Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Jun. 30, 2014 | Aug. 06, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Novelis Inc. | ' |
Entity Central Index Key | '0001304280 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
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 | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' |
Net sales | $2,680 | $2,401 |
Cost of goods sold (exclusive of depreciation and amortization) | 2,329 | 2,098 |
Selling, general and administrative expenses | 108 | 120 |
Depreciation and amortization | 89 | 77 |
Research and development expenses | 12 | 10 |
Interest expense and amortization of debt issuance costs | 81 | 76 |
Loss (gain) on assets held for sale | 11 | 0 |
Restructuring and impairment, net | 6 | 9 |
Equity in net loss of non–consolidated affiliates | 2 | 4 |
Other (income) expense, net | 5 | -10 |
Total expenses | 2,621 | 2,384 |
Income (loss) before income taxes | 59 | 17 |
Income tax provision (benefit) | 24 | 3 |
Net income | 35 | 14 |
Net income attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to our common shareholder | $35 | $14 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net income (loss) attributable to our common shareholder | $35 | $14 |
Net income attributable to noncontrolling interests | 0 | 0 |
Net income | 35 | 14 |
Other comprehensive income (loss): | ' | ' |
Currency translation adjustment attributable to our common shareholder | 26 | -2 |
Currency translation adjustment attributable to noncontrolling interests | 1 | -1 |
Currency translation adjustment | 27 | -3 |
Net change in fair value of effective portion of cash flow hedges attributable to our common shareholder | 13 | -46 |
Net change in fair value of effective portion of cash flow hedges attributable to noncontrolling interests | 0 | 0 |
Net change in fair value of effective portion of cash flow hedges | 13 | -46 |
Net change in pension and other benefits attributable to our common shareholder | -13 | 6 |
Net change in pension and other benefits attributable to noncontrolling interests | 0 | 0 |
Net change in pension and other benefits | -13 | 6 |
Other comprehensive income (loss) before income tax effect attributable to our common shareholder | 26 | -42 |
Other comprehensive income (loss) before income tax effect attributable to noncontrolling interests | 1 | -1 |
Other comprehensive income (loss) before income tax effect | 27 | -43 |
Income tax (benefit) provision related to items of other comprehensive income (loss) attributable to our common shareholder | -5 | 0 |
Income tax (benefit) provision related to items of other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 |
Income tax (benefit) provision related to items of other comprehensive income (loss) | -5 | 0 |
Other comprehensive income (loss), net of tax, attributable to our common shareholder | 31 | -42 |
Other comprehensive income (loss), net of tax, attributable to noncontrolling interests | 1 | -1 |
Other comprehensive income (loss), net of tax | 32 | -43 |
Comprehensive income (loss) attributable to our common shareholder | 66 | -28 |
Comprehensive income (loss) attributable to noncontrolling interest | 1 | -1 |
Comprehensive income (loss) | $67 | ($29) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||||
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | $337 | $509 | $249 | $301 |
Accounts receivable, net | ' | ' | ' | ' |
Accounts and Other Receivables, Net, Current | 1,557 | 1,382 | ' | ' |
— related parties | 61 | 54 | ' | ' |
Inventories | 1,295 | 1,173 | ' | ' |
Prepaid expenses and other current assets | 114 | 101 | ' | ' |
Fair value of derivative instruments | 67 | 51 | ' | ' |
Deferred income tax assets | 101 | 101 | ' | ' |
Assets held for sale | 72 | 102 | ' | ' |
Total current assets | 3,604 | 3,473 | ' | ' |
Property, plant and equipment, net | 3,575 | 3,513 | ' | ' |
Goodwill | 608 | 611 | ' | ' |
Intangible assets, net | 626 | 640 | ' | ' |
Investment in and advances to non-consolidated affiliates | 607 | 612 | ' | ' |
Fair value of derivative instruments, net of current portion | 9 | 4 | ' | ' |
Deferred income tax assets | 80 | 80 | ' | ' |
Other long-term assets | ' | ' | ' | ' |
— third parties | 183 | 173 | ' | ' |
— related parties | 21 | 12 | ' | ' |
Total assets | 9,304 | 9,114 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current portion of long-term debt | 95 | 92 | ' | ' |
Short-term borrowings | 956 | 723 | ' | ' |
Accounts payable | ' | ' | ' | ' |
— third parties | 1,651 | 1,418 | ' | ' |
— related parties | 56 | 53 | ' | ' |
Fair value of derivative instruments | 65 | 60 | ' | ' |
Accrued expenses and other current liabilities | 455 | 547 | ' | ' |
Accrued Expenses - Related Party | 0 | 250 | ' | ' |
Deferred income tax liabilities | 19 | 16 | ' | ' |
Liabilities of Assets Held-for-sale | 0 | 11 | ' | ' |
Total current liabilities | 3,297 | 3,170 | ' | ' |
Long-term debt, net of current portion | 4,350 | 4,359 | ' | ' |
Deferred income tax liabilities | 421 | 425 | ' | ' |
Accrued postretirement benefits | 632 | 621 | ' | ' |
Other long-term liabilities | 269 | 271 | ' | ' |
Total liabilities | 8,969 | 8,846 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Shareholder's equity | ' | ' | ' | ' |
Common stock, no par value; unlimited number of shares authorized; 1,000 shares issued and outstanding as of December 31, 2012 and March 31, 2012 | 0 | 0 | ' | ' |
Additional paid-in capital | 1,404 | 1,404 | ' | ' |
Accumulated deficit | -1,038 | -1,073 | ' | ' |
Accumulated other comprehensive income | -60 | -91 | -310 | -268 |
Total equity of our common shareholder | 306 | 240 | ' | ' |
Noncontrolling interests | 29 | 28 | ' | ' |
Total equity | 335 | 268 | ' | ' |
Total liabilities and equity | $9,304 | $9,114 | ' | ' |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Allowances for accounts receivable | $4 | $4 |
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 $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
OPERATING ACTIVITIES | ' | ' |
Net income | $35 | $14 |
Adjustments to determine net cash used in operating activities: | ' | ' |
Depreciation and amortization | 89 | 77 |
(Gain) loss on unrealized derivatives and other realized derivatives in investing activities, net | -8 | 23 |
Gain on assets held for sale | -11 | 0 |
Deferred income taxes | 3 | -76 |
Amortization of fair value adjustments | 3 | 3 |
Equity in net loss of non–consolidated affiliates | 2 | 4 |
Gain on foreign exchange remeasurement of debt | 0 | -2 |
Loss on sale of assets | 1 | 1 |
Amortization of debt issuance costs and carrying value adjustment | 6 | 6 |
Other, net | -1 | -1 |
Changes in assets and liabilities including assets and liabilities held for sale (net of effects from divestitures): | ' | ' |
Accounts receivable | -169 | -29 |
Inventories | -116 | 12 |
Accounts payable | 245 | -149 |
Other current assets | -14 | 3 |
Other current liabilities | -84 | 13 |
Other noncurrent assets | -10 | 2 |
Other noncurrent liabilities | 5 | -3 |
Net cash used in operating activities | -24 | -102 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -138 | -181 |
Proceeds from sales of assets, net of transaction fees | 34 | 0 |
Outflows from investments in and advances to non–consolidated affiliates, net | 16 | 0 |
Proceeds (outflows) from settlement of other undesignated derivative instruments, net | 1 | -6 |
Net cash used in investing activities | -119 | -187 |
FINANCING ACTIVITIES | ' | ' |
Proceeds from issuance of debt | 105 | 42 |
Principal payments | -53 | -17 |
Short–term borrowings, net | 166 | 219 |
Return of capital to our common shareholder | 250 | 0 |
Debt issuance costs | 0 | -7 |
Net cash (used in) provided by financing activities | -32 | 237 |
Net decrease in cash and cash equivalents | -175 | -52 |
Effect of exchange rate changes on cash | 3 | 0 |
Cash and cash equivalents — beginning of period | 509 | 301 |
Cash and cash equivalents — end of period | $337 | $249 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Shareholder's Equity (Unaudited) (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) (AOCI) | Non-controlling interests [Member] |
In Millions, except Share data, unless otherwise specified | ||||||
Balance at Mar. 31, 2014 | $268 | $0 | $1,404 | ($1,073) | ($91) | $28 |
Balance, shares at Mar. 31, 2014 | ' | 1,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to our common shareholder | 35 | ' | ' | 35 | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ' | ' | ' | ' | 0 |
Currency translation adjustment, net of tax provision of $0 included in AOCI | 27 | ' | ' | ' | 26 | 1 |
Change in fair value of effective portion of cash flow hedges, net of tax benefit of $8 included in AOCI | 13 | ' | ' | ' | 13 | ' |
Change in pension and other benefits, net of tax provision of $11 included in AOCI | -8 | ' | ' | ' | -8 | ' |
Balance at Jun. 30, 2014 | $335 | $0 | $1,404 | ($1,038) | ($60) | $29 |
Balance, shares at Jun. 30, 2014 | ' | 1,000 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statement of Shareholder's Equity (Unaudited) (Parenthetical) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Tax provision on currency translation adjustment | $0 |
Tax benefit on change in fair value of cash flow hedges | 0 |
Tax provision on change in pension and other benefits | 5 |
Accumulated Other Comprehensive Income (Loss) (AOCI) | ' |
Tax provision on currency translation adjustment | 0 |
Tax benefit on change in fair value of cash flow hedges | 0 |
Tax provision on change in pension and other benefits | 5 |
Non-controlling interests [Member] | ' |
Tax provision on currency translation adjustment | $0 |
Business_and_Summary_of_Signif
Business and Summary of Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2014 | |
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 indirect parent company. | |
Organization and Description of Business | |
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) and post-industrial aluminum, such as class scrap. As of June 30, 2014, we had manufacturing operations in nine countries on four continents: North America, South America, Asia and Europe; through 24 operating facilities, 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, 2014 filed with the United States Securities and Exchange Commission (SEC) on May 16, 2014. 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. | |
Consolidation Policy | |
Our condensed consolidated financial statements include the assets, liabilities, revenues and expenses of all wholly-owned subsidiaries and 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 "Investment in and advances to non–consolidated affiliates" and "Equity in net loss of non-consolidated affiliates." | |
Use of Estimates and Assumptions | |
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) impairment of and assessment of consolidation of 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 our estimates. | |
Recently Adopted Accounting Standards | |
Effective for the first quarter of fiscal 2015, we adopted Financial Accounting Standards Board 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 adoption of this standard had an insignificant impact on our consolidated financial position. | |
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. We will adopt this standard prospectively in our first quarter ending June 30, 2015 and our current accounting policies comply with this guidance. Therefore, this will not have a material impact to our historical financial statements. | |
In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in this update change the criteria for determining which disposals can be presented as discontinued operations and modify related disclosure requirements. Under the revised standard, a discontinued operation is (1) a component of an entity or group of components that has been disposed of by sale, disposed of other than by sale or is classified as held for sale that represents a strategic shift that has or will have a major effect on an entity’s operations and financial results or (2) an acquired business or nonprofit activity that is classified as held for sale on the date of the acquisition. The guidance is effective for annual periods beginning on or after December 15, 2014 and interim periods within that year. The guidance will be applied prospectively. Early adoption is permitted but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issue. We will adopt this standard prospectively in our first quarter ending June 30, 2015 on future disposals. The accounting treatment and classification of future disposals under this new standard could differ from our current treatment and classification of disposals in our current consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (ASC 606), which, when effective, will supersede the guidance in former ASC 605, Revenue Recognition. The new guidance requires entities to recognize revenue based on the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance is effective for annual periods beginning on or after December 31, 2016 and interim periods within that year. Early adoption is not permitted. We will adopt this standard in our first quarter ending June 30, 2017. We are currently evaluating the impact of this standard on our consolidated financial position and results of operations. |
Restructuring_and_Impairment
Restructuring and Impairment | 3 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||
RESTRUCTURING AND IMPAIRMENT | ' | ||||||||||||||||||||
RESTRUCTURING AND IMPAIRMENT | |||||||||||||||||||||
“Restructuring and impairment, net” for the three months ended June 30, 2014 and 2013 was $6 million and $9 million, respectively. | |||||||||||||||||||||
The following table summarizes our restructuring liability activity and other impairment charges (in millions). | |||||||||||||||||||||
Total restructuring | Other restructuring charges | Total restructuring charges | Other impairments (B) | Total | |||||||||||||||||
liabilities | (A) | restructuring | |||||||||||||||||||
and impairments, net | |||||||||||||||||||||
Balance as of March 31, 2014 | $ | 47 | |||||||||||||||||||
Expenses | 6 | $ | — | $ | 6 | $ | — | $ | 6 | ||||||||||||
Cash payments | (7 | ) | |||||||||||||||||||
Balance as of June 30, 2014 | $ | 46 | |||||||||||||||||||
(A) | Other restructuring charges include period expenses that were not recorded through the restructuring liability and impairments related to a restructuring activity. | ||||||||||||||||||||
(B) | Other impairment charges not related to a restructuring activity. | ||||||||||||||||||||
As of June 30, 2014, $27 million of restructuring liabilities was classified as short-term and was included in "Accrued expenses and other current liabilities" and $19 million was classified as long-term and was included in "Other long-term liabilities" on our condensed consolidated balance sheet. | |||||||||||||||||||||
North America | |||||||||||||||||||||
The following table summarizes our restructuring activity for the North America segment by plan (in millions). | |||||||||||||||||||||
Three Months Ended June 30, | Year Ended March 31, | Prior to April 1, | |||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||
Restructuring charges - North America | |||||||||||||||||||||
Saguenay Plant Closure: | |||||||||||||||||||||
Severance | $ | — | $ | — | $ | 5 | |||||||||||||||
Fixed asset impairment (A) | — | — | 28 | ||||||||||||||||||
Other exit related costs | — | 1 | — | ||||||||||||||||||
Period expenses (A) | — | 1 | 3 | ||||||||||||||||||
Relocation of R&D operations to Kennesaw, Georgia | |||||||||||||||||||||
Severance | — | 1 | 11 | ||||||||||||||||||
Relocation costs | — | 1 | — | ||||||||||||||||||
Period expenses (A) | — | 1 | — | ||||||||||||||||||
Total restructuring charges - North America | $ | — | $ | 5 | $ | 47 | |||||||||||||||
Restructuring payments - North America | |||||||||||||||||||||
Severance | $ | — | $ | (4 | ) | ||||||||||||||||
Other | — | (2 | ) | ||||||||||||||||||
Total restructuring payments - North America | $ | — | $ | (6 | ) | ||||||||||||||||
(A) These charges were not recorded through the restructuring liability. | |||||||||||||||||||||
In fiscal 2012, we closed our Saguenay Works facility and relocated our North America research and development operations to a new global research and technology facility in Kennesaw, Georgia. As of June 30, 2014, the restructuring liability for the North America segment was $4 million, which relates to $3 million of severance charges and $1 million of other exit related costs. | |||||||||||||||||||||
Europe | |||||||||||||||||||||
The following table summarizes our restructuring activity for the Europe segment by plan (in millions). | |||||||||||||||||||||
Three Months Ended June 30, | Year Ended March 31, | Prior to April 1, | |||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||
Restructuring charges - Europe | |||||||||||||||||||||
Business optimization | |||||||||||||||||||||
Severance | $ | 3 | $ | 26 | $ | 16 | |||||||||||||||
Pension settlement loss (A) | — | 1 | — | ||||||||||||||||||
Total restructuring charges - Europe | $ | 3 | $ | 27 | $ | 16 | |||||||||||||||
Total restructuring payments - Europe | |||||||||||||||||||||
Severance | $ | (6 | ) | $ | (18 | ) | |||||||||||||||
Other | — | (1 | ) | ||||||||||||||||||
Total restructuring payments - Europe | $ | (6 | ) | $ | (19 | ) | |||||||||||||||
(A) These charges were not recorded through the restructuring liability. | |||||||||||||||||||||
The business optimization actions include the shutdown of facilities, staff rationalization and other activities to optimize our business in Europe. As of June 30, 2014, the restructuring liability for the Europe segment was $15 million and relates to $14 million of severance charges and $1 million of environmental remediation liabilities and other costs. | |||||||||||||||||||||
South America | |||||||||||||||||||||
The following table summarizes our restructuring activity for the South America segment by plan (in millions). | |||||||||||||||||||||
Three Months Ended June 30, | Year Ended March 31, | Prior to April 1, | |||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||
Restructuring charges - South America | |||||||||||||||||||||
Non-core assets | |||||||||||||||||||||
Severance | $ | — | $ | 2 | $ | 3 | |||||||||||||||
Asset impairments (A) | — | — | 1 | ||||||||||||||||||
Contract termination and other | — | 1 | 5 | ||||||||||||||||||
Environmental charges | 2 | 16 | — | ||||||||||||||||||
Aratu plant closure | |||||||||||||||||||||
Severance | — | 7 | |||||||||||||||||||
Asset impairments (A) | — | — | 7 | ||||||||||||||||||
Other exit costs | 1 | — | 6 | ||||||||||||||||||
Total restructuring charges - South America | $ | 3 | $ | 19 | $ | 29 | |||||||||||||||
Restructuring payments - South America | |||||||||||||||||||||
Severance | $ | — | $ | (4 | ) | ||||||||||||||||
Other | (1 | ) | (4 | ) | |||||||||||||||||
Total restructuring payments - South America | $ | (1 | ) | $ | (8 | ) | |||||||||||||||
(A) These charges were not recorded through the restructuring liability. | |||||||||||||||||||||
The non-core asset charges, including the shut down of one of our primary aluminum smelter lines in Ouro Preto, Brazil, were recorded as we take steps in aligning our global strategy on the premium markets of beverage cans, automobiles, and specialty products. In fiscal 2011, we closed our primary aluminum smelter in Aratu, Brazil. For further information on environmental charges see, Note 16 – Commitments and Contingencies. | |||||||||||||||||||||
As of June 30, 2014, the restructuring liability for the South America segment was $26 million and relates to $19 million of environmental charges, $1 million of contract termination charges, and $6 million of other exit related costs. | |||||||||||||||||||||
Corporate | |||||||||||||||||||||
The following table summarizes our restructuring activity for the Corporate operations by plan (in millions). | |||||||||||||||||||||
Three Months Ended June 30, | Year Ended March 31, | Prior to April 1, | |||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||
Restructuring charges - Corporate | |||||||||||||||||||||
Relocation costs of global headquarters | $ | — | $ | — | $ | 5 | |||||||||||||||
Restructuring payments - Corporate | |||||||||||||||||||||
Lease Termination Costs | $ | — | $ | (1 | ) | ||||||||||||||||
Total restructuring payments - Corporate | $ | — | $ | (1 | ) | ||||||||||||||||
The other relocation costs relate to lease termination costs incurred in the relocation of our global headquarters to a new facility in Atlanta, Georgia and contract termination fees. As of June 30, 2014, the restructuring liability for the Corporate segment was $1 million. |
Inventories
Inventories | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORIES | ' | |||||||
INVENTORIES | ||||||||
"Inventories" consist of the following (in millions). | ||||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
Finished goods | $ | 325 | $ | 259 | ||||
Work in process | 480 | 419 | ||||||
Raw materials | 372 | 382 | ||||||
Supplies | 118 | 113 | ||||||
Inventories | $ | 1,295 | $ | 1,173 | ||||
Certain amounts within the components of "Inventories" as of March 31, 2014 have been revised. The immaterial revision had no impact on total "Inventories" as presented in the historical footnote or consolidated balance sheet. |
Assets_Held_For_Sale
Assets Held For Sale | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Assets Held For Sale [Abstract] | ' | |||||||
ASSETS HELD FOR SALE | ' | |||||||
ASSETS HELD FOR SALE | ||||||||
We are focused on capturing the global growth we see in our premium product markets of beverage can, automotive and specialties. We continually analyze our product portfolio to ensure we are focused on growing in attractive market segments. The following transactions relate to exiting certain non-core operations and are steps in aligning our growth strategy on the premium product markets. | ||||||||
In March 2014, we made a decision to sell our hydroelectric power generation operations, including our investment in the Consorcio Candonga joint venture, in Brazil. In April 2014, we entered into agreements to sell the hydroelectric generation operations and our share of the Consorcio Candonga joint venture to two separate parties. The sale is expected to take place within the next twelve months and is pending regulatory approval. The related assets of $72 million have been classified as "Assets held for sale" in our condensed consolidated balance sheets as of June 30, 2014. The estimated fair market value of the hydroelectric power assets is in excess of the net book value. | ||||||||
In May 2014, we recognized a $4 million "Gain on assets held for sale" in the condensed consolidated statements of operations upon receipt of a non-refundable milestone payment related to a land and mining rights sale agreement in Brazil. We expect to receive an additional $4 million within this fiscal year. | ||||||||
In June 2014, we sold our consumer foil operations in North America to a third party for $31 million in cash (exclusive of transaction fees), $1 million of which is classified as "Accounts receivable, net - third parties" in our condensed consolidated balance sheets. We recognized a $7 million "Gain on assets held for sale" in the condensed consolidated statements of operations in the three months ended June 30, 2014. As of March 31, 2014, these assets and liabilities were classified as "Assets held for sale" and "Liabilities held for sale" in our condensed consolidated balance sheets. | ||||||||
The following table summarizes the carrying amounts of the major classes of assets and liabilities held for sale (in millions). | ||||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
Assets held for sale | ||||||||
Accounts receivable | $ | — | $ | 10 | ||||
Inventories | — | 15 | ||||||
Prepaid expenses and other current assets | — | 1 | ||||||
Property, plant and equipment, net | 32 | 37 | ||||||
Investment in and advances to non-consolidated affiliates | 40 | 39 | ||||||
Total assets held for sale | $ | 72 | $ | 102 | ||||
Liabilities held for sale | ||||||||
Accounts payable | $ | — | $ | 4 | ||||
Accrued expenses and other current liabilities | — | 7 | ||||||
Total liabilities held for sale | $ | — | $ | 11 | ||||
Consolidation
Consolidation | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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 Novelis 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. | ||||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | — | $ | 1 | ||||
Accounts receivable | 39 | 38 | ||||||
Inventories | 45 | 42 | ||||||
Prepaid expenses and other current assets | 1 | 1 | ||||||
Total current assets | 85 | 82 | ||||||
Property, plant and equipment, net | 11 | 14 | ||||||
Goodwill | 12 | 12 | ||||||
Deferred income taxes | 65 | 63 | ||||||
Other long-term assets | 2 | 3 | ||||||
Total assets | $ | 175 | $ | 174 | ||||
Liabilities | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 25 | $ | 26 | ||||
Accrued expenses and other current liabilities | 13 | 13 | ||||||
Total current liabilities | 38 | 39 | ||||||
Accrued postretirement benefits | 144 | 141 | ||||||
Other long-term liabilities | 2 | 2 | ||||||
Total liabilities | $ | 184 | $ | 182 | ||||
Investment_In_and_Advances_To_
Investment In and Advances To Non-Consolidated Affiliates and Related Party Transactions | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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. | ||||||||
The following table summarizes the results of operations of our equity method affiliates in aggregate for the three months ended June 30, 2014 and 2013; and the nature and amounts of significant transactions that we had with our non-consolidated affiliates (in millions). The amounts in the table below are disclosed at 100% of the operating results of these affiliates. | ||||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
Net sales | $ | 138 | $ | 131 | ||||
Costs and expenses related to net sales | 146 | 127 | ||||||
(Benefit) provision for taxes on income | (2 | ) | 4 | |||||
Net loss | $ | (6 | ) | $ | — | |||
Purchase of tolling services from Aluminium Norf GmbH (Norf) | $ | 69 | $ | 66 | ||||
The following table describes the period-end account balances that we had with these non-consolidated affiliates, shown as related party balances in the accompanying condensed consolidated balance sheets (in millions). We had no other material related party balances with non-consolidated affiliates. | ||||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
Accounts receivable-related parties | $ | 61 | $ | 54 | ||||
Other long-term assets-related parties | $ | 21 | $ | 12 | ||||
Accounts payable-related parties | $ | 56 | $ | 53 | ||||
We earned less than $1 million of interest income on a loan due from a non-consolidated affiliate, Aluminium Norf GmbH (Alunorf), during the three months ended June 30, 2014 and three months ended June 30, 2013. We believe collection of the full receivable from Alunorf is probable; thus no allowance for loan loss was provided for this loan as of June 30, 2014 and March 31, 2014. | ||||||||
We have guaranteed the indebtedness for a credit facility on behalf of Alunorf. The guarantee is limited to 50% of the outstanding debt, not to exceed 6 million euros. As of June 30, 2014, there were no amounts outstanding under our guarantee with Alunorf. We have also guaranteed the payment of early retirement benefits on behalf of Alunorf. As of June 30, 2014, this guarantee totaled $4 million (3 million euros). | ||||||||
Transactions with Hindalco and AV Metals Inc. | ||||||||
We occasionally have related party transactions with our parent company, Hindalco. During the three months ended June 30, 2014 and 2013, “Net sales” were less than $1 million between Novelis and our indirect parent. As of June 30, 2014 and March 31, 2014, there were no "Accounts receivable, net" outstanding related to transactions with Hindalco. | ||||||||
On April 30, 2014, we paid a return of capital to our shareholder, AV Metals Inc., in the amount of $250 million, which was declared in March 2014. The $250 million return of capital was recorded as "Accrued expense and other current liabilities" as of March 31, 2014 in our condensed consolidated balance sheets. |
Debt
Debt | 3 Months Ended | ||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||
DEBT | ' | ||||||||||||||||||||||||||||||
DEBT | |||||||||||||||||||||||||||||||
Debt consisted of the following (in millions). | |||||||||||||||||||||||||||||||
June 30, 2014 | March 31, 2014 | ||||||||||||||||||||||||||||||
Interest | Principal | Unamortized | Carrying | Principal | Unamortized | Carrying | |||||||||||||||||||||||||
Rates (A) | Carrying Value | Value | Carrying Value | Value | |||||||||||||||||||||||||||
Adjustments | Adjustments | ||||||||||||||||||||||||||||||
Third party debt: | |||||||||||||||||||||||||||||||
Short term borrowings | 3.58 | % | $ | 956 | $ | — | $ | 956 | $ | 723 | $ | — | $ | 723 | |||||||||||||||||
Novelis Inc. | |||||||||||||||||||||||||||||||
Floating rate Term Loan Facility, due March 2017 | 3.75 | % | 1,745 | (19 | ) | (B) | 1,726 | 1,749 | (20 | ) | (B) | 1,729 | |||||||||||||||||||
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 | % | 10 | — | 10 | 11 | — | 11 | |||||||||||||||||||||||
Novelis Korea Limited | |||||||||||||||||||||||||||||||
Loans, due December 2014 through December 2015 (KRW 162 billion) | 3.58 | % | 160 | — | 160 | 155 | — | 155 | |||||||||||||||||||||||
Novelis Switzerland S.A. | |||||||||||||||||||||||||||||||
Capital lease obligation, due through December 2019 (Swiss francs (CHF) 31 million) | 7.5 | % | 35 | (1 | ) | (C) | 34 | 36 | (1 | ) | (C) | 35 | |||||||||||||||||||
Novelis do Brasil Ltda. | |||||||||||||||||||||||||||||||
BNDES loans, due February 2015 through April 2021 (BRL 27 million) | 6.29 | % | 12 | (2 | ) | (D) | 10 | 13 | (2 | ) | (D) | 11 | |||||||||||||||||||
Other | |||||||||||||||||||||||||||||||
Other debt, due through December 2020 | 5.74 | % | 5 | — | 5 | 10 | — | 10 | |||||||||||||||||||||||
Total debt | 5,423 | (22 | ) | 5,401 | 5,197 | (23 | ) | 5,174 | |||||||||||||||||||||||
Less: Short-term borrowings | (956 | ) | — | (956 | ) | (723 | ) | — | (723 | ) | |||||||||||||||||||||
Current portion of long term debt | (95 | ) | — | (95 | ) | (92 | ) | — | (92 | ) | |||||||||||||||||||||
