Coca Cola 2008 Annual Report Download - page 67

Issuances and payments of debt included both short-term and long-term financing activities. On
December 31, 2008, we had approximately $3,462 million in lines of credit and other short-term credit facilities
available, of which approximately $677 million was outstanding. This outstanding amount was primarily related
to our international operations.
The issuances of debt in 2008 included approximately $4,001 million of issuances of commercial paper and
short-term debt with maturities of greater than 90 days, and approximately $194 million of net issuances of
commercial paper and short-term debt with maturities of 90 days or less. The payments of debt in 2008 included
approximately $4,032 million related to commercial paper and short-term debt with maturities of greater than
90 days. The Company continues to review its optimal mix of short-term and long-term debt.
The issuances of debt in 2007 included approximately $6,024 million of issuances of commercial paper and
short-term debt with maturities of greater than 90 days, approximately $1,750 million in issuances of long-term
notes due November 15, 2017, and approximately $2,024 million of net issuances of commercial paper and
short-term debt with maturities of 90 days or less. The increase in debt was primarily due to 2007 acquisitions.
Refer to Note 20 of Notes to Consolidated Financial Statements. During the fourth quarter of 2007, the
Company replaced a certain amount of commercial paper and short-term debt with longer-term debt. Refer to
Note 8 of Notes to Consolidated Financial Statements. The payments of debt in 2007 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 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 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.
Issuances of Stock
The issuances of stock in 2008, 2007 and 2006 primarily related to the exercise of stock options by Company
employees. In addition, during 2007, certain executive officers and former shareholders of glac´ eau invested
approximately $179 million of their proceeds from the sale of glac´ eau in common stock of the Company at then
current market prices. These shares of Company common stock were placed in escrow pursuant to the glac´ eau
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, 2008 2007 2006
Number of shares repurchased (in millions) 18 34 55
Average price per share $ 58.01 $ 51.66 $ 45.19
Since the inception of our initial share repurchase program in 1984 through our current program as of
December 31, 2008, we have purchased approximately 1.3 billion shares of our Company’s common stock at an
average price per share of $19.02.
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