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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cardinal Health Inc | NYSE:CAH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.87 | -0.84% | 102.17 | 103.10 | 100.56 | 102.25 | 2,858,137 | 00:16:52 |
Form 8-K |
Ohio | 1-11373 | 31-0958666 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
7000 Cardinal Place, Dublin, Ohio 43017 | ||
(Address of principal executive offices) (Zip Code) | ||
(614) 757-5000 | ||
(Registrant's telephone number, including area code) | ||
Exhibit Number | Exhibit Description |
99.1 | News release issued by the Company on April 30, 2015 announcing third quarter results. |
Cardinal Health, Inc. | |||
(Registrant) | |||
Date: | April 30, 2015 | By: | /s/ Stuart G. Laws |
Stuart G. Laws | |||
Senior Vice President and Chief Accounting Officer |
Exhibit Number | Exhibit Description |
99.1 | News release issued by the Company on April 30, 2015 announcing third quarter results. |
• | Revenue increased 18 percent to $25.4 billion |
• | Non-GAAP1 operating earnings increased 17 percent to $657 million |
• | Non-GAAP diluted earnings per share from continuing operations increased 18 percent to $1.19 |
Q3 FY15 | Q3 FY14 | Y/Y | |||||||
Revenue | $ | 25.4 | billion | $ | 21.4 | billion | 18% | ||
Operating earnings | $ | 591 | million | $ | 508 | million | 16% | ||
Non-GAAP operating earnings | $ | 657 | million | $ | 561 | million | 17% | ||
Earnings from continuing operations | $ | 365 | million | $ | 315 | million | 16% | ||
Non-GAAP earnings from continuing operations | $ | 396 | million | $ | 349 | million | 13% | ||
Diluted EPS from continuing operations | $ | 1.09 | $ | 0.91 | 20% | ||||
Non-GAAP diluted EPS from continuing operations | $ | 1.19 | $ | 1.01 | 18% |
Q3 FY15 | Q3 FY14 | Y/Y | |||||||
Revenue | $ | 22.6 | billion | $ | 18.8 | billion | 20% | ||
Segment profit | $ | 567 | million | $ | 452 | million | 25% |
Q3 FY15 | Q3 FY14 | Y/Y | |||||||
Revenue | $ | 2.8 | billion | $ | 2.7 | billion | 4% | ||
Segment profit | $ | 102 | million | $ | 111 | million | (8)% |
• | Announced intent to acquire Cordis, a worldwide leader in cardiovascular medical products |
• | Acquired the specialty distribution business of Metro Medical Inc., expanding scale and deepening reach into rheumatology, oncology and nephrology segments |
• | Named one of the "Top 50 Companies for Executive Women" by the National Association for Female Executives |
• | Ohio Children's Hospitals' Solutions for Patient Safety, a national program supported by Cardinal Health, announced estimated savings of more than $60 million and prevention of serious harm for 2,500 children |
• | Bank of America Merrill Lynch 2015 Health Care Conference on May 13 at 8:00 a.m. local time in Las Vegas |
• | Goldman Sachs 36th Annual Global Healthcare Conference on June 10 at 10:00 a.m. local time in Rancho Palos Verdes, Calif. |
1 | See the attached tables for definitions of the non-GAAP financial measures presented in this news release and reconciliations of the differences between the non-GAAP financial measures and their most directly comparable GAAP financial measures. |
Third Quarter | ||||||||||
(in millions, except per common share amounts) | 2015 | 2014 | % Change | |||||||
Revenue | $ | 25,375 | $ | 21,427 | 18 | % | ||||
Cost of products sold | 23,916 | 20,130 | 19 | % | ||||||
Gross margin | 1,459 | 1,297 | 12 | % | ||||||
Operating expenses: | ||||||||||
