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Stockholders' Equity
 3 Months Ended
Jun. 30, 2019
Equity [Abstract]  
Stockholders' Equity
Stockholders’ Equity
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”).
The Company currently pays quarterly dividends of $0.39 per common share. In July 2019, the Company’s quarterly dividend was raised from $0.39 to $0.41 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 any combination of such methods. The timing of any repurchases and the actual number of shares repurchased will depend on a variety of factors, including our stock price, corporate and regulatory requirements, restrictions under our debt obligations and other market and economic conditions.
In May 2019, we entered into an ASR program with a third-party financial institution to repurchase $600 million of the Company’s common stock. We repurchased a total of 4.7 million shares at an average price per share of $127.68 during the first quarter of 2020.
During the first quarter of 2020, we repurchased 0.7 million of the Company’s shares for $84 million through open market transactions at an average price per share of $128.64.
The total authorization outstanding for repurchases of the Company’s common stock was $2.8 billion at June 30, 2019.
 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:
 
Quarter Ended June 30,
 (In millions)
2019
 
2018
Foreign currency translation adjustments (1)
 
 
 
Foreign currency translation adjustments arising during period, net of income tax benefit of nil and nil (2) (3)
$
70

 
$
(273
)
Reclassified to income statement, net of income tax expense of nil and nil
—

 
—

 
70

 
(273
)
 
 
 
 
Unrealized gains (losses) on net investment hedges arising during period, net of income tax (expense) benefit of $9 and ($51) (4)
(26
)
 
144

Reclassified to income statement, net of income tax expense of nil and nil
—

 
—

 
(26
)
 
144

Unrealized gains on cash flow hedges
 
 
 
Unrealized gains on cash flow hedges arising during period, net of income tax expense of $6 and nil
12

 
—

Reclassified to income statement, net of income tax expense of nil and nil
—

 
—

 
12

 
—

Changes in retirement-related benefit plans (5)
 
 
 
Net actuarial gain and prior service cost arising during the period, net of income tax expense of $1 and nil
6

 
—

Amortization of actuarial loss, prior service cost and transition obligation, net of income tax expense of nil and nil (6)
1

 
1

Foreign currency translation adjustments and other, net of income tax expense of nil and nil
2

 
7

Reclassified to income statement, net of income tax expense of $5 and nil (7)
12

 
—

 
21

 
8

 
 
 
 
Other comprehensive income (loss), net of tax
$
77

 
$
(121
)
(1)
Foreign currency translation adjustments primarily result from the conversion of non-U.S. dollar financial statements of our foreign subsidiary, McKesson Europe, into the Company’s reporting currency, U.S. dollars, during the first quarters of 2020 and 2019.
(2)
During the first quarter of 2020, the net foreign currency translation gains were primarily due to the strengthening of the Canadian dollar and Euro against the U.S. dollar from April 1, 2019 to June 30, 2019. During the first quarter of 2019, the net foreign currency translation losses were primarily due to the weakening of the Euro and British pound sterling against the U.S. dollar from April 1, 2018 to June 30, 2018.
(3)
The first quarter of 2020 includes net foreign currency translation gains of $6 million attributable to redeemable noncontrolling interests and the first quarter of 2019 includes net foreign currency translation losses of $39 million attributable to redeemable noncontrolling interests.
(4)
The first quarter of 2020 includes foreign currency losses of $24 million on the net investment hedges from the €1.95 billion Euro-denominated notes and £450 million British pound sterling-denominated notes and losses of $11 million on the net investment hedges from the cross-currency swaps. The first quarter of 2019 includes foreign currency gains of $161 million on the net investment hedges from the €1.95 billion Euro-denominated notes and £450 million British pound sterling-denominated notes and gains of $34 million on the net investment hedges from cross-currency swaps.
(5)
The first quarters of 2020 and 2019 include net actuarial losses of nil and $2 million which are attributable to redeemable noncontrolling interests.
(6)
Pre-tax amount reclassified into cost of sales and operating expenses in our condensed consolidated statements of operations. The related tax expense was reclassified into income tax expense in our condensed consolidated statements of operations.
(7)
The first quarter of 2020 reflects a reclassification of a pension settlement charge from accumulated other comprehensive loss to other income, net in our condensed consolidated statement of operations.  
Accumulated Other Comprehensive Income (Loss)
Information regarding changes in our accumulated other comprehensive income (loss), net of tax, by component for the first quarters of 2020 and 2019 are as follows:
 
Foreign Currency Translation Adjustments
 
 
 
 
 
 
(In millions)
Foreign Currency Translation Adjustments, Net of Tax
 
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 Tax
 
Total Accumulated Other Comprehensive Income (Loss)
Balance at March 31, 2019
$
(1,628
)
 
$
53

 
$
(37
)
 
$
(237
)
 
$
(1,849
)
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassifications
70

 
(26
)
 
12

 
8

 
64

Amounts reclassified to earnings and other
—

 
—

 
—

 
13

 
13

Other comprehensive income (loss)
70

 
(26
)
 
12

 
21

 
77

Less: amounts attributable to noncontrolling and redeemable noncontrolling interests
6

 
—

 
—

 
—

 
6

Other comprehensive income (loss) attributable to McKesson
64

 
(26
)
 
12

 
21

 
71

Balance at June 30, 2019
$
(1,564
)
 
$
27

 
$
(25
)
 
$
(216
)
 
$
(1,778
)

 
Foreign Currency Translation Adjustments
 
 
 
 
 
 
(In millions)
Foreign Currency Translation Adjustments, Net of Tax
 
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 Tax
 
Total Accumulated Other Comprehensive Income (Loss)
Balance at March 31, 2018
$
(1,258
)
 
$
(188
)
 
$
(61
)
 
$
(210
)
 
$
(1,717
)
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassifications
(273
)
 
144

 
—

 
8

 
(121
)
Amounts reclassified to earnings and other
—

 
—

 
—

 
—

 
—

Other comprehensive income (loss)
(273
)
 
144

 
—

 
8

 
(121
)
Less: amounts attributable to noncontrolling and redeemable noncontrolling interests
(39
)
 
—

 
—

 
2

 
(37
)
Other comprehensive income (loss) attributable to McKesson
(234
)
 
144

 
—

 
6

 
(84
)
Balance at June 30, 2018
$
(1,492
)
 
$
(44
)
 
$
(61
)
 
$
(204
)
 
$
(1,801
)