This excerpt taken from the HPQ 10-Q filed Mar 9, 2007.
Selling, General and Administrative
Selling, general and administrative (SG&A) expense declined as a percentage of net revenue in the first quarter of fiscal 2007 from the prior-year comparable period due primarily to the increase in net revenue outpacing SG&A expense growth. Total SG&A expense increased due primarily to higher acquisition-related costs and unfavorable currency impacts related to the movement of the dollar against the euro. As a percentage of net revenue, the ESS, HPS and PSG segments experienced a year-over-year decrease in SG&A expense for the three months ended January 31, 2007, while IPG and HP Software experienced a year-over-year increase in SG&A expense.