Long-term debt, net of current portion | $ | 4,372 | $ | (22 | ) | $ | 4,350 | $ | 4,382 | $ | (23 | ) | $ | 4,359 | |||||||||||||||||
(A) | Interest rates are the fixed or variable rates as specified in the debt instruments (not the effective interest rate) as of June 30, 2014, and therefore, exclude the effects of related interest rate swaps, 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 and 2013. 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, resulting in carrying value adjustments on this debt obligation. The unamortized carrying value also includes an issuance discount. | ||||||||||||||||||||||||||||||
(C) | Debt existing at the time of Hindalco's purchase of Novelis was recorded at fair value resulting in carrying value adjustments to our capital lease obligations in Novelis Switzerland. | ||||||||||||||||||||||||||||||
(D) | The unamortized carrying value includes issuance discounts related to the difference resulting from the contractual rates of interest specified in the instruments that are lower than the market rates of interest upon issuance. | ||||||||||||||||||||||||||||||
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 June 30, 2014 for our debt denominated in foreign currencies) are as follows (in millions). | |||||||||||||||||||||||||||||||
As of June 30, 2014 | Amount | ||||||||||||||||||||||||||||||
Short-term borrowings and current portion of long-term debt due within one year | $ | 1,051 | |||||||||||||||||||||||||||||
2 years | 126 | ||||||||||||||||||||||||||||||
3 years | 1,720 | ||||||||||||||||||||||||||||||
4 years | 1,109 | ||||||||||||||||||||||||||||||
5 years | 9 | ||||||||||||||||||||||||||||||
Thereafter | 1,408 | ||||||||||||||||||||||||||||||
Total | $ | 5,423 | |||||||||||||||||||||||||||||
Senior Secured Credit Facilities | |||||||||||||||||||||||||||||||
As of June 30, 2014, the senior secured credit facilities consisted of (1) a $1.7 billion four year secured term loan credit facility (Term Loan Facility) and (2) a $1.0 billion five-year asset based loan facility (ABL Revolver) which has a provision that allows the facility to be increased by an additional $500 million. 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 13, 2013, we amended and extended our asset based loan facility (ABL Facility) by entering into a $1.0 billion, five-year, Senior Secured ABL Revolver bearing an interest rate of LIBOR plus a spread of 1.75% to 2.25% plus a prime 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. The 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 ABL Revolver are 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 guarantee 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 or returns of capital 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 June 30, 2014, we were in compliance with the covenants in the Term Loan Facility and ABL Revolver. | |||||||||||||||||||||||||||||||
Short-Term Borrowings | |||||||||||||||||||||||||||||||
As of June 30, 2014, our short-term borrowings were $956 million, consisting of $710 million of loans under our ABL Revolver, $171 million in Novelis Brazil loans, $57 million (KRW 58 billion) in Novelis Korea loans, $17 million (VND 370 billion) in Novelis Vietnam loans and $1 million of other short term borrowings. The weighted average interest rate on our total short-term borrowings was 3.58% as of June 30, 2014 and March 31, 2014. | |||||||||||||||||||||||||||||||
As of June 30, 2014, $12 million of the ABL Revolver was utilized for letters of credit, and we had $278 million in remaining availability under the ABL Revolver. | |||||||||||||||||||||||||||||||
In May 2013, Novelis Korea entered into two revolving loan facilities. As of June 30, 2014, one of the facilities has a borrowing capacity of $22 million (KRW 23 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 $49 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 June 30, 2014, we had $7 million (KRW 8 billion) outstanding under the first facility and no borrowings outstanding under the second revolving loan facility. | |||||||||||||||||||||||||||||||
In March 2014, Novelis Korea entered into a new committed credit line with a borrowing capacity of $59 million (KRW 60 billion). The new facility bears an interest rate of the three month Korean Interbank Offered Rate plus a spread of 1.25%. As of June 30, 2014, we had no borrowings outstanding under this loan facility. This facility matures in March 2015. | |||||||||||||||||||||||||||||||
In June 2014, Novelis Korea entered into two additional committed credit facilities. As of June 30, 2014, one of the facilities has a borrowing capacity of $30 million (KRW 30 billion) and bears an interest rate tied to Korea's three month CD rate plus a spread of 1.25%. The second committed credit facility has a borrowing capacity of $16 million (KRW 16 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%. Both facilities mature in June 2015. As of June 30, 2014, we had no borrowings outstanding under these committed credit 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). | |||||||||||||||||||||||||||||||
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 or return capital 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. 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 June 30, 2014, we were in compliance with the covenants in the Notes. | |||||||||||||||||||||||||||||||
Korean Bank Loans | |||||||||||||||||||||||||||||||
As of June 30, 2014, Novelis Korea had $160 million (KRW 162 billion) of outstanding long-term loans with various banks, of which $64 million is due within one year. 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 0.80% to 1.41% with maturity dates ranging from December 2014 to December 2015. The weighted average interest rate is 3.58% as of June 30, 2014. | |||||||||||||||||||||||||||||||
Brazil BNDES Loans | |||||||||||||||||||||||||||||||
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 June 30, 2014, we had $12 million (BRL 27 million) outstanding under the BNDES loan agreements at a current weighted average rate of 6.29% with maturity dates of February 2015 through April 2021. As of June 30, 2014 there are $3 million of BNDES loans due within one year. | |||||||||||||||||||||||||||||||
Other Long-term debt | |||||||||||||||||||||||||||||||
In December 2004, we entered into a 15-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, (USD $1.9 million). As of June 30, 2014, we had $35 million (CHF 31 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 June 30, 2014, we had $10 million outstanding under these capital leases. | |||||||||||||||||||||||||||||||
As of June 30, 2014, we had $5 million of other capital lease obligations 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 | 3 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||
SHARE-BASED COMPENSATION | ' | ||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
The Company's board of directors has authorized long term incentive plans (LTIPs), 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 SARs and Novelis SARs vest at a 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 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 SARs and Novelis SARs do not transfer any shareholder rights in Hindalco or Novelis to a participant. The Hindalco SARs 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 SARs 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 continue to vest according to the terms and conditions of the original grant. | |||||||||||||||
Total compensation expense 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 2016, 2017 and 2018 have not yet been established, measurement periods for Hindalco SARs and Novelis SARs relating to those periods have not yet commenced. As a result, only compensation expense for vested and current year Hindalco SARs and Novelis SARs has been recorded. | |||||||||||||||
Three Months Ended June 30, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Total compensation expense | $ | 4 | $ | 13 | |||||||||||
The table below shows the RSUs activity for the three months ended June 30, 2014. | |||||||||||||||
Number of | Grant Date Fair | Aggregate | |||||||||||||
RSUs | Value | Intrinsic | |||||||||||||
(in Indian Rupees) | Value (USD | ||||||||||||||
in millions) | |||||||||||||||
RSUs outstanding as of March 31, 2014 | 4,490,860 | 120.42 | $ | 11 | |||||||||||
Granted | 1,455,206 | 145.5 | — | ||||||||||||
Exercised | (682,361 | ) | 191.98 | — | |||||||||||
Forfeited/Cancelled | (80,833 | ) | 143.19 | — | |||||||||||
RSUs outstanding as of June 30, 2014 | 5,182,872 | 118.47 | $ | 15 | |||||||||||
The table below shows the Hindalco SARs activity for the three months ended June 30, 2014. | |||||||||||||||
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, 2014 | 21,635,392 | 112.26 | 4.3 | $ | 13 | ||||||||||
Granted | 4,868,698 | 145.5 | 7 | — | |||||||||||
Exercised | (4,128,272 | ) | 89.97 | — | — | ||||||||||
Forfeited/Cancelled | (730,823 | ) | 131.29 | — | — | ||||||||||
SARs outstanding as of June 30, 2014 | 21,644,995 | 123.35 | 4.9 | $ | 17 | ||||||||||
SARs exercisable as of June 30, 2014 | 8,339,534 | 121.52 | 3.3 | $ | 8 | ||||||||||
The table below shows the Novelis SARs activity for the three months ended June 30, 2014. | |||||||||||||||
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, 2014 | 668,402 | $ | 90.09 | 5.3 | $ | 2 | |||||||||
Granted | 376,173 | 94.4 | 7 | — | |||||||||||
Exercised | (12,244 | ) | 66.46 | — | — | ||||||||||
Forfeited/Cancelled | (33,760 | ) | 83.77 | — | — | ||||||||||
SARs outstanding as of June 30, 2014 | 998,571 | $ | 92.22 | 5.8 | $ | 4 | |||||||||
SARs exercisable as of June 30, 2014 | 223,623 | $ | 89 | 4.8 | $ | 2 | |||||||||
The fair value of each unvested Hindalco SAR was estimated using the following assumptions: | |||||||||||||||
Three Months Ended June 30, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Risk-free interest rate | 8.56% - 8.78% | 7.63% - 7.75% | |||||||||||||
Dividend yield | 0.61 | % | 1.4 | % | |||||||||||
Volatility | 43% - 55% | 39% - 52% | |||||||||||||
The fair value of each unvested Novelis SAR was estimated using the following assumptions: | |||||||||||||||
Three Months Ended June 30, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Risk-free interest rate | 1.21% - 2.10% | 1.00% - 1.66% | |||||||||||||
Dividend yield | — | % | — | % | |||||||||||
Volatility | 30% - 43% | 31% - 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. 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 SAR liabilities were $5 million and $13 million in the three months ended June 30, 2014, and 2013, respectively. Total cash payments made to settle RSUs were $2 million and $1 million in the three months ended June 30, 2014 and 2013, respectively. Unrecognized compensation expense related to the non-vested Hindalco SARs (assuming all future performance criteria are met) was $15 million, which is expected to be recognized over a weighted average period of 2.1 years. Unrecognized compensation expense related to the non-vested Novelis SARs (assuming all future performance criteria are met) was $17 million, which is expected to be recognized over a weighted average period of 2.2 years. Unrecognized compensation expense related to the RSUs was $10 million, which will be recognized over the remaining weighted average vesting period of 1.8 years. |
Postretirement_Benefit_Plans
Postretirement Benefit Plans | 3 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
POSTRETIREMENT BENEFIT PLANS | ' | |||||||||||||||
POSTRETIREMENT BENEFIT PLANS | ||||||||||||||||
Our pension obligations relate to: (1) funded defined benefit pension plans in the U.S., Canada, Switzerland and the U.K.; (2) unfunded defined benefit pension plans in Germany; (3) unfunded lump sum indemnities payable upon retirement to employees in France, Malaysia and Italy; and (4) partially funded lump sum indemnities in South Korea. Our other postretirement obligations (Other Benefits, as shown in certain tables below) include unfunded health care and life insurance benefits provided to retired employees in the U.S., Canada 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 June 30, | Three Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 11 | $ | 13 | $ | 1 | $ | 3 | ||||||||
Interest cost | 17 | 16 | 1 | 2 | ||||||||||||
Expected return on assets | (17 | ) | (16 | ) | — | — | ||||||||||
Amortization — losses, net | 6 | 5 | 2 | 1 | ||||||||||||
Amortization — prior service credit, net | (1 | ) | — | (10 | ) | — | ||||||||||
Termination benefits / curtailments | 1 | — | (2 | ) | — | |||||||||||
Net periodic benefit cost | $ | 17 | $ | 18 | $ | (8 | ) | $ | 6 | |||||||
The average expected long-term rate of return on plan assets is 6.1% in fiscal 2015. | ||||||||||||||||
In June 2014, the Company amended its U.S. non-union retiree medical plan to extend retirees' option to participate in a Retiree Health Access Exchange (RHA). For calendar years 2014 through 2017, 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 2018. The amendment to the plan resulted in a plan remeasurement and recognition of prior service costs of approximately $11 million which will be amortized on a straight-line basis through December 31, 2017. | ||||||||||||||||
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 June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Funded pension plans | $ | 4 | $ | 6 | ||||||||||||
Unfunded pension plans | 1 | 2 | ||||||||||||||
Savings and defined contribution pension plans | 6 | 5 | ||||||||||||||
Total contributions | $ | 11 | $ | 13 | ||||||||||||
During the remainder of fiscal 2015, we expect to contribute an additional $30 million to our funded pension plans, $13 million to our unfunded pension plans and $16 million to our savings and defined contribution plans. |
Currency_Gains_Losses
Currency (Gains) Losses | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Foreign Currency [Abstract] | ' | |||||||
CURRENCY (GAINS) LOSSES | ' | |||||||
CURRENCY (GAINS) LOSSES | ||||||||
The following currency (gains) losses are included in “Other expense (income), net” in the accompanying condensed consolidated statements of operations (in millions). | ||||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
Loss (gain) on remeasurement of monetary assets and liabilities, net | $ | 11 | $ | (18 | ) | |||
Loss released from accumulated other comprehensive income | — | 1 | ||||||
(Gain) loss recognized on balance sheet remeasurement currency exchange contracts, net | (11 | ) | 12 | |||||
Currency gains, net | $ | — | $ | (5 | ) | |||
The following currency gains (losses) are included in Accumulated other comprehensive loss (“AOCI”), net of tax and “Noncontrolling interests” in the accompanying condensed consolidated balance sheets (in millions). | ||||||||
Three Months Ended June 30, 2014 | Year Ended | |||||||
31-Mar-14 | ||||||||
Cumulative currency translation adjustment — beginning of period | $ | 90 | $ | (30 | ) | |||
Effect of changes in exchange rates | 27 | 120 | ||||||
Cumulative currency translation adjustment — end of period | $ | 117 | $ | 90 | ||||
Financial_Instruments_and_Comm
Financial Instruments and Commodity Contracts | 3 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||
FINANCIAL INSTRUMENTS AND COMMODITY CONTRACTS | ' | |||||||||||||||||||
FINANCIAL INSTRUMENTS AND COMMODITY CONTRACTS | ||||||||||||||||||||
The gross fair values of our financial instruments and commodity contracts as of June 30, 2014 and March 31, 2014 are as follows (in millions): | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
Assets | Liabilities | Net Fair Value | ||||||||||||||||||
Current | Noncurrent (A) | Current | Noncurrent (A) | Assets/(Liabilities) | ||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||
Aluminum contracts | $ | — | $ | — | $ | (13 | ) | $ | — | $ | (13 | ) | ||||||||
Currency exchange contracts | 23 | 9 | (7 | ) | (4 | ) | 21 | |||||||||||||
Energy contracts | 2 | — | — | — | 2 | |||||||||||||||
Interest rate swaps | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Total derivatives designated as hedging instruments | $ | 25 | $ | 9 | $ | (21 | ) | $ | (4 | ) | $ | 9 | ||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||
Aluminum contracts | 16 | — | (29 | ) | — | (13 | ) | |||||||||||||
Currency exchange contracts | 26 | — | (9 | ) | — | 17 | ||||||||||||||
Energy contracts | — | — | (6 | ) | (11 | ) | (17 | ) | ||||||||||||
Total derivatives not designated as hedging instruments | 42 | — | (44 | ) | (11 | ) | (13 | ) | ||||||||||||
Total derivative fair value | $ | 67 | $ | 9 | $ | (65 | ) | $ | (15 | ) | $ | (4 | ) | |||||||
March 31, 2014 | ||||||||||||||||||||
Assets | Liabilities | Net Fair Value | ||||||||||||||||||
Current | Noncurrent (A) | Current | Noncurrent(A) | Assets/(Liabilities) | ||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||
Aluminum contracts | $ | 4 | $ | — | $ | (7 | ) | $ | — | $ | (3 | ) | ||||||||
Currency exchange contracts | 15 | 4 | (13 | ) | (6 | ) | — | |||||||||||||
Energy contracts | 3 | — | — | — | 3 | |||||||||||||||
Net investment hedges | ||||||||||||||||||||
Currency exchange contracts | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Fair value hedges | ||||||||||||||||||||
Aluminum contracts | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Total derivatives designated as hedging instruments | $ | 22 | $ | 4 | $ | (22 | ) | $ | (6 | ) | $ | (2 | ) | |||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Aluminum contracts | 19 | — | (28 | ) | — | (9 | ) | |||||||||||||
Currency exchange contracts | 9 | — | (3 | ) | — | 6 | ||||||||||||||
Energy contracts | 1 | — | (7 | ) | (13 | ) | (19 | ) | ||||||||||||
Total derivatives not designated as hedging instruments | 29 | — | (38 | ) | (13 | ) | (22 | ) | ||||||||||||
Total derivative fair value | $ | 51 | $ | 4 | $ | (60 | ) | $ | (19 | ) | $ | (24 | ) | |||||||
(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 London Metals Exchange (LME) and Midwest transaction premium 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 LME aluminum 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. | ||||||||||||||||||||
Price risk exposure arises from commitments to sell aluminum in future periods at fixed prices. We identify and designate certain LME 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 5 kt and 9 kt of outstanding aluminum forward purchase contracts designated as fair value hedges as of June 30, 2014 and March 31, 2014, respectively. | ||||||||||||||||||||
The following table summarizes the amount of gain (loss) recognized on fair value hedges of metal price risk: | ||||||||||||||||||||
Amount of Gain (Loss) | ||||||||||||||||||||
Recognized on Changes in Fair Value | ||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Fair Value Hedges of Metal Price Risk | ||||||||||||||||||||
Derivative Contracts | $ | 1 | $ | (3 | ) | |||||||||||||||
Designated Hedged Items | (1 | ) | 3 | |||||||||||||||||
Net Ineffectiveness (A) | $ | — | $ | — | ||||||||||||||||
(A)Effective portion is recorded in "Net sales" and net ineffectiveness in "Other expense (income), net" | ||||||||||||||||||||
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 LME 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 3 kt and 16 kt of outstanding aluminum forward purchase contracts designated as cash flow hedges as of June 30, 2014 and March 31, 2014, 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 LME 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 262 kt and 222 kt of outstanding aluminum forward sales contracts designated as cash flow hedges as of June 30, 2014 and March 31, 2014, respectively. | ||||||||||||||||||||
The remaining balance of our LME and Midwest transaction premium aluminum derivative contracts are not designated as accounting hedges. As of June 30, 2014 and March 31, 2014, we had 89 kt and 105 kt, respectively, of outstanding aluminum sales contracts not designated as hedges. The average duration of undesignated contracts is less than five months. The following table summarizes our notional amount (in kt). | ||||||||||||||||||||
June 30, | March 31, | |||||||||||||||||||
2014 | 2014 | |||||||||||||||||||
Hedge Type | ||||||||||||||||||||
Purchase (Sale) | ||||||||||||||||||||
Cash flow purchases | 3 | 16 | ||||||||||||||||||
Cash flow sales | (262 | ) | (222 | ) | ||||||||||||||||
Fair value | 5 | 9 | ||||||||||||||||||
Not designated | (89 | ) | (105 | ) | ||||||||||||||||
Total, net | (343 | ) | (302 | ) | ||||||||||||||||
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 $582 million and $724 million in outstanding foreign currency forwards designated as cash flow hedges as of June 30, 2014 and March 31, 2014, respectively. | ||||||||||||||||||||
We use foreign currency contracts to hedge our foreign currency exposure to our net investment in foreign subsidiaries. We had $53 million and $61 million outstanding foreign currency forwards designated as net investment hedges as of June 30, 2014 and as of March 31, 2014, respectively. | ||||||||||||||||||||
As of June 30, 2014 and March 31, 2014, we had outstanding currency exchange contracts with a total notional amount of $767 million and $649 million, respectively, which were not designated as hedges. Contracts that represent the majority of notional amounts will mature during the second and third quarters of fiscal 2015. | ||||||||||||||||||||
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. Less than 1 million of notional megawatt hours remained outstanding as of June 30, 2014, and the fair value of this swap was a liability of $17 million as of June 30, 2014. As of March 31, 2014, the fair value of this electricity swap was a liability of $19 million. | ||||||||||||||||||||
We use natural gas swaps to manage our exposure to fluctuating energy prices in North America. We had 8.1 million MMBTUs designated as cash flow hedges as of June 30, 2014, and the fair value of these swaps was an asset of $2 million. There were 9.5 million MMBTUs of natural gas swaps designated as cash flow hedges as of March 31, 2014 and the fair value of these swaps was an asset of $3 million. As of June 30, 2014 and March 31, 2014, we had 1.1 million MMBTUs and 1.5 million MMBTUs, respectively, of natural gas swaps that were not designated as hedges. The fair value as of June 30, 2014 and March 31, 2014 was an asset of less than $1 million, respectively, for the swaps not designated as hedges. The average duration of undesignated contracts is less than one year in length. One MMBTU is the equivalent of one decatherm, or one million British Thermal Units. | ||||||||||||||||||||
Interest Rate | ||||||||||||||||||||
As of June 30, 2014, we swapped $134 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 June 30, 2014 and March 31, 2014, $134 million (KRW 136 billion) and $127 million (KRW 136 billion) were designated as cash flow hedges, respectively. | ||||||||||||||||||||
Gain (Loss) Recognition | ||||||||||||||||||||
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) expense, 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 June 30, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Derivative instruments not designated as hedges | ||||||||||||||||||||
Aluminum contracts | $ | (7 | ) | $ | (2 | ) | ||||||||||||||
Currency exchange contracts | 12 | (12 | ) | |||||||||||||||||
Energy contracts (A) | 2 | — | ||||||||||||||||||
Gain (loss) recognized in "Other expense (income), net" | $ | 7 | $ | (14 | ) | |||||||||||||||
Derivative instruments designated as hedges | ||||||||||||||||||||
Gain recognized in "Other expense (income), net" (B) | 2 | 10 | ||||||||||||||||||
Total gain (loss) recognized in "Other expense (income), net" | $ | 9 | $ | (4 | ) | |||||||||||||||
Balance sheet remeasurement currency exchange contracts | $ | 11 | $ | (13 | ) | |||||||||||||||
Realized (losses) gains, net | (3 | ) | 21 | |||||||||||||||||
Unrealized gains (losses) on other derivative instruments, net | 1 | (12 | ) | |||||||||||||||||
Total gain (loss) recognized in "Other expense (income), net" | $ | 9 | $ | (4 | ) | |||||||||||||||
(A) | Includes amounts related to de-designated electricity swap. | |||||||||||||||||||
(B) | Amount includes: forward market premium/discount excluded and hedging relationship ineffectiveness on designated aluminum and foreign currency capex contracts; releases to income from AOCI on balance sheet remeasurement contracts; and ineffectiveness on fair value hedges involving aluminum derivatives. | |||||||||||||||||||
The following table summarizes the impact on AOCI and earnings of derivative instruments designated as cash flow and net investment hedges (in millions). Within the next twelve months, we expect to reclassify $2 million of gains from AOCI to earnings, before taxes. | ||||||||||||||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||||
Recognized in OCI | Recognized in “Other (Income) | |||||||||||||||||||
(Effective Portion) | Expense, net” (Ineffective and | |||||||||||||||||||
Excluded Portion) | ||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Cash flow hedging derivatives | ||||||||||||||||||||
Aluminum contracts | $ | (21 | ) | $ | 29 | $ | 3 | $ | 11 | |||||||||||
Currency exchange contracts | 32 | (51 | ) | (1 | ) | — | ||||||||||||||
Energy contracts (A) | — | (2 | ) | — | — | |||||||||||||||
Total | $ | 11 | $ | (24 | ) | $ | 2 | $ | 11 | |||||||||||
Gain (Loss) Reclassification | ||||||||||||||||||||
Amount of Gain (Loss) Reclassified from AOCI into Income/(Expense) three months ended June 30, | Location of Gain (Loss) | |||||||||||||||||||
Reclassified from AOCI into | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
Cash flow hedging derivatives | 2014 | 2013 | ||||||||||||||||||
Energy contracts (A) | $ | (1 | ) | $ | (1 | ) | Other expense (income), net | |||||||||||||
Energy contracts (C) | 1 | — | Cost of goods sold (B) | |||||||||||||||||
Aluminum contracts | (6 | ) | 21 | Cost of goods sold (B) | ||||||||||||||||
Aluminum contracts | — | 2 | Net sales | |||||||||||||||||
Currency exchange contracts | 1 | 1 | Cost of goods sold (B) | |||||||||||||||||
Currency exchange contracts | 4 | — | Net sales | |||||||||||||||||
Currency exchange contracts | 1 | (1 | ) | Other expense (income), net | ||||||||||||||||
Total | $ | — | $ | 22 | Income before taxes | |||||||||||||||
— | (7 | ) | Income tax provision | |||||||||||||||||
$ | — | $ | 15 | 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. | |||||||||||||||||||
(B) | "Cost of goods sold" is exclusive of depreciation and amortization. | |||||||||||||||||||
(C) | Includes amounts related to natural gas swaps. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||||||
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 | (A) Cash Flow Hedges | (B) | Total | ||||||||||||||
Postretirement Benefit Plans | |||||||||||||||||
Balance as of March 31, 2014 | $ | 89 | $ | (20 | ) | $ | (160 | ) | $ | (91 | ) | ||||||
Other comprehensive income before reclassifications | 26 | 13 | (5 | ) | 34 | ||||||||||||
Amounts reclassified from AOCI, net | — | — | (3 | ) | (3 | ) | |||||||||||
Net current-period other comprehensive income (loss) | 26 | 13 | (8 | ) | 31 | ||||||||||||
Balance as of June 30, 2014 | $ | 115 | $ | (7 | ) | $ | (168 | ) | $ | (60 | ) | ||||||
Currency Translation | (A) Cash Flow Hedges | (B) | Total | ||||||||||||||
Postretirement Benefit Plans | |||||||||||||||||
Balance as of March 31, 2013 | $ | (33 | ) | $ | (2 | ) | $ | (233 | ) | $ | (268 | ) | |||||
Other comprehensive income before reclassifications | (2 | ) | (29 | ) | — | (31 | ) | ||||||||||
Amounts reclassified from AOCI, net | — | (15 | ) | 4 | (11 | ) | |||||||||||
Net current-period other comprehensive income (loss) | (2 | ) | (44 | ) | 4 | (42 | ) | ||||||||||
Balance as of June 30, 2013 | $ | (35 | ) | $ | (46 | ) | $ | (229 | ) | $ | (310 | ) | |||||
(A) For additional information on our cash flow hedges see Note 11 - Financial Instruments and Commodity Contracts. | |||||||||||||||||
(B) | For additional information on our postretirement benefit plans see Note 9 - Postretirement Benefit Plans. | ||||||||||||||||
The following table summarizes the impact on AOCI and earnings of derivative instruments designation as cash flow hedges (in millions). | |||||||||||||||||
Amount of Gain (Loss) Reclassified from AOCI into Income/(Expense) three months ended June 30, | Location of Gain (Loss) | ||||||||||||||||
Reclassified from AOCI into | |||||||||||||||||
Earnings | |||||||||||||||||
Cash flow hedging derivatives | 2014 | 2013 | |||||||||||||||
Energy contracts (A) | $ | (1 | ) | $ | (1 | ) | Other expense (income), net | ||||||||||
Energy contracts (C) | 1 | — | Cost of goods sold (B) | ||||||||||||||
Aluminum contracts | (6 | ) | 21 | Cost of goods sold (B) | |||||||||||||
Aluminum contracts | — | 2 | Net sales | ||||||||||||||
Currency exchange contracts | 1 | 1 | Cost of goods sold (B) | ||||||||||||||
Currency exchange contracts | 4 | — | Net sales | ||||||||||||||
Currency exchange contracts | 1 | (1 | ) | Other expense (income), net | |||||||||||||
Total | $ | — | $ | 22 | Income before taxes | ||||||||||||
— | (7 | ) | Income tax provision | ||||||||||||||
$ | — | $ | 15 | 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. | ||||||||||||||||
(B) | "Cost of goods sold" is exclusive of depreciation and amortization. | ||||||||||||||||
(C) | Includes amounts related to natural gas swaps. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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, foreign exchange and natural gas 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, LME and Midwest transaction premium aluminum forwards and swaps and natural gas forward contracts. | ||||||||||||||||
We classify derivative contracts that are valued based on models with significant unobservable market inputs as Level 3 of the valuation hierarchy. Our electricity swap, which is our only Level 3 derivative contract, 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 June 30, 2014, estimated using the method described above, was $59 per megawatt hour, which represented an $8 premium over forward prices in the nearby observable market. The actual rate from the most recent swap settlement was approximately $51 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). We regularly monitor these factors along with significant market inputs and assumptions used in our fair value measurements and evaluate the level of the valuation input according to the fair value hierarchy. This may result in a transfer between levels in the hierarchy from period to period. As of June 30, 2014 and March 31, 2014, 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 statements 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 June 30, 2014 and March 31, 2014 (in millions). | ||||||||||||||||
