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Stockholders' Equity (Deficit)
 3 Months Ended
Jun. 30, 2022
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”).
In July 2022, the quarterly dividend was raised from $0.47 to $0.54 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. The ASR programs discussed below were designed to comply with Rule 10b5-1(c).
In May 2022, 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 2.6 million shares in May 2022. The transaction will be completed during the second quarter of fiscal 2023, at which point the Company expects to receive additional shares. The final number of shares repurchased and the average price per share paid will be determined based on the volume-weighted average price of the Company’s common stock during the term of the ASR program, less a pre-negotiated discount.
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 total number of shares repurchased under this ASR program was 5.1 million shares at an average price per share of $295.16. The Company received 4.8 million shares as the initial share settlement during the fourth quarter of fiscal 2022 and, in May 2022, the Company received an additional 0.3 million shares upon the completion of this ASR program.
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 during the first quarter of fiscal 2022 and, in August 2021, the Company received an additional 0.9 million shares upon the completion of this ASR program.
There were no other shares repurchased during the three months ended June 30, 2022 and 2021.
The total remaining authorization outstanding for repurchases of the Company’s common stock at June 30, 2022 was $2.3 billion. In July 2022, the Board approved an increase of $4.0 billion in the authorization for repurchase of McKesson’s common stock.
Accumulated Other Comprehensive Loss
Information regarding changes in accumulated other comprehensive loss, including noncontrolling interests and redeemable noncontrolling interests, by components for the three months ended June 30, 2022 and 2021 are as follows:
Foreign Currency Translation Adjustments
(In millions)
Foreign Currency Translation Adjustments, Net of Tax (1)
Unrealized Gains on Net Investment Hedges,
Net of Tax		Unrealized Gains on Cash Flow Hedges,
Net of Tax		Unrealized Gains (Losses) and Other Components of Benefit Plans, Net of TaxTotal Accumulated Other Comprehensive Loss
Balance at March 31, 2022$(1,504)$10 $27 $(67)$(1,534)
Other comprehensive income (loss) before reclassifications(176)45 
⁽²⁾
18 12 (101)
Amounts reclassified to earnings and other (3)
730 (17)— 24 737 
Other comprehensive income554 28 18 36 636 
Less: amounts attributable to noncontrolling interests47 — — 3 50 
Other comprehensive income attributable to McKesson507 28 18 33 586 
Balance at June 30, 2022$(997)$38 $45 $(34)$(948)
(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 recorded for the three months ended June 30, 2022 include gains of $64 million related to net investment hedges from Euro-denominated notes and gains of $12 million related to net investment hedges from cross-currency swaps. These amounts are net of income tax expense of $31 million.
(3)Primarily includes adjustments for amounts related to the sale of the U.K. disposal group, as discussed in more detail in Financial Note 2, “Held for Sale.” These amounts were included in the fiscal 2022 calculation of charges to remeasure the assets and liabilities held for sale to fair value less costs to sell recorded within “Selling, distribution, general, and administrative expenses” in the Consolidated Statement of Operations.
Foreign Currency Translation Adjustments
(In millions)
Foreign Currency Translation Adjustments, Net of Tax (1)
Unrealized Losses on Net Investment Hedges,
Net of Tax		Unrealized Gains on Cash Flow Hedges,
Net of Tax		Unrealized Gains (Losses) and Other Components of Benefit Plans, Net of TaxTotal Accumulated Other Comprehensive Loss
Balance at March 31, 2021$(1,361)$(36)$13 $(96)$(1,480)
Other comprehensive income (loss) before reclassifications34 (27)
⁽²⁾
— 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)
(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 recorded for the three months ended June 30, 2021 include losses of $22 million related to net investment hedges from Euro-denominated notes and losses of $5 million related to net investment hedges from cross-currency swaps. These amounts are net of income tax benefit of $6 million.