Distribution, selling, general and administrative expenses | 803 | 736 | 9 | % | ||||||
Restructuring and employee severance | 7 | 5 | N.M. | |||||||
Amortization and other acquisition-related costs | 77 | 56 | N.M. | |||||||
Impairments and (gain)/loss on disposal of assets | (1 | ) | — | N.M. | ||||||
Litigation (recoveries)/charges, net | (18 | ) | (8 | ) | N.M. | |||||
Operating earnings | 591 | 508 | 16 | % | ||||||
Other income, net | (2 | ) | (33 | ) | N.M. | |||||
Interest expense, net | 35 | 34 | 4 | % | ||||||
Earnings before income taxes and discontinued operations | 558 | 507 | 10 | % | ||||||
Provision for income taxes | 193 | 192 | — | % | ||||||
Earnings from continuing operations | 365 | 315 | 16 | % | ||||||
Earnings from discontinued operations, net of tax | — | — | N.M. | |||||||
Net earnings | $ | 365 | $ | 315 | 16 | % | ||||
Basic earnings per common share: | ||||||||||
Continuing operations | $ | 1.10 | $ | 0.92 | 20 | % | ||||
Discontinued operations | — | — | N.M. | |||||||
Net basic earnings per common share | $ | 1.10 | $ | 0.92 | 20 | % | ||||
Diluted earnings per common share: | ||||||||||
Continuing operations | $ | 1.09 | $ | 0.91 | 20 | % | ||||
Discontinued operations | — | — | N.M. | |||||||
Net diluted earnings per common share | $ | 1.09 | $ | 0.91 | 20 | % | ||||
Weighted-average number of common shares outstanding: | ||||||||||
Basic | 330 | 342 | ||||||||
Diluted | 334 | 347 |
Year-to-Date | ||||||||||
(in millions, except per common share amounts) | 2015 | 2014 | % Change | |||||||
Revenue | $ | 74,983 | $ | 68,190 | 10 | % | ||||
Cost of products sold | 70,729 | 64,285 | 10 | % | ||||||
Gross margin | 4,254 | 3,905 | 9 | % | ||||||
Operating expenses: | ||||||||||
Distribution, selling, general and administrative expenses | 2,393 | 2,233 | 7 | % | ||||||
Restructuring and employee severance | 33 | 25 | N.M. | |||||||
Amortization and other acquisition-related costs | 190 | 160 | N.M. | |||||||
Impairments and (gain)/loss on disposal of assets | (19 | ) | 10 | N.M. | ||||||
Litigation (recoveries)/charges, net | 54 | (21 | ) | N.M. | ||||||
Operating earnings | 1,603 | 1,498 | 7 | % | ||||||
Other income, net | (6 | ) | (43 | ) | N.M. | |||||
Interest expense, net | 105 | 100 | 5 | % | ||||||
Loss on extinguishment of debt | 60 | — | N.M. | |||||||
Earnings before income taxes and discontinued operations | 1,444 | 1,441 | — | % | ||||||
Provision for income taxes | 524 | 512 | 2 | % | ||||||
Earnings from continuing operations | 920 | 929 | (1 | )% | ||||||
Earnings from discontinued operations, net of tax | — | 3 | N.M. | |||||||
Net earnings | $ | 920 | $ | 932 | (1 | )% | ||||
Basic earnings per common share: | ||||||||||
Continuing operations | $ | 2.77 | $ | 2.72 | 2 | % | ||||
Discontinued operations | — | 0.01 | N.M. | |||||||
Net basic earnings per common share | $ | 2.77 | $ | 2.73 | 1 | % | ||||
Diluted earnings per common share: | ||||||||||
Continuing operations | $ | 2.74 | $ | 2.69 | 2 | % | ||||
Discontinued operations | — | 0.01 | N.M. | |||||||
Net diluted earnings per common share | $ | 2.74 | $ | 2.70 | 1 | % | ||||
Weighted-average number of common shares outstanding: | ||||||||||
Basic | 332 | 341 | ||||||||
Diluted | 336 | 346 |
(in millions) | March 31, 2015 | June 30, 2014 | |||||
(Unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and equivalents | $ | 3,183 | $ | 2,865 | |||
Trade receivables, net | 6,095 | 5,380 | |||||