June 30, 2014 | March 31, 2014 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
Level 2 instruments | ||||||||||||||||
Aluminum contracts | $ | 16 | $ | (42 | ) | $ | 23 | $ | (36 | ) | ||||||
Currency exchange contracts | 58 | (20 | ) | 28 | (23 | ) | ||||||||||
Energy contracts | 2 | — | 4 | (1 | ) | |||||||||||
Interest rate swaps | — | (1 | ) | — | — | |||||||||||
Total level 2 instruments | 76 | (63 | ) | 55 | (60 | ) | ||||||||||
Level 3 instruments | ||||||||||||||||
Energy contracts | — | (17 | ) | — | (19 | ) | ||||||||||
Total level 3 instruments | — | (17 | ) | — | (19 | ) | ||||||||||
Total gross | $ | 76 | $ | (80 | ) | $ | 55 | $ | (79 | ) | ||||||
Netting adjustment (A) | (21 | ) | 21 | (20 | ) | 20 | ||||||||||
Total net | $ | 55 | $ | (59 | ) | $ | 35 | $ | (59 | ) | ||||||
(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 gains of less than $1 million for the three months ended June 30, 2014 related to Level 3 financial instruments that were still held as of June 30, 2014. These unrealized gains were included in “Other expense (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, 2014 | $ | (19 | ) | |||||||||||||
Realized/unrealized gain included in earnings (B) | 4 | |||||||||||||||
Settlements | (2 | ) | ||||||||||||||
Balance as of June 30, 2014 | $ | (17 | ) | |||||||||||||
(A) Represents net derivative liabilities. | ||||||||||||||||
(B) Included in “Other expense (income), net.” | ||||||||||||||||
Financial Instruments Not Recorded at Fair Value | ||||||||||||||||
The table below presents the estimated fair value of certain financial instruments that are 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 is based on anticipated cash flows, which approximates carrying value and is classified as Level 2. We value long-term debt using Level 2 inputs. Valuations are based on either market and/or broker ask prices when available or on a standard credit adjusted discounted cash flow model. | ||||||||||||||||
June 30, 2014 | March 31, 2014 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | |||||||||||||
Assets | ||||||||||||||||
Long-term receivables from related parties | $ | 21 | $ | 21 | $ | 12 | $ | 12 | ||||||||
Liabilities | ||||||||||||||||
Total debt — third parties (excluding short term borrowings) | $ | 4,445 | $ | 4,655 | $ | 4,451 | $ | 4,734 | ||||||||
Other_Income_Expense_Net
Other (Income) Expense, Net | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Other Income and Expenses [Abstract] | ' | |||||||
OTHER (INCOME) EXPENSE, NET | ' | |||||||
OTHER EXPENSE (INCOME), NET | ||||||||
“Other expense (income), net” is comprised of the following (in millions). | ||||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
Foreign currency remeasurement gains, net (A) | $ | — | $ | (5 | ) | |||
(Gain) loss on change in fair value of other unrealized derivative instruments, net | (1 | ) | 12 | |||||
Loss (gain) on change in fair value of other realized derivative instruments, net | 3 | (21 | ) | |||||
Loss on Brazilian tax litigation, net (B) | 2 | 1 | ||||||
Interest income | (1 | ) | (1 | ) | ||||
Other, net | 2 | 4 | ||||||
Other expense (income), net | $ | 5 | $ | (10 | ) | |||
(A) | Includes “(Gain) loss recognized on balance sheet remeasurement currency exchange contracts, net.” | |||||||
(B) | See Note 16 – Commitments and Contingencies – Brazil Tax and Legal Matters for further details. |
Income_Taxes
Income Taxes | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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 June 30, | ||||||||
2014 | 2013 | |||||||
Pre-tax income before equity in net income of non-consolidated affiliates and noncontrolling interests | $ | 61 | $ | 21 | ||||
Canadian statutory tax rate | 25 | % | 26 | % | ||||
Provision at the Canadian statutory rate | $ | 15 | $ | 5 | ||||
Increase (decrease) for taxes on income (loss) resulting from: | ||||||||
Exchange translation items | 4 | (9 | ) | |||||
Exchange remeasurement of deferred income taxes | 4 | (15 | ) | |||||
Change in valuation allowances | 11 | 37 | ||||||
Income items not subject to tax | (1 | ) | (1 | ) | ||||
Dividends not subject to tax | (10 | ) | (14 | ) | ||||
Tax rate differences on foreign earnings | 1 | — | ||||||
Income tax provision | $ | 24 | $ | 3 | ||||
Effective tax rate | 39 | % | 14 | % | ||||
The exchange remeasurement of deferred income taxes relates to deferred tax assets and liabilities in Brazil which get remeasured for currency fluctuations against the U.S. dollar. The change in valuation allowances primarily relates to tax losses in certain jurisdictions where we believe it is more likely than not that we will not be able to utilize those losses. | ||||||||
As of June 30, 2014, we had a net deferred tax liability of $259 million. This amount included gross deferred tax assets of approximately $877 million and a valuation allowance of $429 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 2013. 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 | 3 Months Ended |
Jun. 30, 2014 | |
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 that 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 estimable. While the ultimate resolution of and liability and costs related to these matters cannot be determined with certainty, 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 estimate a loss. For certain other matters for which a loss is reasonably possible and the loss is estimable, we have estimated the aggregated range of loss as $0 to $90 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. We review the status of, and estimated liability related to, pending claims and civil actions on a quarterly basis. 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. The estimated costs in respect of such reported liabilities are not offset by amounts related to insurance or indemnification arrangements unless otherwise noted. | |
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. | |
We have established liabilities based on our estimates for the currently anticipated costs associated with these environmental matters. We estimated that the remaining undiscounted clean-up costs related to our environmental liabilities as of June 30, 2014 were approximately $25 million, of which $18 million was associated with a restructuring action and the remaining undiscounted clean-up costs were approximately $7 million. Additionally, $22 million of the environmental liability was included in “Other long-term liabilities,” with the remaining $3 million included in “Accrued expenses and other current liabilities” in our condensed consolidated balance sheet as of June 30, 2014. As of March 31, 2014, $21 million of the environmental liability was included in “Other long-term liabilities,” with the remaining $3 million included in “Accrued expenses and other current liabilities” in our condensed consolidated balance sheet. 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 | |
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 $109 million and $107 million as of June 30, 2014 and March 31, 2014, respectively. As of June 30, 2014, $11 million and $98 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, 2014, $11 million and $96 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 and $1 million for the three months ended June 30, 2014 and 2013, respectively, as which was reported in “Other expense (income), net.” | |
As a result of legal proceedings with Brazil’s tax authorities regarding certain tax disputes as of June 30, 2014 and March 31, 2014, we had cash deposits aggregating approximately $7 million and $6 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 to the disputes we have settled under the federal tax dispute settlement program, we are involved in several other unresolved tax and other legal claims in Brazil. The liabilities recorded for these other disputes and claims were $19 million and $18 million as of June 30, 2014 and March 31, 2014, respectively. Additionally, we have included in the range of reasonably possible losses disclosed above, any unresolved tax disputes or other contingencies for which a loss is reasonably possible and estimable. |
Segment_Major_Customer_and_Maj
Segment, Major Customer and Major Supplier Information | 3 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
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. All of our segments manufacture aluminum sheet and light gauge products. | ||||||||||||||||||||||||
The following is a description of our operating segments: | ||||||||||||||||||||||||
North America. Headquartered in Atlanta, Georgia, this segment operates eight plants, including two fully dedicated recycling facilities and one facility with recycling operations, in two countries. | ||||||||||||||||||||||||
Europe. Headquartered in Zurich, Switzerland, this segment operates ten plants, including two fully dedicated recycling facilities and two plants with recycling operations, in four countries. | ||||||||||||||||||||||||
Asia. Headquartered in Seoul, South Korea, this segment operates three plants, including two facilities with recycling operations in two countries. Additionally, we have an automotive sheet finishing facility in Changzhou, China that began commissioning in July 2014. We also have a recycling center in Vietnam, which handles the procurement, cleaning and baling of UBCs. | ||||||||||||||||||||||||
South America. Headquartered in Sao Paulo, Brazil, this segment comprises smelting operations, power generation, and operates three plants including a facility with recycling operations, in Brazil. | ||||||||||||||||||||||||
We measure the profitability and financial performance of our operating segments based on “Segment income.” 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) gain or loss on extinguishment of debt; (g) noncontrolling interests' share; (h) adjustments to reconcile our proportional share of “Segment income” from non-consolidated affiliates to income as determined on the equity method of accounting; (i) “restructuring and impairment, net”; (j) gains or losses on disposals of property, plant and equipment and businesses, net; (k) other costs, net; (l) litigation settlement, net of insurance recoveries; (m) sale transaction fees; (n) provision or benefit for taxes on income (loss) and (o) cumulative effect of accounting changes, 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 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” includes 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 U.S. 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 sales and intersegment income for reporting on a consolidated basis. | ||||||||||||||||||||||||
Selected Segment Financial Information | ||||||||||||||||||||||||
June 30, 2014 | North | Europe | Asia | South | Other and | Total | ||||||||||||||||||
America | America | Eliminations | ||||||||||||||||||||||
Investment in and advances to non–consolidated affiliates | $ | — | $ | 607 | $ | — | $ | — | $ | — | $ | 607 | ||||||||||||
Assets held for sale - Investment in and advances to non-consolidated affiliates | — | — | — | 40 | — | 40 | ||||||||||||||||||
Total assets | $ | 2,805 | $ | 3,165 | $ | 1,562 | $ | 1,714 | $ | 58 | $ | 9,304 | ||||||||||||
March 31, 2014 | North | Europe | Asia | South | Other and | Total | ||||||||||||||||||
America | America | Eliminations | ||||||||||||||||||||||
Investment in and advances to non–consolidated affiliates | $ | — | $ | 612 | — | $ | — | $ | — | 612 | ||||||||||||||
Assets held for sale - Investment in and advances to non-consolidated affiliates | — | — | — | 39 | — | 39 | ||||||||||||||||||
Total assets | $ | 2,998 | $ | 3,046 | $ | 1,440 | $ | 1,583 | $ | 47 | $ | 9,114 | ||||||||||||
Selected Operating Results Three Months Ended June 30, 2014 | North | Europe | Asia | South | Other and | Total | ||||||||||||||||||
America | America | Eliminations | ||||||||||||||||||||||
Net sales-third party | $ | 815 | $ | 880 | $ | 529 | $ | 403 | $ | 53 | $ | 2,680 | ||||||||||||
Net sales-intersegment | 6 | 34 | 27 | 17 | (84 | ) | — | |||||||||||||||||
Net sales | $ | 821 | $ | 914 | $ | 556 | $ | 420 | $ | (31 | ) | $ | 2,680 | |||||||||||
Depreciation and amortization | $ | 34 | $ | 25 | $ | 20 | $ | 17 | $ | (7 | ) | $ | 89 | |||||||||||
Income tax (benefit) provision | $ | (9 | ) | $ | 12 | $ | 3 | $ | 12 | $ | 6 | $ | 24 | |||||||||||
Capital expenditures | $ | 19 | $ | 89 | $ | 20 | $ | 17 | $ | (7 | ) | $ | 138 | |||||||||||
Selected Operating Results Three Months Ended June 30, 2013 | North | Europe | Asia | South | Other and | Total | ||||||||||||||||||
America | America | Eliminations | ||||||||||||||||||||||
Net sales-third party | $ | 776 | $ | 778 | $ | 472 | $ | 327 | $ | 48 | $ | 2,401 | ||||||||||||
Net sales-intersegment | 4 | 29 | 13 | 7 | (53 | ) | — | |||||||||||||||||
Net sales | $ | 780 | $ | 807 | $ | 485 | $ | 334 | $ | (5 | ) | $ | 2,401 | |||||||||||
Depreciation and amortization | $ | 30 | $ | 24 | $ | 14 | $ | 15 | $ | (6 | ) | $ | 77 | |||||||||||
Income tax (benefit) provision | $ | (1 | ) | $ | 11 | $ | 4 | $ | (15 | ) | $ | 4 | $ | 3 | ||||||||||
Capital expenditures | $ | 27 | $ | 36 | $ | 65 | $ | 40 | $ | 13 | $ | 181 | ||||||||||||
The following table shows the reconciliation from income from reportable segments to “Net income attributable to our common shareholder” (in millions). | ||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
North America | $ | 64 | $ | 46 | ||||||||||||||||||||
Europe | 79 | 70 | ||||||||||||||||||||||
Asia | 37 | 46 | ||||||||||||||||||||||
South America | 55 | 42 | ||||||||||||||||||||||
Depreciation and amortization | (89 | ) | (77 | ) | ||||||||||||||||||||
Interest expense and amortization of debt issuance costs | (81 | ) | (76 | ) | ||||||||||||||||||||
Adjustment to eliminate proportional consolidation | (8 | ) | (11 | ) | ||||||||||||||||||||
Unrealized gains (losses) on change in fair value of derivative instruments, net | 1 | (12 | ) | |||||||||||||||||||||
Realized (losses) gains on derivative instruments not included in segment income | (1 | ) | 2 | |||||||||||||||||||||
Gain on assets held for sale | 11 | — | ||||||||||||||||||||||
Restructuring and impairment, net | (6 | ) | (9 | ) | ||||||||||||||||||||
Other costs, net | (3 | ) | (4 | ) | ||||||||||||||||||||
Income before income taxes | 59 | 17 | ||||||||||||||||||||||
Income tax provision | 24 | 3 | ||||||||||||||||||||||
Net income | 35 | 14 | ||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | ||||||||||||||||||||||
Net income attributable to our common shareholder | $ | 35 | $ | 14 | ||||||||||||||||||||
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 June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Rexam | 18 | % | 12 | % | ||||||||||||||||||||
Affiliates of Ball Corporation | 11 | % | 10 | % | ||||||||||||||||||||
Anheuser-Busch | 8 | % | 8 | % | ||||||||||||||||||||
Rio Tinto Alcan (RTA) is our primary supplier of metal inputs, including prime and sheet ingot. The table below shows our purchases from RTA as a percentage of total combined metal purchases. | ||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Purchases from RTA as a percentage of total | 15 | % | 18 | % |
Supplemental_Information
Supplemental Information | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
SUPPLEMENTAL INFORMATION | ' | |||||||
SUPPLEMENTAL INFORMATION | ||||||||
Supplemental cash flow information (in millions): | ||||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
Interest paid | $ | 127 | $ | 124 | ||||
Income taxes paid | $ | 39 | $ | 31 | ||||
As of June 30, 2014, we recorded $59 million of outstanding accounts payable and accrued liabilities related to capital expenditures for which the cash outflows will occur subsequent to June 30, 2014. |
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 3 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
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 June 30, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | ||||||||||||||||||||
Net sales | $ | 174 | $ | 2,235 | $ | 685 | $ | (414 | ) | $ | 2,680 | |||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 172 | 1,950 | 621 | (414 | ) | 2,329 | ||||||||||||||
Selling, general and administrative expenses | (4 | ) | 91 | 21 | — | 108 | ||||||||||||||
Depreciation and amortization | 4 | 64 | 21 | — | 89 | |||||||||||||||
Research and development expenses | — | 12 | — | — | 12 | |||||||||||||||
Interest expense and amortization of debt issuance costs | 80 | 14 | 3 | (16 | ) | 81 | ||||||||||||||
Gain on assets held for sale | (5 | ) | (6 | ) | — | — | (11 | ) | ||||||||||||
Restructuring and impairment, net | — | 5 | 1 | — | 6 | |||||||||||||||
Equity in net loss of non-consolidated affiliates | — | 2 | — | — | 2 | |||||||||||||||
Equity in net (income) loss of consolidated subsidiaries | (90 | ) | (9 | ) | — | 99 | — | |||||||||||||
Other expense (income), net | (20 | ) | 4 | 5 | 16 | 5 | ||||||||||||||
137 | 2,127 | 672 | (315 | ) | 2,621 | |||||||||||||||
Income (loss) before income taxes | 37 | 108 | 13 | (99 | ) | 59 | ||||||||||||||
Income tax provision | 2 | 18 | 4 | — | 24 | |||||||||||||||
Net income (loss) | 35 | 90 | 9 | (99 | ) | 35 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | |||||||||||||||
Net income (loss) attributable to our common shareholder | $ | 35 | $ | 90 | $ | 9 | $ | (99 | ) | $ | 35 | |||||||||
Comprehensive income (loss) | $ | 66 | $ | 74 | $ | 44 | $ | (117 | ) | $ | 67 | |||||||||
Less: Comprehensive income attributable to noncontrolling interest | $ | — | $ | — | $ | 1 | $ | — | $ | 1 | ||||||||||
Comprehensive income (loss) attributable to our common shareholder | $ | 66 | $ | 74 | $ | 43 | $ | (117 | ) | $ | 66 | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | ||||||||||||||||||||
Net sales | $ | 178 | $ | 1,962 | $ | 626 | $ | (365 | ) | $ | 2,401 | |||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 189 | 1,717 | 557 | (365 | ) | 2,098 | ||||||||||||||
Selling, general and administrative expenses | 44 | 63 | 13 | — | 120 | |||||||||||||||
Depreciation and amortization | 4 | 58 | 15 | — | 77 | |||||||||||||||
Research and development expenses | 1 | 9 | — | — | 10 | |||||||||||||||
Interest expense and amortization of debt issuance costs | 79 | 7 | (1 | ) | (9 | ) | 76 | |||||||||||||
Restructuring and impairment, net | — | 8 | 1 | — | 9 | |||||||||||||||
Equity in net loss of non-consolidated affiliates | — | 4 | — | — | 4 | |||||||||||||||
Equity in net (income) loss of consolidated subsidiaries | (155 | ) | (26 | ) | — | 181 | — | |||||||||||||
Other expense (income), net | 2 | (29 | ) | 8 | 9 | (10 | ) | |||||||||||||
164 | 1,811 | 593 | (184 | ) | 2,384 | |||||||||||||||
Income (loss) before taxes | 14 | 151 | 33 | (181 | ) | 17 | ||||||||||||||
Income tax (benefit) provision | — | (2 | ) | 5 | — | 3 | ||||||||||||||
Net income (loss) | 14 | 153 | 28 | (181 | ) | 14 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | |||||||||||||||
Net income (loss) attributable to our common shareholder | $ | 14 | $ | 153 | $ | 28 | $ | (181 | ) | $ | 14 | |||||||||
Comprehensive (loss) income | $ | (28 | ) | $ | 172 | $ | 6 | $ | (179 | ) | $ | (29 | ) | |||||||
Comprehensive loss attributable to noncontrolling interest | $ | — | $ | — | $ | (1 | ) | $ | — | $ | (1 | ) | ||||||||
Comprehensive (loss) income attributable to our common shareholder | $ | (28 | ) | $ | 172 | $ | 7 | $ | (179 | ) | $ | (28 | ) | |||||||
CONDENSED CONSOLIDATING BALANCE SHEET (in millions) | ||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 4 | $ | 207 | $ | 126 | $ | — | $ | 337 | ||||||||||
Accounts receivable, net of allowances | ||||||||||||||||||||
— third parties | 21 | 1,247 | 289 | — | 1,557 | |||||||||||||||
— related parties | 333 | 159 | 88 | (519 | ) | 61 | ||||||||||||||
Inventories | 43 | 968 | 284 | — | 1,295 | |||||||||||||||
Prepaid expenses and other current assets | 7 | 87 | 20 | — | 114 | |||||||||||||||
Fair value of derivative instruments | 18 | 19 | 31 | (1 | ) | 67 | ||||||||||||||
Deferred income tax assets | — | 99 | 2 | — | 101 | |||||||||||||||
Assets held for sale | — | 72 | — | — | 72 | |||||||||||||||
Total current assets | 426 | 2,858 | 840 | (520 | ) | 3,604 | ||||||||||||||
Property, plant and equipment, net | 98 | 2,516 | 961 | — | 3,575 | |||||||||||||||
Goodwill | — | 597 | 11 | — | 608 | |||||||||||||||
Intangible assets, net | 18 | 604 | 4 | — | 626 | |||||||||||||||
Investments in and advances to non-consolidated affiliates | — | 607 | — | — | 607 | |||||||||||||||
Investments in consolidated subsidiaries | 3,322 | 658 | — | (3,980 | ) | — | ||||||||||||||
Deferred income tax assets | — | 27 | 53 | — | 80 | |||||||||||||||
Other long-term assets | ||||||||||||||||||||
— third parties | 68 | 99 | 16 | — | 183 | |||||||||||||||
— related parties | 1,331 | 70 | — | (1,380 | ) | 21 | ||||||||||||||
Total assets | $ | 5,263 | $ | 8,036 | $ | 1,885 | $ | (5,880 | ) | $ | 9,304 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Current portion of long-term debt | $ | 21 | $ | 10 | $ | 64 | $ | — | $ | 95 | ||||||||||
Short-term borrowings | ||||||||||||||||||||
— third parties | 438 | 443 | 75 | — | 956 | |||||||||||||||
— related parties | 32 | 88 | — | (120 | ) | — | ||||||||||||||
Accounts payable | ||||||||||||||||||||
— third parties | 30 | 1,066 | 555 | — | 1,651 | |||||||||||||||
— related parties | 55 | 364 | 23 | (386 | ) | 56 | ||||||||||||||
Fair value of derivative instruments | 7 | 46 | 13 | (1 | ) | 65 | ||||||||||||||
Accrued expenses and other current liabilities | ||||||||||||||||||||
— third parties | 42 | 331 | 82 | — | 455 | |||||||||||||||
— related parties | — | 9 | 4 | (13 | ) | — | ||||||||||||||
Deferred income tax liabilities | — | 19 | — | — | 19 | |||||||||||||||
Total current liabilities | 625 | 2,376 | 816 | (520 | ) | 3,297 | ||||||||||||||
Long-term debt, net of current portion | ||||||||||||||||||||
— third parties | 4,215 | 37 | 98 | — | 4,350 | |||||||||||||||
— related parties | 49 | 1,272 | 59 | (1,380 | ) | — | ||||||||||||||
Deferred income tax liabilities | — | 415 | 6 | — | 421 | |||||||||||||||
Accrued postretirement benefits | 42 | 431 | 159 | — | 632 | |||||||||||||||
Other long-term liabilities | 26 | 234 | 9 | — | 269 | |||||||||||||||
Total liabilities | 4,957 | 4,765 | 1,147 | (1,900 | ) | 8,969 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Total temporary equity - intercompany | — | 1,681 | — | (1,681 | ) | — | ||||||||||||||
Shareholder’s equity | ||||||||||||||||||||
Common stock | — | — | — | — | — | |||||||||||||||
Additional paid-in capital | 1,404 | — | — | — | 1,404 | |||||||||||||||
Retained earnings (accumulated deficit) | (1,038 | ) | 1,752 | 689 | (2,441 | ) | (1,038 | ) | ||||||||||||
Accumulated other comprehensive income (loss) | (60 | ) | (162 | ) | 20 | 142 | (60 | ) | ||||||||||||
Total equity of our common shareholder | 306 | 1,590 | 709 | (2,299 | ) | 306 | ||||||||||||||
Noncontrolling interests | — | — | 29 | — | 29 | |||||||||||||||
Total equity | 306 | 1,590 | 738 | (2,299 | ) | 335 | ||||||||||||||
Total liabilities and equity | $ | 5,263 | $ | 8,036 | $ | 1,885 | $ | (5,880 | ) | $ | 9,304 | |||||||||
CONDENSED CONSOLIDATING BALANCE SHEET (in millions) | ||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 4 | $ | 372 | $ | 133 | $ | — | $ | 509 | ||||||||||
Accounts receivable, net of allowances | ||||||||||||||||||||
— third parties | 15 | 1,121 | 246 | — | 1,382 | |||||||||||||||
— related parties | 1,093 | 193 | 57 | (1,289 | ) | 54 | ||||||||||||||
Inventories | 36 | 880 | 257 | — | 1,173 | |||||||||||||||
Prepaid expenses and other current assets | 5 | 76 | 20 | — | 101 | |||||||||||||||
Fair value of derivative instruments | 12 | 26 | 14 | (1 | ) | 51 | ||||||||||||||
Deferred income tax assets | — | 96 | 5 | — | 101 | |||||||||||||||
Assets held for sale | 28 | 74 | — | — | 102 | |||||||||||||||
Total current assets | 1,193 | 2,838 | 732 | (1,290 | ) | 3,473 | ||||||||||||||
Property, plant and equipment, net | 100 | 2,485 | 928 | — | 3,513 | |||||||||||||||
Goodwill | — | 600 | 11 | — | 611 | |||||||||||||||
Intangible assets, net | 19 | 617 | 4 | — | 640 | |||||||||||||||
Investments in and advances to non-consolidated affiliates | — | 612 | — | — | 612 | |||||||||||||||
Investments in consolidated subsidiaries | 3,273 | 612 | — | (3,885 | ) | — | ||||||||||||||
Deferred income tax assets | — | 28 | 52 | — | 80 | |||||||||||||||
Other long-term assets | ||||||||||||||||||||
— third parties | 73 | 89 | 11 | — | 173 | |||||||||||||||
— related parties | 844 | 61 | — | (893 | ) | 12 | ||||||||||||||
Total assets | $ | 5,502 | $ | 7,942 | $ | 1,738 | $ | (6,068 | ) | $ | 9,114 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Current portion of long-term debt | $ | 21 | $ | 10 | $ | 61 | $ | — | $ | 92 | ||||||||||
Short-term borrowings | ||||||||||||||||||||
— third parties | 367 | 287 | 69 | — | 723 | |||||||||||||||
— related parties | 32 | 809 | — | (841 | ) | — | ||||||||||||||
Accounts payable | ||||||||||||||||||||
— third parties | 35 | 912 | 471 | — | 1,418 | |||||||||||||||
— related parties | 89 | 377 | 29 | (442 | ) | 53 | ||||||||||||||
Fair value of derivative instruments | 14 | 40 | 7 | (1 | ) | 60 | ||||||||||||||
Accrued expenses and other current liabilities | ||||||||||||||||||||
— third parties | 104 | 358 | 85 | — | 547 | |||||||||||||||
— related parties | 250 | 4 | 2 | (6 | ) | 250 | ||||||||||||||
Deferred income tax liabilities | — | 16 | — | — | 16 | |||||||||||||||
Liabilities held for sale | 10 | 1 | — | — | 11 | |||||||||||||||
Total current liabilities | 922 | 2,814 | 724 | (1,290 | ) | 3,170 | ||||||||||||||
Long-term debt, net of current portion | ||||||||||||||||||||
— third parties | 4,219 | 40 | 100 | — | 4,359 | |||||||||||||||
— related parties | 49 | 788 | 56 | (893 | ) | — | ||||||||||||||
Deferred income tax liabilities | — | 419 | 6 | — | 425 | |||||||||||||||
Accrued postretirement benefits | 44 | 422 | 155 | — | 621 | |||||||||||||||
Other long-term liabilities | 28 | 236 | 7 | — | 271 | |||||||||||||||
Total liabilities | 5,262 | 4,719 | 1,048 | (2,183 | ) | 8,846 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Total temporary equity - intercompany | — | 1,681 | — | (1,681 | ) | — | ||||||||||||||
Shareholder’s equity | ||||||||||||||||||||
Common stock | — | — | — | — | — | |||||||||||||||
Additional paid-in capital | 1,404 | — | — | — | 1,404 | |||||||||||||||
Retained earnings (accumulated deficit) | (1,073 | ) | 1,684 | 680 | (2,364 | ) | (1,073 | ) | ||||||||||||
Accumulated other comprehensive income (loss) | (91 | ) | (142 | ) | (18 | ) | 160 | (91 | ) | |||||||||||
Total equity of our common shareholder | 240 | 1,542 | 662 | (2,204 | ) | 240 | ||||||||||||||
Noncontrolling interests | — | — | 28 | — | 28 | |||||||||||||||
Total equity | 240 | 1,542 | 690 | (2,204 | ) | 268 | ||||||||||||||
Total liabilities and equity | $ | 5,502 | $ | 7,942 | $ | 1,738 | $ | (6,068 | ) | $ | 9,114 | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | ||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (79 | ) | $ | 67 | $ | 3 | $ | (15 | ) | $ | (24 | ) | |||||||
INVESTING ACTIVITIES | ||||||||||||||||||||
Capital expenditures | (4 | ) | (114 | ) | (20 | ) | — | (138 | ) | |||||||||||
Proceeds from sales of assets, net of transaction fees | ||||||||||||||||||||
— third parties | 29 | 5 | — | — | 34 | |||||||||||||||
— related parties | — | — | — | — | — | |||||||||||||||
Proceeds (outflows) from investment in and advances to affiliates, net | 235 | (16 | ) | — | (235 | ) | (16 | ) | ||||||||||||
Proceeds (outflows) from settlement of other undesignated derivative instruments, net | 3 | (9 | ) | 7 | — | 1 | ||||||||||||||
Net cash provided by (used in) investing activities | 263 | (134 | ) | (13 | ) | (235 | ) | (119 | ) | |||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from issuance of debt | ||||||||||||||||||||
— third parties | — | 95 | 10 | — | 105 | |||||||||||||||
— related parties | — | 500 | 3 | (503 | ) | — | ||||||||||||||
Principal payments | ||||||||||||||||||||
— third parties | (5 | ) | (35 | ) | (13 | ) | — | (53 | ) | |||||||||||
— related parties | — | (17 | ) | — | 17 | — | ||||||||||||||
Short-term borrowings, net | ||||||||||||||||||||
— third parties | 71 | 96 | (1 | ) | — | 166 | ||||||||||||||
— related parties | — | (721 | ) | — | 721 | — | ||||||||||||||
Return of capital to our common shareholder | (250 | ) | — | — | — | (250 | ) | |||||||||||||
Dividends — noncontrolling interests | — | (15 | ) | — | 15 | — | ||||||||||||||
Net cash (used in) provided by financing activities | (184 | ) | (97 | ) | (1 | ) | 250 | (32 | ) | |||||||||||
Net decrease in cash and cash equivalents | — | (164 | ) | (11 | ) | — | (175 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | (1 | ) | 4 | — | 3 | ||||||||||||||
Cash and cash equivalents — beginning of period | 4 | 372 | 133 | — | 509 | |||||||||||||||
Cash and cash equivalents — end of period | $ | 4 | $ | 207 | $ | 126 | $ | — | $ | 337 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | ||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (134 | ) | $ | 43 | $ | 3 | $ | (14 | ) | $ | (102 | ) | |||||||
INVESTING ACTIVITIES | ||||||||||||||||||||
Capital expenditures | (4 | ) | (118 | ) | (59 | ) | — | (181 | ) | |||||||||||
Net (outflow) proceeds from investment in and advances to affiliates | 13 | — | — | (13 | ) | — | ||||||||||||||
Proceeds from settlement of other undesignated derivative instruments, net | 2 | (13 | ) | 5 | — | (6 | ) | |||||||||||||
Net cash provided by (used in) investing activities | 11 | (131 | ) | (54 | ) | (13 | ) | (187 | ) | |||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from issuance of debt | ||||||||||||||||||||
— third parties | — | 41 | 1 | — | 42 | |||||||||||||||
— related parties | — | — | 21 | (21 | ) | — | ||||||||||||||
Principal payments | ||||||||||||||||||||
— third parties | (5 | ) | (12 | ) | — | — | (17 | ) | ||||||||||||
Short-term borrowings, net | ||||||||||||||||||||
