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prevent it from closing.

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defective or incompatible with future versions of our products, or our relationship with the third party may deteriorate, or our agreements with the third party may expire or be terminated. We may face legal or business disputes with licensors that may threaten or lead to the disruption of inbound licensing relationships. In order to remain in compliance with the terms of our licenses, we must carefully monitor and manage our use of third-party software components, including both proprietary and open source license terms that may require the licensing or public disclosure of our intellectual property without compensation or on undesirable terms. Additionally, some of these licenses may not be available to us in the future on terms that are acceptable or that allow our product offerings to remain competitive. Our inability to obtain licenses or rights on favorable terms could have a material effect on our business, including our financial condition and results of operations. In addition, it is possible that as a

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The success of our services business isdepends to a significant degree dependent on attracting clients to our ability to retain our significant services, retaining these clients and maintainmaintaining or increaseincreasing the level of revenues from these clients. We may lose clients dueOur standard services agreements are generally renewable at a customer’s option and/or subject to their merger or acquisition, business failure, contract expiration or their selection of a competing service provider or decision to in-source services. In addition, wecancellation rights, with penalties for early termination. We may not be able to retain or renew relationshipsservices contracts with our significant clients. As a result of business downturnsclients, or for other business reasons, we are also vulnerable to reduced business from our clients which canmay reduce the scope of the services provided andthey contract for. Factors that may influence contract termination, non-renewal or reduction include business downturns, dissatisfaction with our services or

Hewlett-Packard Company's

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new information in the course of our tax return preparation process.laws. In particular, if circumstances change such that we are unable to indefinitely reinvest our foreign earnings outside the United States, future income tax expense and payments may differ significantly from historical amounts and could materially adversely affect our results of operations. The carrying value of deferredresults. In addition, various tax assets, which are predominantly inlegislation has been introduced or is being considered, including potential tax reform within the United States, is dependent on our ability to generate future taxable income in the United States. In addition, there are proposals for tax legislation that have been introduced or that are being considered that could have a significant adverse effect onsignificantly impact our tax rate, the carrying value of deferred tax assets, or our deferred tax liabilities. For example, the Organization for Economic Cooperation and Development (the “OECD”) has recently recommended changes to numerous long-standing international tax principles. If countries amend their tax laws to adopt certain parts of the OECD guidelines, this may increase tax uncertainty and may adversely impact our tax liabilities. Any of these changes could affect our financial performance.

Media or other reports of perceived security vulnerabilities in our network security, even if nothing has actually been attempted or occurred, could also adversely impact our brand and reputation and materially affect our business. While we have developed and implemented security measures and internal controls designed to protect against cyber and other security problems, such measures cannot provide absolute security and may not be successful in preventing future security breaches. In the past, we have experienced data security incidents resulting from unauthorized use of our systems, which to date have not had a material impact on our operations; however, there is no assurance that such impacts will not be material in the future.

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about us, our clients or our customers, including the potential loss or disclosure of such information or data as a result of fraud, trickery or other forms of deception, could expose us, our customers or the individuals affected to a risk of loss or misuse of this information, result in litigation and potential liability for us, damage our brand and reputation or otherwise harm our business. We also could lose existing or potential customers or incur significant expenses in connection with our customers'customers’ system failures or any actual or perceived security vulnerabilities in our products and services. In addition, the cost and operational consequences of implementing further data protection measures could be significant.

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retroactively, on a joint and several basis, and without any finding of noncompliance or fault. The amount and timing of costs to comply with environmental laws are difficult to predict.

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We may not realize some or all of the anticipated strategic, financial, operational, marketing or other benefits from the separation.Separation. As an independent publicly-tradedpublicly traded company we are a smaller, less diversified company with a narrower business focus and may be more vulnerable to changing market conditions, which could materially and adversely affect itsour business, financial condition and results of operations.

TableOn October 10, 2016, the Board authorized $3.0 billion for future repurchases of Contents

        On July 21, 2011, HP's BoardHP’s outstanding shares of Directors authorized a $10.0 billion share repurchase program. HP may choose to repurchase shares when sufficient liquidity exists and the shares are trading at a discount relative to estimated intrinsic value.common stock. This program, which does not have a specific expiration date, authorizes repurchases in the open market or in private transactions. HP intends to use repurchases from time to time to offset the dilution created by shares issued under employee stock plans and to repurchase shares opportunistically. All share repurchases settled in the fourth quarter of fiscal 2015year 2017 were open market transactions. As of October 31, 2015,2017, HP had approximately $2.5 billion remaining authorizationunder repurchase authorization.