Cardinal Health 2008 Annual Report Download - page 117

In January 2007, the Company amended certain terms of the $1.5 billion revolving credit facility. As part of
the amendment, the amount of the facility was increased from $1.0 billion to $1.5 billion and the term was
extended to January 24, 2012. At expiration, this facility can be extended upon mutual consent of the Company
and the lending institutions. This revolving credit facility exists largely to support issuances of commercial paper
as well as other short-term borrowings for general corporate purposes and remained unused at June 30, 2008 and
2007, except for $72.2 million and $79.2 million, respectively, of standby letters of credit issued on behalf of the
Company.
The Company also maintains other short-term credit facilities and an unsecured line of credit that allowed
for borrowings up to $68.9 million and $131.1 million at June 30, 2008 and 2007, respectively. At June 30, 2008
and 2007, $20.2 million and $29.0 million, respectively, were outstanding under uncommitted facilities. The
June 30, 2008 and 2007 outstanding balance under uncommitted facilities included $5.4 million and $4.1 million,
which was classified in other obligations at June 30, 2008 and 2007, respectively. The remaining $17.1 million
and $20.2 million balance of other obligations at June 30, 2008, and 2007, respectively, consisted primarily of
additional notes, loans and capital leases. In April 2008, the Company entered into a $300.0 million short-term
loan facility, which was terminated in May 2008. Additionally, in March 2007, the Company entered into a
$500.0 million unsecured committed short term loan facility, which was terminated in April 2007. The Company
terminated an unutilized $150 million extendible commercial note program in February 2007.
Maturities of long-term obligations for the next five fiscal years an thereafter are as follows:
(in millions) 2009 2010 2011 2012 2013 Thereafter Total
Maturities of long-term obligations ....... $159.0 $354.1 $494.5 $314.2 $302.0 $2,222.6 $3,846.4
11. INCOME TAXES
Earnings before income taxes and discontinued operations are as follows for fiscal years ended June 30,
2008, 2007 and 2006 (in millions):
Fiscal Year Ended June 30,
2008 2007 2006
U.S. Operations ................................................... $1,236.9 $ 625.3 $1,237.4
Non-U.S. Operations ............................................... 712.9 627.0 503.0
$1,949.8 $1,252.3 $1,740.4
The provision/(benefit) for income taxes from continuing operations consists of the following for the fiscal
years ended June 30, 2008, 2007 and 2006:
Fiscal Year Ended June 30,
2008 2007 2006
Current:
Federal .......................................................... $455.5 $326.5 $499.0
State and local .................................................... 100.2 25.6 53.1
Non-U.S. ......................................................... 51.3 48.8 30.3
Total ........................................................ $607.0 $400.9 $582.4
Deferred:
Federal .......................................................... $(27.0) $ 17.4 $ 9.8
State and local .................................................... 56.8 1.5 (4.0)
Non-U.S. ......................................................... (2.9) (7.2) (11.5)
Total ........................................................ $ 26.9 $ 11.7 $ (5.7)
Un-remitted earnings repatriated due to AJCA ............................... — — 0.4
Total provision ................................................ $633.9 $412.6 $577.1
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