Mondelez 2013 Annual Report Download - page 61

Table of Contents
In the next twelve months, $997 billion of long-
term debt becomes due as follows: $500 million in February 2014 and $497 million in
December 2014. We expect to fund these repayments with cash from operations and the issuance of commercial paper.
Equity and Dividends
Stock Plans:
See Note 11, Stock Plans , to the consolidated financial statements for more information on our stock plans, awards activity during
2013, 2012 and 2011, and stock award modifications related to the Spin-Off.
Share Repurchases:
During 2013, our Board of Directors authorized the repurchase of $7.7 billion of our Common Stock. On March 12, 2013, our Board
of Directors authorized the repurchase of up to the lesser of 40 million shares or $1.2 billion of our Common Stock through
March 12, 2016. On August 6, 2013, our Audit Committee, with authorization from the Board of Directors, increased the repurchase
program capacity to $6.0 billion of Common Stock repurchases and extended the expiration date to December 31, 2016. On
December 3, 2013, our Board of Directors increased the repurchase program capacity by $1.7 billion to $7.7 billion.
Repurchases under the program are determined by management and are wholly discretionary. During 2013, we repurchased
82.8 million shares of Common Stock at an average cost of $33.09 per share, or an aggregate cost of $2.7 billion. The share
repurchases include $1.5 billion of shares repurchased through an accelerated share repurchase program initiated on December 3,
2013. All share repurchases were funded through available cash, including cash from the resolution of the Starbucks arbitration
(see Notes 12, Commitments and Contingencies , and 2, Divestitures and Acquisition, discussion of the Resolution of Starbucks
Arbitration
), and commercial paper issuances. The repurchased shares are held in treasury. As of December 31, 2013, we have
$5.0 billion in remaining share repurchase capacity.
We intend to continue to use a portion of our cash for share repurchases. The number of shares that we ultimately repurchase
under our share repurchase program may vary depending on numerous factors, including share price and other market conditions,
our ongoing capital allocation planning, levels of cash and debt balances, other demands for cash, such as acquisition activity,
general economic or business conditions and board and management discretion. Additionally, our share repurchase activity during
any particular period may fluctuate. We may accelerate, suspend, delay or discontinue the stock repurchase program at any time,
without notice.
Dividends:
We paid dividends of $943 million in 2013, $2,058 million in 2012 and $2,043 million in 2011. Immediately following the Spin-Off of
Kraft Foods Group on October 1, 2012, our share of the Kraft Foods Inc. annual dividend rate was $0.52 per common share. On
August 6, 2013, our Audit Committee, with authorization from the Board of Directors, raised our quarterly dividend to $0.14 per
common share or $0.56 per common share on an annual basis. The declaration of dividends is subject to the discretion of our
Board of Directors and depends on various factors, including our net earnings, financial condition, cash requirements, future
prospects and other factors that our Board of Directors deems relevant to its analysis and decision making.
54