Cardinal Health 2010 Annual Report Download - page 96

Download and view the complete annual report

Please find page 96 of the 2010 Cardinal Health annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 130

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130

The following table presents the fair values for those assets and (liabilities) measured on a recurring basis a
s
o
f June 30, 2009
:
F
a
i
r Value Measurements
(in millions) L
eve
l
1
L
eve
l
2
Leve
l
3
To
t
al
Cash E
q
uivalents (1)
.................................
$
628.3
$
0.0
$
0.0
$
628.
3
F
oreign Currency Contracts (3)
.
........................
0
.
0
6
2.0 0.0
6
2.
0
Commodity Contracts (3) .............................
0
.
01
.
20
.
01
.
2
I
nterest Rate
S
wa
p
s
(3)
.
..............................
0
.
0
(3
.7
)0
.
0(3
.7
)
Other Investments (4
)
................................
6
8.1 0.0 0.0
6
8.
1
Tota
l
.
.............................................
$
696.4
$
59.5
$
0.0
$
755.9
(1) Cash equivalents are comprised of highly liquid investments purchased with a maturity of three months o
r
less. The carrying value of these cash equivalents approximates fair value due to their short-term maturities.
(2) The fair value of our investment in CareFusion common stock is determined using the quoted market price
of the security.
(3) The fair value of foreign currency contracts, commodity contracts and interest rate swaps is determined
b
ased on the present value of expected future cash flows considering the risks involved, including
non-performance risk, and using discount rates appropriate for the respective maturities. Observable Level 2
in
p
uts are used to determine the
p
resent value of ex
p
ected future cash flows. See Note 12 for furthe
r
information regarding the fair value of financial instruments.
(4) The other investments balance includes investments in mutual funds, which are used to offset fluctuations i
n
d
eferred compensation liabilities. These mutual funds are primarily comprised of large cap domestic an
d
international equity securities. The fair value of these investments is determined using quoted market prices.
1
4.
S
HAREHOLDER
S
’E
Q
UIT
Y
A
t June 30, 2010 and 2009, authorized capital shares consisted of the following: 7
5
0 million Class
A
common shares, without par value;
5
million Class B common shares, without par value; and 0.
5
millio
n
non-vot
i
ng pre
f
erre
d
s
h
ares, w
i
t
h
out par va
l
ue. T
h
eC
l
ass A common s
h
ares an
d
C
l
ass B common s
h
ares ar
e
co
ll
ect
i
ve
l
yre
f
erre
d
to
b
e
l
ow as “Common S
h
ares.” Ho
ld
ers o
f
Common S
h
ares are ent
i
t
l
e
d
to s
h
are equa
ll
y
in
any
di
v
id
en
d
s
d
ec
l
are
db
yt
h
e Boar
d
o
f
D
i
rectors an
d
to part
i
c
i
pate equa
ll
y
i
na
ll di
str
ib
ut
i
ons o
f
assets upo
n
li
qu
id
at
i
on. Genera
ll
y, t
h
e
h
o
ld
ers o
f
C
l
ass A common s
h
ares are ent
i
t
l
e
d
to one vote per s
h
are an
d
t
h
e
h
o
ld
ers o
f
C
l
ass B common s
h
ares are ent
i
t
l
e
d
to one-
fif
t
h
o
f
one vote per s
h
are on proposa
l
s presente
d
to s
h
are
h
o
ld
ers
f
o
r
vote. Un
d
er certa
i
nc
i
rcumstances, t
h
e
h
o
ld
ers o
f
C
l
ass B common s
h
ares are ent
i
t
l
e
d
to vote as a separate c
l
ass.
On
l
yC
l
ass A common s
h
ares were outstan
di
ng as o
f
June 30, 2010 an
d
2009
.
We repurchased $1.3 billion of our Common Shares, in a
gg
re
g
ate, throu
g
h share repurchase pro
g
ram
s
d
ur
i
ng
fi
sca
l
2010, 2009 an
d
2008, as
d
escr
ib
e
db
e
l
ow
.
Fisca
l
2010. Dur
i
ng
fi
sca
l
2010, we repurc
h
ase
d
7.4 m
illi
on Common S
h
ares
h
av
i
ng an aggregate cost o
f
$
250.0 million, which included $19.8 million in unsettled repurchases at June 30, 2010. The average price pai
d
p
er common share for all Common Shares repurchased during fiscal 2010 was $33.85
.
Fisca
l
2009.We
did
not repurc
h
ase any Common S
h
ares
d
ur
i
ng
fi
sca
l
2009
.
Fisca
l
200
8
. We repurchased 16.8 million Common Shares having an aggregate cost of $1.1 billion during
fi
sca
l
2008. T
h
e avera
g
epr
i
ce pa
id
per common s
h
are
f
or a
ll
Common S
h
ares repurc
h
ase
dd
ur
i
n
gfi
sca
l
200
8
was
$
64.81.
T
h
e Common S
h
ares repurc
h
ase
d
were
h
e
ld i
n treasur
y
to
b
e use
df
or
g
enera
l
corporate purposes. Dur
i
n
g
fi
sca
l
2008, we ret
i
re
d
128 m
illi
on Common S
h
ares
i
n treasur
y
.T
h
e ret
i
rement o
f
t
h
ese s
h
ares
h
a
d
no
i
mpact o
n
7
0