Cardinal Health 2011 Annual Report Download - page 85
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We also maintain other short-term credit facilities and an unsecured line of credit that allowed fo
r
borrowings up to
$
173.9 million and
$
4.8 million at June 30, 2011 and 2010, respectively. The
$
110.6 million
a
nd $6.1 million balance of other obli
g
ations at June 30, 2011 and 2010, respectivel
y
, consisted primaril
y
o
f
a
dditional notes, loans and ca
p
ital leases
.
9
.IN
CO
ME TAXE
S
Earnin
g
s before income taxes and discontinued operations are as follows for fiscal 2011, 2010 and 2009:
F
iscal Year Ended June 30
,
(
in millions
)
2
0
1
1
20
1
0
2
009
U
.S. Operat
i
on
s
.......................
.
$
1
,
299.5
$
979.6
$
959.2
N
on-U.S. Operat
i
ons
....................
2
1
8
.
8
2
3
2.
0
2
00
.
6
$
1
,
518.3
$
1
,
211.6
$
1
,
159.8
T
he provision for income taxes from continuing operations consists of the following for fiscal 2011, 201
0
a
n
d
200
9
:
F
iscal Year Ended June 30
,
(
in millions
)
20
11
20
1
0
2
009
Current
:
F
e
d
era
l
...............................
$
387.5
$
429.4
$
192.2
State and loca
l
.........................
1
9
.7 63.3 4
5
.
6
N
on-U.S.
.
............................
.
16.9 11.7 14.4
Tota
l
.............................
4
24.1
5
04.4 2
5
2.2
De
f
erre
d:
F
e
d
era
l
...............................
9
2.5 103.0 125.0
State and loca
l
.........................
28.6 18.2 23.0
N
on-U.S.
.
............................. 6.9
(
1.0
)
1.4
Tota
l
.............................
1
28.0 120.2 149.4
T
otal
p
rovision
.....................
$
552.1 $624.6 $401.
6
A
reconc
ili
at
i
on o
f
t
h
e prov
i
s
i
on
b
ase
d
on t
h
e
f
e
d
era
l
statutory
i
ncome tax rate to our e
ff
ect
i
ve
i
ncome tax
rate from continuin
g
operations is as follows for fiscal 2011, 2010 and 2009
:
F
iscal Year Ended June 30
,
2
0
1
1
20
1
0
2
009
P
rov
i
s
i
on at Fe
d
era
l
statutory rate
..................
35
.
0
%
35
.
0
%
35
.
0
%
S
tate and local income taxes, net of federal benefit .....
2
.
24
.7
1
.
8
Foreign tax rate differentia
l
.......................
(
2.
5) (
3.3
)(
3.8
)
Non
d
e
d
uct
ibl
e
/
nontaxa
bl
e
i
tems
.
..................
0
.
60
.2 1.
6
D
eferred state tax rate ad
j
ustmen
t
..................
0
.
4
(
0.
5
)1.
5
Change in measurement of an uncertain tax positio
n
.
. . . 2.4 1.3 0.0
V
a
l
uat
i
on a
ll
o
w
ances
............................
(
0.
6) (
2.3
)(
3.1
)
U
nremitted forei
g
n earnin
g
s
.......................
(0
.
1) 13
.
90
.
0
O
the
r
.........................................
(
1.0
)
2.6 1.6
Effective income tax rate
.........................
3
6.4%
5
1.6% 34.6%
A
s of June 30, 2011, we had $2.1 billion of total undistributed earnin
g
s from non-U.S. subsidiaries, of
which $1.4 billion are intended to be permanentl
y
reinvested in non-U.S. operations. We recorded a char
g
eof
$
168.3 million during fiscal 2010 to reflect the anticipated repatriation of certain foreign earnings. With respect
59