XML 46 R35.htm IDEA: XBRL DOCUMENT v3.19.2
Segments of Business (Tables)
3 Months Ended
Jun. 30, 2019
Segment Reporting [Abstract]  
Schedule of financial information relating to reportable operating segments and reconciliations to the condensed consolidated totals
Financial information relating to our reportable operating segments and reconciliations to the condensed consolidated totals is as follows:
 
Quarter Ended June 30,
(In millions)
2019
 
2018
Revenues
 
 
 
U.S. Pharmaceutical and Specialty Solutions (1)
$
44,165

 
$
40,977

European Pharmaceutical Solutions (1)
6,710

 
6,935

Medical-Surgical Solutions (1)
1,903

 
1,703

Other
2,950

 
2,992

Total Revenues
$
55,728

 
$
52,607

 
 
 
 
Operating profit (2)
 
 
 
U.S. Pharmaceutical and Specialty Solutions (3)
$
579

 
$
543

European Pharmaceutical Solutions (4)
5

 
(560
)
Medical-Surgical Solutions
125

 
93

Other (5) (6)
141

 
114

Total
850

 
190

Corporate Expenses, Net (7)
(175
)
 
(123
)
Interest Expense
(56
)
 
(61
)
Income from Continuing Operations Before Income Taxes
$
619

 
$
6

 
 
 
 
Revenues, net by geographic area
 
 
 
United States
$
46,321

 
$
42,890

Foreign
9,407

 
9,717

Total Revenues
$
55,728

 
$
52,607

(1)
Revenues derived from services represent less than 1% of our U.S. Pharmaceutical and Specialty Solutions segment’s total revenues, less than 10% of our European Pharmaceutical Solutions segment’s total revenues and less than 2% of our Medical-Surgical Solutions segment’s total revenues.
(2)
Segment operating profit includes gross profit, net of operating expenses, as well as other income, net, for our operating segments.
(3)
Our U.S. Pharmaceutical and Specialty Solutions segment’s operating profit for the first quarters of 2020 and 2019 includes $15 million and $21 million pre-tax credits related to our last-in, first-out (“LIFO”) method of accounting for inventories. Operating profit for the first quarter of 2019 also include $35 million of cash receipts for our share of antitrust legal settlements.
(4)
European Pharmaceutical Solutions segment’s operating profit for the first quarter of 2019 includes non-cash goodwill impairment charges of $570 million (pre-tax and after-tax).
(5)
Operating profit for Other for the first quarter of 2019 includes pre-tax restructuring charges of $38 million (pre-tax and after-tax) primarily associated with the closure of retail pharmacy stores within our Canadian business and an escrow settlement gain of $97 million (pre-tax and after-tax) representing certain indemnity and other claims related to our 2017 third quarter acquisition of Rexall Health.
(6)
Operating profit for Other also includes our proportionate share of income of $4 million and loss of $56 million from Change Healthcare JV for the first quarters of 2020 and 2019.
(7)
Corporate expenses, net, for the first quarter of 2020 include pre-tax net settlement gains of $25 million from our net investment hedges and forward contracts and a pre-tax settlement charge of $17 million from the termination of our defined benefit pension plan.