Motorola 2008 Annual Report Download - page 106

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Other Liabilities
Other liabilities consists of the following:
December 31 2008 2007
Defined benefit plans, including split dollar life insurance policies $2,202 $ 562
Deferred revenue 316 393
Unrecognized tax benefits 312 933
Postretirement health care benefit plan 261 144
Royalty license arrangement — 282
Other 559 560
$3,650 $2,874
Stockholders’ Equity Information
Share Repurchase Program
Share Repurchase Program: During the year ended December 31, 2008, the Company repurchased
9.0 million of its common shares at an aggregate cost of $138 million, or an average cost of $15.32 per share, all
of which were repurchased during the three months ended March 29, 2008. During the year ended December 31,
2007, the Company repurchased 171.2 million of its common shares at an aggregate cost of $3.0 billion, or an
average cost of $17.74 per share. During the year ended December 31, 2006, the Company repurchased a total of
171.7 million of its common shares at an aggregate cost of $3.8 billion, or an average cost of $22.29 per share.
Since the inception of its share repurchase program in May 2005, the Company has repurchased a total of
394 million common shares for an aggregate cost of $7.9 billion. All repurchased shares have been retired. As of
December 31, 2008, the Company remained authorized to purchase an aggregate amount of up to $3.6 billion of
additional shares under the current stock repurchase program. The timing and amount of future purchases will be
based on market and other conditions.
Payment of Dividends: The Company paid $453 million in cash dividends to holders of its common stock in
2008. In January 2009, the Company paid $114 million in cash dividends that were declared in November 2008.
In February 2009, the Company announced that its Board of Directors voted to suspend the declaration of
quarterly dividends on the Company’s common stock.
4. Debt and Credit Facilities
Long-Term Debt
December 31 2008 2007
6.5% notes due 2008 $ — $ 114
5.8% notes due 2008 —84
7.625% notes due 2010 527 527
8.0% notes due 2011 599 599
5.375% senior notes due 2012 400 400
6.0% senior notes due 2017 399 399
6.5% debentures due 2025 397 397
7.5% debentures due 2025 356 398
6.5% debentures due 2028 297 297
6.625% senior notes due 2037 596 596
5.22% debentures due 2097 195 195
Other long-term debt 178 145
3,944 4,151
Adjustment for interest rate swaps
(1)
151 38
Less: current portion (3) (198)
Long-term debt $4,092 $3,991
98