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Quarterly Financial Information (Unaudited)
 12 Months Ended
Mar. 31, 2014
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information (Unaudited)
Quarterly Financial Information (Unaudited)
The quarters 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 2014
 
 
 
 
 
 
 
Revenues
$
32,208

 
$
32,954

 
$
34,306

 
$
38,141

Gross profit (1)
1,920

 
2,009

 
1,840

 
2,540

Income after income taxes
 
 
 
 
 
 
 
Continuing operations (1) (2)
$
420

 
$
416

 
$
156

 
$
362

Discontinued operations (3)
4

 
(12
)
 
(92
)
 
4

Net income
424

 
404

 
64

 
366

Net loss attributable to noncontrolling interests (4)
—

 
—

 
—

 
5

Net income attributable to McKesson
$
424

 
$
404

 
$
64

 
$
371

Earnings (loss) per common share attributable
to McKesson (5)
 
 
 
 
 
 
 
Diluted
 
 
 
 
 
 
 
Continuing operations
$
1.81

 
$
1.79

 
0.67

 
$
1.56

Discontinued operations
0.02

 
(0.05
)
 
(0.39
)
 
0.02

Total
$
1.83

 
$
1.74

 
$
0.28

 
$
1.58

Basic
 
 
 
 
 
 
 
Continuing operations
$
1.84

 
$
1.82

 
0.68

 
$
1.59

Discontinued operations
0.02

 
(0.06
)
 
(0.40
)
 
0.02

Total
$
1.86

 
$
1.76

 
$
0.28

 
$
1.61

(1)
Financial results for the second, third and fourth quarters of 2014 includes pre-tax charges in our Distribution Solutions segment related to our LIFO method of accounting for inventories of $44 million, $142 million and $125 million, which were recorded in cost of sales. Fourth quarter 2014 also includes a $50 million pre-tax charge to cost of sales within our Distribution Solutions segment representing the reversal of a step-up to fair value of Celesio’s inventory at the date of acquisition. Our after-tax portion of this charge (after allocation to noncontrolling interests), was $28 million.
(2)
Financial results for the third quarter of 2014 include an income tax charge of $122 million relating to a litigation with the Canadian Revenue Agency.
(3)
Financial results for the third quarter of 2014, include an $80 million of after-tax impairment charge related to our International Technology Business.
(4)
Primarily represents the noncontrolling shareholders’ portion of net loss from Celesio.
(5)
Certain computations may reflect rounding adjustments.
(In millions, except per share amounts)
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
Fiscal 2013
 
 
 
 
 
 
 
Revenues
$
30,699

 
$
29,755

 
$
31,099

 
$
30,516

Gross profit
1,561

 
1,683

 
1,645

 
1,959

Income after income taxes
 
 
 
 
 
 
 
Continuing operations (1) (2) (3)
$
379

 
$
399

 
$
306

 
$
263

Discontinued operations
1

 
2

 
(8
)
 
(4
)
Net income
380

 
401

 
298

 
259

Net loss attributable to noncontrolling interests
—

 
—

 
—

 
—

Net income attributable to McKesson
$
380

 
$
401

 
$
298

 
$
259

Earnings per common share attributable
to McKesson (4)
 
 
 
 
 
 
 
Diluted
 
 
 
 
 
 
 
Continued operations
$
1.58

 
$
1.66

 
$
1.27

 
$
1.11

Discontinued operations
—

 
0.01

 
(0.03
)
 
(0.01
)
Total
$
1.58

 
$
1.67

 
$
1.24

 
$
1.10

Basic
 
 
 
 
 
 
 
Continuing operations
$
1.61

 
$
1.69

 
$
1.30

 
$
1.13

Discontinued operations
—

 
0.01

 
(0.03
)
 
(0.01
)
Total
$
1.61

 
$
1.70

 
$
1.27

 
$
1.12

(1)
Financial results for the first quarter of 2013 include an $81 million pre-tax gain on business combination, which was recorded as a reduction to operating expenses within our Corporate segment.
(2)
Financial results for the third quarter of 2013 include a $40 million pre-tax charge for a legal dispute in our Canadian business which was recorded in operating expenses within our Distribution Solutions segment.
(3)
Financial results for the fourth quarter of 2013 include a pre-tax impairment charge for an equity investment of $191 million recorded in other income, net within our Distribution Solutions segment. Financial results for the fourth quarter of 2013 also include $46 million of pre-tax impairment charges recorded in our Technology Solutions segment of which $36 million was recorded in operating expenses and $10 million was recorded in cost of sales.
(4)
Certain computations may reflect rounding adjustments.