— third parties | 145 | 74 | — | — | 219 | |||||||||||||||
— related parties | — | (34 | ) | — | 34 | — | ||||||||||||||
Dividends, noncontrolling interests | — | (14 | ) | — | 14 | — | ||||||||||||||
Debt issuance costs | (7 | ) | — | — | — | (7 | ) | |||||||||||||
Net cash provided by financing activities | 133 | 55 | 22 | 27 | 237 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 10 | (33 | ) | (29 | ) | — | (52 | ) | ||||||||||||
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 | $ | 14 | $ | 164 | $ | 71 | $ | — | $ | 249 | ||||||||||
Business_and_Summary_of_Signif1
Business and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Description of Business and Basis of Presentation | ' |
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) and post-industrial aluminum, such as class scrap. As of June 30, 2014, we had manufacturing operations in nine countries on four continents: North America, South America, Asia and Europe; through 24 operating facilities, 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, 2014 filed with the United States Securities and Exchange Commission (SEC) on May 16, 2014. 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. | |
C | |
Consolidation Policy | ' |
Consolidation Policy | |
Our condensed consolidated financial statements include the assets, liabilities, revenues and expenses of all wholly-owned subsidiaries and 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 "Investment in and advances to non–consolidated affiliates" and "Equity in net loss of non-consolidated affiliates." | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates and Assumptions | |
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) impairment of and assessment of consolidation of 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 our estimates. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recently Adopted Accounting Standards | |
Effective for the first quarter of fiscal 2015, we adopted Financial Accounting Standards Board 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 adoption of this standard had an insignificant impact on our consolidated financial position. | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | ' |
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. We will adopt this standard prospectively in our first quarter ending June 30, 2015 and our current accounting policies comply with this guidance. Therefore, this will not have a material impact to our historical financial statements. | |
In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in this update change the criteria for determining which disposals can be presented as discontinued operations and modify related disclosure requirements. Under the revised standard, a discontinued operation is (1) a component of an entity or group of components that has been disposed of by sale, disposed of other than by sale or is classified as held for sale that represents a strategic shift that has or will have a major effect on an entity’s operations and financial results or (2) an acquired business or nonprofit activity that is classified as held for sale on the date of the acquisition. The guidance is effective for annual periods beginning on or after December 15, 2014 and interim periods within that year. The guidance will be applied prospectively. Early adoption is permitted but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issue. We will adopt this standard prospectively in our first quarter ending June 30, 2015 on future disposals. The accounting treatment and classification of future disposals under this new standard could differ from our current treatment and classification of disposals in our current consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (ASC 606), which, when effective, will supersede the guidance in former ASC 605, Revenue Recognition. The new guidance requires entities to recognize revenue based on the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance is effective for annual periods beginning on or after December 31, 2016 and interim periods within that year. Early adoption is not permitted. We will adopt this standard in our first quarter ending June 30, 2017. We are currently evaluating the impact of this standard on our consolidated financial position and results of operations. |
Restructuring_and_Impairment_T
Restructuring and Impairment (Tables) | 3 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||
Schedule of restructuring liability activity and other impairment charges | ' | ||||||||||||||||||||
The following table summarizes our restructuring liability activity and other impairment charges (in millions). | |||||||||||||||||||||
Total restructuring | Other restructuring charges | Total restructuring charges | Other impairments (B) | Total | |||||||||||||||||
liabilities | (A) | restructuring | |||||||||||||||||||
and impairments, net | |||||||||||||||||||||
Balance as of March 31, 2014 | $ | 47 | |||||||||||||||||||
Expenses | 6 | $ | — | $ | 6 | $ | — | $ | 6 | ||||||||||||
Cash payments | (7 | ) | |||||||||||||||||||
Balance as of June 30, 2014 | $ | 46 | |||||||||||||||||||
(A) | Other restructuring charges include period expenses that were not recorded through the restructuring liability and impairments related to a restructuring activity. | ||||||||||||||||||||
(B) | Other impairment charges not related to a restructuring activity. | ||||||||||||||||||||
North America [Member] | ' | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||||||||||||||
Summary of restructuring reserve activity | ' | ||||||||||||||||||||
The following table summarizes our restructuring activity for the North America segment by plan (in millions). | |||||||||||||||||||||
Three Months Ended June 30, | Year Ended March 31, | Prior to April 1, | |||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||
Restructuring charges - North America | |||||||||||||||||||||
Saguenay Plant Closure: | |||||||||||||||||||||
Severance | $ | — | $ | — | $ | 5 | |||||||||||||||
Fixed asset impairment (A) | — | — | 28 | ||||||||||||||||||
Other exit related costs | — | 1 | — | ||||||||||||||||||
Period expenses (A) | — | 1 | 3 | ||||||||||||||||||
Relocation of R&D operations to Kennesaw, Georgia | |||||||||||||||||||||
Severance | — | 1 | 11 | ||||||||||||||||||
Relocation costs | — | 1 | — | ||||||||||||||||||
Period expenses (A) | — | 1 | — | ||||||||||||||||||
Total restructuring charges - North America | $ | — | $ | 5 | $ | 47 | |||||||||||||||
Restructuring payments - North America | |||||||||||||||||||||
Severance | $ | — | $ | (4 | ) | ||||||||||||||||
Other | — | (2 | ) | ||||||||||||||||||
Total restructuring payments - North America | $ | — | $ | (6 | ) | ||||||||||||||||
(A) These charges were not recorded through the restructuring liability. | |||||||||||||||||||||
Europe [Member] | ' | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||||||||||||||
Summary of restructuring reserve activity | ' | ||||||||||||||||||||
The following table summarizes our restructuring activity for the Europe segment by plan (in millions). | |||||||||||||||||||||
Three Months Ended June 30, | Year Ended March 31, | Prior to April 1, | |||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||
Restructuring charges - Europe | |||||||||||||||||||||
Business optimization | |||||||||||||||||||||
Severance | $ | 3 | $ | 26 | $ | 16 | |||||||||||||||
Pension settlement loss (A) | — | 1 | — | ||||||||||||||||||
Total restructuring charges - Europe | $ | 3 | $ | 27 | $ | 16 | |||||||||||||||
Total restructuring payments - Europe | |||||||||||||||||||||
Severance | $ | (6 | ) | $ | (18 | ) | |||||||||||||||
Other | — | (1 | ) | ||||||||||||||||||
Total restructuring payments - Europe | $ | (6 | ) | $ | (19 | ) | |||||||||||||||
(A) These charges were not recorded through the restructuring liability. | |||||||||||||||||||||
South America [Member] | ' | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||||||||||||||
Summary of restructuring reserve activity | ' | ||||||||||||||||||||
The following table summarizes our restructuring activity for the South America segment by plan (in millions). | |||||||||||||||||||||
Three Months Ended June 30, | Year Ended March 31, | Prior to April 1, | |||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||
Restructuring charges - South America | |||||||||||||||||||||
Non-core assets | |||||||||||||||||||||
Severance | $ | — | $ | 2 | $ | 3 | |||||||||||||||
Asset impairments (A) | — | — | 1 | ||||||||||||||||||
Contract termination and other | — | 1 | 5 | ||||||||||||||||||
Environmental charges | 2 | 16 | — | ||||||||||||||||||
Aratu plant closure | |||||||||||||||||||||
Severance | — | 7 | |||||||||||||||||||
Asset impairments (A) | — | — | 7 | ||||||||||||||||||
Other exit costs | 1 | — | 6 | ||||||||||||||||||
Total restructuring charges - South America | $ | 3 | $ | 19 | $ | 29 | |||||||||||||||
Restructuring payments - South America | |||||||||||||||||||||
Severance | $ | — | $ | (4 | ) | ||||||||||||||||
Other | (1 | ) | (4 | ) | |||||||||||||||||
Total restructuring payments - South America | $ | (1 | ) | $ | (8 | ) | |||||||||||||||
(A) These charges were not recorded through the restructuring liability. | |||||||||||||||||||||
Corporate [Member] | ' | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||||||||||||||
Summary of restructuring reserve activity | ' | ||||||||||||||||||||
The following table summarizes our restructuring activity for the Corporate operations by plan (in millions). | |||||||||||||||||||||
Three Months Ended June 30, | Year Ended March 31, | Prior to April 1, | |||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||
Restructuring charges - Corporate | |||||||||||||||||||||
Relocation costs of global headquarters | $ | — | $ | — | $ | 5 | |||||||||||||||
Restructuring payments - Corporate | |||||||||||||||||||||
Lease Termination Costs | $ | — | $ | (1 | ) | ||||||||||||||||
Total restructuring payments - Corporate | $ | — | $ | (1 | ) | ||||||||||||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of inventories | ' | |||||||
Inventories" consist of the following (in millions). | ||||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
Finished goods | $ | 325 | $ | 259 | ||||
Work in process | 480 | 419 | ||||||
Raw materials | 372 | 382 | ||||||
Supplies | 118 | 113 | ||||||
Inventories | $ | 1,295 | $ | 1,173 | ||||
Assets_Held_For_Sale_Assets_He
Assets Held For Sale Assets Held For Sale (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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). | ||||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
Assets held for sale | ||||||||
Accounts receivable | $ | — | $ | 10 | ||||
Inventories | — | 15 | ||||||
Prepaid expenses and other current assets | — | 1 | ||||||
Property, plant and equipment, net | 32 | 37 | ||||||
Investment in and advances to non-consolidated affiliates | 40 | 39 | ||||||
Total assets held for sale | $ | 72 | $ | 102 | ||||
Liabilities held for sale | ||||||||
Accounts payable | $ | — | $ | 4 | ||||
Accrued expenses and other current liabilities | — | 7 | ||||||
Total liabilities held for sale | $ | — | $ | 11 | ||||
Consolidation_Tables
Consolidation (Tables) (Logan [Member]) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Logan [Member] | ' | |||||||
Variable Interest Entity [Line Items] | ' | |||||||
Schedule of variable interest entity | ' | |||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | — | $ | 1 | ||||
Accounts receivable | 39 | 38 | ||||||
Inventories | 45 | 42 | ||||||
Prepaid expenses and other current assets | 1 | 1 | ||||||
Total current assets | 85 | 82 | ||||||
Property, plant and equipment, net | 11 | 14 | ||||||
Goodwill | 12 | 12 | ||||||
Deferred income taxes | 65 | 63 | ||||||
Other long-term assets | 2 | 3 | ||||||
Total assets | $ | 175 | $ | 174 | ||||
Liabilities | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 25 | $ | 26 | ||||
Accrued expenses and other current liabilities | 13 | 13 | ||||||
Total current liabilities | 38 | 39 | ||||||
Accrued postretirement benefits | 144 | 141 | ||||||
Other long-term liabilities | 2 | 2 | ||||||
Total liabilities | $ | 184 | $ | 182 | ||||
Investment_In_and_Advances_To_1
Investment In and Advances To Non-Consolidated Affiliates and Related Party Transactions (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
Summary of condensed results of operations of equity method affiliates | ' | |||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
Net sales | $ | 138 | $ | 131 | ||||
Costs and expenses related to net sales | 146 | 127 | ||||||
(Benefit) provision for taxes on income | (2 | ) | 4 | |||||
Net loss | $ | (6 | ) | $ | — | |||
Purchase of tolling services from Aluminium Norf GmbH (Norf) | $ | 69 | $ | 66 | ||||
Period-end account balances with non-consolidated affiliates, shown as related party balances | ' | |||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
Accounts receivable-related parties | $ | 61 | $ | 54 | ||||
Other long-term assets-related parties | $ | 21 | $ | 12 | ||||
Accounts payable-related parties | $ | 56 | $ | 53 | ||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||
Schedule of debt | ' | ||||||||||||||||||||||||||||||
Debt consisted of the following (in millions). | |||||||||||||||||||||||||||||||
June 30, 2014 | March 31, 2014 | ||||||||||||||||||||||||||||||
Interest | Principal | Unamortized | Carrying | Principal | Unamortized | Carrying | |||||||||||||||||||||||||
Rates (A) | Carrying Value | Value | Carrying Value | Value | |||||||||||||||||||||||||||
Adjustments | Adjustments | ||||||||||||||||||||||||||||||
Third party debt: | |||||||||||||||||||||||||||||||
Short term borrowings | 3.58 | % | $ | 956 | $ | — | $ | 956 | $ | 723 | $ | — | $ | 723 | |||||||||||||||||
Novelis Inc. | |||||||||||||||||||||||||||||||
Floating rate Term Loan Facility, due March 2017 | 3.75 | % | 1,745 | (19 | ) | (B) | 1,726 | 1,749 | (20 | ) | (B) | 1,729 | |||||||||||||||||||
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 | % | 10 | — | 10 | 11 | — | 11 | |||||||||||||||||||||||
Novelis Korea Limited | |||||||||||||||||||||||||||||||
Loans, due December 2014 through December 2015 (KRW 162 billion) | 3.58 | % | 160 | — | 160 | 155 | — | 155 | |||||||||||||||||||||||
Novelis Switzerland S.A. | |||||||||||||||||||||||||||||||
Capital lease obligation, due through December 2019 (Swiss francs (CHF) 31 million) | 7.5 | % | 35 | (1 | ) | (C) | 34 | 36 | (1 | ) | (C) | 35 | |||||||||||||||||||
Novelis do Brasil Ltda. | |||||||||||||||||||||||||||||||
BNDES loans, due February 2015 through April 2021 (BRL 27 million) | 6.29 | % | 12 | (2 | ) | (D) | 10 | 13 | (2 | ) | (D) | 11 | |||||||||||||||||||
Other | |||||||||||||||||||||||||||||||
Other debt, due through December 2020 | 5.74 | % | 5 | — | 5 | 10 | — | 10 | |||||||||||||||||||||||
Total debt | 5,423 | (22 | ) | 5,401 | 5,197 | (23 | ) | 5,174 | |||||||||||||||||||||||
Less: Short-term borrowings | (956 | ) | — | (956 | ) | (723 | ) | — | (723 | ) | |||||||||||||||||||||
Current portion of long term debt | (95 | ) | — | (95 | ) | (92 | ) | — | (92 | ) | |||||||||||||||||||||
Long-term debt, net of current portion | $ | 4,372 | $ | (22 | ) | $ | 4,350 | $ | 4,382 | $ | (23 | ) | $ | 4,359 | |||||||||||||||||
(A) | Interest rates are the fixed or variable rates as specified in the debt instruments (not the effective interest rate) as of June 30, 2014, and therefore, exclude the effects of related interest rate swaps, 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 and 2013. 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, resulting in carrying value adjustments on this debt obligation. The unamortized carrying value also includes an issuance discount. | ||||||||||||||||||||||||||||||
(C) | Debt existing at the time of Hindalco's purchase of Novelis was recorded at fair value resulting in carrying value adjustments to our capital lease obligations in Novelis Switzerland. | ||||||||||||||||||||||||||||||
(D) | The unamortized carrying value includes issuance discounts related to the difference resulting from the contractual rates of interest specified in the instruments that are lower than the market rates of interest upon issuance. | ||||||||||||||||||||||||||||||
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 June 30, 2014 for our debt denominated in foreign currencies) are as follows (in millions). | |||||||||||||||||||||||||||||||
As of June 30, 2014 | Amount | ||||||||||||||||||||||||||||||
Short-term borrowings and current portion of long-term debt due within one year | $ | 1,051 | |||||||||||||||||||||||||||||
2 years | 126 | ||||||||||||||||||||||||||||||
3 years | 1,720 | ||||||||||||||||||||||||||||||
4 years | 1,109 | ||||||||||||||||||||||||||||||
5 years | 9 | ||||||||||||||||||||||||||||||
Thereafter | 1,408 | ||||||||||||||||||||||||||||||
Total | $ | 5,423 | |||||||||||||||||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||
Total compensation expense related to SARs and RSUs under the long term incentive plans | ' | ||||||||||||||
Three Months Ended June 30, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Total compensation expense | $ | 4 | $ | 13 | |||||||||||
Hindalco and Novelis SARs activity and RSUs | ' | ||||||||||||||
The table below shows the RSUs activity for the three months ended June 30, 2014. | |||||||||||||||
Number of | Grant Date Fair | Aggregate | |||||||||||||
RSUs | Value | Intrinsic | |||||||||||||
(in Indian Rupees) | Value (USD | ||||||||||||||
in millions) | |||||||||||||||
RSUs outstanding as of March 31, 2014 | 4,490,860 | 120.42 | $ | 11 | |||||||||||
Granted | 1,455,206 | 145.5 | — | ||||||||||||
Exercised | (682,361 | ) | 191.98 | — | |||||||||||
Forfeited/Cancelled | (80,833 | ) | 143.19 | — | |||||||||||
RSUs outstanding as of June 30, 2014 | 5,182,872 | 118.47 | $ | 15 | |||||||||||
The table below shows the Hindalco SARs activity for the three months ended June 30, 2014. | |||||||||||||||
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, 2014 | 21,635,392 | 112.26 | 4.3 | $ | 13 | ||||||||||
Granted | 4,868,698 | 145.5 | 7 | — | |||||||||||
Exercised | (4,128,272 | ) | 89.97 | — | — | ||||||||||
Forfeited/Cancelled | (730,823 | ) | 131.29 | — | — | ||||||||||
SARs outstanding as of June 30, 2014 | 21,644,995 | 123.35 | 4.9 | $ | 17 | ||||||||||
SARs exercisable as of June 30, 2014 | 8,339,534 | 121.52 | 3.3 | $ | 8 | ||||||||||
The table below shows the Novelis SARs activity for the three months ended June 30, 2014. | |||||||||||||||
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, 2014 | 668,402 | $ | 90.09 | 5.3 | $ | 2 | |||||||||
Granted | 376,173 | 94.4 | 7 | — | |||||||||||
Exercised | (12,244 | ) | 66.46 | — | — | ||||||||||
Forfeited/Cancelled | (33,760 | ) | 83.77 | — | — | ||||||||||
SARs outstanding as of June 30, 2014 | 998,571 | $ | 92.22 | 5.8 | $ | 4 | |||||||||
SARs exercisable as of June 30, 2014 | 223,623 | $ | 89 | 4.8 | $ | 2 | |||||||||
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: | |||||||||||||||
Three Months Ended June 30, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Risk-free interest rate | 8.56% - 8.78% | 7.63% - 7.75% | |||||||||||||
Dividend yield | 0.61 | % | 1.4 | % | |||||||||||
Volatility | 43% - 55% | 39% - 52% | |||||||||||||
The fair value of each unvested Novelis SAR was estimated using the following assumptions: | |||||||||||||||
Three Months Ended June 30, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Risk-free interest rate | 1.21% - 2.10% | 1.00% - 1.66% | |||||||||||||
Dividend yield | — | % | — | % | |||||||||||
Volatility | 30% - 43% | 31% - 41% | |||||||||||||
Postretirement_Benefit_Plans_T
Postretirement Benefit Plans (Tables) | 3 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 June 30, | Three Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 11 | $ | 13 | $ | 1 | $ | 3 | ||||||||
Interest cost | 17 | 16 | 1 | 2 | ||||||||||||
Expected return on assets | (17 | ) | (16 | ) | — | — | ||||||||||
Amortization — losses, net | 6 | 5 | 2 | 1 | ||||||||||||
Amortization — prior service credit, net | (1 | ) | — | (10 | ) | — | ||||||||||
Termination benefits / curtailments | 1 | — | (2 | ) | — | |||||||||||
Net periodic benefit cost | $ | 17 | $ | 18 | $ | (8 | ) | $ | 6 | |||||||
Contributions to employee benefit plans | ' | |||||||||||||||
We contributed the following amounts to all plans (in millions). | ||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Funded pension plans | $ | 4 | $ | 6 | ||||||||||||
Unfunded pension plans | 1 | 2 | ||||||||||||||
Savings and defined contribution pension plans | 6 | 5 | ||||||||||||||
Total contributions | $ | 11 | $ | 13 | ||||||||||||
Currency_Gains_Losses_Tables
Currency (Gains) Losses (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Foreign Currency [Abstract] | ' | |||||||
Currency (gains) losses included in "Other (income) expense, net" | ' | |||||||
The following currency (gains) losses are included in “Other expense (income), net” in the accompanying condensed consolidated statements of operations (in millions). | ||||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
Loss (gain) on remeasurement of monetary assets and liabilities, net | $ | 11 | $ | (18 | ) | |||
Loss released from accumulated other comprehensive income | — | 1 | ||||||
(Gain) loss recognized on balance sheet remeasurement currency exchange contracts, net | (11 | ) | 12 | |||||
Currency gains, net | $ | — | $ | (5 | ) | |||
Currency gains (losses) included in "AOCI," net of tax and "Noncontrolling interests" | ' | |||||||
The following currency gains (losses) are included in Accumulated other comprehensive loss (“AOCI”), net of tax and “Noncontrolling interests” in the accompanying condensed consolidated balance sheets (in millions). | ||||||||
Three Months Ended June 30, 2014 | Year Ended | |||||||
31-Mar-14 | ||||||||
Cumulative currency translation adjustment — beginning of period | $ | 90 | $ | (30 | ) | |||
Effect of changes in exchange rates | 27 | 120 | ||||||
Cumulative currency translation adjustment — end of period | $ | 117 | $ | 90 | ||||
Financial_Instruments_and_Comm1
Financial Instruments and Commodity Contracts (Tables) | 3 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||
Fair values of financial instruments and commodity contracts | ' | |||||||||||||||||||
The gross fair values of our financial instruments and commodity contracts as of June 30, 2014 and March 31, 2014 are as follows (in millions): | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
Assets | Liabilities | Net Fair Value | ||||||||||||||||||
Current | Noncurrent (A) | Current | Noncurrent (A) | Assets/(Liabilities) | ||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||
Aluminum contracts | $ | — | $ | — | $ | (13 | ) | $ | — | $ | (13 | ) | ||||||||
Currency exchange contracts | 23 | 9 | (7 | ) | (4 | ) | 21 | |||||||||||||
Energy contracts | 2 | — | — | — | 2 | |||||||||||||||
Interest rate swaps | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Total derivatives designated as hedging instruments | $ | 25 | $ | 9 | $ | (21 | ) | $ | (4 | ) | $ | 9 | ||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||
Aluminum contracts | 16 | — | (29 | ) | — | (13 | ) | |||||||||||||
Currency exchange contracts | 26 | — | (9 | ) | — | 17 | ||||||||||||||
Energy contracts | — | — | (6 | ) | (11 | ) | (17 | ) | ||||||||||||
Total derivatives not designated as hedging instruments | 42 | — | (44 | ) | (11 | ) | (13 | ) | ||||||||||||
Total derivative fair value | $ | 67 | $ | 9 | $ | (65 | ) | $ | (15 | ) | $ | (4 | ) | |||||||
March 31, 2014 | ||||||||||||||||||||
Assets | Liabilities | Net Fair Value | ||||||||||||||||||
Current | Noncurrent (A) | Current | Noncurrent(A) | Assets/(Liabilities) | ||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||
Aluminum contracts | $ | 4 | $ | — | $ | (7 | ) | $ | — | $ | (3 | ) | ||||||||
Currency exchange contracts | 15 | 4 | (13 | ) | (6 | ) | — | |||||||||||||
Energy contracts | 3 | — | — | — | 3 | |||||||||||||||
Net investment hedges | ||||||||||||||||||||
Currency exchange contracts | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Fair value hedges | ||||||||||||||||||||
Aluminum contracts | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Total derivatives designated as hedging instruments | $ | 22 | $ | 4 | $ | (22 | ) | $ | (6 | ) | $ | (2 | ) | |||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Aluminum contracts | 19 | — | (28 | ) | — | (9 | ) | |||||||||||||
Currency exchange contracts | 9 | — | (3 | ) | — | 6 | ||||||||||||||
Energy contracts | 1 | — | (7 | ) | (13 | ) | (19 | ) | ||||||||||||
Total derivatives not designated as hedging instruments | 29 | — | (38 | ) | (13 | ) | (22 | ) | ||||||||||||
Total derivative fair value | $ | 51 | $ | 4 | $ | (60 | ) | $ | (19 | ) | $ | (24 | ) | |||||||
(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 notional amount | ' | |||||||||||||||||||
The following table summarizes our notional amount (in kt). | ||||||||||||||||||||
June 30, | March 31, | |||||||||||||||||||
2014 | 2014 | |||||||||||||||||||
Hedge Type | ||||||||||||||||||||
Purchase (Sale) | ||||||||||||||||||||
Cash flow purchases | 3 | 16 | ||||||||||||||||||
Cash flow sales | (262 | ) | (222 | ) | ||||||||||||||||
Fair value | 5 | 9 | ||||||||||||||||||
Not designated | (89 | ) | (105 | ) | ||||||||||||||||
Total, net | (343 | ) | (302 | ) | ||||||||||||||||
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) expense, 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 June 30, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Derivative instruments not designated as hedges | ||||||||||||||||||||
Aluminum contracts | $ | (7 | ) | $ | (2 | ) | ||||||||||||||
Currency exchange contracts | 12 | (12 | ) | |||||||||||||||||
Energy contracts (A) | 2 | — | ||||||||||||||||||
Gain (loss) recognized in "Other expense (income), net" | $ | 7 | $ | (14 | ) | |||||||||||||||
Derivative instruments designated as hedges | ||||||||||||||||||||
Gain recognized in "Other expense (income), net" (B) | 2 | 10 | ||||||||||||||||||
Total gain (loss) recognized in "Other expense (income), net" | $ | 9 | $ | (4 | ) | |||||||||||||||
Balance sheet remeasurement currency exchange contracts | $ | 11 | $ | (13 | ) | |||||||||||||||
Realized (losses) gains, net | (3 | ) | 21 | |||||||||||||||||
Unrealized gains (losses) on other derivative instruments, net | 1 | (12 | ) | |||||||||||||||||
Total gain (loss) recognized in "Other expense (income), net" | $ | 9 | $ | (4 | ) | |||||||||||||||
(A) | Includes amounts related to de-designated electricity swap. | |||||||||||||||||||
(B) | Amount includes: forward market premium/discount excluded and hedging relationship ineffectiveness on designated aluminum and foreign currency capex contracts; releases to income from AOCI on balance sheet remeasurement contracts; and ineffectiveness on fair value hedges involving aluminum derivatives. | |||||||||||||||||||
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 and net investment hedges (in millions). Within the next twelve months, we expect to reclassify $2 million of gains from AOCI to earnings, before taxes. | ||||||||||||||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||||
Recognized in OCI | Recognized in “Other (Income) | |||||||||||||||||||
(Effective Portion) | Expense, net” (Ineffective and | |||||||||||||||||||
Excluded Portion) | ||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Cash flow hedging derivatives | ||||||||||||||||||||
Aluminum contracts | $ | (21 | ) | $ | 29 | $ | 3 | $ | 11 | |||||||||||
Currency exchange contracts | 32 | (51 | ) | (1 | ) | — | ||||||||||||||
Energy contracts (A) | — | (2 | ) | — | — | |||||||||||||||
Total | $ | 11 | $ | (24 | ) | $ | 2 | $ | 11 | |||||||||||
Gain (Loss) Reclassification | ||||||||||||||||||||
Amount of Gain (Loss) Reclassified from AOCI into Income/(Expense) three months ended June 30, | Location of Gain (Loss) | |||||||||||||||||||
Reclassified from AOCI into | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
Cash flow hedging derivatives | 2014 | 2013 | ||||||||||||||||||
Energy contracts (A) | $ | (1 | ) | $ | (1 | ) | Other expense (income), net | |||||||||||||
Energy contracts (C) | 1 | — | Cost of goods sold (B) | |||||||||||||||||
Aluminum contracts | (6 | ) | 21 | Cost of goods sold (B) | ||||||||||||||||
Aluminum contracts | — | 2 | Net sales | |||||||||||||||||
Currency exchange contracts | 1 | 1 | Cost of goods sold (B) | |||||||||||||||||
Currency exchange contracts | 4 | — | Net sales | |||||||||||||||||
Currency exchange contracts | 1 | (1 | ) | Other expense (income), net | ||||||||||||||||
Total | $ | — | $ | 22 | Income before taxes | |||||||||||||||
— | (7 | ) | Income tax provision | |||||||||||||||||
$ | — | $ | 15 | 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. | |||||||||||||||||||
(B) | "Cost of goods sold" is exclusive of depreciation and amortization. | |||||||||||||||||||
(C) | Includes amounts related to natural gas swaps. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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 | (A) Cash Flow Hedges | (B) | Total | ||||||||||||||
Postretirement Benefit Plans | |||||||||||||||||
Balance as of March 31, 2014 | $ | 89 | $ | (20 | ) | $ | (160 | ) | $ | (91 | ) | ||||||
Other comprehensive income before reclassifications | 26 | 13 | (5 | ) | 34 | ||||||||||||
Amounts reclassified from AOCI, net | — | — | (3 | ) | (3 | ) | |||||||||||
Net current-period other comprehensive income (loss) | 26 | 13 | (8 | ) | 31 | ||||||||||||
Balance as of June 30, 2014 | $ | 115 | $ | (7 | ) | $ | (168 | ) | $ | (60 | ) | ||||||
Currency Translation | (A) Cash Flow Hedges | (B) | Total | ||||||||||||||
Postretirement Benefit Plans | |||||||||||||||||
Balance as of March 31, 2013 | $ | (33 | ) | $ | (2 | ) | $ | (233 | ) | $ | (268 | ) | |||||
Other comprehensive income before reclassifications | (2 | ) | (29 | ) | — | (31 | ) | ||||||||||
Amounts reclassified from AOCI, net | — | (15 | ) | 4 | (11 | ) | |||||||||||
Net current-period other comprehensive income (loss) | (2 | ) | (44 | ) | 4 | (42 | ) | ||||||||||
Balance as of June 30, 2013 | $ | (35 | ) | $ | (46 | ) | $ | (229 | ) | $ | (310 | ) | |||||
(A) For additional information on our cash flow hedges see Note 11 - Financial Instruments and Commodity Contracts. | |||||||||||||||||
