$MCK
MCKESSON CORP

2015 Q2 Form 10-Q Financial Statement

#000092765315000006 Filed on July 29, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $47.55B $43.48B
YoY Change 9.36% 34.86%
Cost Of Revenue $44.70B $40.74B
YoY Change 9.7% 34.43%
Gross Profit $2.848B $2.732B
YoY Change 4.25% 41.55%
Gross Profit Margin 5.99% 6.28%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $229.0M $280.0M
YoY Change -18.21% 72.84%
% of Gross Profit 8.04% 10.25%
Operating Expenses $1.917B $2.051B
YoY Change -6.53% 60.86%
Operating Profit $931.0M $681.0M
YoY Change 36.71% 3.97%
Interest Expense -$89.00M -$96.00M
YoY Change -7.29% 62.71%
% of Operating Profit -9.56% -14.1%
Other Income/Expense, Net $13.00M $19.00M
YoY Change -31.58% 216.67%
Pretax Income $855.0M $604.0M
YoY Change 41.56% 0.33%
Income Tax $256.0M $185.0M
% Of Pretax Income 29.94% 30.63%
Net Earnings $576.0M $403.0M
YoY Change 42.93% -4.95%
Net Earnings / Revenue 1.21% 0.93%
Basic Earnings Per Share $2.49 $1.75
Diluted Earnings Per Share $2.45 $1.72
COMMON SHARES
Basic Shares Outstanding 232.0M shares 231.0M shares
Diluted Shares Outstanding 235.0M shares 235.0M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.635B $4.105B
YoY Change 37.27% 41.31%
Cash & Equivalents $5.635B $4.105B
Short-Term Investments
Other Short-Term Assets $1.320B $824.0M
YoY Change 60.19% 0.86%
Inventory $14.93B $14.12B
Prepaid Expenses
Receivables $16.68B $14.92B
Other Receivables $0.00 $0.00
Total Short-Term Assets $38.57B $33.97B
YoY Change 13.53% 41.16%
LONG-TERM ASSETS
Property, Plant & Equipment $2.100B $2.209B
YoY Change -4.93% 65.72%
Goodwill $9.949B $10.43B
YoY Change -4.62% 66.58%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.879B $2.003B
YoY Change -6.19% 22.66%
Total Long-Term Assets $17.35B $19.03B
YoY Change -8.82% 66.61%
TOTAL ASSETS
Total Short-Term Assets $38.57B $33.97B
Total Long-Term Assets $17.35B $19.03B
Total Assets $55.93B $53.01B
YoY Change 5.51% 49.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.32B $22.81B
YoY Change 15.37% 36.98%
Accrued Expenses $3.892B $3.121B
YoY Change 24.7% 63.57%
Deferred Revenue
YoY Change
Short-Term Debt $144.0M $507.0M
YoY Change -71.6%
Long-Term Debt Due $1.510B $25.00M
YoY Change 5940.0% -92.9%
Total Short-Term Liabilities $34.67B $29.25B
YoY Change 18.56% 36.14%
LONG-TERM LIABILITIES
Long-Term Debt $8.142B $10.14B
YoY Change -19.71% 124.26%
Other Long-Term Liabilities $2.741B $2.855B
YoY Change -3.99% 37.26%
Total Long-Term Liabilities $10.88B $13.00B
YoY Change -16.26% 524.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.67B $29.25B
Total Long-Term Liabilities $10.88B $13.00B
Total Liabilities $45.56B $42.24B
YoY Change 7.85% 79.28%
SHAREHOLDERS EQUITY
Retained Earnings $13.23B $11.80B
YoY Change 12.09% 9.46%
Common Stock $4.000M $4.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.06B $9.611B
YoY Change 4.68% 1.13%
Treasury Stock Shares 153.0M shares 151.0M shares
Shareholders Equity $8.853B $8.979B
YoY Change
Total Liabilities & Shareholders Equity $55.93B $53.01B
YoY Change 5.51% 49.35%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $576.0M $403.0M
YoY Change 42.93% -4.95%
Depreciation, Depletion And Amortization $229.0M $280.0M
YoY Change -18.21% 72.84%
Cash From Operating Activities $454.0M $182.0M
YoY Change 149.45% -74.58%
INVESTING ACTIVITIES
Capital Expenditures $77.00M $83.00M
YoY Change -7.23% 20.29%
Acquisitions $6.000M $14.00M
YoY Change -57.14% -81.08%
Other Investing Activities -$7.000M -$18.00M
YoY Change -61.11% -300.0%
Cash From Investing Activities -$17.00M -$112.0M
YoY Change -84.82% -39.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $105.0M $102.0M
YoY Change 2.94% -19.69%
Debt Paid & Issued, Net $96.00M $228.0M
YoY Change -57.89%
Cash From Financing Activities -$203.0M -$167.0M
YoY Change 21.56% 128.77%
NET CHANGE
Cash From Operating Activities $454.0M $182.0M
Cash From Investing Activities -$17.00M -$112.0M
Cash From Financing Activities -$203.0M -$167.0M
Net Change In Cash $234.0M -$97.00M
YoY Change -341.24% -121.13%
FREE CASH FLOW
Cash From Operating Activities $454.0M $182.0M
Capital Expenditures $77.00M $83.00M
Free Cash Flow $377.0M $99.00M
YoY Change 280.81% -84.7%

