Cardinal Health 2009 Annual Report Download - page 123

The following table presents the fair values for those assets and (liabilities) measured on a recurring basis as
of June 30, 2009:
Fair Value Measurements
(in millions) Level 1 Level 2 Level 3 Total
Cash Equivalents .................................... $628.3 $ — $— $628.3
Other Investments ................................... 75.6 — — 75.6
Foreign Currency Forward Contracts .................... — 58.6 — 58.6
Interest Rate Swaps and Other ......................... — (3.7) — (3.7)
Commodity Contracts ................................ — 1.2 — 1.2
Total .............................................. $703.9 $56.1 $— $760.0
The cash equivalents balance is comprised of highly liquid investments purchased with a maturity of three
months or less. The other investments balance includes investments in mutual funds, which are used to offset
fluctuations in the Company’s deferred compensation liabilities.
The fair value of the Company’s foreign currency forwards and interest rate swaps were determined based
on the present value of expected future cash flows considering the risks involved, including nonperformance risk,
and using discount rates appropriate for the respective maturities.
15. SHAREHOLDERS’ EQUITY
At June 30, 2009 and 2008, the Company’s authorized capital shares consisted of the following: 750 million
common shares, without par value (“Class A common shares”); 5 million Class B common shares, without par
value (“Class B common shares”); and 0.5 million non-voting preferred shares, without par value. The Class A
common shares and Class B common shares are collectively referred to below as “Common Shares.” Holders of
Common Shares are entitled to share equally in any dividends declared by the Company’s Board of Directors and
to participate equally in all distributions of assets upon liquidation. Generally, the holders of Class A common
shares are entitled to one vote per share and the holders of Class B common shares are entitled to one-fifth of one
vote per share on proposals presented to shareholders for vote. Under certain circumstances, the holders of
Class B common shares are entitled to vote as a separate class. Only Class A common shares were outstanding as
of June 30, 2009 and 2008.
The Company repurchased approximately $4.9 billion of its Common Shares, in aggregate, through share
repurchase programs during fiscal 2008 and 2007, as described below.
Fiscal 2009. On August 8, 2007, the Company announced a $2.0 billion share repurchase program. Pursuant
to this program, the Company did not repurchase any of its Common Shares during fiscal 2009. This repurchase
authorization was terminated by the Company on August 5, 2009.
Fiscal 2008. Pursuant to the $2.0 billion share repurchase program referenced above, the Company
repurchased approximately 12.0 million Common Shares having an aggregate cost of approximately $750
million during fiscal 2008. Also during fiscal 2008, the Company repurchased an additional 4.8 million Common
Shares having an aggregate cost of approximately $342 million under a $4.5 billion combined share repurchase
program first announced on July 11, 2006 and most recently amended on January 31, 2007. The average price
paid per common share for all Common Shares repurchased during fiscal 2008 was $64.81.
Fiscal 2007. Pursuant to the $4.5 billion combined share repurchase program referenced above, the
Company repurchased approximately 53.8 million Common Shares having an aggregate cost of approximately
$3.8 billion during fiscal 2007. The average price paid per Common Share was $69.79.
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