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Quarterly Financial Information (Unaudited) | 12 Months Ended
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Mar. 31, 2016
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 2016 |  |  |  |  |  |  |
Revenues | $ | 47,546 |  |  | $ | 48,761 |  |  | $ | 47,899 |  |  | $ | 46,678 |
Gross profit (1) (2) (3) | 2,848 |  |  | 2,844 |  |  | 2,872 |  |  | 2,852 |
Income after income taxes: |  |  |  |  |  |  |
Continuing operations (1) (3) (4) | $ | 599 |  |  | $ | 636 |  |  | $ | 642 |  |  | $ | 465 |
Discontinued operations | (10 | ) |  | (6 | ) |  | 5 |  |  | (21 | )
Net income | $ | 589 |  |  | $ | 630 |  |  | $ | 647 |  |  | $ | 444 |
Net income attributable to McKesson | $ | 576 |  |  | $ | 617 |  |  | $ | 634 |  |  | $ | 431 |
Earnings (loss) per common share attributable to McKesson (5) |  |  |  |  |  |  |
Diluted |  |  |  |  |  |  |
Continuing operations | $ | 2.50 |  |  | $ | 2.65 |  |  | $ | 2.71 |  |  | $ | 1.97 |
Discontinued operations | (0.05 | ) |  | (0.02 | ) |  | 0.02 |  |  | (0.09 | )
Total | $ | 2.45 |  |  | $ | 2.63 |  |  | $ | 2.73 |  |  | $ | 1.88 |
Basic |  |  |  |  |  |  |
Continuing operations | $ | 2.53 |  |  | $ | 2.68 |  |  | $ | 2.74 |  |  | $ | 1.99 |
Discontinued operations | (0.04 | ) |  | (0.02 | ) |  | 0.02 |  |  | (0.09 | )
Total | $ | 2.49 |  |  | $ | 2.66 |  |  | $ | 2.76 |  |  | $ | 1.90 |
(1) | Gross profit for the first, second, third and fourth quarters of 2016 included pre-tax charges related to our last-in-first-out (“LIFO”) method of accounting for inventories of $91 million, $91 million, $33 million and $29 million.
(2) | Gross profit for the first and third quarters of 2016 included $59 million and $17 million of cash proceeds representing our share of net settlements of antitrust class action lawsuits against drug manufacturers.
(3) | Financial results for the fourth quarter of 2016 include pre-tax restructuring charges of $229 million within our continuing operations. Charges were recorded as follows: $26 million in cost of sales and $203 million in operating expenses.
(4) | Financial results for the first quarter of 2016 include an after-tax gain of $38 million from the sale of our nurse triage business, and for the second quarter of 2016 include an after-tax gain of $29 million from the sale of ZEE Medical business.
(5) | Certain computations may reflect rounding adjustments.
(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 McKesson | $ | 403 |  |  | $ | 469 |  |  | $ | 472 |  |  | $ | 132 |
Earnings per common share attributable to McKesson (4) |  |  |  |  |  |  |
Diluted |  |  |  |  |  |  |
Continued 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) | Gross profit for the first, second, third and fourth quarters of 2015 included pre-tax charges related to our LIFO method of accounting for inventories of $98 million, $94 million, $95 million and $50 million.
(2) | Financial results for the fourth quarter of 2015 included a non-cash after-tax charge of $150 million related to the settlement of controlled substance distribution claims.
(3) | Discontinued operations for the fourth quarter of 2015 included $235 million non-cash after-tax impairment charges related to our Brazilian pharmaceutical distribution business.
(4) | 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=51655806&loc=d3e765-108305 Reference 2: 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=51825399&loc=d3e1280-108306 Reference 3: 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=51655806&loc=d3e725-108305 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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