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Quarterly Financial Information (Unaudited) | 12 Months Ended
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Mar. 31, 2020
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 2020 |  |  |  |  |  |  |
Revenues | $ | 55,728 |  |  | $ | 57,616 |  |  | $ | 59,172 |  |  | $ | 58,535 |
Gross Profit (1) | 2,787 |  |  | 2,867 |  |  | 3,033 |  |  | 3,336 |
Income (Loss) After Income Taxes: |  |  |  |  |  |  |
Continuing operations (1) (2) (3) (4) (5) (6) | $ | 483 |  |  | $ | (676 | ) |  | $ | 247 |  |  | $ | 1,072 |
Discontinued operations | (6 | ) |  | (1 | ) |  | (5 | ) |  | 6 |
Net Income (Loss) | $ | 477 |  |  | $ | (677 | ) |  | $ | 242 |  |  | $ | 1,078 |
Net Income (Loss) Attributable to McKesson Corporation | $ | 423 |  |  | $ | (730 | ) |  | $ | 186 |  |  | $ | 1,021 |
Earnings (loss) Per Common Share Attributable to McKesson Corporation (7) |  |  |  |  |  |  |
Diluted (8) |  |  |  |  |  |  |
Continuing operations | $ | 2.27 |  |  | $ | (3.99 | ) |  | $ | 1.06 |  |  | $ | 5.82 |
Discontinued operations | (0.03 | ) |  | — |  |  | (0.03 | ) |  | 0.03 |
Total | $ | 2.24 |  |  | $ | (3.99 | ) |  | $ | 1.03 |  |  | $ | 5.85 |
Basic |  |  |  |  |  |  |
Continuing operations | $ | 2.28 |  |  | $ | (3.99 | ) |  | $ | 1.06 |  |  | $ | 5.86 |
Discontinued operations | (0.03 | ) |  | — |  |  | (0.02 | ) |  | 0.03 |
Total | $ | 2.25 |  |  | $ | (3.99 | ) |  | $ | 1.04 |  |  | $ | 5.89 |
(1) | Gross profit for the first, second, third and fourth quarters of 2020 includes pre-tax credits of $15 million, $33 million, $66 million and $138 million ($11 million, $25 million, $49 million and $101 million after-tax) related to the LIFO method of accounting for inventories.
(2) | Financial results for the fourth quarter of 2020 include an estimated gain of $414 million (pre-tax and after-tax) related to the split-off of the Change Healthcare JV. Financial results for the second quarter of 2020 include a pre-tax impairment charge of $1.2 billion ($864 million after-tax) and pre-tax dilution loss of $246 million ($184 million after-tax) associated with the Company’s investment in the Change Healthcare JV.
(3) | Financial results for the third quarter of 2020 includes a charge of $282 million (pre-tax and after-tax) to remeasure to fair value the assets and liabilities of the Company’s German wholesale business to be contributed to a joint venture, pre-tax long-lived asset impairment charges of $64 million ($53 million after-tax) within the Company’s European Pharmaceutical Solutions segment, and goodwill and long-lived asset impairment charges of $32 million (pre-tax and after-tax) recognized for the Company’s Rexall Health retail business.
(4) | Financial results for the first, second, third and fourth quarters of 2020 include the Company’s proportionate share of income from the Change Healthcare JV of $4 million and losses of $51 million, $28 million and $44 million.
(5) | Financial results for the second quarter of 2020 includes a pre-tax settlement charge of $105 million ($78 million after-tax) for the termination of the Company’s defined benefit pension plan.
(6) | Financial results for the second quarter of 2020 includes a pre-tax settlement charge of $82 million ($61 million after-tax) related to opioids claims.
(7) | Certain computations may reflect rounding adjustments.
(8) | As a result of the Company’s reported net loss for the second quarter of 2020, potentially dilutive securities were excluded from the per share computations for that quarter due to their antidilutive effect.
(In millions, except per share amounts) | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
Fiscal 2019 |  |  |  |  |  |  |
Revenues | $ | 52,607 |  |  | $ | 53,075 |  |  | $ | 56,208 |  |  | $ | 52,429 |
Gross Profit (1) (2) | 2,779 |  |  | 2,804 |  |  | 2,970 |  |  | 3,201 |
Income (Loss) after Income Taxes: |  |  |  |  |  |  |
Continuing operations (1) (2) (3) (4) (5) (6) (7) | $ | (81 | ) |  | $ | 552 |  |  | $ | 527 |  |  | $ | (744 | )
Discontinued operations | 1 |  |  | 1 |  |  | (1 | ) |  | — |
Net Income (Loss) | $ | (80 | ) |  | $ | 553 |  |  | $ | 526 |  |  | $ | (744 | )
Net Income (Loss) Attributable to McKesson Corporation | $ | (138 | ) |  | $ | 499 |  |  | $ | 469 |  |  | $ | (796 | )
Earnings (Loss) Per Common Share Attributable to McKesson Corporation (8) |  |  |  |  |  |  |
Diluted (9) |  |  |  |  |  |  |
Continuing operations | $ | (0.69 | ) |  | $ | 2.51 |  |  | $ | 2.41 |  |  | $ | (4.17 | )
Discontinued operations | 0.01 |  |  | — |  |  | (0.01 | ) |  | — |
Total | $ | (0.68 | ) |  | $ | 2.51 |  |  | $ | 2.40 |  |  | $ | (4.17 | )
Basic |  |  |  |  |  |  |
Continuing operations | $ | (0.69 | ) |  | $ | 2.52 |  |  | $ | 2.42 |  |  | $ | (4.17 | )
Discontinued operations | 0.01 |  |  | — |  |  | (0.01 | ) |  | — |
Total | $ | (0.68 | ) |  | $ | 2.52 |  |  | $ | 2.41 |  |  | $ | (4.17 | )
(1) | Gross profit for the first, second, third and fourth quarters of 2019 includes pre-tax credits of $21 million, $22 million, $21 million and $146 million ($15 million, $17 million, $15 million and $109 million after-tax) related to the LIFO method of accounting for inventories.
(2) | Gross profit for the first, third and fourth quarters of 2019 includes $35 million, $104 million, and $63 million of cash receipts for the Company’s share of antitrust legal settlements.
(3) | Financial results for the first and fourth quarters of 2019 include goodwill impairment charges of $570 million and $1.2 billion (both pre-tax and after-tax) within the Company’s two reporting units within the European Pharmaceutical Solutions segment.
(4) | Financial results for the first and fourth quarters of 2019 include pre-tax asset impairment charges of $20 million ($16 million after-tax) and $190 million ($156 million after-tax) primarily for the Company’s U.K. retail business. Financial results for the third quarter of 2019 include asset impairment charges of $35 million (pre-tax and after-tax) for the Company’s Rexall Health retail business.
(5) | Financial results for the first, second, third and fourth quarters of 2019 include the Company’s proportionate share of loss from the Change Healthcare JV of $56 million, $56 million, $50 million and $32 million.
(6) | Financial results for the first quarter of 2019 include a gain from an escrow settlement of $97 million (pre-tax and after-tax) representing certain indemnity and other claims related to the Company’s 2017 acquisition of Rexall Health.
(7) | Financial results for the second quarter of 2019 include a pre-tax credit of $90 million ($66 million after-tax) for the derecognition of the TRA liability payable to the shareholders of Change.
(8) | Certain computations may reflect rounding adjustments.
(9) As a result of the Company’s reported net loss for the first and fourth quarters of 2019, potentially dilutive securities were excluded from the per share computations for those quarters due to their antidilutive effect.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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