(B) | For additional information on our postretirement benefit plans see Note 9 - Postretirement Benefit Plans. | ||||||||||||||||
The following table summarizes the impact on AOCI and earnings of derivative instruments designation as cash flow hedges (in millions). | |||||||||||||||||
Amount of Gain (Loss) Reclassified from AOCI into Income/(Expense) three months ended June 30, | Location of Gain (Loss) | ||||||||||||||||
Reclassified from AOCI into | |||||||||||||||||
Earnings | |||||||||||||||||
Cash flow hedging derivatives | 2014 | 2013 | |||||||||||||||
Energy contracts (A) | $ | (1 | ) | $ | (1 | ) | Other expense (income), net | ||||||||||
Energy contracts (C) | 1 | — | Cost of goods sold (B) | ||||||||||||||
Aluminum contracts | (6 | ) | 21 | Cost of goods sold (B) | |||||||||||||
Aluminum contracts | — | 2 | Net sales | ||||||||||||||
Currency exchange contracts | 1 | 1 | Cost of goods sold (B) | ||||||||||||||
Currency exchange contracts | 4 | — | Net sales | ||||||||||||||
Currency exchange contracts | 1 | (1 | ) | Other expense (income), net | |||||||||||||
Total | $ | — | $ | 22 | Income before taxes | ||||||||||||
— | (7 | ) | Income tax provision | ||||||||||||||
$ | — | $ | 15 | 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. | ||||||||||||||||
(B) | "Cost of goods sold" is exclusive of depreciation and amortization. | ||||||||||||||||
(C) | Includes amounts related to natural gas swaps. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 June 30, 2014 and March 31, 2014 (in millions). | ||||||||||||||||
June 30, 2014 | March 31, 2014 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
Level 2 instruments | ||||||||||||||||
Aluminum contracts | $ | 16 | $ | (42 | ) | $ | 23 | $ | (36 | ) | ||||||
Currency exchange contracts | 58 | (20 | ) | 28 | (23 | ) | ||||||||||
Energy contracts | 2 | — | 4 | (1 | ) | |||||||||||
Interest rate swaps | — | (1 | ) | — | — | |||||||||||
Total level 2 instruments | 76 | (63 | ) | 55 | (60 | ) | ||||||||||
Level 3 instruments | ||||||||||||||||
Energy contracts | — | (17 | ) | — | (19 | ) | ||||||||||
Total level 3 instruments | — | (17 | ) | — | (19 | ) | ||||||||||
Total gross | $ | 76 | $ | (80 | ) | $ | 55 | $ | (79 | ) | ||||||
Netting adjustment (A) | (21 | ) | 21 | (20 | ) | 20 | ||||||||||
Total net | $ | 55 | $ | (59 | ) | $ | 35 | $ | (59 | ) | ||||||
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, 2014 | $ | (19 | ) | |||||||||||||
Realized/unrealized gain included in earnings (B) | 4 | |||||||||||||||
Settlements | (2 | ) | ||||||||||||||
Balance as of June 30, 2014 | $ | (17 | ) | |||||||||||||
(A) Represents net derivative liabilities. | ||||||||||||||||
(B) Included in “Other expense (income), net.” | ||||||||||||||||
Estimated fair value of certain financial instruments that are not recorded at fair value on a recurring basis | ' | |||||||||||||||
June 30, 2014 | March 31, 2014 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | |||||||||||||
Assets | ||||||||||||||||
Long-term receivables from related parties | $ | 21 | $ | 21 | $ | 12 | $ | 12 | ||||||||
Liabilities | ||||||||||||||||
Total debt — third parties (excluding short term borrowings) | $ | 4,445 | $ | 4,655 | $ | 4,451 | $ | 4,734 | ||||||||
Other_Income_Expense_Net_Table
Other (Income) Expense, Net (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Other Income and Expenses [Abstract] | ' | |||||||
Schedule of other nonoperating income (expense) | ' | |||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
Foreign currency remeasurement gains, net (A) | $ | — | $ | (5 | ) | |||
(Gain) loss on change in fair value of other unrealized derivative instruments, net | (1 | ) | 12 | |||||
Loss (gain) on change in fair value of other realized derivative instruments, net | 3 | (21 | ) | |||||
Loss on Brazilian tax litigation, net (B) | 2 | 1 | ||||||
Interest income | (1 | ) | (1 | ) | ||||
Other, net | 2 | 4 | ||||||
Other expense (income), net | $ | 5 | $ | (10 | ) | |||
(A) | Includes “(Gain) loss recognized on balance sheet remeasurement currency exchange contracts, net.” | |||||||
(B) | See Note 16 – Commitments and Contingencies – Brazil Tax and Legal Matters for further details. |
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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 June 30, | ||||||||
2014 | 2013 | |||||||
Pre-tax income before equity in net income of non-consolidated affiliates and noncontrolling interests | $ | 61 | $ | 21 | ||||
Canadian statutory tax rate | 25 | % | 26 | % | ||||
Provision at the Canadian statutory rate | $ | 15 | $ | 5 | ||||
Increase (decrease) for taxes on income (loss) resulting from: | ||||||||
Exchange translation items | 4 | (9 | ) | |||||
Exchange remeasurement of deferred income taxes | 4 | (15 | ) | |||||
Change in valuation allowances | 11 | 37 | ||||||
Income items not subject to tax | (1 | ) | (1 | ) | ||||
Dividends not subject to tax | (10 | ) | (14 | ) | ||||
Tax rate differences on foreign earnings | 1 | — | ||||||
Income tax provision | $ | 24 | $ | 3 | ||||
Effective tax rate | 39 | % | 14 | % | ||||
Segment_Major_Customer_and_Maj1
Segment, Major Customer and Major Supplier Information (Tables) | 3 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Selected segment financial information | ' | |||||||||||||||||||||||
Selected Segment Financial Information | ||||||||||||||||||||||||
June 30, 2014 | North | Europe | Asia | South | Other and | Total | ||||||||||||||||||
America | America | Eliminations | ||||||||||||||||||||||
Investment in and advances to non–consolidated affiliates | $ | — | $ | 607 | $ | — | $ | — | $ | — | $ | 607 | ||||||||||||
Assets held for sale - Investment in and advances to non-consolidated affiliates | — | — | — | 40 | — | 40 | ||||||||||||||||||
Total assets | $ | 2,805 | $ | 3,165 | $ | 1,562 | $ | 1,714 | $ | 58 | $ | 9,304 | ||||||||||||
March 31, 2014 | North | Europe | Asia | South | Other and | Total | ||||||||||||||||||
America | America | Eliminations | ||||||||||||||||||||||
Investment in and advances to non–consolidated affiliates | $ | — | $ | 612 | — | $ | — | $ | — | 612 | ||||||||||||||
Assets held for sale - Investment in and advances to non-consolidated affiliates | — | — | — | 39 | — | 39 | ||||||||||||||||||
Total assets | $ | 2,998 | $ | 3,046 | $ | 1,440 | $ | 1,583 | $ | 47 | $ | 9,114 | ||||||||||||
Selected Operating Results Three Months Ended June 30, 2014 | North | Europe | Asia | South | Other and | Total | ||||||||||||||||||
America | America | Eliminations | ||||||||||||||||||||||
Net sales-third party | $ | 815 | $ | 880 | $ | 529 | $ | 403 | $ | 53 | $ | 2,680 | ||||||||||||
Net sales-intersegment | 6 | 34 | 27 | 17 | (84 | ) | — | |||||||||||||||||
Net sales | $ | 821 | $ | 914 | $ | 556 | $ | 420 | $ | (31 | ) | $ | 2,680 | |||||||||||
Depreciation and amortization | $ | 34 | $ | 25 | $ | 20 | $ | 17 | $ | (7 | ) | $ | 89 | |||||||||||
Income tax (benefit) provision | $ | (9 | ) | $ | 12 | $ | 3 | $ | 12 | $ | 6 | $ | 24 | |||||||||||
Capital expenditures | $ | 19 | $ | 89 | $ | 20 | $ | 17 | $ | (7 | ) | $ | 138 | |||||||||||
Selected Operating Results Three Months Ended June 30, 2013 | North | Europe | Asia | South | Other and | Total | ||||||||||||||||||
America | America | Eliminations | ||||||||||||||||||||||
Net sales-third party | $ | 776 | $ | 778 | $ | 472 | $ | 327 | $ | 48 | $ | 2,401 | ||||||||||||
Net sales-intersegment | 4 | 29 | 13 | 7 | (53 | ) | — | |||||||||||||||||
Net sales | $ | 780 | $ | 807 | $ | 485 | $ | 334 | $ | (5 | ) | $ | 2,401 | |||||||||||
Depreciation and amortization | $ | 30 | $ | 24 | $ | 14 | $ | 15 | $ | (6 | ) | $ | 77 | |||||||||||
Income tax (benefit) provision | $ | (1 | ) | $ | 11 | $ | 4 | $ | (15 | ) | $ | 4 | $ | 3 | ||||||||||
Capital expenditures | $ | 27 | $ | 36 | $ | 65 | $ | 40 | $ | 13 | $ | 181 | ||||||||||||
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 June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
North America | $ | 64 | $ | 46 | ||||||||||||||||||||
Europe | 79 | 70 | ||||||||||||||||||||||
Asia | 37 | 46 | ||||||||||||||||||||||
South America | 55 | 42 | ||||||||||||||||||||||
Depreciation and amortization | (89 | ) | (77 | ) | ||||||||||||||||||||
Interest expense and amortization of debt issuance costs | (81 | ) | (76 | ) | ||||||||||||||||||||
Adjustment to eliminate proportional consolidation | (8 | ) | (11 | ) | ||||||||||||||||||||
Unrealized gains (losses) on change in fair value of derivative instruments, net | 1 | (12 | ) | |||||||||||||||||||||
Realized (losses) gains on derivative instruments not included in segment income | (1 | ) | 2 | |||||||||||||||||||||
Gain on assets held for sale | 11 | — | ||||||||||||||||||||||
Restructuring and impairment, net | (6 | ) | (9 | ) | ||||||||||||||||||||
Other costs, net | (3 | ) | (4 | ) | ||||||||||||||||||||
Income before income taxes | 59 | 17 | ||||||||||||||||||||||
Income tax provision | 24 | 3 | ||||||||||||||||||||||
Net income | 35 | 14 | ||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | ||||||||||||||||||||||
Net income attributable to our common shareholder | $ | 35 | $ | 14 | ||||||||||||||||||||
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 June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Rexam | 18 | % | 12 | % | ||||||||||||||||||||
Affiliates of Ball Corporation | 11 | % | 10 | % | ||||||||||||||||||||
Anheuser-Busch | 8 | % | 8 | % | ||||||||||||||||||||
Percentage of total combined metal purchases | ' | |||||||||||||||||||||||
The table below shows our purchases from RTA as a percentage of total combined metal purchases. | ||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Purchases from RTA as a percentage of total | 15 | % | 18 | % |
Supplemental_Information_Table
Supplemental Information (Tables) | 3 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Supplemental Cash Flow Elements [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 | (A) Cash Flow Hedges | (B) | Total | ||||||||||||||
Postretirement Benefit Plans | |||||||||||||||||
Balance as of March 31, 2014 | $ | 89 | $ | (20 | ) | $ | (160 | ) | $ | (91 | ) | ||||||
Other comprehensive income before reclassifications | 26 | 13 | (5 | ) | 34 | ||||||||||||
Amounts reclassified from AOCI, net | — | — | (3 | ) | (3 | ) | |||||||||||
Net current-period other comprehensive income (loss) | 26 | 13 | (8 | ) | 31 | ||||||||||||
Balance as of June 30, 2014 | $ | 115 | $ | (7 | ) | $ | (168 | ) | $ | (60 | ) | ||||||
Currency Translation | (A) Cash Flow Hedges | (B) | Total | ||||||||||||||
Postretirement Benefit Plans | |||||||||||||||||
Balance as of March 31, 2013 | $ | (33 | ) | $ | (2 | ) | $ | (233 | ) | $ | (268 | ) | |||||
Other comprehensive income before reclassifications | (2 | ) | (29 | ) | — | (31 | ) | ||||||||||
Amounts reclassified from AOCI, net | — | (15 | ) | 4 | (11 | ) | |||||||||||
Net current-period other comprehensive income (loss) | (2 | ) | (44 | ) | 4 | (42 | ) | ||||||||||
Balance as of June 30, 2013 | $ | (35 | ) | $ | (46 | ) | $ | (229 | ) | $ | (310 | ) | |||||
(A) For additional information on our cash flow hedges see Note 11 - Financial Instruments and Commodity Contracts. | |||||||||||||||||
(B) | For additional information on our postretirement benefit plans see Note 9 - Postretirement Benefit Plans. | ||||||||||||||||
The following table summarizes the impact on AOCI and earnings of derivative instruments designation as cash flow hedges (in millions). | |||||||||||||||||
Amount of Gain (Loss) Reclassified from AOCI into Income/(Expense) three months ended June 30, | Location of Gain (Loss) | ||||||||||||||||
Reclassified from AOCI into | |||||||||||||||||
Earnings | |||||||||||||||||
Cash flow hedging derivatives | 2014 | 2013 | |||||||||||||||
Energy contracts (A) | $ | (1 | ) | $ | (1 | ) | Other expense (income), net | ||||||||||
Energy contracts (C) | 1 | — | Cost of goods sold (B) | ||||||||||||||
Aluminum contracts | (6 | ) | 21 | Cost of goods sold (B) | |||||||||||||
Aluminum contracts | — | 2 | Net sales | ||||||||||||||
Currency exchange contracts | 1 | 1 | Cost of goods sold (B) | ||||||||||||||
Currency exchange contracts | 4 | — | Net sales | ||||||||||||||
Currency exchange contracts | 1 | (1 | ) | Other expense (income), net | |||||||||||||
Total | $ | — | $ | 22 | Income before taxes | ||||||||||||
— | (7 | ) | Income tax provision | ||||||||||||||
$ | — | $ | 15 | 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. | ||||||||||||||||
(B) | "Cost of goods sold" is exclusive of depreciation and amortization. | ||||||||||||||||
(C) | Includes amounts related to natural gas swaps. | ||||||||||||||||
Supplemental cash flow information | ' | ||||||||||||||||
Supplemental cash flow information (in millions): | |||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Interest paid | $ | 127 | $ | 124 | |||||||||||||
Income taxes paid | $ | 39 | $ | 31 | |||||||||||||
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 3 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ' | |||||||||||||||||||
Condensed consolidating statement of operations | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | ||||||||||||||||||||
Net sales | $ | 174 | $ | 2,235 | $ | 685 | $ | (414 | ) | $ | 2,680 | |||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 172 | 1,950 | 621 | (414 | ) | 2,329 | ||||||||||||||
Selling, general and administrative expenses | (4 | ) | 91 | 21 | — | 108 | ||||||||||||||
Depreciation and amortization | 4 | 64 | 21 | — | 89 | |||||||||||||||
Research and development expenses | — | 12 | — | — | 12 | |||||||||||||||
Interest expense and amortization of debt issuance costs | 80 | 14 | 3 | (16 | ) | 81 | ||||||||||||||
Gain on assets held for sale | (5 | ) | (6 | ) | — | — | (11 | ) | ||||||||||||
Restructuring and impairment, net | — | 5 | 1 | — | 6 | |||||||||||||||
Equity in net loss of non-consolidated affiliates | — | 2 | — | — | 2 | |||||||||||||||
Equity in net (income) loss of consolidated subsidiaries | (90 | ) | (9 | ) | — | 99 | — | |||||||||||||
Other expense (income), net | (20 | ) | 4 | 5 | 16 | 5 | ||||||||||||||
137 | 2,127 | 672 | (315 | ) | 2,621 | |||||||||||||||
Income (loss) before income taxes | 37 | 108 | 13 | (99 | ) | 59 | ||||||||||||||
Income tax provision | 2 | 18 | 4 | — | 24 | |||||||||||||||
Net income (loss) | 35 | 90 | 9 | (99 | ) | 35 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | |||||||||||||||
Net income (loss) attributable to our common shareholder | $ | 35 | $ | 90 | $ | 9 | $ | (99 | ) | $ | 35 | |||||||||
Comprehensive income (loss) | $ | 66 | $ | 74 | $ | 44 | $ | (117 | ) | $ | 67 | |||||||||
Less: Comprehensive income attributable to noncontrolling interest | $ | — | $ | — | $ | 1 | $ | — | $ | 1 | ||||||||||
Comprehensive income (loss) attributable to our common shareholder | $ | 66 | $ | 74 | $ | 43 | $ | (117 | ) | $ | 66 | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | ||||||||||||||||||||
Net sales | $ | 178 | $ | 1,962 | $ | 626 | $ | (365 | ) | $ | 2,401 | |||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 189 | 1,717 | 557 | (365 | ) | 2,098 | ||||||||||||||
Selling, general and administrative expenses | 44 | 63 | 13 | — | 120 | |||||||||||||||
Depreciation and amortization | 4 | 58 | 15 | — | 77 | |||||||||||||||
Research and development expenses | 1 | 9 | — | — | 10 | |||||||||||||||
Interest expense and amortization of debt issuance costs | 79 | 7 | (1 | ) | (9 | ) | 76 | |||||||||||||
Restructuring and impairment, net | — | 8 | 1 | — | 9 | |||||||||||||||
Equity in net loss of non-consolidated affiliates | — | 4 | — | — | 4 | |||||||||||||||
Equity in net (income) loss of consolidated subsidiaries | (155 | ) | (26 | ) | — | 181 | — | |||||||||||||
Other expense (income), net | 2 | (29 | ) | 8 | 9 | (10 | ) | |||||||||||||
164 | 1,811 | 593 | (184 | ) | 2,384 | |||||||||||||||
Income (loss) before taxes | 14 | 151 | 33 | (181 | ) | 17 | ||||||||||||||
Income tax (benefit) provision | — | (2 | ) | 5 | — | 3 | ||||||||||||||
Net income (loss) | 14 | 153 | 28 | (181 | ) | 14 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | |||||||||||||||
Net income (loss) attributable to our common shareholder | $ | 14 | $ | 153 | $ | 28 | $ | (181 | ) | $ | 14 | |||||||||
Comprehensive (loss) income | $ | (28 | ) | $ | 172 | $ | 6 | $ | (179 | ) | $ | (29 | ) | |||||||
Comprehensive loss attributable to noncontrolling interest | $ | — | $ | — | $ | (1 | ) | $ | — | $ | (1 | ) | ||||||||
Comprehensive (loss) income attributable to our common shareholder | $ | (28 | ) | $ | 172 | $ | 7 | $ | (179 | ) | $ | (28 | ) | |||||||
Condensed consolidating balance sheet | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET (in millions) | ||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 4 | $ | 207 | $ | 126 | $ | — | $ | 337 | ||||||||||
Accounts receivable, net of allowances | ||||||||||||||||||||
— third parties | 21 | 1,247 | 289 | — | 1,557 | |||||||||||||||
— related parties | 333 | 159 | 88 | (519 | ) | 61 | ||||||||||||||
Inventories | 43 | 968 | 284 | — | 1,295 | |||||||||||||||
Prepaid expenses and other current assets | 7 | 87 | 20 | — | 114 | |||||||||||||||
Fair value of derivative instruments | 18 | 19 | 31 | (1 | ) | 67 | ||||||||||||||
Deferred income tax assets | — | 99 | 2 | — | 101 | |||||||||||||||
Assets held for sale | — | 72 | — | — | 72 | |||||||||||||||
Total current assets | 426 | 2,858 | 840 | (520 | ) | 3,604 | ||||||||||||||
Property, plant and equipment, net | 98 | 2,516 | 961 | — | 3,575 | |||||||||||||||
Goodwill | — | 597 | 11 | — | 608 | |||||||||||||||
Intangible assets, net | 18 | 604 | 4 | — | 626 | |||||||||||||||
Investments in and advances to non-consolidated affiliates | — | 607 | — | — | 607 | |||||||||||||||
Investments in consolidated subsidiaries | 3,322 | 658 | — | (3,980 | ) | — | ||||||||||||||
Deferred income tax assets | — | 27 | 53 | — | 80 | |||||||||||||||
Other long-term assets | ||||||||||||||||||||
— third parties | 68 | 99 | 16 | — | 183 | |||||||||||||||
— related parties | 1,331 | 70 | — | (1,380 | ) | 21 | ||||||||||||||
Total assets | $ | 5,263 | $ | 8,036 | $ | 1,885 | $ | (5,880 | ) | $ | 9,304 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Current portion of long-term debt | $ | 21 | $ | 10 | $ | 64 | $ | — | $ | 95 | ||||||||||
Short-term borrowings | ||||||||||||||||||||
— third parties | 438 | 443 | 75 | — | 956 | |||||||||||||||
— related parties | 32 | 88 | — | (120 | ) | — | ||||||||||||||
Accounts payable | ||||||||||||||||||||
— third parties | 30 | 1,066 | 555 | — | 1,651 | |||||||||||||||
— related parties | 55 | 364 | 23 | (386 | ) | 56 | ||||||||||||||
Fair value of derivative instruments | 7 | 46 | 13 | (1 | ) | 65 | ||||||||||||||
Accrued expenses and other current liabilities | ||||||||||||||||||||
— third parties | 42 | 331 | 82 | — | 455 | |||||||||||||||
— related parties | — | 9 | 4 | (13 | ) | — | ||||||||||||||
Deferred income tax liabilities | — | 19 | — | — | 19 | |||||||||||||||
Total current liabilities | 625 | 2,376 | 816 | (520 | ) | 3,297 | ||||||||||||||
Long-term debt, net of current portion | ||||||||||||||||||||
— third parties | 4,215 | 37 | 98 | — | 4,350 | |||||||||||||||
— related parties | 49 | 1,272 | 59 | (1,380 | ) | — | ||||||||||||||
Deferred income tax liabilities | — | 415 | 6 | — | 421 | |||||||||||||||
Accrued postretirement benefits | 42 | 431 | 159 | — | 632 | |||||||||||||||
Other long-term liabilities | 26 | 234 | 9 | — | 269 | |||||||||||||||
Total liabilities | 4,957 | 4,765 | 1,147 | (1,900 | ) | 8,969 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Total temporary equity - intercompany | — | 1,681 | — | (1,681 | ) | — | ||||||||||||||
Shareholder’s equity | ||||||||||||||||||||
Common stock | — | — | — | — | — | |||||||||||||||
Additional paid-in capital | 1,404 | — | — | — | 1,404 | |||||||||||||||
Retained earnings (accumulated deficit) | (1,038 | ) | 1,752 | 689 | (2,441 | ) | (1,038 | ) | ||||||||||||
Accumulated other comprehensive income (loss) | (60 | ) | (162 | ) | 20 | 142 | (60 | ) | ||||||||||||
Total equity of our common shareholder | 306 | 1,590 | 709 | (2,299 | ) | 306 | ||||||||||||||
Noncontrolling interests | — | — | 29 | — | 29 | |||||||||||||||
Total equity | 306 | 1,590 | 738 | (2,299 | ) | 335 | ||||||||||||||
Total liabilities and equity | $ | 5,263 | $ | 8,036 | $ | 1,885 | $ | (5,880 | ) | $ | 9,304 | |||||||||
CONDENSED CONSOLIDATING BALANCE SHEET (in millions) | ||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 4 | $ | 372 | $ | 133 | $ | — | $ | 509 | ||||||||||
Accounts receivable, net of allowances | ||||||||||||||||||||
— third parties | 15 | 1,121 | 246 | — | 1,382 | |||||||||||||||
— related parties | 1,093 | 193 | 57 | (1,289 | ) | 54 | ||||||||||||||
Inventories | 36 | 880 | 257 | — | 1,173 | |||||||||||||||
Prepaid expenses and other current assets | 5 | 76 | 20 | — | 101 | |||||||||||||||
Fair value of derivative instruments | 12 | 26 | 14 | (1 | ) | 51 | ||||||||||||||
Deferred income tax assets | — | 96 | 5 | — | 101 | |||||||||||||||
Assets held for sale | 28 | 74 | — | — | 102 | |||||||||||||||
Total current assets | 1,193 | 2,838 | 732 | (1,290 | ) | 3,473 | ||||||||||||||
Property, plant and equipment, net | 100 | 2,485 | 928 | — | 3,513 | |||||||||||||||
Goodwill | — | 600 | 11 | — | 611 | |||||||||||||||
Intangible assets, net | 19 | 617 | 4 | — | 640 | |||||||||||||||
Investments in and advances to non-consolidated affiliates | — | 612 | — | — | 612 | |||||||||||||||
Investments in consolidated subsidiaries | 3,273 | 612 | — | (3,885 | ) | — | ||||||||||||||
Deferred income tax assets | — | 28 | 52 | — | 80 | |||||||||||||||
Other long-term assets | ||||||||||||||||||||
— third parties | 73 | 89 | 11 | — | 173 | |||||||||||||||
— related parties | 844 | 61 | — | (893 | ) | 12 | ||||||||||||||
Total assets | $ | 5,502 | $ | 7,942 | $ | 1,738 | $ | (6,068 | ) | $ | 9,114 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Current portion of long-term debt | $ | 21 | $ | 10 | $ | 61 | $ | — | $ | 92 | ||||||||||
Short-term borrowings | ||||||||||||||||||||
— third parties | 367 | 287 | 69 | — | 723 | |||||||||||||||
— related parties | 32 | 809 | — | (841 | ) | — | ||||||||||||||
Accounts payable | ||||||||||||||||||||
— third parties | 35 | 912 | 471 | — | 1,418 | |||||||||||||||
— related parties | 89 | 377 | 29 | (442 | ) | 53 | ||||||||||||||
Fair value of derivative instruments | 14 | 40 | 7 | (1 | ) | 60 | ||||||||||||||
Accrued expenses and other current liabilities | ||||||||||||||||||||
— third parties | 104 | 358 | 85 | — | 547 | |||||||||||||||
— related parties | 250 | 4 | 2 | (6 | ) | 250 | ||||||||||||||
Deferred income tax liabilities | — | 16 | — | — | 16 | |||||||||||||||
Liabilities held for sale | 10 | 1 | — | — | 11 | |||||||||||||||
Total current liabilities | 922 | 2,814 | 724 | (1,290 | ) | 3,170 | ||||||||||||||
Long-term debt, net of current portion | ||||||||||||||||||||
— third parties | 4,219 | 40 | 100 | — | 4,359 | |||||||||||||||
— related parties | 49 | 788 | 56 | (893 | ) | — | ||||||||||||||
Deferred income tax liabilities | — | 419 | 6 | — | 425 | |||||||||||||||
Accrued postretirement benefits | 44 | 422 | 155 | — | 621 | |||||||||||||||
Other long-term liabilities | 28 | 236 | 7 | — | 271 | |||||||||||||||
Total liabilities | 5,262 | 4,719 | 1,048 | (2,183 | ) | 8,846 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Total temporary equity - intercompany | — | 1,681 | — | (1,681 | ) | — | ||||||||||||||
Shareholder’s equity | ||||||||||||||||||||
Common stock | — | — | — | — | — | |||||||||||||||
Additional paid-in capital | 1,404 | — | — | — | 1,404 | |||||||||||||||
Retained earnings (accumulated deficit) | (1,073 | ) | 1,684 | 680 | (2,364 | ) | (1,073 | ) | ||||||||||||
Accumulated other comprehensive income (loss) | (91 | ) | (142 | ) | (18 | ) | 160 | (91 | ) | |||||||||||
Total equity of our common shareholder | 240 | 1,542 | 662 | (2,204 | ) | 240 | ||||||||||||||
Noncontrolling interests | — | — | 28 | — | 28 | |||||||||||||||
Total equity | 240 | 1,542 | 690 | (2,204 | ) | 268 | ||||||||||||||
Total liabilities and equity | $ | 5,502 | $ | 7,942 | $ | 1,738 | $ | (6,068 | ) | $ | 9,114 | |||||||||
Condensed consolidating statement of cash flows | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | ||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (79 | ) | $ | 67 | $ | 3 | $ | (15 | ) | $ | (24 | ) | |||||||
INVESTING ACTIVITIES | ||||||||||||||||||||
Capital expenditures | (4 | ) | (114 | ) | (20 | ) | — | (138 | ) | |||||||||||
Proceeds from sales of assets, net of transaction fees | ||||||||||||||||||||
— third parties | 29 | 5 | — | — | 34 | |||||||||||||||
— related parties | — | — | — | — | — | |||||||||||||||
Proceeds (outflows) from investment in and advances to affiliates, net | 235 | (16 | ) | — | (235 | ) | (16 | ) | ||||||||||||
Proceeds (outflows) from settlement of other undesignated derivative instruments, net | 3 | (9 | ) | 7 | — | 1 | ||||||||||||||
Net cash provided by (used in) investing activities | 263 | (134 | ) | (13 | ) | (235 | ) | (119 | ) | |||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from issuance of debt | ||||||||||||||||||||
— third parties | — | 95 | 10 | — | 105 | |||||||||||||||
— related parties | — | 500 | 3 | (503 | ) | — | ||||||||||||||
Principal payments | ||||||||||||||||||||
— third parties | (5 | ) | (35 | ) | (13 | ) | — | (53 | ) | |||||||||||
— related parties | — | (17 | ) | — | 17 | — | ||||||||||||||
Short-term borrowings, net | ||||||||||||||||||||
— third parties | 71 | 96 | (1 | ) | — | 166 | ||||||||||||||
— related parties | — | (721 | ) | — | 721 | — | ||||||||||||||
Return of capital to our common shareholder | (250 | ) | — | — | — | (250 | ) | |||||||||||||
Dividends — noncontrolling interests | — | (15 | ) | — | 15 | — | ||||||||||||||
Net cash (used in) provided by financing activities | (184 | ) | (97 | ) | (1 | ) | 250 | (32 | ) | |||||||||||
Net decrease in cash and cash equivalents | — | (164 | ) | (11 | ) | — | (175 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | (1 | ) | 4 | — | 3 | ||||||||||||||
Cash and cash equivalents — beginning of period | 4 | 372 | 133 | — | 509 | |||||||||||||||
Cash and cash equivalents — end of period | $ | 4 | $ | 207 | $ | 126 | $ | — | $ | 337 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | ||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (134 | ) | $ | 43 | $ | 3 | $ | (14 | ) | $ | (102 | ) | |||||||
INVESTING ACTIVITIES | ||||||||||||||||||||
Capital expenditures | (4 | ) | (118 | ) | (59 | ) | — | (181 | ) | |||||||||||
Net (outflow) proceeds from investment in and advances to affiliates | 13 | — | — | (13 | ) | — | ||||||||||||||
Proceeds from settlement of other undesignated derivative instruments, net | 2 | (13 | ) | 5 | — | (6 | ) | |||||||||||||
Net cash provided by (used in) investing activities | 11 | (131 | ) | (54 | ) | (13 | ) | (187 | ) | |||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from issuance of debt | ||||||||||||||||||||
— third parties | — | 41 | 1 | — | 42 | |||||||||||||||
— related parties | — | — | 21 | (21 | ) | — | ||||||||||||||
Principal payments | ||||||||||||||||||||
— third parties | (5 | ) | (12 | ) | — | — | (17 | ) | ||||||||||||
Short-term borrowings, net | ||||||||||||||||||||
— third parties | 145 | 74 | — | — | 219 | |||||||||||||||
— related parties | — | (34 | ) | — | 34 | — | ||||||||||||||
Dividends, noncontrolling interests | — | (14 | ) | — | 14 | — | ||||||||||||||
Debt issuance costs | (7 | ) | — | — | — | (7 | ) | |||||||||||||
Net cash provided by financing activities | 133 | 55 | 22 | 27 | 237 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 10 | (33 | ) | (29 | ) | — | (52 | ) | ||||||||||||
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 | $ | 14 | $ | 164 | $ | 71 | $ | — | $ | 249 | ||||||||||
Business_and_Summary_of_Signif2
Business and Summary of Significant Accounting Policies (Details) | Jun. 30, 2014 |
Plants | |
Continents | |
Countries | |
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 | 24 |
Number of plants with recycling operations | 10 |
Restructuring_and_Impairment_R
Restructuring and Impairment - Restructuring Liability (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | |
Total restructuring liabilities | ' | ' | |
Balance, beginning of period | $47 | ' | |
Expenses | 6 | ' | |
Cash payments | -7 | ' | |
Balance, end of period | 46 | ' | |
Other restructuring charges | 0 | [1] | ' |
Total restructuring charges | 6 | ' | |
Other impairments | 0 | [2] | ' |
Total restructuring and impairments, net | $6 | $9 | |
[1] | Other restructuring charges include period expenses that were not recorded through the restructuring liability and impairments related to a restructuring activity. | ||
[2] | Other impairment charges not related to a restructuring activity. |
Restructuring_and_Impairment_D
Restructuring and Impairment (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | $6 | ' | ' | |||
Cash payments | -7 | ' | ' | |||
North America [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | 0 | 5 | 47 | |||
Cash payments | 0 | -6 | ' | |||
North America [Member] | Severance [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Cash payments | 0 | -4 | ' | |||
North America [Member] | Severance [Member] | Saguenay Plant Closure [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | 0 | 0 | 5 | |||
North America [Member] | Severance [Member] | Relocation of Research and Development Operations [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | 0 | 1 | 11 | |||
North America [Member] | Fixed Asset Impairment [Member] | Saguenay Plant Closure [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | 0 | [1] | 0 | [1] | 28 | [1] |
North America [Member] | Other Exit Related Costs [Member] | Saguenay Plant Closure [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | 0 | 1 | 0 | |||
North America [Member] | Period Expenses [Member] | Saguenay Plant Closure [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | 0 | [1] | 1 | [1] | 3 | [1] |
North America [Member] | Period Expenses [Member] | Relocation of Research and Development Operations [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | 0 | [1] | 1 | [1] | 0 | [1] |
North America [Member] | Relocation Costs [Member] | Relocation of Research and Development Operations [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | 0 | 1 | 0 | |||
North America [Member] | Other [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Cash payments | 0 | -2 | ' | |||
