Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Novelis Inc. | ' |
Entity Central Index Key | '0001304280 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 1,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $2,427 | $2,441 | $4,835 | $4,991 |
Cost of goods sold (exclusive of depreciation and amortization) | 2,087 | 2,077 | 4,192 | 4,279 |
Selling, general and administrative expenses | 109 | 102 | 229 | 204 |
Depreciation and amortization | 79 | 69 | 156 | 142 |
Research and development expenses | 12 | 13 | 22 | 25 |
Interest expense and amortization of debt issuance costs | 75 | 73 | 151 | 147 |
Loss (gain) on assets held for sale | 0 | 2 | 0 | -3 |
Restructuring and impairment, net | 18 | 17 | 27 | 22 |
Equity in net loss of non-consolidated affiliates | 3 | 3 | 7 | 5 |
Other income, net | -5 | -2 | -15 | -29 |
Total expenses | 2,378 | 2,354 | 4,769 | 4,792 |
Income before income taxes | 49 | 87 | 66 | 199 |
Income tax provision | 26 | 37 | 29 | 58 |
Net income | 23 | 50 | 37 | 141 |
Net income attributable to noncontrolling interests | 0 | 1 | 0 | 1 |
Net income attributable to our common shareholder | $23 | $49 | $37 | $140 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income attributable to our common shareholder | $23 | $49 | $37 | $140 |
Net income attributable to noncontrolling interests | 0 | 1 | 0 | 1 |
Net income | 23 | 50 | 37 | 141 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Currency translation adjustment attributable to our common shareholder | 94 | 47 | 92 | -34 |
Currency translation adjustment attributable to noncontrolling interests | -1 | 1 | -2 | 0 |
Currency translation adjustment | 93 | 48 | 90 | -34 |
Net change in fair value of effective portion of cash flow hedges attributable to our common shareholder | 3 | -30 | -43 | -58 |
Net change in fair value of effective portion of cash flow hedges attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net change in fair value of effective portion of cash flow hedges | 3 | -30 | -43 | -58 |
Net change in pension and other benefits attributable to our common shareholder | 97 | 6 | 103 | 30 |
Net change in pension and other benefits attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net change in pension and other benefits | 97 | 6 | 103 | 30 |
Other comprehensive income (loss) before income tax effect attributable to our common shareholder | 194 | 23 | 152 | -62 |
Other comprehensive income (loss) before income tax effect attributable to noncontrolling interests | -1 | 1 | -2 | 0 |
Other comprehensive income (loss) before income tax effect | 193 | 24 | 150 | -62 |
Income tax (benefit) provision related to items of other comprehensive income (loss) attributable to our common shareholder | 32 | -10 | 32 | -11 |
Income tax (benefit) provision related to items of other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Income tax (benefit) provision related to items of other comprehensive income (loss) | 32 | -10 | 32 | -11 |
Other comprehensive income (loss), net of tax, attributable to our common shareholder | 162 | 33 | 120 | -51 |
Other comprehensive income (loss), net of tax, attributable to noncontrolling interests | -1 | 1 | -2 | 0 |
Other comprehensive income (loss), net of tax | 161 | 34 | 118 | -51 |
Comprehensive income (loss) attributable to our common shareholder | 185 | 82 | 157 | 89 |
Comprehensive income (loss) attributable to noncontrolling interest | -1 | 2 | -2 | 1 |
Comprehensive income (loss) | $184 | $84 | $155 | $90 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 |
In Millions, unless otherwise specified | ||||||
Current assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $338 | ' | $301 | $227 | ' | $317 |
Accounts receivable, net | ' | ' | ' | ' | ' | ' |
— third parties (net of allowances of $4 as of September 30, 2013 and $3 as of March 31, 2013, respectively) | 1,290 | ' | 1,447 | ' | ' | ' |
Accounts receivable-related parties | 45 | ' | 38 | ' | ' | ' |
Inventories | 1,126 | ' | 1,168 | ' | ' | ' |
Prepaid expenses and other current assets | 90 | ' | 93 | ' | ' | ' |
Fair value of derivative instruments | 53 | ' | 109 | ' | ' | ' |
Deferred income tax assets | 116 | ' | 112 | ' | ' | ' |
Assets held for sale | 34 | ' | 9 | ' | ' | ' |
Total current assets | 3,092 | ' | 3,277 | ' | ' | ' |
Property, plant and equipment, net | 3,327 | ' | 3,104 | ' | ' | ' |
Goodwill | 611 | ' | 611 | ' | ' | ' |
Intangible assets, net | 645 | ' | 649 | ' | ' | ' |
Investment in and advances to non–consolidated affiliates | 653 | ' | 627 | ' | ' | ' |
Deferred income tax assets | 43 | ' | 75 | ' | ' | ' |
Other long–term assets | ' | ' | ' | ' | ' | ' |
— third parties | 178 | ' | 166 | ' | ' | ' |
— related parties | 13 | ' | 13 | ' | ' | ' |
Total assets | 8,562 | ' | 8,522 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Current portion of long–term debt | 31 | ' | 30 | ' | ' | ' |
Short–term borrowings | 640 | ' | 468 | ' | ' | ' |
Accounts payable | ' | ' | ' | ' | ' | ' |
— third parties | 991 | ' | 1,207 | ' | ' | ' |
— related parties | 51 | ' | 47 | ' | ' | ' |
Fair value of derivative instruments | 79 | ' | 74 | ' | ' | ' |
Accrued expenses and other current liabilities | 532 | ' | 497 | ' | ' | ' |
Deferred income tax liabilities | 19 | ' | 28 | ' | ' | ' |
Liabilities held for sale | 12 | ' | 1 | ' | ' | ' |
Total current liabilities | 2,355 | ' | 2,352 | ' | ' | ' |
Long–term debt, net of current portion | 4,429 | ' | 4,434 | ' | ' | ' |
Deferred income tax liabilities | 468 | ' | 504 | ' | ' | ' |
Accrued postretirement benefits | 653 | ' | 731 | ' | ' | ' |
Other long–term liabilities | 263 | ' | 262 | ' | ' | ' |
Total liabilities | 8,168 | ' | 8,283 | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' | ' |
Shareholder’s equity | ' | ' | ' | ' | ' | ' |
Common stock, no par value; unlimited number of shares authorized; 1,000 shares issued and outstanding as of September 30, 2013 and March 31, 2013 | 0 | ' | 0 | ' | ' | ' |
Additional paid–in capital | 1,654 | ' | 1,654 | ' | ' | ' |
Accumulated deficit | 1,140 | ' | 1,177 | ' | ' | ' |
Accumulated other comprehensive loss | -148 | -310 | -268 | -242 | -275 | -191 |
Total equity of our common shareholder | 366 | ' | 209 | ' | ' | ' |
Noncontrolling interests | 28 | ' | 30 | ' | ' | ' |
Total equity | 394 | ' | 239 | ' | ' | ' |
Total liabilities and equity | $8,562 | ' | $8,522 | ' | ' | ' |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Mar. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Allowances for accounts receivable | $4 | $3 |
Common stock, par value | ' | ' |
Common stock, shares authorized | 'unlimited | 'unlimited |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING ACTIVITIES | ' | ' |
Net income | $37 | $141 |
Adjustments to determine net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 156 | 142 |
Loss (gain) on unrealized derivatives and other realized derivatives in investing activities, net | 14 | -11 |
Gain on assets held for sale | 0 | -3 |
Deferred income taxes | -20 | 13 |
Amortization of fair value adjustments, net | 6 | 8 |
Equity in net loss of non-consolidated affiliates | 7 | 5 |
Loss (gain) on foreign exchange remeasurement of debt | 2 | -7 |
Loss (gain) on sale of assets, net | 2 | -1 |
Non-cash impairment charges | 8 | 1 |
Amortization of debt issuance costs and carrying value adjustments | 13 | 13 |
Other, net | -2 | 1 |
Changes in assets and liabilities including assets and liabilities held for sale (net of effects from acquisitions and divestitures): | ' | ' |
Accounts receivable | 163 | 30 |
Inventories | 20 | -148 |
Accounts payable | -213 | -5 |
Other current assets | 39 | -31 |
Other current liabilities | 10 | -8 |
Other noncurrent assets | -6 | -6 |
Other noncurrent liabilities | 12 | -17 |
Net cash provided by operating activities | 248 | 117 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -365 | -345 |
Proceeds from sales of assets, third party, net | 0 | 5 |
Proceeds from sales of assets, related party, net | 8 | 2 |
Proceeds from investment in and advances to non-consolidated affiliates, net | 0 | -1 |
Proceeds from related party loans receivable, net | 0 | 2 |
Proceeds from settlement of other undesignated derivative instruments, net | 6 | 31 |
Net cash used in investing activities | -351 | -304 |
FINANCING ACTIVITIES | ' | ' |
Proceeds from issuance of debt | 76 | 46 |
Principal payments | -59 | -11 |
Short–term borrowings, net | 131 | 54 |
Dividends, noncontrolling interest | 0 | -2 |
Debt issuance costs | -8 | 0 |
Net cash provided by financing activities | 140 | 87 |
Net increase (decrease) in cash and cash equivalents | 37 | -100 |
Effect of exchange rate changes on cash | 0 | 10 |
Cash and cash equivalents — beginning of period | 301 | 317 |
Cash and cash equivalents — end of period | $338 | $227 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Shareholder's Equity (Unaudited) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) (AOCI) [Member] | Non-controlling Interests [Member] |
In Millions, except Share data, unless otherwise specified | ||||||
Balance at Mar. 31, 2013 | $239 | $0 | $1,654 | ($1,177) | ($268) | $30 |
Balance, shares at Mar. 31, 2013 | ' | 1,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Net income attributable to our common shareholder | 37 | ' | ' | 37 | ' | ' |
Net income attributable to noncontrolling interests | 0 | ' | ' | ' | ' | 0 |
Currency translation adjustment, net of tax impact of $–million included in AOCI | 90 | ' | ' | ' | 92 | -2 |
Change in fair value of effective portion of cash flow hedges, net of tax benefit of $6 included in AOCI | -37 | ' | ' | ' | -37 | ' |
Change in pension and other benefits, net of tax provision of $38 included in AOCI | -65 | ' | ' | ' | -65 | ' |
Balance at Sep. 30, 2013 | $394 | $0 | $1,654 | ($1,140) | ($148) | $28 |
Balance, shares at Sep. 30, 2013 | ' | 1,000 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statement of Shareholder's Equity (Unaudited) (Parenthetical) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) (AOCI) [Member] | ' |
Tax provision on currency translation adjustment | $0 |
Tax benefit on change in fair value of cash flow hedges | -6 |
Tax provision on change in pension and other benefits | 38 |
Non-controlling Interests [Member] | ' |
Tax provision on currency translation adjustment | $0 |
Business_and_Summary_of_Signif
Business and Summary of Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
References herein to “Novelis,” the “Company,” “we,” “our,” or “us” refer to Novelis Inc. and its subsidiaries unless the context specifically indicates otherwise. References herein to “Hindalco” refer to Hindalco Industries Limited, our parent company. In October 2007, the Rio Tinto Group purchased all the outstanding shares of Alcan, Inc. References herein to “Alcan” refer to Rio Tinto Alcan Inc. | |
Description of Business and Basis of Presentation | |
Novelis Inc. was formed in Canada on September 21, 2004. We produce aluminum sheet and light gauge products for use in the packaging market, which includes beverage and food can and foil products, as well as for use in the transportation, electronics, architectural and industrial product markets. We also have recycling operations in many of our plants to recycle post-consumer aluminum, such as used-beverage cans (UBCs). As of September 30, 2013, we had manufacturing operations in nine countries on four continents: North America, South America, Asia and Europe, through 25 operating plants, including recycling operations in ten of these plants. In addition to aluminum rolled products plants, our South American businesses include primary aluminum smelting and power generation facilities. | |
The accompanying unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes in our Annual Report on Form 10-K for the year ended March 31, 2013 filed with the United States Securities and Exchange Commission (SEC) on May 15, 2013. Management believes that all adjustments necessary for the fair statement of results, consisting of normally recurring items, have been included in the unaudited condensed consolidated financial statements for the interim periods presented. | |
The preparation of our condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The principal areas of judgment relate to (1) the fair value of derivative financial instruments; (2) impairment of goodwill; (3) impairment of long lived assets and other intangible assets; (4) equity investments; (5) actuarial assumptions related to pension and other postretirement benefit plans; (6) tax uncertainties and valuation allowances; and (7) assessment of loss contingencies, including environmental and litigation liabilities. Future events and their effects cannot be predicted with certainty, and accordingly, our accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of our condensed consolidated financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. We evaluate and update our assumptions and estimates on an ongoing basis and may employ outside experts to assist in our evaluations. Actual results could differ from the estimates we have used. | |
Consolidation Policy | |
Our condensed consolidated financial statements include the assets, liabilities, revenues and expenses of all wholly-owned subsidiaries, majority-owned subsidiaries over which we exercise control and entities in which we have a controlling financial interest or are deemed to be the primary beneficiary. We eliminate all significant intercompany accounts and transactions from our condensed consolidated financial statements. | |
We use the equity method to account for our investments in entities that we do not control, but where we have the ability to exercise significant influence over operating and financial policies. Consolidated “Net income attributable to our common shareholder” includes our share of net income (loss) of these entities. The difference between consolidation and the equity method impacts certain of our financial ratios because of the presentation of the detailed line items reported in the consolidated financial statements for consolidated entities, compared to a two-line presentation of equity method investments and net losses. | |
Reclassifications and Adjustments | |
Certain reclassifications of the prior period amounts and presentation have been made to conform to the presentation adopted in the current period. Impairment charges were previously presented within "Other income, net" and are now included within "Restructuring and impairment, net." "Fair value of derivative instruments, net of current portion" were previously presented as a separate line item on our condensed consolidated balance sheets and are now included within "Other long-term assets, third parties." | |
Recently Adopted Accounting Standards | |
Effective for the first quarter of fiscal 2014, we adopted Financial Accounting Standards Board Accounting Standards Update (ASU) No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. The amendments in this update require us to disclose information about offsetting and related arrangements to enable users of our financial statements to understand the effect of those arrangements on our financial position. The adoption of this standard had no impact on our consolidated financial position or results of operations, but required additional disclosure in Note 13 - Fair Value Measurements. | |
Effective for the first quarter of fiscal 2014, we adopted Financial Accounting Standards Board ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The amendment requires that we present, either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, we would instead cross reference to the related footnote for additional information. The adoption of this standard had no impact on our consolidated financial position or results of operations, but required additional disclosure for which we added in Note 12 - Accumulated Other Comprehensive Income (Loss). | |
Recently Issued Accounting Standards | |
In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. The amendments in this update provide clarification regarding the release of a cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets within a foreign entity. The guidance will be effective for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods. The guidance will be applied prospectively. We will adopt this standard in our first quarter ending June 30, 2015. | |
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The amendments in this update provide guidance on the presentation of unrecognized tax benefits and will better reflect the manner in which an entity would settle, at the reporting date, any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. The guidance will be effective for annual reporting periods beginning after December 15, 2013, and interim periods within those annual periods. The guidance will be applied prospectively. We will adopt this standard in our first quarter ending June 30, 2014. We do not expect the standard will have a material impact to our consolidated financial position or results of operations. |
Restructuring_and_Impairment_N
Restructuring and Impairment, Net | 6 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||
RESTRUCTURING AND IMPAIRMENT, NET | ' | |||||||||||||||||||||||
RESTRUCTURING AND IMPAIRMENT, NET | ||||||||||||||||||||||||
“Restructuring and impairment, net” for the six months ended September 30, 2013 and 2012 was $27 million and $22 million, respectively. | ||||||||||||||||||||||||
Of the $27 million and $22 million of "Restructuring and impairment, net" charges for the six months ended September 30, 2013 and 2012, $8 million and $1 million, respectively, represent non-cash charges on asset impairments unrelated to our restructuring activities and an additional $1 million of other period expenses in the current year that were not included in the liability. In the six months ended September 30, 2013, we had impairment charges of $7 million on our non-core assets in South America and $1 million on assets in North America. Therefore, the aforementioned impairment charges and other period expenses did not affect the restructuring liability balance as of September 30, 2013. | ||||||||||||||||||||||||
The following table summarizes our restructuring liability activity by segment (in millions). | ||||||||||||||||||||||||
North | Europe | Asia | South | Corporate | Total Restructuring | |||||||||||||||||||
America | America | Liabilities | ||||||||||||||||||||||
Balance as of March 31, 2013 | $ | 7 | $ | 10 | $ | — | $ | 14 | $ | 2 | $ | 33 | ||||||||||||
Provisions | 1 | 15 | — | 2 | — | 18 | ||||||||||||||||||
Cash payments | (3 | ) | (6 | ) | — | (6 | ) | (1 | ) | (16 | ) | |||||||||||||
Foreign currency translation and other | — | 1 | — | (1 | ) | — | — | |||||||||||||||||
Balance as of September 30, 2013 | $ | 5 | $ | 20 | $ | — | $ | 9 | $ | 1 | $ | 35 | ||||||||||||
As of September 30, 2013, $34 million of restructuring liabilities was classified as short-term and was included in "Accrued expenses and other current liabilities" and $1 million was classified as long-term and was included in "Other long-term liabilities" in our condensed consolidated balance sheets. | ||||||||||||||||||||||||
North America | ||||||||||||||||||||||||
Restructuring charges for the six months ended September 30, 2013 were $1 million, which consisted of severance and other costs related to relocation of our research and development operations in addition to $1 million of period expenses that were not recorded through the restructuring liability. For the six months ended September 30, 2013, we made $2 million in severance payments and $1 million in other payments related to previously announced programs. | ||||||||||||||||||||||||
As of September 30, 2013, the restructuring liability balance of $5 million was comprised of severance costs. | ||||||||||||||||||||||||
Europe | ||||||||||||||||||||||||
Restructuring charges for the six months ended September 30, 2013 consisted of $15 million of severance charges that reflect continuing efforts to reduce the cost of our business support organization for the European region. For the six months ended September 30, 2013, we made $6 million in severance payments related to these restructuring actions and previously announced separation programs. | ||||||||||||||||||||||||
As of September 30, 2013, the restructuring liability balance of $20 million was comprised of $18 million of severance costs and $2 million of environmental remediation liabilities and other costs. | ||||||||||||||||||||||||
South America | ||||||||||||||||||||||||
Restructuring charges for the six months ended September 30, 2013 were $2 million which consisted of severance and other exit charges related to the closure of one of our primary aluminum smelter lines. For the six months ended September 30, 2013, we made $3 million in severance payments and $3 million in other exit related payments for the closure of the primary aluminum smelter line. | ||||||||||||||||||||||||
As of September 30, 2013, the restructuring liability balance of $9 million was comprised of primarily environmental remediation liabilities. | ||||||||||||||||||||||||
Corporate | ||||||||||||||||||||||||
Restructuring payments during the six months ended September 30, 2013 consisted of $1 million in lease payments related to our previous corporate headquarters. As of September 30, 2013, the restructuring liability balance of $1 million was comprised of lease termination costs incurred in the relocation of our corporate headquarters to a new facility in Atlanta, Georgia. |
Inventories
Inventories | 6 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORIES | ' | |||||||
INVENTORIES | ||||||||
Inventories consisted of the following (in millions). | ||||||||
September 30, | March 31, | |||||||
2013 | 2013 | |||||||
Finished goods | $ | 209 | $ | 245 | ||||
Work in process | 442 | 502 | ||||||
Raw materials | 371 | 319 | ||||||
Supplies | 104 | 102 | ||||||
Inventories | $ | 1,126 | $ | 1,168 | ||||
Assets_Held_For_Sale
Assets Held For Sale | 6 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Assets Held For Sale [Abstract] | ' | |||||||
ASSETS HELD FOR SALE | ' | |||||||
ASSETS HELD FOR SALE | ||||||||
During the three months ended September 30, 2013, we made the decision to sell certain non-core assets and liabilities. The sale is estimated to occur within the next twelve months. The related assets and liabilities have been reclassified to "Assets held for sale" and "Liabilities held for sale" in our condensed consolidated balance sheets as of September 30, 2013. The estimated fair market value is in excess of the net book value of the assets and liabilities. | ||||||||
In August 2013, we sold our bauxite mining rights and certain alumina assets and related liabilities in Brazil to our parent company, Hindalco, for $8 million in cash. The sales price approximated the net book value of the assets and liabilities sold, therefore we recorded no gain or loss. As of March 31, 2013, these assets and liabilities were classified as “Assets held for sale” and “Liabilities held for sale” in our condensed consolidated balance sheets. | ||||||||
During the six months ended September 30, 2012, we sold three aluminum foil and packaging plants in our Europe segment to American Industrial Acquisition Corporation (AIAC) and we recorded a gain on the disposal of these assets and liabilities of $3 million, which was recorded as “Gain on assets held for sale” in the condensed consolidated statement of operations. | ||||||||
The following table summarizes the carrying amounts of the major classes of assets and liabilities held for sale (in millions). | ||||||||
September 30, | March 31, | |||||||
2013 | 2013 | |||||||
Assets held for sale | ||||||||
Accounts receivable | $ | 13 | $ | — | ||||
Inventories | 16 | — | ||||||
Prepaid expenses and other current assets | 1 | — | ||||||
Property, plant and equipment, net | 4 | 9 | ||||||
Total assets held for sale | $ | 34 | $ | 9 | ||||
Liabilities held for sale | ||||||||
Accounts payable | $ | 4 | $ | — | ||||
Accrued expenses and other current liabilities | 8 | — | ||||||
Other liabilities | — | 1 | ||||||
Total liabilities held for sale | $ | 12 | $ | 1 | ||||
Consolidation
Consolidation | 6 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Consolidation [Abstract] | ' | |||||||
CONSOLIDATION | ' | |||||||
CONSOLIDATION | ||||||||
Variable Interest Entities (VIE) | ||||||||
The entity that has a controlling financial interest in a VIE is referred to as the primary beneficiary and consolidates the VIE. An entity is deemed to have a controlling financial interest and is the primary beneficiary of a VIE if it has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. | ||||||||
We have a joint interest in Logan Aluminum Inc. (Logan) with Tri-Arrows Aluminum Inc. (Tri-Arrows). Logan processes metal received from Novelis and Tri-Arrows and charges the respective partner a fee to cover expenses. Logan is thinly capitalized and relies on the regular reimbursement of costs and expenses by Novelis and Tri-Arrows to fund its operations. This reimbursement is considered a variable interest as it constitutes a form of financing of the activities of Logan. Other than these contractually required reimbursements, we do not provide other material support to Logan. Logan’s creditors do not have recourse to our general credit. | ||||||||
We have a majority voting right on Logan’s board of directors and have the ability to direct the majority of Logan’s production operations. We also have the ability to take the majority share of production and associated costs. These facts qualify us as Logan’s primary beneficiary and this entity is consolidated for all periods presented. All significant intercompany transactions and balances have been eliminated. | ||||||||
The following table summarizes the carrying value and classification of assets and liabilities owned by the Logan joint venture and consolidated in our condensed consolidated balance sheets (in millions). There are significant other assets used in the operations of Logan that are not part of the joint venture, as they are directly owned and consolidated by Novelis or Tri-Arrows. | ||||||||
September 30, | March 31, | |||||||
2013 | 2013 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 2 | $ | 1 | ||||
Accounts receivable | 34 | 35 | ||||||
Inventories | 43 | 38 | ||||||
Prepaid expenses and other current assets | 1 | 1 | ||||||
Total current assets | 80 | 75 | ||||||
Property, plant and equipment, net | 6 | 17 | ||||||
Goodwill | 12 | 12 | ||||||
Deferred income taxes | 70 | 68 | ||||||
Other long-term assets | 2 | 3 | ||||||
Total assets | $ | 170 | $ | 175 | ||||
Liabilities | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 21 | $ | 29 | ||||
Accrued expenses and other current liabilities | 12 | 14 | ||||||
Total current liabilities | 33 | 43 | ||||||
Accrued postretirement benefits | 157 | 154 | ||||||
Other long-term liabilities | 3 | 3 | ||||||
Total liabilities | $ | 193 | $ | 200 | ||||
Investment_In_and_Advances_To_
Investment In and Advances To Non-Consolidated Affiliates and Related Party Transactions | 6 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
INVESTMENT IN AND ADVANCES TO NON CONSOLIDATED AFFILIATES AND RELATED PARTY TRANSACTIONS | ' | |||||||||||||||
INVESTMENT IN AND ADVANCES TO NON-CONSOLIDATED AFFILIATES AND RELATED PARTY TRANSACTIONS | ||||||||||||||||
Included in the accompanying condensed consolidated financial statements are transactions and balances arising from businesses we conduct with our non-consolidated affiliates, which we classify as related party transactions and balances. We earned less than $1 million of interest income on a loan due from a non-consolidated affiliate, Aluminium Norf GmbH (Alunorf), during each of the periods presented in the table below. We believe collection of the full receivable from Alunorf is probable; thus no allowance for loan loss was provided for this loan as of September 30, 2013 and March 31, 2013. | ||||||||||||||||
We have guaranteed the indebtedness for a credit facility and loan on behalf of Alunorf. The guarantee is limited to 50% of the outstanding debt, not to exceed 6 million euros. As of September 30, 2013, our guarantee was less than $1 million. | ||||||||||||||||
The following table summarizes the results of operations of our equity method affiliates in aggregate for the three and six months ended September 30, 2013 and 2012 and the nature and amounts of significant transactions that we had with our non-consolidated affiliates (in millions). The results of operations of our equity method affiliates were previously presented to reflect only our proportional share. The current period and prior periods are now disclosed at 100% of the operating results of these affiliates. | ||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net sales | $ | 130 | $ | 119 | $ | 261 | $ | 241 | ||||||||
Costs and expenses related to net sales | 129 | 115 | 256 | 234 | ||||||||||||
(Benefit) provision for taxes on income | (2 | ) | 2 | $ | 2 | $ | 2 | |||||||||
Net income | $ | 3 | $ | 2 | $ | 3 | $ | 5 | ||||||||
Purchase of tolling services from Aluminium Norf GmbH (Alunorf) | $ | 65 | $ | 59 | $ | 131 | $ | 120 | ||||||||
The following table describes the period-end account balances that we had with these non-consolidated affiliates, shown as related party balances in our condensed consolidated balance sheets (in millions). | ||||||||||||||||
September 30, | March 31, | |||||||||||||||
2013 | 2013 | |||||||||||||||
Accounts receivable-related parties | $ | 45 | $ | 38 | ||||||||||||
Other long-term assets-related parties | $ | 13 | $ | 13 | ||||||||||||
Accounts payable-related parties | $ | 51 | $ | 47 | ||||||||||||
Transactions with Hindalco | ||||||||||||||||
We occasionally have related party transactions with our parent company, Hindalco. During the three and six months ended September 30, 2013 and 2012, “Net sales” were less than $1 million between Novelis and our parent. As of September 30, 2013 and March 31, 2013, there were no "Accounts receivable, net" outstanding related to these sales transactions. | ||||||||||||||||
In August 2013, we sold our bauxite mining rights and certain alumina assets and related liabilities in Brazil to Hindalco for $8 million in cash. As of September 30, 2013, we had a receivable from Hindalco related to this transaction of less than $1 million. See Note 4-Assets Held for Sale for further details. |
Debt
Debt | 6 Months Ended | ||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||
DEBT | ' | ||||||||||||||||||||||||||||||
DEBT | |||||||||||||||||||||||||||||||
Debt consisted of the following (in millions). | |||||||||||||||||||||||||||||||
September 30, 2013 | March 31, 2013 | ||||||||||||||||||||||||||||||
Interest | Principal | Unamortized | Carrying | Principal | Unamortized | Carrying | |||||||||||||||||||||||||
Rates(A) | Carrying Value | Value | Carrying Value | Value | |||||||||||||||||||||||||||
Adjustments | Adjustments | ||||||||||||||||||||||||||||||
Third party debt: | |||||||||||||||||||||||||||||||
Short term borrowings | 3.33 | % | $ | 640 | $ | — | $ | 640 | $ | 468 | $ | — | $ | 468 | |||||||||||||||||
Novelis Inc. | |||||||||||||||||||||||||||||||
Floating rate Term Loan Facility, due March 2017 | 3.75 | % | 1,758 | (23 | ) | (B) | 1,735 | 1,767 | (27 | ) | (B) | 1,740 | |||||||||||||||||||
8.375% Senior Notes, due December 2017 | 8.375 | % | 1,100 | — | 1,100 | 1,100 | — | 1,100 | |||||||||||||||||||||||
8.75% Senior Notes, due December 2020 | 8.75 | % | 1,400 | — | 1,400 | 1,400 | — | 1,400 | |||||||||||||||||||||||
Capital lease obligations, due through July 2017 | 3.64 | % | 11 | — | 11 | 12 | — | 12 | |||||||||||||||||||||||
Novelis Korea Limited | |||||||||||||||||||||||||||||||
Loans, due December 2014 through December 2015 (KRW 166 billion) | 3.63 | % | 154 | — | 154 | 149 | — | 149 | |||||||||||||||||||||||
Novelis Switzerland S.A. | |||||||||||||||||||||||||||||||
Capital lease obligation, due through December 2019 (Swiss francs (CHF) 34 million) | 7.5 | % | 38 | (1 | ) | 37 | 38 | (1 | ) | 37 | |||||||||||||||||||||
Novelis do Brasil Ltda. | |||||||||||||||||||||||||||||||
BNDES loans, due March 2014 through April 2021(BRL R$34 million) | 6.14 | % | 15 | (3 | ) | 12 | 18 | (3 | ) | 15 | |||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||
Other debt, due through December 2020 | 4.27 | % | 11 | — | 11 | 11 | — | 11 | |||||||||||||||||||||||
Total debt — third parties | 5,127 | (27 | ) | 5,100 | 4,963 | (31 | ) | 4,932 | |||||||||||||||||||||||
Less: Short-term borrowings | (640 | ) | — | (640 | ) | (468 | ) | — | (468 | ) | |||||||||||||||||||||
Current portion of long term debt | $ | (31 | ) | — | $ | (31 | ) | $ | (30 | ) | — | $ | (30 | ) | |||||||||||||||||
Long-term debt, net of current portion — third parties: | $ | 4,456 | $ | (27 | ) | $ | 4,429 | $ | 4,465 | $ | (31 | ) | $ | 4,434 | |||||||||||||||||
(A) | Interest rates are the fixed or variable rates as specified in the debt instruments (not the effective interest rate) as of September 30, 2013, and therefore, exclude the effects of related interest rate swaps and accretion/amortization of fair value adjustments as a result of purchase accounting in connection with Hindalco's purchase of Novelis and accretion/amortization of debt issuance costs related to the debt exchange completed in fiscal 2009 and the series of refinancing transactions and additional borrowings we completed in fiscal 2011, 2012, 2013 and 2014. We present stated rates of interest because they reflect the rate at which cash will be paid for future debt service. | ||||||||||||||||||||||||||||||
(B) | Debt existing at the time of Hindalco's purchase of Novelis was recorded at fair value. In connection with a series of refinancing transactions, a portion of the historical fair value adjustments were allocated to the Term Loan Facility. The balance also includes the unamortized discount on the Term Loan Facility. | ||||||||||||||||||||||||||||||
Principal repayment requirements for our total debt over the next five years and thereafter (excluding unamortized carrying value adjustments and using exchange rates as of September 30, 2013 for our debt denominated in foreign currencies) are as follows (in millions): | |||||||||||||||||||||||||||||||
As of September 30, 2013 | Amount | ||||||||||||||||||||||||||||||
Short-term borrowings and Current portion of long-term debt due within one year | $ | 671 | |||||||||||||||||||||||||||||
2 years | 76 | ||||||||||||||||||||||||||||||
3 years | 140 | ||||||||||||||||||||||||||||||
4 years | 1,716 | ||||||||||||||||||||||||||||||
5 years | 1,110 | ||||||||||||||||||||||||||||||
Thereafter | 1,414 | ||||||||||||||||||||||||||||||
Total | $ | 5,127 | |||||||||||||||||||||||||||||
Senior Secured Credit Facilities | |||||||||||||||||||||||||||||||
As of September 30, 2013, we had senior secured credit facilities which consist of (1) a $1.8 billion four-year secured term loan credit facility (Term Loan Facility) and (2) a $1 billion five-year asset based loan facility (ABL Revolver). The Term Loan Facility interest rate is equal to LIBOR (with a floor of 1%) plus a spread of 2.75%, at all times. | |||||||||||||||||||||||||||||||
In May 2013, we amended and extended our old five-year asset based loan facility (ABL Facility) by entering into a $1.0 billion, five year ABL Revolver bearing an interest rate of LIBOR plus a spread of 1.75% to 2.25% or prime plus a spread of 0.75% to 1.25% based on excess availability. The ABL Revolver has a provision that allows the facility to be increased by an additional $500 million, subject to approval by the lenders of the Term Loan Facility and ABL Revolver. The new ABL Revolver has various customary covenants including maintaining a minimum fixed charge coverage ratio of 1.25 to 1 if excess availability is less than the greater of (1) $110 million and (2) 15% of the lesser of (a) the Credit Facility and (b) the borrowing base. The fixed charge coverage ratio will be equal to the ratio of (1) (a) ABL defined EBITDA less (b) maintenance capital expenditures less (c) cash taxes; to (2) (a) interest expense plus (b) scheduled principal payments plus (c) dividends to the Company's direct holding company to pay certain taxes, operating expenses and management fees and repurchases of equity interests from employees, officers and directors. The facility matures on May 13, 2018; provided that, in the event that any of the Notes or the Term Loan Facility is outstanding (and not refinanced with a maturity date later than November 13, 2018) 90 days prior to their respective maturity dates, then the ABL Revolver will mature 90 days prior to the maturity date for the Notes or the Term Loan Facility, unless excess availability under the ABL Revolver is at least (i) 25% of the lesser of (x) the total ABL Revolver commitment and (y) the then applicable borrowing base and (ii) 20% of the lesser of (x) the total ABL Revolver commitment and (y) the then applicable borrowing base and a minimum fixed charged ratio test of at least 1.25 to 1 is met. | |||||||||||||||||||||||||||||||
The senior secured credit facilities contain various affirmative covenants, including covenants with respect to our financial statements, litigation and other reporting requirements, insurance, payment of taxes, employee benefits and (subject to certain limitations) causing new subsidiaries to pledge collateral and guaranty our obligations. The senior secured credit facilities also include various customary negative covenants and events of default, including limitations on our ability to (1) make certain restricted payments, (2) incur additional indebtedness, (3) sell certain assets, (4) enter into sale and leaseback transactions, (5) make investments, loans and advances, (6) pay dividends and distributions beyond certain amounts, (7) engage in mergers, amalgamations or consolidations, (8) engage in certain transactions with affiliates, and (9) prepay certain indebtedness. Substantially all of our assets are pledged as collateral under the senior secured credit facilities. As of September 30, 2013, we were in compliance with the covenants in the Term Loan Facility and ABL Revolver. | |||||||||||||||||||||||||||||||
Short-Term Borrowings | |||||||||||||||||||||||||||||||
As of September 30, 2013, our short-term borrowings were $640 million consisting of $469 million of loans under our ABL Revolver, $46 million (KRW 50 billion) in Novelis Korea loans, $121 million in Novelis Brazil loans, and $4 million (VND 88 billion) in Novelis Vietnam loans. The weighted average interest rate on our total short-term borrowings was 3.33% and 3.30% as of September 30, 2013 and March 31, 2013, respectively. | |||||||||||||||||||||||||||||||
