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Stockholders' Equity (Tables) | 12 Months Ended
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Mar. 31, 2021
Stockholders' Equity Note [Abstract] |
Schedule of shares repurchased over last three years | Information regarding the share repurchase activity over the last three years is as follows:
| Share Repurchases (1)
(In millions, except price per share data) |  | Total Number of Shares Purchased (2) |  | Average Price Paid Per Share |  | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Programs
Balance, March 31, 2018 |  |  |  |  |  | $ | 1,096 |
Shares repurchase plans authorized in May 2018 |  |  |  |  |  | 4,000 |
Shares repurchased - Open market |  | 10.4 |  |  | $ | 132.14 |  |  | (1,377) |
Shares repurchased - ASR |  | 2.1 |  |  | $ | 117.98 |  |  | (250) |
Balance, March 31, 2019 |  |  |  |  |  | 3,469 |
Shares repurchased - Open market |  | 9.2 |  |  | $ | 144.68 |  |  | (1,334) |
Shares repurchased - ASR |  | 4.7 |  |  | $ | 127.68 |  |  | (600) |
Balance, March 31, 2020 |  |  |  |  |  | 1,535 |
Shares repurchase plans authorized in January 2021 |  |  |  |  |  | 2,000 |
Shares repurchased - Open market (3) |  | 4.7 |  |  | $ | 160.33 |  |  | (750) |
Balance, March 31, 2021 |  |  |  |  |  | $ | 2,785 |
(1)This table does not include the value of equity awards surrendered to satisfy tax withholding obligations. It also excludes shares related to the Company’s Split-off of the Change Healthcare JV as described below. (2)The number of shares purchased reflects rounding adjustments. (3)$8 million was accrued within “Other accrued liabilities” on the Company’s Consolidated Balance Sheet as of March 31, 2021 for share repurchases that were executed in late March and settled in early April.
Schedule of comprehensive income (loss) | Information regarding other comprehensive income (loss) including noncontrolling interests and redeemable noncontrolling interests, net of tax, by component is as follows:
| Years Ended March 31,
(In millions) | 2021 |  | 2020 |  | 2019
Foreign currency translation adjustments: (1) |  |  |  |  |
Foreign currency translation adjustments arising during period, net of income tax expense of nil, nil, and nil (2) | $ | 312 |  |  | $ | (151) |  |  | $ | (431) |
Reclassified to income statement, net of income tax expense of nil, nil, and nil (3) | 47 |  |  | — |  |  | — |
| 359 |  |  | (151) |  |  | (431) |
Unrealized gains (losses) on net investment hedges: (4) |  |  |  |  |
Unrealized gains (losses) on net investment hedges arising during period, net of income tax (expense) benefit of $62, $(30), and $(71) | (175) |  |  | 85 |  |  | 241 |
Reclassified to income statement, net of income tax expense of nil, nil, and nil | — |  |  | — |  |  | — |
| (175) |  |  | 85 |  |  | 241 |
Unrealized gains (losses) on cash flow hedges: |  |  |  |  |
Unrealized gains (losses) on cash flow hedges arising during period, net of income tax (expense) benefit of $6, $(12), and $(4) | (36) |  |  | 86 |  |  | 24 |
Reclassified to income statement, net of income tax expense of nil, nil, and nil | — |  |  | — |  |  | — |
| (36) |  |  | 86 |  |  | 24 |
Changes in retirement-related benefit plans: |  |  |  |  |
Net actuarial gain (loss) and prior service credit (cost) arising during the period, net of income tax (expense) benefit of $2, $(8), and $5 (5) | 9 |  |  | 27 |  |  | (51) |
Amortization of actuarial loss, prior service cost and transition obligation, net of income tax benefit of $1, $1, and nil (6) | — |  |  | 2 |  |  | 9 |
Foreign currency translation adjustments and other, net of income tax expense of nil, nil, and nil | (11) |  |  | 6 |  |  | 10 |
Reclassified to income statement, net of income tax expense of $9, $33, and nil (3) (7) | 24 |  |  | 94 |  |  | — |
| 22 |  |  | 129 |  |  | (32) |
Other comprehensive income (loss), net of tax | $ | 170 |  |  | $ | 149 |  |  | $ | (198) |
