McKesson 2016 Annual Report Download - page 128
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McKESSON CORPORATION
FINANCIAL NOTES (Continued)
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:
Years Ended March 31,
(In millions) 2016 2015 2014
Foreign currency translation adjustments(1)
Foreign currency translation adjustments arising during period, net of
income tax expense (benefit) of ($23), nil and nil (2) (3) $ 113 $(1,845) $ 9
Reclassified to income statement, net of income tax expense of nil, nil and
24 (4) — (10) 44
113 (1,855) 53
Unrealized gains (losses) on cash flow hedges
Unrealized gains (losses) on cash flow hedges arising during period, net of
income tax benefit of nil, nil and nil 6 (13) (6)
Reclassified to income statement, net of income tax expense of nil, nil and
nil 3 3 —
9 (10) (6)
Changes in retirement-related benefit plans
Net actuarial gain (loss) and prior service credit (cost) arising during
period, net of income tax expense (benefit) of $13, ($66) and $16 (5) 23 (140) 17
Amortization of actuarial loss, prior service cost and transition obligation,
net of income tax expense of $18, $6 and $12 (6) 30 11 22
Foreign currency translation adjustments and other, net of income tax
expense of nil, nil and nil (3) 4 (4)
Reclassified to income statement, net of income tax expense of nil, nil, and
$1 — 1 1
50 (124) 36
Other Comprehensive Income (Loss), net of tax $ 172 $(1,989) $ 83
(1) Foreign currency translation adjustments result from the conversion of non-U.S. dollar financial statements
of our foreign subsidiaries into the Company’s reporting currency, U.S. dollars, and were primarily related
to our foreign subsidiary, Celesio, in 2016 and 2015.
(2) The 2016 net foreign currency translation gains of $113 million were primarily due to the recovery of the
Euro against the U.S. dollar, partly offset by the weakening of the Canadian dollar and British pound
sterling against the U.S. dollar during the period between April 1, 2015 and March 31, 2016. The 2015
foreign currency translation losses of $1,855 million were primarily due to the weakening of the Euro
against U.S. dollar during the period between April 1, 2014 and March 31, 2015.
(3) 2016 includes net foreign currency translation gains of $16 million and 2015 includes net foreign currency
translations losses of $267 million attributable to noncontrolling and redeemable noncontrolling interests.
(4) These net foreign currency losses were reclassified from accumulated other comprehensive income (loss) to
discontinued operations within our consolidated statement of operations due to the sale of certain
businesses.
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