As of September 30, 2013, $25 million of the ABL Revolver was utilized for letters of credit, and we had $430 million in remaining availability under the ABL Revolver. As of September 30, 2013, we had less than $1 million of outstanding letters of credit in Korea which are not related to the ABL Revolver. | |||||||||||||||||||||||||||||||
In May 2013, Novelis Korea entered into two new revolving loan facilities with two banks. As of September 30, 2013, one of the facilities has a borrowing capacity of $28 million (KRW 30 billion) and bears an interest rate of the three month financial rate as published by the Korea Financial Investment Association plus a spread of 1.6%. The second facility has a borrowing capacity of $47 million (KRW 50 billion) and bears an interest rate tied to Korea's three month CD rate plus a spread of 1.25%. Both facilities mature in May 2015. As of September 30, 2013, we had no borrowings outstanding under these revolving loan facilities. | |||||||||||||||||||||||||||||||
Senior Notes | |||||||||||||||||||||||||||||||
On December 17, 2010, we issued $1.1 billion in aggregate principal amount of 8.375% Senior Notes Due 2017 (the 2017 Notes) and $1.4 billion in aggregate principal amount of 8.75% Senior Notes Due 2020 (the 2020 Notes, and together with the 2017 Notes, the Notes). On October 12, 2012, we elected to redeem all of our outstanding 7.25% Senior Notes due 2015 (the 7.25% Notes). We made payments to the holders of the outstanding 7.25% Notes of $76 million and retired them during the third quarter of fiscal 2013. | |||||||||||||||||||||||||||||||
The Notes contain customary covenants and events of default that will limit our ability and, in certain instances, the ability of certain of our subsidiaries to (1) incur additional debt and provide additional guarantees, (2) pay dividends beyond certain amounts and make other restricted payments, (3) create or permit certain liens, (4) make certain asset sales, (5) use the proceeds from the sales of assets and subsidiary stock, (6) create or permit restrictions on the ability of certain of the Company's subsidiaries to pay dividends or make other distributions to the Company, (7) engage in certain transactions with affiliates, (8) enter into sale and leaseback transactions, (9) designate subsidiaries as unrestricted subsidiaries and (10) consolidate, merge or transfer all or substantially all of the our assets and the assets of certain of our subsidiaries. During any future period in which either Standard & Poor's Ratings Group, Inc., a division of the McGraw-Hill Companies, Inc. or Moody's Investors Service, Inc. have assigned an investment grade credit rating to the Notes and no default or event of default under the Indenture has occurred and is continuing, most of the covenants will be suspended. As of September 30, 2013, we were in compliance with the covenants in the Notes. | |||||||||||||||||||||||||||||||
Long-term Korean Bank Loans | |||||||||||||||||||||||||||||||
As of September 30, 2013, Novelis Korea had $154 million (KRW 166 billion) of outstanding long-term loans with various banks. One of the loans has a fixed interest rate of 3.61% and a maturity of December 2015 and all other loans have variable interest rates with base rates tied to Korea's 91-day CD rate plus an applicable spread ranging from 0.88% to 1.41% with maturity dates ranging from December 2014 to December 2015. The weighted average interest rate is 3.63% as of September 30, 2013. | |||||||||||||||||||||||||||||||
Long-term Brazil BNDES Loans | |||||||||||||||||||||||||||||||
From February 2011 through September 2012, Novelis Brazil entered into loan agreements with Brazil’s National Bank for Economic and Social Development (the BNDES loans) related to the plant expansion in Pindamonhangaba, Brazil (Pinda). As of September 30, 2013, we had $15 million (BRL 34 million) outstanding under the BNDES loan agreements at a current weighted average rate of 6.14% with maturity dates from March 2014 through April 2021. | |||||||||||||||||||||||||||||||
Other Long-term debt | |||||||||||||||||||||||||||||||
In December 2004, Novelis Switzerland entered into a fifteen-year capital lease obligation with Alcan for assets in Sierre, Switzerland, which has an interest rate of 7.5% and fixed quarterly payments of CHF 1.7 million, which is equivalent to $2 million at the exchange rate as of September 30, 2013. As of September 30, 2013, we had $38 million outstanding under this capital lease. | |||||||||||||||||||||||||||||||
During fiscal 2013, Novelis Inc. entered into various five-year capital lease arrangements to upgrade and expand our information technology infrastructure. As of September 30, 2013, we had $11 million outstanding under these capital leases. | |||||||||||||||||||||||||||||||
As of September 30, 2013, we had $11 million of other capital lease obligations and loans in Asia with due dates through December 2020. | |||||||||||||||||||||||||||||||
Interest Rate Swaps | |||||||||||||||||||||||||||||||
We use interest rate swaps to manage our exposure to changes in benchmark interest rates which impact our variable-rate debt. See Note 11- Financial Instruments and Commodity Contracts for further information about these interest rate swaps. |
ShareBased_Compensation
Share-Based Compensation | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
SHARE-BASED COMPENSATION | ' | ||||||||||||||||
8. SHARE-BASED COMPENSATION | |||||||||||||||||
The Company's board of directors has authorized long term incentive plans (LTIP), under which Hindalco stock appreciation rights (Hindalco SARs), Novelis stock appreciation rights (Novelis SARs), and phantom restricted stock units (RSUs) are granted to certain executive officers and key employees. | |||||||||||||||||
The Hindalco and Novelis SARs will each vest at the rate of 25% per year, subject to the achievement of an annual performance target, and expire 7 years from their original grant date. Each Hindalco SAR is to be settled in cash based on the difference between the market value of one Hindalco share on the date of grant and the market value on the date of exercise. Each Novelis SAR is to be settled in cash based on the difference between the fair value of one Novelis phantom share on the original date of grant and the fair value of a phantom share on the date of the exercise. The amount of cash paid to settle Hindalco SARs and Novelis SARs are limited to two and a half or three times the target payout, depending on the plan year. The Hindalco and Novelis SARs do not transfer any shareholder rights in Hindalco or Novelis to a participant. The Hindalco and Novelis SARs are classified as liability awards and are remeasured at fair value each reporting period until the SARs are settled. | |||||||||||||||||
The performance criterion for vesting of both the Hindalco and Novelis SARs is based on the actual overall Novelis operating EBITDA compared to the target established and approved each fiscal year. The minimum threshold for vesting each year is 75% of each annual target operating EBITDA. Given that the performance criterion is based on an earnings target in a future period for each fiscal year, the grant date of the awards for accounting purposes is generally not established until the performance criterion has been defined. | |||||||||||||||||
The RSUs vest in full three years from the grant date, subject to continued employment with the Company, but are not subject to performance criteria. Each RSU is to be settled in cash equal to the market value of one Hindalco share. The payout on the RSUs is limited to three times the market value of one Hindalco share measured on the original date of grant. The RSUs are classified as liability awards and expensed over the requisite service period (three years) based on the Hindalco stock price as of each balance sheet date. | |||||||||||||||||
On May 13, 2013, the Company's board of directors amended the long-term incentive plans for fiscal years 2010 - 2013 (FY 2010 Plan), fiscal years 2011- 2014 (FY 2011 Plan), fiscal years 2012 - 2015 (FY 2012 Plan) and fiscal years 2013 - 2016 (FY 2013 Plan). The amendment gave each participant the option to cancel a portion of their outstanding Hindalco SARs for a lump-sum cash payment and/or the issuance of new Novelis SARs. The remaining Hindalco SARs and the new Novelis SARs will continue to vest according to the terms and conditions of the original grant. The following tables reflect the activity related to the participants' elections under the amendment. | |||||||||||||||||
Total compensation expense (income) related to Hindalco SARs, Novelis SARs, and RSUs under the plans for the respective periods is presented in the table below (in millions). These amounts are included in “Selling, general and administrative expenses” or "Cost of goods sold (exclusive of depreciation and amortization)" in our condensed consolidated statements of operations. As the performance criteria for fiscal years 2015, 2016 and 2017 have not yet been established, measurement periods for Hindalco and Novelis SARs relating to those periods have not yet commenced. As a result, only compensation expense for vested and current year Hindalco and Novelis SARs has been recorded. | |||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Total compensation expense (income) | $ | 4 | $ | 3 | $ | 17 | $ | 1 | |||||||||
The table below shows the Hindalco SARs activity for the six months ended September 30, 2013. | |||||||||||||||||
Number of | Weighted | Weighted Average | Aggregate | ||||||||||||||
SARs | Average | Remaining | Intrinsic | ||||||||||||||
Exercise Price | Contractual Term | Value (USD | |||||||||||||||
(in Indian Rupees) | (In years) | in millions) | |||||||||||||||
SARs outstanding as of March 31, 2013 | 38,971,573 | 120.4 | 4.8 | $ | 2 | ||||||||||||
Granted | 7,250,044 | 105.11 | 6.6 | — | |||||||||||||
Exercised | (398,387 | ) | 68.53 | — | — | ||||||||||||
Forfeited/Cancelled | (22,668,522 | ) | 94.25 | — | — | ||||||||||||
SARs outstanding as of September 30, 2013 | 23,154,708 | 111.14 | 4.7 | $ | 5 | ||||||||||||
SARs exercisable as of September 30, 2013 | 9,869,563 | 104.48 | |||||||||||||||
The table below shows the Novelis SARs activity for the six months ended September 30, 2013. | |||||||||||||||||
Number of | Weighted | Weighted Average | Aggregate | ||||||||||||||
SARs | Average | Remaining | Intrinsic | ||||||||||||||
Exercise Price | Contractual Term | Value (USD | |||||||||||||||
(in USD) | (In years) | in millions) | |||||||||||||||
SARs outstanding as of March 31, 2013 | — | — | — | $ | — | ||||||||||||
Granted | 13,279,528 | 94.82 | 5 | 3 | |||||||||||||
Exercised | — | — | — | — | |||||||||||||
Forfeited/Cancelled | (420,569 | ) | 93.69 | — | — | ||||||||||||
SARs outstanding as of September 30, 2013 | 12,858,959 | 94.86 | 5.3 | $ | 3 | ||||||||||||
SARs exercisable as of September 30, 2013 | 2,060,728 | 101.81 | |||||||||||||||
The table below shows the RSUs activity for the six months ended September 30, 2013. | |||||||||||||||||
Number of | Grant Date Fair | Aggregate | |||||||||||||||
RSUs | Value | Intrinsic | |||||||||||||||
(in Indian Rupees) | Value (USD | ||||||||||||||||
in millions) | |||||||||||||||||
RSUs outstanding as of March 31, 2013 | 3,591,406 | 136.22 | $ | 5 | |||||||||||||
Granted | 2,077,994 | 104.98 | — | ||||||||||||||
Exercised | (734,802 | ) | 105.98 | — | |||||||||||||
Forfeited/Cancelled | (178,618 | ) | 110.56 | — | |||||||||||||
RSUs outstanding as of September 30, 2013 | 4,755,980 | 120.69 | $ | 8 | |||||||||||||
The fair value of each unvested Hindalco SAR was estimated using the following assumptions: | |||||||||||||||||
Six Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Risk-free interest rate | 8.72% - 9.07% | 8.07% - 8.22% | |||||||||||||||
Dividend yield | 1.25 | % | 1.28 | % | |||||||||||||
Volatility | 36% - 51% | 45% - 52% | |||||||||||||||
The fair value of each unvested Novelis SAR was estimated using the following assumptions: | |||||||||||||||||
Six Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Risk-free interest rate | .89% - 1.90% | — | % | ||||||||||||||
Dividend yield | — | % | — | % | |||||||||||||
Volatility | 29% - 41% | — | % | ||||||||||||||
The fair value of each unvested Hindalco SAR was based on the difference between the fair value of a long call and a short call option. The fair value of each of these call options was determined using the Monte Carlo Simulation model. We used historical stock price volatility data of Hindalco on the National Stock Exchange of India to determine expected volatility assumptions. The risk-free interest rate is based on Indian treasury yields interpolated for a time period corresponding to the remaining contractual life. The forfeiture rate is estimated based on actual historical forfeitures. The dividend yield is estimated to be the annual dividend of the Hindalco stock over the remaining contractual lives of the Hindalco SARs. The value of each vested Hindalco SAR is remeasured at fair value each reporting period based on the excess of the current stock price over the exercise price, not to exceed the maximum payout as defined by the plans. The fair value of the Hindalco SARs is being recognized over the requisite performance and service period of each tranche, subject to the achievement of any performance criteria. | |||||||||||||||||
The fair value of each unvested Novelis SAR was based on the difference between the fair value of a long call and a short call option. The fair value of each of these call options was determined using the Monte Carlo Simulation model. We used the historical volatility of comparable companies to determine expected volatility assumptions. The risk-free interest rate is based on U.S. treasury yields for a time period corresponding to the remaining contractual life as of valuation date. The forfeiture rate is estimated based on actual historical forfeitures of Hindalco SARs. The value of each vested Novelis SAR is remeasured at fair value each reporting period based on the percentage increase in the current Novelis phantom stock price over the exercise price, not to exceed the maximum payout as defined by the plans. The fair value of the Novelis SARs is being recognized over the requisite performance and service period of each tranche, subject to the achievement of any performance criteria. | |||||||||||||||||
The cash payments made to settle Hindalco SAR liabilities were $15 million in the six months ended September 30, 2013, which primarily relates to payments made to participants that elected to cancel their outstanding Hindalco SARs as part of the amendment discussed above. Total cash payments made to settle Hindalco RSUs were $1 million in the six months ended September 30, 2013. Unrecognized compensation expense related to the non-vested Hindalco SARs (assuming all future performance criteria are met) was $7 million, which is expected to be recognized over a weighted average period of 2.4 years. Unrecognized compensation expense related to the non-vested Novelis SARs (assuming all future performance criteria are met) was $13 million, which is expected to be recognized over a weighted average period of 2.0 years. Unrecognized compensation expense related to the RSUs was $6 million, which will be recognized over the remaining weighted average vesting period of 2.0 years. |
Postretirement_Benefit_Plans
Postretirement Benefit Plans | 6 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
POSTRETIREMENT BENEFIT PLANS | ' | |||||||||||||||
POSTRETIREMENT BENEFIT PLANS | ||||||||||||||||
Our pension obligations relate to funded defined benefit pension plans in the U.S., Canada, Switzerland and the U.K.; unfunded pension plans in Germany; unfunded lump sum indemnities in France, Malaysia and Italy; and partially funded lump sum indemnities in South Korea. Our other postretirement obligations (Other Benefit Plans, as shown in certain tables below) include unfunded healthcare and life insurance benefits provided to retired employees in Canada, the U.S. and Brazil. | ||||||||||||||||
Components of net periodic benefit cost for all of our significant postretirement benefit plans are shown in the tables below (in millions). | ||||||||||||||||
Pension Benefit Plans | Other Benefit Plans | |||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 12 | $ | 11 | $ | 2 | $ | 2 | ||||||||
Interest cost | 16 | 17 | 2 | 3 | ||||||||||||
Expected return on assets | (17 | ) | (16 | ) | — | — | ||||||||||
Amortization — losses | 7 | 8 | 1 | — | ||||||||||||
Amortization — prior service (credit) / cost | (1 | ) | (1 | ) | (2 | ) | — | |||||||||
Net periodic benefit cost | $ | 17 | $ | 19 | $ | 3 | $ | 5 | ||||||||
Pension Benefit Plans | Other Benefit Plans | |||||||||||||||
Six Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 25 | $ | 22 | $ | 5 | $ | 5 | ||||||||
Interest cost | 32 | 33 | 4 | 5 | ||||||||||||
Expected return on assets | (33 | ) | (32 | ) | — | — | ||||||||||
Amortization — losses | 12 | 14 | 2 | 1 | ||||||||||||
Amortization — prior service (credit) / cost | (1 | ) | (1 | ) | (2 | ) | — | |||||||||
Net periodic benefit cost | $ | 35 | $ | 36 | $ | 9 | $ | 11 | ||||||||
The expected long-term rate of return on plan assets is 6.3% in fiscal 2014. | ||||||||||||||||
In August 2013, the Company amended its U.S. non-union retiree medical plan. Beginning January 2014, the retirees' current healthcare benefits provided by the Company will be discontinued and replaced with the retirees' option to participate in a new Retiree Health Access Exchange (RHA). For calendar year 2014 and 2015, the Company will subsidize a portion of the retiree medical premium rates of the RHA. The Company will not provide a subsidy beginning in calendar year 2016. The changes to the plan resulted in a plan remeasurement and negative plan amendment, which reduced our obligation by $97 million. The negative plan amendment, net of unrecognized actuarial losses, recorded in AOCI as of August 31, 2013 is a pre-tax gain balance of $70 million. The $70 million is being amortized as a reduction to benefits expense from September 1, 2013 through December 31, 2015, subject to an annual remeasurement adjustment. | ||||||||||||||||
Employer Contributions to Plans | ||||||||||||||||
For pension plans, our policy is to fund an amount required to provide for contractual benefits attributed to service to date, and amortize unfunded actuarial liabilities typically over periods of 15 years or less. We also participate in savings plans in Canada and the U.S., as well as defined contribution pension plans in the U.S., U.K., Canada, Germany, Italy, Korea, Malaysia and Brazil. We contributed the following amounts to all plans (in millions). | ||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Funded pension plans | $ | 4 | $ | 9 | $ | 10 | $ | 18 | ||||||||
Unfunded pension plans | 3 | 4 | 5 | 7 | ||||||||||||
Savings and defined contribution pension plans | 4 | 5 | 9 | 10 | ||||||||||||
Total contributions | $ | 11 | $ | 18 | $ | 24 | $ | 35 | ||||||||
During the remainder of fiscal 2014, we expect to contribute an additional $11 million to our funded pension plans, $5 million to our unfunded pension plans and $11 million to our savings and defined contribution plans. |
Currency_Gains_Losses
Currency (Gains) Losses | 6 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Foreign Currency [Abstract] | ' | |||||||||||||||
CURRENCY (GAINS) LOSSES | ' | |||||||||||||||
CURRENCY (GAINS) LOSSES | ||||||||||||||||
The following currency (gains) losses were included in “Other income, net” in the accompanying condensed consolidated statements of operations (in millions). | ||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Gain) on remeasurement of monetary assets and liabilities, net | $ | (4 | ) | $ | (7 | ) | $ | (22 | ) | $ | (10 | ) | ||||
Loss released from accumulated other comprehensive income | — | — | 1 | 1 | ||||||||||||
Loss recognized on balance sheet remeasurement currency exchange contracts, net | 4 | 4 | 16 | 1 | ||||||||||||
Currency gains, net | $ | — | $ | (3 | ) | $ | (5 | ) | $ | (8 | ) | |||||
The following currency gains (losses) were included in “AOCI,” net of tax and in “Noncontrolling interests” in the accompanying condensed consolidated balance sheets (in millions). | ||||||||||||||||
Six Months Ended September 30, 2013 | Year Ended March 31, 2013 | |||||||||||||||
Cumulative currency translation adjustment — beginning of period | $ | (30 | ) | $ | 23 | |||||||||||
Effect of changes in exchange rates | 90 | (42 | ) | |||||||||||||
Sale of investment in foreign entities (A) | — | (11 | ) | |||||||||||||
Cumulative currency translation adjustment — end of period | $ | 60 | $ | (30 | ) | |||||||||||
(A) | We reclassified $11 million of cumulative currency gains from AOCI to "Gain on assets held for sale" in the fiscal year ended March 31, 2013 related to the sale of three aluminum foil and packaging plants in Europe. See Note 4 - Assets Held for Sale. |
Financial_Instruments_and_Comm
Financial Instruments and Commodity Contracts | 6 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
FINANCIAL INSTRUMENTS AND COMMODITY CONTRACTS | ' | |||||||||||||||||||||||||||||||
FINANCIAL INSTRUMENTS AND COMMODITY CONTRACTS | ||||||||||||||||||||||||||||||||
The fair values of our financial instruments and commodity contracts as of September 30, 2013 and March 31, 2013 were as follows (in millions). | ||||||||||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||||
Assets | Liabilities | Net Fair Value | ||||||||||||||||||||||||||||||
Current | Noncurrent(A) | Current | Noncurrent(A) | Assets/(Liabilities) | ||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||||||||||||
Aluminum contracts | $ | 9 | $ | 1 | $ | (6 | ) | $ | — | $ | 4 | |||||||||||||||||||||
Currency exchange contracts | 8 | 5 | (16 | ) | (15 | ) | (18 | ) | ||||||||||||||||||||||||
Fair value hedges | ||||||||||||||||||||||||||||||||
Aluminum contracts | — | — | (1 | ) | (1 | ) | (2 | ) | ||||||||||||||||||||||||
Total derivatives designated as hedging instruments | 17 | 6 | (23 | ) | (16 | ) | (16 | ) | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||
Aluminum contracts | 25 | — | (33 | ) | — | (8 | ) | |||||||||||||||||||||||||
Currency exchange contracts | 11 | — | (14 | ) | — | (3 | ) | |||||||||||||||||||||||||
Energy contracts | — | — | (9 | ) | (18 | ) | (27 | ) | ||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | 36 | — | (56 | ) | (18 | ) | (38 | ) | ||||||||||||||||||||||||
Total derivative fair value | $ | 53 | $ | 6 | $ | (79 | ) | $ | (34 | ) | $ | (54 | ) | |||||||||||||||||||
March 31, 2013 | ||||||||||||||||||||||||||||||||
Assets | Liabilities | Net Fair Value | ||||||||||||||||||||||||||||||
Current | Noncurrent(A) | Current | Noncurrent(A) | Assets/(Liabilities) | ||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||||||||||||
Aluminum contracts | $ | 24 | $ | — | $ | — | $ | — | $ | 24 | ||||||||||||||||||||||
Currency exchange contracts | 12 | — | (7 | ) | (8 | ) | (3 | ) | ||||||||||||||||||||||||
Energy contracts | 1 | — | — | — | 1 | |||||||||||||||||||||||||||
Interest rate swaps | — | — | (1 | ) | — | (1 | ) | |||||||||||||||||||||||||
Fair value hedges | ||||||||||||||||||||||||||||||||
Aluminum contracts | — | — | (1 | ) | (1 | ) | (2 | ) | ||||||||||||||||||||||||
Total derivatives designated as hedging instruments | 37 | — | (9 | ) | (9 | ) | 19 | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Aluminum contracts | 49 | — | (46 | ) | (1 | ) | 2 | |||||||||||||||||||||||||
Currency exchange contracts | 21 | 1 | (11 | ) | — | 11 | ||||||||||||||||||||||||||
Energy contracts | 2 | — | (8 | ) | (19 | ) | (25 | ) | ||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | 72 | 1 | (65 | ) | (20 | ) | (12 | ) | ||||||||||||||||||||||||
Total derivative fair value | $ | 109 | $ | 1 | $ | (74 | ) | $ | (29 | ) | $ | 7 | ||||||||||||||||||||
(A) | The noncurrent portions of derivative assets and liabilities are included in “Other long-term assets-third parties” and in “Other long-term liabilities” respectively, in the accompanying condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
Aluminum | ||||||||||||||||||||||||||||||||
We use derivative instruments to preserve our conversion margins and manage the timing differences associated with metal price lag. We sell short-term LME aluminum forward contracts to reduce our exposure to fluctuating metal prices associated with the period of time between the pricing of our purchases of inventory and the pricing of the sale of that inventory to our customers. We also purchase forward contracts simultaneous with our sales contracts with customers that contain fixed metal prices. These LME aluminum forward contracts directly hedge the economic risk of future metal price fluctuations to better match the selling price of the metal with the purchase price of the metal. By following this process we better stabilize our cost of goods and conversion margins. | ||||||||||||||||||||||||||||||||
Price risk arises due to fluctuating aluminum prices between the time the sales order is committed and the time the order is shipped. We identify and designate certain aluminum forward contracts as fair value hedges of the metal price risk associated with fixed price sales commitments that qualify as firm commitments. Such exposures do not extend beyond two years in length. We had 18 kt and 22 kt of outstanding aluminum forward purchase contracts designated as fair value hedges as of September 30, 2013 and March 31, 2013, respectively. | ||||||||||||||||||||||||||||||||
The following table summarizes the amount of gain (loss) recognized on fair value hedges of metal price risk: | ||||||||||||||||||||||||||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||||||||||||||||
Recognized on Changes in Fair Value | Recognized on Changes in Fair Value | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Fair Value Hedges of Metal Price Risk | ||||||||||||||||||||||||||||||||
Derivative Contracts | 2 | 3 | (1 | ) | (5 | ) | ||||||||||||||||||||||||||
Designated Hedged Items | (2 | ) | (4 | ) | 1 | 3 | ||||||||||||||||||||||||||
Net Ineffectiveness (A) | — | (1 | ) | — | (2 | ) | ||||||||||||||||||||||||||
(A) | Effective portion is recorded in "Net sales" and net ineffectiveness in "Other income, net" | |||||||||||||||||||||||||||||||
Price risk exposure arises from commitments to sell aluminum in future periods at fixed prices. We identify and designate certain aluminum forward purchase contracts as cash flow hedges of the metal price risk associated with our future metal purchases that vary based on changes in the price of aluminum. Such exposures do not extend beyond three years in length. We had 11 kt and 5 kt of outstanding aluminum forward purchase contracts designated as cash flow hedges as of September 30, 2013 and March 31, 2013, respectively. | ||||||||||||||||||||||||||||||||
Price risk exposure arises due to the timing lag between the LME based pricing of raw material metal purchases and the LME based pricing of finished product sales. Price risk exposure also arises due to fixed costs associated with our smelter operations in South America. We identify and designate certain aluminum forward sales contracts as cash flow hedges of the metal price risk associated with our future metal sales that vary based on changes in the price of aluminum. Such exposures do not extend beyond two years in length. We had 260 kt and 210 kt of outstanding aluminum forward sales contracts designated as cash flow hedges as of September 30, 2013 and March 31, 2013, respectively. | ||||||||||||||||||||||||||||||||
The remaining balance of our aluminum derivative contracts are not designated as accounting hedges. As of September 30, 2013 and March 31, 2013, we had 47 kt and 36 kt, respectively, of outstanding aluminum sales contracts not designated as hedges. The average duration of undesignated contracts is less than seven months. The following table summarizes our notional amount (in kt). | ||||||||||||||||||||||||||||||||
September 30, | March 31, | |||||||||||||||||||||||||||||||
2013 | 2013 | |||||||||||||||||||||||||||||||
Hedge Type | ||||||||||||||||||||||||||||||||
Cash flow purchases | 11 | 5 | ||||||||||||||||||||||||||||||
Cash flow sales | (260 | ) | (210 | ) | ||||||||||||||||||||||||||||
Fair value | 18 | 22 | ||||||||||||||||||||||||||||||
Not designated | (47 | ) | (36 | ) | ||||||||||||||||||||||||||||
Total | (278 | ) | (219 | ) | ||||||||||||||||||||||||||||
Foreign Currency | ||||||||||||||||||||||||||||||||
We use foreign exchange forward contracts, cross-currency swaps and options to manage our exposure to changes in exchange rates. These exposures arise from recorded assets and liabilities, firm commitments and forecasted cash flows denominated in currencies other than the functional currency of certain operations. | ||||||||||||||||||||||||||||||||
We use foreign currency contracts to hedge expected future foreign currency transactions, which include capital expenditures. These contracts cover the same periods as known or expected exposures. We had total notional amounts of $855 million and $918 million in outstanding foreign currency forwards designated as cash flow hedges as of September 30, 2013 and March 31, 2013, respectively. | ||||||||||||||||||||||||||||||||
We use foreign currency contracts to hedge our foreign currency exposure to net investment in foreign subsidiaries. We had $52 million outstanding foreign currency forwards designated as net investment hedges as of September 30, 2013. As of March 31, 2013, we had no outstanding foreign currency forwards designated as net investment hedges. | ||||||||||||||||||||||||||||||||
As of both September 30, 2013 and March 31, 2013, we had outstanding currency exchange contracts with a total notional amount of $378 million and $620 million, respectively, which were not designated as hedges. Contracts that represent the majority of notional amounts will mature during the third and forth quarter of fiscal 2014. | ||||||||||||||||||||||||||||||||
Energy | ||||||||||||||||||||||||||||||||
We own an interest in an electricity swap which we formerly designated as a cash flow hedge of our exposure to fluctuating electricity prices. As of March 31, 2011, due to significant credit deterioration of our counterparty, we discontinued hedge accounting for this electricity swap. Approximately 1 million of notional megawatt hours remained outstanding as of September 30, 2013, and the fair value of this swap was a liability of $26 million as of September 30, 2013. As of March 31, 2013, fair value of this electricity swap was a liability of $27 million. | ||||||||||||||||||||||||||||||||
We use natural gas swaps to manage our exposure to fluctuating energy prices in North America. We had 6.5 million MMBTUs designated as cash flow hedges as of September 30, 2013, and the fair value of these swaps was a liability of less than $1 million. There were 2.4 million MMBTUs of natural gas swaps designated as cash flow hedges as of March 31, 2013 and the fair value of these swaps was an asset of $1 million. As of September 30, 2013 and March 31, 2013, we had 1 million MMBTUs and 3.3 million MMBTUs, respectively, of natural gas swaps that were not designated as hedges. The fair value as of September 30, 2013 and March 31, 2013 was a liability of $1 million and an asset of $2 million, respectively, for the swaps not designated as hedges. The average duration of undesignated contracts is less than six months in length. One MMBTU is the equivalent of one decatherm, or one million British Thermal Units. | ||||||||||||||||||||||||||||||||
Interest Rate | ||||||||||||||||||||||||||||||||
As of September 30, 2013, we swapped $127 million (KRW 136 billion) floating rate loans to a weighted average fixed rate of 4.03%. All swaps expire concurrent with the maturity of the related loans. As of September 30, 2013 and March 31, 2013, $127 million (KRW136 billion) and $95 million (KRW106 billion) were designated as cash flow hedges, respectively. | ||||||||||||||||||||||||||||||||
The following table summarizes the gains (losses) associated with the change in fair value of derivative instruments not designated as hedges and the ineffectiveness of designated derivatives recognized in “Other income, net” (in millions). Gains (losses) recognized in other line items in the condensed consolidated statement of operations are separately disclosed within this footnote. | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Derivative Instruments Not Designated as Hedges | ||||||||||||||||||||||||||||||||
Aluminum contracts | $ | — | $ | (12 | ) | $ | (2 | ) | $ | (6 | ) | |||||||||||||||||||||
Currency exchange contracts | (3 | ) | (1 | ) | (15 | ) | 6 | |||||||||||||||||||||||||
Energy contracts (A) | 1 | 3 | 1 | 7 | ||||||||||||||||||||||||||||
(Loss) gain recognized in "Other income, net" | (2 | ) | (10 | ) | (16 | ) | 7 | |||||||||||||||||||||||||
Derivative Instruments Designated as Hedges | ||||||||||||||||||||||||||||||||
Gain recognized in "Other income, net" (B) | 7 | 1 | 17 | 11 | ||||||||||||||||||||||||||||
Total gain (loss) recognized in "Other income, net" | $ | 5 | $ | (9 | ) | $ | 1 | $ | 18 | |||||||||||||||||||||||
Balance sheet remeasurement currency exchange contracts | $ | (4 | ) | $ | (4 | ) | $ | (17 | ) | $ | (2 | ) | ||||||||||||||||||||
Realized gains, net | 5 | 19 | 26 | 31 | ||||||||||||||||||||||||||||
Unrealized gains (losses) on other derivative instruments, net | 4 | (24 | ) | (8 | ) | (11 | ) | |||||||||||||||||||||||||
Total gain (loss) recognized in "Other income, net" | $ | 5 | $ | (9 | ) | $ | 1 | $ | 18 | |||||||||||||||||||||||
(A) | Includes amounts related to de-designated electricity swap. | |||||||||||||||||||||||||||||||
(B) | Amount includes: forward market premium/discount excluded from designated hedging relationships; hedging relationship ineffectiveness on designated aluminum contracts; and releases to income from AOCI on balance sheet remeasurement contracts. | |||||||||||||||||||||||||||||||
The following table summarizes the impact on AOCI and earnings of derivative instruments designated as cash flow hedges and net investment derivatives (in millions). Certain prior year amounts were revised to conform to the current year presentation. Within the next twelve months, we expect to reclassify $15 million of losses from “AOCI” to earnings, before taxes. | ||||||||||||||||||||||||||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||||||||||||||
Recognized in OCI | Recognized in OCI | Recognized in “Other (Income) | Recognized in “Other (Income) | |||||||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | Expense, net” (Ineffective and | Expense, net” (Ineffective and | |||||||||||||||||||||||||||||
Excluded Portion) | Excluded Portion) | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Cash Flow hedging derivatives | ||||||||||||||||||||||||||||||||
Aluminum contracts | $ | (10 | ) | $ | (29 | ) | $ | 19 | $ | (8 | ) | $ | 7 | $ | 2 | $ | 18 | $ | 13 | |||||||||||||
Currency exchange contracts | 26 | 9 | (25 | ) | (27 | ) | 1 | — | 1 | 1 | ||||||||||||||||||||||
Energy contracts (A) | — | 1 | (2 | ) | 1 | — | — | — | — | |||||||||||||||||||||||
Total Cash Flow hedging derivatives | $ | 16 | $ | (19 | ) | $ | (8 | ) | $ | (34 | ) | $ | 8 | $ | 2 | $ | 19 | $ | 14 | |||||||||||||
Net Investment derivatives | ||||||||||||||||||||||||||||||||
Currency exchange contracts | (2 | ) | — | (2 | ) | 1 | — | — | — | — | ||||||||||||||||||||||
Total | $ | 14 | $ | (19 | ) | $ | (10 | ) | $ | (33 | ) | $ | 8 | $ | 2 | $ | 19 | $ | 14 | |||||||||||||
Amount of Gain (Loss) Reclassified from AOCI into Income/(Expense)(Effective Portion) | Amount of Gain (Loss) Reclassified from AOCI into Income/(Expense)(Effective Portion) | Location of Gain (Loss) | ||||||||||||||||||||||||||||||
Reclassified from AOCI into | ||||||||||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||||||||||
Cash flow hedging derivatives | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Energy contracts (A) | $ | (2 | ) | $ | (2 | ) | $ | (3 | ) | $ | (3 | ) | Other income, net | |||||||||||||||||||
Aluminum contracts | 18 | 12 | 39 | 30 | Cost of goods sold | |||||||||||||||||||||||||||
Aluminum contracts | 2 | 5 | 4 | 7 | Net sales | |||||||||||||||||||||||||||
Currency exchange contracts | (5 | ) | (4 | ) | (4 | ) | (7 | ) | Cost of goods sold | |||||||||||||||||||||||
Currency exchange contracts | — | (1 | ) | — | (1 | ) | SG&A | |||||||||||||||||||||||||
Currency exchange contracts | — | — | — | (2 | ) | Net sales | ||||||||||||||||||||||||||
Currency exchange contracts | — | — | (1 | ) | (1 | ) | Other income, net | |||||||||||||||||||||||||
Total | $ | 13 | $ | 10 | $ | 35 | $ | 23 | Income before taxes | |||||||||||||||||||||||
$ | (5 | ) | $ | (4 | ) | $ | (12 | ) | $ | (9 | ) | Income tax (provision) | ||||||||||||||||||||
$ | 8 | $ | 6 | $ | 23 | $ | 14 | Net income | ||||||||||||||||||||||||
(A) | Includes amounts related to de-designated electricity swap. AOCI related to this swap is amortized to income over the remaining term of the hedged item. There were no amounts reclassified from AOCI into income/(expense) related to natural gas swaps for the periods presented. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | ||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||
The following tables summarize the change in the components of accumulated other comprehensive income (loss) net of tax, for the periods presented (in millions). | |||||||||||||||||||
Currency Translation | Cash Flow Hedges | Postretirement Benefit Plans (A) | Total | ||||||||||||||||
Balance as of June 30, 2013 | $ | (35 | ) | $ | (46 | ) | $ | (229 | ) | $ | (310 | ) | |||||||
Other comprehensive income before reclassifications | 94 | 15 | 58 | 167 | |||||||||||||||
Amounts reclassified from AOCI | — | (8 | ) | 3 | (5 | ) | |||||||||||||
Net change in other comprehensive income (loss) | 94 | 7 | 61 | 162 | |||||||||||||||
Balance as of September 30, 2013 | $ | 59 | $ | (39 | ) | $ | (168 | ) | $ | (148 | ) | ||||||||
Currency Translation (B) | Cash Flow Hedges | Postretirement Benefit Plans (A) | Total | ||||||||||||||||
Balance as of June 30, 2012 | $ | (61 | ) | $ | (26 | ) | $ | (188 | ) | $ | (275 | ) | |||||||
Other comprehensive income before reclassifications | 47 | (12 | ) | (1 | ) | 34 | |||||||||||||
Amounts reclassified from AOCI | — | (6 | ) | 5 | (1 | ) | |||||||||||||