Europe [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | 3 | 27 | 16 | |||
Cash payments | -6 | -19 | ' | |||
Europe [Member] | Severance [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Cash payments | -6 | -18 | ' | |||
Europe [Member] | Severance [Member] | Business Optimization [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | 3 | 26 | 16 | |||
Europe [Member] | Other [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Cash payments | 0 | -1 | ' | |||
Europe [Member] | Pension Settlement Loss [Member] | Business Optimization [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | 0 | [1] | 1 | [1] | 0 | [1] |
South America [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | 3 | 19 | 29 | |||
Cash payments | -1 | -8 | ' | |||
South America [Member] | Severance [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Cash payments | 0 | -4 | ' | |||
South America [Member] | Severance [Member] | Non-core Assets [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | 0 | 2 | 3 | |||
South America [Member] | Severance [Member] | Aratu Plant Closure [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | ' | 0 | 7 | |||
South America [Member] | Fixed Asset Impairment [Member] | Non-core Assets [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | 0 | [1] | 0 | [1] | 1 | [1] |
South America [Member] | Fixed Asset Impairment [Member] | Aratu Plant Closure [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | 0 | [1] | 0 | [1] | 7 | [1] |
South America [Member] | Other Exit Related Costs [Member] | Aratu Plant Closure [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | 1 | 0 | 6 | |||
South America [Member] | Other [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Cash payments | -1 | -4 | ' | |||
South America [Member] | Contract Termination and Other [Member] | Non-core Assets [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | 0 | 1 | 5 | |||
South America [Member] | Environmental Charges [Member] | Non-core Assets [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | 2 | 16 | 0 | |||
Corporate [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Cash payments | 0 | -1 | ' | |||
Corporate [Member] | Relocation of Headquarters [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | 0 | 0 | 5 | |||
Corporate [Member] | Other [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Cash payments | $0 | ($1) | ' | |||
[1] | These charges were not recorded through the restructuring liability. |
Restructuring_and_Impairment_D1
Restructuring and Impairment (Details Textual) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and impairment, net | $6 | $9 | ' |
Restructuring liability | 46 | ' | 47 |
Accrued expenses and other current liabilities [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring liabilities, short-term | 27 | ' | ' |
Other long-term liabilities [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring liabilities, long-term | 19 | ' | ' |
North America [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring liability | 4 | ' | ' |
North America [Member] | Severance [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring liability | 3 | ' | ' |
North America [Member] | Other Exit Related Costs [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring liability | 1 | ' | ' |
Europe [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring liability | 15 | ' | ' |
Europe [Member] | Severance [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring liability | 14 | ' | ' |
Europe [Member] | Environmental Remediation and Other Restructuring [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring liability | 1 | ' | ' |
South America [Member] | Other Exit Related Costs [Member] | Non-core Assets [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring liability | 6 | ' | ' |
South America [Member] | Environmental, Contract Termination and Other Exit Related Costs [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring liability | 26 | ' | ' |
South America [Member] | Environmental Remediation Site [Domain] | Non-core Assets [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring liability | 19 | ' | ' |
South America [Member] | Contract Termination [Member] | Non-core Assets [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring liability | 1 | ' | ' |
Corporate [Member] | Relocation of Headquarters [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring liability | $1 | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Schedule of inventories | ' | ' |
Finished goods | $325 | $259 |
Work in process | 480 | 419 |
Raw materials | 372 | 382 |
Supplies | 118 | 113 |
Inventories | $1,295 | $1,173 |
Assets_Held_For_Sale_Assets_He1
Assets Held For Sale Assets Held For Sale (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Assets Held For Sale [Abstract] | ' | ' |
Accounts receivable | $0 | $10 |
Inventories | 0 | 15 |
Prepaid expenses and other current assets | 0 | 1 |
Property, plant and equipment, net | 32 | 37 |
Investment in and advances to non-consolidated affiliates | 40 | 39 |
Total assets held for sale | 72 | 102 |
Accounts payable | 0 | 4 |
Accrued expenses and other current liabilities | 0 | 7 |
Total liabilities held for sale | $0 | $11 |
Assets_Held_For_Sale_Assets_He2
Assets Held For Sale Assets Held For Sale (Details Textual) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 |
Assets Held-for-sale [Line Items] | ' | ' | ' |
Assets held for sale | $72 | ' | $102 |
Liabilities of Assets Held-for-sale | 0 | ' | 11 |
Loss (gain) on assets held for sale | 11 | 0 | ' |
Gain (Loss) on Disposition of Property Plant Equipment | -1 | -1 | ' |
South America [Member] | ' | ' | ' |
Assets Held-for-sale [Line Items] | ' | ' | ' |
Assets held for sale | 72 | ' | ' |
Brazil [Member] | ' | ' | ' |
Assets Held-for-sale [Line Items] | ' | ' | ' |
Loss (gain) on assets held for sale | 4 | ' | ' |
Proceeds from Sale of Property Held-for-sale | 4 | ' | ' |
North America [Member] | ' | ' | ' |
Assets Held-for-sale [Line Items] | ' | ' | ' |
Loss (gain) on assets held for sale | 7 | ' | ' |
Proceeds from Sale of Property Held-for-sale | 31 | ' | ' |
Accounts Receivable [Member] | North America [Member] | ' | ' | ' |
Assets Held-for-sale [Line Items] | ' | ' | ' |
Proceeds from Sale of Property Held-for-sale | $1 | ' | ' |
Consolidation_Details
Consolidation (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||||
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | $337 | $509 | $249 | $301 |
Inventories | 1,295 | 1,173 | ' | ' |
Prepaid expenses and other current assets | 114 | 101 | ' | ' |
Total current assets | 3,604 | 3,473 | ' | ' |
Property, plant and equipment, net | 3,575 | 3,513 | ' | ' |
Goodwill | 608 | 611 | ' | ' |
Deferred income taxes | 80 | 80 | ' | ' |
Other long-term assets | 183 | 173 | ' | ' |
Total assets | 9,304 | 9,114 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 1,651 | 1,418 | ' | ' |
Accrued expenses and other current liabilities | 455 | 547 | ' | ' |
Total current liabilities | 3,297 | 3,170 | ' | ' |
Accrued postretirement benefits | 632 | 621 | ' | ' |
Other long-term liabilities | 269 | 271 | ' | ' |
Total liabilities | 8,969 | 8,846 | ' | ' |
Logan [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 1 | ' | ' |
Accounts receivable - third parties | 39 | 38 | ' | ' |
Inventories | 45 | 42 | ' | ' |
Prepaid expenses and other current assets | 1 | 1 | ' | ' |
Total current assets | 85 | 82 | ' | ' |
Property, plant and equipment, net | 11 | 14 | ' | ' |
Goodwill | 12 | 12 | ' | ' |
Deferred income taxes | 65 | 63 | ' | ' |
Other long-term assets | 2 | 3 | ' | ' |
Total assets | 175 | 174 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 25 | 26 | ' | ' |
Accrued expenses and other current liabilities | 13 | 13 | ' | ' |
Total current liabilities | 38 | 39 | ' | ' |
Accrued postretirement benefits | 144 | 141 | ' | ' |
Other long-term liabilities | 2 | 2 | ' | ' |
Total liabilities | $184 | $182 | ' | ' |
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 | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Equity method investments [Member] | ' | ' |
Summary of the share of the condensed results of operations of equity method affiliates | ' | ' |
Net sales | $138 | $131 |
Costs, expenses and provisions for taxes on income | 146 | 127 |
Equity Method Investment, Summarized Financial Information, Provision For Income Tax | -2 | 4 |
Net loss | -6 | 0 |
Purchase of tolling services from Aluminum Norf GmbH (Norf) | $69 | $66 |
Investment_In_and_Advances_To_3
Investment In and Advances To Non-Consolidated Affiliates and Related Party Transactions (Details1) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Related Party Transaction [Line Items] | ' | ' |
Accounts receivable - related parties | $61 | $54 |
Long-term receivables from related parties, carrying value | 21 | 12 |
Accounts payable | 56 | 53 |
Alunorf [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts receivable - related parties | ' | 54 |
Long-term receivables from related parties, carrying value | ' | 12 |
Accounts payable | ' | $53 |
Investment_In_and_Advances_To_4
Investment In and Advances To Non-Consolidated Affiliates and Related Party Transactions (Details Textual) | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
USD ($) | USD ($) | USD ($) | Alunorf [Member] | Alunorf [Member] | Alunorf [Member] | Alunorf [Member] | Hindalco [Member] | AV Metals, Inc. [Member] | Supplemental Employee Retirement Plan, Defined Benefit [Member] | Supplemental Employee Retirement Plan, Defined Benefit [Member] | |
USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | Alunorf [Member] | Alunorf [Member] | ||||
USD ($) | EUR (€) | ||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transactions Interest Income On Loan | ' | ' | ' | $1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Related Party Debt | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transactions Interest Income On Loan Description | ' | ' | ' | 'less than $1 million | 'less than $1 million | ' | ' | ' | ' | ' | ' |
Related Party Transactions Sales between Company and Parent | ' | ' | ' | 1 | 1 | ' | ' | ' | ' | ' | ' |
Investment In and Advances To Non-Consolidated Affiliates and Related Party Transactions [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in net loss of non-consolidated affiliates | -2,000,000 | -4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term receivables from related parties, carrying value | 21,000,000 | ' | 12,000,000 | ' | ' | ' | 12,000,000 | ' | ' | ' | ' |
Accounts receivable - related parties | 61,000,000 | ' | 54,000,000 | ' | ' | ' | 54,000,000 | 0 | ' | ' | ' |
Guarantee as percentage of outstanding debt | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Maximum exposure for gauranteed obligation | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | 4,000,000 | 3,000,000 |
Revenue from related party | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' |
Return of Capital to Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | $250,000,000 | ' | ' |
Debt_Details
Debt (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt, Carrying Value | $4,445 | $4,451 | ||
Total debt | 5,423 | 5,197 | ||
Total debt, Unamortized Carrying Value Adjustment | -22 | -23 | ||
Total debt, carrying value | 5,401 | 5,174 | ||
Short-term borrowings | -956 | -723 | ||
Current portion of long-term debt | -95 | -92 | ||
Long-term debt, net of current portion, Principal | 4,372 | 4,382 | ||
Long-term debt, net of current portion, Carrying Value | 4,350 | 4,359 | ||
Floating Rate Term Loan Facility, due March 2017 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rates | 3.75% | [1] | ' | |
Long-term debt, Principal | 1,745 | 1,749 | ||
Long-term debt, Unamortized Carrying Value Adjustments | -19 | [2] | -20 | [2] |
Long-term debt, Carrying Value | 1,726 | 1,729 | ||
8.375% Senior Notes, due December 2017 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rates | 8.38% | [1] | ' | |
Long-term debt, Principal | 1,100 | 1,100 | ||
Long-term debt, Unamortized Carrying Value Adjustments | 0 | 0 | ||
Long-term debt, Carrying Value | 1,100 | 1,100 | ||
8.75% Senior Notes, due December 2020 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rates | 8.75% | [1] | ' | |
Long-term debt, Principal | 1,400 | 1,400 | ||
Long-term debt, Unamortized Carrying Value Adjustments | 0 | 0 | ||
Long-term debt, Carrying Value | 1,400 | 1,400 | ||
Capital Lease Obligation due July 2017 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rates | 3.64% | [1] | ' | |
Long-term debt, Principal | 10 | 11 | ||
Long-term debt, Unamortized Carrying Value Adjustments | 0 | 0 | ||
Long-term debt, Carrying Value | 10 | 11 | ||
Korean Loans due December 2014 through 2015 [Member] | Korea [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rates | 3.58% | [1] | ' | |
Long-term debt, Principal | 160 | 155 | ||
Long-term debt, Unamortized Carrying Value Adjustments | 0 | 0 | ||
Long-term debt, Carrying Value | 160 | 155 | ||
Capital Lease Obligation, due December 2019 [Member] | Switzerland [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rates | 7.50% | [1] | ' | |
Capital lease obligation, Principal | 35 | 36 | ||
Capital lease obligation, Unamortized Carrying Value Adjustments | -1 | [3] | -1 | [3] |
Capital lease obligation, Carrying Value | 34 | 35 | ||
BNDES Loans, due March 2015 through April 2021 [Member] | Brazil [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rates | 6.29% | [1] | ' | |
Long-term debt, Principal | 12 | 13 | ||
Long-term debt, Unamortized Carrying Value Adjustments | -2 | [4] | -2 | [4] |
Long-term debt, Carrying Value | 10 | 11 | ||
Other Debt, due through December 2020 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rates | 5.74% | [1] | ' | |
Long-term debt, Principal | 5 | 10 | ||
Long-term debt, Unamortized Carrying Value Adjustments | 0 | 0 | ||
Long-term debt, Carrying Value | 5 | 10 | ||
Short term borrowings [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rates | 3.58% | [1] | ' | |
Short-term borrowings | ($956) | ($723) | ||
[1] | Interest rates are the fixed or variable rates as specified in the debt instruments (not the effective interest rate) as of June 30, 2014, and therefore, exclude the effects of related interest rate swaps, 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 and 2013. 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, resulting in carrying value adjustments on this debt obligation. The unamortized carrying value also includes an issuance discount. | |||
[3] | Debt existing at the time of Hindalco's purchase of Novelis was recorded at fair value resulting in carrying value adjustments to our capital lease obligations in Novelis Switzerland. | |||
[4] | The unamortized carrying value includes issuance discounts related to the difference resulting from the contractual rates of interest specified in the instruments that are lower than the market rates of interest upon issuance. |
Debt_Principal_Repayments_Deta
Debt (Principal Repayments) (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
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 | $1,051 | ' |
2 years | 126 | ' |
3 years | 1,720 | ' |
4 years | 1,109 | ' |
5 years | 9 | ' |
Thereafter | 1,408 | ' |
Total debt | $5,423 | $5,197 |
Debt_Senior_Secured_Credit_Fac
Debt (Senior Secured Credit Facilities) (Details) | 3 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||||
Jun. 30, 2014 | 13-May-13 | 13-May-13 | 13-May-13 | 13-May-13 | 13-May-13 | 13-May-13 | 13-May-13 | 13-May-13 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
ABL Facility [Member] | ABL Revolver [Member] | ABL Revolver [Member] | ABL Revolver [Member] | ABL Revolver [Member] | ABL Revolver [Member] | ABL Revolver [Member] | ABL Revolver [Member] | ABL Revolver [Member] | Novelis Korea Bank Loan [Member] | Novelis Korea Bank Loan [Member] | Four-year Secured Term Loan Credit Facility [Member] | Floating Rate Term Loan Facility, due March 2017 [Member] | Floating Rate Term Loan Facility, due March 2017 [Member] | Capital Lease Obligations [Member] | B N D E S Loans Due December 2018 Through April 2021 [Member] | |
USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | LIBOR [Member] | LIBOR [Member] | Prime [Member] | Prime [Member] | USD ($) | KRW | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | CHF | BRL | ||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | USD ($) | LIBOR [Member] | |||||||||||
Minimum [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $160,000,000 | 162,000,000,000 | $1,700,000,000 | ' | ' | ' | 27,000,000 |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,000,000 | ' |
Debt instrument, term | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' |
Current borrowing capacity | 1,000,000,000 | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potential additional borrowing capacity | 500,000,000 | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of variable rate basis | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate, floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | 1.75% | 2.25% | 0.75% | 1.25% | ' | ' | ' | ' | 2.75% | ' | ' |
Debt covenant, minimum fixed charge coverage ratio | ' | ' | ' | 1 | 1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt covenant, minimum amount for excess availability under ABL revolver | ' | ' | $110,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt covenant, percentage applied on lesser of ABL revolver commitment and applicable borrowing base | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of days preceding maturity date | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, minimum excess availability percentage | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, minimum borrowing commitment | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_ShortTerm_Borrowings_Deta
Debt (Short-Term Borrowings) (Details) | Jun. 30, 2014 | Mar. 31, 2014 | 31-May-13 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
USD ($) | USD ($) | Facilities | First Korean Revolver [Member] | First Korean Revolver [Member] | Novelis Brazil Loan [Member] | Novelis Korea Bank Loan [Member] | Novelis Korea Bank Loan [Member] | Novelis Vietnam Loan [Member] | Novelis Vietnam Loan [Member] | Bank Overdrafts [Member] | Novelis Korea Bank Loan Borrowing Capacity [Member] | Novelis Korea Bank Loan Borrowing Capacity [Member] | Novelis Korea Bank Loan Borrowing Capacity [Member] | Novelis Korea Bank Loan Borrowing Capacity [Member] | Novelis Korea Bank Loan Borrowing Capacity [Member] | Novelis Korea Bank Loan Borrowing Capacity [Member] | Novelis Korea Bank Loan Borrowing Capacity [Member] | Novelis Korea Bank Loan Borrowing Capacity [Member] | Novelis Korea Bank Loan Borrowing Capacity [Member] | Novelis Korea Bank Loan Borrowing Capacity [Member] | Novelis Korea Bank Loan Borrowing Capacity [Member] | ABL Facility [Member] | ABL Facility [Member] | |
Facilities | USD ($) | KRW | USD ($) | USD ($) | KRW | USD ($) | VND | USD ($) | First Korean Revolver [Member] | First Korean Revolver [Member] | Second Korean Revolver [Member] | Second Korean Revolver [Member] | Third Korean Revolver [Member] | Third Korean Revolver [Member] | Third Korean Revolver [Member] | Fifth Korean Revolver [Member] | Fifth Korean Revolver [Member] | Fourth Korean Revolver [Member] | Fourth Korean Revolver [Member] | USD ($) | Short-term Loan [Member] | |||
USD ($) | KRW | USD ($) | KRW | USD ($) | KRW | USD ($) | USD ($) | KRW | USD ($) | KRW | USD ($) | |||||||||||||
Facilities | Facilities | |||||||||||||||||||||||
Short-term Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term borrowings | $956,000,000 | $723,000,000 | ' | ' | ' | $171,000,000 | $57,000,000 | 58,000,000,000 | $17,000,000 | 370,000,000,000 | $1,000,000 | $22,000,000 | 23,000,000,000 | $49,000,000 | 50,000,000,000 | $59,000,000 | 60,000,000,000 | ' | $30,000,000 | 30,000,000,000 | $16,000,000 | 16,000,000,000 | ' | $710,000,000 |
Short-term debt, weighted average interest rate | 3.58% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' |
Remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 278,000,000 | ' |
Line of credit facility, number of instruments entered | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.60% | 1.60% | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | ' | ' | 1.60% | 1.60% | ' | ' |
Line of credit facility, amount outstanding | $0 | ' | ' | $7,000,000 | 8,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' |
Debt_Senior_Notes_Details
Debt (Senior Notes) (Details) (USD $) | Dec. 17, 2010 |
8.375% Senior Notes, due December 2017 [Member] | ' |
Debt Instrument [Line Items] | ' |
Principal amount | $1,100,000,000 |
Stated interest rate | 8.38% |
8.75% Senior Notes, due December 2020 [Member] | ' |
Debt Instrument [Line Items] | ' |
Principal amount | $1,400,000,000 |
Stated interest rate | 8.75% |
Debt_Korean_Bank_Loans_Details
Debt (Korean Bank Loans) (Details) (Novelis Korea Bank Loan [Member]) | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
USD ($) | KRW | Korea 91-day CD rate [Member] | Korea 91-day CD rate [Member] | |
Minimum [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Principal amount | $160,000,000 | 162,000,000,000 | ' | ' |
Long-term debt, current maturities | $64,000,000 | ' | ' | ' |
Stated interest rate | 3.61% | 3.61% | ' | ' |
Basis spread on variable rate | ' | ' | 0.80% | 1.41% |
Weighted average interest rate | 3.58% | 3.58% | ' | ' |
Debt_Debt_Brazil_BNDES_Loans_D
Debt Debt (Brazil BNDES Loans) (Details) (BNDES Loans due February 2015 through April 2021 [Member], USD $) | Jun. 30, 2014 |
BNDES Loans due February 2015 through April 2021 [Member] | ' |
Debt Instrument [Line Items] | ' |
Principal amount | $12,000,000 |
Weighted average interest rate | 6.29% |
Long-term debt, current maturities | $3,000,000 |
Debt_Other_Longterm_Debt_Detai
Debt (Other Long-term Debt) (Details) | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2004 | Dec. 31, 2004 | Jun. 30, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2004 | Jun. 30, 2014 |
USD ($) | CHF | Capital Lease Obligations [Member] | Information Technology [Member] | Information Technology [Member] | Other Capital Leases [Member] | Alcan [Member] | Alcan [Member] | |
CHF | USD ($) | USD ($) | USD ($) | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease term | ' | ' | ' | '5 years | ' | ' | '15 years | ' |
Weighted average interest rate | ' | ' | ' | ' | ' | ' | 7.50% | ' |
Quarterly capital lease payments | $1.90 | 1.7 | ' | ' | ' | ' | ' | ' |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | ' | ' | 31 | ' | $10 | $5 | ' | $35 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (2010 LTIP [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
2010 LTIP [Member] | ' | ' |
Share-based Compensation Costs [Line Items] | ' | ' |
Total compensation expense | $4 | $13 |
ShareBased_Compensation_Detail1
Share-Based Compensation (Details 1) | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
USD ($) | RSUs [Member] | RSUs [Member] | |
USD ($) | INR | ||
Number of RSUs | ' | ' | ' |
Outstanding as of beginning of period (shares) | ' | 4,490,860 | 4,490,860 |
Granted (shares) | ' | 1,455,206 | 1,455,206 |
Exercised (shares) | ' | -682,361 | -682,361 |
Forteited/Cancelled (shares) | ' | -80,833 | -80,833 |
Outstanding as of end of period (shares) | ' | 5,182,872 | 5,182,872 |
Grant Date Fair Value | ' | ' | ' |
Outstanding as of beginning of period (Indian Rupees per share) | ' | ' | 120.42 |
Granted (Indian Rupees per share) | ' | ' | 145.5 |
Exercised (Indian Rupees per share) | ' | ' | 191.98 |
Forfeited/Cancelled (Indian Rupees per share) | ' | ' | 143.19 |
Outstanding as of end of period (Indian Rupees per share) | ' | ' | 118.47 |
Aggregate Intrinsic Value, Outstanding as of beginning of period | ' | $11 | ' |
Aggregate Intrinsic Value, Granted | ' | 0 | ' |
Aggregate Intrinsic Value, Exercised | ' | 0 | ' |
Aggregate Intrinsic Value, Forfeited/Cancelled | 0 | ' | ' |
Aggregate Intrinsic Value, Outstanding as of end of period | ' | $15 | ' |
ShareBased_Compensation_ShareB
Share-Based Compensation Share-Based Compensation (Details 2) (SARs [Member]) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Hindalco SARs [Member] | Hindalco SARs [Member] | Hindalco SARs [Member] | Hindalco SARs [Member] | Novelis SARs [Member] | Novelis SARs [Member] | ||
USD ($) | INR | USD ($) | INR | USD ($) | USD ($) | ||
Number of SARs | ' | ' | ' | ' | ' | ' | ' |
Outstanding as of beginning of period (shares) | ' | 21,635,392 | 21,635,392 | ' | ' | 668,402 | ' |
Granted (shares) | ' | 4,868,698 | 4,868,698 | ' | ' | 376,173 | ' |
Exercised (shares) | ' | -4,128,272 | -4,128,272 | ' | ' | -12,244 | ' |
Forfeited/Cancelled (shares) | ' | -730,823 | -730,823 | ' | ' | -33,760 | ' |
Outstanding as of end of period (shares) | ' | 21,644,995 | 21,644,995 | 21,635,392 | 21,635,392 | 998,571 | 668,402 |
Shares exercisable as of end of period | ' | 8,339,534 | 8,339,534 | ' | ' | 223,623 | ' |
Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' |
Outstanding as of beginning of period | ' | ' | 112.26 | ' | ' | $90.09 | ' |
Granted | ' | ' | 145.5 | ' | ' | $94.40 | ' |
Exercised | ' | ' | 89.97 | ' | ' | $66.46 | ' |
Forfeited/Cancelled | ' | ' | 131.29 | ' | ' | $83.77 | ' |
Outstanding as of end of period | ' | ' | 123.35 | ' | 112.26 | $92.22 | $90.09 |
Exercisable as of end of period | ' | ' | 121.52 | ' | ' | $89 | ' |
Weighted Average Remaining Contractual Term, Outstanding as of beginning of period | ' | '4 years 11 months | '4 years 11 months | '4 years 4 months | '4 years 4 months | '5 years 9 months | '5 years 4 months |
Weighted Average Remaining Contractual Term, Granted | '7 years | '7 years 0 months | '7 years 0 months | ' | ' | '7 years 0 months | ' |
Weighted Average Remaining Contractual Term, Outstanding as of end of period | ' | '4 years 11 months | '4 years 11 months | '4 years 4 months | '4 years 4 months | '5 years 9 months | '5 years 4 months |
Weighted Average Remaining Contractual Term, Exercisable as of end of period | ' | '3 years 4 months | '3 years 4 months | ' | ' | '4 years 10 months | ' |
Aggregate Intrinsic Value, Outstanding as of beginning of period | ' | $13 | ' | ' | ' | $2 | ' |
Aggregate Intrinsic Value, Granted | ' | 0 | ' | ' | ' | 0 | ' |
Aggregate Intrinsic Value, Outstanding as of end of period | ' | 17 | ' | 13 | ' | 4 | 2 |
Aggregate Intrinsic Value, Exercisable as of end of period | ' | $8 | ' | ' | ' | $2 | ' |
ShareBased_Compensation_Detail2
Share-Based Compensation (Details 3) (SARs [Member]) | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Hindalco SARs [Member] | ' | ' |
Assumptions used in estimating fair value of SARs | ' | ' |
Dividend yield | 0.61% | 1.40% |
Hindalco SARs [Member] | Minimum [Member] | ' | ' |
Assumptions used in estimating fair value of SARs | ' | ' |
Risk-free interest rate | 8.56% | 7.63% |
Volatility | 43.00% | 39.00% |
Hindalco SARs [Member] | Maximum [Member] | ' | ' |
Assumptions used in estimating fair value of SARs | ' | ' |
Risk-free interest rate | 8.78% | 7.75% |
Volatility | 55.00% | 52.00% |
Novelis SARs [Member] | ' | ' |
Assumptions used in estimating fair value of SARs | ' | ' |
Dividend yield | 0.00% | 0.00% |
Novelis SARs [Member] | Minimum [Member] | ' | ' |
Assumptions used in estimating fair value of SARs | ' | ' |
Risk-free interest rate | 1.21% | 1.00% |
Volatility | 30.00% | 31.00% |
Novelis SARs [Member] | Maximum [Member] | ' | ' |
Assumptions used in estimating fair value of SARs | ' | ' |
Risk-free interest rate | 2.10% | 1.66% |
Volatility | 43.00% | 41.00% |
ShareBased_Compensation_Detail3
Share-Based Compensation (Details Textual) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Share Based Compensation [Abstract] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Total Share-based Liabilities Paid | $5 | $13 |
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 | ' |
Unrecognized compensation expense, weighted average period of recognition (years) | '2 years 2 months | ' |
SARs [Member] | Hindalco SARs [Member] | ' | ' |
Share Based Compensation [Abstract] | ' | ' |
Expiration period (years) | '7 years 0 months | ' |
Unrecognized compensation expense | 15 | ' |
Unrecognized compensation expense, weighted average period of recognition (years) | '2 years 1 month | ' |
SARs [Member] | Novelis SARs [Member] | ' | ' |
Share Based Compensation [Abstract] | ' | ' |
Expiration period (years) | '7 years 0 months | ' |
Unrecognized compensation expense | 17 | ' |
SARs [Member] | Minimum [Member] | ' | ' |
Share Based Compensation [Abstract] | ' | ' |
Vesting rate based on targeted EBITDA | 75.00% | ' |
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 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Total Share-based Liabilities Paid | 2 | 1 |
Unrecognized compensation expense | $10 | ' |
Unrecognized compensation expense, weighted average period of recognition (years) | '1 year 9 months | ' |
Postretirement_Benefit_Plans_D
Postretirement Benefit Plans (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Pension Benefit Plans [Member] | ' | ' |
Components of net periodic benefit cost for postretirement benefit plans | ' | ' |
Service cost | $11 | $13 |
Interest cost | 17 | 16 |
Expected return on assets | -17 | -16 |
Amortization-losses | 6 | 5 |
Amortization — prior service credit, net | -1 | 0 |
Termination benefits / curtailments | 1 | 0 |
Net periodic benefit cost | 17 | 18 |
Other Benefit Plans [member] | ' | ' |
Components of net periodic benefit cost for postretirement benefit plans | ' | ' |
Service cost | 1 | 3 |
Interest cost | 1 | 2 |
Expected return on assets | 0 | 0 |
Amortization-losses | 2 | 1 |
Amortization — prior service credit, net | -10 | 0 |
Termination benefits / curtailments | -2 | 0 |
Net periodic benefit cost | ($8) | $6 |
Postretirement_Benefit_Plans_D1
Postretirement Benefit Plans (Details 1) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Contributions to employee benefit plans | ' | ' |
Funded pension plans | $4 | $6 |
Unfunded pension plans | 1 | 2 |
Savings and defined contribution pension plans | 6 | 5 |
Total contributions | $11 | $13 |
Postretirement_Benefit_Plans_D2
Postretirement Benefit Plans (Details Textual) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Compensation and Retirement Disclosure [Abstract] | ' |
Expected long-term rate of return on plan assets | 6.10% |