Inventories, net | 9,163 | 8,266 | |||||
Prepaid expenses and other | 1,190 | 1,428 | |||||
Total current assets | 19,631 | 17,939 | |||||
Property and equipment, net | 1,407 | 1,459 | |||||
Goodwill and other intangibles, net | 6,033 | 5,870 | |||||
Other assets | 817 | 765 | |||||
Total assets | $ | 27,888 | $ | 26,033 | |||
Liabilities and Shareholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 13,851 | $ | 12,149 | |||
Current portion of long-term obligations and other short-term borrowings | 283 | 801 | |||||
Other accrued liabilities | 2,261 | 2,165 | |||||
Total current liabilities | 16,395 | 15,115 | |||||
Long-term obligations, less current portion | 3,720 | 3,171 | |||||
Deferred income taxes and other liabilities | 1,404 | 1,346 | |||||
Total shareholders’ equity | 6,369 | 6,401 | |||||
Total liabilities and shareholders’ equity | $ | 27,888 | $ | 26,033 |
Third Quarter | Year-to-Date | ||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Cash flows from operating activities: | |||||||||||||||
Net earnings | $ | 365 | $ | 315 | $ | 920 | $ | 932 | |||||||
Earnings from discontinued operations, net of tax | — | — | — | (3 | ) | ||||||||||
Earnings from continuing operations | 365 | 315 | 920 | 929 | |||||||||||
Adjustments to reconcile earnings from continuing operations to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | 116 | 110 | 336 | 344 | |||||||||||
Loss on extinguishment of debt | — | — | 60 | — | |||||||||||
Gain on sale of other investments | — | (32 | ) | (5 | ) | (32 | ) | ||||||||
Impairments and (gain)/loss on disposal of assets | (1 | ) | — | (19 | ) | 10 | |||||||||
Share-based compensation | 27 | 24 | 80 | 72 | |||||||||||
Provision for bad debts | 16 | 2 | 42 | 31 | |||||||||||
Change in operating assets and liabilities, net of effects from acquisitions: | |||||||||||||||
Decrease/(increase) in trade receivables | (427 | ) | 53 | (718 | ) | 1,473 | |||||||||
Decrease/(increase) in inventories | 287 | 450 | (850 | ) | 350 | ||||||||||
Increase/(decrease) in accounts payable | 219 | (304 | ) | 1,657 | (1,392 | ) | |||||||||
Other accrued liabilities and operating items, net | 56 | 202 | 169 | 23 | |||||||||||
Net cash provided by operating activities | 658 | 820 | 1,672 | 1,808 | |||||||||||
Cash flows from investing activities: | |||||||||||||||
Acquisition of subsidiaries, net of cash acquired | (233 | ) | (118 | ) | (319 | ) | (168 | ) | |||||||
Additions to property and equipment | (56 | ) | (48 | ) | (139 | ) | (138 | ) | |||||||
Purchase of available-for-sale securities and other investments | (27 | ) | (27 | ) | (134 | ) | (27 | ) | |||||||
Proceeds from sale of available-for-sale securities and other investments | 22 | 47 | 129 | 47 | |||||||||||
Proceeds from maturities of available-for-sale securities | 8 | — | 24 | — | |||||||||||
Proceeds from divestitures and disposal of held for sale assets | — | — | 53 | — | |||||||||||
Net cash used in investing activities | (286 | ) | (146 | ) | (386 | ) | (286 | ) | |||||||
Cash flows from financing activities: | |||||||||||||||
Payment of contingent consideration obligation | (3 | ) | — | (3 | ) | — | |||||||||
Net change in short-term borrowings | 9 | (8 | ) | (9 | ) | 65 | |||||||||
Reduction of long-term obligations | (1 | ) | — | (1,221 | ) | (1 | ) | ||||||||
Proceeds from long-term obligations, net of issuance costs | — | — | 1,182 | — | |||||||||||
Net proceeds from issuance of common shares | 24 | 80 | 59 | 219 | |||||||||||