Facts In Submission

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CY2015Q2 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Recently Issued Accounting Pronouncements Not Yet Adopted</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Inventory: </font><font style="font-family:inherit;font-size:10pt;">In July 2015, amended guidance was issued for the subsequent measurement of inventory. The amended guidance requires entities to measure inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The requirement would replace the current lower of cost or market evaluation. Accounting guidance is unchanged for inventory measured using last-in, first-out (&#8220;LIFO&#8221;) or the retail method. The amended guidance will become effective for us commencing in the first quarter of 2018. Early adoption is permitted. We are currently evaluating the impact of this amended guidance on our condensed consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fair Value Measurement: </font><font style="font-family:inherit;font-size:10pt;">In May 2015, amended guidance was issued that limits disclosures and removes the requirement to categorize investments within the fair value hierarchy if the fair value of the investment is measured using the net asset value per share practical expedient. The amended guidance will become effective for us commencing in the first quarter of 2017.&#160; Early adoption is permitted.&#160; We are currently evaluating the impact of this amended guidance on our condensed consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fees Paid in a Cloud Computing Arrangement</font><font style="font-family:inherit;font-size:10pt;">:&#160; In April 2015, amended guidance was issued for a customer&#8217;s accounting for fees paid in a cloud computing arrangement.&#160; The amended guidance requires customers to determine whether or not an arrangement contains a software license element. If the arrangement contains a software element, the related fees paid should be accounted for as an acquisition of a software license. If the arrangement does not contain a software license, it is accounted for as a service contract. The amended guidance will become effective for us commencing in the first quarter of 2017.&#160; Early adoption is permitted.&#160; We are currently evaluating the impact of this amended guidance on our condensed consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Debt Issuance Costs</font><font style="font-family:inherit;font-size:10pt;">:&#160; In April 2015, amended guidance was issued for the balance sheet presentation of debt issuance costs. The amended guidance requires debt issuance costs related to a recognized debt liability to be reported in the balance sheet as a direct deduction from the carrying amount of that debt liability.&#160; The recognition and measurement guidance for debt issuance costs are not affected by the amended guidance. The amended guidance will become effective for us commencing in the first quarter of 2017.&#160; Early adoption is permitted.&#160; We do not expect the adoption of this guidance to have a material effect on our condensed consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Consolidation: </font><font style="font-family:inherit;font-size:10pt;"> In February 2015, amended guidance was issued for consolidating legal entities in which a reporting entity holds a variable interest.&#160; The amended guidance modifies the evaluation of whether limited partnerships and similar legal entities are VIEs and changes the consolidation analysis of reporting entities that are involved with VIEs that have fee arrangements and related party relationships. The amended guidance will become effective for us commencing in the first quarter of 2017.&#160; Early adoption is permitted.&#160; We are currently evaluating the impact of this amended guidance on our condensed consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue Recognition: </font><font style="font-family:inherit;font-size:10pt;">In May 2014, amended guidance was issued for recognizing revenue from contracts with customers.&#160; The amended guidance eliminates industry specific guidance and applies to all companies.&#160; Revenues will be recognized when an entity satisfies a performance obligation by transferring control of a promised good or service to a customer in an amount that reflects the consideration to which the entity expects to be entitled for that good or service. Revenue from a contract that contains multiple performance obligations is allocated to each performance obligation generally on a relative standalone selling price basis. The amended guidance also requires additional quantitative and qualitative disclosures. As a result of a July 2015 decision by the Financial Accounting Standards Board, the amended guidance is effective for us commencing in the first quarter of 2019.&#160; The amended guidance allows for either full retrospective adoption or modified retrospective adoption. Early adoption is permitted but not prior to our first quarter of 2018. We are currently evaluating the impact of this amended guidance on our condensed consolidated financial statements.</font></div></div>
CY2015Q2 us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s fiscal year begins on April 1 and ends on March 31. Unless otherwise noted, all references to a particular year shall mean the Company&#8217;s fiscal year.</font></div></div>
CY2015Q2 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior period amounts have been reclassified to conform to the current period presentation.</font></div></div>
CY2015Q2 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">To prepare the financial statements in conformity with GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of these financial statements and income and expenses during the reporting period. Actual amounts may differ from these estimated amounts. In our opinion, the accompanying unaudited condensed consolidated financial statements include all normal recurring adjustments necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The results of operations for the quarter ended </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results that may be expected for the entire year. These interim financial statements should be read in conjunction with the annual audited financial statements, accounting policies and financial notes included in our Annual Report on Form 10-K for the fiscal year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;"> previously filed with the SEC on May 12, 2015 (&#8220;2015 Annual Report&#8221;). </font></div></div>

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