Defined Benefit Plan, Plan Amendments | $11 |
Maximum amortization period of unfunded actuarial liability | '15 years 0 months |
Expected additional contribution to funded pension plan | 30 |
Expected additional contribution to unfunded pension plan | 13 |
Expected additional contribution to savings and defined contribution plans | $16 |
Currency_Gains_Losses_Details
Currency (Gains) Losses (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Currency (gains) losses included in other income expense | ' | ' |
(Gain) loss on remeasurement of monetary assets and liabilities, net | $11 | ($18) |
Loss released from accumulated other comprehensive income | 0 | 1 |
(Gain) loss recognized on balance sheet remeasurement currency exchange contracts, net | -11 | 12 |
Currency (gains) losses, net | $0 | ($5) |
Currency_Gains_Losses_Details_
Currency (Gains) Losses (Details 1) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 |
Currency gains included in AOCI, net of tax and Non controlling interests | ' | ' |
Cumulative currency translation adjustment - beginning of period | $90 | ($30) |
Effect of changes in exchange rates | 27 | 120 |
Cumulative currency translation adjustment - end of period | $117 | $90 |
Financial_Instruments_and_Comm2
Financial Instruments and Commodity Contracts (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ||
Derivative Assets, Current | $67 | $51 | ||
Derivative Assets, Noncurrent | 9 | 4 | ||
Liabilities | ' | ' | ||
Derivative Liabilities, Current | -65 | -60 | ||
Derivative Liabilities, Noncurrent | -15 | [1] | -19 | [1] |
Net Fair Value Assets/Liabilities | -4 | -24 | ||
Designated as hedging instrument [Member] | ' | ' | ||
Assets | ' | ' | ||
Derivative Assets, Current | 25 | 22 | ||
Derivative Assets, Noncurrent | 9 | 4 | ||
Liabilities | ' | ' | ||
Derivative Liabilities, Current | -21 | -22 | ||
Derivative Liabilities, Noncurrent | -4 | [1] | -6 | [1] |
Net Fair Value Assets/Liabilities | 9 | -2 | ||
Designated as hedging instrument [Member] | Cash flow hedges [Member] | Aluminium contracts [Member] | ' | ' | ||
Assets | ' | ' | ||
Derivative Assets, Current | 0 | 4 | ||
Derivative Assets, Noncurrent | 0 | 0 | ||
Liabilities | ' | ' | ||
Derivative Liabilities, Current | -13 | -7 | ||
Derivative Liabilities, Noncurrent | 0 | [1] | 0 | [1] |
Net Fair Value Assets/Liabilities | -13 | -3 | ||
Designated as hedging instrument [Member] | Cash flow hedges [Member] | Currency exchange contracts [Member] | ' | ' | ||
Assets | ' | ' | ||
Derivative Assets, Current | 23 | 15 | ||
Derivative Assets, Noncurrent | 9 | 4 | ||
Liabilities | ' | ' | ||
Derivative Liabilities, Current | -7 | -13 | ||
Derivative Liabilities, Noncurrent | -4 | [1] | -6 | [1] |
Net Fair Value Assets/Liabilities | 21 | 0 | ||
Designated as hedging instrument [Member] | Cash flow hedges [Member] | Energy contracts [Member] | ' | ' | ||
Assets | ' | ' | ||
Derivative Assets, Current | 2 | 3 | ||
Derivative Assets, Noncurrent | 0 | 0 | ||
Liabilities | ' | ' | ||
Derivative Liabilities, Current | 0 | 0 | ||
Derivative Liabilities, Noncurrent | 0 | [1] | 0 | [1] |
Net Fair Value Assets/Liabilities | 2 | 3 | ||
Designated as hedging instrument [Member] | Cash flow hedges [Member] | Interest rate swaps [Member] | ' | ' | ||
Assets | ' | ' | ||
Derivative Assets, Current | 0 | ' | ||
Derivative Assets, Noncurrent | 0 | ' | ||
Liabilities | ' | ' | ||
Derivative Liabilities, Current | -1 | ' | ||
Derivative Liabilities, Noncurrent | 0 | [1] | ' | |
Net Fair Value Assets/Liabilities | -1 | ' | ||
Designated as hedging instrument [Member] | Net investment hedges [Member] | Currency exchange contracts [Member] | ' | ' | ||
Assets | ' | ' | ||
Derivative Assets, Current | ' | 0 | ||
Derivative Assets, Noncurrent | ' | 0 | ||
Liabilities | ' | ' | ||
Derivative Liabilities, Current | ' | -1 | ||
Derivative Liabilities, Noncurrent | ' | 0 | [1] | |
Net Fair Value Assets/Liabilities | ' | -1 | ||
Designated as hedging instrument [Member] | Fair value hedging [Member] | Aluminium contracts [Member] | ' | ' | ||
Assets | ' | ' | ||
Derivative Assets, Current | ' | 0 | ||
Derivative Assets, Noncurrent | ' | 0 | ||
Liabilities | ' | ' | ||
Derivative Liabilities, Current | ' | -1 | ||
Derivative Liabilities, Noncurrent | ' | 0 | [1] | |
Net Fair Value Assets/Liabilities | ' | -1 | ||
Not designated as hedging instrument [Member] | ' | ' | ||
Assets | ' | ' | ||
Derivative Assets, Current | 42 | 29 | ||
Derivative Assets, Noncurrent | 0 | 0 | ||
Liabilities | ' | ' | ||
Derivative Liabilities, Current | -44 | -38 | ||
Derivative Liabilities, Noncurrent | -11 | [1] | -13 | [1] |
Net Fair Value Assets/Liabilities | -13 | -22 | ||
Not designated as hedging instrument [Member] | Aluminium contracts [Member] | ' | ' | ||
Assets | ' | ' | ||
Derivative Assets, Current | 16 | 19 | ||
Derivative Assets, Noncurrent | 0 | 0 | ||
Liabilities | ' | ' | ||
Derivative Liabilities, Current | -29 | -28 | ||
Derivative Liabilities, Noncurrent | 0 | [1] | 0 | [1] |
Net Fair Value Assets/Liabilities | -13 | -9 | ||
Not designated as hedging instrument [Member] | Currency exchange contracts [Member] | ' | ' | ||
Assets | ' | ' | ||
Derivative Assets, Current | 26 | 9 | ||
Derivative Assets, Noncurrent | 0 | 0 | ||
Liabilities | ' | ' | ||
Derivative Liabilities, Current | -9 | -3 | ||
Derivative Liabilities, Noncurrent | 0 | [1] | 0 | [1] |
Net Fair Value Assets/Liabilities | 17 | 6 | ||
Not designated as hedging instrument [Member] | Energy contracts [Member] | ' | ' | ||
Assets | ' | ' | ||
Derivative Assets, Current | 0 | 1 | ||
Derivative Assets, Noncurrent | 0 | 0 | ||
Liabilities | ' | ' | ||
Derivative Liabilities, Current | -6 | -7 | ||
Derivative Liabilities, Noncurrent | -11 | [1] | -13 | [1] |
Net Fair Value Assets/Liabilities | ($17) | ($19) | ||
[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 | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | ||
Aluminum forward purchase contracts [Member] | Fair value hedging [Member] | Designated as hedging instrument [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Fair Value Hedges of Metal Price Risk, Derivative Contracts | $1 | ($3) | ||
Fair Value Hedges of Metal Price Risk, Designated Hedged Items | -1 | 3 | ||
Net Ineffectiveness | $0 | [1] | $0 | [1] |
[1] | Effective portion is recorded in "Net sales" and net ineffectiveness in "Other expense (income), net" |
Financial_Instruments_and_Comm4
Financial Instruments and Commodity Contracts Financial Instruments and Commodity Contracts (Details 2) | Jun. 30, 2014 | Mar. 31, 2014 |
Mg | Mg | |
Aluminium contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount (in tons) | -343,000 | -302,000 |
Designated as hedging instrument [Member] | Aluminum forward purchase contracts [Member] | Cash flow hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount (in tons) | 3,000 | 16,000 |
Designated as hedging instrument [Member] | Aluminum forward purchase contracts [Member] | Fair value hedging [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount (in tons) | 5,000 | 9,000 |
Designated as hedging instrument [Member] | Aluminum foward sales contracts [Member] | Cash flow hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount (in tons) | -262,000 | -222,000 |
Designated as hedging instrument [Member] | Aluminium contracts [Member] | Fair value hedging [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount (in tons) | 5,000 | 9,000 |
Not designated as hedging instrument [Member] | Aluminium contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount (in tons) | -89,000 | -105,000 |
Financial_Instruments_and_Comm5
Financial Instruments and Commodity Contracts (Details 3) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total gain (loss) recognized | $8 | ($23) | ||
Other income (expense), net [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Balance sheet remeasurement currency exchange contracts | 11 | -13 | ||
Realized (losses) gains, net | -3 | 21 | ||
Unrealized gains (losses) on other derivative instruments, net | 1 | -12 | ||
Total gain (loss) recognized | 9 | -4 | ||
Other income (expense), net [Member] | Not designated as hedging instrument [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total gain (loss) recognized | 7 | -14 | ||
Other income (expense), net [Member] | Designated as hedging instrument [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total gain (loss) recognized | 2 | [1] | 10 | [1] |
Other income (expense), net [Member] | Aluminium contracts [Member] | Not designated as hedging instrument [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total gain (loss) recognized | -7 | -2 | ||
Other income (expense), net [Member] | Currency exchange contracts [Member] | Not designated as hedging instrument [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total gain (loss) recognized | 12 | -12 | ||
Other income (expense), net [Member] | Energy contracts [Member] | Not designated as hedging instrument [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total gain (loss) recognized | $2 | [2] | $0 | [2] |
[1] | Amount includes: forward market premium/discount excluded and hedging relationship ineffectiveness on designated aluminum and foreign currency capex contracts; releases to income from AOCI on balance sheet remeasurement contracts; and ineffectiveness on fair value hedges involving aluminum derivatives. | |||
[2] | Includes amounts related to de-designated electricity swap. |
Financial_Instruments_and_Comm6
Financial Instruments and Commodity Contracts (Details 4) (Cash flow hedges [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | $11 | ($24) |
Amount of Gain (Loss) Recognized in “Other (Income) Expense, net†(Ineffective and Excluded Portion) | 2 | 11 |
Aluminium contracts [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | -21 | 29 |
Amount of Gain (Loss) Recognized in “Other (Income) Expense, net†(Ineffective and Excluded Portion) | 3 | 11 |
Currency exchange contracts [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | 32 | -51 |
Amount of Gain (Loss) Recognized in “Other (Income) Expense, net†(Ineffective and Excluded Portion) | -1 | 0 |
Energy contracts [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | 0 | -2 |
Amount of Gain (Loss) Recognized in “Other (Income) Expense, net†(Ineffective and Excluded Portion) | $0 | $0 |
Financial_Instruments_and_Comm7
Financial Instruments and Commodity Contracts (Details 5) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Income tax provision | ($24) | ($3) | ||
Net income | 35 | 14 | ||
Cash flow hedges [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of gain (loss) reclassified from AOCI into income/(expense) (effective portion) | 0 | 22 | ||
Income tax provision | 0 | -7 | ||
Net income | 0 | 15 | ||
Cash flow hedges [Member] | Electricity contracts [Member] | Other expense (income), net [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of gain (loss) reclassified from AOCI into income/(expense) (effective portion) | -1 | [1] | -1 | [1] |
Cash flow hedges [Member] | Electricity contracts [Member] | Cost of goods sold [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of gain (loss) reclassified from AOCI into income/(expense) (effective portion) | 1 | [2],[3] | 0 | [2],[3] |
Cash flow hedges [Member] | Aluminium contracts [Member] | Cost of goods sold [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of gain (loss) reclassified from AOCI into income/(expense) (effective portion) | -6 | [2] | 21 | [2] |
Cash flow hedges [Member] | Aluminium contracts [Member] | Net sales [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of gain (loss) reclassified from AOCI into income/(expense) (effective portion) | 0 | 2 | ||
Cash flow hedges [Member] | Currency exchange contracts [Member] | Other expense (income), net [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of gain (loss) reclassified from AOCI into income/(expense) (effective portion) | 1 | -1 | ||
Cash flow hedges [Member] | Currency exchange contracts [Member] | Cost of goods sold [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of gain (loss) reclassified from AOCI into income/(expense) (effective portion) | 1 | [2] | 1 | [2] |
Cash flow hedges [Member] | Currency exchange contracts [Member] | Net sales [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of gain (loss) reclassified from AOCI into income/(expense) (effective portion) | $4 | $0 | ||
[1] | Includes amounts related to de-designated electricity swap. AOCI related to this swap is amortized to income over the remaining term of the hedged item. | |||
[2] | "Cost of goods sold" is exclusive of depreciation and amortization. | |||
[3] | Includes amounts related to natural gas swaps. |
Financial_Instruments_and_Comm8
Financial Instruments and Commodity Contracts (Details Textual) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 |
USD ($) | USD ($) | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Aluminium contracts [Member] | Aluminium contracts [Member] | Aluminium contracts [Member] | Aluminium contracts [Member] | Aluminum foward sales contracts [Member] | Foreign currency [Member] | Foreign currency [Member] | Foreign currency [Member] | Foreign currency [Member] | Foreign currency [Member] | Foreign currency [Member] | Electricity swaps [Member] | Electricity swaps [Member] | Natural gas swaps [Member] | Natural gas swaps [Member] | Natural gas swaps [Member] | Natural gas swaps [Member] | Natural gas swaps [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | Fair value hedging [Member] | Fair value hedging [Member] | Fair value hedging [Member] | Fair value hedging [Member] | Cash flow hedges [Member] | Cash flow hedges [Member] | Cash flow hedges [Member] | Cash flow hedges [Member] | Cash flow hedges [Member] | Cash flow hedges [Member] | Cash flow hedges [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | Mg | Mg | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Cash flow hedges [Member] | Cash flow hedges [Member] | Net investment hedges [Member] | Net investment hedges [Member] | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Aluminium contracts [Member] | Aluminium contracts [Member] | Aluminum forward purchase contracts [Member] | Aluminum forward purchase contracts [Member] | Aluminium contracts [Member] | Aluminium contracts [Member] | Aluminum forward purchase contracts [Member] | Aluminum forward purchase contracts [Member] | Aluminum foward sales contracts [Member] | Aluminum foward sales contracts [Member] | Interest rate swaps [Member] | ||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | MMBTU | 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] | |||||||||||
Mg | Mg | MWh | MMBTU | MMBTU | MMBTU | USD ($) | KRW | USD ($) | KRW | Mg | USD ($) | Mg | Mg | USD ($) | USD ($) | Mg | Mg | Mg | Mg | USD ($) | |||||||||||||||||||
Mg | |||||||||||||||||||||||||||||||||||||||
Financial Instruments And Commodity Contracts [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Higher remaining maturity range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '0 years 5 months | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | '3 years | ' | '2 years | ' | ' |
Notional amount | ' | ' | ' | ' | ' | ' | -343,000 | -302,000 | -89,000 | -105,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,100,000 | 9,500,000 | 1,100,000 | 1,500,000 | ' | ' | ' | ' | 5,000 | 9,000 | 5,000 | 9,000 | ' | ' | 3,000 | 16,000 | -262,000 | -222,000 | ' |
Foreign currency, notional amounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $767 | $649 | $582 | $724 | $53 | $61 | ' | ' | ' | ' | ' | ' | ' | $134 | 136,000 | $127 | 136,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of swap asset (liability) | -4 | -24 | 9 | -2 | -13 | -22 | ' | ' | -13 | -9 | ' | ' | ' | ' | ' | ' | ' | 17 | -19 | ' | 2 | 3 | -1 | ' | ' | ' | ' | ' | ' | -1 | ' | ' | -13 | -3 | ' | ' | ' | ' | -1 |
Interest rate swaps, hedged amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 134 | 136,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.03% | 4.03% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected reclassification of losses from AOCI to earnings | ($2) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
accumulated other comprehensive income [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($91) | ($268) |
Other Comprehensive Income (Loss), before Tax | 34 | -31 |
Other Comprehensive Income (Loss), Net of Tax | -3 | -11 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 31 | -42 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -60 | -310 |
Currency Translation [Member] | ' | ' |
accumulated other comprehensive income [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 89 | -33 |
Other Comprehensive Income (Loss), before Tax | 26 | -2 |
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 26 | -2 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 115 | -35 |
Cash Flow Hedges [Member] | ' | ' |
accumulated other comprehensive income [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -20 | -2 |
Other Comprehensive Income (Loss), before Tax | 13 | -29 |
Other Comprehensive Income (Loss), Net of Tax | 0 | 15 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 13 | -44 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -7 | -46 |
Postretirement Benefit Plans [Member] | ' | ' |
accumulated other comprehensive income [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -160 | -233 |
Other Comprehensive Income (Loss), before Tax | -5 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 3 | -4 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -8 | 4 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($168) | ($229) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) AOCI Reclassifications Impact (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | ||
AOCI Reclassification [Line Items] | ' | ' | ||
Income tax provision | ($24) | ($3) | ||
Net income | 35 | 14 | ||
Cash flow hedges [Member] | ' | ' | ||
AOCI Reclassification [Line Items] | ' | ' | ||
Amount of gain (loss) reclassified from AOCI into income/(expense) (effective portion) | 0 | 22 | ||
Income tax provision | 0 | -7 | ||
Net income | 0 | 15 | ||
Cash flow hedges [Member] | Electricity contracts [Member] | Other expense (income), net [Member] | ' | ' | ||
AOCI Reclassification [Line Items] | ' | ' | ||
Amount of gain (loss) reclassified from AOCI into income/(expense) (effective portion) | -1 | [1] | -1 | [1] |
Cash flow hedges [Member] | Electricity contracts [Member] | Cost of goods sold [Member] | ' | ' | ||
AOCI Reclassification [Line Items] | ' | ' | ||
Amount of gain (loss) reclassified from AOCI into income/(expense) (effective portion) | 1 | [2],[3] | 0 | [2],[3] |
Cash flow hedges [Member] | Aluminium contracts [Member] | Cost of goods sold [Member] | ' | ' | ||
AOCI Reclassification [Line Items] | ' | ' | ||
Amount of gain (loss) reclassified from AOCI into income/(expense) (effective portion) | -6 | [2] | 21 | [2] |
Cash flow hedges [Member] | Aluminium contracts [Member] | Net sales [Member] | ' | ' | ||
AOCI Reclassification [Line Items] | ' | ' | ||
Amount of gain (loss) reclassified from AOCI into income/(expense) (effective portion) | 0 | 2 | ||
Cash flow hedges [Member] | Currency exchange contracts [Member] | Other expense (income), net [Member] | ' | ' | ||
AOCI Reclassification [Line Items] | ' | ' | ||
Amount of gain (loss) reclassified from AOCI into income/(expense) (effective portion) | 1 | -1 | ||
Cash flow hedges [Member] | Currency exchange contracts [Member] | Cost of goods sold [Member] | ' | ' | ||
AOCI Reclassification [Line Items] | ' | ' | ||
Amount of gain (loss) reclassified from AOCI into income/(expense) (effective portion) | 1 | [2] | 1 | [2] |
Cash flow hedges [Member] | Currency exchange contracts [Member] | Net sales [Member] | ' | ' | ||
AOCI Reclassification [Line Items] | ' | ' | ||
Amount of gain (loss) reclassified from AOCI into income/(expense) (effective portion) | $4 | $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. | |||
[2] | "Cost of goods sold" is exclusive of depreciation and amortization. | |||
[3] | Includes amounts related to natural gas swaps. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Derivative assets and liabilities measured and recognized at fair value on recurring basis | ' | ' | ||
Assets | $76 | $55 | ||
Liabilities | -80 | -79 | ||
Derivative Asset, Master Netting Adjustment | -21 | [1] | -20 | [1] |
Derivative Liability, Master Netting Adjustment | 21 | [1] | 20 | [1] |
Derivative Asset | 55 | 35 | ||
Derivative Liability | 59 | 59 | ||
Level 2 Instruments [Member] | ' | ' | ||
Derivative assets and liabilities measured and recognized at fair value on recurring basis | ' | ' | ||
Assets | 76 | 55 | ||
Liabilities | -63 | -60 | ||
Level 2 Instruments [Member] | Aluminium contracts [Member] | ' | ' | ||
Derivative assets and liabilities measured and recognized at fair value on recurring basis | ' | ' | ||
Assets | 16 | 23 | ||
Liabilities | -42 | -36 | ||
Level 2 Instruments [Member] | Currency exchange contracts [Member] | ' | ' | ||
Derivative assets and liabilities measured and recognized at fair value on recurring basis | ' | ' | ||
Assets | 58 | 28 | ||
Liabilities | -20 | -23 | ||
Level 2 Instruments [Member] | Energy contracts [Member] | ' | ' | ||
Derivative assets and liabilities measured and recognized at fair value on recurring basis | ' | ' | ||
Assets | 2 | 4 | ||
Liabilities | 0 | -1 | ||
Level 2 Instruments [Member] | Interest Rate Swap [Member] | ' | ' | ||
Derivative assets and liabilities measured and recognized at fair value on recurring basis | ' | ' | ||
Assets | 0 | 0 | ||
Liabilities | -1 | 0 | ||
Level 3 Instruments [Member] | ' | ' | ||
Derivative assets and liabilities measured and recognized at fair value on recurring basis | ' | ' | ||
Assets | 0 | 0 | ||
Liabilities | -17 | -19 | ||
Level 3 Instruments [Member] | Energy contracts [Member] | ' | ' | ||
Derivative assets and liabilities measured and recognized at fair value on recurring basis | ' | ' | ||
Assets | 0 | 0 | ||
Liabilities | ($17) | ($19) | ||
[1] | (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. |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | |
Assets, Fair Value Disclosure, Recurring | $76 | $55 | |
Fair Value, Inputs, Level 2 [Member] | ' | ' | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | |
Assets, Fair Value Disclosure, Recurring | 76 | 55 | |
Level 3 Instruments [Member] | ' | ' | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | |
Assets, Fair Value Disclosure, Recurring | 0 | 0 | |
Reconciliation of fair value activity for Level 3 derivative contracts | ' | ' | |
Balance as of March 31, 2012 | -19 | [1] | ' |
Realized/unrealized gain included in earnings | 4 | [1],[2] | ' |
Settlements | -2 | [1] | ' |
Balance as of September 30, 2012 | ($17) | [1] | ' |
[1] | Represents net derivative liabilities. | ||
[2] | Included in “Other expense (income), net.†|
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 2) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Long-term receivables from related parties, carrying value | $21 | $12 |
Long-term receivables from related parties, fair value | 21 | 12 |
Liabilities | ' | ' |
Total debt - third parties (excluding short term borrowings), carrying value | 4,445 | 4,451 |
Total debt - third parties (excluding short term borrowings), fair value | $4,655 | $4,734 |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details Textual) (USD $) | 3 Months Ended |
Jun. 30, 2014 | |
Fair Value Measurements [Abstract] | ' |
Derivatives, unit per hour | $1 |
Level 3 Instruments [Member] | ' |
Fair Value Measurements [Abstract] | ' |
Unrealized losses related to financial instruments | 1,000,000 |
Electricity swaps [Member] | ' |
Fair Value Measurements [Abstract] | ' |
Average forward price (per megawatt hour) | 59 |
Premium over forward prices in nearby observable market (per megawatt hour) | 8 |
Actual swap settlement price (per megawatt hour) | 51 |
Decrease in valuation per $1 per megawatt hour decline in electricity price | $1,000,000 |
Other_Income_Expense_Net_Detai
Other (Income) Expense, Net (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | ||
Other Income and Expenses [Abstract] | ' | ' | ||
Foreign currency remeasurement (gains) losses, net | $0 | [1] | ($5) | [1] |
Unrealized Gain (Loss) on Derivatives | 1 | -12 | ||
Loss (gain) on change in fair value of other unrealized derivative instruments, net | 1 | -12 | ||
(Gain) loss on change in fair value of other realized derivative instruments, net | 3 | -21 | ||
Loss on sale of assets | 1 | 1 | ||
Gain (Loss) Related to Litigation Settlement | 2 | [2] | 1 | [2] |
Interest income | -1 | -1 | ||
Other, net | 2 | 4 | ||
Other (income) expense, net | ($5) | $10 | ||
[1] | (A)Includes “(Gain) loss recognized on balance sheet remeasurement currency exchange contracts, net.†| |||
[2] | (B)See Note 16 – Commitments and Contingencies – Brazil Tax and Legal Matters for further details. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Reconciliation of Canadian statutory tax rates | ' | ' |
Pre-tax income (loss) before equity in net income of non-consolidated affiliates and noncontrolling interests | $61 | $21 |
Canadian statutory tax rate | 25.00% | 26.00% |
Provision at the Canadian statutory rate | 15 | 5 |
Exchange translation items | 4 | -9 |
Exchange remeasurement of deferred income taxes | 4 | -15 |
Change in valuation allowances | 11 | 37 |
Expense items not subject to tax | -1 | -1 |
Dividends not subject to tax | -10 | -14 |
Tax rate differences on foreign earnings | 1 | 0 |
Income tax provision (benefit) | $24 | $3 |
Effective tax rate | 39.00% | 14.00% |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Income Tax Details [Line Items] | ' |
Net deferred tax liability | $259 |
Gross deferred tax assets | 877 |
Valuation allowance | 429 |
Maximum amount by which reserves for interest and penalties for unrecognized tax benefits may decrease in the next 12 months | $3 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Textual) (USD $) | 3 Months Ended | 3 Months Ended | ||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | ||
Other long-term liabilities [Member] | 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] | Brazilian Tax Authorities and Other Third Parties [Member] | Brazilian Tax Authorities and Other Third Parties [Member] | Restructuring Action [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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Estimated range of loss, maximum | 90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accrual for Environmental Loss Contingencies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accrual for environmental loss contingencies | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18 | ||
Accrual for environmental loss contingencies, noncurrent | 25 | ' | 22 | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accrual for environmental loss contingencies, current | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Loss Contingency Accrual [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cash deposits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 6 | ' | ' | ' | ||
Period for settlement payments | ' | ' | ' | ' | ' | '180 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Settlement liabilities | ' | ' | ' | ' | ' | 109 | 107 | 98 | 96 | 11 | 11 | ' | ' | 19 | 18 | ' | ||
Loss on Brazilian tax litigation, net | ($2) | [1] | ($1) | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | (B)See Note 16 – Commitments and Contingencies – Brazil Tax and Legal Matters for further details. |
Segment_Major_Customer_and_Maj2
Segment, Major Customer and Major Supplier Information (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Equity Method Investments | $607 | ' | $612 |
Assets Held-for-sale, Investment in and Advances to Non-consolidated Affiliates | 40 | ' | 39 |
Assets | 9,304 | ' | 9,114 |
Net sales | 2,680 | 2,401 | ' |
Depreciation and amortization | 89 | 77 | ' |
Income tax provision | 24 | 3 | ' |
Capital expenditures | 138 | 181 | ' |
Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 2,680 | 2,401 | ' |
Depreciation and amortization | 89 | ' | ' |
Income tax provision | 24 | ' | ' |
Capital expenditures | 138 | ' | ' |
Intersegment Elimination [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 0 | 0 | ' |
Other And Eliminations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Equity Method Investments | 0 | ' | 0 |
Assets Held-for-sale, Investment in and Advances to Non-consolidated Affiliates | 0 | ' | 0 |
Assets | 58 | ' | 47 |
Net sales | -31 | -5 | ' |
Other And Eliminations [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 53 | 48 | ' |
Depreciation and amortization | -7 | -6 | ' |
Income tax provision | 6 | 4 | ' |
Capital expenditures | -7 | 13 | ' |
Other And Eliminations [Member] | Intersegment Elimination [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | -84 | -53 | ' |
South America [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Equity Method Investments | 0 | ' | 0 |
Assets Held-for-sale, Investment in and Advances to Non-consolidated Affiliates | 40 | ' | 39 |
Assets | 1,714 | ' | 1,583 |
Net sales | 420 | 334 | ' |
South America [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 403 | 327 | ' |
Depreciation and amortization | 17 | 15 | ' |
Income tax provision | 12 | -15 | ' |
Capital expenditures | 17 | 40 | ' |
South America [Member] | Intersegment Elimination [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 17 | 7 | ' |
Asia [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Equity Method Investments | 0 | ' | 0 |
Assets Held-for-sale, Investment in and Advances to Non-consolidated Affiliates | 0 | ' | 0 |
Assets | 1,562 | ' | 1,440 |
Net sales | 556 | 485 | ' |
Asia [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 529 | 472 | ' |
Depreciation and amortization | 20 | 14 | ' |
Income tax provision | 3 | 4 | ' |
Capital expenditures | 20 | 65 | ' |
Asia [Member] | Intersegment Elimination [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 27 | 13 | ' |
North America [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Equity Method Investments | 0 | ' | 0 |
Assets Held-for-sale, Investment in and Advances to Non-consolidated Affiliates | 0 | ' | 0 |
Assets | 2,805 | ' | 2,998 |
Net sales | 821 | 780 | ' |
North America [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 815 | 776 | ' |