Net change in other comprehensive income (loss) | 47 | (18 | ) | 4 | 33 | ||||||||||||||
Balance as of September 30, 2012 | $ | (14 | ) | $ | (44 | ) | $ | (184 | ) | $ | (242 | ) | |||||||
Currency Translation | Cash Flow Hedges | Postretirement Benefit Plans (A) | Total | ||||||||||||||||
Balance as of March 31, 2013 | $ | (33 | ) | $ | (2 | ) | $ | (233 | ) | $ | (268 | ) | |||||||
Other comprehensive income before reclassifications | 92 | (14 | ) | 58 | 136 | ||||||||||||||
Amounts reclassified from AOCI | — | (23 | ) | 7 | (16 | ) | |||||||||||||
Net change in other comprehensive income (loss) | 92 | (37 | ) | 65 | 120 | ||||||||||||||
Balance as of September 30, 2013 | $ | 59 | $ | (39 | ) | $ | (168 | ) | $ | (148 | ) | ||||||||
Currency Translation (B) | Cash Flow Hedges | Postretirement Benefit Plans (A) | Total | ||||||||||||||||
Balance as of March 31, 2012 | $ | 20 | $ | (7 | ) | $ | (204 | ) | $ | (191 | ) | ||||||||
Other comprehensive income before reclassifications | (23 | ) | (23 | ) | 10 | (36 | ) | ||||||||||||
Amounts reclassified from AOCI | (11 | ) | (14 | ) | 10 | (15 | ) | ||||||||||||
Net change in other comprehensive income (loss) | (34 | ) | (37 | ) | 20 | (51 | ) | ||||||||||||
Balance as of September 30, 2012 | $ | (14 | ) | $ | (44 | ) | $ | (184 | ) | $ | (242 | ) | |||||||
(A) | For additional information on our Postretirement benefit plans see Note 9 - Postretirement Benefit Plans. | ||||||||||||||||||
(B) We reclassified $11 million of cumulative currency gains from AOCI to "Gain on assets held for sale" in the six months ended September 30, 2012 related to the sale of three aluminum foil and packaging plants in Europe. See Note 4 - Assets Held for Sale. | |||||||||||||||||||
The following table summarizes the impact on AOCI and earnings of derivative instruments designated as cash flow hedges (in millions). | |||||||||||||||||||
Amount of Gain (Loss) Reclassified from AOCI into Income/(Expense)(Effective Portion) | Amount of Gain (Loss) Reclassified from AOCI into Income/(Expense)(Effective Portion) | Location of Gain (Loss) | |||||||||||||||||
Reclassified from AOCI into | |||||||||||||||||||
Earnings | |||||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Energy contracts | $ | (2 | ) | $ | (2 | ) | $ | (3 | ) | $ | (3 | ) | Other income, net | ||||||
Aluminum contracts | 18 | 12 | 39 | 30 | Cost of goods sold | ||||||||||||||
Aluminum contracts | 2 | 5 | 4 | 7 | Net sales | ||||||||||||||
Currency exchange contracts | (5 | ) | (4 | ) | (4 | ) | (7 | ) | Cost of goods sold | ||||||||||
Currency exchange contracts | — | (1 | ) | — | (1 | ) | SG&A | ||||||||||||
Currency exchange contracts | — | — | — | (2 | ) | Net sales | |||||||||||||
Currency exchange contracts | — | — | (1 | ) | (1 | ) | Other income, net | ||||||||||||
13 | 10 | 35 | 23 | Income before taxes | |||||||||||||||
(5 | ) | (4 | ) | (12 | ) | (9 | ) | Income tax (provision) | |||||||||||
$ | 8 | $ | 6 | $ | 23 | $ | 14 | Net income | |||||||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||
We record certain assets and liabilities, primarily derivative instruments, on our condensed consolidated balance sheets at fair value. We also disclose the fair values of certain financial instruments, including debt and loans receivable, which are not recorded at fair value. Our objective in measuring fair value is to estimate an exit price in an orderly transaction between market participants on the measurement date. We consider factors such as liquidity, bid/offer spreads and nonperformance risk, including our own nonperformance risk, in measuring fair value. We use observable market inputs wherever possible. To the extent that observable market inputs are not available, our fair value measurements will reflect the assumptions we used. We grade the level of the inputs and assumptions used according to a three-tier hierarchy: | |||||||||||||||||
Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that we have the ability to access at the measurement date. | |||||||||||||||||
Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | |||||||||||||||||
Level 3 — Unobservable inputs for which there is little or no market data, which require us to develop our own assumptions based on the best information available as what market participants would use in pricing the asset or liability. | |||||||||||||||||
The following section describes the valuation methodologies we used to measure our various financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified. | |||||||||||||||||
Derivative Contracts | |||||||||||||||||
For certain derivative contracts that have fair values based upon trades in liquid markets, such as aluminum and foreign exchange forward contracts and options, valuation model inputs can generally be verified and valuation techniques do not involve significant judgment. The fair values of such financial instruments are generally classified within Level 2 of the fair value hierarchy. | |||||||||||||||||
The majority of our derivative contracts are valued using industry-standard models that use observable market inputs as their basis, such as time value, forward interest rates, volatility factors, and current (spot) and forward market prices. We generally classify these instruments within Level 2 of the valuation hierarchy. Such derivatives include interest rate swaps, cross-currency swaps, foreign currency contracts, aluminum forwards and swaps and certain energy-related forward contracts (e.g., natural gas). | |||||||||||||||||
We classify derivative contracts that are valued based on models with significant unobservable market inputs as Level 3 of the valuation hierarchy. These derivatives include our electricity swap, which is one of our energy-related forward contracts, and represents an agreement to buy electricity at a fixed price at our Oswego, New York facility. Forward prices are not observable for this market, so we must make certain assumptions based on available information that we believe to be relevant to market participants. We use observable forward prices for a geographically nearby market and adjust for 1) historical spreads between the cash prices of the two markets, and 2) historical spreads between retail and wholesale prices. | |||||||||||||||||
The average forward price at September 30, 2013, estimated using the method described above, was $53 per megawatt hour, which represented a $6 premium over forward prices in the nearby observable market. The actual rate from the most recent swap settlement was approximately $48 per megawatt hour. Each $1 per megawatt hour decline in price decreases the valuation of the electricity swap by approximately $1 million. | |||||||||||||||||
For Level 2 and 3 of the fair value hierarchy, where appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads and credit considerations (nonperformance risk). As of September 30, 2013 and March 31, 2013, we did not have any Level 1 derivative contracts. No amounts were transferred between levels in the fair value hierarchy. | |||||||||||||||||
All of the Company's derivative instruments are carried at fair value in the statement of financial position prior to considering master netting agreements. The table below also discloses the net fair value of the derivative instruments after considering the impact of master netting agreements. | |||||||||||||||||
The following tables present our derivative assets and liabilities which were measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of September 30, 2013 and March 31, 2013 (in millions). | |||||||||||||||||
September 30, 2013 | March 31, 2013 | ||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Level 2 Instruments | |||||||||||||||||
Aluminum contracts | $ | 35 | $ | (41 | ) | $ | 73 | $ | (49 | ) | |||||||
Currency exchange contracts | 24 | (45 | ) | 34 | (26 | ) | |||||||||||
Energy contracts | — | (1 | ) | 3 | — | ||||||||||||
Interest rate swaps | — | — | — | (1 | ) | ||||||||||||
Total Level 2 Instruments | 59 | (87 | ) | 110 | (76 | ) | |||||||||||
Level 3 Instruments | |||||||||||||||||
Energy contracts | — | (26 | ) | — | (27 | ) | |||||||||||
Total Level 3 Instruments | — | (26 | ) | — | (27 | ) | |||||||||||
Total Gross | $ | 59 | $ | (113 | ) | $ | 110 | $ | (103 | ) | |||||||
Netting Adjustment (A) | (23 | ) | 23 | (35 | ) | 35 | |||||||||||
Total Net | $ | 36 | $ | (90 | ) | $ | 75 | $ | (68 | ) | |||||||
(A) Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions with the same counterparties. | |||||||||||||||||
We recognized unrealized losses of $2 million for the six months ended September 30, 2013 related to Level 3 financial instruments that were still held as of September 30, 2013. These unrealized losses were included in “Other income, net.” | |||||||||||||||||
The following table presents a reconciliation of fair value activity for Level 3 derivative contracts (in millions). | |||||||||||||||||
Level 3 – | |||||||||||||||||
Derivative Instruments (A) | |||||||||||||||||
Balance as of March 31, 2013 | $ | (27 | ) | ||||||||||||||
Realized/unrealized gain included in earnings (B) | 4 | ||||||||||||||||
Settlements | (3 | ) | |||||||||||||||
Balance as of September 30, 2013 | $ | (26 | ) | ||||||||||||||
(A) | Represents net derivative liabilities. | ||||||||||||||||
(B) | Included in “Other income, net.” | ||||||||||||||||
Financial Instruments Not Recorded at Fair Value | |||||||||||||||||
The table below presents the estimated fair value of certain financial instruments that were not recorded at fair value on a recurring basis (in millions). The table excludes short-term financial assets and liabilities for which we believe carrying value approximates fair value. The fair value of long-term receivables was based on anticipated cash flows, which approximated carrying value and was classified as Level 2. We valued long-term debt using Level 2 inputs. Valuations were based on either market and/or broker ask prices when available or on a standard credit adjusted discounted cash flow model. | |||||||||||||||||
September 30, 2013 | March 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Assets | |||||||||||||||||
Long-term receivables — related parties | $ | 13 | $ | 13 | $ | 13 | $ | 13 | |||||||||
Liabilities | |||||||||||||||||
Total debt — third parties (excluding short term borrowings) | $ | 4,460 | $ | 4,724 | $ | 4,464 | $ | 4,806 | |||||||||
Other_Income_Net
Other Income, Net | 6 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||
OTHER INCOME, NET | ' | |||||||||||||||
OTHER INCOME, NET | ||||||||||||||||
“Other income, net” was comprised of the following (in millions). | ||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Foreign currency remeasurement gains, net (A) | $ | — | $ | (3 | ) | $ | (5 | ) | $ | (8 | ) | |||||
(Gain) loss on change in fair value of other unrealized derivative instruments, net | (4 | ) | 24 | 8 | 11 | |||||||||||
(Gain) on change in fair value of other realized derivative instruments, net | (5 | ) | (19 | ) | (26 | ) | (31 | ) | ||||||||
Loss (gain) on sale of assets, net | 1 | 1 | 2 | (1 | ) | |||||||||||
Loss on Brazilian tax litigation, net (B) | 2 | 2 | 3 | 4 | ||||||||||||
Interest income | (1 | ) | (1 | ) | (2 | ) | (2 | ) | ||||||||
Other, net | 2 | (6 | ) | 5 | (2 | ) | ||||||||||
Other income, net | $ | (5 | ) | $ | (2 | ) | $ | (15 | ) | $ | (29 | ) | ||||
(A) | Includes “Loss (gain) recognized on balance sheet remeasurement currency exchange contracts, net.” | |||||||||||||||
(B) See Note 16 - Commitments and Contingencies - Brazil Tax Matters for further details. |
Income_Taxes
Income Taxes | 6 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
INCOME TAXES | ' | |||||||||||||||
INCOME TAXES | ||||||||||||||||
A reconciliation of the Canadian statutory tax rate to our effective tax rate was as follows (in millions, except percentages). | ||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Pre-tax income before equity in net income of non-consolidated affiliates and noncontrolling interests | $ | 52 | $ | 90 | $ | 73 | $ | 204 | ||||||||
Canadian statutory tax rate | 25 | % | 26 | % | 25 | % | 26 | % | ||||||||
Provision at the Canadian statutory rate | 13 | 23 | 18 | 53 | ||||||||||||
Increase (decrease) for taxes on income (loss) resulting from: | ||||||||||||||||
Exchange translation items | 2 | — | (7 | ) | (5 | ) | ||||||||||
Exchange remeasurement of deferred income taxes | (2 | ) | (1 | ) | (17 | ) | (20 | ) | ||||||||
Change in valuation allowances | 15 | 19 | 52 | 39 | ||||||||||||
Expense (income) items not subject to tax | (6 | ) | 1 | (7 | ) | 2 | ||||||||||
Dividends not subject to tax | (9 | ) | (12 | ) | (23 | ) | (25 | ) | ||||||||
Enacted tax rate changes | 7 | 4 | 7 | 4 | ||||||||||||
Tax rate differences on foreign earnings | 6 | 4 | 6 | 10 | ||||||||||||
Uncertain tax positions, net | — | (1 | ) | — | — | |||||||||||
Income tax provision | $ | 26 | $ | 37 | $ | 29 | $ | 58 | ||||||||
Effective tax rate | 50 | % | 41 | % | 40 | % | 28 | % | ||||||||
As of September 30, 2013, we had a net deferred tax liability of $328 million. This amount included gross deferred tax assets of approximately $770 million and a valuation allowance of $376 million. It is reasonably possible that our estimates of future taxable income may change within the next 12 months, resulting in a change to the valuation allowance in one or more jurisdictions. | ||||||||||||||||
Tax authorities continue to examine certain of our tax filings for fiscal years 2005 through 2011. As a result of audit settlements, judicial decisions, the filing of amended tax returns or the expiration of statutes of limitations, our reserves for unrecognized tax benefits, as well as reserves for interest and penalties, may decrease in the next 12 months by an amount up to approximately $3 million. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
We are party to, and may in the future be involved in, or subject to, disputes, claims and proceedings that arise in the ordinary course of our business, including some we assert against others, such as environmental, health and safety, product liability, employee, tax, personal injury and other matters. We have established a liability with respect to contingencies for which a loss is probable and we are able to reasonably estimate such loss. While the ultimate resolution of and liability and costs related to these matters cannot be determined with reasonable certainty due to the considerable uncertainties that exist, we do not believe that any of these pending actions, individually or in the aggregate, will materially impair our operations or materially affect our financial condition or liquidity. | |
For certain matters in which the Company is involved, for which a loss is reasonably possible, we are unable to reasonably estimate a loss. For certain other matters for which a loss is reasonably possible and the loss is reasonably estimable, we have estimated the aggregated range of loss as $0 to $110 million. This estimated aggregate range of reasonably possible losses is based upon currently available information. The Company’s estimates involve significant judgment, and therefore, the estimate will change from time to time and actual losses may differ from the current estimate. | |
The following describes certain contingencies relating to our business, including those for which we assumed liability as a result of our spin-off from Alcan Inc. | |
Environmental Matters | |
We own and operate numerous manufacturing and other facilities in various countries around the world. Our operations are subject to environmental laws and regulations from various jurisdictions, which govern, among other things, air emissions, wastewater discharges, the handling, storage and disposal of hazardous substances and wastes, the remediation of contaminated sites, post-mining reclamation and restoration of natural resources, and employee health and safety. Future environmental regulations may impose stricter compliance requirements on the industries in which we operate. Additional equipment or process changes at some of our facilities may be needed to meet future requirements. The cost of meeting these requirements may be significant. Failure to comply with such laws and regulations could subject us to administrative, civil or criminal penalties, obligations to pay damages or other costs, and injunctions and other orders, including orders to cease operations. | |
We are involved in proceedings under the U.S. Comprehensive Environmental Response, Compensation, and Liability Act, also known as CERCLA or Superfund, or analogous state provisions regarding liability arising from the usage, storage, treatment or disposal of hazardous substances and wastes at a number of sites in the United States, as well as similar proceedings under the laws and regulations of the other jurisdictions in which we have operations, including Brazil and certain countries in the European Union. Many of these jurisdictions have laws that impose joint and several liability, without regard to fault or the legality of the original conduct, for the costs of environmental remediation, natural resource damages, third party claims, and other expenses. In addition, we are, from time to time, subject to environmental reviews and investigations by relevant governmental authorities. We are also involved in claims and litigation filed on behalf of persons alleging exposure to substances and other hazards at our current and former facilities. | |
With respect to environmental loss contingencies, we record a loss contingency whenever such contingency is probable and reasonably estimable. The evaluation model includes all asserted and unasserted claims that can be reasonably identified including claims relating to our responsibility for compliance with environmental, health and safety laws and regulations in the jurisdictions in which we operate or formerly operated. Under this evaluation model, the liability and the related costs are quantified based upon the best available evidence regarding actual liability loss and cost estimates. Except for those loss contingencies where no estimate can reasonably be made, the evaluation model is fact-driven and attempts to estimate the full costs of each claim. Management reviews the status of, and estimated liability related to, pending claims and civil actions on a quarterly basis. The estimated costs in respect of such reported liabilities are not offset by amounts related to insurance or indemnification arrangements unless otherwise noted. | |
We have established liabilities based on our reasonable estimates for the currently anticipated costs associated with these environmental matters. We estimated that the undiscounted remaining clean-up costs related to our environmental liabilities as of September 30, 2013 were approximately $9 million. Of this amount, $5 million was included in “Other long-term liabilities,” with the remaining $4 million included in “Accrued expenses and other current liabilities” in our condensed consolidated balance sheet as of September 30, 2013. Management has reviewed the environmental matters, including those for which we assumed liability as a result of our spin-off from Alcan Inc. As a result of this review, management has determined that the currently anticipated costs associated with these environmental matters will not, individually or in the aggregate, materially impact our operations or materially adversely affect our financial condition, results of operations or liquidity. | |
Brazil Tax Matters | |
As a result of legal proceedings with Brazil’s tax authorities regarding certain tax disputes, as of September 30, 2013 and March 31, 2013, we had cash deposits aggregating approximately $7 million and $12 million, respectively, with the Brazilian government. These deposits, which were included in “Other long-term assets — third parties” in our accompanying condensed consolidated balance sheets, will be expended toward these legal proceedings. | |
In addition, under a federal tax dispute settlement program established by the Brazilian government, we have settled several disputes with Brazil’s tax authorities regarding various forms of manufacturing taxes and social security contributions. In most cases, we are paying the settlement amounts over a period of 180 months, although in some cases we are paying the settlement amounts over a shorter period. The liabilities for these settlements approximate $112 million and $128 million as of September 30, 2013 and March 31, 2013, respectively. As of September 30, 2013, $12 million and $100 million of liabilities were included in “Accrued expenses and other current liabilities” and “Other long-term liabilities,” respectively, in our accompanying condensed consolidated balance sheets. As of March 31, 2013, $14 million and $114 million of liabilities were included in “Accrued expenses and other current liabilities” and “Other long-term liabilities,” respectively. We have recognized net interest expense of $2 million for the three months ended September 30, 2013 and 2012, respectively, and $3 million and $4 million for the six months ended September 30, 2013 and 2012, respectively, which was reported in “Other income, net.” In addition to the disputes we have settled under the federal tax dispute settlement program, we are involved in several other unresolved tax disputes involving the Brazilian tax authorities. We have included in the range of reasonably possible losses disclosed above, any unresolved tax disputes for which a loss is reasonably possible and estimable. |
Segment_Major_Customer_and_Maj
Segment, Major Customer and Major Supplier Information | 6 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
SEGMENT, MAJOR CUSTOMER AND MAJOR SUPPLIER INFORMATION | ' | |||||||||||||||||||||||
SEGMENT, MAJOR CUSTOMER AND MAJOR SUPPLIER INFORMATION | ||||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||
Due in part to the regional nature of supply and demand of aluminum rolled products and to best serve our customers, we manage our activities based on geographical areas and are organized under four operating segments: North America; Europe; Asia and South America. | ||||||||||||||||||||||||
The following is a description of our operating segments: | ||||||||||||||||||||||||
North America. Headquartered in Atlanta, Georgia, this segment manufactures aluminum sheet and light gauge products and operates 10 plants, including two fully dedicated recycling facilities and two facilities with recycling operations, in two countries. | ||||||||||||||||||||||||
Europe. Headquartered in Zurich, Switzerland, this segment manufactures aluminum sheet and light gauge products and operates nine plants, including one fully dedicated recycling facility and two plants with recycling operations, in four countries. | ||||||||||||||||||||||||
Asia. Headquartered in Seoul, South Korea, this segment manufactures aluminum sheet and light gauge products and operates three plants, including a facility with recycling operations, in two countries. | ||||||||||||||||||||||||
South America. Headquartered in Sao Paulo, Brazil, this segment comprises smelting operations, power generation, aluminum sheet and light gauge products and operates three plants, including a facility with recycling operations, in Brazil. | ||||||||||||||||||||||||
Net sales and expenses are measured in accordance with the policies and procedures described in Note 1 - Business and Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the year ended March 31, 2013. | ||||||||||||||||||||||||
We measure the profitability and financial performance of our operating segments based on “Segment income.” “Segment income” provides a measure of our underlying segment results that is in line with our approach to risk management. We define “Segment income” as earnings before (a) “depreciation and amortization”; (b) “interest expense and amortization of debt issuance costs”; (c) “interest income”; (d) unrealized gains (losses) on change in fair value of derivative instruments, net, except for foreign currency remeasurement hedging activities, which are included in segment income; (e) impairment of goodwill; (f) impairment charges on long-lived assets (other than goodwill); (g) gain or loss on extinguishment of debt; (h) noncontrolling interests' share; (i) adjustments to reconcile our proportional share of “Segment income” from non-consolidated affiliates to income as determined on the equity method of accounting; (j) “restructuring and impairment, net”; (k) gains or losses on disposals of property, plant and equipment and businesses, net; (l) other costs, net; (m) litigation settlement, net of insurance recoveries; (n) sale transaction fees; (o) provision or benefit for taxes on income (loss) and (p) cumulative effect of accounting change, net of tax. | ||||||||||||||||||||||||
The tables below show selected segment financial information (in millions). The “Eliminations and Other” column in the table below includes eliminations and functions that are managed directly from our corporate office that have not been allocated to our operating segments, as well as the adjustments for proportional consolidation, and eliminations of intersegment “Net sales.” The financial information for our segments includes the results of our affiliates on a proportionately consolidated basis, which is consistent with the way we manage our business segments. In order to reconcile the financial information for the segments shown in the tables below to the relevant U.S. GAAP-based measures, we must adjust proportional consolidation of each line item. The “Eliminations and Other” in “Net sales – third party” is adding the net sales attributable to our joint venture party, Tri-Arrows, for our Logan affiliate because we consolidate 100% of the Logan joint venture for US GAAP, but we manage our Logan affiliate on a proportionately consolidated basis. See Note 5- Consolidation and Note 6 - Investment in and Advances to Non-Consolidated Affiliates and Related Party Transactions for further information about these affiliates. Additionally, we eliminate intersegment shipments (in kt), intersegment sales, and intersegment income for reporting on a consolidated basis. | ||||||||||||||||||||||||
Selected Segment Financial Information | ||||||||||||||||||||||||
September 30, 2013 | North | Europe | Asia | South | Eliminations and other | Total | ||||||||||||||||||
America | America | |||||||||||||||||||||||
Investment in and advances to non–consolidated affiliates | $ | — | $ | 612 | $ | — | $ | 41 | $ | — | $ | 653 | ||||||||||||
Total assets | $ | 2,662 | $ | 2,750 | $ | 1,360 | $ | 1,636 | $ | 154 | $ | 8,562 | ||||||||||||
March 31, 2013 | North | Europe | Asia | South | Eliminations and other | Total | ||||||||||||||||||
America | America | |||||||||||||||||||||||
Investment in and advances to non–consolidated affiliates | $ | 1 | $ | 586 | $ | — | $ | 40 | $ | — | $ | 627 | ||||||||||||
Total assets | $ | 2,763 | $ | 2,673 | $ | 1,264 | $ | 1,663 | $ | 159 | $ | 8,522 | ||||||||||||
Selected Operating Results Three Months Ended September 30, 2013 | North | Europe | Asia | South | Eliminations and other | Total | ||||||||||||||||||
America | America | |||||||||||||||||||||||
Net sales-third party | $ | 756 | $ | 783 | $ | 461 | $ | 380 | $ | 47 | $ | 2,427 | ||||||||||||
Net sales-intersegment | 1 | 39 | 2 | 11 | (53 | ) | — | |||||||||||||||||
Net sales | $ | 757 | $ | 822 | $ | 463 | $ | 391 | $ | (6 | ) | $ | 2,427 | |||||||||||
Depreciation and amortization | 30 | 25 | 14 | 16 | (6 | ) | 79 | |||||||||||||||||
Income tax (benefit) provision | (6 | ) | 13 | 7 | 10 | 2 | 26 | |||||||||||||||||
Capital expenditures | $ | 30 | $ | 52 | $ | 59 | $ | 37 | $ | 6 | $ | 184 | ||||||||||||
Selected Operating Results Three Months Ended September 30, 2012 | North | Europe | Asia | South | Eliminations and other | Total | ||||||||||||||||||
America | America | |||||||||||||||||||||||
Net sales-third party | $ | 906 | $ | 749 | $ | 435 | $ | 310 | $ | 41 | $ | 2,441 | ||||||||||||
Net sales-intersegment | — | 20 | — | — | (20 | ) | — | |||||||||||||||||
Net sales | $ | 906 | $ | 769 | $ | 435 | $ | 310 | $ | 21 | $ | 2,441 | ||||||||||||
Depreciation and amortization | 28 | 25 | 13 | 12 | (9 | ) | 69 | |||||||||||||||||
Income tax provision (benefit) | 7 | 11 | 5 | 12 | 2 | 37 | ||||||||||||||||||
Capital expenditures | $ | 53 | $ | 19 | $ | 50 | $ | 48 | $ | 8 | $ | 178 | ||||||||||||
Selected Operating Results Six Months Ended September 30, 2013 | North | Europe | Asia | South | Eliminations and other | Total | ||||||||||||||||||
America | America | |||||||||||||||||||||||
Net sales-third party | $ | 1,532 | $ | 1,568 | $ | 933 | $ | 707 | $ | 95 | $ | 4,835 | ||||||||||||
Net sales-intersegment | 5 | 68 | 15 | 18 | (106 | ) | — | |||||||||||||||||
Net sales | $ | 1,537 | $ | 1,636 | $ | 948 | $ | 725 | $ | (11 | ) | $ | 4,835 | |||||||||||
Depreciation and amortization | 60 | 49 | 28 | 31 | (12 | ) | 156 | |||||||||||||||||
Income tax provision (benefit) | (7 | ) | 24 | 11 | (5 | ) | 6 | 29 | ||||||||||||||||
Capital expenditures | $ | 57 | $ | 96 | $ | 124 | $ | 77 | $ | 11 | $ | 365 | ||||||||||||
Selected Operating Results Six Months Ended September 30, 2012 | North | Europe | Asia | South | Eliminations and other | Total | ||||||||||||||||||
America | America | |||||||||||||||||||||||
Net sales-third party | $ | 1,826 | $ | 1,604 | $ | 863 | $ | 618 | $ | 80 | $ | 4,991 | ||||||||||||
Net sales-intersegment | — | 28 | — | — | (28 | ) | — | |||||||||||||||||
Net sales | $ | 1,826 | $ | 1,632 | $ | 863 | $ | 618 | $ | 52 | $ | 4,991 | ||||||||||||
Depreciation and amortization | 58 | 52 | 26 | 25 | (19 | ) | 142 | |||||||||||||||||
Income tax provision (benefit) | 22 | 23 | 11 | (2 | ) | 4 | 58 | |||||||||||||||||
Capital expenditures | $ | 87 | $ | 33 | $ | 78 | $ | 112 | $ | 35 | $ | 345 | ||||||||||||
The following table shows the reconciliation from income from reportable segments to “Net income attributable to our common shareholder” (in millions). | ||||||||||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
North America | $ | 70 | $ | 123 | $ | 116 | $ | 212 | ||||||||||||||||
Europe | 61 | 74 | 131 | 148 | ||||||||||||||||||||
Asia | 41 | 39 | 87 | 85 | ||||||||||||||||||||
South America | 56 | 41 | 98 | 91 | ||||||||||||||||||||
Depreciation and amortization | (79 | ) | (69 | ) | (156 | ) | (142 | ) | ||||||||||||||||
Interest expense and amortization of debt issuance costs | (75 | ) | (73 | ) | (151 | ) | (147 | ) | ||||||||||||||||
Adjustment to eliminate proportional consolidation | (8 | ) | (9 | ) | (19 | ) | (20 | ) | ||||||||||||||||
Unrealized (gain) loss on change in fair value of derivative instruments, net | 4 | (24 | ) | (8 | ) | (11 | ) | |||||||||||||||||
Realized gains on derivative instruments not included in segment income | 2 | — | 4 | 2 | ||||||||||||||||||||
Restructuring and impairment, net | (18 | ) | (17 | ) | (27 | ) | (22 | ) | ||||||||||||||||
(Loss) gain on assets held for sale | — | (2 | ) | — | 3 | |||||||||||||||||||
Other costs, net | (5 | ) | 4 | (9 | ) | — | ||||||||||||||||||
Income before income taxes | 49 | 87 | 66 | 199 | ||||||||||||||||||||
Income tax provision | 26 | 37 | 29 | 58 | ||||||||||||||||||||
Net income | 23 | 50 | 37 | 141 | ||||||||||||||||||||
Net income attributable to noncontrolling interests | — | 1 | — | 1 | ||||||||||||||||||||
Net income attributable to our common shareholder | $ | 23 | $ | 49 | $ | 37 | $ | 140 | ||||||||||||||||
Information about Major Customers and Primary Supplier | ||||||||||||||||||||||||
The table below shows our net sales to Rexam Plc (Rexam), Affiliates of Ball Corporation and Anheuser-Busch InBev (Anheuser-Busch), our three largest customers, as a percentage of total “Net sales.” | ||||||||||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Rexam | 17 | % | 13 | % | 17 | % | 15 | % | ||||||||||||||||
Affiliates of Ball Corporation | 9 | % | 13 | % | 10 | % | 11 | % | ||||||||||||||||
Anheuser-Busch | 7 | % | 11 | % | 8 | % | 10 | % | ||||||||||||||||
Rio Tinto Alcan is our primary supplier of metal inputs, including prime and sheet ingot. The table below shows our purchases from Rio Tinto Alcan as a percentage of total combined metal purchases. | ||||||||||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Purchases from Rio Tinto Alcan as a percentage of total | 17 | % | 25 | % | 18 | % | 23 | % |
Supplemental_Information
Supplemental Information | 6 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
SUPPLEMENTAL INFORMATION | ' | |||||||
SUPPLEMENTAL INFORMATION | ||||||||
Supplemental cash flow information (in millions): | ||||||||
Six Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
Interest paid | $ | 138 | $ | 135 | ||||
Income taxes paid | $ | 63 | $ | 70 | ||||
As of September 30, 2013, we recorded $39 million of outstanding accounts payable and accrued liabilities related to capital expenditures for which the cash outflows will occur subsequent to September 30, 2013. |
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 6 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ' | |||||||||||||||||||||||||||||||
SUPPLEMENTAL GUARANTOR INFORMATION | ' | |||||||||||||||||||||||||||||||
SUPPLEMENTAL GUARANTOR INFORMATION | ||||||||||||||||||||||||||||||||
In connection with the issuance of Novelis Inc.'s (the Parent and Issuer) 2017 Notes and 2020 Notes, certain of our wholly-owned subsidiaries, which are 100% owned within the meaning of Rule 3-10(h)(1) of Regulation S-X, provided guarantees. These guarantees are full and unconditional as well as joint and several. The guarantor subsidiaries (the Guarantors) are comprised of the majority of our businesses in Canada, the U.S., the U.K., Brazil, Portugal and Switzerland, as well as certain businesses in Germany and France. The remaining subsidiaries (the Non-Guarantors) of the Parent are not guarantors of the Notes. | ||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Guarantors | ||||||||||||||||||||||||||||||||
Net sales | $ | 163 | $ | 1,992 | $ | 599 | $ | (327 | ) | $ | 2,427 | |||||||||||||||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 140 | 1,742 | 532 | (327 | ) | 2,087 | ||||||||||||||||||||||||||
Selling, general and administrative expenses | 8 | 82 | 19 | — | 109 | |||||||||||||||||||||||||||
Depreciation and amortization | 4 | 60 | 15 | — | 79 | |||||||||||||||||||||||||||
Research and development expenses | — | 11 | 1 | — | 12 | |||||||||||||||||||||||||||
Interest expense and amortization of debt issuance costs | 78 | 8 | (1 | ) | (10 | ) | 75 | |||||||||||||||||||||||||
Restructuring and impairment, net | 1 | 17 | — | — | 18 | |||||||||||||||||||||||||||
Equity in net loss of non-consolidated affiliates | — | 3 | — | — | 3 | |||||||||||||||||||||||||||
Equity in net (income) loss of consolidated subsidiaries | (80 | ) | (23 | ) | — | 103 | — | |||||||||||||||||||||||||
Other (income) expense, net | (12 | ) | (6 | ) | 3 | 10 | (5 | ) | ||||||||||||||||||||||||
139 | 1,894 | 569 | (224 | ) | 2,378 | |||||||||||||||||||||||||||
Income (loss) before income taxes | 24 | 98 | 30 | (103 | ) | 49 | ||||||||||||||||||||||||||
Income tax provision | 1 | 18 | 7 | — | 26 | |||||||||||||||||||||||||||
Net income (loss) | 23 | 80 | 23 | (103 | ) | 23 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | |||||||||||||||||||||||||||
Net income (loss) attributable to our common shareholder | $ | 23 | $ | 80 | $ | 23 | $ | (103 | ) | $ | 23 | |||||||||||||||||||||
Comprehensive income (loss) | $ | 185 | $ | 184 | $ | 75 | $ | (260 | ) | $ | 184 | |||||||||||||||||||||
Comprehensive loss attributable to noncontrolling interest | $ | — | $ | — | $ | (1 | ) | $ | — | $ | (1 | ) | ||||||||||||||||||||
Comprehensive income (loss) attributable to our common shareholder | $ | 185 | $ | 184 | $ | 76 | $ | (260 | ) | $ | 185 | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Guarantors | ||||||||||||||||||||||||||||||||
Net sales | $ | 208 | $ | 2,021 | $ | 591 | $ | (379 | ) | $ | 2,441 | |||||||||||||||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 204 | 1,719 | 533 | (379 | ) | 2,077 | ||||||||||||||||||||||||||
Selling, general and administrative expenses | (1 | ) | 83 | 20 | — | 102 | ||||||||||||||||||||||||||
Depreciation and amortization | 4 | 51 | 14 | — | 69 | |||||||||||||||||||||||||||
Research and development expenses | 3 | 10 | — | — | 13 | |||||||||||||||||||||||||||
Interest expense and amortization of debt issuance costs | 81 | 1 | (1 | ) | (8 | ) | 73 | |||||||||||||||||||||||||
Loss (gain) on assets held for sale | 2 | 1 | (1 | ) | — | 2 | ||||||||||||||||||||||||||
Restructuring and impairment, net | 4 | 11 | 2 | — | 17 | |||||||||||||||||||||||||||
Equity in net loss of non-consolidated affiliates | — | 3 | — | — | 3 | |||||||||||||||||||||||||||
Equity in net (income) loss of consolidated subsidiaries | (121 | ) | (22 | ) | — | 143 | — | |||||||||||||||||||||||||
Other (income) expense, net | (18 | ) | 9 | (1 | ) | 8 | (2 | ) | ||||||||||||||||||||||||
158 | 1,866 | 566 | (236 | ) | 2,354 | |||||||||||||||||||||||||||
Income (loss) before taxes | 50 | 155 | 25 | (143 | ) | 87 | ||||||||||||||||||||||||||
Income tax provision | 1 | 31 | 5 | — | 37 | |||||||||||||||||||||||||||
Net income (loss) | 49 | 124 | 20 | (143 | ) | 50 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | 1 | — | 1 | |||||||||||||||||||||||||||
Net income (loss) attributable to our common shareholder | $ | 49 | $ | 124 | $ | 19 | $ | (143 | ) | $ | 49 | |||||||||||||||||||||
Comprehensive income (loss) | $ | 82 | $ | 136 | $ | 44 | $ | (178 | ) | $ | 84 | |||||||||||||||||||||
Comprehensive income attributable to noncontrolling interest | $ | — | $ | — | $ | 2 | $ | — | $ | 2 | ||||||||||||||||||||||
Comprehensive income (loss) attributable to our common shareholder | $ | 82 | $ | 136 | $ | 42 | $ | (178 | ) | $ | 82 | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Six Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Guarantors | ||||||||||||||||||||||||||||||||
Net sales | $ | 341 | $ | 3,961 | $ | 1,225 | $ | (692 | ) | $ | 4,835 | |||||||||||||||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 329 | 3,466 | 1,089 | (692 | ) | 4,192 | ||||||||||||||||||||||||||
Selling, general and administrative expenses | 52 | 145 | 32 | — | 229 | |||||||||||||||||||||||||||
Depreciation and amortization | 8 | 118 | 30 | — | 156 | |||||||||||||||||||||||||||
Research and development expenses | 1 | 20 | 1 | — | 22 | |||||||||||||||||||||||||||
Interest expense and amortization of debt issuance costs | 157 | 15 | (2 | ) | (19 | ) | 151 | |||||||||||||||||||||||||
