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Quarterly Financial Information (Unaudited) (Tables)
 12 Months Ended
Mar. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Schedule of quarterly financial information
The quarterly results of operations are not necessarily indicative of the results that may be expected for the entire year. Selected quarterly financial information for the last two years is as follows:
(In millions, except per share amounts)
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
Fiscal 2019
 
 
 
 
 
 
 
Revenues
$
52,607

 
$
53,075

 
$
56,208

 
$
52,429

Gross profit (1) (2)
2,779

 
2,804

 
2,970

 
3,201

Income (Loss) after income taxes:
 
 
 
 
 
 
 
Continuing operations (1) (2) (3) (4) (5) (6) (7)
$
(81
)
 
$
552

 
$
527

 
$
(744
)
Discontinued operations
1

 
1

 
(1
)
 
—

Net income (loss)
$
(80
)
 
$
553

 
$
526

 
$
(744
)
Net income (loss) attributable to McKesson
$
(138
)
 
$
499

 
$
469

 
$
(796
)
Earnings (loss) per common share attributable
to McKesson (8)
 
 
 
 
 
 
 
Diluted (9)
 
 
 
 
 
 
 
Continuing operations
$
(0.69
)
 
$
2.51

 
$
2.41

 
$
(4.17
)
Discontinued operations
0.01

 
—

 
(0.01
)
 
—

Total
$
(0.68
)
 
$
2.51

 
$
2.40

 
$
(4.17
)
Basic
 
 
 
 
 
 
 
Continuing operations
$
(0.69
)
 
$
2.52

 
$
2.42

 
$
(4.17
)
Discontinued operations
0.01

 
—

 
(0.01
)
 
—

Total
$
(0.68
)
 
$
2.52

 
$
2.41

 
$
(4.17
)

(1)
Gross profit for the first, second, third and fourth quarters of 2019 includes pre-tax credits of $21 million, $22 million, $21 million and $146 million related to our LIFO method of accounting for inventories.
(2)
Gross profit for the first, third and fourth quarters of 2019 includes $35 million, $104 million, and $63 million of cash proceeds representing our share of net settlements of antitrust class action lawsuits.
(3)
Financial results for the first and fourth quarter of 2019 include non-cash pre-tax goodwill impairment charges of $570 million and $1,206 million within our two reporting units within the European Pharmaceutical Solutions segment.
(4)
Financial results for the first and fourth quarters of 2019 include non-cash pre-tax asset impairment charges of $20 million and $190 million primarily for our U.K. retail business. Financial results for the third quarter of 2019 include non-cash pre-tax asset impairment charges of $35 million for our Rexall Health retail business.
(5)
Financial results for the first, second, third and fourth quarters of 2019 include our proportionate share of loss from Change Healthcare of $56 million, $56 million, $50 million and $32 million.
(6)
Financial results for the first quarter of 2019 include a pre-tax gain from escrow settlement of $97 million representing certain indemnity and other claims related to our 2017 acquisition of Rexall Health.
(7)
Financial results for the second quarter of 2019 include a pre-tax credit of $90 million representing the derecognition of the TRA liability payable to the shareholders of Change.
(8)
Certain computations may reflect rounding adjustments.
(9)
As a result of our reported net loss for the first and fourth quarters of 2019, potentially dilutive securities were excluded from the per share computations for those quarters due to their antidilutive effect.
 

(In millions, except per share amounts)
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
Fiscal 2018
 
 
 
 
 
 
 
Revenues
$
51,051

 
$
52,061

 
$
53,617

 
$
51,628

Gross profit (1)
2,560

 
2,834

 
2,715

 
3,075

Income (loss) after income taxes:
 
 
 
 
 
 
 
Continuing operations (1) (2) (3) (4) (5)
$
363

 
$
56

 
$
960

 
$
(1,087
)
Discontinued operations
2

 
—

 
1

 
2

Net income (loss)
$
365

 
$
56

 
$
961

 
$
(1,085
)
Net income (loss) attributable to McKesson
$
309

 
$
1

 
$
903

 
$
(1,146
)
Earnings (loss) per common share attributable
to McKesson (6)
 
 
 
 
 
 
 
Diluted (7)
 
 
 
 
 
 
 
Continuing operations
$
1.44

 
$
0.01

 
$
4.32

 
$
(5.58
)
Discontinued operations
0.01

 
—

 
0.01

 
—

Total
$
1.45

 
$
0.01

 
$
4.33

 
$
(5.58
)
Basic
 
 
 
 
 
 
 
Continuing operations
$
1.46

 
$
0.01

 
$
4.34

 
$
(5.58
)
Discontinued operations
—

 
—

 
0.01

 
—

Total
$
1.46

 
$
0.01

 
$
4.35

 
$
(5.58
)

(1)
Gross profit for the first, second, third and fourth quarters of 2018 includes pre-tax charge of $26 million, pre-tax credits of $29 million, $2 million and $94 million related to our LIFO method of accounting for inventories.
(2)
Financial results for the second and fourth quarter of 2018 include non-cash pre-tax goodwill impairment charges of $350 million and $933 million for our former McKesson Europe reporting unit in European Pharmaceutical Solutions segment. In addition, financial results for the fourth quarter of 2018 include a non-cash pre-tax goodwill impairment charge of $455 million for our Rexall Health reporting unit in Other.
(3)
Financial results for the second and fourth quarter of 2018 include non-cash pre-tax asset impairment charges of $189 million and $257 million for our McKesson Europe business.
(4)
Financial results for the third quarter of 2018 include a pre-tax gain of $109 million from the sale of our EIS business.
(5)
Financial results for the first, second, third and fourth quarters of 2018 include our proportionate share of loss from Change Healthcare of $120 million, $61 million, $90 million and income of $23 million.
(6)
Certain computations may reflect rounding adjustments.
(7)
As a result of our reported net loss for the fourth quarter of 2018, potentially dilutive securities were excluded from the 2018 fourth quarter per share computations due to their antidilutive effect.