires
will have their contributions invested in the fund designated as the Plan
default fund until the participant makes a change to that investment
election. In 1998, the Plan default fund was the Fidelity Retirement
Money Market Portfolio. On March 1, 1999, the default fund became the
Fidelity Institutional Money Market Fund. Participating employees can
transfer their invested funds among the investment options and/or change
the investment of their future contributions as often as desired. These
transfers and changes must be made in whole percent increments.
All contributions made under the Plan are paid to and invested by the
trustee in one or more of the available investment options. Fifteen of
the sixteen investment options are mutual funds of registered investment
companies; the Hewlett-Packard Company Stock Fund is an investment option
consisting primarily of the Company's stock. The sixteen investment funds
are:
FIDELITY INSTITUTIONAL MONEY MARKET FUND
A Fund comprised of investments in the Fidelity Institutional Money
Market Fund. Investments are made in high quality, U.S.
dollar-denominated money market instruments of U.S. and foreign issuers.
FIDELITY INTERMEDIATE BOND FUND
A fund comprised of investments in the Fidelity Intermediate Bond Fund.
Investments are made primarily in bonds rated BBB or better with a
dollar-weighted average maturity of between three and ten years.
PIMCO TOTAL RETURN FUND
A fund comprised of investments in the PIMCO Total Return Fund. The fund
invests primarily in debt securities, including U.S. government
securities, corporate bonds, and mortgage-related securities. Portfolio
duration generally ranges from three to six years.
DOMINI SOCIAL EQUITY FUND
A fund comprised of investments in the Domini Social Equity Fund. The
fund invests in all the stocks that make up the Domini Social Index, in
approximately the same proportions as they are represented in the Index.
The Index is comprised of approximately 400 companies that meet certain
social criteria.
5
<PAGE>
FIDELITY CONTRAFUND
A fund comprised of investments in the Fidelity Contrafund. The
investment manager invests mainly in U.S. and foreign common stock
believed to be undervalued or out of favor.
FIDELITY GROWTH & INCOME PORTFOLIO
A fund comprised of investments in the Fidelity Growth & Income
Portfolio. The investment manager invests in a broad combination of
stocks, convertibles, and fixed-income securities that currently pay
dividends, or that carry the potential for increased earnings.
FIDELITY MAGELLAN FUND
A fund comprised of investments in the Fidelity Magellan Fund. The fund
manager makes investments primarily in common stock and securities
convertible into common stock with the objective of seeking to increase
the value of the investment over the long-term through capital
appreciation.
HARBOR CAPITAL APPRECIATION FUND
A fund comprised of investments in the Harbor Capital Appreciation Fund.
Investments are made in equity securities of established companies with
above-average potential growth.
ICAP EQUITY PORTFOLIO
A fund comprised of investments in the ICAP Equity Portfolio. The fund
invests primarily in domestic equities of market capitalization of at
least $500 million. The fund attempts to achieve a total return greater
than the S&P 500 Index with an equal or lesser degree of risk.
SPARTAN U.S. EQUITY INDEX FUND
A fund comprised of investments in the Spartan U.S. Equity Index Fund.
The fund manager makes investments in equity securities and attempts to
duplicate the composition and total returns of the Standard & Poor's
Daily Stock Price Index of 500 Common Stock.
JANUS ASPEN SERIES WORLDWIDE GROWTH PORTFOLIO
A fund comprised of investments in the Janus Aspen Services Worldwide
Growth Portfolio. The fund invests primarily in foreign and domestic
companies, and investments are usually spread across at least 5 different
countries, including the United States.
FIDELITY LOW-PRICED STOCK FUND
A fund comprised of investments in the Fidelity Low-Priced Stock Fund.
The fund invests primarily in equity securities that are priced at $35
per share or less. The stocks purchased are considered to be undervalued
and out of favor with other investors yet offer the possibility of
significant growth.
MAS MID CAP GROWTH PORTFOLIO
The fund invests primarily in common stocks of small to mid-sized
companies with market capitalizations between $500 million and $3 billion
that are growing rapidly and that are expected to continue to grow.
Because of the small to mid-sized growth oriented nature of the companies
that the fund invests in, the fund's market price will undoubtedly
experience more volatility than the market in general.
