XML 60 R12.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Long-Term Obligations and Other Short-Term Borrowings | 9 Months Ended
--- | ---
Mar. 31, 2015
Debt Disclosure [Abstract] |
Debt Disclosure | Long-Term Obligations and Other Short-Term Borrowings Long-Term Debt In a registered debt offering in November 2014, we sold $450 million aggregate principal amount of 2.4% Notes that mature on November 15, 2019, $400 million aggregate principal amount of 3.5% Notes that mature on November 15, 2024 and $350 million aggregate principal amount of 4.5% Notes that mature on November 15, 2044 (collectively, the "Notes"). The Notes are unsecured obligations and rank equally in right of payment with all of our existing and future unsecured and unsubordinated indebtedness. The Notes require us to offer to purchase the Notes at 101% of the principal amount plus accrued and unpaid interest if we undergo a change of control, as defined in the Notes, and if the Notes receive specified ratings below investment grade by each of Standard & Poor's Ratings Services, Moody's Investors Service, Inc. and Fitch Ratings. In December 2014, we used the net proceeds from the offering, together with cash on hand, to redeem all of the outstanding 4.0% Notes due 2015, 5.8% Notes due 2016, 5.85% Notes due 2017 and 6.0% Notes due 2017 at a redemption price equal to 100% of the principal amount and any accrued but unpaid interest, plus the make-whole premium applicable to each series of notes. As a result of the redemption, we incurred a loss on the extinguishment of debt of $60 million ($37 million, net of tax), which included a make-whole premium of $80 million, write-off of $2 million of unamortized debt issuance costs and an offsetting $22 million fair value adjustment to the respective debt related to previously terminated interest rate swaps. The following table summarizes long-term obligations and other short-term borrowings:
(in millions) | March 31, 2015 |  | June 30, 2014
1.7% Notes due 2018 | $ | 403 |  |  | $ | 401 |
1.9% Notes due 2017 | 252 |  |  | 251 |
2.4% Notes due 2019 | 454 |  |  | — |
3.2% Notes due 2022 | 250 |  |  | 248 |
3.2% Notes due 2023 | 549 |  |  | 549 |
3.5% Notes due 2024 | 398 |  |  | — |
4.0% Notes due 2015 | — |  |  | 513 |
4.5% Notes due 2044 | 345 |  |  | — |
4.6% Notes due 2043 | 349 |  |  | 349 |
4.625% Notes due 2020 | 528 |  |  | 525 |
5.8% Notes due 2016 | — |  |  | 301 |
5.85% Notes due 2017 | — |  |  | 158 |
6.0% Notes due 2017 | — |  |  | 197 |
7.0% Debentures due 2026 | 124 |  |  | 124 |
7.8% Debentures due 2016 | 37 |  |  | 37 |
Other obligations | 314 |  |  | 319 |
Total | $ | 4,003 |  |  | $ | 3,972 |
Less: current portion of long-term obligations and other short-term borrowings | 283 |  |  | 801 |
Long-term obligations, less current portion | $ | 3,720 |  |  | $ | 3,171 |
Maturities of existing long-term obligations and other short-term borrowings for the remainder of fiscal 2015 through 2019 and thereafter are as follows: $283 million, $22 million, $290 million, $405 million, $2 million, and $3,001 million. Other Financing Arrangements In connection with the binding offer to purchase the Cordis business discussed in Note 2, we entered into a $1.0 billion 364-day senior unsecured bridge term loan in March 2015. Borrowings under the senior unsecured bridge term loan bear interest based on the London Interbank Offered Rate. We expect to finance the acquisition with $1.0 billion in new long-term debt and terminate the bridge loan. Fees incurred from the senior unsecured bridge term loan are included in interest expense, net within the condensed consolidated statements of earnings. On November 3, 2014, we renewed our committed receivables sales facility program through Cardinal Health Funding, LLC ("CHF") until November 3, 2017 and increased the size of the facility from $700 million to $950 million. CHF was organized for the sole purpose of buying receivables and selling undivided interests in those receivables to third-party purchasers. Although consolidated in accordance with GAAP, CHF is a separate legal entity from Cardinal Health and from our subsidiary that sells receivables to CHF. CHF is designed to be a special purpose, bankruptcy-remote entity whose assets are available solely to satisfy the claims of its creditors. We had no outstanding balance under the committed receivable sales facility program at March 31, 2015 and June 30, 2014, except for standby letters of credit of $41 million at both March 31, 2015 and June 30, 2014.

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration