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Stockholders' Equity | 12 Months Ended
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Mar. 31, 2022
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | 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 Board. In July 2021, the quarterly dividend was raised from $0.42 to $0.47 per common share for dividends declared on or after such date by the Board. Dividends were $1.83 per share in 2022, $1.67 per share in 2021, and $1.62 in 2020. 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. During the last three years, the Company’s share repurchases were transacted through both open market transactions and ASR programs with third-party financial institutions. Information regarding 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, 2019 |  |  |  |  |  | $ | 3,469 |
Shares repurchased - Open market |  | 9.2 |  |  | $ | 144.68 |  |  | (1,334) |
Shares repurchased - May 2019 ASR |  | 4.7 |  |  | $ | 127.68 |  |  | (600) |
Balance, March 31, 2020 |  |  |  |  |  | 1,535 |
Shares repurchase authorization increase in 2021 |  |  |  |  |  | 2,000 |
Shares repurchased - Open market (3) |  | 4.7 |  |  | $ | 160.33 |  |  | (750) |
Balance, March 31, 2021 |  |  |  |  |  | 2,785 |
Shares repurchased - May 2021 ASR |  | 5.2 |  |  | $ | 193.22 |  |  | (1,000) |
Shares repurchased - Open market |  | 4.6 |  |  | $ | 217.73 |  |  | (1,007) |
Shares repurchase authorization increase in 2022 |  |  |  |  |  | 4,000 |
Shares repurchased - February 2022 ASR (4) |  | 4.8 |  |  | $ | 265.56 |  |  | (1,500) |
Balance, March 31, 2022 |  |  |  |  |  | $ | 3,278 |
(1)This table does not include the value of equity awards surrendered to satisfy tax withholding obligations or forfeitures of equity awards. 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)Of the total dollar value, $8 million was accrued within “Other accrued liabilities” in 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. (4)In February 2022, the Company entered into an ASR program with a third-party financial institution to repurchase $1.5 billion of the Company’s common stock. The average price paid per share and total number of shares purchased under this program are estimates based on the initial share purchase price and initial delivery of shares under an ASR agreement and may differ from the average price paid per share and total number of shares purchased under the ASR program upon its final settlement in May 2022. On March 9, 2020, the Company completed the Split-off of its interest in the Change Healthcare JV. In connection with the Split-off, the Company distributed all 176.0 million outstanding shares of SpinCo common stock, which held all of the Company’s interests in the Change Healthcare JV, to participating holders of the Company’s common stock in exchange for 15.4 million shares of McKesson stock, which are now held as treasury stock on the Company’s Consolidated Balance Sheets. Following consummation of the exchange offer, on March 10, 2020, SpinCo merged with and into Change with each share of SpinCo common stock converted into one share of Change common stock, par value $0.001 per share, with cash being paid in lieu of fractional shares of Change common stock. See Financial Note 4, “Business Acquisitions and Divestitures,” for more information. 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 (1) |  | Unrealized Gains (Losses) on Net Investment Hedges, Net of Tax (2) |  | Unrealized Gains (Losses) on Cash Flow Hedges, Net of Tax |  | Unrealized 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 (3) | — |  |  | — |  |  | — |  |  | 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 (4) | 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) |
Other comprehensive income (loss) before reclassifications | (51) |  |  | 41 |  | 18 |  | 31 |  | 39 |
Amounts reclassified to earnings and other (5) | 71 |  |  | (1) |  |  | (4) |  |  | 10 |  | 76 |
Other comprehensive income | 20 |  |  | 40 |  | 14 |  | 41 |  | 115 |
Less: amounts attributable to noncontrolling and redeemable noncontrolling interests | 5 |  |  | (6) |  |  | — |  |  | — |  |  | (1) |
Other comprehensive income attributable to McKesson | 15 |  | 46 |  | 14 |  | 41 |  | 116 |
Exercise of put right by noncontrolling shareholders of McKesson Europe AG | (158) |  |  | — |  |  | — |  |  | (12) |  |  | (170) |
Balance at March 31, 2022 | $ | (1,504) |  |  | $ | 10 |  |  | $ | 27 |  |  | $ | (67) |  |  | $ | (1,534) |
(1)Primarily results from the conversion of non-U.S. dollar financial statements of the Company’s operations in Europe and Canada into the Company’s reporting currency, U.S. dollars. (2)Amounts before reclassifications recorded in 2022, 2021, and 2020 include gains (losses) of $73 million, $(118) million, and $39 million, respectively, related to net investment hedges from Euro-denominated notes and gains (losses) of $(4) million, $(119) million, and $76 million, respectively, related to net investment hedges from cross-currency swaps. These amounts are net of income tax benefit (expense) of $(23) million, $62 million, and $(30) million in 2022, 2021, and 2020, respectively. (3)Primarily reflects a reclassification of losses of $127 million, net of $33 million of income tax benefit, predominantly on the termination of the Company’s U.S. defined benefit pension plan from “Accumulated other comprehensive loss” to “Other income, net” in the Company’s Consolidated Statement of Operations. (4)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 2, “Held for Sale” and Financial Note 6, “Other Income, Net.” These amounts were included in the 2021 and 2020 calculation of charges to remeasure the assets and liabilities held for sale to fair value less costs to sell recorded within Selling, distribution, general, and administrative expenses in the Consolidated Statements of Operations. (5)Primarily includes adjustments for amounts related to the sale of the Company’s Austrian business, as discussed in more detail in Financial Note 2, “Held for Sale.” These amounts were included in the 2022 calculation of charges to remeasure the assets and liabilities held for sale to fair value less costs to sell recorded within Selling, distribution, general, and administrative expenses in the Consolidated Statement of Operations.

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