Tax proceeds/(disbursements) from share-based compensation | 14 | (3 | ) | 56 | 36 | ||||||||||
Dividends on common shares | (113 | ) | (104 | ) | (346 | ) | (312 | ) | |||||||
Purchase of treasury shares | — | (339 | ) | (686 | ) | (389 | ) | ||||||||
Net cash used in financing activities | (70 | ) | (374 | ) | (968 | ) | (382 | ) | |||||||
Net increase in cash and equivalents | 302 | 300 | 318 | 1,140 | |||||||||||
Cash and equivalents at beginning of period | 2,881 | 2,741 | 2,865 | 1,901 | |||||||||||
Cash and equivalents at end of period | $ | 3,183 | $ | 3,041 | $ | 3,183 | $ | 3,041 |
Non-GAAP | |||||||||||||||
Third Quarter | Third Quarter | ||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Revenue | |||||||||||||||
Amount | $ | 25,375 | $ | 21,427 | |||||||||||
Growth rate | 18 | % | (13 | )% | |||||||||||
Operating earnings | |||||||||||||||
Amount | $ | 591 | $ | 508 | $ | 657 | $ | 561 | |||||||
Growth rate | 16 | % | 7 | % | 17 | % | (3 | )% | |||||||
Earnings from continuing operations | |||||||||||||||
Amount | $ | 365 | $ | 315 | $ | 396 | $ | 349 | |||||||
Growth rate | 16 | % | (9 | )% | 13 | % | (15 | )% | |||||||
Return on equity | 23.4 | % | 19.2 | % | 25.4 | % | 21.3 | % | |||||||
Effective tax rate from continuing operations | 34.6 | % | 38.0 | % | 36.5 | % | 37.7 | % | |||||||
Debt to total capital | 39 | % | 38 | % | |||||||||||
Net debt to total capital | 11 | % | 12 | % |
Non-GAAP | |||||||||||||||
Year-to-Date | Year-to-Date | ||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Revenue | |||||||||||||||
Amount | $ | 74,983 | $ | 68,190 | |||||||||||
Growth rate1 | 10 | % | (10 | )% | |||||||||||
Operating earnings | |||||||||||||||
Amount | $ | 1,603 | $ | 1,498 | $ | 1,861 | $ | 1,672 | |||||||
Growth rate | 7 | % | 4 | % | 11 | % | 6 | % | |||||||
Earnings from continuing operations | |||||||||||||||
Amount | $ | 920 | $ | 929 | $ | 1,136 | $ | 1,040 | |||||||
Growth rate | (1 | )% | 1 | % | 9 | % | 3 | % | |||||||
Return on equity | 19.5 | % | 19.6 | % | 24.1 | % | 21.9 | % | |||||||
Effective tax rate from continuing operations | 36.3 | % | 35.5 | % | 35.6 | % | 35.6 | % |
1 | Revenue from Walgreens was $3.3 billion for the nine months ended March 31, 2014. Excluding the impact of the Walgreens contract expiration, the fiscal 2015 year-to-date revenue growth rate would have been 16 percent. |
Third Quarter | Third Quarter | |||||||||||||||
(in millions) | 2015 | 2014 | (in millions) | 2015 | 2014 | |||||||||||
Pharmaceutical | Medical | |||||||||||||||
Revenue | Revenue | |||||||||||||||
Amount | $ | 22,605 | $ | 18,762 | Amount | $ | 2,774 | $ | 2,657 | |||||||
Growth rate | 20 | % | (15 | )% | Growth rate | 4 | % | 7 | % | |||||||
Segment profit | Segment profit | |||||||||||||||
Amount | $ | 567 | $ | 452 | Amount | $ | 102 | $ | 111 | |||||||
Growth rate | 25 | % | (9 | )% | Growth rate | (8 | )% | 11 | % | |||||||
Segment profit margin | 2.51 | % | 2.41 | % | Segment profit margin | 3.66 | % | 4.16 | % |
Year-to-Date | Year-to-Date | |||||||||||||||
(in millions) | 2015 | 2014 | (in millions) | 2015 | 2014 | |||||||||||
Pharmaceutical | Medical | |||||||||||||||
Revenue | Revenue | |||||||||||||||
Amount | $ | 66,440 | $ | 60,018 | Amount | $ | 8,540 | $ | 8,168 | |||||||
Growth rate1 | 11 | % | (12 | )% | Growth rate | 5 | % | 11 | % | |||||||
Segment profit | Segment profit | |||||||||||||||
Amount | $ | 1,559 | $ | 1,368 | Amount | $ | 330 | $ | 348 | |||||||
