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Redeemable Noncontrolling Interests and Noncontrolling Interests | 3 Months Ended
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Jun. 30, 2022
Noncontrolling Interest [Abstract] |
Redeemable Noncontrolling Interests and Noncontrolling Interests | Redeemable Noncontrolling Interests and Noncontrolling Interests Redeemable Noncontrolling Interests The Company’s previously recognized redeemable noncontrolling interests primarily related to its consolidated subsidiary, McKesson Europe. Under the December 2014 domination and profit and loss transfer agreement (the “Domination Agreement”), the noncontrolling shareholders of McKesson Europe are entitled to receive an annual recurring compensation amount of €0.83 per share. As a result, the Company recorded a total attribution of net income to the noncontrolling shareholders of McKesson Europe of $8 million during the three months ended June 30, 2021. This amount was recorded in “Net income attributable to noncontrolling interests” in the Company’s Condensed Consolidated Statement of Operations and the corresponding liability balance was recorded in “Other accrued liabilities” in the Company’s Condensed Consolidated Balance Sheet. Under the Domination Agreement, the noncontrolling shareholders of McKesson Europe had a right to put (“Put Right”) their noncontrolling shares at €22.99 per share, increased annually for interest in the amount of five percentage points above a base rate published by the German Bundesbank semi-annually, less any compensation amount or guaranteed dividend already paid by McKesson with respect to the relevant time period (“Put Amount”). During the three months ended June 30, 2021, the Company paid $1.0 billion to purchase 34.5 million shares of McKesson Europe through exercises of the Put Right by the noncontrolling shareholders. This decreased the carrying value of the redeemable noncontrolling interests by $983 million for the three months ended June 30, 2021, and the Company recorded the associated effect of the increase in the Company’s ownership interest of $178 million as an increase to McKesson stockholders’ additional paid-in capital. The Put Right expired on June 15, 2021, at which point the remaining shares owned by the minority shareholders, with a carrying value of $287 million, were transferred from “Redeemable noncontrolling interests” to “Noncontrolling interests” in the Condensed Consolidated Balance Sheet. Noncontrolling Interests Noncontrolling interests represent third-party equity interests in the Company’s consolidated entities primarily related to ClarusONE Sourcing Services LLP and Vantage Oncology Holdings, LLC. As discussed above, after June 15, 2021, noncontrolling interests also represent minority shareholder equity interests in McKesson Europe. The Company’s noncontrolling interest in McKesson Europe will be included in the sale of the E.U. disposal group, as discussed in Financial Note 2, “Held for Sale.” The Company allocated $41 million and $39 million of net income to noncontrolling interests during the during the three months ended June 30, 2022 and 2021, respectively, which was recorded in “Net income attributable to noncontrolling interests” in the Company’s Condensed Consolidated Statements of Operations. Changes in noncontrolling interests for the three months ended June 30, 2022 were as follows:
(In millions) | Noncontrolling Interests |  |
Balance, March 31, 2022 | $ | 480 |  |  |
Net income attributable to noncontrolling interests | 41 |  |  |
Other comprehensive income | 50 |  |  |
Reclassification of recurring compensation to other accrued liabilities | (2) |  |  |
Payments to noncontrolling interests | (36) |  |  |
Other | (1) |  |  |
Balance, June 30, 2022 | $ | 532 |  |  |
Changes in redeemable noncontrolling interests and noncontrolling interests for the three months ended June 30, 2021 were as follows:
(In millions) |  | Noncontrolling Interests |  | Redeemable Noncontrolling Interests
Balance, March 31, 2021 |  | $ | 196 |  |  | $ | 1,271 |
Net income attributable to noncontrolling interests |  | 39 |  |  | 8 |
Other comprehensive income |  | — |  |  | 3 |
Reclassification of recurring compensation to other accrued liabilities |  | — |  |  | (8) |
Payments to noncontrolling interests |  | (39) |  |  | — |
Exercises of Put Right |  | — |  |  | (983) |
Reclassification of McKesson Europe redeemable noncontrolling interests |  | 287 |  |  | (287) |
Other |  | 1 |  |  | 3 |
Balance, June 30, 2021 |  | $ | 484 |  |  | $ | 7 |

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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI https://asc.fasb.org/topic&trid=2197479 + Details
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- References No definition available. + Details
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