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Long-Term Obligations and Other Short-Term Borrowings | 9 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Long-Term Obligations and Other Short-Term Borrowings | 6. Long-Term Obligations and Other Short-Term Borrowings The following table summarizes long-term obligations and other short-term borrowings at:
(in millions) (1) | March 31, 2024 |  | June 30, 2023
3.079% Notes due 2024 | $ | 753 |  |  | $ | 764 |
3.5% Notes due 2024 | 402 |  |  | 404 |
3.75% Notes due 2025 | 508 |  |  | 513 |
3.41% Notes due 2027 | 1,192 |  |  | 1,184 |
5.125% Notes due 2029 | 644 |  |  | — |
5.45% Notes due 2034 | 494 |  |  | — |
4.6% Notes due 2043 | 311 |  |  | 306 |
4.5% Notes due 2044 | 330 |  |  | 331 |
4.9% Notes due 2045 | 428 |  |  | 428 |
4.368% Notes due 2047 | 564 |  |  | 561 |
7.0% Debentures due 2026 | 124 |  |  | 124 |
Other Obligations | 104 |  |  | 86 |
Total | 5,854 |  |  | 4,701 |
Less: current portion of long-term obligations and other short-term borrowings | 1,187 |  |  | 792 |
Long-term obligations, less current portion | $ | 4,667 |  |  | $ | 3,909 |
(1) Maturities are presented on a calendar year basis. Maturities of existing long-term obligations and other short-term borrowings for the remainder of fiscal 2024 through 2028 and thereafter are as follows: $762 million, $436 million, $535 million, $1.3 billion, $11 million and $2.8 billion. Long-Term Debt We had total long-term obligations, including the current portion and other short-term borrowings, of $5.9 billion and $4.7 billion at March 31, 2024 and June 30, 2023, respectively. All the notes represent unsecured obligations of Cardinal Health, Inc. and rank equally in right of payment with all of our existing and future unsecured and unsubordinated indebtedness. Interest is paid pursuant to the terms of the obligations. These notes are effectively subordinated to the liabilities of our subsidiaries, including trade payables of $32.1 billion and $29.8 billion at March 31, 2024 and June 30, 2023, respectively. In February 2024, we issued additional debt with the aggregate principal amount of $1.15 billion to fund the repayment of all of the aggregate principal amount outstanding of our 3.5% Notes due 2024 and 3.079% Notes due 2024, at their respective maturities, and for general corporate purposes. The notes issued are $650 million aggregate principal amount of 5.125% Notes that mature on February 15, 2029 and $500 million aggregate principal amount of 5.45% Notes that mature on February 15, 2034. The proceeds of the notes issued, net of discounts, premiums, and debt issuance costs, were $1.14 billion. A portion of the proceeds were invested in short-term time deposits of $550 million with initial effective maturities of more than three months and classified as prepaid expenses and other in our condensed consolidated balance sheets as of March 31, 2024. The remaining proceeds of $589 million were invested in short-term time deposits classified as cash and equivalents in our condensed consolidated balance sheets as of March 31, 2024. 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 Services and Fitch Ratings, any holder of the notes, excluding the debentures, can require with respect to the notes owned by such holder, or we can offer, to repurchase the notes at 101% of the principal amount plus accrued and unpaid interest. Other Financing Arrangements In addition to cash and equivalents and operating cash flow, other sources of liquidity include a $2.0 billion commercial paper program backed by a $2.0 billion revolving credit facility. We also have a $1.0 billion committed receivables sales facility. During the nine months ended March 31, 2024, under our commercial paper program and our committed receivables program, we had maximum combined total daily amounts outstanding of $1.3 billion and an average combined daily amount outstanding of $25 million. At March 31, 2024, we had no amounts outstanding under our commercial paper program, revolving credit facility or our committed receivables sales facility. In February 2023, we extended our $2.0 billion revolving credit facility through February 25, 2028. In September 2022, we renewed our committed receivables sales facility program through Cardinal Health Funding, LLC (“CHF”) through September 30, 2025. In September 2023, Cardinal Health 23 Funding, LLC ("CH-23 Funding") was added as a seller under our committed receivables sales facility. Each of CHF and CH-23 Funding was organized for the sole purpose of buying receivables and selling undivided interests in those receivables to third-party purchasers. Although consolidated with Cardinal Health, Inc. in accordance with GAAP, each of CHF and CH-23 Funding is a separate legal entity from Cardinal Health, Inc. and from our respective subsidiary that sells receivables to CHF or CH-23 Funding, as applicable. Each of CHF and CH-23 Funding is designed to be a special purpose, bankruptcy-remote entity whose assets are available solely to satisfy the claims of its respective creditors. Our revolving credit and committed receivables sales facilities require us to maintain a consolidated net leverage ratio of no more than 3.75-to-1. As of March 31, 2024, we were in compliance with this financial covenant.

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