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Quarterly Financial Information (Unaudited) | 12 Months Ended
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Mar. 31, 2015
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) The quarterly results of operations are not necessarily indicative of the results that may be expected for the entire year. Selected quarterly financial information for the last two years is as follows:
(In millions, except per share amounts) | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
Fiscal 2015 |  |  |  |  |  |  |
Revenues | $ | 43,476 |  |  | $ | 44,160 |  |  | $ | 46,484 |  |  | $ | 44,925 |
Gross profit (1) | 2,732 |  |  | 2,864 |  |  | 2,898 |  |  | 2,917 |
Income after income taxes |  |  |  |  |  |  |
Continuing operations (1) (2) | $ | 419 |  |  | $ | 491 |  |  | $ | 521 |  |  | $ | 411 |
Discontinued operations (3) | (8 | ) |  | (14 | ) |  | (10 | ) |  | (267 | )
Net income | 411 |  |  | 477 |  |  | 511 |  |  | 144 |
Net income attributable to noncontrolling interests (4) | (8 | ) |  | (8 | ) |  | (39 | ) |  | (12 | )
Net income attributable to McKesson | $ | 403 |  |  | $ | 469 |  |  | $ | 472 |  |  | $ | 132 |
Earnings (loss) per common share attributable to McKesson (5) |  |  |  |  |  |  |
Diluted |  |  |  |  |  |  |
Continuing operations | $ | 1.76 |  |  | $ | 2.05 |  |  | $ | 2.04 |  |  | $ | 1.69 |
Discontinued operations | (0.04 | ) |  | (0.06 | ) |  | (0.04 | ) |  | (1.13 | )
Total | $ | 1.72 |  |  | $ | 1.99 |  |  | $ | 2.00 |  |  | $ | 0.56 |
Basic |  |  |  |  |  |  |
Continuing operations | $ | 1.79 |  |  | $ | 2.08 |  |  | $ | 2.07 |  |  | $ | 1.72 |
Discontinued operations | (0.04 | ) |  | (0.06 | ) |  | (0.04 | ) |  | (1.15 | )
Total | $ | 1.75 |  |  | $ | 2.02 |  |  | $ | 2.03 |  |  | $ | 0.57 |
(1) | Financial results for the first, second, third and fourth quarters of 2015 include pre-tax charges in our Distribution Solutions segment related to our last-in-first-out (“LIFO”) method of accounting for inventories of $98 million, $94 million, $95 million and $50 million, which were recorded in cost of sales.
(2) | Fourth quarter of 2015 includes a non-cash after-tax charge of $150 million related to the settlement of controlled substance distribution claims.
(3) | Fourth quarter of 2015 includes $235 million non-cash after-tax impairment charges related to our Brazilian pharmaceutical distribution business.
(4) | Primarily reflects the guaranteed dividends of $50 million for the first nine months of 2015 and the recurring compensation of $12 million for the fourth quarter of 2015. McKesson is obligated to pay these amounts to the noncontrolling shareholders of Celesio under the Domination Agreement which became effective in December 2014.
(5) | Certain computations may reflect rounding adjustments.
(In millions, except per share amounts) | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
Fiscal 2014 |  |  |  |  |  |  |
Revenues | $ | 32,239 |  |  | $ | 32,985 |  |  | $ | 34,336 |  |  | $ | 37,832 |
Gross profit (1) | 1,930 |  |  | 2,021 |  |  | 1,850 |  |  | 2,551 |
Income after income taxes |  |  |  |  |  |  |
Continuing operations (1) (2) | $ | 428 |  |  | $ | 423 |  |  | $ | 164 |  |  | $ | 399 |
Discontinued operations (3) | (4 | ) |  | (19 | ) |  | (99 | ) |  | (34 | )
Net income | 424 |  |  | 404 |  |  | 65 |  |  | 365 |
Net loss attributable to noncontrolling interests (4) | — |  |  | — |  |  | — |  |  | 5 |
Net income attributable to McKesson | $ | 424 |  |  | $ | 404 |  |  | $ | 65 |  |  | $ | 370 |
Earnings per common share attributable to McKesson (5) |  |  |  |  |  |  |
Diluted |  |  |  |  |  |  |
Continued operations | $ | 1.84 |  |  | $ | 1.82 |  |  | $ | 0.70 |  |  | $ | 1.72 |
Discontinued operations | (0.01 | ) |  | (0.08 | ) |  | (0.42 | ) |  | (0.14 | )
Total | $ | 1.83 |  |  | $ | 1.74 |  |  | $ | 0.28 |  |  | $ | 1.58 |
Basic |  |  |  |  |  |  |
Continuing operations | $ | 1.88 |  |  | $ | 1.85 |  |  | $ | 0.71 |  |  | 1.76 |
Discontinued operations | (0.02 | ) |  | (0.09 | ) |  | (0.43 | ) |  | (0.15 | )
Total | $ | 1.86 |  |  | $ | 1.76 |  |  | $ | 0.28 |  |  | $ | 1.61 |
(1) | Financial results for the second, third and fourth quarters of 2014 include pre-tax charges in our Distribution Solutions segment related to our LIFO method of accounting for inventories of $44 million, $142 million and $125 million, which were recorded in cost of sales. The fourth quarter of 2014 also includes a $40 million pre-tax charge to cost of sales within our Distribution Solutions segment representing the reversal of a step-up to fair value of Celesio’s inventory at the date of acquisition. Our after-tax portion of this charge from continuing operations (after allocation to noncontrolling interests) was $21 million.
(2) | Financial results for the third quarter of 2014 include an income tax charge of $122 million relating to our litigation with the Canadian Revenue Agency.
(3) | Financial results for the third quarter of 2014 include an $80 million after-tax impairment charge related to our International Technology Business, which was sold in part during the second quarter of 2015.
(4) | Primarily represents the noncontrolling shareholders’ portion of net loss from Celesio.
(5) | Certain computations may reflect rounding adjustments.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=35737889&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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