Kraft 2014 Annual Report Download - page 52

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At December 27, 2014, aggregate maturities of our long-term debt were (in millions):
Our long-term debt contains customary representations, covenants, and events of default. We were in compliance with all
covenants at December 27, 2014.
Fair Value of Our Debt:
At December 27, 2014, the aggregate fair value of our total debt was $11.0 billion as compared with the carrying value of $10.0
billion . We determined the fair value of our long-term debt using Level 1 quoted prices in active markets for the publicly traded debt
obligations.
Interest and Other Expense, Net:
Interest and other expense, net was $484 million in 2014, $501 million in 2013, and $258 million in 2012. Other expense within
interest and other expense, net was insignificant for all periods presented.
Note 7. Capital Stock
Our Amended and Restated Articles of Incorporation authorize the issuance of up to 5.0 billion shares of common stock and 500
million shares of preferred stock.
Shares of common stock issued, in treasury and outstanding were:
At December 27, 2014, we had approximately 0.3 million shares of restricted stock outstanding that were issued to current and
former employees. There were no preferred shares issued or outstanding at December 27, 2014, December 28, 2013 or December
29, 2012.
On December 17, 2013, our Board of Directors authorized a $3.0 billion share repurchase program with no expiration date. Under
the share repurchase program, we are authorized to repurchase shares of our common stock in the open market or in privately
negotiated transactions. The timing and amount of share repurchases are subject to management's evaluation of market
conditions, applicable legal requirements, and other factors. We are not obligated to repurchase any shares of our common stock
and may suspend the program at our discretion. In 2014, we repurchased approximately 13.1 million shares in the aggregate for
approximately $746 million under this program. Approximately $6 million of the $746 million was accrued at December 27, 2014
and settled in the subsequent month. No shares were repurchased under this program in 2013.
47
2015 $1,406
2016 6
2017 1,006
2018 1,039
2019 3
Thereafter 6,616
Shares
Issued Treasury
Shares Shares
Outstanding
Consummation of Spin-Off on October 1, 2012 592,257,298 — 592,257,298
Exercise of stock options, issuance of other stock awards and other 526,398 (19,988 ) 506,410
Balance at December 29, 2012 592,783,696 (19,988 ) 592,763,708
Exercise of stock options, issuance of other stock awards and other 4,059,753 (589,011 ) 3,470,742
Balance at December 28, 2013 596,843,449 (608,999 ) 596,234,450
Shares of common stock repurchased — (13,073,863 ) (13,073,863)
Exercise of stock options, issuance of other stock awards and other 4,559,367 (388,010 ) 4,171,357
Balance at December 27, 2014 601,402,816 (14,070,872 ) 587,331,944