Kraft 2009 Annual Report Download - page 215

Capital Stock:
Capital Stock:
(USD $)
12 Months Ended
12/31/2009
Capital Stock: Note 8. Capital Stock:
Our 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:
Shares Issued
Shares
Repurchased
Shares
Outstanding
Balance at January 1, 2007 555,000,000 (99,027,355) 455,972,645
Repurchase of shares - (111,516,043) (111,516,043)
Exercise of stock options and issuance of other
stock awards - 9,321,018 9,321,018
Conversion of Class B common shares to
Class A common shares 1,180,000,000 - 1,180,000,000
Balance at December 31, 2007 1,735,000,000 (201,222,380) 1,533,777,620
Repurchase of shares - (25,272,255) (25,272,255)
Shares tendered (Note 2) - (46,119,899) (46,119,899)
Exercise of stock options and issuance of other
stock awards - 6,915,974 6,915,974
Balance at December 31, 2008 1,735,000,000 (265,698,560) 1,469,301,440
Exercise of stock options and issuance of other
stock awards - 8,583,463 8,583,463
Balance at December 31, 2009 1,735,000,000 (257,115,097) 1,477,884,903
Effective on the date of our spin-off, Altria converted all of its Class B shares of Kraft Foods common stock into Class A shares of
Kraft Foods common stock. Following our spin-off, we only have Class A common stock outstanding. There were no Class B
common shares or preferred shares issued and outstanding at December 31, 2009, 2008 and 2007.
On August 4, 2008, we completed the split-off of the Post cereals business. In this transaction, approximately 46.1 million shares
of Kraft Foods Common Stock were tendered for $1,644 million.
At December 31, 2009, 146,863,809 shares of Common Stock were reserved for stock options and other stock awards.
In 2010, we expect to issue approximately 260 million additional shares of our Common Stock as part of the Cadbury acquisition.
Our Board of Directors authorized the following Common Stock repurchase programs. Our $5.0 billion share repurchase authority
expired on March 30, 2009. We did not repurchase any shares in 2009.
Share Repurchase Program
Authorized by the Board of Directors $5.0 billion $2.0 billion
Authorized / completed period for repurchase April 2007 -
March 2009
March 2006 -
March 2007
Aggregate cost of shares repurchased in 2008
(millions of shares)
$777 million
(25.3 shares)
Aggregate cost of shares repurchased in 2007
(millions of shares)
$3.5 billion
(105.6 shares)
$140 million
(4.5 shares)
Aggregate cost of shares repurchased life-to-date under program
(millions of shares)
$4.3 billion
(130.9 shares)
$1.1 billion
(34.7 shares)
In total, we repurchased 25.3 million shares for $777 million in 2008 and 110.1 million shares for $3,640 million in 2007 under
these programs. We made these repurchases of our Common Stock in open market transactions.
In March 2007, we repurchased 1.4 million additional shares of our Common Stock from Altria at a cost of $46.5 million. We paid
$32.085 per share, which was the average of the high and the low price of Kraft Foods Common Stock as reported on the NYSE
on March 1, 2007. This repurchase was in accordance with our Altria spin-off agreement.
Source: KRAFT FOODS INC, 10-K, February 25, 2010 Powered by Morningstar® Document Research℠