Restructuring and impairment, net | 1 | 25 | 1 | — | 27 | |||||||||||||||||||||||||||
Equity in net loss of non-consolidated affiliates | — | 7 | — | — | 7 | |||||||||||||||||||||||||||
Equity in net (income) loss of consolidated subsidiaries | (235 | ) | (49 | ) | — | 284 | — | |||||||||||||||||||||||||
Other (income) expense, net | (10 | ) | (35 | ) | 11 | 19 | (15 | ) | ||||||||||||||||||||||||
303 | 3,712 | 1,162 | (408 | ) | 4,769 | |||||||||||||||||||||||||||
Income (loss) before income taxes | 38 | 249 | 63 | (284 | ) | 66 | ||||||||||||||||||||||||||
Income tax provision | 1 | 16 | 12 | — | 29 | |||||||||||||||||||||||||||
Net income (loss) | 37 | 233 | 51 | (284 | ) | 37 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | |||||||||||||||||||||||||||
Net income (loss) attributable to our common shareholder | $ | 37 | $ | 233 | $ | 51 | $ | (284 | ) | $ | 37 | |||||||||||||||||||||
Comprehensive income (loss) | $ | 157 | $ | 356 | $ | 81 | $ | (439 | ) | $ | 155 | |||||||||||||||||||||
Comprehensive loss attributable to noncontrolling interest | $ | — | $ | — | $ | (2 | ) | $ | — | $ | (2 | ) | ||||||||||||||||||||
Comprehensive income (loss) attributable to our common shareholder | $ | 157 | $ | 356 | $ | 83 | $ | (439 | ) | $ | 157 | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Six Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Guarantors | ||||||||||||||||||||||||||||||||
Net sales | $ | 468 | $ | 4,133 | $ | 1,221 | $ | (831 | ) | $ | 4,991 | |||||||||||||||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 457 | 3,551 | 1,102 | (831 | ) | 4,279 | ||||||||||||||||||||||||||
Selling, general and administrative expenses | (7 | ) | 171 | 40 | — | 204 | ||||||||||||||||||||||||||
Depreciation and amortization | 7 | 107 | 28 | — | 142 | |||||||||||||||||||||||||||
Research and development expenses | 5 | 20 | — | — | 25 | |||||||||||||||||||||||||||
Interest expense and amortization of debt issuance costs | 160 | 6 | (2 | ) | (17 | ) | 147 | |||||||||||||||||||||||||
(Gain) loss on assets held for sale | (5 | ) | 2 | — | — | (3 | ) | |||||||||||||||||||||||||
Restructuring and impairment, net | 7 | 13 | 2 | — | 22 | |||||||||||||||||||||||||||
Equity in net loss of non-consolidated affiliates | — | 5 | — | — | 5 | |||||||||||||||||||||||||||
Equity in net (income) loss of consolidated subsidiaries | (273 | ) | (45 | ) | — | 318 | — | |||||||||||||||||||||||||
Other (income) expense, net | (26 | ) | (21 | ) | 1 | 17 | (29 | ) | ||||||||||||||||||||||||
325 | 3,809 | 1,171 | (513 | ) | 4,792 | |||||||||||||||||||||||||||
Income (loss) before income taxes | 143 | 324 | 50 | (318 | ) | 199 | ||||||||||||||||||||||||||
Income tax provision | 3 | 44 | 11 | — | 58 | |||||||||||||||||||||||||||
Net income (loss) | 140 | 280 | 39 | (318 | ) | 141 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | 1 | — | 1 | |||||||||||||||||||||||||||
Net income (loss) attributable to our common shareholder | $ | 140 | $ | 280 | $ | 38 | $ | (318 | ) | $ | 140 | |||||||||||||||||||||
Comprehensive income (loss) | $ | 89 | $ | 218 | $ | 52 | $ | (269 | ) | $ | 90 | |||||||||||||||||||||
Comprehensive income attributable to noncontrolling interest | $ | — | $ | — | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||||||
Comprehensive income (loss) attributable to our common shareholder | $ | 89 | $ | 218 | $ | 51 | $ | (269 | ) | $ | 89 | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET (In millions) | ||||||||||||||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Guarantors | ||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 4 | $ | 217 | $ | 117 | $ | — | $ | 338 | ||||||||||||||||||||||
Accounts receivable, net of allowances | ||||||||||||||||||||||||||||||||
— third parties | 20 | 981 | 289 | — | 1,290 | |||||||||||||||||||||||||||
— related parties | 1,163 | 632 | 31 | (1,781 | ) | 45 | ||||||||||||||||||||||||||
Inventories | 56 | 820 | 250 | — | 1,126 | |||||||||||||||||||||||||||
Prepaid expenses and other current assets | 4 | 81 | 5 | — | 90 | |||||||||||||||||||||||||||
Fair value of derivative instruments | 5 | 34 | 15 | (1 | ) | 53 | ||||||||||||||||||||||||||
Deferred income tax assets | — | 106 | 10 | — | 116 | |||||||||||||||||||||||||||
Assets held for sale | 32 | 2 | — | — | 34 | |||||||||||||||||||||||||||
Total current assets | 1,284 | 2,873 | 717 | (1,782 | ) | 3,092 | ||||||||||||||||||||||||||
Property, plant and equipment, net | 98 | 2,356 | 873 | — | 3,327 | |||||||||||||||||||||||||||
Goodwill | — | 600 | 11 | — | 611 | |||||||||||||||||||||||||||
Intangible assets, net | 7 | 634 | 4 | — | 645 | |||||||||||||||||||||||||||
Investments in and advances to non-consolidated affiliates | — | 653 | — | — | 653 | |||||||||||||||||||||||||||
Investments in consolidated subsidiaries | 3,576 | 618 | — | (4,194 | ) | — | ||||||||||||||||||||||||||
Deferred income tax assets | — | 12 | 31 | — | 43 | |||||||||||||||||||||||||||
Other long term assets | ||||||||||||||||||||||||||||||||
— third parties | 78 | 87 | 13 | — | 178 | |||||||||||||||||||||||||||
— related parties | 632 | 62 | — | (681 | ) | 13 | ||||||||||||||||||||||||||
Total assets | $ | 5,675 | $ | 7,895 | $ | 1,649 | $ | (6,657 | ) | $ | 8,562 | |||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||
Current portion of long-term debt | $ | 21 | $ | 10 | $ | — | $ | — | $ | 31 | ||||||||||||||||||||||
Short-term borrowings | ||||||||||||||||||||||||||||||||
— third parties | 320 | 269 | 51 | — | 640 | |||||||||||||||||||||||||||
— related parties | — | 648 | — | (648 | ) | — | ||||||||||||||||||||||||||
Accounts payable | ||||||||||||||||||||||||||||||||
— third parties | 26 | 624 | 341 | — | 991 | |||||||||||||||||||||||||||
— related parties | 466 | 623 | 80 | (1,118 | ) | 51 | ||||||||||||||||||||||||||
Fair value of derivative instruments | 15 | 49 | 16 | (1 | ) | 79 | ||||||||||||||||||||||||||
Accrued expenses and other current liabilities | 93 | 378 | 76 | (15 | ) | 532 | ||||||||||||||||||||||||||
Deferred income tax liabilities | — | 19 | — | — | 19 | |||||||||||||||||||||||||||
Liabilities held for sale | 11 | 1 | — | — | 12 | |||||||||||||||||||||||||||
Total current liabilities | 952 | 2,621 | 564 | (1,782 | ) | 2,355 | ||||||||||||||||||||||||||
Long-term debt, net of current portion | ||||||||||||||||||||||||||||||||
— third parties | 4,225 | 43 | 161 | — | 4,429 | |||||||||||||||||||||||||||
— related parties | 49 | 597 | 35 | (681 | ) | — | ||||||||||||||||||||||||||
Deferred income tax liabilities | — | 460 | 8 | — | 468 | |||||||||||||||||||||||||||
Accrued postretirement benefits | 50 | 427 | 176 | — | 653 | |||||||||||||||||||||||||||
Other long-term liabilities | 33 | 223 | 7 | — | 263 | |||||||||||||||||||||||||||
Total liabilities | 5,309 | 4,371 | 951 | (2,463 | ) | 8,168 | ||||||||||||||||||||||||||
Commitments and contingencies | ||||||||||||||||||||||||||||||||
Total temporary equity - intercompany | — | 1,681 | — | (1,681 | ) | — | ||||||||||||||||||||||||||
Shareholder’s equity | ||||||||||||||||||||||||||||||||
Common stock | — | — | — | — | — | |||||||||||||||||||||||||||
Additional paid-in capital | 1,654 | — | — | — | 1,654 | |||||||||||||||||||||||||||
(Accumulated deficit) retained earnings | (1,140 | ) | 2,009 | 707 | (2,716 | ) | (1,140 | ) | ||||||||||||||||||||||||
Accumulated other comprehensive (loss) income | (148 | ) | (166 | ) | (37 | ) | 203 | (148 | ) | |||||||||||||||||||||||
Total equity of our common shareholder | 366 | 1,843 | 670 | (2,513 | ) | 366 | ||||||||||||||||||||||||||
Noncontrolling interests | — | — | 28 | — | 28 | |||||||||||||||||||||||||||
Total equity | 366 | 1,843 | 698 | (2,513 | ) | 394 | ||||||||||||||||||||||||||
Total liabilities and equity | $ | 5,675 | $ | 7,895 | $ | 1,649 | $ | (6,657 | ) | $ | 8,562 | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET (In millions) | ||||||||||||||||||||||||||||||||
As of March 31, 2013 | ||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Guarantors | ||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 4 | $ | 196 | $ | 101 | $ | — | $ | 301 | ||||||||||||||||||||||
Accounts receivable, net of allowances | ||||||||||||||||||||||||||||||||
— third parties | 30 | 1,096 | 321 | — | 1,447 | |||||||||||||||||||||||||||
— related parties | 1,110 | 530 | 45 | (1,647 | ) | 38 | ||||||||||||||||||||||||||
Inventories | 80 | 835 | 253 | — | 1,168 | |||||||||||||||||||||||||||
Prepaid expenses and other current assets | 7 | 81 | 5 | — | 93 | |||||||||||||||||||||||||||
Fair value of derivative instruments | 17 | 72 | 20 | — | 109 | |||||||||||||||||||||||||||
Deferred income tax assets | 1 | 106 | 5 | — | 112 | |||||||||||||||||||||||||||
Assets held for sale | — | — | 9 | — | 9 | |||||||||||||||||||||||||||
Total current assets | 1,249 | 2,916 | 759 | (1,647 | ) | 3,277 | ||||||||||||||||||||||||||
Property, plant and equipment, net | 106 | 2,223 | 775 | — | 3,104 | |||||||||||||||||||||||||||
Goodwill | — | 600 | 11 | — | 611 | |||||||||||||||||||||||||||
Intangible assets, net | 9 | 636 | 4 | — | 649 | |||||||||||||||||||||||||||
Investments in and advances to non-consolidated affiliates | — | 627 | — | — | 627 | |||||||||||||||||||||||||||
Investments in consolidated subsidiaries | 3,462 | 530 | — | (3,992 | ) | — | ||||||||||||||||||||||||||
Deferred income tax assets | 4 | 43 | 28 | — | 75 | |||||||||||||||||||||||||||
Other long-term assets | ||||||||||||||||||||||||||||||||
— third parties | 79 | 79 | 8 | — | 166 | |||||||||||||||||||||||||||
— related parties | 456 | 202 | — | (645 | ) | 13 | ||||||||||||||||||||||||||
Total assets | $ | 5,365 | $ | 7,856 | $ | 1,585 | $ | (6,284 | ) | $ | 8,522 | |||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||
Current portion of long-term debt | $ | 21 | $ | 9 | $ | — | $ | — | $ | 30 | ||||||||||||||||||||||
Short-term borrowings | ||||||||||||||||||||||||||||||||
— third parties | 205 | 218 | 45 | — | 468 | |||||||||||||||||||||||||||
— related parties | — | 600 | — | (600 | ) | — | ||||||||||||||||||||||||||
Accounts payable | ||||||||||||||||||||||||||||||||
— third parties | 26 | 752 | 429 | — | 1,207 | |||||||||||||||||||||||||||
— related parties | 438 | 588 | 61 | (1,040 | ) | 47 | ||||||||||||||||||||||||||
Fair value of derivative instruments | 3 | 55 | 17 | (1 | ) | 74 | ||||||||||||||||||||||||||
Accrued expenses and other current liabilities | 102 | 332 | 69 | (6 | ) | 497 | ||||||||||||||||||||||||||
Deferred income tax liabilities | — | 28 | — | — | 28 | |||||||||||||||||||||||||||
Liabilities held for sale | — | — | 1 | — | 1 | |||||||||||||||||||||||||||
Total current liabilities | 795 | 2,582 | 622 | (1,647 | ) | 2,352 | ||||||||||||||||||||||||||
Long-term debt, net of current portion | ||||||||||||||||||||||||||||||||
— third parties | 4,232 | 47 | 155 | — | 4,434 | |||||||||||||||||||||||||||
— related parties | 49 | 596 | — | (645 | ) | — | ||||||||||||||||||||||||||
Deferred income tax liabilities | 5 | 490 | 9 | — | 504 | |||||||||||||||||||||||||||
Accrued postretirement benefits | 51 | 510 | 170 | — | 731 | |||||||||||||||||||||||||||
Other long-term liabilities | 24 | 227 | 11 | — | 262 | |||||||||||||||||||||||||||
Total liabilities | 5,156 | 4,452 | 967 | (2,292 | ) | 8,283 | ||||||||||||||||||||||||||
Commitments and contingencies | ||||||||||||||||||||||||||||||||
Total temporary equity - intercompany | — | 1,681 | — | (1,681 | ) | — | ||||||||||||||||||||||||||
Shareholder’s equity | ||||||||||||||||||||||||||||||||
Common stock | — | — | — | — | — | |||||||||||||||||||||||||||
Additional paid-in capital | 1,654 | — | — | — | 1,654 | |||||||||||||||||||||||||||
(Accumulated deficit) retained earnings | (1,177 | ) | 2,010 | 658 | (2,668 | ) | (1,177 | ) | ||||||||||||||||||||||||
Accumulated other comprehensive (loss) income | (268 | ) | (287 | ) | (70 | ) | 357 | (268 | ) | |||||||||||||||||||||||
Total equity of our common shareholder | 209 | 1,723 | 588 | (2,311 | ) | 209 | ||||||||||||||||||||||||||
Noncontrolling interests | — | — | 30 | — | 30 | |||||||||||||||||||||||||||
Total equity | 209 | 1,723 | 618 | (2,311 | ) | 239 | ||||||||||||||||||||||||||
Total liabilities and equity | $ | 5,365 | $ | 7,856 | $ | 1,585 | $ | (6,284 | ) | $ | 8,522 | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Six Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Guarantors | ||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 4 | $ | 357 | $ | 84 | $ | (197 | ) | $ | 248 | |||||||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||||||||||
Capital expenditures | (10 | ) | (237 | ) | (118 | ) | — | (365 | ) | |||||||||||||||||||||||
Proceeds from sales of assets, net | ||||||||||||||||||||||||||||||||
— third parties | — | — | — | — | — | — | ||||||||||||||||||||||||||
— related parties | — | 8 | — | — | 8 | |||||||||||||||||||||||||||
(Outflows) proceeds from related party loans receivable, net | (83 | ) | — | — | 83 | — | ||||||||||||||||||||||||||
(Outflows) proceeds from settlement of other undesignated derivative instruments, net | (8 | ) | 4 | 10 | — | 6 | ||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | (101 | ) | (225 | ) | (108 | ) | 83 | (351 | ) | |||||||||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||||||||||
Proceeds from issuance of debt | ||||||||||||||||||||||||||||||||
— third parties | — | 72 | 4 | — | 76 | |||||||||||||||||||||||||||
— related parties | — | — | 35 | (35 | ) | — | ||||||||||||||||||||||||||
Principal payments | ||||||||||||||||||||||||||||||||
— third parties | (10 | ) | (49 | ) | — | — | (59 | ) | ||||||||||||||||||||||||
— related parties | — | — | — | — | — | |||||||||||||||||||||||||||
Short-term borrowings, net | ||||||||||||||||||||||||||||||||
— third parties | 115 | 16 | — | — | 131 | |||||||||||||||||||||||||||
— related parties | — | 48 | — | (48 | ) | — | ||||||||||||||||||||||||||
Dividends, noncontrolling interests and intercompany | — | (197 | ) | — | 197 | — | ||||||||||||||||||||||||||
Debt issuance costs | (8 | ) | — | — | — | (8 | ) | |||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 97 | (110 | ) | 39 | 114 | 140 | ||||||||||||||||||||||||||
Net increase in cash and cash equivalents | — | 22 | 15 | — | 37 | |||||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | (1 | ) | 1 | — | — | ||||||||||||||||||||||||||
Cash and cash equivalents — beginning of period | 4 | 196 | 101 | — | 301 | |||||||||||||||||||||||||||
Cash and cash equivalents — end of period | $ | 4 | $ | 217 | $ | 117 | $ | — | $ | 338 | ||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Six Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Guarantors | ||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (60 | ) | $ | 203 | $ | 126 | $ | (152 | ) | $ | 117 | ||||||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||||||||||
Capital expenditures | (3 | ) | (252 | ) | (90 | ) | — | (345 | ) | |||||||||||||||||||||||
(Outflows) proceeds from sales of assets, net | ||||||||||||||||||||||||||||||||
— third parties | (2 | ) | 7 | — | — | 5 | ||||||||||||||||||||||||||
— related parties | — | 2 | — | — | 2 | |||||||||||||||||||||||||||
Proceeds from investment in and advances to affiliates, net | — | 1 | — | — | 1 | |||||||||||||||||||||||||||
Proceeds (outflows) from related party loans receivable, net | 7 | (31 | ) | — | 26 | 2 | ||||||||||||||||||||||||||
Proceeds from settlement of other undesignated derivative instruments, net | 7 | 22 | 2 | — | 31 | |||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | 9 | (251 | ) | (88 | ) | 26 | (304 | ) | ||||||||||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||||||||||
Proceeds from issuance of debt | ||||||||||||||||||||||||||||||||
— third parties | — | 44 | 2 | — | 46 | |||||||||||||||||||||||||||
— related parties | 49 | 2 | — | (51 | ) | — | ||||||||||||||||||||||||||
Principal payments | ||||||||||||||||||||||||||||||||
— third parties | (9 | ) | (2 | ) | — | — | (11 | ) | ||||||||||||||||||||||||
— related parties | — | (27 | ) | — | 27 | — | ||||||||||||||||||||||||||
Short-term borrowings, net | ||||||||||||||||||||||||||||||||
— third parties | 5 | 49 | — | — | 54 | |||||||||||||||||||||||||||
— related parties | 1 | 18 | (17 | ) | (2 | ) | — | |||||||||||||||||||||||||
Dividends, noncontrolling interests and intercompany | — | (151 | ) | (3 | ) | 152 | (2 | ) | ||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 46 | (67 | ) | (18 | ) | 126 | 87 | |||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (5 | ) | (115 | ) | 20 | — | (100 | ) | ||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | 8 | 2 | — | 10 | |||||||||||||||||||||||||||
Cash and cash equivalents — beginning of period | 6 | 215 | 96 | — | 317 | |||||||||||||||||||||||||||
Cash and cash equivalents — end of period | $ | 1 | $ | 108 | $ | 118 | $ | — | $ | 227 | ||||||||||||||||||||||
The preceding information presents condensed consolidating statements of operations, balance sheets and statements of cash flows of the Parent, the Guarantors, and the Non-Guarantors. Certain prior period amounts have been revised to reflect the appropriate classification of certain subsidiaries and intercompany financing transactions between the Parent, Guarantors, and Non-Guarantors. We determined that these revisions were immaterial to our current and previously issued financial statements. As a result, we have revised the previously issued consolidating financial statements included in this filing. These revisions had no impact on any consolidated total of the consolidating financial statements. The following chart presents the impact of these adjustments on the consolidating financial statements (in millions). | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | |||||||||||||||||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | As Reported | As Adjusted | As Reported | As Adjusted | |||||||||||||||||||||||||
Statement of Operations | ||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 50 | $ | 50 | $ | 133 | $ | 155 | $ | 25 | $ | 25 | $ | (121 | ) | $ | (143 | ) | ||||||||||||||
Net income (loss) | $ | 49 | $ | 49 | $ | 102 | $ | 124 | $ | 20 | $ | 20 | $ | (121 | ) | $ | (143 | ) | ||||||||||||||
Comprehensive income (loss) | $ | 82 | $ | 82 | $ | 114 | $ | 136 | $ | 45 | $ | 44 | $ | (157 | ) | $ | (178 | ) | ||||||||||||||
Comprehensive income (loss) attributable to our common shareholder | 82 | 82 | 114 | 136 | 43 | 42 | $ | (157 | ) | $ | (178 | ) | ||||||||||||||||||||
Six Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | |||||||||||||||||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | As Reported | As Adjusted | As Reported | As Adjusted | |||||||||||||||||||||||||
Statement of Operations | ||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 142 | $ | 143 | $ | 278 | $ | 324 | $ | 51 | $ | 50 | $ | (272 | ) | $ | (318 | ) | ||||||||||||||
Net income (loss) | $ | 139 | $ | 140 | $ | 234 | $ | 280 | $ | 40 | $ | 39 | $ | (272 | ) | $ | (318 | ) | ||||||||||||||
Comprehensive income (loss) | $ | 89 | $ | 89 | $ | 173 | $ | 218 | $ | 52 | $ | 52 | $ | (224 | ) | $ | (269 | ) | ||||||||||||||
Comprehensive income (loss) attributable to our common shareholder | 89 | 89 | 173 | 218 | 51 | 51 | $ | (224 | ) | $ | (269 | ) | ||||||||||||||||||||
Statement of Cash Flows | ||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (53 | ) | $ | (60 | ) | $ | 15 | $ | 203 | $ | 125 | $ | 126 | $ | 30 | $ | (152 | ) | |||||||||||||
Net cash provided by (used in) investing activities | 2 | 9 | (218 | ) | (251 | ) | (88 | ) | (88 | ) | — | 26 | ||||||||||||||||||||
Net cash provided by (used in) financing activities | $ | 46 | $ | 46 | $ | 88 | $ | (67 | ) | $ | (17 | ) | $ | (18 | ) | $ | (30 | ) | $ | 126 | ||||||||||||
Year Ended March 31, 2013 | ||||||||||||||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | |||||||||||||||||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | As Reported | As Adjusted | As Reported | As Adjusted | |||||||||||||||||||||||||
Balance Sheet | ||||||||||||||||||||||||||||||||
Total assets | 5,365 | 5,365 | 7,856 | 7,856 | 1,585 | 1,585 | 6,284 | 6,284 | ||||||||||||||||||||||||
Total liabilities | 5,156 | 5,156 | 4,465 | 4,452 | 967 | 967 | 2,305 | 2,292 | ||||||||||||||||||||||||
Temporary equity - intercompany | — | — | 1,668 | 1,681 | — | — | 1,668 | 1,681 | ||||||||||||||||||||||||
Business_and_Summary_of_Signif1
Business and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Description of Business and Basis of Presentation | ' |
Description of Business and Basis of Presentation | |
Novelis Inc. was formed in Canada on September 21, 2004. We produce aluminum sheet and light gauge products for use in the packaging market, which includes beverage and food can and foil products, as well as for use in the transportation, electronics, architectural and industrial product markets. We also have recycling operations in many of our plants to recycle post-consumer aluminum, such as used-beverage cans (UBCs). As of September 30, 2013, we had manufacturing operations in nine countries on four continents: North America, South America, Asia and Europe, through 25 operating plants, including recycling operations in ten of these plants. In addition to aluminum rolled products plants, our South American businesses include primary aluminum smelting and power generation facilities. | |
The accompanying unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes in our Annual Report on Form 10-K for the year ended March 31, 2013 filed with the United States Securities and Exchange Commission (SEC) on May 15, 2013. Management believes that all adjustments necessary for the fair statement of results, consisting of normally recurring items, have been included in the unaudited condensed consolidated financial statements for the interim periods presented. | |
The preparation of our condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The principal areas of judgment relate to (1) the fair value of derivative financial instruments; (2) impairment of goodwill; (3) impairment of long lived assets and other intangible assets; (4) equity investments; (5) actuarial assumptions related to pension and other postretirement benefit plans; (6) tax uncertainties and valuation allowances; and (7) assessment of loss contingencies, including environmental and litigation liabilities. Future events and their effects cannot be predicted with certainty, and accordingly, our accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of our condensed consolidated financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. We evaluate and update our assumptions and estimates on an ongoing basis and may employ outside experts to assist in our evaluations. Actual results could differ from the estimates we have used. | |
Consolidation Policy | ' |
Consolidation Policy | |
Our condensed consolidated financial statements include the assets, liabilities, revenues and expenses of all wholly-owned subsidiaries, majority-owned subsidiaries over which we exercise control and entities in which we have a controlling financial interest or are deemed to be the primary beneficiary. We eliminate all significant intercompany accounts and transactions from our condensed consolidated financial statements. | |
We use the equity method to account for our investments in entities that we do not control, but where we have the ability to exercise significant influence over operating and financial policies. Consolidated “Net income attributable to our common shareholder” includes our share of net income (loss) of these entities. The difference between consolidation and the equity method impacts certain of our financial ratios because of the presentation of the detailed line items reported in the consolidated financial statements for consolidated entities, compared to a two-line presentation of equity method investments and net losses. |
Restructuring_and_Impairment_N1
Restructuring and Impairment, Net (Tables) | 6 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||
Summary of restructuring reserve activity | ' | |||||||||||||||||||||||
The following table summarizes our restructuring liability activity by segment (in millions). | ||||||||||||||||||||||||
North | Europe | Asia | South | Corporate | Total Restructuring | |||||||||||||||||||
America | America | Liabilities | ||||||||||||||||||||||
Balance as of March 31, 2013 | $ | 7 | $ | 10 | $ | — | $ | 14 | $ | 2 | $ | 33 | ||||||||||||
Provisions | 1 | 15 | — | 2 | — | 18 | ||||||||||||||||||
Cash payments | (3 | ) | (6 | ) | — | (6 | ) | (1 | ) | (16 | ) | |||||||||||||
Foreign currency translation and other | — | 1 | — | (1 | ) | — | — | |||||||||||||||||
Balance as of September 30, 2013 | $ | 5 | $ | 20 | $ | — | $ | 9 | $ | 1 | $ | 35 | ||||||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of inventories | ' | |||||||
Inventories consisted of the following (in millions). | ||||||||
September 30, | March 31, | |||||||
2013 | 2013 | |||||||
Finished goods | $ | 209 | $ | 245 | ||||
Work in process | 442 | 502 | ||||||
Raw materials | 371 | 319 | ||||||
Supplies | 104 | 102 | ||||||
Inventories | $ | 1,126 | $ | 1,168 | ||||
Assets_Held_For_Sale_Tables
Assets Held For Sale (Tables) | 6 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Assets Held For Sale [Abstract] | ' | |||||||
Schedule of assets held-for-sale | ' | |||||||
The following table summarizes the carrying amounts of the major classes of assets and liabilities held for sale (in millions). | ||||||||
September 30, | March 31, | |||||||
2013 | 2013 | |||||||
Assets held for sale | ||||||||
Accounts receivable | $ | 13 | $ | — | ||||
Inventories | 16 | — | ||||||
Prepaid expenses and other current assets | 1 | — | ||||||
Property, plant and equipment, net | 4 | 9 | ||||||
Total assets held for sale | $ | 34 | $ | 9 | ||||
Liabilities held for sale | ||||||||
Accounts payable | $ | 4 | $ | — | ||||
Accrued expenses and other current liabilities | 8 | — | ||||||
Other liabilities | — | 1 | ||||||
Total liabilities held for sale | $ | 12 | $ | 1 | ||||
Consolidation_Tables
Consolidation (Tables) (Logan [Member]) | 6 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Logan [Member] | ' | |||||||
Variable Interest Entity [Line Items] | ' | |||||||
Schedule of variable interest entity | ' | |||||||
The following table summarizes the carrying value and classification of assets and liabilities owned by the Logan joint venture and consolidated in our condensed consolidated balance sheets (in millions). There are significant other assets used in the operations of Logan that are not part of the joint venture, as they are directly owned and consolidated by Novelis or Tri-Arrows. | ||||||||
September 30, | March 31, | |||||||
2013 | 2013 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 2 | $ | 1 | ||||
Accounts receivable | 34 | 35 | ||||||
Inventories | 43 | 38 | ||||||
Prepaid expenses and other current assets | 1 | 1 | ||||||
Total current assets | 80 | 75 | ||||||
Property, plant and equipment, net | 6 | 17 | ||||||
Goodwill | 12 | 12 | ||||||
Deferred income taxes | 70 | 68 | ||||||
Other long-term assets | 2 | 3 | ||||||
Total assets | $ | 170 | $ | 175 | ||||
Liabilities | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 21 | $ | 29 | ||||
Accrued expenses and other current liabilities | 12 | 14 | ||||||
Total current liabilities | 33 | 43 | ||||||
Accrued postretirement benefits | 157 | 154 | ||||||
Other long-term liabilities | 3 | 3 | ||||||
Total liabilities | $ | 193 | $ | 200 | ||||
Investment_In_and_Advances_To_1
Investment In and Advances To Non-Consolidated Affiliates and Related Party Transactions (Tables) | 6 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Summary of condensed results of operations of equity method affiliates | ' | |||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net sales | $ | 130 | $ | 119 | $ | 261 | $ | 241 | ||||||||
Costs and expenses related to net sales | 129 | 115 | 256 | 234 | ||||||||||||
(Benefit) provision for taxes on income | (2 | ) | 2 | $ | 2 | $ | 2 | |||||||||
Net income | $ | 3 | $ | 2 | $ | 3 | $ | 5 | ||||||||
Purchase of tolling services from Aluminium Norf GmbH (Alunorf) | $ | 65 | $ | 59 | $ | 131 | $ | 120 | ||||||||
Period-end account balances with non-consolidated affiliates, shown as related party balances | ' | |||||||||||||||
The following table describes the period-end account balances that we had with these non-consolidated affiliates, shown as related party balances in our condensed consolidated balance sheets (in millions). | ||||||||||||||||
September 30, | March 31, | |||||||||||||||
2013 | 2013 | |||||||||||||||
Accounts receivable-related parties | $ | 45 | $ | 38 | ||||||||||||
Other long-term assets-related parties | $ | 13 | $ | 13 | ||||||||||||
Accounts payable-related parties | $ | 51 | $ | 47 | ||||||||||||
Debt_Tables
Debt (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||
Schedule of debt | ' | ||||||||||||||||||||||||||||||
Debt consisted of the following (in millions). | |||||||||||||||||||||||||||||||
September 30, 2013 | March 31, 2013 | ||||||||||||||||||||||||||||||
Interest | Principal | Unamortized | Carrying | Principal | Unamortized | Carrying | |||||||||||||||||||||||||
Rates(A) | Carrying Value | Value | Carrying Value | Value | |||||||||||||||||||||||||||
Adjustments | Adjustments | ||||||||||||||||||||||||||||||
Third party debt: | |||||||||||||||||||||||||||||||
Short term borrowings | 3.33 | % | $ | 640 | $ | — | $ | 640 | $ | 468 | $ | — | $ | 468 | |||||||||||||||||
Novelis Inc. | |||||||||||||||||||||||||||||||
Floating rate Term Loan Facility, due March 2017 | 3.75 | % | 1,758 | (23 | ) | (B) | 1,735 | 1,767 | (27 | ) | (B) | 1,740 | |||||||||||||||||||
8.375% Senior Notes, due December 2017 | 8.375 | % | 1,100 | — | 1,100 | 1,100 | — | 1,100 | |||||||||||||||||||||||
8.75% Senior Notes, due December 2020 | 8.75 | % | 1,400 | — | 1,400 | 1,400 | — | 1,400 | |||||||||||||||||||||||
Capital lease obligations, due through July 2017 | 3.64 | % | 11 | — | 11 | 12 | — | 12 | |||||||||||||||||||||||
Novelis Korea Limited | |||||||||||||||||||||||||||||||
Loans, due December 2014 through December 2015 (KRW 166 billion) | 3.63 | % | 154 | — | 154 | 149 | — | 149 | |||||||||||||||||||||||
Novelis Switzerland S.A. | |||||||||||||||||||||||||||||||
Capital lease obligation, due through December 2019 (Swiss francs (CHF) 34 million) | 7.5 | % | 38 | (1 | ) | 37 | 38 | (1 | ) | 37 | |||||||||||||||||||||
Novelis do Brasil Ltda. | |||||||||||||||||||||||||||||||
BNDES loans, due March 2014 through April 2021(BRL R$34 million) | 6.14 | % | 15 | (3 | ) | 12 | 18 | (3 | ) | 15 | |||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||
Other debt, due through December 2020 | 4.27 | % | 11 | — | 11 | 11 | — | 11 | |||||||||||||||||||||||
Total debt — third parties | 5,127 | (27 | ) | 5,100 | 4,963 | (31 | ) | 4,932 | |||||||||||||||||||||||
Less: Short-term borrowings | (640 | ) | — | (640 | ) | (468 | ) | — | (468 | ) | |||||||||||||||||||||
Current portion of long term debt | $ | (31 | ) | — | $ | (31 | ) | $ | (30 | ) | — | $ | (30 | ) | |||||||||||||||||
Long-term debt, net of current portion — third parties: | $ | 4,456 | $ | (27 | ) | $ | 4,429 | $ | 4,465 | $ | (31 | ) | $ | 4,434 | |||||||||||||||||
(A) | Interest rates are the fixed or variable rates as specified in the debt instruments (not the effective interest rate) as of September 30, 2013, and therefore, exclude the effects of related interest rate swaps and accretion/amortization of fair value adjustments as a result of purchase accounting in connection with Hindalco's purchase of Novelis and accretion/amortization of debt issuance costs related to the debt exchange completed in fiscal 2009 and the series of refinancing transactions and additional borrowings we completed in fiscal 2011, 2012, 2013 and 2014. We present stated rates of interest because they reflect the rate at which cash will be paid for future debt service. | ||||||||||||||||||||||||||||||
(B) | Debt existing at the time of Hindalco's purchase of Novelis was recorded at fair value. In connection with a series of refinancing transactions, a portion of the historical fair value adjustments were allocated to the Term Loan Facility. The balance also includes the unamortized discount on the Term Loan Facility. | ||||||||||||||||||||||||||||||
Principal repayment requirements for total debt over the next five years and thereafter | ' | ||||||||||||||||||||||||||||||
Principal repayment requirements for our total debt over the next five years and thereafter (excluding unamortized carrying value adjustments and using exchange rates as of September 30, 2013 for our debt denominated in foreign currencies) are as follows (in millions): | |||||||||||||||||||||||||||||||
As of September 30, 2013 | Amount | ||||||||||||||||||||||||||||||
Short-term borrowings and Current portion of long-term debt due within one year | $ | 671 | |||||||||||||||||||||||||||||
2 years | 76 | ||||||||||||||||||||||||||||||
3 years | 140 | ||||||||||||||||||||||||||||||
4 years | 1,716 | ||||||||||||||||||||||||||||||
5 years | 1,110 | ||||||||||||||||||||||||||||||
Thereafter | 1,414 | ||||||||||||||||||||||||||||||
Total | $ | 5,127 | |||||||||||||||||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Total compensation expense related to SARs and RSUs under the long term incentive plans | ' | ||||||||||||||||
Total compensation expense (income) related to Hindalco SARs, Novelis SARs, and RSUs under the plans for the respective periods is presented in the table below (in millions). These amounts are included in “Selling, general and administrative expenses” or "Cost of goods sold (exclusive of depreciation and amortization)" in our condensed consolidated statements of operations. As the performance criteria for fiscal years 2015, 2016 and 2017 have not yet been established, measurement periods for Hindalco and Novelis SARs relating to those periods have not yet commenced. As a result, only compensation expense for vested and current year Hindalco and Novelis SARs has been recorded. | |||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Total compensation expense (income) | $ | 4 | $ | 3 | $ | 17 | $ | 1 | |||||||||
Hindalco and Novelis SARs activity and RSUs | ' | ||||||||||||||||
The table below shows the Hindalco SARs activity for the six months ended September 30, 2013. | |||||||||||||||||
Number of | Weighted | Weighted Average | Aggregate | ||||||||||||||
SARs | Average | Remaining | Intrinsic | ||||||||||||||
Exercise Price | Contractual Term | Value (USD | |||||||||||||||
(in Indian Rupees) | (In years) | in millions) | |||||||||||||||
SARs outstanding as of March 31, 2013 | 38,971,573 | 120.4 | 4.8 | $ | 2 | ||||||||||||
Granted | 7,250,044 | 105.11 | 6.6 | — | |||||||||||||
Exercised | (398,387 | ) | 68.53 | — | — | ||||||||||||
Forfeited/Cancelled | (22,668,522 | ) | 94.25 | — | — | ||||||||||||
SARs outstanding as of September 30, 2013 | 23,154,708 | 111.14 | 4.7 | $ | 5 | ||||||||||||
SARs exercisable as of September 30, 2013 | 9,869,563 | 104.48 | |||||||||||||||
The table below shows the Novelis SARs activity for the six months ended September 30, 2013. | |||||||||||||||||
Number of | Weighted | Weighted Average | Aggregate | ||||||||||||||
SARs | Average | Remaining | Intrinsic | ||||||||||||||
Exercise Price | Contractual Term | Value (USD | |||||||||||||||
(in USD) | (In years) | in millions) | |||||||||||||||
SARs outstanding as of March 31, 2013 | — | — | — | $ | — | ||||||||||||
Granted | 13,279,528 | 94.82 | 5 | 3 | |||||||||||||
Exercised | — | — | — | — | |||||||||||||
Forfeited/Cancelled | (420,569 | ) | 93.69 | — | — | ||||||||||||
SARs outstanding as of September 30, 2013 | 12,858,959 | 94.86 | 5.3 | $ | 3 | ||||||||||||
SARs exercisable as of September 30, 2013 | 2,060,728 | 101.81 | |||||||||||||||
The table below shows the RSUs activity for the six months ended September 30, 2013. | |||||||||||||||||
Number of | Grant Date Fair | Aggregate | |||||||||||||||
RSUs | Value | Intrinsic | |||||||||||||||
(in Indian Rupees) | Value (USD | ||||||||||||||||
in millions) | |||||||||||||||||
RSUs outstanding as of March 31, 2013 | 3,591,406 | 136.22 | $ | 5 | |||||||||||||
Granted | 2,077,994 | 104.98 | — | ||||||||||||||
Exercised | (734,802 | ) | 105.98 | — | |||||||||||||
Forfeited/Cancelled | (178,618 | ) | 110.56 | — | |||||||||||||
RSUs outstanding as of September 30, 2013 | 4,755,980 | 120.69 | $ | 8 | |||||||||||||
Assumptions used in estimating fair value of each SAR under 2013 LTIP, 2012 LTIP, 2011 LTIP, 2010 LTIP, 2009 LTIP | ' | ||||||||||||||||
The fair value of each unvested Hindalco SAR was estimated using the following assumptions: | |||||||||||||||||
Six Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Risk-free interest rate | 8.72% - 9.07% | 8.07% - 8.22% | |||||||||||||||
Dividend yield | 1.25 | % | 1.28 | % | |||||||||||||
Volatility | 36% - 51% | 45% - 52% | |||||||||||||||
The fair value of each unvested Novelis SAR was estimated using the following assumptions: | |||||||||||||||||
Six Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Risk-free interest rate | .89% - 1.90% | — | % | ||||||||||||||
Dividend yield | — | % | — | % | |||||||||||||
Volatility | 29% - 41% | — | % | ||||||||||||||
Postretirement_Benefit_Plans_T
Postretirement Benefit Plans (Tables) | 6 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Components of net periodic benefit cost for all significant postretirement benefit plans | ' | |||||||||||||||
Components of net periodic benefit cost for all of our significant postretirement benefit plans are shown in the tables below (in millions). | ||||||||||||||||
Pension Benefit Plans | Other Benefit Plans | |||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 12 | $ | 11 | $ | 2 | $ | 2 | ||||||||
Interest cost | 16 | 17 | 2 | 3 | ||||||||||||
Expected return on assets | (17 | ) | (16 | ) | — | — | ||||||||||
Amortization — losses | 7 | 8 | 1 | — | ||||||||||||
Amortization — prior service (credit) / cost | (1 | ) | (1 | ) | (2 | ) | — | |||||||||
Net periodic benefit cost | $ | 17 | $ | 19 | $ | 3 | $ | 5 | ||||||||
Pension Benefit Plans | Other Benefit Plans | |||||||||||||||
Six Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 25 | $ | 22 | $ | 5 | $ | 5 | ||||||||
Interest cost | 32 | 33 | 4 | 5 | ||||||||||||
Expected return on assets | (33 | ) | (32 | ) | — | — | ||||||||||
Amortization — losses | 12 | 14 | 2 | 1 | ||||||||||||
Amortization — prior service (credit) / cost | (1 | ) | (1 | ) | (2 | ) | — | |||||||||
Net periodic benefit cost | $ | 35 | $ | 36 | $ | 9 | $ | 11 | ||||||||
Contributions to employee benefit plans | ' | |||||||||||||||
