MetLife 2007 Annual Report Download - page 162

Dividends
Information on the declaration, record and payment dates, as well as per share and aggregate dividend amounts, for the Preferred
Shares is as follows:
Declaration Date Record Date Payment Date Series A Per Share Series A Aggregate Series B Per Share Series B Aggregate
Dividend
(In millions, except per share data)
November 15, 2007 . . . . . . . . . . November 30, 2007 December 17, 2007 $0.4230476 $11 $0.4062500 $24
August 15, 2007 . . . . . . . . . . . . August 31, 2007 September 17, 2007 $0.4063333 $10 $0.4062500 $24
May 15, 2007 . . . . . . . . . . . . . . May 31, 2007 June 15, 2007 $0.4060062 $10 $0.4062500 $24
March 5, 2007 . . . . . . . . . . . . . February 28, 2007 March 15, 2007 $0.3975000 $10 $0.4062500 $24
$41 $96
November 15, 2006 . . . . . . . . . . November 30, 2006 December 15, 2006 $0.4038125 $10 $0.4062500 $24
August 15, 2006 . . . . . . . . . . . . August 31, 2006 September 15, 2006 $0.4043771 $10 $0.4062500 $24
May 16, 2006 . . . . . . . . . . . . . . May 31, 2006 June 15, 2006 $0.3775833 $ 9 $0.4062500 $24
March 6, 2006 . . . . . . . . . . . . . February 28, 2006 March 15, 2006 $0.3432031 $ 9 $0.4062500 $24
$38 $96
November 15, 2005 . . . . . . . . . . November 30, 2005 December 15, 2005 $0.3077569 $ 8 $0.4062500 $24
August 22, 2005 . . . . . . . . . . . . August 31, 2005 September 15, 2005 $0.2865690 $ 7 $0.4017361 $24
$15 $48
See Note 25 for further information.
Common Stock
Repurchases
In October 2004, the Company’s Board of Directors authorized a $1 billion common stock repurchase program. In February 2007, the
Company’s Board of Directors authorized an additional $1 billion common stock repurchase program. In September 2007, the Company’s
Board of Directors authorized an additional $1 billion common stock repurchase program which began after the completion of the $1 billion
common stock repurchase program authorized in February 2007. In January 2008, the Company’s Board of Directors authorized an
additional $1 billion common stock repurchase program, which began after the completion of the September 2007 program. (See Note 25).
Undertheseauthorizations,theCompanymaypurchaseitscommonstockfromtheMetLifePolicyholderTrust,intheopenmarket
(including pursuant to the terms of a pre-set trading plan meeting the requirements of Rule 10b5-1 under the Exchange Act) and in privately
negotiated transactions.
The Company has entered into the following accelerated common stock repurchase agreements:
• In December 2004, the Company repurchased 7.3 million shares of its outstanding common stock at an aggregate cost of
$300 million under an accelerated common stock repurchase agreement with a major bank. The bank borrowed the stock sold to the
Company from third parties and purchased the common stock in the open market to return to such third parties. In April 2005, the
Company received a cash adjustment of $7 million based on the actual amount paid by the bank to purchase the common stock, for a
final purchase price of $293 million. The Company recorded the shares initially repurchased as treasury stock and recorded the
amount received as an adjustment to the cost of the treasury stock.
• In December 2006, the Company repurchased 4.0 million shares of its outstanding common stock at an aggregate cost of
$232 million under an accelerated common stock repurchase agreement with a major bank. The bank borrowed the common stock
sold to the Company from third parties and purchased the common stock in the open market to return to such third parties. In
February 2007, the Company paid a cash adjustment of $8 million for a final purchase price of $240 million. The Company recorded
the shares initially repurchased as treasury stock and recorded the amount paid as an adjustment to the cost of the treasury stock.
• In March 2007, the Company repurchased 11.9 million shares of its outstanding common stock at an aggregate cost of $750 million
under an accelerated common stock repurchase agreement with a major bank. The bank borrowed the common stock sold to the
Company from third parties and purchased common stock in the open market to return to such third parties. In June 2007, the
Company paid a cash adjustment of $17 million for a final purchase price of $767 million. The Company recorded the shares initially
repurchased as treasury stock and recorded the amount paid as an adjustment to the cost of the treasury stock.
• In November 2007, the Company repurchased 11.6 million shares of its outstanding common stock at an initial cost of $750 million
under an accelerated common stock repurchase agreement with a major bank. The bank borrowed the stock sold to the Company
from third parties and purchased the common stock in the open market to return to such third parties. Also, in November 2007, the
Company received a cash adjustment of $19 million based on the trading price of the common stock during the repurchase period,
for a final purchase price of $731 million. The Company recorded the shares initially repurchased as treasury stock and recorded the
amount received as an adjustment to the cost of the treasury stock.
• In December 2007, the Company entered into an accelerated common stock repurchase agreement with a major bank. Under the
terms of the agreement, the Company paid the bank $450 million in cash in January 2008 in exchange for 6.6 million shares of the
Company’s outstanding common stock that the bank borrowed from third parties. Also, in January 2008, the bank delivered
1.1 million additional shares of the Company’s common stock to the Company resulting in a total of 7.7 million shares being
repurchased under the agreement. At December 31, 2007, the Company recorded the obligation to pay $450 million to the bank as a
F-66 MetLife, Inc.
MetLife, Inc.
Notes to Consolidated Financial Statements — (Continued)