Kraft 2004 Annual Report Download - page 64

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international businesses. Borrowings on these lines amounted to approximately $150 million and
$220 million at December 31, 2004 and 2003, respectively.
Note 9. Long-Term Debt:
At December 31, 2004 and 2003, the Company’s long-term debt consisted of the following:
2004 2003
(in millions)
Short-term borrowings, reclassified as long-term debt ................... $ — $ 1,900
Notes, 4.00% to 7.55% (average effective rate 5.57%), due through 2031 ..... 10,259 10,256
7% Debenture (effective rate 11.32%), $200 million face amount, due 2011 . . . 161 157
Foreign currency obligations ..................................... 15 16
Other ...................................................... 38 37
10,473 12,366
Less current portion of long-term debt .............................. (750) (775)
$ 9,723 $11,591
Aggregate maturities of long-term debt are as follows (in millions):
2005 ................................................... $750
2006 ................................................... 1,260
2007 ................................................... 1,403
2008 ................................................... 704
2009 ................................................... 752
2010-2014 ............................................... 4,504
Thereafter ............................................... 1,140
Based on market quotes, where available, or interest rates currently available to the Company for
issuance of debt with similar terms and remaining maturities, the aggregate fair value of the Company’s
long-term debt, including the current portion of long-term debt, was $11,017 million and $12,873 million
at December 31, 2004 and 2003, respectively.
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