We contributed the following amounts to all plans (in millions). | ||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Funded pension plans | $ | 4 | $ | 9 | $ | 10 | $ | 18 | ||||||||
Unfunded pension plans | 3 | 4 | 5 | 7 | ||||||||||||
Savings and defined contribution pension plans | 4 | 5 | 9 | 10 | ||||||||||||
Total contributions | $ | 11 | $ | 18 | $ | 24 | $ | 35 | ||||||||
Currency_Gains_Losses_Tables
Currency (Gains) Losses (Tables) | 6 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Foreign Currency [Abstract] | ' | |||||||||||||||
Currency (gains) losses included in "Other (income) expense, net" | ' | |||||||||||||||
The following currency (gains) losses were included in “Other income, net” in the accompanying condensed consolidated statements of operations (in millions). | ||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Gain) on remeasurement of monetary assets and liabilities, net | $ | (4 | ) | $ | (7 | ) | $ | (22 | ) | $ | (10 | ) | ||||
Loss released from accumulated other comprehensive income | — | — | 1 | 1 | ||||||||||||
Loss recognized on balance sheet remeasurement currency exchange contracts, net | 4 | 4 | 16 | 1 | ||||||||||||
Currency gains, net | $ | — | $ | (3 | ) | $ | (5 | ) | $ | (8 | ) | |||||
Currency gains (losses) included in "AOCI," net of tax and "Noncontrolling interests" | ' | |||||||||||||||
The following currency gains (losses) were included in “AOCI,” net of tax and in “Noncontrolling interests” in the accompanying condensed consolidated balance sheets (in millions). | ||||||||||||||||
Six Months Ended September 30, 2013 | Year Ended March 31, 2013 | |||||||||||||||
Cumulative currency translation adjustment — beginning of period | $ | (30 | ) | $ | 23 | |||||||||||
Effect of changes in exchange rates | 90 | (42 | ) | |||||||||||||
Sale of investment in foreign entities (A) | — | (11 | ) | |||||||||||||
Cumulative currency translation adjustment — end of period | $ | 60 | $ | (30 | ) | |||||||||||
Financial_Instruments_and_Comm1
Financial Instruments and Commodity Contracts (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair values of financial instruments and commodity contracts | ' | |||||||||||||||||||||||||||||||
The fair values of our financial instruments and commodity contracts as of September 30, 2013 and March 31, 2013 were as follows (in millions). | ||||||||||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||||
Assets | Liabilities | Net Fair Value | ||||||||||||||||||||||||||||||
Current | Noncurrent(A) | Current | Noncurrent(A) | Assets/(Liabilities) | ||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||||||||||||
Aluminum contracts | $ | 9 | $ | 1 | $ | (6 | ) | $ | — | $ | 4 | |||||||||||||||||||||
Currency exchange contracts | 8 | 5 | (16 | ) | (15 | ) | (18 | ) | ||||||||||||||||||||||||
Fair value hedges | ||||||||||||||||||||||||||||||||
Aluminum contracts | — | — | (1 | ) | (1 | ) | (2 | ) | ||||||||||||||||||||||||
Total derivatives designated as hedging instruments | 17 | 6 | (23 | ) | (16 | ) | (16 | ) | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||
Aluminum contracts | 25 | — | (33 | ) | — | (8 | ) | |||||||||||||||||||||||||
Currency exchange contracts | 11 | — | (14 | ) | — | (3 | ) | |||||||||||||||||||||||||
Energy contracts | — | — | (9 | ) | (18 | ) | (27 | ) | ||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | 36 | — | (56 | ) | (18 | ) | (38 | ) | ||||||||||||||||||||||||
Total derivative fair value | $ | 53 | $ | 6 | $ | (79 | ) | $ | (34 | ) | $ | (54 | ) | |||||||||||||||||||
March 31, 2013 | ||||||||||||||||||||||||||||||||
Assets | Liabilities | Net Fair Value | ||||||||||||||||||||||||||||||
Current | Noncurrent(A) | Current | Noncurrent(A) | Assets/(Liabilities) | ||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||||||||||||
Aluminum contracts | $ | 24 | $ | — | $ | — | $ | — | $ | 24 | ||||||||||||||||||||||
Currency exchange contracts | 12 | — | (7 | ) | (8 | ) | (3 | ) | ||||||||||||||||||||||||
Energy contracts | 1 | — | — | — | 1 | |||||||||||||||||||||||||||
Interest rate swaps | — | — | (1 | ) | — | (1 | ) | |||||||||||||||||||||||||
Fair value hedges | ||||||||||||||||||||||||||||||||
Aluminum contracts | — | — | (1 | ) | (1 | ) | (2 | ) | ||||||||||||||||||||||||
Total derivatives designated as hedging instruments | 37 | — | (9 | ) | (9 | ) | 19 | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Aluminum contracts | 49 | — | (46 | ) | (1 | ) | 2 | |||||||||||||||||||||||||
Currency exchange contracts | 21 | 1 | (11 | ) | — | 11 | ||||||||||||||||||||||||||
Energy contracts | 2 | — | (8 | ) | (19 | ) | (25 | ) | ||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | 72 | 1 | (65 | ) | (20 | ) | (12 | ) | ||||||||||||||||||||||||
Total derivative fair value | $ | 109 | $ | 1 | $ | (74 | ) | $ | (29 | ) | $ | 7 | ||||||||||||||||||||
(A) | The noncurrent portions of derivative assets and liabilities are included in “Other long-term assets-third parties” and in “Other long-term liabilities” respectively, in the accompanying condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
Summary of gain (loss) recogized on fair value hedges of metal price risk | ' | |||||||||||||||||||||||||||||||
The following table summarizes the amount of gain (loss) recognized on fair value hedges of metal price risk: | ||||||||||||||||||||||||||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||||||||||||||||
Recognized on Changes in Fair Value | Recognized on Changes in Fair Value | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Fair Value Hedges of Metal Price Risk | ||||||||||||||||||||||||||||||||
Derivative Contracts | 2 | 3 | (1 | ) | (5 | ) | ||||||||||||||||||||||||||
Designated Hedged Items | (2 | ) | (4 | ) | 1 | 3 | ||||||||||||||||||||||||||
Net Ineffectiveness (A) | — | (1 | ) | — | (2 | ) | ||||||||||||||||||||||||||
Summary of notional amount | ' | |||||||||||||||||||||||||||||||
The following table summarizes our notional amount (in kt). | ||||||||||||||||||||||||||||||||
September 30, | March 31, | |||||||||||||||||||||||||||||||
2013 | 2013 | |||||||||||||||||||||||||||||||
Hedge Type | ||||||||||||||||||||||||||||||||
Cash flow purchases | 11 | 5 | ||||||||||||||||||||||||||||||
Cash flow sales | (260 | ) | (210 | ) | ||||||||||||||||||||||||||||
Fair value | 18 | 22 | ||||||||||||||||||||||||||||||
Not designated | (47 | ) | (36 | ) | ||||||||||||||||||||||||||||
Total | (278 | ) | (219 | ) | ||||||||||||||||||||||||||||
Summary of gains (losses) associated with the change in the fair value derivative instruments recognized in "Other (income) expense, net" | ' | |||||||||||||||||||||||||||||||
The following table summarizes the gains (losses) associated with the change in fair value of derivative instruments not designated as hedges and the ineffectiveness of designated derivatives recognized in “Other income, net” (in millions). Gains (losses) recognized in other line items in the condensed consolidated statement of operations are separately disclosed within this footnote. | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Derivative Instruments Not Designated as Hedges | ||||||||||||||||||||||||||||||||
Aluminum contracts | $ | — | $ | (12 | ) | $ | (2 | ) | $ | (6 | ) | |||||||||||||||||||||
Currency exchange contracts | (3 | ) | (1 | ) | (15 | ) | 6 | |||||||||||||||||||||||||
Energy contracts (A) | 1 | 3 | 1 | 7 | ||||||||||||||||||||||||||||
(Loss) gain recognized in "Other income, net" | (2 | ) | (10 | ) | (16 | ) | 7 | |||||||||||||||||||||||||
Derivative Instruments Designated as Hedges | ||||||||||||||||||||||||||||||||
Gain recognized in "Other income, net" (B) | 7 | 1 | 17 | 11 | ||||||||||||||||||||||||||||
Total gain (loss) recognized in "Other income, net" | $ | 5 | $ | (9 | ) | $ | 1 | $ | 18 | |||||||||||||||||||||||
Balance sheet remeasurement currency exchange contracts | $ | (4 | ) | $ | (4 | ) | $ | (17 | ) | $ | (2 | ) | ||||||||||||||||||||
Realized gains, net | 5 | 19 | 26 | 31 | ||||||||||||||||||||||||||||
Unrealized gains (losses) on other derivative instruments, net | 4 | (24 | ) | (8 | ) | (11 | ) | |||||||||||||||||||||||||
Total gain (loss) recognized in "Other income, net" | $ | 5 | $ | (9 | ) | $ | 1 | $ | 18 | |||||||||||||||||||||||
(A) | Includes amounts related to de-designated electricity swap. | |||||||||||||||||||||||||||||||
(B) | Amount includes: forward market premium/discount excluded from designated hedging relationships; hedging relationship ineffectiveness on designated aluminum contracts; and releases to income from AOCI on balance sheet remeasurement contracts. | |||||||||||||||||||||||||||||||
Summary of the impact on AOCI and earnings of derivative instruments designated as cash flow hedges | ' | |||||||||||||||||||||||||||||||
The following table summarizes the impact on AOCI and earnings of derivative instruments designated as cash flow hedges and net investment derivatives (in millions). Certain prior year amounts were revised to conform to the current year presentation. Within the next twelve months, we expect to reclassify $15 million of losses from “AOCI” to earnings, before taxes. | ||||||||||||||||||||||||||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||||||||||||||
Recognized in OCI | Recognized in OCI | Recognized in “Other (Income) | Recognized in “Other (Income) | |||||||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | Expense, net” (Ineffective and | Expense, net” (Ineffective and | |||||||||||||||||||||||||||||
Excluded Portion) | Excluded Portion) | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Cash Flow hedging derivatives | ||||||||||||||||||||||||||||||||
Aluminum contracts | $ | (10 | ) | $ | (29 | ) | $ | 19 | $ | (8 | ) | $ | 7 | $ | 2 | $ | 18 | $ | 13 | |||||||||||||
Currency exchange contracts | 26 | 9 | (25 | ) | (27 | ) | 1 | — | 1 | 1 | ||||||||||||||||||||||
Energy contracts (A) | — | 1 | (2 | ) | 1 | — | — | — | — | |||||||||||||||||||||||
Total Cash Flow hedging derivatives | $ | 16 | $ | (19 | ) | $ | (8 | ) | $ | (34 | ) | $ | 8 | $ | 2 | $ | 19 | $ | 14 | |||||||||||||
Net Investment derivatives | ||||||||||||||||||||||||||||||||
Currency exchange contracts | (2 | ) | — | (2 | ) | 1 | — | — | — | — | ||||||||||||||||||||||
Total | $ | 14 | $ | (19 | ) | $ | (10 | ) | $ | (33 | ) | $ | 8 | $ | 2 | $ | 19 | $ | 14 | |||||||||||||
Amount of Gain (Loss) Reclassified from AOCI into Income/(Expense)(Effective Portion) | Amount of Gain (Loss) Reclassified from AOCI into Income/(Expense)(Effective Portion) | Location of Gain (Loss) | ||||||||||||||||||||||||||||||
Reclassified from AOCI into | ||||||||||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||||||||||
Cash flow hedging derivatives | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Energy contracts (A) | $ | (2 | ) | $ | (2 | ) | $ | (3 | ) | $ | (3 | ) | Other income, net | |||||||||||||||||||
Aluminum contracts | 18 | 12 | 39 | 30 | Cost of goods sold | |||||||||||||||||||||||||||
Aluminum contracts | 2 | 5 | 4 | 7 | Net sales | |||||||||||||||||||||||||||
Currency exchange contracts | (5 | ) | (4 | ) | (4 | ) | (7 | ) | Cost of goods sold | |||||||||||||||||||||||
Currency exchange contracts | — | (1 | ) | — | (1 | ) | SG&A | |||||||||||||||||||||||||
Currency exchange contracts | — | — | — | (2 | ) | Net sales | ||||||||||||||||||||||||||
Currency exchange contracts | — | — | (1 | ) | (1 | ) | Other income, net | |||||||||||||||||||||||||
Total | $ | 13 | $ | 10 | $ | 35 | $ | 23 | Income before taxes | |||||||||||||||||||||||
$ | (5 | ) | $ | (4 | ) | $ | (12 | ) | $ | (9 | ) | Income tax (provision) | ||||||||||||||||||||
$ | 8 | $ | 6 | $ | 23 | $ | 14 | Net income | ||||||||||||||||||||||||
(A) | Includes amounts related to de-designated electricity swap. AOCI related to this swap is amortized to income over the remaining term of the hedged item. There were no amounts reclassified from AOCI into income/(expense) related to natural gas swaps for the periods presented. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||
Accumulated other comprehensive income, net of tax | ' | ||||||||||||||||||
The following tables summarize the change in the components of accumulated other comprehensive income (loss) net of tax, for the periods presented (in millions). | |||||||||||||||||||
Currency Translation | Cash Flow Hedges | Postretirement Benefit Plans (A) | Total | ||||||||||||||||
Balance as of June 30, 2013 | $ | (35 | ) | $ | (46 | ) | $ | (229 | ) | $ | (310 | ) | |||||||
Other comprehensive income before reclassifications | 94 | 15 | 58 | 167 | |||||||||||||||
Amounts reclassified from AOCI | — | (8 | ) | 3 | (5 | ) | |||||||||||||
Net change in other comprehensive income (loss) | 94 | 7 | 61 | 162 | |||||||||||||||
Balance as of September 30, 2013 | $ | 59 | $ | (39 | ) | $ | (168 | ) | $ | (148 | ) | ||||||||
Currency Translation (B) | Cash Flow Hedges | Postretirement Benefit Plans (A) | Total | ||||||||||||||||
Balance as of June 30, 2012 | $ | (61 | ) | $ | (26 | ) | $ | (188 | ) | $ | (275 | ) | |||||||
Other comprehensive income before reclassifications | 47 | (12 | ) | (1 | ) | 34 | |||||||||||||
Amounts reclassified from AOCI | — | (6 | ) | 5 | (1 | ) | |||||||||||||
Net change in other comprehensive income (loss) | 47 | (18 | ) | 4 | 33 | ||||||||||||||
Balance as of September 30, 2012 | $ | (14 | ) | $ | (44 | ) | $ | (184 | ) | $ | (242 | ) | |||||||
Currency Translation | Cash Flow Hedges | Postretirement Benefit Plans (A) | Total | ||||||||||||||||
Balance as of March 31, 2013 | $ | (33 | ) | $ | (2 | ) | $ | (233 | ) | $ | (268 | ) | |||||||
Other comprehensive income before reclassifications | 92 | (14 | ) | 58 | 136 | ||||||||||||||
Amounts reclassified from AOCI | — | (23 | ) | 7 | (16 | ) | |||||||||||||
Net change in other comprehensive income (loss) | 92 | (37 | ) | 65 | 120 | ||||||||||||||
Balance as of September 30, 2013 | $ | 59 | $ | (39 | ) | $ | (168 | ) | $ | (148 | ) | ||||||||
Currency Translation (B) | Cash Flow Hedges | Postretirement Benefit Plans (A) | Total | ||||||||||||||||
Balance as of March 31, 2012 | $ | 20 | $ | (7 | ) | $ | (204 | ) | $ | (191 | ) | ||||||||
Other comprehensive income before reclassifications | (23 | ) | (23 | ) | 10 | (36 | ) | ||||||||||||
Amounts reclassified from AOCI | (11 | ) | (14 | ) | 10 | (15 | ) | ||||||||||||
Net change in other comprehensive income (loss) | (34 | ) | (37 | ) | 20 | (51 | ) | ||||||||||||
Balance as of September 30, 2012 | $ | (14 | ) | $ | (44 | ) | $ | (184 | ) | $ | (242 | ) | |||||||
(A) | For additional information on our Postretirement benefit plans see Note 9 - Postretirement Benefit Plans. | ||||||||||||||||||
(B) We reclassified $11 million of cumulative currency gains from AOCI to "Gain on assets held for sale" in the six months ended September 30, 2012 related to the sale of three aluminum foil and packaging plants in Europe. See Note 4 - Assets Held for Sale. | |||||||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Income | ' | ||||||||||||||||||
The following table summarizes the impact on AOCI and earnings of derivative instruments designated as cash flow hedges (in millions). | |||||||||||||||||||
Amount of Gain (Loss) Reclassified from AOCI into Income/(Expense)(Effective Portion) | Amount of Gain (Loss) Reclassified from AOCI into Income/(Expense)(Effective Portion) | Location of Gain (Loss) | |||||||||||||||||
Reclassified from AOCI into | |||||||||||||||||||
Earnings | |||||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Energy contracts | $ | (2 | ) | $ | (2 | ) | $ | (3 | ) | $ | (3 | ) | Other income, net | ||||||
Aluminum contracts | 18 | 12 | 39 | 30 | Cost of goods sold | ||||||||||||||
Aluminum contracts | 2 | 5 | 4 | 7 | Net sales | ||||||||||||||
Currency exchange contracts | (5 | ) | (4 | ) | (4 | ) | (7 | ) | Cost of goods sold | ||||||||||
Currency exchange contracts | — | (1 | ) | — | (1 | ) | SG&A | ||||||||||||
Currency exchange contracts | — | — | — | (2 | ) | Net sales | |||||||||||||
Currency exchange contracts | — | — | (1 | ) | (1 | ) | Other income, net | ||||||||||||
13 | 10 | 35 | 23 | Income before taxes | |||||||||||||||
(5 | ) | (4 | ) | (12 | ) | (9 | ) | Income tax (provision) | |||||||||||
$ | 8 | $ | 6 | $ | 23 | $ | 14 | Net income | |||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Derivative assets and liabilities measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy | ' | ||||||||||||||||
The following tables present our derivative assets and liabilities which were measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of September 30, 2013 and March 31, 2013 (in millions). | |||||||||||||||||
September 30, 2013 | March 31, 2013 | ||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Level 2 Instruments | |||||||||||||||||
Aluminum contracts | $ | 35 | $ | (41 | ) | $ | 73 | $ | (49 | ) | |||||||
Currency exchange contracts | 24 | (45 | ) | 34 | (26 | ) | |||||||||||
Energy contracts | — | (1 | ) | 3 | — | ||||||||||||
Interest rate swaps | — | — | — | (1 | ) | ||||||||||||
Total Level 2 Instruments | 59 | (87 | ) | 110 | (76 | ) | |||||||||||
Level 3 Instruments | |||||||||||||||||
Energy contracts | — | (26 | ) | — | (27 | ) | |||||||||||
Total Level 3 Instruments | — | (26 | ) | — | (27 | ) | |||||||||||
Total Gross | $ | 59 | $ | (113 | ) | $ | 110 | $ | (103 | ) | |||||||
Netting Adjustment (A) | (23 | ) | 23 | (35 | ) | 35 | |||||||||||
Total Net | $ | 36 | $ | (90 | ) | $ | 75 | $ | (68 | ) | |||||||
(A) Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions with the same counterparties. | |||||||||||||||||
Reconciliation of fair value activity for Level 3 derivative contracts | ' | ||||||||||||||||
The following table presents a reconciliation of fair value activity for Level 3 derivative contracts (in millions). | |||||||||||||||||
Level 3 – | |||||||||||||||||
Derivative Instruments (A) | |||||||||||||||||
Balance as of March 31, 2013 | $ | (27 | ) | ||||||||||||||
Realized/unrealized gain included in earnings (B) | 4 | ||||||||||||||||
Settlements | (3 | ) | |||||||||||||||
Balance as of September 30, 2013 | $ | (26 | ) | ||||||||||||||
(A) | Represents net derivative liabilities. | ||||||||||||||||
(B) | Included in “Other income, net.” | ||||||||||||||||
Estimated fair value of certain financial instruments that are not recorded at fair value on a recurring basis | ' | ||||||||||||||||
The table below presents the estimated fair value of certain financial instruments that were not recorded at fair value on a recurring basis (in millions). The table excludes short-term financial assets and liabilities for which we believe carrying value approximates fair value. The fair value of long-term receivables was based on anticipated cash flows, which approximated carrying value and was classified as Level 2. We valued long-term debt using Level 2 inputs. Valuations were based on either market and/or broker ask prices when available or on a standard credit adjusted discounted cash flow model. | |||||||||||||||||
September 30, 2013 | March 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Assets | |||||||||||||||||
Long-term receivables — related parties | $ | 13 | $ | 13 | $ | 13 | $ | 13 | |||||||||
Liabilities | |||||||||||||||||
Total debt — third parties (excluding short term borrowings) | $ | 4,460 | $ | 4,724 | $ | 4,464 | $ | 4,806 | |||||||||
Other_Income_Net_Tables
Other Income, Net (Tables) | 6 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||
Schedule of other nonoperating income (expense) | ' | |||||||||||||||
“Other income, net” was comprised of the following (in millions). | ||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Foreign currency remeasurement gains, net (A) | $ | — | $ | (3 | ) | $ | (5 | ) | $ | (8 | ) | |||||
(Gain) loss on change in fair value of other unrealized derivative instruments, net | (4 | ) | 24 | 8 | 11 | |||||||||||
(Gain) on change in fair value of other realized derivative instruments, net | (5 | ) | (19 | ) | (26 | ) | (31 | ) | ||||||||
Loss (gain) on sale of assets, net | 1 | 1 | 2 | (1 | ) | |||||||||||
Loss on Brazilian tax litigation, net (B) | 2 | 2 | 3 | 4 | ||||||||||||
Interest income | (1 | ) | (1 | ) | (2 | ) | (2 | ) | ||||||||
Other, net | 2 | (6 | ) | 5 | (2 | ) | ||||||||||
Other income, net | $ | (5 | ) | $ | (2 | ) | $ | (15 | ) | $ | (29 | ) | ||||
(A) | Includes “Loss (gain) recognized on balance sheet remeasurement currency exchange contracts, net.” | |||||||||||||||
(B) See Note 16 - Commitments and Contingencies - Brazil Tax Matters for further details. |
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Reconciliation of Canadian statutory tax rates to effective tax rates | ' | |||||||||||||||
A reconciliation of the Canadian statutory tax rate to our effective tax rate was as follows (in millions, except percentages). | ||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Pre-tax income before equity in net income of non-consolidated affiliates and noncontrolling interests | $ | 52 | $ | 90 | $ | 73 | $ | 204 | ||||||||
Canadian statutory tax rate | 25 | % | 26 | % | 25 | % | 26 | % | ||||||||
Provision at the Canadian statutory rate | 13 | 23 | 18 | 53 | ||||||||||||
Increase (decrease) for taxes on income (loss) resulting from: | ||||||||||||||||
Exchange translation items | 2 | — | (7 | ) | (5 | ) | ||||||||||
Exchange remeasurement of deferred income taxes | (2 | ) | (1 | ) | (17 | ) | (20 | ) | ||||||||
Change in valuation allowances | 15 | 19 | 52 | 39 | ||||||||||||
Expense (income) items not subject to tax | (6 | ) | 1 | (7 | ) | 2 | ||||||||||
Dividends not subject to tax | (9 | ) | (12 | ) | (23 | ) | (25 | ) | ||||||||
Enacted tax rate changes | 7 | 4 | 7 | 4 | ||||||||||||
Tax rate differences on foreign earnings | 6 | 4 | 6 | 10 | ||||||||||||
Uncertain tax positions, net | — | (1 | ) | — | — | |||||||||||
Income tax provision | $ | 26 | $ | 37 | $ | 29 | $ | 58 | ||||||||
Effective tax rate | 50 | % | 41 | % | 40 | % | 28 | % | ||||||||
Segment_Major_Customer_and_Maj1
Segment, Major Customer and Major Supplier Information (Tables) | 6 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Selected segment financial information | ' | |||||||||||||||||||||||
Selected Segment Financial Information | ||||||||||||||||||||||||
September 30, 2013 | North | Europe | Asia | South | Eliminations and other | Total | ||||||||||||||||||
America | America | |||||||||||||||||||||||
Investment in and advances to non–consolidated affiliates | $ | — | $ | 612 | $ | — | $ | 41 | $ | — | $ | 653 | ||||||||||||
Total assets | $ | 2,662 | $ | 2,750 | $ | 1,360 | $ | 1,636 | $ | 154 | $ | 8,562 | ||||||||||||
March 31, 2013 | North | Europe | Asia | South | Eliminations and other | Total | ||||||||||||||||||
America | America | |||||||||||||||||||||||
Investment in and advances to non–consolidated affiliates | $ | 1 | $ | 586 | $ | — | $ | 40 | $ | — | $ | 627 | ||||||||||||
Total assets | $ | 2,763 | $ | 2,673 | $ | 1,264 | $ | 1,663 | $ | 159 | $ | 8,522 | ||||||||||||
Selected Operating Results Three Months Ended September 30, 2013 | North | Europe | Asia | South | Eliminations and other | Total | ||||||||||||||||||
America | America | |||||||||||||||||||||||
Net sales-third party | $ | 756 | $ | 783 | $ | 461 | $ | 380 | $ | 47 | $ | 2,427 | ||||||||||||
Net sales-intersegment | 1 | 39 | 2 | 11 | (53 | ) | — | |||||||||||||||||
Net sales | $ | 757 | $ | 822 | $ | 463 | $ | 391 | $ | (6 | ) | $ | 2,427 | |||||||||||
Depreciation and amortization | 30 | 25 | 14 | 16 | (6 | ) | 79 | |||||||||||||||||
Income tax (benefit) provision | (6 | ) | 13 | 7 | 10 | 2 | 26 | |||||||||||||||||
Capital expenditures | $ | 30 | $ | 52 | $ | 59 | $ | 37 | $ | 6 | $ | 184 | ||||||||||||
Selected Operating Results Three Months Ended September 30, 2012 | North | Europe | Asia | South | Eliminations and other | Total | ||||||||||||||||||
America | America | |||||||||||||||||||||||
Net sales-third party | $ | 906 | $ | 749 | $ | 435 | $ | 310 | $ | 41 | $ | 2,441 | ||||||||||||
Net sales-intersegment | — | 20 | — | — | (20 | ) | — | |||||||||||||||||
Net sales | $ | 906 | $ | 769 | $ | 435 | $ | 310 | $ | 21 | $ | 2,441 | ||||||||||||
Depreciation and amortization | 28 | 25 | 13 | 12 | (9 | ) | 69 | |||||||||||||||||
Income tax provision (benefit) | 7 | 11 | 5 | 12 | 2 | 37 | ||||||||||||||||||
Capital expenditures | $ | 53 | $ | 19 | $ | 50 | $ | 48 | $ | 8 | $ | 178 | ||||||||||||
Selected Operating Results Six Months Ended September 30, 2013 | North | Europe | Asia | South | Eliminations and other | Total | ||||||||||||||||||
America | America | |||||||||||||||||||||||
Net sales-third party | $ | 1,532 | $ | 1,568 | $ | 933 | $ | 707 | $ | 95 | $ | 4,835 | ||||||||||||
Net sales-intersegment | 5 | 68 | 15 | 18 | (106 | ) | — | |||||||||||||||||
Net sales | $ | 1,537 | $ | 1,636 | $ | 948 | $ | 725 | $ | (11 | ) | $ | 4,835 | |||||||||||
Depreciation and amortization | 60 | 49 | 28 | 31 | (12 | ) | 156 | |||||||||||||||||
Income tax provision (benefit) | (7 | ) | 24 | 11 | (5 | ) | 6 | 29 | ||||||||||||||||
Capital expenditures | $ | 57 | $ | 96 | $ | 124 | $ | 77 | $ | 11 | $ | 365 | ||||||||||||
Selected Operating Results Six Months Ended September 30, 2012 | North | Europe | Asia | South | Eliminations and other | Total | ||||||||||||||||||
America | America | |||||||||||||||||||||||
Net sales-third party | $ | 1,826 | $ | 1,604 | $ | 863 | $ | 618 | $ | 80 | $ | 4,991 | ||||||||||||
Net sales-intersegment | — | 28 | — | — | (28 | ) | — | |||||||||||||||||
Net sales | $ | 1,826 | $ | 1,632 | $ | 863 | $ | 618 | $ | 52 | $ | 4,991 | ||||||||||||
Depreciation and amortization | 58 | 52 | 26 | 25 | (19 | ) | 142 | |||||||||||||||||
Income tax provision (benefit) | 22 | 23 | 11 | (2 | ) | 4 | 58 | |||||||||||||||||
Capital expenditures | $ | 87 | $ | 33 | $ | 78 | $ | 112 | $ | 35 | $ | 345 | ||||||||||||
Reconciliation from income from reportable segments to "Net income attributable to out common shareholder" | ' | |||||||||||||||||||||||
The following table shows the reconciliation from income from reportable segments to “Net income attributable to our common shareholder” (in millions). | ||||||||||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
North America | $ | 70 | $ | 123 | $ | 116 | $ | 212 | ||||||||||||||||
Europe | 61 | 74 | 131 | 148 | ||||||||||||||||||||
Asia | 41 | 39 | 87 | 85 | ||||||||||||||||||||
South America | 56 | 41 | 98 | 91 | ||||||||||||||||||||
Depreciation and amortization | (79 | ) | (69 | ) | (156 | ) | (142 | ) | ||||||||||||||||
Interest expense and amortization of debt issuance costs | (75 | ) | (73 | ) | (151 | ) | (147 | ) | ||||||||||||||||
Adjustment to eliminate proportional consolidation | (8 | ) | (9 | ) | (19 | ) | (20 | ) | ||||||||||||||||
Unrealized (gain) loss on change in fair value of derivative instruments, net | 4 | (24 | ) | (8 | ) | (11 | ) | |||||||||||||||||
Realized gains on derivative instruments not included in segment income | 2 | — | 4 | 2 | ||||||||||||||||||||
Restructuring and impairment, net | (18 | ) | (17 | ) | (27 | ) | (22 | ) | ||||||||||||||||
(Loss) gain on assets held for sale | — | (2 | ) | — | 3 | |||||||||||||||||||
Other costs, net | (5 | ) | 4 | (9 | ) | — | ||||||||||||||||||
Income before income taxes | 49 | 87 | 66 | 199 | ||||||||||||||||||||
Income tax provision | 26 | 37 | 29 | 58 | ||||||||||||||||||||
Net income | 23 | 50 | 37 | 141 | ||||||||||||||||||||
Net income attributable to noncontrolling interests | — | 1 | — | 1 | ||||||||||||||||||||
Net income attributable to our common shareholder | $ | 23 | $ | 49 | $ | 37 | $ | 140 | ||||||||||||||||
Net sales to largest customers, as a percentage of total Net sales | ' | |||||||||||||||||||||||
The table below shows our net sales to Rexam Plc (Rexam), Affiliates of Ball Corporation and Anheuser-Busch InBev (Anheuser-Busch), our three largest customers, as a percentage of total “Net sales.” | ||||||||||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Rexam | 17 | % | 13 | % | 17 | % | 15 | % | ||||||||||||||||
Affiliates of Ball Corporation | 9 | % | 13 | % | 10 | % | 11 | % | ||||||||||||||||
Anheuser-Busch | 7 | % | 11 | % | 8 | % | 10 | % | ||||||||||||||||
Percentage of total combined metal purchases | ' | |||||||||||||||||||||||
The table below shows our purchases from Rio Tinto Alcan as a percentage of total combined metal purchases. | ||||||||||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Purchases from Rio Tinto Alcan as a percentage of total | 17 | % | 25 | % | 18 | % | 23 | % |
Supplemental_Information_Table
Supplemental Information (Tables) | 6 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Supplemental cash flow information | ' | |||||||
Supplemental cash flow information (in millions): | ||||||||
Six Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
Interest paid | $ | 138 | $ | 135 | ||||
Income taxes paid | $ | 63 | $ | 70 | ||||
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ' | |||||||||||||||||||||||||||||||
Condensed consolidating statement of operations | ' | |||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Guarantors | ||||||||||||||||||||||||||||||||
Net sales | $ | 163 | $ | 1,992 | $ | 599 | $ | (327 | ) | $ | 2,427 | |||||||||||||||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 140 | 1,742 | 532 | (327 | ) | 2,087 | ||||||||||||||||||||||||||
Selling, general and administrative expenses | 8 | 82 | 19 | — | 109 | |||||||||||||||||||||||||||
Depreciation and amortization | 4 | 60 | 15 | — | 79 | |||||||||||||||||||||||||||
Research and development expenses | — | 11 | 1 | — | 12 | |||||||||||||||||||||||||||
Interest expense and amortization of debt issuance costs | 78 | 8 | (1 | ) | (10 | ) | 75 | |||||||||||||||||||||||||
Restructuring and impairment, net | 1 | 17 | — | — | 18 | |||||||||||||||||||||||||||
Equity in net loss of non-consolidated affiliates | — | 3 | — | — | 3 | |||||||||||||||||||||||||||
Equity in net (income) loss of consolidated subsidiaries | (80 | ) | (23 | ) | — | 103 | — | |||||||||||||||||||||||||
Other (income) expense, net | (12 | ) | (6 | ) | 3 | 10 | (5 | ) | ||||||||||||||||||||||||
139 | 1,894 | 569 | (224 | ) | 2,378 | |||||||||||||||||||||||||||
Income (loss) before income taxes | 24 | 98 | 30 | (103 | ) | 49 | ||||||||||||||||||||||||||
Income tax provision | 1 | 18 | 7 | — | 26 | |||||||||||||||||||||||||||
Net income (loss) | 23 | 80 | 23 | (103 | ) | 23 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | |||||||||||||||||||||||||||
Net income (loss) attributable to our common shareholder | $ | 23 | $ | 80 | $ | 23 | $ | (103 | ) | $ | 23 | |||||||||||||||||||||
Comprehensive income (loss) | $ | 185 | $ | 184 | $ | 75 | $ | (260 | ) | $ | 184 | |||||||||||||||||||||
Comprehensive loss attributable to noncontrolling interest | $ | — | $ | — | $ | (1 | ) | $ | — | $ | (1 | ) | ||||||||||||||||||||
Comprehensive income (loss) attributable to our common shareholder | $ | 185 | $ | 184 | $ | 76 | $ | (260 | ) | $ | 185 | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Guarantors | ||||||||||||||||||||||||||||||||
Net sales | $ | 208 | $ | 2,021 | $ | 591 | $ | (379 | ) | $ | 2,441 | |||||||||||||||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 204 | 1,719 | 533 | (379 | ) | 2,077 | ||||||||||||||||||||||||||
Selling, general and administrative expenses | (1 | ) | 83 | 20 | — | 102 | ||||||||||||||||||||||||||
Depreciation and amortization | 4 | 51 | 14 | — | 69 | |||||||||||||||||||||||||||
Research and development expenses | 3 | 10 | — | — | 13 | |||||||||||||||||||||||||||
Interest expense and amortization of debt issuance costs | 81 | 1 | (1 | ) | (8 | ) | 73 | |||||||||||||||||||||||||
Loss (gain) on assets held for sale | 2 | 1 | (1 | ) | — | 2 | ||||||||||||||||||||||||||
Restructuring and impairment, net | 4 | 11 | 2 | — | 17 | |||||||||||||||||||||||||||
Equity in net loss of non-consolidated affiliates | — | 3 | — | — | 3 | |||||||||||||||||||||||||||
Equity in net (income) loss of consolidated subsidiaries | (121 | ) | (22 | ) | — | 143 | — | |||||||||||||||||||||||||
Other (income) expense, net | (18 | ) | 9 | (1 | ) | 8 | (2 | ) | ||||||||||||||||||||||||
158 | 1,866 | 566 | (236 | ) | 2,354 | |||||||||||||||||||||||||||
Income (loss) before taxes | 50 | 155 | 25 | (143 | ) | 87 | ||||||||||||||||||||||||||
Income tax provision | 1 | 31 | 5 | — | 37 | |||||||||||||||||||||||||||
Net income (loss) | 49 | 124 | 20 | (143 | ) | 50 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | 1 | — | 1 | |||||||||||||||||||||||||||
Net income (loss) attributable to our common shareholder | $ | 49 | $ | 124 | $ | 19 | $ | (143 | ) | $ | 49 | |||||||||||||||||||||
Comprehensive income (loss) | $ | 82 | $ | 136 | $ | 44 | $ | (178 | ) | $ | 84 | |||||||||||||||||||||
Comprehensive income attributable to noncontrolling interest | $ | — | $ | — | $ | 2 | $ | — | $ | 2 | ||||||||||||||||||||||
Comprehensive income (loss) attributable to our common shareholder | $ | 82 | $ | 136 | $ | 42 | $ | (178 | ) | $ | 82 | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Six Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Guarantors | ||||||||||||||||||||||||||||||||
Net sales | $ | 341 | $ | 3,961 | $ | 1,225 | $ | (692 | ) | $ | 4,835 | |||||||||||||||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 329 | 3,466 | 1,089 | (692 | ) | 4,192 | ||||||||||||||||||||||||||
Selling, general and administrative expenses | 52 | 145 | 32 | — | 229 | |||||||||||||||||||||||||||
Depreciation and amortization | 8 | 118 | 30 | — | 156 | |||||||||||||||||||||||||||
Research and development expenses | 1 | 20 | 1 | — | 22 | |||||||||||||||||||||||||||
Interest expense and amortization of debt issuance costs | 157 | 15 | (2 | ) | (19 | ) | 151 | |||||||||||||||||||||||||
Restructuring and impairment, net | 1 | 25 | 1 | — | 27 | |||||||||||||||||||||||||||
Equity in net loss of non-consolidated affiliates | — | 7 | — | — | 7 | |||||||||||||||||||||||||||
Equity in net (income) loss of consolidated subsidiaries | (235 | ) | (49 | ) | — | 284 | — | |||||||||||||||||||||||||
Other (income) expense, net | (10 | ) | (35 | ) | 11 | 19 | (15 | ) | ||||||||||||||||||||||||
303 | 3,712 | 1,162 | (408 | ) | 4,769 | |||||||||||||||||||||||||||
Income (loss) before income taxes | 38 | 249 | 63 | (284 | ) | 66 | ||||||||||||||||||||||||||
Income tax provision | 1 | 16 | 12 | — | 29 | |||||||||||||||||||||||||||
Net income (loss) | 37 | 233 | 51 | (284 | ) | 37 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | |||||||||||||||||||||||||||
Net income (loss) attributable to our common shareholder | $ | 37 | $ | 233 | $ | 51 | $ | (284 | ) | $ | 37 | |||||||||||||||||||||
Comprehensive income (loss) | $ | 157 | $ | 356 | $ | 81 | $ | (439 | ) | $ | 155 | |||||||||||||||||||||
Comprehensive loss attributable to noncontrolling interest | $ | — | $ | — | $ | (2 | ) | $ | — | $ | (2 | ) | ||||||||||||||||||||
Comprehensive income (loss) attributable to our common shareholder | $ | 157 | $ | 356 | $ | 83 | $ | (439 | ) | $ | 157 | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Six Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Guarantors | ||||||||||||||||||||||||||||||||
Net sales | $ | 468 | $ | 4,133 | $ | 1,221 | $ | (831 | ) | $ | 4,991 | |||||||||||||||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 457 | 3,551 | 1,102 | (831 | ) | 4,279 | ||||||||||||||||||||||||||
Selling, general and administrative expenses | (7 | ) | 171 | 40 | — | 204 | ||||||||||||||||||||||||||
Depreciation and amortization | 7 | 107 | 28 | — | 142 | |||||||||||||||||||||||||||
Research and development expenses | 5 | 20 | — | — | 25 | |||||||||||||||||||||||||||
Interest expense and amortization of debt issuance costs | 160 | 6 | (2 | ) | (17 | ) | 147 | |||||||||||||||||||||||||
(Gain) loss on assets held for sale | (5 | ) | 2 | — | — | (3 | ) | |||||||||||||||||||||||||
Restructuring and impairment, net | 7 | 13 | 2 | — | 22 | |||||||||||||||||||||||||||
Equity in net loss of non-consolidated affiliates | — | 5 | — | — | 5 | |||||||||||||||||||||||||||
Equity in net (income) loss of consolidated subsidiaries | (273 | ) | (45 | ) | — | 318 | — | |||||||||||||||||||||||||
Other (income) expense, net | (26 | ) | (21 | ) | 1 | 17 | (29 | ) | ||||||||||||||||||||||||
325 | 3,809 | 1,171 | (513 | ) | 4,792 | |||||||||||||||||||||||||||
Income (loss) before income taxes | 143 | 324 | 50 | (318 | ) | 199 | ||||||||||||||||||||||||||
Income tax provision | 3 | 44 | 11 | — | 58 | |||||||||||||||||||||||||||
Net income (loss) | 140 | 280 | 39 | (318 | ) | 141 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | 1 | — | 1 | |||||||||||||||||||||||||||
Net income (loss) attributable to our common shareholder | $ | 140 | $ | 280 | $ | 38 | $ | (318 | ) | $ | 140 | |||||||||||||||||||||
Comprehensive income (loss) | $ | 89 | $ | 218 | $ | 52 | $ | (269 | ) | $ | 90 | |||||||||||||||||||||
Comprehensive income attributable to noncontrolling interest | $ | — | $ | — | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||||||
Comprehensive income (loss) attributable to our common shareholder | $ | 89 | $ | 218 | $ | 51 | $ | (269 | ) | $ | 89 | |||||||||||||||||||||
Condensed consolidating balance sheet | ' | |||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET (In millions) | ||||||||||||||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Guarantors | ||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 4 | $ | 217 | $ | 117 | $ | — | $ | 338 | ||||||||||||||||||||||
Accounts receivable, net of allowances | ||||||||||||||||||||||||||||||||
— third parties | 20 | 981 | 289 | — | 1,290 | |||||||||||||||||||||||||||
— related parties | 1,163 | 632 | 31 | (1,781 | ) | 45 | ||||||||||||||||||||||||||
Inventories | 56 | 820 | 250 | — | 1,126 | |||||||||||||||||||||||||||
Prepaid expenses and other current assets | 4 | 81 | 5 | — | 90 | |||||||||||||||||||||||||||
Fair value of derivative instruments | 5 | 34 | 15 | (1 | ) | 53 | ||||||||||||||||||||||||||
Deferred income tax assets | — | 106 | 10 | — | 116 | |||||||||||||||||||||||||||
Assets held for sale | 32 | 2 | — | — | 34 | |||||||||||||||||||||||||||
Total current assets | 1,284 | 2,873 | 717 | (1,782 | ) | 3,092 | ||||||||||||||||||||||||||
Property, plant and equipment, net | 98 | 2,356 | 873 | — | 3,327 | |||||||||||||||||||||||||||
Goodwill | — | 600 | 11 | — | 611 | |||||||||||||||||||||||||||
Intangible assets, net | 7 | 634 | 4 | — | 645 | |||||||||||||||||||||||||||
Investments in and advances to non-consolidated affiliates | — | 653 | — | — | 653 | |||||||||||||||||||||||||||
Investments in consolidated subsidiaries | 3,576 | 618 | — | (4,194 | ) | — | ||||||||||||||||||||||||||
Deferred income tax assets | — | 12 | 31 | — | 43 | |||||||||||||||||||||||||||
Other long term assets | ||||||||||||||||||||||||||||||||