Growth rate | 14 | % | 2 | % | Growth rate | (5 | )% | 30 | % | |||||||
Segment profit margin | 2.35 | % | 2.28 | % | Segment profit margin | 3.86 | % | 4.26 | % |
1 | Revenue from Walgreens was $3.3 billion for the nine months ended March 31, 2014. Excluding the impact of the Walgreens contract expiration, the fiscal 2015 year-to-date Pharmaceutival segment revenue growth rate would have been 17 percent. |
Third Quarter 2015 | |||||||||||||||||||||
Operating | Earnings Before | Provision | Earnings | Earnings from | Diluted EPS | Diluted EPS | |||||||||||||||
Earnings | Income Taxes | for | from | Continuing | from | from Continuing | |||||||||||||||
(in millions, except per common share amounts) | Operating | Growth | and Discontinued | Income | Continuing | Operations | Continuing | Operations | |||||||||||||
Earnings | Rate | Operations | Taxes | Operations | Growth Rate | Operations | Growth Rate | ||||||||||||||
GAAP | $ | 591 | 16 | % | $ | 558 | $ | 193 | $ | 365 | 16 | % | $ | 1.09 | 20 | % | |||||
Restructuring and employee severance | 7 | 7 | 3 | 4 | 0.01 | ||||||||||||||||
Amortization and other acquisition-related costs | 77 | 77 | 29 | 48 | 0.15 | ||||||||||||||||
Impairments and (gain)/loss on disposal of assets | (1 | ) | (1 | ) | (1 | ) | — | — | |||||||||||||
Litigation (recoveries)/charges, net | (18 | ) | (18 | ) | 3 | (21 | ) | (0.07 | ) | ||||||||||||
Non-GAAP | $ | 657 | 17 | % | $ | 624 | $ | 228 | $ | 396 | 13 | % | $ | 1.19 | 18 | % | |||||
Third Quarter 2014 | |||||||||||||||||||||
GAAP | $ | 508 | 7 | % | $ | 507 | $ | 192 | $ | 315 | (9 | )% | $ | 0.91 | (9 | )% | |||||
Restructuring and employee severance | 5 | 5 | 2 | 3 | 0.01 | ||||||||||||||||
Amortization and other acquisition-related costs | 56 | 56 | 20 | 36 | 0.10 | ||||||||||||||||
Impairments and (gain)/loss on disposal of assets | — | — | — | — | — | ||||||||||||||||
Litigation (recoveries)/charges, net | (8 | ) | (8 | ) | (3 | ) | (5 | ) | (0.01 | ) | |||||||||||
Non-GAAP | $ | 561 | (3 | )% | $ | 560 | $ | 211 | $ | 349 | (15 | )% | $ | 1.01 | (16 | )% |
Year-to-Date 2015 | |||||||||||||||||||||
Operating | Earnings Before | Provision | Earnings | Earnings from | Diluted EPS | Diluted EPS | |||||||||||||||
Earnings | Income Taxes | for | from | Continuing | from | from Continuing | |||||||||||||||
(in millions, except per common share amounts) | Operating | Growth | and Discontinued | Income | Continuing | Operations | Continuing | Operations | |||||||||||||
Earnings | Rate | Operations | Taxes | Operations | Growth Rate | Operations | Growth Rate | ||||||||||||||
GAAP | $ | 1,603 | 7 | % | $ | 1,444 | $ | 524 | $ | 920 | (1 | )% | $ | 2.74 | 2 | % | |||||
Restructuring and employee severance | 33 | 33 | 12 | 21 | 0.06 | ||||||||||||||||
Amortization and other acquisition-related costs | 190 | 190 | 69 | 121 | 0.36 | ||||||||||||||||
Impairments and (gain)/loss on disposal of assets | (19 | ) | (19 | ) | (10 | ) | (9 | ) | (0.03 | ) | |||||||||||
Litigation (recoveries)/charges, net | 54 | 54 | 8 | 46 | 0.14 | ||||||||||||||||
Loss on extinguishment of debt | — | 60 | 23 | 37 | 0.11 | ||||||||||||||||
Non-GAAP | $ | 1,861 | 11 | % | $ | 1,763 | $ | 627 | $ | 1,136 | 9 | % | $ | 3.38 | 12 | % | |||||
Year-to-Date 2014 | |||||||||||||||||||||
GAAP | $ | 1,498 | 4 | % | $ | 1,441 | $ | 512 | $ | 929 | 1 | % | $ | 2.69 | — | % | |||||
Restructuring and employee severance | 25 | 25 | 9 | 16 | 0.05 | ||||||||||||||||
