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Stockholders' Equity (Deficit)
 9 Months Ended
Dec. 31, 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. The total number of shares repurchased under this ASR program was 5.2 million shares at an average price per share of $193.22. The Company received 4.3 million shares as the initial share settlement, and in August 2021 the Company received an additional 0.9 million shares upon the completion of this ASR program.
During the three months ended December 31, 2021, the Company repurchased 3.3 million of the Company’s shares for $728 million through open market transactions at an average price per share of $223.89, of which $30 million was accrued at December 31, 2021 within “Other accrued liabilities” in the Company’s Condensed Consolidated Balance Sheet for share repurchases executed in late December and settled in early January. Additionally, during the three months ended September 30, 2021, the Company repurchased 1.4 million of the Company’s shares for $280 million through open market transactions at an average price per share of $203.20. There were no open market share repurchases during the three months ended June 30, 2021.
On December 8, 2021, the Company announced that the Board approved an increase of $4.0 billion in the authorization for repurchase of McKesson’s common stock. The total remaining authorization outstanding for repurchases of the Company’s common stock at December 31, 2021 was $4.8 billion.
During the three months ended December 31, 2020, the Company repurchased 1.5 million of the Company’s shares for $231 million through open market transactions at an average price per share of $151.12. During the three months ended September 30, 2020, the Company repurchased 1.8 million of the Company’s shares for $269 million through open market transactions at an average price per share of $151.23. There were no share repurchases during the three months ended June 30, 2020.
Accumulated Other Comprehensive Income (Loss)
Information regarding changes in the Company’s Accumulated other comprehensive income (loss), including noncontrolling interests and redeemable noncontrolling interests, by components for the three and nine months ended December 31, 2021 and 2020 are as follows:
Foreign Currency Translation Adjustments
(In millions)
Foreign Currency Translation Adjustments, Net of Tax (1)
Unrealized Gains (Losses) on Net Investment Hedges,
Net of Tax		Unrealized Gains (Losses) on Cash Flow Hedges,
Net of Tax		Unrealized Net Gains (Losses) and Other Components of Benefit Plans, Net of TaxTotal Accumulated Other Comprehensive Loss
Balance at September 30, 2021$(1,557)$(25)$21 $(104)$(1,665)
Other comprehensive income (loss) before reclassifications— 16 
⁽²⁾
(6)(1)9 
Amounts reclassified to income statement— — — (1)(1)
Other comprehensive income (loss)— 16 (6)(2)8 
Less: amounts attributable to noncontrolling and redeemable noncontrolling interests(2)— — — (2)
Other comprehensive income (loss) attributable to McKesson2 16 (6)(2)10 
Balance at December 31, 2021$(1,555)$(9)$15 $(106)$(1,655)
(1)Primarily result 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 recorded in the three months ended December 31, 2021 include gains of $23 million related to net investment hedges from Euro-denominated notes and losses of $2 million related to net investment hedges from cross-currency swaps. These amounts are net of income tax expense of $5 million.
Foreign Currency Translation Adjustments
(In millions)
Foreign Currency Translation Adjustments, Net of Tax (1)
Unrealized Gains (Losses) on Net Investment Hedges,
Net of Tax		Unrealized Gains (Losses) on Cash Flow Hedges,
Net of Tax		Unrealized Net Gains (Losses) and Other Components of Benefit Plans, Net of TaxTotal Accumulated Other Comprehensive Loss
Balance at March 31, 2021$(1,361)$(36)$13 $(96)$(1,480)
Other comprehensive income (loss) before reclassifications(47)21 
⁽²⁾
(3)5 (24)
Amounts reclassified to income statement18 — 5 (3)20 
Other comprehensive income (loss)(29)21 2 2 (4)
Less: amounts attributable to noncontrolling and redeemable noncontrolling interests7 (6)— — 1 
Other comprehensive income (loss) attributable to McKesson(36)27 2 2 (5)
Exercise of put right by noncontrolling shareholders of McKesson Europe AG(158)— — (12)(170)
Balance at December 31, 2021$(1,555)$(9)$15 $(106)$(1,655)
(1)Primarily result 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 recorded in the nine months ended December 31, 2021 include gains of $34 million related to net investment hedges from Euro-denominated notes and gains of $3 million related to net investment hedges from cross-currency swaps. These amounts are net of income tax expense of $10 million.
Foreign Currency Translation Adjustments
(In millions)
Foreign Currency Translation Adjustments, Net of Tax (1)
Unrealized Gains (Losses) on Net Investment Hedges,
Net of Tax		Unrealized Gains (Losses) on Cash Flow Hedges,
Net of Tax		Unrealized Net Gains (Losses) and Other Components of Benefit Plans, Net of TaxTotal Accumulated Other Comprehensive Loss
Balance at September 30, 2020$(1,512)$6 $25 $(116)$(1,597)
Other comprehensive income (loss) before reclassifications156 (96)
⁽²⁾
(12)2 50 
Amounts reclassified to income statement47 — — 22 69 
Other comprehensive income (loss)203 (96)(12)24 119 
Less: amounts attributable to noncontrolling and redeemable noncontrolling interests20 — — 5 25 
Other comprehensive income (loss) attributable to McKesson183 (96)(12)19 94 
Balance at December 31, 2020$(1,329)$(90)$13 $(97)$(1,503)
(1)Primarily result 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 recorded in the three months ended December 31, 2020 include losses of $84 million related to net investment hedges from Euro-denominated notes and losses of $45 million related to net investment hedges from cross-currency swaps. These amounts are net of income tax benefit of $33 million.
Foreign Currency Translation Adjustments
(In millions)
Foreign Currency Translation Adjustments, Net of Tax (1)
Unrealized Gains (Losses) on Net Investment Hedges,
Net of Tax		Unrealized Gains (Losses) on Cash Flow Hedges,
Net of Tax		Unrealized Net Gains (Losses) and Other Components of Benefit Plans, Net of TaxTotal Accumulated Other Comprehensive Loss
Balance at March 31, 2020$(1,780)$138 $49 $(110)$(1,703)
Other comprehensive income (loss) before reclassifications363 (229)
⁽²⁾
(36)(8)90 
Amounts reclassified to income statement47 — — 24 71 
Other comprehensive income (loss)410 (229)(36)16 161 
Less: amounts attributable to noncontrolling and redeemable noncontrolling interests(41)(1)— 3 (39)
Other comprehensive income (loss) attributable to McKesson451 (228)(36)13 200 
Balance at December 31, 2020$(1,329)$(90)$13 $(97)$(1,503)
(1)Primarily result 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 recorded in the nine months ended December 31, 2020 include losses of $201 million related to net investment hedges from Euro-denominated notes and losses of $108 million related to net investment hedges from cross-currency swaps. These amounts are net of income tax benefit of $80 million.