McKesson 2014 Annual Report Download - page 110

Download and view the complete annual report

Please find page 110 of the 2014 McKesson annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 133

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133

McKESSON CORPORATION
FINANCIAL NOTES (Continued)
107
During the fourth quarter of 2013, we retired approximately 2 million shares repurchased for $217 million by the Company.
The retired shares constitute authorized but unissued shares. We elected to allocate any excess of share repurchase price over
par value between additional paid-in capital and retained earnings. As such, $195 million was recorded as a decrease to retained
earnings.
Other Comprehensive Income (Loss)
Information regarding other comprehensive income (loss) including noncontrolling interest, net of tax by component are as
follows:
Years Ended March 31,
(In millions) 2014 2013 2012
Foreign currency translation adjustments
Foreign currency translation adjustments arising during period, net of
income tax expense (benefit) of nil, ($2) and $2 (1) $ 9 $ (52) $ (56)
Reclassified to income statement, net of income tax expense of $24, nil and
nil (2) 44 — —
53 (52)(56)
Unrealized losses on cash flow hedges
Unrealized losses on cash flow hedges arising during period, net of income
tax benefit of nil, nil and nil (6) — (5)
Changes in retirement-related benefit plans
Net actuarial gain (loss) and prior service credit (cost) arising during period,
net of income tax (benefit) of $16, ($22) and ($18) 17 (40)(38)
Amortization of actuarial loss, prior service cost and transition obligation,
net of income tax expense of $12, $12 and $9 (3) 22 18 17
Foreign currency translation adjustments, net of income tax expense of nil,
nil and nil (4) 4 —
Reclassified to income statement, net of income tax expense of $1, nil and
nil 1——
36 (18)(21)
Other Comprehensive Income (Loss), net of tax $ 83 $ (70) $ (82)
(1) The 2014 amounts include net foreign currency translation gain of $21 million attributable to noncontrolling interests.
(2) As a result of our sale of our 49% equity interest in Nadro, foreign currency translation net losses of $44 million were reclassified from AOCI to other
income, within our consolidated statement of operations. Such losses were previously considered in our impairment evaluation of the investment when we
committed to a plan to sell the investment during the fourth quarter of 2013, and accordingly did not impact earnings for 2014.
(3) Pre-tax amount was reclassified into cost of sales and operating expenses in the consolidated statements of operations. The related tax expense (benefit)
was reclassified into income tax expense in the consolidated statements of operations.