— third parties | 78 | 87 | 13 | — | 178 | |||||||||||||||||||||||||||
— related parties | 632 | 62 | — | (681 | ) | 13 | ||||||||||||||||||||||||||
Total assets | $ | 5,675 | $ | 7,895 | $ | 1,649 | $ | (6,657 | ) | $ | 8,562 | |||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||
Current portion of long-term debt | $ | 21 | $ | 10 | $ | — | $ | — | $ | 31 | ||||||||||||||||||||||
Short-term borrowings | ||||||||||||||||||||||||||||||||
— third parties | 320 | 269 | 51 | — | 640 | |||||||||||||||||||||||||||
— related parties | — | 648 | — | (648 | ) | — | ||||||||||||||||||||||||||
Accounts payable | ||||||||||||||||||||||||||||||||
— third parties | 26 | 624 | 341 | — | 991 | |||||||||||||||||||||||||||
— related parties | 466 | 623 | 80 | (1,118 | ) | 51 | ||||||||||||||||||||||||||
Fair value of derivative instruments | 15 | 49 | 16 | (1 | ) | 79 | ||||||||||||||||||||||||||
Accrued expenses and other current liabilities | 93 | 378 | 76 | (15 | ) | 532 | ||||||||||||||||||||||||||
Deferred income tax liabilities | — | 19 | — | — | 19 | |||||||||||||||||||||||||||
Liabilities held for sale | 11 | 1 | — | — | 12 | |||||||||||||||||||||||||||
Total current liabilities | 952 | 2,621 | 564 | (1,782 | ) | 2,355 | ||||||||||||||||||||||||||
Long-term debt, net of current portion | ||||||||||||||||||||||||||||||||
— third parties | 4,225 | 43 | 161 | — | 4,429 | |||||||||||||||||||||||||||
— related parties | 49 | 597 | 35 | (681 | ) | — | ||||||||||||||||||||||||||
Deferred income tax liabilities | — | 460 | 8 | — | 468 | |||||||||||||||||||||||||||
Accrued postretirement benefits | 50 | 427 | 176 | — | 653 | |||||||||||||||||||||||||||
Other long-term liabilities | 33 | 223 | 7 | — | 263 | |||||||||||||||||||||||||||
Total liabilities | 5,309 | 4,371 | 951 | (2,463 | ) | 8,168 | ||||||||||||||||||||||||||
Commitments and contingencies | ||||||||||||||||||||||||||||||||
Total temporary equity - intercompany | — | 1,681 | — | (1,681 | ) | — | ||||||||||||||||||||||||||
Shareholder’s equity | ||||||||||||||||||||||||||||||||
Common stock | — | — | — | — | — | |||||||||||||||||||||||||||
Additional paid-in capital | 1,654 | — | — | — | 1,654 | |||||||||||||||||||||||||||
(Accumulated deficit) retained earnings | (1,140 | ) | 2,009 | 707 | (2,716 | ) | (1,140 | ) | ||||||||||||||||||||||||
Accumulated other comprehensive (loss) income | (148 | ) | (166 | ) | (37 | ) | 203 | (148 | ) | |||||||||||||||||||||||
Total equity of our common shareholder | 366 | 1,843 | 670 | (2,513 | ) | 366 | ||||||||||||||||||||||||||
Noncontrolling interests | — | — | 28 | — | 28 | |||||||||||||||||||||||||||
Total equity | 366 | 1,843 | 698 | (2,513 | ) | 394 | ||||||||||||||||||||||||||
Total liabilities and equity | $ | 5,675 | $ | 7,895 | $ | 1,649 | $ | (6,657 | ) | $ | 8,562 | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET (In millions) | ||||||||||||||||||||||||||||||||
As of March 31, 2013 | ||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Guarantors | ||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 4 | $ | 196 | $ | 101 | $ | — | $ | 301 | ||||||||||||||||||||||
Accounts receivable, net of allowances | ||||||||||||||||||||||||||||||||
— third parties | 30 | 1,096 | 321 | — | 1,447 | |||||||||||||||||||||||||||
— related parties | 1,110 | 530 | 45 | (1,647 | ) | 38 | ||||||||||||||||||||||||||
Inventories | 80 | 835 | 253 | — | 1,168 | |||||||||||||||||||||||||||
Prepaid expenses and other current assets | 7 | 81 | 5 | — | 93 | |||||||||||||||||||||||||||
Fair value of derivative instruments | 17 | 72 | 20 | — | 109 | |||||||||||||||||||||||||||
Deferred income tax assets | 1 | 106 | 5 | — | 112 | |||||||||||||||||||||||||||
Assets held for sale | — | — | 9 | — | 9 | |||||||||||||||||||||||||||
Total current assets | 1,249 | 2,916 | 759 | (1,647 | ) | 3,277 | ||||||||||||||||||||||||||
Property, plant and equipment, net | 106 | 2,223 | 775 | — | 3,104 | |||||||||||||||||||||||||||
Goodwill | — | 600 | 11 | — | 611 | |||||||||||||||||||||||||||
Intangible assets, net | 9 | 636 | 4 | — | 649 | |||||||||||||||||||||||||||
Investments in and advances to non-consolidated affiliates | — | 627 | — | — | 627 | |||||||||||||||||||||||||||
Investments in consolidated subsidiaries | 3,462 | 530 | — | (3,992 | ) | — | ||||||||||||||||||||||||||
Deferred income tax assets | 4 | 43 | 28 | — | 75 | |||||||||||||||||||||||||||
Other long-term assets | ||||||||||||||||||||||||||||||||
— third parties | 79 | 79 | 8 | — | 166 | |||||||||||||||||||||||||||
— related parties | 456 | 202 | — | (645 | ) | 13 | ||||||||||||||||||||||||||
Total assets | $ | 5,365 | $ | 7,856 | $ | 1,585 | $ | (6,284 | ) | $ | 8,522 | |||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||
Current portion of long-term debt | $ | 21 | $ | 9 | $ | — | $ | — | $ | 30 | ||||||||||||||||||||||
Short-term borrowings | ||||||||||||||||||||||||||||||||
— third parties | 205 | 218 | 45 | — | 468 | |||||||||||||||||||||||||||
— related parties | — | 600 | — | (600 | ) | — | ||||||||||||||||||||||||||
Accounts payable | ||||||||||||||||||||||||||||||||
— third parties | 26 | 752 | 429 | — | 1,207 | |||||||||||||||||||||||||||
— related parties | 438 | 588 | 61 | (1,040 | ) | 47 | ||||||||||||||||||||||||||
Fair value of derivative instruments | 3 | 55 | 17 | (1 | ) | 74 | ||||||||||||||||||||||||||
Accrued expenses and other current liabilities | 102 | 332 | 69 | (6 | ) | 497 | ||||||||||||||||||||||||||
Deferred income tax liabilities | — | 28 | — | — | 28 | |||||||||||||||||||||||||||
Liabilities held for sale | — | — | 1 | — | 1 | |||||||||||||||||||||||||||
Total current liabilities | 795 | 2,582 | 622 | (1,647 | ) | 2,352 | ||||||||||||||||||||||||||
Long-term debt, net of current portion | ||||||||||||||||||||||||||||||||
— third parties | 4,232 | 47 | 155 | — | 4,434 | |||||||||||||||||||||||||||
— related parties | 49 | 596 | — | (645 | ) | — | ||||||||||||||||||||||||||
Deferred income tax liabilities | 5 | 490 | 9 | — | 504 | |||||||||||||||||||||||||||
Accrued postretirement benefits | 51 | 510 | 170 | — | 731 | |||||||||||||||||||||||||||
Other long-term liabilities | 24 | 227 | 11 | — | 262 | |||||||||||||||||||||||||||
Total liabilities | 5,156 | 4,452 | 967 | (2,292 | ) | 8,283 | ||||||||||||||||||||||||||
Commitments and contingencies | ||||||||||||||||||||||||||||||||
Total temporary equity - intercompany | — | 1,681 | — | (1,681 | ) | — | ||||||||||||||||||||||||||
Shareholder’s equity | ||||||||||||||||||||||||||||||||
Common stock | — | — | — | — | — | |||||||||||||||||||||||||||
Additional paid-in capital | 1,654 | — | — | — | 1,654 | |||||||||||||||||||||||||||
(Accumulated deficit) retained earnings | (1,177 | ) | 2,010 | 658 | (2,668 | ) | (1,177 | ) | ||||||||||||||||||||||||
Accumulated other comprehensive (loss) income | (268 | ) | (287 | ) | (70 | ) | 357 | (268 | ) | |||||||||||||||||||||||
Total equity of our common shareholder | 209 | 1,723 | 588 | (2,311 | ) | 209 | ||||||||||||||||||||||||||
Noncontrolling interests | — | — | 30 | — | 30 | |||||||||||||||||||||||||||
Total equity | 209 | 1,723 | 618 | (2,311 | ) | 239 | ||||||||||||||||||||||||||
Total liabilities and equity | $ | 5,365 | $ | 7,856 | $ | 1,585 | $ | (6,284 | ) | $ | 8,522 | |||||||||||||||||||||
Condensed consolidating statement of cash flows | ' | |||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Six Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Guarantors | ||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 4 | $ | 357 | $ | 84 | $ | (197 | ) | $ | 248 | |||||||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||||||||||
Capital expenditures | (10 | ) | (237 | ) | (118 | ) | — | (365 | ) | |||||||||||||||||||||||
Proceeds from sales of assets, net | ||||||||||||||||||||||||||||||||
— third parties | — | — | — | — | — | — | ||||||||||||||||||||||||||
— related parties | — | 8 | — | — | 8 | |||||||||||||||||||||||||||
(Outflows) proceeds from related party loans receivable, net | (83 | ) | — | — | 83 | — | ||||||||||||||||||||||||||
(Outflows) proceeds from settlement of other undesignated derivative instruments, net | (8 | ) | 4 | 10 | — | 6 | ||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | (101 | ) | (225 | ) | (108 | ) | 83 | (351 | ) | |||||||||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||||||||||
Proceeds from issuance of debt | ||||||||||||||||||||||||||||||||
— third parties | — | 72 | 4 | — | 76 | |||||||||||||||||||||||||||
— related parties | — | — | 35 | (35 | ) | — | ||||||||||||||||||||||||||
Principal payments | ||||||||||||||||||||||||||||||||
— third parties | (10 | ) | (49 | ) | — | — | (59 | ) | ||||||||||||||||||||||||
— related parties | — | — | — | — | — | |||||||||||||||||||||||||||
Short-term borrowings, net | ||||||||||||||||||||||||||||||||
— third parties | 115 | 16 | — | — | 131 | |||||||||||||||||||||||||||
— related parties | — | 48 | — | (48 | ) | — | ||||||||||||||||||||||||||
Dividends, noncontrolling interests and intercompany | — | (197 | ) | — | 197 | — | ||||||||||||||||||||||||||
Debt issuance costs | (8 | ) | — | — | — | (8 | ) | |||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 97 | (110 | ) | 39 | 114 | 140 | ||||||||||||||||||||||||||
Net increase in cash and cash equivalents | — | 22 | 15 | — | 37 | |||||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | (1 | ) | 1 | — | — | ||||||||||||||||||||||||||
Cash and cash equivalents — beginning of period | 4 | 196 | 101 | — | 301 | |||||||||||||||||||||||||||
Cash and cash equivalents — end of period | $ | 4 | $ | 217 | $ | 117 | $ | — | $ | 338 | ||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Six Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Guarantors | ||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (60 | ) | $ | 203 | $ | 126 | $ | (152 | ) | $ | 117 | ||||||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||||||||||
Capital expenditures | (3 | ) | (252 | ) | (90 | ) | — | (345 | ) | |||||||||||||||||||||||
(Outflows) proceeds from sales of assets, net | ||||||||||||||||||||||||||||||||
— third parties | (2 | ) | 7 | — | — | 5 | ||||||||||||||||||||||||||
— related parties | — | 2 | — | — | 2 | |||||||||||||||||||||||||||
Proceeds from investment in and advances to affiliates, net | — | 1 | — | — | 1 | |||||||||||||||||||||||||||
Proceeds (outflows) from related party loans receivable, net | 7 | (31 | ) | — | 26 | 2 | ||||||||||||||||||||||||||
Proceeds from settlement of other undesignated derivative instruments, net | 7 | 22 | 2 | — | 31 | |||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | 9 | (251 | ) | (88 | ) | 26 | (304 | ) | ||||||||||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||||||||||
Proceeds from issuance of debt | ||||||||||||||||||||||||||||||||
— third parties | — | 44 | 2 | — | 46 | |||||||||||||||||||||||||||
— related parties | 49 | 2 | — | (51 | ) | — | ||||||||||||||||||||||||||
Principal payments | ||||||||||||||||||||||||||||||||
— third parties | (9 | ) | (2 | ) | — | — | (11 | ) | ||||||||||||||||||||||||
— related parties | — | (27 | ) | — | 27 | — | ||||||||||||||||||||||||||
Short-term borrowings, net | ||||||||||||||||||||||||||||||||
— third parties | 5 | 49 | — | — | 54 | |||||||||||||||||||||||||||
— related parties | 1 | 18 | (17 | ) | (2 | ) | — | |||||||||||||||||||||||||
Dividends, noncontrolling interests and intercompany | — | (151 | ) | (3 | ) | 152 | (2 | ) | ||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 46 | (67 | ) | (18 | ) | 126 | 87 | |||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (5 | ) | (115 | ) | 20 | — | (100 | ) | ||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | 8 | 2 | — | 10 | |||||||||||||||||||||||||||
Cash and cash equivalents — beginning of period | 6 | 215 | 96 | — | 317 | |||||||||||||||||||||||||||
Cash and cash equivalents — end of period | $ | 1 | $ | 108 | $ | 118 | $ | — | $ | 227 | ||||||||||||||||||||||
Impact of prior period adjustments to the financial statements | ' | |||||||||||||||||||||||||||||||
The following chart presents the impact of these adjustments on the consolidating financial statements (in millions). | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | |||||||||||||||||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | As Reported | As Adjusted | As Reported | As Adjusted | |||||||||||||||||||||||||
Statement of Operations | ||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 50 | $ | 50 | $ | 133 | $ | 155 | $ | 25 | $ | 25 | $ | (121 | ) | $ | (143 | ) | ||||||||||||||
Net income (loss) | $ | 49 | $ | 49 | $ | 102 | $ | 124 | $ | 20 | $ | 20 | $ | (121 | ) | $ | (143 | ) | ||||||||||||||
Comprehensive income (loss) | $ | 82 | $ | 82 | $ | 114 | $ | 136 | $ | 45 | $ | 44 | $ | (157 | ) | $ | (178 | ) | ||||||||||||||
Comprehensive income (loss) attributable to our common shareholder | 82 | 82 | 114 | 136 | 43 | 42 | $ | (157 | ) | $ | (178 | ) | ||||||||||||||||||||
Six Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | |||||||||||||||||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | As Reported | As Adjusted | As Reported | As Adjusted | |||||||||||||||||||||||||
Statement of Operations | ||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 142 | $ | 143 | $ | 278 | $ | 324 | $ | 51 | $ | 50 | $ | (272 | ) | $ | (318 | ) | ||||||||||||||
Net income (loss) | $ | 139 | $ | 140 | $ | 234 | $ | 280 | $ | 40 | $ | 39 | $ | (272 | ) | $ | (318 | ) | ||||||||||||||
Comprehensive income (loss) | $ | 89 | $ | 89 | $ | 173 | $ | 218 | $ | 52 | $ | 52 | $ | (224 | ) | $ | (269 | ) | ||||||||||||||
Comprehensive income (loss) attributable to our common shareholder | 89 | 89 | 173 | 218 | 51 | 51 | $ | (224 | ) | $ | (269 | ) | ||||||||||||||||||||
Statement of Cash Flows | ||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (53 | ) | $ | (60 | ) | $ | 15 | $ | 203 | $ | 125 | $ | 126 | $ | 30 | $ | (152 | ) | |||||||||||||
Net cash provided by (used in) investing activities | 2 | 9 | (218 | ) | (251 | ) | (88 | ) | (88 | ) | — | 26 | ||||||||||||||||||||
Net cash provided by (used in) financing activities | $ | 46 | $ | 46 | $ | 88 | $ | (67 | ) | $ | (17 | ) | $ | (18 | ) | $ | (30 | ) | $ | 126 | ||||||||||||
Year Ended March 31, 2013 | ||||||||||||||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | |||||||||||||||||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | As Reported | As Adjusted | As Reported | As Adjusted | |||||||||||||||||||||||||
Balance Sheet | ||||||||||||||||||||||||||||||||
Total assets | 5,365 | 5,365 | 7,856 | 7,856 | 1,585 | 1,585 | 6,284 | 6,284 | ||||||||||||||||||||||||
Total liabilities | 5,156 | 5,156 | 4,465 | 4,452 | 967 | 967 | 2,305 | 2,292 | ||||||||||||||||||||||||
Temporary equity - intercompany | — | — | 1,668 | 1,681 | — | — | 1,668 | 1,681 | ||||||||||||||||||||||||
Business_and_Summary_of_Signif2
Business and Summary of Significant Accounting Policies (Details) | Sep. 30, 2013 |
Facilities | |
Plants | |
Countries | |
Continents | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of countries Company operates in | 9 |
Numer of continents Company operates in | 4 |
Number of operating plants | 25 |
Number of plants with recycling operations | 10 |
Restructuring_and_Impairment_N2
Restructuring and Impairment, Net (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Restructuring Reserves | ' |
Balance, beginning of period | $33 |
Provisions | 18 |
Cash payments | -16 |
Foreign currency translation and other | 0 |
Balance, end of period | 35 |
North America [Member] | ' |
Restructuring Reserves | ' |
Balance, beginning of period | 7 |
Provisions | 1 |
Cash payments | -3 |
Foreign currency translation and other | 0 |
Balance, end of period | 5 |
Europe [Member] | ' |
Restructuring Reserves | ' |
Balance, beginning of period | 10 |
Provisions | 15 |
Cash payments | -6 |
Foreign currency translation and other | 1 |
Balance, end of period | 20 |
Asia [Member] | ' |
Restructuring Reserves | ' |
Balance, beginning of period | 0 |
Provisions | 0 |
Cash payments | 0 |
Foreign currency translation and other | 0 |
Balance, end of period | 0 |
South America [Member] | ' |
Restructuring Reserves | ' |
Balance, beginning of period | 14 |
Provisions | 2 |
Cash payments | -6 |
Foreign currency translation and other | -1 |
Balance, end of period | 9 |
Corporate [Member] | ' |
Restructuring Reserves | ' |
Balance, beginning of period | 2 |
Provisions | 0 |
Cash payments | -1 |
Foreign currency translation and other | 0 |
Balance, end of period | $1 |
Restructuring_and_Impairment_N3
Restructuring and Impairment, Net (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring and impairment, net | $18 | $17 | $27 | $22 | ' |
Non-cash impairment charges | ' | ' | 8 | 1 | ' |
Restructuring charges, net | 18 | 17 | 27 | 22 | ' |
Payments for restructuring | ' | ' | 16 | ' | ' |
Restructuring liability | 35 | ' | 35 | ' | 33 |
Restructuring charges | ' | ' | 18 | ' | ' |
Accrued expenses and other current liabilities [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring liabilities, short-term | 34 | ' | 34 | ' | ' |
Other long-term liabilities [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring liabilities, long-term | 1 | ' | 1 | ' | ' |
Other Payments [Domain] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Other period expenses | ' | ' | 1 | ' | ' |
South America [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Non-cash impairment charges | ' | ' | 7 | ' | ' |
Payments for restructuring | ' | ' | 6 | ' | ' |
Restructuring liability | 9 | ' | 9 | ' | 14 |
Restructuring charges | ' | ' | 2 | ' | ' |
South America [Member] | Severance [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Payments for restructuring | ' | ' | 3 | ' | ' |
South America [Member] | Environmental Restoration Costs [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Payments for restructuring | ' | ' | 3 | ' | ' |
North America [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Non-cash impairment charges | ' | ' | 1 | ' | ' |
Restructuring charges, net | ' | ' | 1 | ' | ' |
Payments for restructuring | ' | ' | 3 | ' | ' |
Restructuring liability | 5 | ' | 5 | ' | 7 |
Restructuring charges | ' | ' | 1 | ' | ' |
North America [Member] | Other Payments [Domain] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Payments for restructuring | ' | ' | -1 | ' | ' |
North America [Member] | Severance [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Payments for restructuring | ' | ' | -2 | ' | ' |
Europe [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Payments for restructuring | ' | ' | 6 | ' | ' |
Restructuring liability | 20 | ' | 20 | ' | 10 |
Restructuring charges | ' | ' | 15 | ' | ' |
Europe [Member] | Severance [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Payments for restructuring | ' | ' | 6 | ' | ' |
Restructuring liability | 18 | ' | 18 | ' | ' |
Europe [Member] | Facility Closing [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges, net | ' | ' | 15 | ' | ' |
Europe [Member] | Environmental Remediation and Other Restructuring [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring liability | 2 | ' | 2 | ' | ' |
Corporate [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Payments for restructuring | ' | ' | 1 | ' | ' |
Restructuring liability | 1 | ' | 1 | ' | 2 |
Restructuring charges | ' | ' | 0 | ' | ' |
Corporate [Member] | Other Payments [Domain] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Payments for restructuring | ' | ' | -1 | ' | ' |
Corporate [Member] | Contract Termination [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring liability | $1 | ' | $1 | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of inventories | ' | ' |
Finished goods | $209 | $245 |
Work in process | 442 | 502 |
Raw materials | 371 | 319 |
Supplies | 104 | 102 |
Inventories | $1,126 | $1,168 |
Assets_Held_For_Sale_Details
Assets Held For Sale (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets Held For Sale [Abstract] | ' | ' |
Accounts receivable | $13 | $0 |
Inventories | 16 | 0 |
Prepaid expenses and other current assets | 1 | 0 |
Property, plant and equipment, net | 4 | 9 |
Total assets held for sale | 34 | 9 |
Accounts payable | 4 | 0 |
Accrued expenses and other current liabilities | 8 | 0 |
Other liabilities | 0 | 1 |
Total liabilities held for sale | $12 | $1 |
Assets_Held_For_Sale_Details_T
Assets Held For Sale (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Assets Held-for-sale [Line Items] | ' | ' | ' | ' | ' |
Proceeds from sale of assets | $8 | ' | ' | ' | ' |
(Loss) gain on assets held for sale | ' | 0 | -2 | 0 | 3 |
AIAC [Member] | ' | ' | ' | ' | ' |
Assets Held-for-sale [Line Items] | ' | ' | ' | ' | ' |
Number of plants sold | ' | ' | ' | ' | 3 |
(Loss) gain on assets held for sale | ' | ' | ' | ' | $3 |
Consolidation_Details
Consolidation (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Mar. 31, 2012 |
In Millions, unless otherwise specified | ||||
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | $338 | $301 | $227 | $317 |
Inventories | 1,126 | 1,168 | ' | ' |
Prepaid expenses and other current assets | 90 | 93 | ' | ' |
Total current assets | 3,092 | 3,277 | ' | ' |
Property, plant and equipment, net | 3,327 | 3,104 | ' | ' |
Goodwill | 611 | 611 | ' | ' |
Deferred income taxes | 43 | 75 | ' | ' |
Other long-term assets | 178 | 166 | ' | ' |
Total assets | 8,562 | 8,522 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 991 | 1,207 | ' | ' |
Accrued expenses and other current liabilities | 532 | 497 | ' | ' |
Total current liabilities | 2,355 | 2,352 | ' | ' |
Accrued postretirement benefits | 653 | 731 | ' | ' |
Other long–term liabilities | 263 | 262 | ' | ' |
Total liabilities | 8,168 | 8,283 | ' | ' |
Logan [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 2 | 1 | ' | ' |
Accounts receivable | 34 | 35 | ' | ' |
Inventories | 43 | 38 | ' | ' |
Prepaid expenses and other current assets | 1 | 1 | ' | ' |
Total current assets | 80 | 75 | ' | ' |
Property, plant and equipment, net | 6 | 17 | ' | ' |
Goodwill | 12 | 12 | ' | ' |
Deferred income taxes | 70 | 68 | ' | ' |
Other long-term assets | 2 | 3 | ' | ' |
Total assets | 170 | 175 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 21 | 29 | ' | ' |
Accrued expenses and other current liabilities | 12 | 14 | ' | ' |
Total current liabilities | 33 | 43 | ' | ' |
Accrued postretirement benefits | 157 | 154 | ' | ' |
Other long–term liabilities | 3 | 3 | ' | ' |
Total liabilities | $193 | $200 | ' | ' |
Investment_In_and_Advances_To_2
Investment In and Advances To Non-Consolidated Affiliates and Related Party Transactions (Details) (Equity method investments [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Equity method investments [Member] | ' | ' | ' | ' |
Summary of the share of the condensed results of operations of equity method affiliates | ' | ' | ' | ' |
Net sales | $130 | $119 | $261 | $241 |
Costs and expenses related to net sales | 129 | 115 | 256 | 234 |
(Benefit) provision for taxes on income | -2 | 2 | 2 | 2 |
Net income | 3 | 2 | 3 | 5 |
Purchase of tolling services from Aluminium Norf GmbH (Alunorf) | $65 | $59 | $131 | $120 |
Investment_In_and_Advances_To_3
Investment In and Advances To Non-Consolidated Affiliates and Related Party Transactions (Details1) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Related Party Transaction [Line Items] | ' | ' |
Accounts receivable-related parties | $45 | $38 |
Other long-term assets-related parties | 13 | 13 |
Accounts payable-related parties | 51 | 47 |
Alunorf [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts receivable-related parties | 45 | 38 |
Other long-term assets-related parties | 13 | 13 |
Accounts payable-related parties | $51 | $47 |
Investment_In_and_Advances_To_4
Investment In and Advances To Non-Consolidated Affiliates and Related Party Transactions (Details Textual) | 1 Months Ended | 6 Months Ended | 3 Months Ended | |||||
In Millions, unless otherwise specified | Aug. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 |
USD ($) | USD ($) | USD ($) | Alunorf [Member] | Alunorf [Member] | Alunorf [Member] | Hindalco [Member] | Hindalco [Member] | |
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Related party transactions interest income on loan description | ' | ' | ' | $1 | ' | ' | ' | ' |
Guarantee as percentage of outstanding debt | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Maximum exposure for gauranteed obligation | ' | ' | ' | ' | 6 | ' | ' | ' |
Current guarantee obligation | ' | ' | ' | 1 | ' | ' | ' | ' |
Related party transactions sales between company and parent | ' | ' | ' | ' | ' | ' | 1 | ' |
Accounts receivable-related parties | ' | 45 | 38 | 45 | ' | 38 | ' | 0 |
Proceeds from sale of assets | 8 | ' | ' | ' | ' | ' | ' | ' |
Due from related parties | ' | $1 | ' | ' | ' | ' | ' | ' |
Debt_Schedule_of_Debt_Details
Debt (Schedule of Debt) (Details) | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 17, 2010 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 17, 2010 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | |||||||||||||
In Millions, unless otherwise specified | USD ($) | USD ($) | Floating rate Term Loan Facility, due March 2017 [Member] | Floating rate Term Loan Facility, due March 2017 [Member] | 8.375% Senior Notes, due December 2017 [Member] | 8.375% Senior Notes, due December 2017 [Member] | 8.375% Senior Notes, due December 2017 [Member] | 8.75% Senior Notes, due December 2020 [Member] | 8.75% Senior Notes, due December 2020 [Member] | 8.75% Senior Notes, due December 2020 [Member] | Capital lease obligations, due through July 2017 [Member] | Capital lease obligations, due through July 2017 [Member] | Loans, due December 2014 through December 2015 [Member] | Loans, due December 2014 through December 2015 [Member] | Loans, due December 2014 through December 2015 [Member] | Capital lease obligation, due December 2019 [Member] | Capital lease obligation, due December 2019 [Member] | Capital lease obligation, due December 2019 [Member] | BNDES Loans, due March 2014 through April 2021 [Member] | BNDES Loans, due March 2014 through April 2021 [Member] | BNDES Loans, due March 2014 through April 2021 [Member] | Other debt, due December 2020 [Member] | Other debt, due December 2020 [Member] | Short term borrowings [Member] | Short term borrowings [Member] | |||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | KRW | USD ($) | USD ($) | CHF | USD ($) | USD ($) | BRL | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Principal amount | ' | ' | ' | ' | ' | ' | $1,100 | ' | ' | $1,400 | ' | ' | $154 | 166,000 | ' | ' | 34 | ' | $15 | 34 | ' | ' | ' | ' | ' | |||||||||||||
Interest rates | ' | ' | 3.75% | [1] | ' | 8.38% | [1] | ' | ' | 8.75% | [1] | ' | ' | 3.64% | [1] | ' | 3.63% | [1] | 3.63% | [1] | ' | 7.50% | [1] | 7.50% | [1] | ' | 6.14% | [1] | 6.14% | [1] | ' | 4.27% | [1] | ' | 3.33% | [1] | ' | |
Short–term borrowings | -640 | -468 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -640 | -468 | |||||||||||||
Long-term debt, principal | ' | ' | 1,758 | 1,767 | 1,100 | 1,100 | ' | 1,400 | 1,400 | ' | 11 | 12 | 154 | ' | 149 | ' | ' | ' | 15 | ' | 18 | 11 | 11 | ' | ' | |||||||||||||
Capital lease obligations, principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38 | ' | 38 | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Total debt | 5,127 | 4,963 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Current portion of long-term debt | -31 | -30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Long-term debt, net of current portion, principal | 4,456 | 4,465 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Long-term debt, unamortized carrying value adjustments | ' | ' | -23 | [2] | -27 | [2] | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | 0 | ' | 0 | ' | ' | ' | -3 | ' | -3 | 0 | 0 | ' | ' | |||||||||||
Capital lease obligations, carrying value adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | ' | -1 | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Debt instrument, unamortized carrying value adjustment | -27 | -31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Long-term debt | 4,460 | 4,464 | 1,735 | 1,740 | 1,100 | 1,100 | ' | 1,400 | 1,400 | ' | 11 | 12 | 154 | ' | 149 | ' | ' | ' | 12 | ' | 15 | 11 | 11 | ' | ' | |||||||||||||
Capital lease obligations, carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37 | ' | 37 | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Total debt | 5,100 | 4,932 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Long–term debt, net of current portion | $4,429 | $4,434 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
[1] | Interest rates are the fixed or variable rates as specified in the debt instruments (not the effective interest rate) as of September 30, 2013, and therefore, exclude the effects of related interest rate swaps and accretion/amortization of fair value adjustments as a result of purchase accounting in connection with Hindalco's purchase of Novelis and accretion/amortization of debt issuance costs related to the debt exchange completed in fiscal 2009 and the series of refinancing transactions and additional borrowings we completed in fiscal 2011, 2012, 2013 and 2014. We present stated rates of interest because they reflect the rate at which cash will be paid for future debt service. | |||||||||||||||||||||||||||||||||||||
[2] | Debt existing at the time of Hindalco's purchase of Novelis was recorded at fair value. In connection with a series of refinancing transactions, a portion of the historical fair value adjustments were allocated to the Term Loan Facility. The balance also includes the unamortized discount on the Term Loan Facility. |
Debt_Principal_Repayments_Deta
Debt (Principal Repayments) (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Maturities of long-term debt outstanding | ' | ' |
Short-term borrowings and current portion of long term debt due within one year | $671 | ' |
2 years | 76 | ' |
3 years | 140 | ' |
4 years | 1,716 | ' |
5 years | 1,110 | ' |
Thereafter | 1,414 | ' |
Total debt | $5,127 | $4,963 |
Debt_Senior_Secured_Credit_Fac
Debt (Senior Secured Credit Facilities) (Details) (USD $) | 1 Months Ended | 6 Months Ended |
31-May-13 | Sep. 30, 2013 | |
Debt Instrument [Line Items] | ' | ' |
Description of variable rate basis | ' | 'LIBOR |
Four-year Secured Term Loan Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Aggregate principal amount outstanding | ' | $1,800,000,000 |
Debt term | ' | '4 years |
Floating Rate Term Loan Facility Due March 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate, floor | ' | 1.00% |
ABL Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt term | '5 years | '5 years |
Current borrowing capacity | ' | 1,000,000,000 |
ABL Revolver [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Current borrowing capacity | 1,000,000,000 | ' |
Description of variable rate basis | 'LIBOR | ' |
Potential additional borrowing capacity | 500,000,000 | ' |
Minimum amount for excess availability under ABL revolver | 110,000,000 | ' |
Percentage applied on lesser of ABL revolver commitment and applicable borrowing base | 15.00% | ' |
Minimum [Member] | ABL Revolver [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Minimum fixed charge coverage ratio | 1 | ' |
Maximum [Member] | ABL Revolver [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Minimum fixed charge coverage ratio | 1.25 | ' |
Minimum excess availability percentage | 25.00% | ' |
Minimum borrowing commitment | 20.00% | ' |
LIBOR [Member] | Minimum [Member] | Floating Rate Term Loan Facility Due March 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Basis spread on variable rate | ' | 2.75% |
LIBOR [Member] | Minimum [Member] | ABL Revolver [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Basis spread on variable rate | 1.75% | ' |
LIBOR [Member] | Maximum [Member] | ABL Revolver [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Basis spread on variable rate | 2.25% | ' |
Prime [Member] | Minimum [Member] | ABL Revolver [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Basis spread on variable rate | 0.75% | ' |
Prime [Member] | Maximum [Member] | ABL Revolver [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Basis spread on variable rate | 1.25% | ' |
Debt_Shortterm_Borrowings_Deta
Debt (Short-term Borrowings) (Details) | Sep. 30, 2013 | 31-May-13 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | USD ($) | bank | USD ($) | ABL Facility [Member] | Korea [Member] | Loans Payable [Member] | Novelis Korea Bank Loan [Member] | Novelis Korea Bank Loan [Member] | Novelis Brazil Loan [Member] | Novelis Vietnam Loan [Member] [Member] | Novelis Vietnam Loan [Member] [Member] | Novelis Korea Bank Loan Borrowing Capacity [Member] | Novelis Korea Bank Loan Borrowing Capacity [Member] | Novelis Korea Bank Loan Borrowing Capacity [Member] | Novelis Korea Bank Loan Borrowing Capacity [Member] |
Facilities | Facilities | USD ($) | USD ($) | ABL Facility [Member] | USD ($) | KRW | USD ($) | USD ($) | VND | First Korean Revolver [Member] | First Korean Revolver [Member] | Second Korean Revolver [Member] | Second Korean Revolver [Member] | ||
USD ($) | USD ($) | KRW | USD ($) | KRW | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short–term borrowings | $640 | ' | $468 | ' | ' | $469 | $46 | 50,000 | $121 | $4 | 88,000 | $28 | 30,000 | $47 | 50,000 |
Weighted average interest rate | 3.33% | ' | 3.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | ' | ' | ' | 25 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of new revolving loan facilities | 1 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of banks | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining borrowing capacity | ' | ' | ' | $430 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.60% | 1.60% | 1.25% | 1.25% |
Debt_Senior_Notes_Details
Debt (Senior Notes) (Details) (USD $) | Dec. 17, 2010 | Dec. 17, 2010 | Oct. 12, 2012 |
8.375% Senior Notes, due December 2017 [Member] | 8.75% Senior Notes, due December 2020 [Member] | 7.25% Senior Notes Due February 2015 [Member] | |
Debt Instrument [Line Items] | ' | ' | ' |
Principal amount | $1,100,000,000 | $1,400,000,000 | ' |
Stated interest rate | 8.38% | 8.75% | 7.25% |
Periodic payment | ' | ' | $76,000,000 |
Debt_Longterm_Loans_Details
Debt (Long-term Loans) (Details) | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | ||||
In Millions, unless otherwise specified | Novelis Korea Bank Loan [Member] | Novelis Korea Bank Loan [Member] | BNDES Loans, due March 2014 through April 2021 [Member] | BNDES Loans, due March 2014 through April 2021 [Member] | Minimum [Member] | Maximum [Member] | ||||
USD ($) | KRW | USD ($) | BRL | Korea 91-day Certificate of Deposit Rate [Member] | Korea 91-day Certificate of Deposit Rate [Member] | |||||
Short-term Debt [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Principal amount | $154 | 166,000 | $15 | 34 | ' | ' | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.61% | 3.61% | ' | ' | ' | ' | ||||
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | 0.88% | 1.41% | ||||
Interest rate | 3.63% | [1] | 3.63% | [1] | 6.14% | [1] | 6.14% | [1] | ' | ' |
[1] | Interest rates are the fixed or variable rates as specified in the debt instruments (not the effective interest rate) as of September 30, 2013, and therefore, exclude the effects of related interest rate swaps and accretion/amortization of fair value adjustments as a result of purchase accounting in connection with Hindalco's purchase of Novelis and accretion/amortization of debt issuance costs related to the debt exchange completed in fiscal 2009 and the series of refinancing transactions and additional borrowings we completed in fiscal 2011, 2012, 2013 and 2014. We present stated rates of interest because they reflect the rate at which cash will be paid for future debt service. |
Debt_Other_Longterm_Debt_Detai
Debt (Other Long-term Debt) (Details) | 6 Months Ended | 1 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2004 | Sep. 30, 2013 |
Information Technology [Member] | Other Capital Leases [Member] | Alcan [Member] | Alcan [Member] | |
USD ($) | USD ($) | CHF | USD ($) | |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Capital lease, term of contract | '5 years | ' | '15 years | ' |
Interest rate | ' | ' | 7.50% | ' |
Quarterly capital lease payments | ' | ' | 1.7 | $2 |
Present value of net minimum payments | $11 | $11 | ' | $38 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (2010 LTIP [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
2010 LTIP [Member] | ' | ' | ' | ' |
Share-based Compensation Costs [Line Items] | ' | ' | ' | ' |
Compensation (income) expense | $4 | $3 | $17 | $1 |
ShareBased_Compensation_Detail1
Share-Based Compensation (Details 1) (Stock Appreciation Rights (SARs) [Member]) | 6 Months Ended | 12 Months Ended | 6 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Hindalco SARs [Member] | Hindalco SARs [Member] | Hindalco SARs [Member] | Hindalco SARs [Member] | Novelis SARs [Member] | ||
INR | USD ($) | INR | USD ($) | USD ($) | ||
Number of SARs | ' | ' | ' | ' | ' | ' |
Outstanding as of beginning of period (shares) | ' | ' | ' | ' | 23,154,708 | 0 |
Granted (shares) | ' | 7,250,044 | ' | ' | ' | 13,279,528 |
Exercised (shares) | ' | -398,387 | ' | ' | ' | 0 |
Forfeited/Cancelled (shares) | ' | -22,668,522 | ' | ' | ' | -420,569 |
Outstanding as of end of period (shares) | ' | ' | 38,971,573 | 38,971,573 | 23,154,708 | 12,858,959 |
Shares exercisable | 2,060,728 | ' | ' | ' | 9,869,563 | ' |
Weighted Average Exercise Price (in Indian Rupees) | ' | ' | ' | ' | ' | ' |
Outstanding as of beginning of period (Indian Rupees per share) | ' | 120.4 | ' | ' | ' | $0 |
Granted (in Indian Rupees per share) | ' | 105.11 | ' | ' | ' | $94.82 |
Exercised (in Indian Rupees per share) | ' | 68.53 | ' | ' | ' | $0 |
Forfeited/Cancelled (in Indian Rupees per share) | ' | 94.25 | ' | ' | ' | $93.69 |
Outstanding as of end of period (ndian Rupees per share) | ' | 111.14 | ' | 120.4 | ' | $94.86 |
Weighted Average Exercise Price, SARs Exercisable (in Indian Rupees per share) | ' | 104.48 | ' | ' | ' | $101.81 |
Weighted Average Remaining Contractual Term (In years), Outstanding | ' | '4 years 8 months 12 days | '4 years 9 months | '4 years 9 months | ' | '5 years 3 months 18 days |
Weighted Average Remaining Contractual Term (In years), Granted | '7 years | '6 years 7 months 6 days | ' | ' | ' | '5 years 0 months |
Aggregate Intrinsic Value (USD in millions), Outstanding | ' | ' | $2 | ' | $5 | $3 |
Aggregate Intrinsic Value (USD in millions), Granted | ' | ' | ' | ' | ' | $3 |
ShareBased_Compensation_Detail2
Share-Based Compensation (Details 2) (RSUs [Member]) | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 |