6
<PAGE>
SPARTAN EXTENDED MARKET INDEX FUND
The fund seeks investment results that correspond to the total return of
stocks of mid to small-capitalization U.S. companies. At least 80% of the
fund's assets are invested in common stocks included in the Wilshire 4500
Index. The Index includes the companies represented in the Wilshire 5000
Index less those in the S&P 500 Index.
TEMPLETON FOREIGN FUND A
A fund comprised of investments in the Templeton Foreign Fund A. This
investment is a growth mutual fund that invests internationally. It seeks
to increase the value of the investments over the long-term through
capital growth. The mutual fund is invested primarily in common stocks,
and can invest in any foreign country, developed or developing.
HEWLETT-PACKARD COMPANY STOCK FUND
A fund comprised primarily of Hewlett-Packard Company Common Stock
purchased on the open market or contributed by the Company. The fund also
includes a minor investment in the Fidelity Institutional Money Market
Fund.
VERIFONE STABLE VALUE FUND
Established as a wasting fund solely for the benefit of former VeriFone,
Inc. 401(k) participants. The fund was merged into TAXCAP on September 2,
1999 and was officially closed on December 31, 1999.
LOANS AND DISTRIBUTIONS
Participants are permitted to borrow portions of their account balance.
The loan amount and term are limited by the Code and ERISA. Funds for the
loans are obtained by liquidating the selected fund and recognizing a
loan receivable from the participant. Principal and interest payments,
representing repayments of loans taken by participants, are typically
made through payroll deductions and are paid directly into the
participant's account after the end of each semi-monthly payroll period.
Loans may be repaid in full at any time following the issuance of the
loan. Loans outstanding at December 31, 1999 carried interest rates which
ranged from 7.0% to 11.0%.
If a participant's employment with HP is terminated, then any remaining
loan balance is repaid by the sale of investments held in the
participant's ending account balance. The loans deemed repaid due to
termination totaled $4,706,000 and $2,870,000 in 1999 and 1998 Plan year,
respectively.
The Plan also provides for hardship withdrawals subject to certain
restrictions as defined by the Code as well as in-service withdrawals at
age 59-1/2.
Benefits are payable in a lump sum. Certain participants from particular
companies acquired by the Company may elect to take their benefits as an
annuity or in installments.
PLAN TERMINATION
Although the Company has no present intention to terminate the Plan, the
Plan provides that in the event of Plan termination, participants'
interests accrued to the date of termination will be nonforfeitable.
Benefits will continue to be distributed in accordance with the Plan and
the trustee will continue in its capacity until all assets of the Plan
have been distributed to the participants.
7
<PAGE>
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared on the accrual basis of accounting
with investments being carried at current market value, as quoted on the
active market. Sales and purchases are recorded on the trade date. Loans
to participants are valued at their outstanding principal amount, which
approximates fair value. Benefits are recorded when paid.
All dividends and capital distributions received from registered
investment companies and the common/commingled trust are recognized as
part of the net realized and unrealized appreciation (depreciation) in
fair value of investments.
All direct administrative expenses are borne by the Company.
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires the
administrator and trustee to make estimates and assumptions that affect
the reported amounts of assets and liabilities in the financial
statements. Actual results may differ from those estimates.
3. CONTRIBUTIONS
Employee and Company contributions are made in cash for all Funds except
the Stock Fund. Contributions to the Stock Fund may be made in either
cash or Hewlett-Packard Company common stock. Stock contributions
attributable to employee deferrals totaled $34,524,000 in 1999 and
$44,117,000 in 1998. Stock contributions attributable to Company
contributions totaled $24,757,000 in 1999 and $25,525,000 in 1998.
Contributions of Hewlett-Packard Company common stock are valued at their
fair market value at the closing price, as quoted on the New York Stock
Exchange, on the date of contribution.
4. INVESTMENTS
The number of shares of Hewlett-Packard Company common stock in the Stock
Fund was 16,524,053 at the end of 1999 and 17,323,398 at the end of 1998.
The Stock Fund assigns units of participation to those participants with
account balances in this fund. The total number of units in the fund at
December 31, 1999 and 1998 was 23,010,826 and 23,855,462, respectively,
and the net asset value was $83.20 and $50.32 at these dates.
