Coca Cola 2007 Annual Report Download - page 61

debt with maturities of 90 days or less. The increases in debt were primarily due to our acquisitions of 18 German
bottling and distribution operations, glacéau, CCBPI, Fuze, Leao Junior, Jugos del Valle and our investment in Tokyo
CCBC in 2007. During the fourth quarter of 2007, the Company decided to replace a certain amount of commercial
paper and short-term debt with longer-term debt. Refer to Note 9 of Notes to Consolidated Financial Statements. The
Company continues to review its optimal mix of short-term and long-term debt. We may replace a certain amount of
commercial paper and short-term debt with longer term debt in the future. The payments of debt in 2007 primarily
included approximately $5,514 million related to commercial paper and short-term debt with maturities of greater than
90 days. Included in these payments was the payment of the outstanding liability to CCEAG shareowners in
January 2007 of $1,068 million.
The issuances of debt in 2006 primarily included approximately $484 million of issuances of commercial paper
and short-term debt with maturities of greater than 90 days. The payments of debt in 2006 primarily included
approximately $580 million related to commercial paper and short-term debt with maturities of greater than 90 days
and approximately $1,383 million of net repayments of commercial paper and short-term debt with maturities of
90 days or less.
The issuances of debt in 2005 primarily included approximately $144 million of issuances of commercial paper
with maturities of 90 days or more. The payments of debt primarily included approximately $1,037 million related to
net repayments of commercial paper with maturities of less than 90 days, repayments of commercial paper with
maturities greater than 90 days of approximately $32 million and repayment of approximately $1,363 million of long-
term debt.
Issuances of Stock
The issuances of stock in 2007 primarily related to the exercise of stock options by Company employees. In
addition, certain executive officers and former shareholders of glacéau invested approximately $179 million of their
proceeds from the sale of glacéau in common stock of the Company at then current market prices. These shares of
Company common stock were placed in escrow pursuant to the glacéau acquisition agreement.
Share Repurchases
In October 1996, our Board of Directors authorized a plan (“1996 Plan”) to repurchase up to 206 million shares of
our Company’s common stock through 2006. On July 20, 2006, the Board of Directors of the Company authorized a
new share repurchase program of up to 300 million shares of the Company’s common stock. The new program took
effect upon the expiration of the 1996 Plan on October 31, 2006. The table below presents annual shares repurchased
and average price per share:
Year Ended December 31, 2007 2006 2005
Number of shares repurchased (in millions) 34 55 46
Average price per share $ 51.66 $ 45.19 $ 43.26
Since the inception of our initial share repurchase program in 1984 through our current program as of
December 31, 2007, we have purchased approximately 1.3 billion shares of our Company’s common stock at an
average price per share of $18.45.
As strong cash flows are expected to continue in the future, the Company currently expects 2008 share
repurchases to be in the range of $1.5 billion to $2.0 billion.
Dividends
At its February 2008 meeting, our Board of Directors increased our quarterly dividend by 12 percent, raising it to
$0.38 per share, equivalent to a full-year dividend of $1.52 per share in 2008. This is our 46th consecutive annual
increase. Our annual common stock dividend was $1.36 per share, $1.24 per share and $1.12 per share in 2007, 2006
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