USD ($) | INR | USD ($) | |
Number of RSUs | ' | ' | ' |
Outstanding, beginning of period (shares) | 3,591,406 | 3,591,406 | ' |
Granted (shares) | 2,077,994 | 2,077,994 | ' |
Exercised | -734,802 | -734,802 | ' |
Forteited/Cancelled (shares) | -178,618 | -178,618 | ' |
Outstanding, end of period (shares) | 4,755,980 | 4,755,980 | ' |
Grant Date Fair Value | ' | ' | ' |
Outstanding, beginning of period (Indian Rupees per share) | ' | 136.22 | ' |
Granted (Indian Rupees per share) | ' | 104.98 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | ' | 105.98 | ' |
Forfeited/Cancelled (Indian Rupees per share) | ' | 110.56 | ' |
Outstanding, end of period (Indian Rupees per share) | ' | 120.69 | ' |
Aggregate Intrinsic Value (USD in millions), Outstanding | $8 | ' | $5 |
Granted | 0 | ' | ' |
Exercised | $0 | ' | ' |
ShareBased_Compensation_Detail3
Share-Based Compensation (Details 3) (SARs [Member]) | 6 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Hindalco SARs [Member] | ' | ' |
Assumptions used in estimating fair value of SARs | ' | ' |
Dividend yield | 1.25% | 1.28% |
Novelis SARs [Member] | ' | ' |
Assumptions used in estimating fair value of SARs | ' | ' |
Dividend yield | 0.00% | 0.00% |
Minimum [Member] | Hindalco SARs [Member] | ' | ' |
Assumptions used in estimating fair value of SARs | ' | ' |
Risk-free interest rate | 8.72% | 8.07% |
Volatility | 36.00% | 45.00% |
Minimum [Member] | Novelis SARs [Member] | ' | ' |
Assumptions used in estimating fair value of SARs | ' | ' |
Risk-free interest rate | 0.89% | 0.00% |
Volatility | 29.00% | 0.00% |
Maximum [Member] | Hindalco SARs [Member] | ' | ' |
Assumptions used in estimating fair value of SARs | ' | ' |
Risk-free interest rate | 9.07% | 8.22% |
Volatility | 51.00% | 52.00% |
Maximum [Member] | Novelis SARs [Member] | ' | ' |
Assumptions used in estimating fair value of SARs | ' | ' |
Risk-free interest rate | 1.90% | ' |
Volatility | 41.00% | ' |
ShareBased_Compensation_Detail4
Share-Based Compensation (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
SARs [Member] | ' | ' |
Share Based Compensation [Abstract] | ' | ' |
Vesting rate | ' | 25.00% |
Expiration period (years) | ' | '7 years |
Terms of award | ' | 'The amount of cash paid to settle Hindalco SARs and Novelis SARs are limited to two and a half or three times the target payout |
Share-based Compensation, Equity Instruments Other than Options, Maximum Payout Multiple to Target, If Exercised after One Year of Vesting | 3 | ' |
RSUs [Member] | ' | ' |
Share Based Compensation [Abstract] | ' | ' |
Terms of award | ' | 'The payout on the RSUs is limited to three times the market value of one Hindalco share measured on the original date of grant |
Vesting period (years) | ' | '3 years |
Unrecognized compensation expense | 6 | 6 |
Unrecognized compensation expense, weighted average period of recognition (years) | ' | '2 years |
Hindalco SARs [Member] | ' | ' |
Share Based Compensation [Abstract] | ' | ' |
Cash payments to settle liabilities | 15 | 15 |
Hindalco SARs [Member] | SARs [Member] | ' | ' |
Share Based Compensation [Abstract] | ' | ' |
Expiration period (years) | ' | '6 years 7 months 6 days |
Unrecognized compensation expense | 7 | 7 |
Unrecognized compensation expense, weighted average period of recognition (years) | ' | '2 years 4 months 24 days |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share Based Compensation [Abstract] | ' | ' |
Cash payments to settle liabilities | 1 | 1 |
Novelis SARs [Member] | SARs [Member] | ' | ' |
Share Based Compensation [Abstract] | ' | ' |
Expiration period (years) | ' | '5 years 0 months |
Unrecognized compensation expense | 13 | 13 |
Unrecognized compensation expense, weighted average period of recognition (years) | ' | '2 years |
Postretirement_Benefit_Plans_D
Postretirement Benefit Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Benefit Plans [Member] | ' | ' | ' | ' |
Components of net periodic benefit cost for postretirement benefit plans | ' | ' | ' | ' |
Service cost | $12 | $11 | $25 | $22 |
Interest cost | 16 | 17 | 32 | 33 |
Expected return on assets | -17 | -16 | -33 | -32 |
Amortization-losses | 7 | 8 | 12 | 14 |
Amortization — prior service (credit) / cost | -1 | -1 | -1 | -1 |
Net periodic benefit cost | 17 | 19 | 35 | 36 |
Other Benefit Plans [member] | ' | ' | ' | ' |
Components of net periodic benefit cost for postretirement benefit plans | ' | ' | ' | ' |
Service cost | 2 | 2 | 5 | 5 |
Interest cost | 2 | 3 | 4 | 5 |
Expected return on assets | 0 | 0 | 0 | 0 |
Amortization-losses | 1 | 0 | 2 | 1 |
Amortization — prior service (credit) / cost | -2 | 0 | -2 | 0 |
Net periodic benefit cost | $3 | $5 | $9 | $11 |
Postretirement_Benefit_Plans_D1
Postretirement Benefit Plans (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Contributions to employee benefit plans | ' | ' | ' | ' |
Funded pension plans | $4 | $9 | $10 | $18 |
Unfunded pension plans | 3 | 4 | 5 | 7 |
Savings and defined contribution pension plans | 4 | 5 | 9 | 10 |
Total contributions | $11 | $18 | $24 | $35 |
Postretirement_Benefit_Plans_D2
Postretirement Benefit Plans (Details Textual) (USD $) | 1 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Aug. 31, 2013 | Sep. 30, 2013 |
Postretirement Benefit Plans [Abstract] | ' | ' |
Expected long-term rate of return on plan assets | ' | 6.30% |
Reduction in pension obligation | $97 | ' |
Pre-tax gain balance | 70 | ' |
Maximum amortization period of unfunded actuarial liability | ' | '15 years |
Expected additional contribution to funded pension plan | ' | 11 |
Expected additional contribution to unfunded pension plan | ' | 5 |
Expected additional contribution to savings and defined contribution plans | ' | $11 |
Currency_Gains_Losses_Details
Currency (Gains) Losses (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Foreign Currency [Abstract] | ' | ' | ' | ' |
(Gain) on remeasurement of monetary assets and liabilities, net | ($4) | ($7) | ($22) | ($10) |
Loss released from accumulated other comprehensive income | 0 | 0 | 1 | 1 |
Loss recognized on balance sheet remeasurement currency exchange contracts, net | 4 | 4 | 16 | 1 |
Currency gains, net | $0 | ($3) | ($5) | ($8) |
Currency_Gains_Losses_Details_
Currency (Gains) Losses (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Derivative [Line Items] | ' | ' | ' | ' | |||
Reclassification of cumulative currency gains from AOCI | $5 | $1 | $16 | $15 | |||
Currency gains included in AOCI, net of tax and Non controlling interests | ' | ' | ' | ' | |||
Cumulative currency translation adjustment - beginning of period | ' | ' | -30 | 23 | |||
Effect of changes in exchange rates | ' | ' | 90 | -42 | |||
Sale of investment in foreign entities | ' | ' | 0 | [1] | -11 | [1] | |
Cumulative currency translation adjustment - end of period | 60 | -30 | 60 | -30 | |||
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | ' | |||
Reclassification of cumulative currency gains from AOCI | $0 | $0 | [2] | $0 | $11 | [2] | |
[1] | We reclassified $11 million of cumulative currency gains from AOCI to "Gain on assets held for sale" in the fiscal year ended March 31, 2013 related to the sale of three aluminum foil and packaging plants in Europe. See Note 4 - Assets Held for Sale. | ||||||
[2] | We reclassified $11 million of cumulative currency gains from AOCI to "Gain on assets held for sale" in the six months ended September 30, 2012 related to the sale of three aluminum foil and packaging plants in Europe. See Note 4 - Assets Held for Sale. |
Financial_Instruments_and_Comm2
Financial Instruments and Commodity Contracts (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ||
Current | $53 | $109 | ||
Noncurrent | 6 | [1] | 1 | [1] |
Liabilities | ' | ' | ||
Current | -79 | -74 | ||
Noncurrent | -34 | [1] | -29 | [1] |
Net Fair Value Assets/Liabilities | -54 | 7 | ||
Designated as hedging instrument [Member] | ' | ' | ||
Assets | ' | ' | ||
Current | 17 | 37 | ||
Noncurrent | 6 | [1] | 0 | [1] |
Liabilities | ' | ' | ||
Current | -23 | -9 | ||
Noncurrent | -16 | [1] | -9 | [1] |
Net Fair Value Assets/Liabilities | -16 | 19 | ||
Designated as hedging instrument [Member] | Cash flow hedges [Member] | Aluminium contracts [Member] | ' | ' | ||
Assets | ' | ' | ||
Current | 9 | 24 | ||
Noncurrent | 1 | [1] | 0 | [1] |
Liabilities | ' | ' | ||
Current | -6 | 0 | ||
Noncurrent | 0 | [1] | 0 | [1] |
Net Fair Value Assets/Liabilities | 4 | 24 | ||
Designated as hedging instrument [Member] | Cash flow hedges [Member] | Currency exchange contracts [Member] | ' | ' | ||
Assets | ' | ' | ||
Current | 8 | 12 | ||
Noncurrent | 5 | [1] | 0 | [1] |
Liabilities | ' | ' | ||
Current | -16 | -7 | ||
Noncurrent | -15 | [1] | -8 | [1] |
Net Fair Value Assets/Liabilities | -18 | -3 | ||
Designated as hedging instrument [Member] | Cash flow hedges [Member] | Energy contracts [Member] | ' | ' | ||
Assets | ' | ' | ||
Current | ' | 1 | ||
Noncurrent | ' | 0 | [1] | |
Liabilities | ' | ' | ||
Current | ' | 0 | ||
Noncurrent | ' | 0 | [1] | |
Net Fair Value Assets/Liabilities | ' | 1 | ||
Designated as hedging instrument [Member] | Cash flow hedges [Member] | Interest rate swaps [Member] | ' | ' | ||
Assets | ' | ' | ||
Current | ' | 0 | ||
Noncurrent | ' | 0 | [1] | |
Liabilities | ' | ' | ||
Current | ' | -1 | ||
Noncurrent | ' | 0 | [1] | |
Net Fair Value Assets/Liabilities | ' | -1 | ||
Designated as hedging instrument [Member] | Fair value hedging [Member] | Aluminium contracts [Member] | ' | ' | ||
Assets | ' | ' | ||
Current | 0 | 0 | ||
Noncurrent | 0 | [1] | 0 | [1] |
Liabilities | ' | ' | ||
Current | -1 | -1 | ||
Noncurrent | -1 | [1] | -1 | [1] |
Net Fair Value Assets/Liabilities | -2 | -2 | ||
Not designated as hedging instrument [Member] | ' | ' | ||
Assets | ' | ' | ||
Current | 36 | 72 | ||
Noncurrent | 0 | [1] | 1 | [1] |
Liabilities | ' | ' | ||
Current | -56 | -65 | ||
Noncurrent | -18 | [1] | -20 | [1] |
Net Fair Value Assets/Liabilities | -38 | -12 | ||
Not designated as hedging instrument [Member] | Aluminium contracts [Member] | ' | ' | ||
Assets | ' | ' | ||
Current | 25 | 49 | ||
Noncurrent | 0 | [1] | 0 | [1] |
Liabilities | ' | ' | ||
Current | -33 | -46 | ||
Noncurrent | 0 | [1] | -1 | [1] |
Net Fair Value Assets/Liabilities | -8 | 2 | ||
Not designated as hedging instrument [Member] | Currency exchange contracts [Member] | ' | ' | ||
Assets | ' | ' | ||
Current | 11 | 21 | ||
Noncurrent | 0 | [1] | 1 | [1] |
Liabilities | ' | ' | ||
Current | -14 | -11 | ||
Noncurrent | 0 | [1] | 0 | [1] |
Net Fair Value Assets/Liabilities | -3 | 11 | ||
Not designated as hedging instrument [Member] | Energy contracts [Member] | ' | ' | ||
Assets | ' | ' | ||
Current | 0 | 2 | ||
Noncurrent | 0 | [1] | 0 | [1] |
Liabilities | ' | ' | ||
Current | -9 | -8 | ||
Noncurrent | -18 | [1] | -19 | [1] |
Net Fair Value Assets/Liabilities | ($27) | ($25) | ||
[1] | The noncurrent portions of derivative assets and liabilities are included in “Other long-term assets-third parties†and in “Other long-term liabilities†respectively, in the accompanying condensed consolidated balance sheets. |
Financial_Instruments_and_Comm3
Financial Instruments and Commodity Contracts (Details 1) (Aluminum forward purchase contracts [Member], Fair value hedging [Member], Designated as hedging instrument [Member], USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Derivative Contracts | $2 | $3 | ($1) | ($5) | ||||
Designated Hedged Items | -2 | -4 | 1 | 3 | ||||
Net Ineffectiveness [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Derivative Contracts | $0 | [1] | ($1) | [1] | $0 | [1] | ($2) | [1] |
[1] | Effective portion is recorded in "Net sales" and net ineffectiveness in "Other income, net" |
Financial_Instruments_and_Comm4
Financial Instruments and Commodity Contracts (Details 2) | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 |
Kilo_Ton | Kilo_Ton | Kilo_Ton | |
Aluminum forward purchase contracts [Member] | Designated as hedging instrument [Member] | Cash flow hedges [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Notional amount (in kt) | -11 | -5 | -5 |
Aluminum forward purchase contracts [Member] | Designated as hedging instrument [Member] | Fair value hedging [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Notional amount (in kt) | -18 | -22 | ' |
Aluminum foward sales contracts [Member] | Designated as hedging instrument [Member] | Cash flow hedges [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Notional amount (in kt) | -260 | -210 | ' |
Aluminium contracts [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Notional amount (in kt) | -278 | -219 | ' |
Aluminium contracts [Member] | Designated as hedging instrument [Member] | Fair value hedging [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Notional amount (in kt) | -18 | -22 | ' |
Aluminium contracts [Member] | Not designated as hedging instrument [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Notional amount (in kt) | -47 | -36 | ' |
Financial_Instruments_and_Comm5
Financial Instruments and Commodity Contracts (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in Other income, net | ' | ' | ($14) | $11 | ||||
Other Income (Expense), Net [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Balance sheet remeasurement currency exchange contracts | -4 | -4 | -17 | -2 | ||||
Realized gains, net | 5 | 19 | 26 | 31 | ||||
Unrealized gains (losses) on other derivative instruments, net | 4 | -24 | -8 | -11 | ||||
Gain (loss) recognized in Other income, net | 5 | -9 | 1 | 18 | ||||
Other Income (Expense), Net [Member] | Not designated as hedging instrument [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in Other income, net | -2 | -10 | -16 | 7 | ||||
Other Income (Expense), Net [Member] | Not designated as hedging instrument [Member] | Aluminium contracts [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in Other income, net | 0 | -12 | -2 | -6 | ||||
Other Income (Expense), Net [Member] | Not designated as hedging instrument [Member] | Currency exchange contracts [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in Other income, net | -3 | -1 | -15 | 6 | ||||
Other Income (Expense), Net [Member] | Not designated as hedging instrument [Member] | Energy contracts [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in Other income, net | 1 | [1] | 3 | [1] | 1 | [1] | 7 | [1] |
Other Income (Expense), Net [Member] | Designated as hedging instrument [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in Other income, net | $7 | [2] | $1 | [2] | $17 | [2] | $11 | [2] |
[1] | Includes amounts related to de-designated electricity swap. | |||||||
[2] | Amount includes: forward market premium/discount excluded from designated hedging relationships; hedging relationship ineffectiveness on designated aluminum contracts; and releases to income from AOCI on balance sheet remeasurement contracts. |
Financial_Instruments_and_Comm6
Financial Instruments and Commodity Contracts (Details 4) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | $14 | ($19) | ($10) | ($33) | ||||
Amount of Gain (Loss) Recognized in “Other (Income) Expense, net†(Ineffective and Excluded Portion) | 8 | 2 | 19 | 14 | ||||
Cash flow hedges [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | 16 | -19 | -8 | -34 | ||||
Amount of Gain (Loss) Recognized in “Other (Income) Expense, net†(Ineffective and Excluded Portion) | 8 | 2 | 19 | 14 | ||||
Net income | 8 | 6 | 23 | 14 | ||||
Income tax (provision) | -5 | -4 | -12 | -9 | ||||
Income before taxes | 13 | 10 | 35 | 23 | ||||
Cash flow hedges [Member] | Aluminium contracts [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | -10 | -29 | 19 | -8 | ||||
Amount of Gain (Loss) Recognized in “Other (Income) Expense, net†(Ineffective and Excluded Portion) | 7 | 2 | 18 | 13 | ||||
Cash flow hedges [Member] | Aluminium contracts [Member] | Cost of goods sold [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Net income | 18 | 12 | 39 | 30 | ||||
Cash flow hedges [Member] | Aluminium contracts [Member] | Sales [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Net income | 2 | 5 | 4 | 7 | ||||
Cash flow hedges [Member] | Currency exchange contracts [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | 26 | 9 | -25 | -27 | ||||
Amount of Gain (Loss) Recognized in “Other (Income) Expense, net†(Ineffective and Excluded Portion) | 1 | 0 | 1 | 1 | ||||
Cash flow hedges [Member] | Currency exchange contracts [Member] | Other (income) expense [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Net income | 0 | 0 | -1 | -1 | ||||
Cash flow hedges [Member] | Currency exchange contracts [Member] | Cost of goods sold [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Net income | -5 | -4 | -4 | -7 | ||||
Cash flow hedges [Member] | Currency exchange contracts [Member] | Sales [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Net income | 0 | 0 | 0 | -2 | ||||
Cash flow hedges [Member] | Currency exchange contracts [Member] | SG&A [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Net income | 0 | -1 | 0 | -1 | ||||
Cash flow hedges [Member] | Energy contracts [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | 0 | [1] | 1 | [1] | -2 | [1] | 1 | [1] |
Amount of Gain (Loss) Recognized in “Other (Income) Expense, net†(Ineffective and Excluded Portion) | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Cash flow hedges [Member] | Energy contracts [Member] | Other (income) expense [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Net income | -2 | [1] | -2 | [1] | -3 | [1] | -3 | [1] |
Net investment hedging [Member] | Currency exchange contracts [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | -2 | 0 | -2 | 1 | ||||
Amount of Gain (Loss) Recognized in “Other (Income) Expense, net†(Ineffective and Excluded Portion) | $0 | $0 | $0 | $0 | ||||
[1] | Includes amounts related to de-designated electricity swap. AOCI related to this swap is amortized to income over the remaining term of the hedged item. There were no amounts reclassified from AOCI into income/(expense) related to natural gas swaps for the periods presented. |
Financial_Instruments_and_Comm7
Financial Instruments and Commodity Contracts (Details Textual) | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 |
USD ($) | USD ($) | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Aluminium contracts [Member] | Aluminium contracts [Member] | Aluminium contracts [Member] | Aluminium contracts [Member] | Aluminum forward purchase contracts [Member] | Aluminum foward sales contracts [Member] | Aluminum foward sales contracts [Member] | Foreign exchange forward [Member] | Foreign exchange forward [Member] | Foreign exchange contracts [Member] | Foreign exchange contracts [Member] | Foreign exchange contracts [Member] | Foreign exchange contracts [Member] | Electricity swaps [Member] | Electricity swaps [Member] | Natural gas swaps [Member] | Natural gas swaps [Member] | Natural gas swaps [Member] | Natural gas swaps [Member] | Energy contracts [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | Cash flow hedges [Member] | Cash flow hedges [Member] | Cash flow hedges [Member] | Cash flow hedges [Member] | Cash flow hedges [Member] | Cash flow hedges [Member] | Cash flow hedges [Member] | Cash flow hedges [Member] | Fair value hedging [Member] | Fair value hedging [Member] | Fair value hedging [Member] | Fair value hedging [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | Kilo_Ton | Kilo_Ton | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Cash flow hedges [Member] | Cash flow hedges [Member] | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Net investment hedging [Member] | Net investment hedging [Member] | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Aluminium contracts [Member] | Aluminium contracts [Member] | Aluminum forward purchase contracts [Member] | Aluminum forward purchase contracts [Member] | Aluminum forward purchase contracts [Member] | Aluminum foward sales contracts [Member] | Aluminum foward sales contracts [Member] | Interest rate swaps [Member] | Aluminium contracts [Member] | Aluminium contracts [Member] | Aluminum forward purchase contracts [Member] | Aluminum forward purchase contracts [Member] | |||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Korean Loans Due December 2014 through 2015 [Member] | Korean Loans Due December 2014 through 2015 [Member] | Korean Loans Due December 2014 through 2015 [Member] | Korean Loans Due December 2014 through 2015 [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | |||||||||||||
Kilo_Ton | Kilo_Ton | MWh | MMBTU | MMBTU | MMBTU | MMBTU | USD ($) | KRW | USD ($) | KRW | USD ($) | USD ($) | Kilo_Ton | Kilo_Ton | Kilo_Ton | Kilo_Ton | Kilo_Ton | USD ($) | USD ($) | USD ($) | Kilo_Ton | Kilo_Ton | ||||||||||||||||||||
Kilo_Ton | Kilo_Ton | |||||||||||||||||||||||||||||||||||||||||
Financial Instruments And Commodity Contracts [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Higher remaining maturity range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount | ' | ' | ' | ' | ' | ' | 278 | 219 | 47 | 36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,500,000 | 2,400,000 | 1,000,000 | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | 11 | 5 | 5 | 260 | 210 | ' | 18 | 22 | 18 | 22 |
Maximum length of time hedge in price risk cash flow hedge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average duration of undesignated contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '0 years 7 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '0 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $855 | $918 | $378 | $620 | $52 | $0 | ' | ' | ' | ' | ' | ' | ' | $127 | 136,000 | $95 | 106,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets (liabilities) at fair value | -54 | 7 | -16 | 19 | -38 | -12 | ' | ' | -8 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -26 | -27 | -1 | 1 | -1 | 2 | ' | ' | ' | ' | ' | 4 | 24 | ' | ' | ' | ' | ' | -1 | -2 | -2 | ' | ' |
Interest rate swaps, hedged amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 127 | 136,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.03% | 4.03% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected reclassification of losses from AOCI to earnings | $15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||||
Balance as of beginning of period | ($310) | ($275) | ($268) | ($191) | ||||
Other comprehensive income before reclassifications | 167 | 34 | 136 | -36 | ||||
Amounts reclassified from AOCI | -5 | -1 | -16 | -15 | ||||
Net change in other comprehensive income (loss) | 162 | 33 | 120 | -51 | ||||
Balance as of end of period | -148 | -242 | -148 | -242 | ||||
Currency Translation [Member] | ' | ' | ' | ' | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||||
Balance as of beginning of period | -35 | -61 | [1] | -33 | 20 | [1] | ||
Other comprehensive income before reclassifications | 94 | 47 | [1] | 92 | -23 | [1] | ||
Amounts reclassified from AOCI | 0 | 0 | [1] | 0 | -11 | [1] | ||
Net change in other comprehensive income (loss) | 94 | 47 | [1] | 92 | -34 | [1] | ||
Balance as of end of period | 59 | -14 | [1] | 59 | -14 | [1] | ||
Cash Flow Hedges [Member] | ' | ' | ' | ' | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||||
Balance as of beginning of period | -46 | -26 | -2 | -7 | ||||
Other comprehensive income before reclassifications | 15 | -12 | -14 | -23 | ||||
Amounts reclassified from AOCI | -8 | -6 | -23 | -14 | ||||
Net change in other comprehensive income (loss) | 7 | -18 | -37 | -37 | ||||
Balance as of end of period | -39 | -44 | -39 | -44 | ||||
Postretirement Benefit Plans [Member] | ' | ' | ' | ' | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||||
Balance as of beginning of period | -229 | [2] | -188 | [2] | -233 | [2] | -204 | [2] |
Other comprehensive income before reclassifications | 58 | [2] | -1 | [2] | 58 | [2] | 10 | [2] |
Amounts reclassified from AOCI | 3 | [2] | 5 | [2] | 7 | [2] | 10 | [2] |
Net change in other comprehensive income (loss) | 61 | [2] | 4 | [2] | 65 | [2] | 20 | [2] |
Balance as of end of period | ($168) | [2] | ($184) | [2] | ($168) | [2] | ($184) | [2] |
[1] | We reclassified $11 million of cumulative currency gains from AOCI to "Gain on assets held for sale" in the six months ended September 30, 2012 related to the sale of three aluminum foil and packaging plants in Europe. See Note 4 - Assets Held for Sale. | |||||||
[2] | For additional information on our Postretirement benefit plans see Note 9 - Postretirement Benefit Plans. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) AOCI Reclassifications Impact (Details) (Cash Flow Hedging [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flow Hedging [Member] | ' | ' | ' | ' |
AOCI Reclassification [Line Items] | ' | ' | ' | ' |
Gain (loss) reclassified from AOCI into income (expense), effective portion | $8 | $6 | $23 | $14 |
Income before taxes | $13 | $10 | $35 | $23 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivative assets and liabilities measured and recognized at fair value on recurring basis | ' | ' | ||
Assets | ($59) | ($110) | ||
Liabilities | 113 | 103 | ||
Assets, Netting Adjustment | -23 | [1] | -35 | [1] |
Liabilities, Netting Adjustment | 23 | [1] | 35 | [1] |
Assets, Total Net | 36 | 75 | ||
Liabilities, Total Net | -90 | -68 | ||
Level 2 Instruments [Member] | ' | ' | ||
Derivative assets and liabilities measured and recognized at fair value on recurring basis | ' | ' | ||
Assets | -59 | -110 | ||
Liabilities | 87 | 76 | ||
Level 2 Instruments [Member] | Aluminium contracts [Member] | ' | ' | ||
Derivative assets and liabilities measured and recognized at fair value on recurring basis | ' | ' | ||
Assets | -35 | -73 | ||
Liabilities | 41 | 49 | ||
Level 2 Instruments [Member] | Currency exchange contracts [Member] | ' | ' | ||
Derivative assets and liabilities measured and recognized at fair value on recurring basis | ' | ' | ||
Assets | -24 | -34 | ||
Liabilities | 45 | 26 | ||
Level 2 Instruments [Member] | Energy contracts [Member] | ' | ' | ||
Derivative assets and liabilities measured and recognized at fair value on recurring basis | ' | ' | ||
Assets | 0 | -3 | ||
Liabilities | 1 | 0 | ||
Level 2 Instruments [Member] | Interest rate swaps [Member] | ' | ' | ||
Derivative assets and liabilities measured and recognized at fair value on recurring basis | ' | ' | ||
Assets | 0 | 0 | ||
Liabilities | 0 | 1 | ||
Level 3 Instruments [Member] | ' | ' | ||
Derivative assets and liabilities measured and recognized at fair value on recurring basis | ' | ' | ||
Assets | 0 | 0 | ||
Liabilities | 26 | 27 | ||
Level 3 Instruments [Member] | Energy contracts [Member] | ' | ' | ||
Derivative assets and liabilities measured and recognized at fair value on recurring basis | ' | ' | ||
Assets | 0 | 0 | ||
Liabilities | $26 | $27 | ||
[1] | Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions with the same counterparties. |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (Level 3 Derivative Instruments [Member], USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | |
Level 3 Derivative Instruments [Member] | ' | |
Reconciliation of fair value activity for Level 3 derivative contracts | ' | |
Balance as of March 31, 2013 | $27 | [1] |
Realized/unrealized gain included in earnings | 4 | [1],[2] |
Settlements | -3 | [1] |
Balance as of September 30, 2013 | $26 | [1] |
[1] | Represents net derivative liabilities. | |
[2] | Included in “Other income, net.†|
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 2) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Other long-term assets-related parties | $13 | $13 |
Long-term receivables from related parties, fair value | 13 | 13 |
Liabilities | ' | ' |
Total debt - third parties (excluding short term borrowings), carrying value | 4,460 | 4,464 |
Total debt - third parties (excluding short term borrowings), fair value | $4,724 | $4,806 |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details Textual) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Level 3 Instruments [Member] | ' |
Fair Value Measurements [Abstract] | ' |
Unrealized losses related to financial instruments | $2 |
Electricity swaps [Member] | ' |
Fair Value Measurements [Abstract] | ' |
Average forward price (per megawatt hour) | 53 |
Premium over forward prices in nearby observable market (per megawatt hour) | 6 |
Actual swap settlement price (per megawatt hour) | 48 |
Decrease in valuation per $1 per megawatt hour decline in electricity price | ($1) |
Other_Income_Net_Details
Other Income, Net (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Other Income and Expenses [Abstract] | ' | ' | ' | ' | ||||
Foreign currency remeasurement gains, net | $0 | [1] | ($3) | [1] | ($5) | [1] | ($8) | [1] |
(Gain) loss on change in fair value of other unrealized derivative instruments, net | -4 | 24 | 8 | 11 | ||||
(Gain) on change in fair value of other realized derivative instruments, net | -5 | -19 | -26 | -31 | ||||
Loss (gain) on sale of assets, net | 1 | 1 | 2 | -1 | ||||
Loss on Brazilian tax litigation, net | 2 | [2] | 2 | [2] | 3 | [2] | 4 | [2] |
Interest income | -1 | -1 | -2 | -2 | ||||
Other, net | 2 | -6 | 5 | -2 | ||||
Other income, net | ($5) | ($2) | ($15) | ($29) | ||||
[1] | Includes “Loss (gain) recognized on balance sheet remeasurement currency exchange contracts, net.†| |||||||
[2] | See Note 16 - Commitments and Contingencies - Brazil Tax Matters for further details. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reconciliation of Canadian statutory tax rates | ' | ' | ' | ' |
Pre-tax income before equity in net income of non-consolidated affiliates and noncontrolling interests | $52 | $90 | $73 | $204 |
Canadian statutory tax rate | 25.00% | 26.00% | 25.00% | 26.00% |
Provision at the Canadian statutory rate | 13 | 23 | 18 | 53 |
Exchange translation items | 2 | 0 | -7 | -5 |
Exchange remeasurement of deferred income taxes | -2 | -1 | -17 | -20 |
Change in valuation allowances | 15 | 19 | 52 | 39 |
Expense (income) items not subject to tax | -6 | 1 | -7 | 2 |
Dividends not subject to tax | -9 | -12 | -23 | -25 |
Enacted tax rate changes | 7 | 4 | 7 | 4 |
Tax rate differences on foreign earnings | 6 | 4 | 6 | 10 |
Uncertain tax positions, net | 0 | -1 | 0 | 0 |
Income tax provision | $26 | $37 | $29 | $58 |
Effective tax rate | 50.00% | 41.00% | 40.00% | 28.00% |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Income Tax Details [Line Items] | ' |
Net deferred tax liability | $328 |
Gross deferred tax assets | 770 |
Valuation allowance | 376 |
Reduction to income tax provision [Member] | ' |
Income Tax Details [Line Items] | ' |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | $3 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | ||||
Other long-term liabilities [Member] | Accrued expenses and other current liabilities [Member] | Brazil tax matters [Member] | Brazil tax matters [Member] | Brazil tax matters [Member] | Brazil tax matters [Member] | Brazil tax matters [Member] | Brazil tax matters [Member] | Brazil tax matters [Member] | Brazil tax matters [Member] | Brazil tax matters [Member] | Brazil tax matters [Member] | Brazil tax matters [Member] | Brazil tax matters [Member] | |||||||||
Other Income (Expense), Net [Member] | Other Income (Expense), Net [Member] | Other Income (Expense), Net [Member] | Other Income (Expense), Net [Member] | Other long-term liabilities [Member] | Other long-term liabilities [Member] | Accrued expenses and other current liabilities [Member] | Accrued expenses and other current liabilities [Member] | Other long-term assets - third parties [Member] | Other long-term assets - third parties [Member] | |||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Estimated range of loss, minimum | $0 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Estimated range of loss, maximum | 110 | ' | 110 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Accrual for Environmental Loss Contingencies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Accrual for environmental loss contingencies | 9 | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Accrual for environmental loss contingencies, noncurrent | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Accrual for environmental loss contingencies, current | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Loss Contingency Accrual [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Cash deposits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 12 | ||||
Period for settlement payments | ' | ' | ' | ' | ' | ' | '180 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Settlement liabilities | ' | ' | ' | ' | ' | ' | 112 | 128 | ' | ' | ' | ' | 100 | 114 | 12 | 14 | ' | ' | ||||
Loss on Brazilian tax litigation, net | ($2) | [1] | ($2) | [1] | ($3) | [1] | ($4) | [1] | ' | ' | ' | ' | $2 | $2 | $3 | $4 | ' | ' | ' | ' | ' | ' |
[1] | See Note 16 - Commitments and Contingencies - Brazil Tax Matters for further details. |
Segment_Major_Customer_and_Maj2
Segment, Major Customer and Major Supplier Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Investments in and advances to non-consolidated affiliates | $653 | ' | $653 | ' | $627 |
Total assets | 8,562 | ' | 8,562 | ' | 8,522 |
Net sales | 2,427 | 2,441 | 4,835 | 4,991 | ' |
Depreciation and amortization | 79 | 69 | 156 | 142 | ' |
Income tax (benefit) provision | 26 | 37 | 29 | 58 | ' |
Capital expenditures | 184 | 178 | 365 | 345 | ' |
Third Party [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 2,427 | 2,441 | 4,835 | 4,991 | ' |
Intersegment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 | ' |
North America [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Investments in and advances to non-consolidated affiliates | 0 | ' | 0 | ' | 1 |
Total assets | 2,662 | ' | 2,662 | ' | 2,763 |
Net sales | 757 | 906 | 1,537 | 1,826 | ' |
Depreciation and amortization | 30 | 28 | 60 | 58 | ' |
Income tax (benefit) provision | -6 | 7 | -7 | 22 | ' |
Capital expenditures | 30 | 53 | 57 | 87 | ' |
North America [Member] | Third Party [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 756 | 906 | 1,532 | 1,826 | ' |
North America [Member] | Intersegment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 1 | 0 | 5 | 0 | ' |
Europe [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Investments in and advances to non-consolidated affiliates | 612 | ' | 612 | ' | 586 |
Total assets | 2,750 | ' | 2,750 | ' | 2,673 |
Net sales | 822 | 769 | 1,636 | 1,632 | ' |
Depreciation and amortization | 25 | 25 | 49 | 52 | ' |
Income tax (benefit) provision | 13 | 11 | 24 | 23 | ' |
Capital expenditures | 52 | 19 | 96 | 33 | ' |
Europe [Member] | Third Party [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 783 | 749 | 1,568 | 1,604 | ' |
Europe [Member] | Intersegment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 39 | 20 | 68 | 28 | ' |
Asia [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Investments in and advances to non-consolidated affiliates | 0 | ' | 0 | ' | 0 |
Total assets | 1,360 | ' | 1,360 | ' | 1,264 |
Net sales | 463 | 435 | 948 | 863 | ' |
Depreciation and amortization | 14 | 13 | 28 | 26 | ' |
Income tax (benefit) provision | 7 | 5 | 11 | 11 | ' |
Capital expenditures | 59 | 50 | 124 | 78 | ' |
Asia [Member] | Third Party [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 461 | 435 | 933 | 863 | ' |
Asia [Member] | Intersegment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 2 | 0 | 15 | 0 | ' |
South America [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Investments in and advances to non-consolidated affiliates | 41 | ' | 41 | ' | 40 |
Total assets | 1,636 | ' | 1,636 | ' | 1,663 |
Net sales | 391 | 310 | 725 | 618 | ' |
Depreciation and amortization | 16 | 12 | 31 | 25 | ' |
Income tax (benefit) provision | 10 | 12 | -5 | -2 | ' |
Capital expenditures | 37 | 48 | 77 | 112 | ' |
South America [Member] | Third Party [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 380 | 310 | 707 | 618 | ' |
South America [Member] | Intersegment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 11 | 0 | 18 | 0 | ' |
Eliminations and Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Investments in and advances to non-consolidated affiliates | 0 | ' | 0 | ' | 0 |
Total assets | 154 | ' | 154 | ' | 159 |
Net sales | -6 | 21 | -11 | 52 | ' |
Depreciation and amortization | -6 | -9 | -12 | -19 | ' |
Income tax (benefit) provision | 2 | 2 | 6 | 4 | ' |
Capital expenditures | 6 | 8 | 11 | 35 | ' |
Eliminations and Other [Member] | Third Party [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 47 | 41 | 95 | 80 | ' |
Eliminations and Other [Member] | Intersegment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | ($53) | ($20) | ($106) | ($28) | ' |
Segment_Major_Customer_and_Maj3
Segment, Major Customer and Major Supplier Information (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reconciliation of income from reportable segments to net income attributable to common shareholder | ' | ' | ' | ' |
Depreciation and amortization | ($79) | ($69) | ($156) | ($142) |
Interest expense and amortization of debt issuance costs | -75 | -73 | -151 | -147 |
Adjustment to eliminate proportional consolidation | -8 | -9 | -19 | -20 |
Unrealized (gain) loss on change in fair value of derivative instruments, net | 4 | -24 | -8 | -11 |
Realized gains on derivative instruments not included in segment income | 2 | 0 | 4 | 2 |
Restructuring and impairment, net | -18 | -17 | -27 | -22 |
(Loss) gain on assets held for sale | 0 | -2 | 0 | 3 |
Other costs, net | -5 | 4 | -9 | 0 |
Income before income taxes | 49 | 87 | 66 | 199 |
Income tax provision | 26 | 37 | 29 | 58 |
Net income | 23 | 50 | 37 | 141 |
Net income attributable to noncontrolling interests | 0 | 1 | 0 | 1 |
Net income attributable to our common shareholder | 23 | 49 | 37 | 140 |
North America [Member] | ' | ' | ' | ' |
Reconciliation of income from reportable segments to net income attributable to common shareholder | ' | ' | ' | ' |
Gross income | 70 | 123 | 116 | 212 |
Europe [Member] | ' | ' | ' | ' |
Reconciliation of income from reportable segments to net income attributable to common shareholder | ' | ' | ' | ' |
Gross income | 61 | 74 | 131 | 148 |
Asia [Member] | ' | ' | ' | ' |
Reconciliation of income from reportable segments to net income attributable to common shareholder | ' | ' | ' | ' |
Gross income | 41 | 39 | 87 | 85 |
South America [Member] | ' | ' | ' | ' |
Reconciliation of income from reportable segments to net income attributable to common shareholder | ' | ' | ' | ' |
Gross income | 56 | 41 | 98 | 91 |
Depreciation and amortization | -16 | -12 | -31 | -25 |
Income tax provision | $10 | $12 | ($5) | ($2) |
Segment_Major_Customer_and_Maj4
