Kraft 2006 Annual Report Download - page 78

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Aggregate maturities of long-term debt are as follows (in millions):
2007 $ 1,418
2008 707
2009 755
2010 2
2011 2,202
2012-2016 2,695
Thereafter 751
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 $8,706 million and $9,945 million at
December 31, 2006 and 2005, respectively.
Note 10. Capital Stock:
The Company's articles of incorporation authorize 3.0 billion shares of Class A common stock, 2.0 billion shares of Class B common stock and 500 million
shares of preferred stock. Shares of Class A common stock issued, repurchased and outstanding were as follows:
Shares Issued
Shares
Repurchased
Shares
Outstanding
Balance at January 1, 2004 555,000,000 (13,062,876) 541,937,124
Repurchase of shares (21,543,660) (21,543,660)
Exercise of stock options and issuance of other stock awards 4,961,610 4,961,610
Balance at December 31, 2004 555,000,000 (29,644,926) 525,355,074
Repurchase of shares (39,157,600) (39,157,600)
Exercise of stock options and issuance of other stock awards 3,683,281 3,683,281
Balance at December 31, 2005 555,000,000 (65,119,245) 489,880,755
Repurchase of shares (38,744,248) (38,744,248)
Exercise of stock options and issuance of other stock awards 4,836,138 4,836,138
Balance at December 31, 2006 555,000,000 (99,027,355) 455,972,645
The Company repurchases its Class A common stock in open market transactions. In March 2006, the Company completed its $1.5 billion two-year Class A
common stock repurchase program, acquiring 49.1 million Class A shares at an average price of $30.57 per share. During 2006, repurchases under the
$1.5 billion program were 8.5 million shares at a cost of $250 million, or $29.42 per share. Additionally, in March 2006, the Company began a $2.0 billion
Class A common stock repurchase program, which is expected to run through 2008. During 2006, the Company repurchased 30.2 million shares of its Class A
common stock, under its $2.0 billion authority, at a cost of $1.0 billion, an average price of $33.06 per share. During 2005, the Company repurchased
39.2 million shares of its Class A common stock at a cost of $1.2 billion, an average price of $30.65 per share. During 2004, the Company repurchased
21.5 million shares of its Class A common stock at a cost of $700 million, an average price of $32.49 per share.
Class B common shares issued and outstanding at December 31, 2006 and 2005 were 1.18 billion. Altria Group, Inc. held 276.5 million Class A common
shares and all of the Class B common shares at December 31, 2006. There are no preferred shares issued and outstanding. Class A common shares are
73
Source: KRAFT FOODS INC, 10-K, March 01, 2007