The following investments represent 5% or more of the Plan's net assets:
8
<PAGE>
<TABLE>
<CAPTION>
DECEMBER 31,
-----------------------------------
1999 1998
-------------- --------------
<S> <C> <C>
Hewlett-Packard Company Common Stock $1,882,709,000 $1,183,405,000
Fidelity Magellan Fund 1,759,996,000 1,394,934,000
Fidelity Contrafund 639,771,000 525,132,000
Institutional Money Market Fund 549,398,000 -
Spartan U.S. Equity Index Fund 474,043,000 391,828,000
Fidelity Growth and Income Portfolio 469,583,000 459,048,000
Fidelity Retirement Money Market Portfolio - 388,605,000
</TABLE>
During 1999, the Plan's investments (including gains and losses on
investments bought and sold, as well as held during the year) appreciated
in value by $1,259,405,000 as follows:
<TABLE>
<S> <C>
Mutual Funds $454,555,000
Hewlett-Packard Company Common Stock 804,850,000
------------------
$1,259,405,000
------------------
</TABLE>
FUNDS
During the year, three funds were replaced with new funds of similar
attributes: effective March 1, 1999, the Fidelity Retirement Money Market
Portfolio was replaced with the Fidelity Institutional Money Market Fund.
On June 15, 1999, the U.S. Small Mid Cap Index Fund was replaced with the
Spartan Extended Market Index and effective September 28, 1999, the PBHG
Growth Fund was replaced with
the MAS Mid Cap Growth Fund.
5. TAXES
The Company received a favorable determination letter from the Internal
Revenue Service dated December 1995 for amendments to the Plan through
March 1995. The Plan has been subsequently amended; however, the
Company's management is of the opinion that the Plan and the trust which
forms a part of the Plan have been maintained in accordance with Section
401 (a) of the Internal Revenue Code, and therefore, it is believed that
the Plan continues to be qualified. Accordingly, there has been no
provision for federal or state income tax.
Deferrals made on behalf of the employee and the Company's matching
contribution are not subject to federal income taxes until such time as
the employee's funds are withdrawn from the Plan. At withdrawal, the
employee's funds may qualify for special tax treatment. Pursuant to the
Unemployment Compensation Amendments of 1992, all "eligible rollover
distributions" which are not paid out in the form of a direct rollover
are subject to a mandatory 20% federal income tax withholding. Loans
taken by employees against their 401(k) account are not subject to
federal income taxes if they are repaid within five years.
9
<PAGE>
6. RELATED PARTY TRANSACTIONS
Certain Plan investments are shares of mutual funds managed by an
affiliate of Fidelity Management Trust Company, the Plan Trustee, and
therefore, these transactions qualify as party-in-interest. Any purchases
and sales of these funds are open market transactions at fair market
value. Consequently, such transactions are permitted under the provisions
of the Plan and are exempt from the prohibition of party-in-interest
transactions under ERISA.
7. TRANSFER OF NET ASSETS FROM VERIFONE, INC. 401(k) PLAN
HP acquired VeriFone, Inc. ("VeriFone") during the 1997 fiscal year. The
VeriFone 401(k) Retirement Savings and Investment Plan (the "VeriFone
Plan") provided investment options, consisting of mutual funds, to
VeriFone employees. On September 1, 1999, the VeriFone Plan was
terminated and the VeriFone Plan net assets, in the amount of
$54,198,000, were transferred into the Plan. The investments held in the
VeriFone plan were transferred from the VeriFone Plan mutual funds
directly to the Plan's mutual funds of similar investment strategy.
8. SUBSEQUENT EVENT
On March 2, 1999, the Company announced its intention to launch a new
company, subsequently named Agilent Technologies, Inc. ("Agilent
Technologies"), through a distribution of Agilent Technologies' common
stock to the Company's stockholders in the form of a tax-free spin-off.
On June 2, 2000, the Company completed its plan and distributed its
remaining investment in Agilent Technologies to its shareholders.
In conjunction with this transaction, Agilent Technologies established a
new Agilent Technologies Savings Accumulation Plan (the "Agilent
Technologies Plan") that is qualified pursuant to Section 401(a) of the
Internal Revenue Code. The Agilent Technologies eligible participants
continued to participate in the Hewlett-Packard Company Plan through June
2, 2000. On June 3, 2000, the Agilent Technologies eligible participants
began participating in the Agilent Technologies Plan and the related net
assets in the amount of $2,661,273,000 were transferred to the Agilent
Technologies Plan in accordance with an Employee Matters Agreement dated
August 12, 1999.