Segment, Major Customer and Major Supplier Information (Details 2) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Rexam [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Percentage of total net sales | 17.00% | 13.00% | 17.00% | 15.00% |
Affiliates of Ball Corporation [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Percentage of total net sales | 9.00% | 13.00% | 10.00% | 11.00% |
Anheuser-Busch [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Percentage of total net sales | 7.00% | 11.00% | 8.00% | 10.00% |
Segment_Major_Customer_and_Maj5
Segment, Major Customer and Major Supplier Information (Details 3) (Rio Tinto Alcan [Member]) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Rio Tinto Alcan [Member] | ' | ' | ' | ' |
Purchases from primary supplier | ' | ' | ' | ' |
Purchases from Rio Tinto Alcan as a percentage of total | 17.00% | 25.00% | 18.00% | 23.00% |
Segment_Major_Customer_and_Maj6
Segment, Major Customer and Major Supplier Information (Details Textual) | 3 Months Ended | 6 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Customers | Facilities | |
Countries | Countries | |
Facilities | Plants | |
Plants | ||
Segment Reporting Information [Line Items] | ' | ' |
Number of operating segments | ' | 4 |
Number of operating plants | 25 | 25 |
Number of plants with recycling operations | 10 | 10 |
Number of countries Company operates in | 9 | 9 |
Number of major customers | 3 | ' |
North America [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Number of operating plants | 10 | 10 |
Number of plants with recycling operations | 2 | 2 |
Number of fully dedicated recycling facilities | 2 | 2 |
Number of countries Company operates in | 2 | 2 |
Europe [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Number of operating plants | 9 | 9 |
Number of plants with recycling operations | 2 | 2 |
Number of fully dedicated recycling facilities | 1 | 1 |
Number of countries Company operates in | 4 | 4 |
Asia [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Number of operating plants | 3 | 3 |
Number of countries Company operates in | 2 | 2 |
South America [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Number of operating plants | 3 | 3 |
Supplemental_Information_Detai
Supplemental Information (Details1) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental cash flow information | ' | ' |
Interest paid | $138 | $135 |
Income taxes paid | $63 | $70 |
Supplemental_Information_Detai1
Supplemental Information (Details Textual) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Supplemental Cash Flow Elements [Abstract] | ' |
Capital expenditures incurred but not yet paid | $39 |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental guarantor information statements of operation | ' | ' | ' | ' |
Net sales | $2,427 | $2,441 | $4,835 | $4,991 |
Cost of goods sold (exclusive of depreciation and amortization) | 2,087 | 2,077 | 4,192 | 4,279 |
Selling, general and administrative expenses | 109 | 102 | 229 | 204 |
Depreciation and amortization | 79 | 69 | 156 | 142 |
Research and development expenses | 12 | 13 | 22 | 25 |
Interest expense and amortization of debt issuance costs | 75 | 73 | 151 | 147 |
(Gain) loss on assets held for sale | ' | ' | ' | -3 |
Loss (gain) on assets held for sale | 0 | 2 | 0 | -3 |
Restructuring and impairment, net | 18 | 17 | 27 | 22 |
Equity in net loss of non-consolidated affiliates | 3 | 3 | 7 | 5 |
Equity in net (income) loss of consolidated subsidiaries | 0 | 0 | 0 | 0 |
Other (income) expense, net | -5 | -2 | -15 | -29 |
Total expenses | 2,378 | 2,354 | 4,769 | 4,792 |
Income before income taxes | 49 | 87 | 66 | 199 |
Income tax provision | 26 | 37 | 29 | 58 |
Net income | 23 | 50 | 37 | 141 |
Net income attributable to noncontrolling interests | 0 | 1 | 0 | 1 |
Net income attributable to our common shareholder | 23 | 49 | 37 | 140 |
Comprehensive income (loss) | 184 | 84 | 155 | 90 |
Comprehensive income attributable to noncontrolling interest | -1 | 2 | -2 | 1 |
Comprehensive income (loss) attributable to our common shareholder | 185 | 82 | 157 | 89 |
Parent [Member] | ' | ' | ' | ' |
Supplemental guarantor information statements of operation | ' | ' | ' | ' |
Net sales | 163 | 208 | 341 | 468 |
Cost of goods sold (exclusive of depreciation and amortization) | 140 | 204 | 329 | 457 |
Selling, general and administrative expenses | 8 | -1 | 52 | -7 |
Depreciation and amortization | 4 | 4 | 8 | 7 |
Research and development expenses | 0 | 3 | 1 | 5 |
Interest expense and amortization of debt issuance costs | 78 | 81 | 157 | 160 |
(Gain) loss on assets held for sale | ' | ' | ' | -5 |
Loss (gain) on assets held for sale | ' | 2 | ' | ' |
Restructuring and impairment, net | 1 | 4 | 1 | 7 |
Equity in net loss of non-consolidated affiliates | 0 | 0 | 0 | 0 |
Equity in net (income) loss of consolidated subsidiaries | -80 | -121 | -235 | -273 |
Other (income) expense, net | -12 | -18 | -10 | -26 |
Total expenses | 139 | 158 | 303 | 325 |
Income before income taxes | 24 | 50 | 38 | 143 |
Income tax provision | 1 | 1 | 1 | 3 |
Net income | 23 | 49 | 37 | 140 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to our common shareholder | 23 | 49 | 37 | 140 |
Comprehensive income (loss) | 185 | 82 | 157 | 89 |
Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to our common shareholder | 185 | 82 | 157 | 89 |
Guarantors [Member] | ' | ' | ' | ' |
Supplemental guarantor information statements of operation | ' | ' | ' | ' |
Net sales | 1,992 | 2,021 | 3,961 | 4,133 |
Cost of goods sold (exclusive of depreciation and amortization) | 1,742 | 1,719 | 3,466 | 3,551 |
Selling, general and administrative expenses | 82 | 83 | 145 | 171 |
Depreciation and amortization | 60 | 51 | 118 | 107 |
Research and development expenses | 11 | 10 | 20 | 20 |
Interest expense and amortization of debt issuance costs | 8 | 1 | 15 | 6 |
(Gain) loss on assets held for sale | ' | ' | ' | 2 |
Loss (gain) on assets held for sale | ' | 1 | ' | ' |
Restructuring and impairment, net | 17 | 11 | 25 | 13 |
Equity in net loss of non-consolidated affiliates | 3 | 3 | 7 | 5 |
Equity in net (income) loss of consolidated subsidiaries | -23 | -22 | -49 | -45 |
Other (income) expense, net | -6 | 9 | -35 | -21 |
Total expenses | 1,894 | 1,866 | 3,712 | 3,809 |
Income before income taxes | 98 | 155 | 249 | 324 |
Income tax provision | 18 | 31 | 16 | 44 |
Net income | 80 | 124 | 233 | 280 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to our common shareholder | 80 | 124 | 233 | 280 |
Comprehensive income (loss) | 184 | 136 | 356 | 218 |
Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to our common shareholder | 184 | 136 | 356 | 218 |
Non-Guarantors [Member] | ' | ' | ' | ' |
Supplemental guarantor information statements of operation | ' | ' | ' | ' |
Net sales | 599 | 591 | 1,225 | 1,221 |
Cost of goods sold (exclusive of depreciation and amortization) | 532 | 533 | 1,089 | 1,102 |
Selling, general and administrative expenses | 19 | 20 | 32 | 40 |
Depreciation and amortization | 15 | 14 | 30 | 28 |
Research and development expenses | 1 | 0 | 1 | 0 |
Interest expense and amortization of debt issuance costs | -1 | -1 | -2 | -2 |
(Gain) loss on assets held for sale | ' | ' | ' | 0 |
Loss (gain) on assets held for sale | ' | -1 | ' | ' |
Restructuring and impairment, net | 0 | 2 | 1 | 2 |
Equity in net loss of non-consolidated affiliates | 0 | 0 | 0 | 0 |
Equity in net (income) loss of consolidated subsidiaries | 0 | 0 | 0 | 0 |
Other (income) expense, net | 3 | -1 | 11 | 1 |
Total expenses | 569 | 566 | 1,162 | 1,171 |
Income before income taxes | 30 | 25 | 63 | 50 |
Income tax provision | 7 | 5 | 12 | 11 |
Net income | 23 | 20 | 51 | 39 |
Net income attributable to noncontrolling interests | 0 | 1 | 0 | 1 |
Net income attributable to our common shareholder | 23 | 19 | 51 | 38 |
Comprehensive income (loss) | 75 | 44 | 81 | 52 |
Comprehensive income attributable to noncontrolling interest | -1 | 2 | -2 | 1 |
Comprehensive income (loss) attributable to our common shareholder | 76 | 42 | 83 | 51 |
Eliminations [Member] | ' | ' | ' | ' |
Supplemental guarantor information statements of operation | ' | ' | ' | ' |
Net sales | -327 | -379 | -692 | -831 |
Cost of goods sold (exclusive of depreciation and amortization) | -327 | -379 | -692 | -831 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Research and development expenses | 0 | 0 | 0 | 0 |
Interest expense and amortization of debt issuance costs | -10 | -8 | -19 | -17 |
(Gain) loss on assets held for sale | ' | ' | ' | 0 |
Loss (gain) on assets held for sale | ' | 0 | ' | ' |
Restructuring and impairment, net | 0 | 0 | 0 | 0 |
Equity in net loss of non-consolidated affiliates | 0 | 0 | 0 | 0 |
Equity in net (income) loss of consolidated subsidiaries | 103 | 143 | 284 | 318 |
Other (income) expense, net | 10 | 8 | 19 | 17 |
Total expenses | -224 | -236 | -408 | -513 |
Income before income taxes | -103 | -143 | -284 | -318 |
Income tax provision | 0 | 0 | 0 | 0 |
Net income | -103 | -143 | -284 | -318 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to our common shareholder | -103 | -143 | -284 | -318 |
Comprehensive income (loss) | -260 | -178 | -439 | -269 |
Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to our common shareholder | ($260) | ($178) | ($439) | ($269) |
Supplemental_Guarantor_Informa3
Supplemental Guarantor Information (Details 1) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 |
In Millions, unless otherwise specified | ||||||
Current assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $338 | ' | $301 | $227 | ' | $317 |
Accounts receivable, net of allowances | ' | ' | ' | ' | ' | ' |
— third parties | 1,290 | ' | 1,447 | ' | ' | ' |
Accounts receivable-related parties | 45 | ' | 38 | ' | ' | ' |
Inventories | 1,126 | ' | 1,168 | ' | ' | ' |
Prepaid expenses and other current assets | 90 | ' | 93 | ' | ' | ' |
Fair value of derivative instruments | 53 | ' | 109 | ' | ' | ' |
Deferred income tax assets | 116 | ' | 112 | ' | ' | ' |
Assets held for sale | 34 | ' | 9 | ' | ' | ' |
Total current assets | 3,092 | ' | 3,277 | ' | ' | ' |
Property, plant and equipment, net | 3,327 | ' | 3,104 | ' | ' | ' |
Goodwill | 611 | ' | 611 | ' | ' | ' |
Intangible assets, net | 645 | ' | 649 | ' | ' | ' |
Investments in and advances to non-consolidated affiliates | 653 | ' | 627 | ' | ' | ' |
Investments in consolidated subsidiaries | 0 | ' | 0 | ' | ' | ' |
Deferred income tax assets | 43 | ' | 75 | ' | ' | ' |
Other long-term assets | ' | ' | ' | ' | ' | ' |
— third parties | 178 | ' | 166 | ' | ' | ' |
— related parties | 13 | ' | 13 | ' | ' | ' |
Total assets | 8,562 | ' | 8,522 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | -31 | ' | -30 | ' | ' | ' |
Short-term borrowings | ' | ' | ' | ' | ' | ' |
— third parties | 640 | ' | 468 | ' | ' | ' |
— related parties | 0 | ' | 0 | ' | ' | ' |
Accounts payable | ' | ' | ' | ' | ' | ' |
— third parties | 991 | ' | 1,207 | ' | ' | ' |
— related parties | 51 | ' | 47 | ' | ' | ' |
Fair value of derivative instruments | -79 | ' | -74 | ' | ' | ' |
Accrued expenses and other current liabilities | -532 | ' | -497 | ' | ' | ' |
Deferred income tax liabilities | -19 | ' | -28 | ' | ' | ' |
Liabilities held for sale | 12 | ' | 1 | ' | ' | ' |
Total current liabilities | 2,355 | ' | 2,352 | ' | ' | ' |
Long-term debt, net of current portion | ' | ' | ' | ' | ' | ' |
— third parties | 4,429 | ' | 4,434 | ' | ' | ' |
— related parties | 0 | ' | 0 | ' | ' | ' |
Deferred income tax liabilities | -468 | ' | -504 | ' | ' | ' |
Accrued postretirement benefits | -653 | ' | -731 | ' | ' | ' |
Other long–term liabilities | -263 | ' | -262 | ' | ' | ' |
Total liabilities | 8,168 | ' | 8,283 | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' | ' |
Total temporary equity - intercompany | 0 | ' | 0 | ' | ' | ' |
Shareholder’s equity | ' | ' | ' | ' | ' | ' |
Common stock | 0 | ' | 0 | ' | ' | ' |
Additional paid–in capital | -1,654 | ' | -1,654 | ' | ' | ' |
(Accumulated deficit) retained earnings | -1,140 | ' | -1,177 | ' | ' | ' |
Accumulated other comprehensive (loss) income | -148 | -310 | -268 | -242 | -275 | -191 |
Total equity of our common shareholder | 366 | ' | 209 | ' | ' | ' |
Noncontrolling interests | -28 | ' | -30 | ' | ' | ' |
Total equity | 394 | ' | 239 | ' | ' | ' |
Total liabilities and equity | 8,562 | ' | 8,522 | ' | ' | ' |
Parent [Member] | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 4 | ' | 4 | 1 | ' | 6 |
Accounts receivable, net of allowances | ' | ' | ' | ' | ' | ' |
— third parties | 20 | ' | 30 | ' | ' | ' |
Accounts receivable-related parties | 1,163 | ' | 1,110 | ' | ' | ' |
Inventories | 56 | ' | 80 | ' | ' | ' |
Prepaid expenses and other current assets | 4 | ' | 7 | ' | ' | ' |
Fair value of derivative instruments | 5 | ' | 17 | ' | ' | ' |
Deferred income tax assets | 0 | ' | 1 | ' | ' | ' |
Assets held for sale | 32 | ' | 0 | ' | ' | ' |
Total current assets | 1,284 | ' | 1,249 | ' | ' | ' |
Property, plant and equipment, net | 98 | ' | 106 | ' | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' | ' |
Intangible assets, net | 7 | ' | 9 | ' | ' | ' |
Investments in and advances to non-consolidated affiliates | 0 | ' | 0 | ' | ' | ' |
Investments in consolidated subsidiaries | 3,576 | ' | 3,462 | ' | ' | ' |
Deferred income tax assets | 0 | ' | 4 | ' | ' | ' |
Other long-term assets | ' | ' | ' | ' | ' | ' |
— third parties | 78 | ' | 79 | ' | ' | ' |
— related parties | 632 | ' | 456 | ' | ' | ' |
Total assets | 5,675 | ' | 5,365 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | -21 | ' | -21 | ' | ' | ' |
Short-term borrowings | ' | ' | ' | ' | ' | ' |
— third parties | 320 | ' | 205 | ' | ' | ' |
— related parties | 0 | ' | 0 | ' | ' | ' |
Accounts payable | ' | ' | ' | ' | ' | ' |
— third parties | 26 | ' | 26 | ' | ' | ' |
— related parties | 466 | ' | 438 | ' | ' | ' |
Fair value of derivative instruments | -15 | ' | -3 | ' | ' | ' |
Accrued expenses and other current liabilities | -93 | ' | -102 | ' | ' | ' |
Deferred income tax liabilities | 0 | ' | 0 | ' | ' | ' |
Liabilities held for sale | 11 | ' | 0 | ' | ' | ' |
Total current liabilities | 952 | ' | 795 | ' | ' | ' |
Long-term debt, net of current portion | ' | ' | ' | ' | ' | ' |
— third parties | 4,225 | ' | 4,232 | ' | ' | ' |
— related parties | -49 | ' | -49 | ' | ' | ' |
Deferred income tax liabilities | 0 | ' | -5 | ' | ' | ' |
Accrued postretirement benefits | -50 | ' | -51 | ' | ' | ' |
Other long–term liabilities | -33 | ' | -24 | ' | ' | ' |
Total liabilities | 5,309 | ' | 5,156 | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' | ' |
Total temporary equity - intercompany | 0 | ' | 0 | ' | ' | ' |
Shareholder’s equity | ' | ' | ' | ' | ' | ' |
Common stock | 0 | ' | 0 | ' | ' | ' |
Additional paid–in capital | -1,654 | ' | -1,654 | ' | ' | ' |
(Accumulated deficit) retained earnings | -1,140 | ' | -1,177 | ' | ' | ' |
Accumulated other comprehensive (loss) income | -148 | ' | -268 | ' | ' | ' |
Total equity of our common shareholder | 366 | ' | 209 | ' | ' | ' |
Noncontrolling interests | 0 | ' | 0 | ' | ' | ' |
Total equity | 366 | ' | 209 | ' | ' | ' |
Total liabilities and equity | 5,675 | ' | 5,365 | ' | ' | ' |
Guarantors [Member] | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 217 | ' | 196 | 108 | ' | 215 |
Accounts receivable, net of allowances | ' | ' | ' | ' | ' | ' |
— third parties | 981 | ' | 1,096 | ' | ' | ' |
Accounts receivable-related parties | 632 | ' | 530 | ' | ' | ' |
Inventories | 820 | ' | 835 | ' | ' | ' |
Prepaid expenses and other current assets | 81 | ' | 81 | ' | ' | ' |
Fair value of derivative instruments | 34 | ' | 72 | ' | ' | ' |
Deferred income tax assets | 106 | ' | 106 | ' | ' | ' |
Assets held for sale | 2 | ' | 0 | ' | ' | ' |
Total current assets | 2,873 | ' | 2,916 | ' | ' | ' |
Property, plant and equipment, net | 2,356 | ' | 2,223 | ' | ' | ' |
Goodwill | 600 | ' | 600 | ' | ' | ' |
Intangible assets, net | 634 | ' | 636 | ' | ' | ' |
Investments in and advances to non-consolidated affiliates | 653 | ' | 627 | ' | ' | ' |
Investments in consolidated subsidiaries | 618 | ' | 530 | ' | ' | ' |
Deferred income tax assets | 12 | ' | 43 | ' | ' | ' |
Other long-term assets | ' | ' | ' | ' | ' | ' |
— third parties | 87 | ' | 79 | ' | ' | ' |
— related parties | 62 | ' | 202 | ' | ' | ' |
Total assets | 7,895 | ' | 7,856 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | -10 | ' | -9 | ' | ' | ' |
Short-term borrowings | ' | ' | ' | ' | ' | ' |
— third parties | 269 | ' | 218 | ' | ' | ' |
— related parties | -648 | ' | -600 | ' | ' | ' |
Accounts payable | ' | ' | ' | ' | ' | ' |
— third parties | 624 | ' | 752 | ' | ' | ' |
— related parties | 623 | ' | 588 | ' | ' | ' |
Fair value of derivative instruments | -49 | ' | -55 | ' | ' | ' |
Accrued expenses and other current liabilities | -378 | ' | -332 | ' | ' | ' |
Deferred income tax liabilities | -19 | ' | -28 | ' | ' | ' |
Liabilities held for sale | 1 | ' | 0 | ' | ' | ' |
Total current liabilities | 2,621 | ' | 2,582 | ' | ' | ' |
Long-term debt, net of current portion | ' | ' | ' | ' | ' | ' |
— third parties | 43 | ' | 47 | ' | ' | ' |
— related parties | -597 | ' | -596 | ' | ' | ' |
Deferred income tax liabilities | -460 | ' | -490 | ' | ' | ' |
Accrued postretirement benefits | -427 | ' | -510 | ' | ' | ' |
Other long–term liabilities | -223 | ' | -227 | ' | ' | ' |
Total liabilities | 4,371 | ' | 4,452 | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' | ' |
Total temporary equity - intercompany | -1,681 | ' | -1,681 | ' | ' | ' |
Shareholder’s equity | ' | ' | ' | ' | ' | ' |
Common stock | 0 | ' | 0 | ' | ' | ' |
Additional paid–in capital | 0 | ' | 0 | ' | ' | ' |
(Accumulated deficit) retained earnings | 2,009 | ' | 2,010 | ' | ' | ' |
Accumulated other comprehensive (loss) income | -166 | ' | -287 | ' | ' | ' |
Total equity of our common shareholder | 1,843 | ' | 1,723 | ' | ' | ' |
Noncontrolling interests | 0 | ' | 0 | ' | ' | ' |
Total equity | 1,843 | ' | 1,723 | ' | ' | ' |
Total liabilities and equity | 7,895 | ' | 7,856 | ' | ' | ' |
Non-Guarantors [Member] | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 117 | ' | 101 | 118 | ' | 96 |
Accounts receivable, net of allowances | ' | ' | ' | ' | ' | ' |
— third parties | 289 | ' | 321 | ' | ' | ' |
Accounts receivable-related parties | 31 | ' | 45 | ' | ' | ' |
Inventories | 250 | ' | 253 | ' | ' | ' |
Prepaid expenses and other current assets | 5 | ' | 5 | ' | ' | ' |
Fair value of derivative instruments | 15 | ' | 20 | ' | ' | ' |
Deferred income tax assets | 10 | ' | 5 | ' | ' | ' |
Assets held for sale | 0 | ' | 9 | ' | ' | ' |
Total current assets | 717 | ' | 759 | ' | ' | ' |
Property, plant and equipment, net | 873 | ' | 775 | ' | ' | ' |
Goodwill | 11 | ' | 11 | ' | ' | ' |
Intangible assets, net | 4 | ' | 4 | ' | ' | ' |
Investments in and advances to non-consolidated affiliates | 0 | ' | 0 | ' | ' | ' |
Investments in consolidated subsidiaries | 0 | ' | 0 | ' | ' | ' |
Deferred income tax assets | 31 | ' | 28 | ' | ' | ' |
Other long-term assets | ' | ' | ' | ' | ' | ' |
— third parties | 13 | ' | 8 | ' | ' | ' |
— related parties | 0 | ' | 0 | ' | ' | ' |
Total assets | 1,649 | ' | 1,585 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | 0 | ' | 0 | ' | ' | ' |
Short-term borrowings | ' | ' | ' | ' | ' | ' |
— third parties | 51 | ' | 45 | ' | ' | ' |
— related parties | 0 | ' | 0 | ' | ' | ' |
Accounts payable | ' | ' | ' | ' | ' | ' |
— third parties | 341 | ' | 429 | ' | ' | ' |
— related parties | 80 | ' | 61 | ' | ' | ' |
Fair value of derivative instruments | -16 | ' | -17 | ' | ' | ' |
Accrued expenses and other current liabilities | -76 | ' | -69 | ' | ' | ' |
Deferred income tax liabilities | 0 | ' | 0 | ' | ' | ' |
Liabilities held for sale | 0 | ' | 1 | ' | ' | ' |
Total current liabilities | 564 | ' | 622 | ' | ' | ' |
Long-term debt, net of current portion | ' | ' | ' | ' | ' | ' |
— third parties | 161 | ' | 155 | ' | ' | ' |
— related parties | -35 | ' | 0 | ' | ' | ' |
Deferred income tax liabilities | -8 | ' | -9 | ' | ' | ' |
Accrued postretirement benefits | -176 | ' | -170 | ' | ' | ' |
Other long–term liabilities | -7 | ' | -11 | ' | ' | ' |
Total liabilities | 951 | ' | 967 | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' | ' |
Total temporary equity - intercompany | 0 | ' | 0 | ' | ' | ' |
Shareholder’s equity | ' | ' | ' | ' | ' | ' |
Common stock | 0 | ' | 0 | ' | ' | ' |
Additional paid–in capital | 0 | ' | 0 | ' | ' | ' |
(Accumulated deficit) retained earnings | 707 | ' | 658 | ' | ' | ' |
Accumulated other comprehensive (loss) income | -37 | ' | -70 | ' | ' | ' |
Total equity of our common shareholder | 670 | ' | 588 | ' | ' | ' |
Noncontrolling interests | -28 | ' | -30 | ' | ' | ' |
Total equity | 698 | ' | 618 | ' | ' | ' |
Total liabilities and equity | 1,649 | ' | 1,585 | ' | ' | ' |
Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | 0 | ' | 0 |
Accounts receivable, net of allowances | ' | ' | ' | ' | ' | ' |
— third parties | 0 | ' | 0 | ' | ' | ' |
Accounts receivable-related parties | -1,781 | ' | -1,647 | ' | ' | ' |
Inventories | 0 | ' | 0 | ' | ' | ' |
Prepaid expenses and other current assets | 0 | ' | 0 | ' | ' | ' |
Fair value of derivative instruments | -1 | ' | 0 | ' | ' | ' |
Deferred income tax assets | 0 | ' | 0 | ' | ' | ' |
Assets held for sale | 0 | ' | 0 | ' | ' | ' |
Total current assets | -1,782 | ' | -1,647 | ' | ' | ' |
Property, plant and equipment, net | 0 | ' | 0 | ' | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' | ' |
Intangible assets, net | 0 | ' | 0 | ' | ' | ' |
Investments in and advances to non-consolidated affiliates | 0 | ' | 0 | ' | ' | ' |
Investments in consolidated subsidiaries | -4,194 | ' | -3,992 | ' | ' | ' |
Deferred income tax assets | 0 | ' | 0 | ' | ' | ' |
Other long-term assets | ' | ' | ' | ' | ' | ' |
— third parties | 0 | ' | 0 | ' | ' | ' |
— related parties | -681 | ' | -645 | ' | ' | ' |
Total assets | -6,657 | ' | -6,284 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | 0 | ' | 0 | ' | ' | ' |
Short-term borrowings | ' | ' | ' | ' | ' | ' |
— third parties | 0 | ' | 0 | ' | ' | ' |
— related parties | 648 | ' | 600 | ' | ' | ' |
Accounts payable | ' | ' | ' | ' | ' | ' |
— third parties | 0 | ' | 0 | ' | ' | ' |
— related parties | -1,118 | ' | -1,040 | ' | ' | ' |
Fair value of derivative instruments | 1 | ' | 1 | ' | ' | ' |
Accrued expenses and other current liabilities | 15 | ' | 6 | ' | ' | ' |
Deferred income tax liabilities | 0 | ' | 0 | ' | ' | ' |
Liabilities held for sale | 0 | ' | 0 | ' | ' | ' |
Total current liabilities | -1,782 | ' | -1,647 | ' | ' | ' |
Long-term debt, net of current portion | ' | ' | ' | ' | ' | ' |
— third parties | 0 | ' | 0 | ' | ' | ' |
— related parties | 681 | ' | 645 | ' | ' | ' |
Deferred income tax liabilities | 0 | ' | 0 | ' | ' | ' |
Accrued postretirement benefits | 0 | ' | 0 | ' | ' | ' |
Other long–term liabilities | 0 | ' | 0 | ' | ' | ' |
Total liabilities | -2,463 | ' | -2,292 | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' | ' |
Total temporary equity - intercompany | 1,681 | ' | 1,681 | ' | ' | ' |
Shareholder’s equity | ' | ' | ' | ' | ' | ' |
Common stock | 0 | ' | 0 | ' | ' | ' |
Additional paid–in capital | 0 | ' | 0 | ' | ' | ' |
(Accumulated deficit) retained earnings | -2,716 | ' | -2,668 | ' | ' | ' |
Accumulated other comprehensive (loss) income | 203 | ' | 357 | ' | ' | ' |
Total equity of our common shareholder | -2,513 | ' | -2,311 | ' | ' | ' |
Noncontrolling interests | 0 | ' | 0 | ' | ' | ' |
Total equity | -2,513 | ' | -2,311 | ' | ' | ' |
Total liabilities and equity | ($6,657) | ' | ($6,284) | ' | ' | ' |
Supplemental_Guarantor_Informa4
Supplemental Guarantor Information (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
OPERATING ACTIVITIES | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | ' | ' | $248,000,000 | $117,000,000 |
INVESTING ACTIVITIES | ' | ' | ' | ' |
Capital expenditures | -184,000,000 | -178,000,000 | -365,000,000 | -345,000,000 |
Proceeds from sales of assets, net | ' | ' | ' | ' |
— third parties | ' | ' | 0 | -5,000,000 |
— related parties | ' | ' | -8,000,000 | -2,000,000 |
Proceeds from investment in and advances to non-consolidated affiliates, net | ' | ' | 0 | 1,000,000 |
(Outflows) proceeds from related party loans receivable, net | ' | ' | 0 | 2,000,000 |
(Outflows) proceeds from settlement of other undesignated derivative instruments, net | ' | ' | 6,000,000 | 31,000,000 |
Net cash provided by (used in) investing activities | ' | ' | -351,000,000 | -304,000,000 |
Proceeds from issuance of debt | ' | ' | ' | ' |
— third parties | ' | ' | 76,000,000 | 46,000,000 |
— related parties | ' | ' | 0 | 0 |
Principal payments | ' | ' | ' | ' |
— third parties | ' | ' | -59,000,000 | -11,000,000 |
— related parties | ' | ' | 0 | 0 |
Short-term borrowings, net | ' | ' | ' | ' |
— third parties | ' | ' | 131,000,000 | 54,000,000 |
— related parties | ' | ' | 0 | 0 |
Dividends, noncontrolling interests and intercompany | ' | ' | 0 | -2,000,000 |
Debt issuance costs | ' | ' | -8,000,000 | 0 |
Net cash provided by financing activities | ' | ' | 140,000,000 | 87,000,000 |
Net increase (decrease) in cash and cash equivalents | ' | ' | 37,000,000 | -100,000,000 |
Effect of exchange rate changes on cash | ' | ' | 0 | -10,000,000 |
Cash and cash equivalents — beginning of period | ' | ' | 301,000,000 | 317,000,000 |
Cash and cash equivalents — end of period | 338,000,000 | 227,000,000 | 338,000,000 | 227,000,000 |
Parent [Member] | ' | ' | ' | ' |
OPERATING ACTIVITIES | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | ' | ' | 4,000,000 | -60,000,000 |
INVESTING ACTIVITIES | ' | ' | ' | ' |
Capital expenditures | ' | ' | -10,000,000 | -3,000,000 |
Proceeds from sales of assets, net | ' | ' | ' | ' |
— third parties | ' | ' | 0 | 2,000,000 |
— related parties | ' | ' | 0 | 0 |
Proceeds from investment in and advances to non-consolidated affiliates, net | ' | ' | ' | 0 |
(Outflows) proceeds from related party loans receivable, net | ' | ' | -83,000,000 | 7,000,000 |
(Outflows) proceeds from settlement of other undesignated derivative instruments, net | ' | ' | -8,000,000 | 7,000,000 |
Net cash provided by (used in) investing activities | ' | ' | -101,000,000 | 9,000,000 |
Proceeds from issuance of debt | ' | ' | ' | ' |
— third parties | ' | ' | 0 | 0 |
— related parties | ' | ' | 0 | -49,000,000 |
Principal payments | ' | ' | ' | ' |
— third parties | ' | ' | -10,000,000 | -9,000,000 |
— related parties | ' | ' | 0 | 0 |
Short-term borrowings, net | ' | ' | ' | ' |
— third parties | ' | ' | 115,000,000 | 5,000,000 |
— related parties | ' | ' | 0 | -1,000,000 |
Dividends, noncontrolling interests and intercompany | ' | ' | 0 | 0 |
Debt issuance costs | ' | ' | -8,000,000 | ' |
Net cash provided by financing activities | ' | ' | 97,000,000 | 46,000,000 |
Net increase (decrease) in cash and cash equivalents | ' | ' | 0 | -5,000,000 |
Effect of exchange rate changes on cash | ' | ' | 0 | 0 |
Cash and cash equivalents — beginning of period | ' | ' | 4,000,000 | 6,000,000 |
Cash and cash equivalents — end of period | 4,000,000 | 1,000,000 | 4,000,000 | 1,000,000 |
Guarantors [Member] | ' | ' | ' | ' |
OPERATING ACTIVITIES | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | ' | ' | 357,000,000 | 203,000,000 |
INVESTING ACTIVITIES | ' | ' | ' | ' |
Capital expenditures | ' | ' | -237,000,000 | -252,000,000 |
Proceeds from sales of assets, net | ' | ' | ' | ' |
— third parties | ' | ' | 0 | -7,000,000 |
— related parties | ' | ' | -8,000,000 | -2,000,000 |
Proceeds from investment in and advances to non-consolidated affiliates, net | ' | ' | ' | 1,000,000 |
(Outflows) proceeds from related party loans receivable, net | ' | ' | 0 | -31,000,000 |
(Outflows) proceeds from settlement of other undesignated derivative instruments, net | ' | ' | 4,000,000 | 22,000,000 |
Net cash provided by (used in) investing activities | ' | ' | -225,000,000 | -251,000,000 |
Proceeds from issuance of debt | ' | ' | ' | ' |
— third parties | ' | ' | 72,000,000 | 44,000,000 |
— related parties | ' | ' | 0 | -2,000,000 |
Principal payments | ' | ' | ' | ' |
— third parties | ' | ' | -49,000,000 | -2,000,000 |
— related parties | ' | ' | 0 | -27,000,000 |
Short-term borrowings, net | ' | ' | ' | ' |
— third parties | ' | ' | 16,000,000 | 49,000,000 |
— related parties | ' | ' | -48,000,000 | -18,000,000 |
Dividends, noncontrolling interests and intercompany | ' | ' | -197,000,000 | -151,000,000 |
Debt issuance costs | ' | ' | 0 | ' |
Net cash provided by financing activities | ' | ' | -110,000,000 | -67,000,000 |
Net increase (decrease) in cash and cash equivalents | ' | ' | 22,000,000 | -115,000,000 |
Effect of exchange rate changes on cash | ' | ' | 1,000,000 | -8,000,000 |
Cash and cash equivalents — beginning of period | ' | ' | 196,000,000 | 215,000,000 |
Cash and cash equivalents — end of period | 217,000,000 | 108,000,000 | 217,000,000 | 108,000,000 |
Non-Guarantors [Member] | ' | ' | ' | ' |
OPERATING ACTIVITIES | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | ' | ' | 84,000,000 | 126,000,000 |
INVESTING ACTIVITIES | ' | ' | ' | ' |
Capital expenditures | ' | ' | -118,000,000 | -90,000,000 |
Proceeds from sales of assets, net | ' | ' | ' | ' |
— third parties | ' | ' | 0 | 0 |
— related parties | ' | ' | 0 | 0 |
Proceeds from investment in and advances to non-consolidated affiliates, net | ' | ' | ' | 0 |
(Outflows) proceeds from related party loans receivable, net | ' | ' | 0 | 0 |
(Outflows) proceeds from settlement of other undesignated derivative instruments, net | ' | ' | 10,000,000 | 2,000,000 |
Net cash provided by (used in) investing activities | ' | ' | -108,000,000 | -88,000,000 |
Proceeds from issuance of debt | ' | ' | ' | ' |
— third parties | ' | ' | 4,000,000 | 2,000,000 |
— related parties | ' | ' | -35,000,000 | 0 |
Principal payments | ' | ' | ' | ' |
— third parties | ' | ' | 0 | 0 |
— related parties | ' | ' | 0 | 0 |
Short-term borrowings, net | ' | ' | ' | ' |
— third parties | ' | ' | 0 | 0 |
— related parties | ' | ' | 0 | 17,000,000 |
Dividends, noncontrolling interests and intercompany | ' | ' | 0 | -3,000,000 |
Debt issuance costs | ' | ' | 0 | ' |
Net cash provided by financing activities | ' | ' | 39,000,000 | -18,000,000 |
Net increase (decrease) in cash and cash equivalents | ' | ' | 15,000,000 | 20,000,000 |
Effect of exchange rate changes on cash | ' | ' | -1,000,000 | -2,000,000 |
Cash and cash equivalents — beginning of period | ' | ' | 101,000,000 | 96,000,000 |
Cash and cash equivalents — end of period | 117,000,000 | 118,000,000 | 117,000,000 | 118,000,000 |
Eliminations [Member] | ' | ' | ' | ' |
OPERATING ACTIVITIES | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | ' | ' | -197,000,000 | -152,000,000 |
INVESTING ACTIVITIES | ' | ' | ' | ' |
Capital expenditures | ' | ' | 0 | 0 |
Proceeds from sales of assets, net | ' | ' | ' | ' |
— third parties | ' | ' | 0 | 0 |
— related parties | ' | ' | 0 | 0 |
Proceeds from investment in and advances to non-consolidated affiliates, net | ' | ' | ' | 0 |
(Outflows) proceeds from related party loans receivable, net | ' | ' | 83,000,000 | 26,000,000 |
(Outflows) proceeds from settlement of other undesignated derivative instruments, net | ' | ' | 0 | 0 |
Net cash provided by (used in) investing activities | ' | ' | 83,000,000 | 26,000,000 |
Proceeds from issuance of debt | ' | ' | ' | ' |
— third parties | ' | ' | 0 | 0 |
— related parties | ' | ' | 35,000,000 | 51,000,000 |
Principal payments | ' | ' | ' | ' |
— third parties | ' | ' | 0 | 0 |
— related parties | ' | ' | 0 | 27,000,000 |
Short-term borrowings, net | ' | ' | ' | ' |
— third parties | ' | ' | 0 | 0 |
— related parties | ' | ' | 48,000,000 | 2,000,000 |
Dividends, noncontrolling interests and intercompany | ' | ' | 197,000,000 | 152,000,000 |
Debt issuance costs | ' | ' | 0 | ' |
Net cash provided by financing activities | ' | ' | 114,000,000 | 126,000,000 |
Net increase (decrease) in cash and cash equivalents | ' | ' | 0 | 0 |
Effect of exchange rate changes on cash | ' | ' | 0 | 0 |
Cash and cash equivalents — beginning of period | ' | ' | 0 | 0 |
Cash and cash equivalents — end of period | $0 | $0 | $0 | $0 |
Supplemental_Guarantor_Informa5
Supplemental Guarantor Information (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Total assets | ($8,562) | ' | ($8,562) | ' | ($8,522) |
Income (loss) before income taxes | 49 | 87 | 66 | 199 | ' |
Net income (loss) | 23 | 50 | 37 | 141 | ' |
Comprehensive income (loss) | 184 | 84 | 155 | 90 | ' |
Comprehensive income (loss) attributable to our common shareholder | 185 | 82 | 157 | 89 | ' |
Net cash (used in) provided by operating activities | ' | ' | 248 | 117 | ' |
Net cash provided by (used in) investing activities | ' | ' | -351 | -304 | ' |
Net cash provided by (used in) financing activities | ' | ' | 140 | 87 | ' |
Total liabilities | -8,168 | ' | -8,168 | ' | -8,283 |
Temporary equity - intercompany | 0 | ' | 0 | ' | 0 |
Parent As Reported [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Total assets | ' | ' | ' | ' | -5,365 |
Income (loss) before income taxes | ' | 50 | ' | 142 | ' |
Net income (loss) | ' | 49 | ' | 139 | ' |
Comprehensive income (loss) | ' | 82 | ' | 89 | ' |
Comprehensive income (loss) attributable to our common shareholder | ' | 82 | ' | 89 | ' |
Net cash (used in) provided by operating activities | ' | ' | ' | -53 | ' |
Net cash provided by (used in) investing activities | ' | ' | ' | 2 | ' |
Net cash provided by (used in) financing activities | ' | ' | ' | 46 | ' |
Total liabilities | ' | ' | ' | ' | -5,156 |
Temporary equity - intercompany | ' | ' | ' | ' | 0 |
Parent As Adjusted [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Total assets | -5,675 | ' | -5,675 | ' | -5,365 |
Income (loss) before income taxes | 24 | 50 | 38 | 143 | ' |
Net income (loss) | 23 | 49 | 37 | 140 | ' |
Comprehensive income (loss) | 185 | 82 | 157 | 89 | ' |
Comprehensive income (loss) attributable to our common shareholder | 185 | 82 | 157 | 89 | ' |
Net cash (used in) provided by operating activities | ' | ' | 4 | -60 | ' |
Net cash provided by (used in) investing activities | ' | ' | -101 | 9 | ' |
Net cash provided by (used in) financing activities | ' | ' | 97 | 46 | ' |
Total liabilities | -5,309 | ' | -5,309 | ' | -5,156 |
Temporary equity - intercompany | 0 | ' | 0 | ' | 0 |
Guarantors As Reported [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Total assets | ' | ' | ' | ' | -7,856 |
Income (loss) before income taxes | ' | 133 | ' | 278 | ' |
Net income (loss) | ' | 102 | ' | 234 | ' |
Comprehensive income (loss) | ' | 114 | ' | 173 | ' |
Comprehensive income (loss) attributable to our common shareholder | ' | 114 | ' | 173 | ' |
Net cash (used in) provided by operating activities | ' | ' | ' | 15 | ' |
Net cash provided by (used in) investing activities | ' | ' | ' | -218 | ' |
Net cash provided by (used in) financing activities | ' | ' | ' | 88 | ' |
Total liabilities | ' | ' | ' | ' | -4,465 |
Temporary equity - intercompany | ' | ' | ' | ' | -1,668 |
Guarantors As Adjusted [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Total assets | -7,895 | ' | -7,895 | ' | -7,856 |
Income (loss) before income taxes | 98 | 155 | 249 | 324 | ' |
Net income (loss) | 80 | 124 | 233 | 280 | ' |
Comprehensive income (loss) | 184 | 136 | 356 | 218 | ' |
Comprehensive income (loss) attributable to our common shareholder | 184 | 136 | 356 | 218 | ' |
Net cash (used in) provided by operating activities | ' | ' | 357 | 203 | ' |
Net cash provided by (used in) investing activities | ' | ' | -225 | -251 | ' |
Net cash provided by (used in) financing activities | ' | ' | -110 | -67 | ' |
Total liabilities | -4,371 | ' | -4,371 | ' | -4,452 |
Temporary equity - intercompany | -1,681 | ' | -1,681 | ' | -1,681 |
Non-Guarantors As Reported [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Total assets | ' | ' | ' | ' | -1,585 |
Income (loss) before income taxes | ' | 25 | ' | 51 | ' |
Net income (loss) | ' | 20 | ' | 40 | ' |
Comprehensive income (loss) | ' | 45 | ' | 52 | ' |
Comprehensive income (loss) attributable to our common shareholder | ' | 43 | ' | 51 | ' |
Net cash (used in) provided by operating activities | ' | ' | ' | 125 | ' |
Net cash provided by (used in) investing activities | ' | ' | ' | -88 | ' |
Net cash provided by (used in) financing activities | ' | ' | ' | -17 | ' |
Total liabilities | ' | ' | ' | ' | -967 |
Temporary equity - intercompany | ' | ' | ' | ' | 0 |
Non-Guarantors As Adjusted [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Total assets | -1,649 | ' | -1,649 | ' | -1,585 |
Income (loss) before income taxes | 30 | 25 | 63 | 50 | ' |
Net income (loss) | 23 | 20 | 51 | 39 | ' |
Comprehensive income (loss) | 75 | 44 | 81 | 52 | ' |
Comprehensive income (loss) attributable to our common shareholder | 76 | 42 | 83 | 51 | ' |
Net cash (used in) provided by operating activities | ' | ' | 84 | 126 | ' |
Net cash provided by (used in) investing activities | ' | ' | -108 | -88 | ' |
Net cash provided by (used in) financing activities | ' | ' | 39 | -18 | ' |
Total liabilities | -951 | ' | -951 | ' | -967 |
Temporary equity - intercompany | 0 | ' | 0 | ' | 0 |
Eliminations As Reported [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Total assets | ' | ' | ' | ' | -6,284 |
Income (loss) before income taxes | ' | -121 | ' | -272 | ' |
Net income (loss) | ' | -121 | ' | -272 | ' |
Comprehensive income (loss) | ' | -157 | ' | -224 | ' |
Comprehensive income (loss) attributable to our common shareholder | ' | -157 | ' | -224 | ' |
Net cash (used in) provided by operating activities | ' | ' | ' | 30 | ' |
Net cash provided by (used in) investing activities | ' | ' | ' | 0 | ' |
Net cash provided by (used in) financing activities | ' | ' | ' | -30 | ' |
Total liabilities | ' | ' | ' | ' | -2,305 |
Temporary equity - intercompany | ' | ' | ' | ' | -1,668 |
Eliminations As Adjusted [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Total assets | 6,657 | ' | 6,657 | ' | 6,284 |
Income (loss) before income taxes | -103 | -143 | -284 | -318 | ' |
Net income (loss) | -103 | -143 | -284 | -318 | ' |
Comprehensive income (loss) | -260 | -178 | -439 | -269 | ' |
Comprehensive income (loss) attributable to our common shareholder | -260 | -178 | -439 | -269 | ' |
Net cash (used in) provided by operating activities | ' | ' | -197 | -152 | ' |
Net cash provided by (used in) investing activities | ' | ' | 83 | 26 | ' |
Net cash provided by (used in) financing activities | ' | ' | 114 | 126 | ' |
Total liabilities | 2,463 | ' | 2,463 | ' | 2,292 |
Temporary equity - intercompany | $1,681 | ' | $1,681 | ' | $1,681 |