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Stockholders' Equity
 9 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Stockholders' Equity
Stockholders’ Equity
Each share of the Company’s outstanding common stock is permitted one vote on proposals presented to stockholders and is entitled to share equally in any dividends declared by the Company’s Board of Directors (the “Board”).
On July 26, 2017, the Company’s quarterly dividend was raised from $0.28 to $0.34 per common share for dividends declared on or after such date by the Board. The Company anticipates that it will continue to pay quarterly cash dividends in the future.  However, the payment and amount of future dividends remain within the discretion of the Board and will depend upon the Company's future earnings, financial condition, capital requirements and other factors.
Share Repurchase Plans

Stock repurchases may be made from time to time in open market transactions, privately negotiated transactions, through accelerated share repurchase (“ASR”) programs, or by any combination of such methods. The timing of any repurchases and the actual number of shares repurchased will depend on a variety of factors, including our stock price, corporate and regulatory requirements, restrictions under our debt obligations and other market and economic conditions.
In March 2017, we entered into an ASR program with a third-party financial institution to repurchase $250 million of the Company’s common stock and received 1.4 million shares as the initial share settlement. In April 2017, we received an additional 0.3 million shares upon the completion of this ASR program.
In June 2017 and August 2017, we entered into two separate ASR programs with third-party financial institutions to repurchase $250 million and $400 million of the Company’s common stock. During the first nine months of 2018, we received a total of 1.5 million shares under the June 2017 ASR program and a total of 2.7 million shares under the August 2017 ASR program. The June 2017 ASR program was completed in the second quarter of 2018 and the August 2017 ASR program was completed in the third quarter of 2018.
In November 2017, we repurchased 1.8 million of the Company’s shares for $250 million through open market transactions at an average price per share of $138.12.
The total authorization outstanding for repurchases of the Company’s common stock was $1.8 billion at December 31, 2017.
Other Comprehensive Income (Loss)
Information regarding other comprehensive income (loss) including redeemable noncontrolling interests, net of tax, by component is as follows:
 
Quarter Ended December 31,
 
Nine Months Ended December 31,
 (In millions)
2017
 
2016
 
2017
 
2016
Foreign currency translation adjustments (1)
 
 
 
 
 
 
 
Foreign currency translation adjustments arising during period, net of income tax expense (benefit) of nil, nil, nil and $1 (2) (3)
$
30

 
$
(398
)
 
$
715

 
$
(782
)
Reclassified to income statement, net of income tax expense of nil, nil, nil and nil (4)
—

 
—

 
—

 
20

 
30

 
(398
)
 
715

 
(762
)
Unrealized gains (losses) on net investment hedges (5)
 
 
 
 
 
 
 
Unrealized gains (losses) on net investment hedges arising during period, net of income tax benefit of $9, nil, $78 and nil
(19
)
 
—

 
(127
)
 
—

Reclassified to income statement, net of income tax expense of nil, nil, nil and nil
—

 
—

 
—

 
—

 
(19
)
 
—

 
(127
)
 
—

Unrealized gains (losses) on cash flow hedges
 
 
 
 
 
 
 
Unrealized gains (losses) on cash flow hedges arising during period, net of income tax expense of $2, nil, $2 and nil
(16
)
 
(14
)
 
(5
)
 
(20
)
 
 
 
 
 
 
 
 
Changes in retirement-related benefit plans (6)
 
 
 
 
 
 
 
Net actuarial loss and prior service cost arising during the period, net of income tax benefit of nil, nil, nil and nil
—

 
—

 
—

 
—

Amortization of actuarial loss and prior service costs, net of income tax expense of nil, $1, nil and $3 (7)
1

 
2

 
3

 
6

Foreign currency translation adjustments and other, net of income tax expense of nil, nil, nil and nil
—

 
6

 
(10
)
 
14

 
1

 
8

 
(7
)
 
20

 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax
$
(4
)
 
$
(404
)
 
