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Stockholders' Equity (Deficit)
 3 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Stockholders' Equity (Deficit) Stockholders' Equity (Deficit)
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 23, 2021, the Company raised its quarterly dividend from $0.42 to $0.47 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 combinations of such methods, any of which may use pre-arranged trading plans that are designed to meet the requirements of Rule 10b5-1(c) of the Securities Exchange Act of 1934. The timing of any repurchases and the actual number of shares repurchased will depend on a variety of factors, including the Company’s stock price, corporate and regulatory requirements, restrictions under the Company’s debt obligations, and other market and economic conditions.
In May 2021, the Company entered into an ASR program with a third-party financial institution to repurchase $1.0 billion of the Company’s common stock. Pursuant to the ASR agreement, the Company paid $1.0 billion to the financial institution and received an initial delivery of 4.3 million shares in May 2021. The transaction will be completed during the second quarter of 2022, at which point the Company expects to receive additional shares. There were no share repurchases during the three months ended June 30, 2020.
In January 2021, the Board approved an increase of $2.0 billion for the authorized share repurchase of McKesson’s common stock. The total remaining authorization outstanding for repurchases of the Company’s common stock at June 30, 2021 was $1.8 billion.
Other Comprehensive Income (Loss)
Information regarding Other comprehensive income (loss) including noncontrolling interests and redeemable noncontrolling interests, net of tax, by component is as follows:
Three Months Ended June 30,
 (In millions)20212020
Foreign currency translation adjustments (1)
Foreign currency translation adjustments arising during period, net of income tax expense of zero and zero (2)
$34 $96 
Reclassified to income statement, net of income tax expense of zero and zero
17 — 
51 96 
Unrealized losses on net investment hedges
Unrealized losses on net investment hedges arising during period, net of income tax benefit of $6 and $22 (3)
(27)(63)
Reclassified to income statement, net of income tax expense of zero and zero
— — 
(27)(63)
Unrealized losses on cash flow hedges
Unrealized losses on cash flow hedges arising during period, net of income tax benefit of zero and zero
— (5)
Reclassified to income statement, net of income tax expense of zero and zero
— — 
— (5)
Changes in retirement-related benefit plans (4)
Net actuarial gain and prior service cost arising during the period, net of income tax expense of zero and zero
5 — 
Amortization of actuarial gain (loss), prior service cost and transition obligation, net of income tax benefit expense of zero and zero (5)
(1)2 
Foreign currency translation adjustments and other, net of income tax benefit of zero and zero
— (1)
Reclassified to income statement, net of income tax benefit of $1 and zero
(2)— 
2 1 
Other comprehensive income, net of tax$26 $29 
(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)The three months ended June 30, 2021 and 2020 includes net foreign currency translation adjustments of $9 million and $58 million, respectively, attributable to redeemable noncontrolling interests.
(3)The three months ended June 30, 2021 includes foreign currency losses of $22 million on the net investment hedges from the €1.7 billion Euro-denominated notes, losses of $5 million on the net investment hedges from cross-currency swaps, and losses on net investment hedges of $6 million attributable to redeemable noncontrolling interests. The three months ended June 30, 2020 include foreign currency losses of $34 million on the net investment hedges from the €1.7 billion Euro-denominated notes and losses of $51 million on the net investment hedges from cross-currency swaps.
(4)The three months ended June 30, 2021 and 2020 include net actuarial gains of zero and $3 million, respectively, which are attributable to redeemable noncontrolling interests.
(5)Pre-tax amount was reclassified into “Cost of sales” and “Selling, distribution, general, and administrative expenses” in the Condensed Consolidated Statements of Operations. The related tax expense was reclassified into “Income tax expense” in the Condensed Consolidated Statements of Operations.
Accumulated Other Comprehensive Income (Loss)
Information regarding changes in the Company’s Accumulated other comprehensive income (loss) by component for the three months ended June 30, 2021 are as follows:
Foreign Currency Translation Adjustments
(In millions)Foreign Currency Translation Adjustments, Net of TaxUnrealized Losses on Net Investment Hedges,
Net of Tax		Unrealized Gains (Losses) on Cash Flow Hedges,
Net of Tax		Unrealized Net Gains (Losses) and Other Components of Benefit Plans, Net of TaxTotal Accumulated Other Comprehensive Loss
Balance at March 31, 2021$(1,361)$(36)$13 $(96)$(1,480)
Other comprehensive income (loss) before reclassifications34 (27)— 5 12 
Amounts reclassified to earnings and other17 — — (3)14 
Other comprehensive income (loss)51 (27)— 2 26 
Less: amounts attributable to noncontrolling and redeemable noncontrolling interests9 (6)— — 3 
Other comprehensive income (loss) attributable to McKesson42 (21)— 2 23 
Exercise of put right by noncontrolling shareholders of McKesson Europe AG(158)— — (12)(170)
Balance at June 30, 2021$(1,477)$(57)$13 $(106)$(1,627)
Information regarding changes in the Company’s Accumulated other comprehensive income (loss) by component for the three months ended June 30, 2020 are as follows:
Foreign Currency Translation Adjustments
(In millions)Foreign Currency Translation Adjustments, Net of TaxUnrealized 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 TaxTotal Accumulated Other Comprehensive Loss
Balance at March 31, 2020$(1,780)$138 $49 $(110)$(1,703)
Other comprehensive income (loss) before reclassifications96 (63)(5)(1)27 
Amounts reclassified to earnings and other— — — 2 2 
Other comprehensive income (loss)96 (63)(5)1 29 
Less: amounts attributable to noncontrolling and redeemable noncontrolling interests58 — — 3 61 
Other comprehensive income (loss) attributable to McKesson38 (63)(5)(2)(32)
Balance at June 30, 2020$(1,742)$75 $44 $(112)$(1,735)