Amortization and other acquisition-related costs | 160 | 160 | 58 | 102 | 0.30 | ||||||||||||||||
Impairments and (gain)/loss on disposal of assets | 10 | 10 | 4 | 6 | 0.02 | ||||||||||||||||
Litigation (recoveries)/charges, net | (21 | ) | (21 | ) | (8 | ) | (13 | ) | (0.04 | ) | |||||||||||
Loss on extinguishment of debt | — | — | — | — | — | ||||||||||||||||
Non-GAAP | $ | 1,672 | 6 | % | $ | 1,615 | $ | 575 | $ | 1,040 | 3 | % | $ | 3.01 | 2 | % |
Third Quarter | |||||||||||||||
(in millions) | 2015 | 2014 | |||||||||||||
GAAP return on equity | 23.4 | % | 19.2 | % | |||||||||||
Non-GAAP return on equity | |||||||||||||||
Net earnings | $ | 365 | $ | 315 | |||||||||||
Restructuring and employee severance, net of tax, in continuing operations | 4 | 3 | |||||||||||||
Amortization and other acquisition-related costs, net of tax, in continuing operations | 48 | 36 | |||||||||||||
Impairments and (gain)/loss on disposal of assets, net of tax, in continuing operations | — | — | |||||||||||||
Litigation (recoveries)/charges, net, net of tax, in continuing operations | (21 | ) | (5 | ) | |||||||||||
Adjusted net earnings | $ | 396 | $ | 349 | |||||||||||
Annualized | $ | 1,584 | $ | 1,396 | |||||||||||
Third | Second | Third | Second | ||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||
2015 | 2015 | 2014 | 2014 | ||||||||||||
Total shareholders' equity | $ | 6,369 | $ | 6,100 | $ | 6,532 | $ | 6,589 | |||||||
Divided by average shareholders' equity | $ | 6,235 | $ | 6,560 | |||||||||||
Non-GAAP return on equity | 25.4 | % | 21.3 | % |
Year-to-Date | |||||||||||||||||||||||||||||||
(in millions) | 2015 | 2014 | |||||||||||||||||||||||||||||
GAAP return on equity | 19.5 | % | 19.6 | % | |||||||||||||||||||||||||||
Non-GAAP return on equity | |||||||||||||||||||||||||||||||
Net earnings | $ | 920 | $ | 932 | |||||||||||||||||||||||||||
Restructuring and employee severance, net of tax, in continuing operations | 21 | 16 | |||||||||||||||||||||||||||||
Amortization and other acquisition-related costs, net of tax, in continuing operations | 121 | 102 | |||||||||||||||||||||||||||||
Impairments and (gain)/loss on disposal of assets, net of tax, in continuing operations | (9 | ) | 6 | ||||||||||||||||||||||||||||
Litigation (recoveries)/charges, net, net of tax, in continuing operations | 46 | (13 | ) | ||||||||||||||||||||||||||||
Loss on extinguishment of debt, net of tax, in continuing operations | 37 | — | |||||||||||||||||||||||||||||
Adjusted net earnings | $ | 1,136 | $ | 1,043 | |||||||||||||||||||||||||||
Annualized | $ | 1,515 | $ | 1,391 | |||||||||||||||||||||||||||
Third | Second | First | Fourth | Third | Second | First | Fourth | ||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||||||||
2015 | 2015 | 2015 | 2014 | 2014 | 2014 | 2014 | 2013 | ||||||||||||||||||||||||
Total shareholders' equity | $ | 6,369 | $ | 6,100 | $ | 6,256 | $ | 6,401 | $ | 6,532 | $ | 6,589 | $ | 6,297 | $ | 5,975 | |||||||||||||||
Divided by average shareholders' equity | $ | 6,281 | $ | 6,348 | |||||||||||||||||||||||||||
Non-GAAP return on equity | 24.1 | % | 21.9 | % |
Third Quarter | Year-to-Date | ||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||
GAAP effective tax rate from continuing operations | 34.6 | % | 38.0 | % | 36.3 | % | 35.5 | % | |||||||
Non-GAAP effective tax rate from continuing operations | |||||||||||||||