10
<PAGE>
<TABLE>
<CAPTION>
HEWLETT-PACKARD COMPANY SCHEDULE H
TAX SAVING CAPITAL ACCUMULATION PLAN (PLAN 004) FORM 5500
EMPLOYER IDENTIFICATION NUMBER 94-1081436 (PART I - ASSET HELD FOR
ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1999 INVESTMENT PURPOSES)
(IN THOUSANDS, EXCEPT NUMBER OF SHARES)
------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF HISTORICAL CURRENT
SHARES COST VALUE
Issuer Description
------ -----------
<S> <C> <C> <C> <C>
Fidelity Investments*
Fidelity Institutional Money Market Fund Money Market Fund, $1.00 par value 549,397,806 $ 549,398 $ 549,398
Fidelity Investments*
Fidelity Intermediate Bond Fund Fixed Income Mutual Fund, no par value 13,736,283 139,162 134,066
Pacific Investment Management Company
PIMCO Total Return Fund Fixed Income Mutual Fund, no par value 4,208,348 43,779 41,663
Domini Social Investments LLC
Domini Social Equity Fund Equity Mutual Fund, no par value 1,167,021 41,201 48,887
Fidelity Investments*
Fidelity Contrafund Equity Mutual Fund, no par value 10,659,302 509,975 639,771
Fidelity Investments*
Fidelity Growth & Income Portfolio Equity Mutual Fund, no par value 9,957,231 363,040 469,583
Fidelity Investments*
Fidelity Magellan Fund Equity Mutual Fund, no par value 12,881,476 1,184,294 1,759,996
Harbor Capital Advisors, Inc.
Harbor Capital Appreciation Fund Equity Mutual Fund, no par value 3,896,408 170,822 197,353
Institutional Capital Corporation
ICAP Equity Portfolio Equity Mutual Fund, no par value 434,228 17,882 18,733
</TABLE>
11
<PAGE>
<TABLE>
<CAPTION>
HEWLETT-PACKARD COMPANY SCHEDULE H
TAX SAVING CAPITAL ACCUMULATION PLAN (PLAN 004) FORM 5500
EMPLOYER IDENTIFICATION NUMBER 94-1081436 (PART I - ASSET HELD FOR
ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1999 INVESTMENT PURPOSES)
(IN THOUSANDS, EXCEPT NUMBER OF SHARES)
------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF HISTORICAL CURRENT
SHARES COST VALUE
Issuer Description
------ ------------
<S> <C> <C> <C> <C>
Fidelity Investments*
Spartan U.S. Equity Index Fund Equity Mutual Fund, no par value 9,100,465 301,325 474,043
Janus
Janus Aspen Series Worldwide Growth Portfolio Equity Mutual Fund, no par value 3,443,585 117,081 164,431
Fidelity Investments*
Fidelity Low-Priced Stock Fund Equity Mutual Fund, no par value 1,088,640 24,929 24,647
Morgan Stanley Dean Witter Investment Mgmt
Mas Mid Cap Growth Portfolio Equity Mutual Fund, no par value 5,655,522 153,272 176,792
Fidelity Investments*
Spartan Extended Market Index Common/Collective Trust, no par value 739,221 21,046 25,104
Franklin Templeton
Templeton Foreign Fund A Equity Mutual Fund, no par value 9,133,573 91,347 102,478
Hewlett-Packard Company* Common Stock, $0.01 par value 16,524,053 1,013,635 1,882,709
Participant Loans* Loans issued for terms of 1-4 years, 93,195
with 7% to 11% interest
------------
Total assets held for investment $ 6,802,849
============
</TABLE>
* Party-in-interest
12
<PAGE>
SIGNATURES
The Plan. Pursuant to the requirements of the Securities and Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed by the undersigned thereunto
duly authorized.
Date: June 27, 2000
HEWLETT-PACKARD COMPANY
TAX SAVING CAPITAL ACCUMULATION PLAN
/s/ Ann O. Baskins
---------------------------
Ann O. Baskins
Vice President
General Counsel and
Secretary
13
