The problem of ballistic annihilation for a spatially homogeneous system is revisited within Boltzmann's kinetic theory in two and three dimensions. Analytical results are derived for the time evolution of the particle density for some isotropic discrete bimodal velocity modulus distributions. According to the allowed values of the velocity modulus, different behaviors are obtained: power law decay with nonuniversal exponents depending continuously upon the ratio of the two velocities, or exponential decay. When one of the two velocities is equal to zero, the model describes the problem of ballistic annihilation in the presence of static traps. The analytical predictions are shown to be in agreement with the results of two-dimensional molecular dynamics simulations.