Earnings before income taxes and discontinued operations | $ | 558 | $ | 507 | $ | 1,444 | $ | 1,441 | |||||||
Restructuring and employee severance | 7 | 5 | 33 | 25 | |||||||||||
Amortization and other acquisition-related costs | 77 | 56 | 190 | 160 | |||||||||||
Impairments and (gain)/loss on disposal of assets | (1 | ) | — | (19 | ) | 10 | |||||||||
Litigation (recoveries)/charges, net | (18 | ) | (8 | ) | 54 | (21 | ) | ||||||||
Loss on extinguishment of debt | — | — | 60 | — | |||||||||||
Adjusted earnings before income taxes and discontinued operations | $ | 624 | $ | 560 | $ | 1,763 | $ | 1,615 | |||||||
Provision for income taxes | $ | 193 | $ | 192 | $ | 524 | $ | 512 | |||||||
Restructuring and employee severance tax benefit | 3 | 2 | 12 | 9 | |||||||||||
Amortization and other acquisition-related costs tax benefit | 29 | 20 | 69 | 58 | |||||||||||
Impairments and (gain)/loss on disposal of assets tax benefit/(expense) | (1 | ) | — | (10 | ) | 4 | |||||||||
Litigation (recoveries)/charges, net tax benefit/(expense) | 3 | (3 | ) | 8 | (8 | ) | |||||||||
Loss on extinguishment of debt tax benefit | — | — | 23 | — | |||||||||||
Adjusted provision for income taxes | $ | 228 | $ | 211 | $ | 627 | $ | 575 | |||||||
Non-GAAP effective tax rate from continuing operations | 36.5 | % | 37.7 | % | 35.6 | % | 35.6 | % | |||||||
Third Quarter | |||||||||||||||
2015 | 2014 | ||||||||||||||
Debt to total capital | 39 | % | 38 | % | |||||||||||
Net debt to capital | |||||||||||||||
Current portion of long-term obligations and other short-term borrowings | $ | 283 | $ | 241 | |||||||||||
Long-term obligations, less current portion | 3,720 | 3,679 | |||||||||||||
Debt | $ | 4,003 | $ | 3,920 | |||||||||||
Cash and equivalents | (3,183 | ) | (3,041 | ) | |||||||||||
Net debt | $ | 820 | $ | 879 | |||||||||||
Total shareholders' equity | 6,369 | 6,532 | |||||||||||||
Capital | $ | 7,189 | $ | 7,411 | |||||||||||
Net debt to capital | 11 | % | 12 | % |
1 | Programs by which the Company fundamentally changes its operations such as closing and consolidating facilities, moving manufacturing of a product to another location, production or business process sourcing, employee severance (including rationalizing headcount or other significant changes in personnel) and realigning operations (including realignment of the management structure of a business unit in response to changing market conditions). |
2 | Costs that consist primarily of amortization of acquisition-related intangible assets, transaction costs, integration costs and changes in the fair value of contingent consideration obligations. |
3 | Asset impairments and (gains)/losses from the disposal of assets not eligible to be classified as discontinued operations are classified within impairments and (gain)/loss on disposal of assets within the condensed consolidated statements of earnings. |
4 | Loss contingencies related to litigation and regulatory matters and income from favorable resolution of legal matters. |
5 | The inventories of the Company's core pharmaceutical distribution facilities in the Pharmaceutical segment are valued at the lower of cost, using the LIFO method, or market. These charges or credits are included in cost of products sold, and represent changes in the Company's LIFO inventory reserve. |
6 | Charges related to the make-whole premium on the redemption of notes. |
1 Year Cardinal Health Chart |
1 Month Cardinal Health Chart |
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