(1)Foreign currency translation adjustments primarily result from the conversion of non-U.S. dollar financial statements of the Company’s foreign subsidiary McKesson Europe, and its operations in Canada into the Company’s reporting currency, U.S. dollars. (2)2021, 2020, and 2019 include net foreign currency translation adjustments of $(60) million, $1 million, and $(61) million, respectively, attributable to noncontrolling and redeemable noncontrolling interests. (3)2021 primarily includes adjustments for amounts related to the contribution of the Company’s German pharmaceutical wholesale business to a joint venture, as discussed in more detail in Financial Note 3, “Held for Sale.” These amounts were included in the current and prior periods calculation of charges to remeasure the assets and liabilities held for sale to fair value less costs to sell recorded within Operating expenses in the Consolidated Statements of Operations. (4)2021, 2020, and 2019 include foreign currency adjustments of $(118) million, $39 million, and $259 million, respectively, on the net investment hedges from the Euro and British pound sterling-denominated notes. 2021, 2020, and 2019 also include foreign currency adjustments of $(119) million, $76 million, and $53 million, respectively, on the net investment hedges from the cross-currency swaps. (5)The 2021 and 2020 net actuarial gains of $8 million and $2 million, respectively, and 2019 net actuarial loss of $5 million were attributable to noncontrolling and redeemable noncontrolling interests. (6)Pre-tax amount was reclassified into “Cost of sales” and “Operating expenses” in the Consolidated Statements of Operations. The related tax expense was reclassified into “Income tax benefit (expense)” in the Consolidated Statements of Operations. (7)2020 primarily reflects a reclassification of losses in 2020 upon the termination of the Plan from “Accumulated other comprehensive loss” to “Other income, net” in the Company’s Consolidated Statement of Operations.
Schedule of accumulated other comprehensive income (loss) | Information regarding changes in the Company’s accumulated other comprehensive income (loss) by component are as follows:
| Foreign Currency Translation Adjustments |  |  |  |  |  |
(In millions) | Foreign Currency Translation Adjustments, Net of Tax |  | Unrealized Gains (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 Loss
Balance at March 31, 2019 | $ | (1,628) |  |  | $ | 53 |  |  | $ | (37) |  |  | $ | (237) |  |  | $ | (1,849) |
Other comprehensive income (loss) before reclassifications | (151) |  |  | 85 |  |  | 86 |  |  | 33 |  |  | 53 |
Amounts reclassified to earnings and other | — |  |  | — |  |  | — |  |  | 96 |  |  | 96 |
Other comprehensive income (loss) | (151) |  |  | 85 |  |  | 86 |  |  | 129 |  |  | 149 |
Less: amounts attributable to noncontrolling and redeemable noncontrolling interests | 1 |  |  | — |  |  | — |  |  | 2 |  |  | 3 |
Other comprehensive income (loss) attributable to McKesson | (152) |  |  | 85 |  |  | 86 |  |  | 127 |  |  | 146 |
Balance at March 31, 2020 | (1,780) |  |  | 138 |  |  | 49 |  |  | (110) |  |  | (1,703) |
Other comprehensive income (loss) before reclassifications | 312 |  |  | (175) |  |  | (36) |  |  | (2) |  |  | 99 |
Amounts reclassified to earnings and other | 47 |  |  | — |  |  | — |  |  | 24 |  |  | 71 |
Other comprehensive income (loss) | 359 |  |  | (175) |  |  | (36) |  |  | 22 |  |  | 170 |
Less: amounts attributable to noncontrolling and redeemable noncontrolling interests | (60) |  |  | (1) |  |  | — |  |  | 8 |  |  | (53) |
Other comprehensive income (loss) attributable to McKesson | 419 |  |  | (174) |  |  | (36) |  |  | 14 |  |  | 223 |
Balance at March 31, 2021 | $ | (1,361) |  |  | $ | (36) |  |  | $ | 13 |  |  | $ | (96) |  |  | $ | (1,480) |

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- Definition Tabular disclosure of accelerated share repurchase (ASR) programs. An ASR is a combination of transactions that permits an entity to purchase a targeted number of shares immediately with the final purchase price of those shares determined by an average market price over a fixed period of time. An accelerated share repurchase program is intended to combine the immediate share retirement benefits of a tender offer with the market impact and pricing benefits of a disciplined daily open market stock repurchase program. ASRs can be disclosed as part of stockholders' equity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 25 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6405686&loc=d3e22802-112653 + Details
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