$
576

 
$
(762
)
(1)
Foreign currency translation adjustments primarily result from the conversion of non-U.S. dollar financial statements of our foreign subsidiaries into the Company’s reporting currency, U.S. dollars.
(2)
During the third quarter of 2018, the net foreign currency translation gains were primarily due to the strengthening of the Euro against the U.S. dollar from October 1, 2017 to December 31, 2017. The net foreign currency translation gains during the first nine months of 2018 were primarily due to the strengthening of the Euro, Canadian dollar and British pound sterling against the U.S. dollar from April 1, 2017 to December 31, 2017. During the third quarter and first nine months of 2017, the currency translation losses were primarily due to the weakening of the British pound sterling and Euro against the U.S. dollar from April 1, 2016 to December 31, 2016.
(3)
The third quarter and first nine months of 2018 include net foreign currency translation gains of $12 million and $160 million and the third quarter and first nine months of 2017 include net foreign currency translation losses of $31 million and $97 million attributable to redeemable noncontrolling interests.
(4)
The first nine months of 2017 includes net foreign currency translation losses of $20 million reclassified from accumulated other comprehensive income (loss) to loss from discontinued operations, net of tax, within our condensed consolidated statements of operations due to the sale of our Brazilian pharmaceutical distribution business.
(5)
The third quarter and first nine months of 2018 include foreign currency losses of $28 million and $205 million on the net investment hedges from the €1.2 billion Euro-denominated notes and £450 million British pound sterling-denominated notes.
(6)
The third quarter and first nine months of 2018 include net actuarial losses of nil and $1 million, and the third quarter and first nine months of 2017 include net actuarial losses of $2 million and $3 million, which are attributable to redeemable noncontrolling interests.
(7)
Pre-tax amount reclassified into cost of sales and operating expenses in our condensed consolidated statements of operations. The related tax expense was reclassified into income tax expense (benefit) in our condensed consolidated statements of operations.
Accumulated Other Comprehensive Income (Loss)
Information regarding changes in our accumulated other comprehensive income (loss), net of tax, by component for the third quarter and first nine months of 2018 is as follows:
 
Foreign Currency Translation Adjustments
 
 
 
 
 
 
(In millions)
Foreign Currency Translation Adjustments, Net of Tax
 
Unrealized Losses on Net Investment Hedges,
Net of Tax
 
Unrealized Gains (Losses) on Cash Flow Hedges,
Net of Tax
 
Unrealized Net Gains (Losses) and Other Components of Benefit Plans, Net of Tax
 
Total Accumulated Other Comprehensive Income (Loss)
Balance at September 30, 2017
$
(1,336
)
 
$
(116
)
 
$
(20
)
 
$
(238
)
 
$
(1,710
)
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassifications
30

 
(19
)
 
(16
)
 
—

 
(5
)
Amounts reclassified to earnings and other
—

 
—

 
—

 
1

 
1

Other comprehensive income (loss)
30

 
(19
)
 
(16
)
 
1

 
(4
)
Less: amounts attributable to noncontrolling and redeemable noncontrolling interests
12

 
—

 
—

 
—

 
12

Other comprehensive income (loss) attributable to McKesson
18

 
(19
)
 
(16
)
 
1

 
(16
)
Balance at December 31, 2017
$
(1,318
)
 
$
(135
)
 
$
(36
)
 
$
(237
)
 
$
(1,726
)

 
Foreign Currency Translation Adjustments
 
 
 
 
 
 
(In millions)
Foreign Currency Translation Adjustments, Net of Tax
 
Unrealized Losses on Net Investment Hedges,
Net of Tax
 
Unrealized Gains (Losses) on Cash Flow Hedges,
Net of Tax
 
Unrealized Net Gains (Losses) and Other Components of Benefit Plans, Net of Tax
 
Total Accumulated Other Comprehensive Income (Loss)
Balance at March 31, 2017
$
(1,873
)
 
$
(8
)
 
$
(31
)
 
$
(229
)
 
$
(2,141
)
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassifications
715

 
(127
)
 
(5
)
 
(10
)
 
573

Amounts reclassified to earnings and other
—

 
—

 
—

 
3

 
3

Other comprehensive income (loss)
715

 
(127
)
 
(5
)
 
(7
)
 
576

Less: amounts attributable to noncontrolling and redeemable noncontrolling interests
160

 
—

 
—

 
1

 
161

Other comprehensive income (loss) attributable to McKesson
555

 
(127
)
 
(5
)
 
(8
)
 
415

Balance at December 31, 2017
$
(1,318
)
 
$
(135
)
 
$
(36
)
 
$
(237
)
 
$
(1,726
)