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Stockholders' Equity
 12 Months Ended
Mar. 31, 2021
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders' EquityEach 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 2020, the quarterly dividend was raised from $0.41 to $0.42 per common share for dividends declared on or after such date by the Board. Dividends were $1.67 per share in 2021, $1.62 per share in 2020, and $1.51 per share in 2019. 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.
Information regarding the 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, 2018$1,096 
Shares repurchase plans authorized in May 20184,000 
Shares repurchased - Open market10.4 $132.14 (1,377)
Shares repurchased - ASR2.1 $117.98 (250)
Balance, March 31, 20193,469 
Shares repurchased - Open market9.2 $144.68 (1,334)
Shares repurchased - ASR4.7 $127.68 (600)
Balance, March 31, 20201,535 
Shares repurchase plans authorized in January 20212,000 
Shares repurchased - Open market (3)
4.7 $160.33 (750)
Balance, March 31, 2021$2,785 
(1)This table does not include the value of equity awards surrendered to satisfy tax withholding obligations. 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)$8 million was accrued within “Other accrued liabilities” on 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.
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.
In 2019, the Company retired 5.0 million or $542 million of its treasury shares previously repurchased. Under the applicable state law, these shares resume the status of authorized and unissued shares upon retirement. In accordance with the Company’s accounting policy, any excess of share repurchase price over par value is allocated between additional paid-in capital and retained earnings. Accordingly, its retained earnings and additional paid-in capital were reduced by $472 million and $70 million, respectively, during 2019.
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 Note 2, “Investment in Change Healthcare Joint Venture,” for more information.
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:
Years Ended March 31,
 (In millions)202120202019
Foreign currency translation adjustments: (1)
Foreign currency translation adjustments arising during period, net of income tax expense of nil, nil, and nil (2)
$312 $(151)$(431)
Reclassified to income statement, net of income tax expense of nil, nil, and nil (3)
47 — — 
359 (151)(431)
Unrealized gains (losses) on net investment hedges: (4)
Unrealized gains (losses) on net investment hedges arising during period, net of income tax (expense) benefit of $62, $(30), and $(71)
(175)85 241 
Reclassified to income statement, net of income tax expense of nil, nil, and nil
— — — 
(175)85 241 
Unrealized gains (losses) on cash flow hedges:
Unrealized gains (losses) on cash flow hedges arising during period, net of income tax (expense) benefit of $6, $(12), and $(4)
(36)86 24 
Reclassified to income statement, net of income tax expense of nil, nil, and nil
— — — 
(36)86 24 
Changes in retirement-related benefit plans:
Net actuarial gain (loss) and prior service credit (cost) arising during the period, net of income tax (expense) benefit of $2, $(8), and $5 (5)
9 27 (51)
Amortization of actuarial loss, prior service cost and transition obligation, net of income tax benefit of $1, $1, and nil (6)
— 2 9 
Foreign currency translation adjustments and other, net of income tax expense of nil, nil, and nil
(11)6 10 
Reclassified to income statement, net of income tax expense of $9, $33, and nil (3) (7)
24 94 — 
22 129 (32)
Other comprehensive income (loss), net of tax$170 $149 $(198)
(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)2021, 2020, and 2019 include net foreign currency translation adjustments of $(60) million, $1 million, and $(61) million, respectively, attributable to noncontrolling and redeemable noncontrolling interests.
(3)2021 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 3, “Held for Sale.” These amounts were included in the current and prior periods calculation of charges to remeasure the assets and liabilities held for sale to fair value less costs to sell recorded within Operating expenses in the Consolidated Statements of Operations.
(4)2021, 2020, and 2019 include foreign currency adjustments of $(118) million, $39 million, and $259 million, respectively, on the net investment hedges from the Euro and British pound sterling-denominated notes. 2021, 2020, and 2019 also include foreign currency adjustments of $(119) million, $76 million, and $53 million, respectively, on the net investment hedges from the cross-currency swaps.
(5)The 2021 and 2020 net actuarial gains of $8 million and $2 million, respectively, and 2019 net actuarial loss of $5 million were attributable to noncontrolling and redeemable noncontrolling interests.
(6)Pre-tax amount was reclassified into “Cost of sales” and “Operating expenses” in the Consolidated Statements of Operations. The related tax expense was reclassified into “Income tax benefit (expense)” in the Consolidated Statements of Operations.
(7)2020 primarily reflects a reclassification of losses in 2020 upon the termination of the Plan from “Accumulated other comprehensive loss” to “Other income, net” in the Company’s Consolidated Statement of Operations.
Accumulated Other Comprehensive Income (Loss)
Information regarding changes in the Company’s accumulated other comprehensive income (loss) by component are as follows:
Foreign Currency Translation Adjustments
(In millions)Foreign Currency Translation Adjustments, Net of TaxUnrealized Gains (Losses) on Net Investment Hedges,
Net of Tax		Unrealized Gains (Losses) on Cash Flow Hedges,
Net of Tax		Unrealized Net Gains (Losses) and Other Components of Benefit Plans, Net of TaxTotal Accumulated Other Comprehensive Loss
Balance at March 31, 2019$(1,628)$53 $(37)$(237)$(1,849)
Other comprehensive income (loss) before reclassifications
(151)85 86 33 53 
Amounts reclassified to earnings and
other
— — — 96 96 
Other comprehensive income (loss)(151)85 86 129 149 
Less: amounts attributable to noncontrolling and redeemable noncontrolling interests
1 — — 2 3 
Other comprehensive income (loss) attributable to McKesson
(152)85 86 127 146 
Balance at March 31, 2020(1,780)138 49 (110)(1,703)
Other comprehensive income (loss) before reclassifications
312 (175)(36)(2)99 
Amounts reclassified to earnings and other
47 — — 24 71 
Other comprehensive income (loss)359 (175)(36)22 170 
Less: amounts attributable to noncontrolling and redeemable noncontrolling interests
(60)(1)— 8 (53)
Other comprehensive income (loss) attributable to McKesson
419 (174)(36)14 223 
Balance at March 31, 2021$(1,361)$(36)$13 $(96)$(1,480)