8-KOther EventsExhibits & Filings

MCKESSON CORP 8-K Report, Corporate Update (Feb 1, 2007)

Filed February 1, 2007For Securities:MCK

Summary

McKesson Corporation (MCK) filed an 8-K report on February 1, 2007, to provide updated disclosures regarding the reclassification of its Acute Care supply business and Pharmaceutical Buyers Inc. (PBI) as discontinued operations. This reclassification, in accordance with SFAS No. 144, affects previously issued financial statements included in the company's 2006 Form 10-K, particularly for periods where these businesses were active. The sale of the Acute Care supply business to Owens & Minor, Inc. was completed on September 30, 2006, while PBI was also sold during the same fiscal quarter. The results of PBI were deemed immaterial to McKesson's consolidated financial statements.

Key Highlights

  • 1McKesson is reclassifying its Acute Care supply business and Pharmaceutical Buyers Inc. (PBI) as discontinued operations.
  • 2This reclassification adheres to Statement of Financial Accounting Standards (SFAS) No. 144.
  • 3The Acute Care supply business was sold to Owens & Minor, Inc. on September 30, 2006.
  • 4PBI was also sold during the fiscal quarter ending September 30, 2006.
  • 5The financial results of PBI were not material to McKesson's consolidated financial statements.
  • 6The report includes updated disclosures affecting prior financial statements, specifically the 2006 Form 10-K, to reflect these dispositions.
  • 7Exhibits 99(a) and 99(b) provide detailed adjustments to the business description, financial statements, and management's discussion and analysis.

Frequently Asked Questions

McKesson is filing this 8-K to formally disclose the reclassification of its Acute Care supply business and Pharmaceutical Buyers Inc. (PBI) as discontinued operations, as required by accounting standards (SFAS No. 144). This impacts previously reported financial information.

The Acute Care supply business was sold on September 30, 2006. Pharmaceutical Buyers Inc. (PBI) was also sold during the same fiscal quarter.

This filing means the financial results of the sold Acute Care supply business and PBI will be presented separately as discontinued operations in McKesson's historical financial statements, including those in the 2006 Form 10-K. This provides a clearer view of the ongoing business operations.

The Acute Care supply business was a part of the Medical-Surgical Solutions segment. The results of PBI, which was part of the Pharmaceutical Solutions segment, were explicitly stated as not material to McKesson's consolidated financial statements.