3. Leases 4.  Short-Term Borrowings and  Long-Term Obligations Sales-Type Leases. The Company’s sales-type leases are for terms generally ranging up to five years. Lease r eceiv- ables are generally collateralized by the underlying equip - ment. The components of the Company’s net investment in sales-type leases are as follows (in millions): Future minimum lease payments to be r eceived pur- suant to sales-type leases during the next five years ar e: 2001 – $219.9 million; 2002 – $214.4 million; 2003 – $200.6 million; 2004 – $157.9 million; 2005 – $85.6 million and 2006 and thereafter – $11.9 million. Lease Related Financing Arrangements. Pyxis has previously financed its working capital needs thr ough the sale of certain lease receivables to a non-bank financing company. As of June 30, 2000, $22.5 million of lease receivables were owned by the financing company. The agreement with the financing company was amended  to terminate Pyxis’ obligation to sell lease r eceivables  to the financing company. Due to Pyxis customers upgrad - ing the Pyxis machines or expanding the number of units being leased under the original lease agr eements that have been sold to the financing company, Pyxis has been converting the original lease agreements with customers to updated lease agreements. Pyxis has been maintaining these revised leases and not selling them to the financ - ing company to replace the original lease receivables.  As a result, Pyxis entered into an agreement with the financing company to pay the financing company the remaining portion of the original lease r eceivables out- standing at the time of r evision over the original terms. The future minimum payments for these notes at June 30, 2000 are: 2001 – $36.2 million; 2002 – $20.1 mil - lion and 2003 – $5.4 million, which ar e classified as part of other liabilities. The 6.0%, 6.25% and 6.5% Notes r epresent unse- cured obligations of the Company, and the 6.75% Notes represent unsecured obligations of Scherer, which are guaranteed by the Company. The 7.3% Notes and the 7.8% and 7.0% Debentures represent unsecured obliga- tions of Allegiance, which are guaranteed by the Company. These obligations are not redeemable prior to maturity and are not subject to a sinking fund. The Company has a commercial paper program, provid- ing for the issuance of up to $1.0 billion in aggr egate maturity value of commercial paper. The Company had $509.2 million outstanding under this pr ogram at June 30, 2000 with a market inter est rate based upon LIBOR. Notes Payable, Banks. The Company has entered into various unsecured, uncommitted line-of-credit arrange- ments that allow for borrowings up to $49.3 million  at June 30, 2000, at various money market rates. At June 30, 2000, $19.1 million, at a weighted average inter est rate of 7.4%, was outstanding under such ar rangements and $28.6 million, at a weighted average inter est rate  of 6.4%, was outstanding at June 30, 1999. The total available but unused lines of cr edit at June 30, 2000 was $30.2 million.  Long-Term Obligations. Long-term obligations consist of the following (in millions): June 30, June 30, 2000 1999 Future minimum lease payments receivable $ 890.3 $ 717.7 Unguaranteed residual values 11.1 1.0 Unearned income (120.1) (100.1) Allowance for uncollectible minimum  lease payments receivable (15.0) (11.8) Net investment in sales-type leases 766.3 606.8 Less: current portion 187.7 152.5 Net investment in sales-type leases,  less current portion $ 578.6 $ 454.3 June 30, June 30, 2000 1999 6.0% Notes due 2006  $ 150.0 $ 150.0 6.25% Notes due 2008 150.0 150.0 6.5% Notes due 2004 100.0 100.0 6.75% Notes due 2004 99.7 99.7 7.3% Notes due 2006 127.9 183.2 7.8% Debentures due 2016 75.7 125.2 7.0% Debentures due 2026 (7 year put  option in 2003) 192.0 199.9 Commercial paper 509.2 49.2 Short-term borrowings, reclassified 54.2 35.3 Borrowings under credit agreement;  interest averaging 6.8% in 1999 – 96.9 Other obligations; interest averaging  4.0% in 2000 and 6.7% in 1999, due in varying installments through 2020 36.4 46.1 Total 1,495.1 1,235.5 Less: current portion 9.3 11.6 Long-term obligations, less current portion $ 1,485.8 $ 1,223.9 Cardinal Health, Inc. Annual Report 2000 41