Depreciation and amortization | 34 | 30 | ' |
Income tax provision | -9 | -1 | ' |
Capital expenditures | 19 | 27 | ' |
North America [Member] | Intersegment Elimination [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 6 | 4 | ' |
Europe [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Equity Method Investments | 607 | ' | 612 |
Assets Held-for-sale, Investment in and Advances to Non-consolidated Affiliates | 0 | ' | 0 |
Assets | 3,165 | ' | 3,046 |
Net sales | 914 | 807 | ' |
Europe [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 880 | 778 | ' |
Depreciation and amortization | 25 | 24 | ' |
Income tax provision | 12 | 11 | ' |
Capital expenditures | 89 | 36 | ' |
Europe [Member] | Intersegment Elimination [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | $34 | $29 | ' |
Segment_Major_Customer_and_Maj3
Segment, Major Customer and Major Supplier Information (Details 1) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Reconciliation of income from reportable segments to net income attributable to common shareholder | ' | ' |
Depreciation and amortization | ($89) | ($77) |
Interest expense and amortization of debt issuance costs | -81 | -76 |
Adjustment to eliminate proportional consolidation | -8 | -11 |
Unrealized gains (losses) on change in fair value of derivative instruments, net | 1 | -12 |
Realized (losses) gains on derivative instruments not included in segment income | -1 | 2 |
Gain on assets held for sale | -11 | 0 |
Restructuring and impairment, net | -6 | -9 |
Other costs, net | -3 | -4 |
Income (loss) before income taxes | 59 | 17 |
Income tax (benefit) provision | 24 | 3 |
Net income | 35 | 14 |
Net income attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to our common shareholder | 35 | 14 |
North America [Member] | ' | ' |
Reconciliation of income from reportable segments to net income attributable to common shareholder | ' | ' |
Gross profit | 64 | 46 |
Europe [Member] | ' | ' |
Reconciliation of income from reportable segments to net income attributable to common shareholder | ' | ' |
Gross profit | 79 | 70 |
Asia [Member] | ' | ' |
Reconciliation of income from reportable segments to net income attributable to common shareholder | ' | ' |
Gross profit | 37 | 46 |
South America [Member] | ' | ' |
Reconciliation of income from reportable segments to net income attributable to common shareholder | ' | ' |
Gross profit | $55 | $42 |
Segment_Major_Customer_and_Maj4
Segment, Major Customer and Major Supplier Information (Details 2) | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Rexam [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Percentage of total net sales | 18.00% | 12.00% |
Anheuser Busch [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Percentage of total net sales | 8.00% | 8.00% |
Affiliates of Ball Corporation [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Percentage of total net sales | 11.00% | 10.00% |
Segment_Major_Customer_and_Maj5
Segment, Major Customer and Major Supplier Information (Details 3) (Rio Tinto Alcan [Member]) | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Rio Tinto Alcan [Member] | ' | ' |
Purchases from primary supplier | ' | ' |
Purchases from Rio Tinto Alcan as a percentage of total | 15.00% | 18.00% |
Segment_Major_Customer_and_Maj6
Segment, Major Customer and Major Supplier Information (Details Textual) | 3 Months Ended |
Jun. 30, 2014 | |
Customers | |
Segments | |
Plants | |
Countries | |
Segment Reporting Information [Line Items] | ' |
Number of operating segments | 4 |
Number of operating plants | 24 |
Number of plants with recycling operations | 10 |
Number of countries Company operates in | 9 |
Number of major customers | 3 |
North America [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of operating plants | 8 |
Number of fully dedicated recycling facilities | 2 |
Number of plants with recycling operations | 1 |
Number of countries Company operates in | 2 |
Asia [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of operating plants | 3 |
Number of countries Company operates in | 2 |
South America [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of operating plants | 3 |
Europe [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of operating plants | 10 |
Number of fully dedicated recycling facilities | 2 |
Number of plants with recycling operations | 2 |
Number of countries Company operates in | 4 |
Supplemental_Information_Detai
Supplemental Information (Details1) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Supplemental cash flow information | ' | ' |
Interest paid | $127 | $124 |
Income taxes paid | $39 | $31 |
Supplemental_Information_Detai1
Supplemental Information (Details Textual) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Supplemental Cash Flow Elements [Abstract] | ' |
Capital expenditures incurred but not yet paid | $59 |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Supplemental guarantor information statements of operation | ' | ' |
Net sales | $2,680 | $2,401 |
Cost of goods sold (exclusive of depreciation and amortization) | 2,329 | 2,098 |
Selling, general and administrative expenses | 108 | 120 |
Depreciation and amortization | 89 | 77 |
Research and development expenses | 12 | 10 |
Interest expense and amortization of debt issuance costs | 81 | 76 |
Gain on assets held for sale | -11 | 0 |
Restructuring and impairment, net | 6 | 9 |
Equity in net (income) loss of non-consolidated affiliates | 2 | 4 |
Equity in net (income) loss in consolidated subsidiaries | 0 | 0 |
Other (income) expense, net | 5 | -10 |
Total expenses | 2,621 | 2,384 |
Income (loss) before income taxes | 59 | 17 |
Income tax (benefit) provision | 24 | 3 |
Net income | 35 | 14 |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 |
Net income (loss) attributable to our common shareholder | 35 | 14 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 67 | -29 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 1 | -1 |
Comprehensive income (loss) attributable to our common shareholder | 66 | -28 |
Parent [Member] | ' | ' |
Supplemental guarantor information statements of operation | ' | ' |
Net sales | 174 | 178 |
Cost of goods sold (exclusive of depreciation and amortization) | 172 | 189 |
Selling, general and administrative expenses | -4 | 44 |
Depreciation and amortization | 4 | 4 |
Research and development expenses | 0 | 1 |
Interest expense and amortization of debt issuance costs | 80 | 79 |
Gain on assets held for sale | -5 | ' |
Restructuring and impairment, net | 0 | 0 |
Equity in net (income) loss of non-consolidated affiliates | 0 | 0 |
Equity in net (income) loss in consolidated subsidiaries | -90 | -155 |
Other (income) expense, net | -20 | 2 |
Total expenses | 137 | 164 |
Income (loss) before income taxes | 37 | 14 |
Income tax (benefit) provision | 2 | 0 |
Net income | 35 | 14 |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 |
Net income (loss) attributable to our common shareholder | 35 | 14 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 66 | -28 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 |
Comprehensive income (loss) attributable to our common shareholder | 66 | -28 |
Guarantors [Member] | ' | ' |
Supplemental guarantor information statements of operation | ' | ' |
Net sales | 2,235 | 1,962 |
Cost of goods sold (exclusive of depreciation and amortization) | 1,950 | 1,717 |
Selling, general and administrative expenses | 91 | 63 |
Depreciation and amortization | 64 | 58 |
Research and development expenses | 12 | 9 |
Interest expense and amortization of debt issuance costs | 14 | 7 |
Gain on assets held for sale | -6 | ' |
Restructuring and impairment, net | 5 | 8 |
Equity in net (income) loss of non-consolidated affiliates | 2 | 4 |
Equity in net (income) loss in consolidated subsidiaries | -9 | -26 |
Other (income) expense, net | 4 | -29 |
Total expenses | 2,127 | 1,811 |
Income (loss) before income taxes | 108 | 151 |
Income tax (benefit) provision | 18 | -2 |
Net income | 90 | 153 |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 |
Net income (loss) attributable to our common shareholder | 90 | 153 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 74 | 172 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 |
Comprehensive income (loss) attributable to our common shareholder | 74 | 172 |
Non-Guarantor [Member] | ' | ' |
Supplemental guarantor information statements of operation | ' | ' |
Net sales | 685 | 626 |
Cost of goods sold (exclusive of depreciation and amortization) | 621 | 557 |
Selling, general and administrative expenses | 21 | 13 |
Depreciation and amortization | 21 | 15 |
Research and development expenses | 0 | 0 |
Interest expense and amortization of debt issuance costs | 3 | -1 |
Gain on assets held for sale | 0 | ' |
Restructuring and impairment, net | 1 | 1 |
Equity in net (income) loss of non-consolidated affiliates | 0 | 0 |
Equity in net (income) loss in consolidated subsidiaries | 0 | 0 |
Other (income) expense, net | 5 | 8 |
Total expenses | 672 | 593 |
Income (loss) before income taxes | 13 | 33 |
Income tax (benefit) provision | 4 | 5 |
Net income | 9 | 28 |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 |
Net income (loss) attributable to our common shareholder | 9 | 28 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 44 | 6 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 1 | -1 |
Comprehensive income (loss) attributable to our common shareholder | 43 | 7 |
Eliminations [Member] | ' | ' |
Supplemental guarantor information statements of operation | ' | ' |
Net sales | -414 | -365 |
Cost of goods sold (exclusive of depreciation and amortization) | -414 | -365 |
Selling, general and administrative expenses | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Research and development expenses | 0 | 0 |
Interest expense and amortization of debt issuance costs | -16 | -9 |
Gain on assets held for sale | 0 | ' |
Restructuring and impairment, net | 0 | 0 |
Equity in net (income) loss of non-consolidated affiliates | 0 | 0 |
Equity in net (income) loss in consolidated subsidiaries | 99 | 181 |
Other (income) expense, net | 16 | 9 |
Total expenses | -315 | -184 |
Income (loss) before income taxes | -99 | -181 |
Income tax (benefit) provision | 0 | 0 |
Net income | -99 | -181 |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 |
Net income (loss) attributable to our common shareholder | -99 | -181 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | -117 | -179 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 |
Comprehensive income (loss) attributable to our common shareholder | ($117) | ($179) |
Supplemental_Guarantor_Informa3
Supplemental Guarantor Information (Details 1) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | $337 | $249 | $509 | $301 |
Accounts receivable, net | ' | ' | ' | ' |
Accounts and Other Receivables, Net, Current | 1,557 | ' | 1,382 | ' |
Accounts receivable - related parties | 61 | ' | 54 | ' |
Inventories | 1,295 | ' | 1,173 | ' |
Prepaid expenses and other current assets | 114 | ' | 101 | ' |
Fair value of derivative instruments | 67 | ' | 51 | ' |
Deferred income tax assets | 101 | ' | 101 | ' |
Assets held for sale | 72 | ' | 102 | ' |
Total current assets | 3,604 | ' | 3,473 | ' |
Property, plant and equipment, net | 3,575 | ' | 3,513 | ' |
Goodwill | 608 | ' | 611 | ' |
Intangible assets, net | 626 | ' | 640 | ' |
Investment in and advances to non-consolidated affiliates | 607 | ' | 612 | ' |
Investments in Consolidated Subsidiaries | 0 | ' | 0 | ' |
Fair value of derivative instruments, net of current portion | 9 | ' | 4 | ' |
Deferred income tax assets | 80 | ' | 80 | ' |
— third parties | 183 | ' | 173 | ' |
— related parties | 21 | ' | 12 | ' |
Total assets | 9,304 | ' | 9,114 | ' |
Current liabilities | ' | ' | ' | ' |
Current portion of long-term debt | 95 | ' | 92 | ' |
Short-term borrowings | ' | ' | ' | ' |
- third parties | 956 | ' | 723 | ' |
- related parties | 0 | ' | 0 | ' |
Accounts payable | ' | ' | ' | ' |
— third parties | 1,651 | ' | 1,418 | ' |
— related parties | 56 | ' | 53 | ' |
Fair value of derivative instruments | 65 | ' | 60 | ' |
Accrued expenses and other current liabilities | 455 | ' | 547 | ' |
Accrued Expenses - Related Party | 0 | ' | 250 | ' |
Deferred income tax liabilities | 19 | ' | 16 | ' |
Liabilities of Assets Held-for-sale | 0 | ' | 11 | ' |
Total current liabilities | 3,297 | ' | 3,170 | ' |
Long-term debt, net of current portion | ' | ' | ' | ' |
- third parties | 4,350 | ' | 4,359 | ' |
- related parties | 0 | ' | 0 | ' |
Deferred income tax liabilities | 421 | ' | 425 | ' |
Accrued postretirement benefits | 632 | ' | 621 | ' |
Other long-term liabilities | 269 | ' | 271 | ' |
Total liabilities | 8,969 | ' | 8,846 | ' |
Commitments and contingencies | ' | ' | ' | ' |
Total temporary equity - intercompany | 0 | ' | ' | ' |
Shareholder's equity | ' | ' | ' | ' |
Common stock | 0 | ' | 0 | ' |
Additional paid-in capital | 1,404 | ' | 1,404 | ' |
Retained Earnings (Accumulated Deficit) | -1,038 | ' | -1,073 | ' |
Accumulated other comprehensive income (loss) | -60 | -310 | -91 | -268 |
Total equity of our common shareholder | 306 | ' | 240 | ' |
Noncontrolling interests | 29 | ' | 28 | ' |
Total equity | 335 | ' | 268 | ' |
Total liabilities and equity | 9,304 | ' | 9,114 | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 1 | -1 | ' | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 66 | -28 | ' | ' |
Parent [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 4 | 14 | 4 | 4 |
Accounts receivable, net | ' | ' | ' | ' |
Accounts and Other Receivables, Net, Current | 21 | ' | 15 | ' |
Accounts receivable - related parties | 333 | ' | 1,093 | ' |
Inventories | 43 | ' | 36 | ' |
Prepaid expenses and other current assets | 7 | ' | 5 | ' |
Fair value of derivative instruments | 18 | ' | 12 | ' |
Deferred income tax assets | 0 | ' | 0 | ' |
Assets held for sale | 0 | ' | 28 | ' |
Total current assets | 426 | ' | 1,193 | ' |
Property, plant and equipment, net | 98 | ' | 100 | ' |
Goodwill | 0 | ' | 0 | ' |
Intangible assets, net | 18 | ' | 19 | ' |
Investment in and advances to non-consolidated affiliates | 0 | ' | 0 | ' |
Investments in Consolidated Subsidiaries | 3,322 | ' | 3,273 | ' |
Deferred income tax assets | 0 | ' | 0 | ' |
— third parties | 68 | ' | 73 | ' |
— related parties | 1,331 | ' | 844 | ' |
Total assets | 5,263 | ' | 5,502 | ' |
Current liabilities | ' | ' | ' | ' |
Current portion of long-term debt | 21 | ' | 21 | ' |
Short-term borrowings | ' | ' | ' | ' |
- third parties | 438 | ' | 367 | ' |
- related parties | 32 | ' | 32 | ' |
Accounts payable | ' | ' | ' | ' |
— third parties | 30 | ' | 35 | ' |
— related parties | 55 | ' | 89 | ' |
Fair value of derivative instruments | 7 | ' | 14 | ' |
Accrued expenses and other current liabilities | 42 | ' | 104 | ' |
Accrued Expenses - Related Party | 0 | ' | 250 | ' |
Deferred income tax liabilities | 0 | ' | 0 | ' |
Liabilities of Assets Held-for-sale | ' | ' | 10 | ' |
Total current liabilities | 625 | ' | 922 | ' |
Long-term debt, net of current portion | ' | ' | ' | ' |
- third parties | 4,215 | ' | 4,219 | ' |
- related parties | 49 | ' | 49 | ' |
Deferred income tax liabilities | 0 | ' | 0 | ' |
Accrued postretirement benefits | 42 | ' | 44 | ' |
Other long-term liabilities | 26 | ' | 28 | ' |
Total liabilities | 4,957 | ' | 5,262 | ' |
Total temporary equity - intercompany | 0 | ' | ' | ' |
Shareholder's equity | ' | ' | ' | ' |
Common stock | 0 | ' | 0 | ' |
Additional paid-in capital | 1,404 | ' | 1,404 | ' |
Retained Earnings (Accumulated Deficit) | -1,038 | ' | -1,073 | ' |
Accumulated other comprehensive income (loss) | -60 | ' | -91 | ' |
Total equity of our common shareholder | 306 | ' | 240 | ' |
Noncontrolling interests | 0 | ' | 0 | ' |
Total equity | 306 | ' | 240 | ' |
Total liabilities and equity | 5,263 | ' | 5,502 | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | ' | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 66 | -28 | ' | ' |
Guarantors [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 207 | 164 | 372 | 196 |
Accounts receivable, net | ' | ' | ' | ' |
Accounts and Other Receivables, Net, Current | 1,247 | ' | 1,121 | ' |
Accounts receivable - related parties | 159 | ' | 193 | ' |
Inventories | 968 | ' | 880 | ' |
Prepaid expenses and other current assets | 87 | ' | 76 | ' |
Fair value of derivative instruments | 19 | ' | 26 | ' |
Deferred income tax assets | 99 | ' | 96 | ' |
Assets held for sale | 72 | ' | 74 | ' |
Total current assets | 2,858 | ' | 2,838 | ' |
Property, plant and equipment, net | 2,516 | ' | 2,485 | ' |
Goodwill | 597 | ' | 600 | ' |
Intangible assets, net | 604 | ' | 617 | ' |
Investment in and advances to non-consolidated affiliates | 607 | ' | 612 | ' |
Investments in Consolidated Subsidiaries | 658 | ' | 612 | ' |
Deferred income tax assets | 27 | ' | 28 | ' |
— third parties | 99 | ' | 89 | ' |
— related parties | 70 | ' | 61 | ' |
Total assets | 8,036 | ' | 7,942 | ' |
Current liabilities | ' | ' | ' | ' |
Current portion of long-term debt | 10 | ' | 10 | ' |
Short-term borrowings | ' | ' | ' | ' |
- third parties | 443 | ' | 287 | ' |
- related parties | 88 | ' | 809 | ' |
Accounts payable | ' | ' | ' | ' |
— third parties | 1,066 | ' | 912 | ' |
— related parties | 364 | ' | 377 | ' |
Fair value of derivative instruments | 46 | ' | 40 | ' |
Accrued expenses and other current liabilities | 331 | ' | 358 | ' |
Accrued Expenses - Related Party | 9 | ' | 4 | ' |
Deferred income tax liabilities | 19 | ' | 16 | ' |
Liabilities of Assets Held-for-sale | ' | ' | 1 | ' |
Total current liabilities | 2,376 | ' | 2,814 | ' |
Long-term debt, net of current portion | ' | ' | ' | ' |
- third parties | 37 | ' | 40 | ' |
- related parties | 1,272 | ' | 788 | ' |
Deferred income tax liabilities | 415 | ' | 419 | ' |
Accrued postretirement benefits | 431 | ' | 422 | ' |
Other long-term liabilities | 234 | ' | 236 | ' |
Total liabilities | 4,765 | ' | 4,719 | ' |
Total temporary equity - intercompany | 1,681 | ' | ' | ' |
Shareholder's equity | ' | ' | ' | ' |
Common stock | 0 | ' | 0 | ' |
Additional paid-in capital | 0 | ' | 0 | ' |
Retained Earnings (Accumulated Deficit) | 1,752 | ' | 1,684 | ' |
Accumulated other comprehensive income (loss) | -162 | ' | -142 | ' |
Total equity of our common shareholder | 1,590 | ' | 1,542 | ' |
Noncontrolling interests | 0 | ' | 0 | ' |
Total equity | 1,590 | ' | 1,542 | ' |
Total liabilities and equity | 8,036 | ' | 7,942 | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | ' | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 74 | 172 | ' | ' |
Non-Guarantor [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 126 | 71 | 133 | 101 |
Accounts receivable, net | ' | ' | ' | ' |
Accounts and Other Receivables, Net, Current | 289 | ' | 246 | ' |
Accounts receivable - related parties | 88 | ' | 57 | ' |
Inventories | 284 | ' | 257 | ' |
Prepaid expenses and other current assets | 20 | ' | 20 | ' |
Fair value of derivative instruments | 31 | ' | 14 | ' |
Deferred income tax assets | 2 | ' | 5 | ' |
Assets held for sale | 0 | ' | 0 | ' |
Total current assets | 840 | ' | 732 | ' |
Property, plant and equipment, net | 961 | ' | 928 | ' |
Goodwill | 11 | ' | 11 | ' |
Intangible assets, net | 4 | ' | 4 | ' |
Investment in and advances to non-consolidated affiliates | 0 | ' | 0 | ' |
Investments in Consolidated Subsidiaries | 0 | ' | 0 | ' |
Deferred income tax assets | 53 | ' | 52 | ' |
— third parties | 16 | ' | 11 | ' |
— related parties | 0 | ' | 0 | ' |
Total assets | 1,885 | ' | 1,738 | ' |
Current liabilities | ' | ' | ' | ' |
Current portion of long-term debt | 64 | ' | 61 | ' |
Short-term borrowings | ' | ' | ' | ' |
- third parties | 75 | ' | 69 | ' |
- related parties | 0 | ' | 0 | ' |
Accounts payable | ' | ' | ' | ' |
— third parties | 555 | ' | 471 | ' |
— related parties | 23 | ' | 29 | ' |
Fair value of derivative instruments | 13 | ' | 7 | ' |
Accrued expenses and other current liabilities | 82 | ' | 85 | ' |
Accrued Expenses - Related Party | 4 | ' | 2 | ' |
Deferred income tax liabilities | 0 | ' | 0 | ' |
Liabilities of Assets Held-for-sale | ' | ' | 0 | ' |
Total current liabilities | 816 | ' | 724 | ' |
Long-term debt, net of current portion | ' | ' | ' | ' |
- third parties | 98 | ' | 100 | ' |
- related parties | 59 | ' | 56 | ' |
Deferred income tax liabilities | 6 | ' | 6 | ' |
Accrued postretirement benefits | 159 | ' | 155 | ' |
Other long-term liabilities | 9 | ' | 7 | ' |
Total liabilities | 1,147 | ' | 1,048 | ' |
Total temporary equity - intercompany | 0 | ' | ' | ' |
Shareholder's equity | ' | ' | ' | ' |
Common stock | 0 | ' | 0 | ' |
Additional paid-in capital | 0 | ' | 0 | ' |
Retained Earnings (Accumulated Deficit) | 689 | ' | 680 | ' |
Accumulated other comprehensive income (loss) | 20 | ' | -18 | ' |
Total equity of our common shareholder | 709 | ' | 662 | ' |
Noncontrolling interests | 29 | ' | 28 | ' |
Total equity | 738 | ' | 690 | ' |
Total liabilities and equity | 1,885 | ' | 1,738 | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 1 | -1 | ' | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 43 | 7 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | ' | ' | ' | ' |
Accounts and Other Receivables, Net, Current | 0 | ' | 0 | ' |
Accounts receivable - related parties | -519 | ' | -1,289 | ' |
Inventories | 0 | ' | 0 | ' |
Prepaid expenses and other current assets | 0 | ' | 0 | ' |
Fair value of derivative instruments | -1 | ' | -1 | ' |
Deferred income tax assets | 0 | ' | 0 | ' |
Assets held for sale | 0 | ' | 0 | ' |
Total current assets | -520 | ' | -1,290 | ' |
Property, plant and equipment, net | 0 | ' | 0 | ' |
Goodwill | 0 | ' | 0 | ' |
Intangible assets, net | 0 | ' | 0 | ' |
Investment in and advances to non-consolidated affiliates | 0 | ' | 0 | ' |
Investments in Consolidated Subsidiaries | -3,980 | ' | -3,885 | ' |
Deferred income tax assets | 0 | ' | 0 | ' |
— third parties | 0 | ' | 0 | ' |
— related parties | -1,380 | ' | -893 | ' |
Total assets | -5,880 | ' | -6,068 | ' |
Current liabilities | ' | ' | ' | ' |
Current portion of long-term debt | 0 | ' | 0 | ' |
Short-term borrowings | ' | ' | ' | ' |
- third parties | 0 | ' | 0 | ' |
- related parties | -120 | ' | -841 | ' |
Accounts payable | ' | ' | ' | ' |
— third parties | 0 | ' | 0 | ' |
— related parties | -386 | ' | -442 | ' |
Fair value of derivative instruments | -1 | ' | -1 | ' |
Accrued expenses and other current liabilities | 0 | ' | 0 | ' |
Accrued Expenses - Related Party | -13 | ' | -6 | ' |
Deferred income tax liabilities | 0 | ' | 0 | ' |
Liabilities of Assets Held-for-sale | ' | ' | 0 | ' |
Total current liabilities | -520 | ' | -1,290 | ' |
Long-term debt, net of current portion | ' | ' | ' | ' |
- third parties | 0 | ' | 0 | ' |
- related parties | -1,380 | ' | -893 | ' |
Deferred income tax liabilities | 0 | ' | 0 | ' |
Accrued postretirement benefits | 0 | ' | 0 | ' |
Other long-term liabilities | 0 | ' | 0 | ' |
Total liabilities | -1,900 | ' | -2,183 | ' |
Total temporary equity - intercompany | -1,681 | ' | ' | ' |
Shareholder's equity | ' | ' | ' | ' |
Common stock | 0 | ' | 0 | ' |
Additional paid-in capital | 0 | ' | 0 | ' |
Retained Earnings (Accumulated Deficit) | -2,441 | ' | -2,364 | ' |
Accumulated other comprehensive income (loss) | 142 | ' | 160 | ' |
Total equity of our common shareholder | -2,299 | ' | -2,204 | ' |
Noncontrolling interests | 0 | ' | 0 | ' |
Total equity | -2,299 | ' | -2,204 | ' |
Total liabilities and equity | -5,880 | ' | -6,068 | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | ' | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ($117) | ($179) | ' | ' |
Supplemental_Guarantor_Informa4
Supplemental Guarantor Information (Details 2) (USD $) | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | $59,000,000 | $17,000,000 |
Net income | 35,000,000 | 14,000,000 |
OPERATING ACTIVITIES | ' | ' |
Net cash provided by (used in) operating activities | -24,000,000 | -102,000,000 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -138,000,000 | -181,000,000 |
(Outflow) proceeds from related party loans receivable, net | ' | 0 |
Proceeds (outflow) from settlement of other undesignated derivative instruments, net | 1,000,000 | -6,000,000 |
Net cash used in investing activities | -119,000,000 | -187,000,000 |
Proceeds from issuance of debt | ' | ' |
- third parties | 105,000,000 | 42,000,000 |
- related parties | 0 | 0 |
Principal payments | ' | ' |
- third parties | -53,000,000 | -17,000,000 |
- related parties | 0 | ' |
Short-term borrowings, net | ' | ' |
- third parties | 166,000,000 | 219,000,000 |
- related parties | 0 | 0 |
Payments of Capital Distribution | -250,000,000 | 0 |
Dividends, noncontrolling interest | 0 | 0 |
Payments of Debt Issuance Costs | 0 | -7,000,000 |
Net cash (used in) provided by financing activities | -32,000,000 | 237,000,000 |
Net decrease in cash and cash equivalents | -175,000,000 | -52,000,000 |
Effect of exchange rate changes on cash | 3,000,000 | 0 |
Cash and cash equivalents — beginning of period | 509,000,000 | 301,000,000 |
Cash and cash equivalents — end of period | 337,000,000 | 249,000,000 |
Proceeds from Sale of Productive Assets | 34,000,000 | 0 |
Proceeds from Sale of Assets, Related Parties | 0 | ' |
Outflows from investments in and advances to non–consolidated affiliates, net | 16,000,000 | 0 |
Parent [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 37,000,000 | 14,000,000 |
Net income | 35,000,000 | 14,000,000 |
OPERATING ACTIVITIES | ' | ' |
Net cash provided by (used in) operating activities | -79,000,000 | -134,000,000 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -4,000,000 | -4,000,000 |
(Outflow) proceeds from related party loans receivable, net | ' | 13,000,000 |
Proceeds (outflow) from settlement of other undesignated derivative instruments, net | 3,000,000 | 2,000,000 |
Net cash used in investing activities | 263,000,000 | 11,000,000 |
Proceeds from issuance of debt | ' | ' |
- third parties | 0 | 0 |
- related parties | 0 | 0 |
Principal payments | ' | ' |
- third parties | -5,000,000 | -5,000,000 |
- related parties | 0 | ' |
Short-term borrowings, net | ' | ' |
- third parties | 71,000,000 | 145,000,000 |
- related parties | 0 | 0 |
Payments of Capital Distribution | -250,000,000 | ' |
Dividends, noncontrolling interest | 0 | 0 |
Payments of Debt Issuance Costs | ' | -7,000,000 |
Net cash (used in) provided by financing activities | -184,000,000 | 133,000,000 |
Net decrease in cash and cash equivalents | 0 | 10,000,000 |
Effect of exchange rate changes on cash | 0 | 0 |
Cash and cash equivalents — beginning of period | 4,000,000 | 4,000,000 |
Cash and cash equivalents — end of period | 4,000,000 | 14,000,000 |
Proceeds from Sale of Productive Assets | 29,000,000 | ' |
Proceeds from Sale of Assets, Related Parties | 0 | ' |
Outflows from investments in and advances to non–consolidated affiliates, net | -235,000,000 | ' |
Guarantors [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 108,000,000 | 151,000,000 |
Net income | 90,000,000 | 153,000,000 |
OPERATING ACTIVITIES | ' | ' |
Net cash provided by (used in) operating activities | 67,000,000 | 43,000,000 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -114,000,000 | -118,000,000 |
(Outflow) proceeds from related party loans receivable, net | ' | 0 |
Proceeds (outflow) from settlement of other undesignated derivative instruments, net | -9,000,000 | -13,000,000 |
Net cash used in investing activities | -134,000,000 | -131,000,000 |
Proceeds from issuance of debt | ' | ' |
- third parties | 95,000,000 | 41,000,000 |
- related parties | 500,000,000 | 0 |
Principal payments | ' | ' |
- third parties | -35,000,000 | -12,000,000 |
- related parties | -17,000,000 | ' |
Short-term borrowings, net | ' | ' |
- third parties | 96,000,000 | 74,000,000 |
- related parties | -721,000,000 | -34,000,000 |
Payments of Capital Distribution | 0 | ' |
Dividends, noncontrolling interest | -15,000,000 | -14,000,000 |
Payments of Debt Issuance Costs | ' | 0 |
Net cash (used in) provided by financing activities | -97,000,000 | 55,000,000 |
Net decrease in cash and cash equivalents | -164,000,000 | -33,000,000 |
Effect of exchange rate changes on cash | -1,000,000 | 1,000,000 |
Cash and cash equivalents — beginning of period | 372,000,000 | 196,000,000 |
Cash and cash equivalents — end of period | 207,000,000 | 164,000,000 |
Proceeds from Sale of Productive Assets | 5,000,000 | ' |
Proceeds from Sale of Assets, Related Parties | 0 | ' |
Outflows from investments in and advances to non–consolidated affiliates, net | 16,000,000 | ' |
Non-Guarantor [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 13,000,000 | 33,000,000 |
Net income | 9,000,000 | 28,000,000 |
OPERATING ACTIVITIES | ' | ' |
Net cash provided by (used in) operating activities | 3,000,000 | 3,000,000 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -20,000,000 | -59,000,000 |
(Outflow) proceeds from related party loans receivable, net | ' | 0 |
Proceeds (outflow) from settlement of other undesignated derivative instruments, net | 7,000,000 | 5,000,000 |
Net cash used in investing activities | -13,000,000 | -54,000,000 |
Proceeds from issuance of debt | ' | ' |
- third parties | 10,000,000 | 1,000,000 |
- related parties | 3,000,000 | 21,000,000 |
Principal payments | ' | ' |
- third parties | -13,000,000 | 0 |
- related parties | 0 | ' |
Short-term borrowings, net | ' | ' |
- third parties | -1,000,000 | 0 |
- related parties | 0 | 0 |
Payments of Capital Distribution | 0 | ' |
Dividends, noncontrolling interest | 0 | 0 |
Payments of Debt Issuance Costs | ' | 0 |
Net cash (used in) provided by financing activities | -1,000,000 | 22,000,000 |
Net decrease in cash and cash equivalents | -11,000,000 | -29,000,000 |
Effect of exchange rate changes on cash | 4,000,000 | -1,000,000 |
Cash and cash equivalents — beginning of period | 133,000,000 | 101,000,000 |
Cash and cash equivalents — end of period | 126,000,000 | 71,000,000 |
Proceeds from Sale of Productive Assets | 0 | ' |
Proceeds from Sale of Assets, Related Parties | 0 | ' |
Outflows from investments in and advances to non–consolidated affiliates, net | 0 | ' |
Eliminations [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -99,000,000 | -181,000,000 |
Net income | -99,000,000 | -181,000,000 |
OPERATING ACTIVITIES | ' | ' |
Net cash provided by (used in) operating activities | -15,000,000 | -14,000,000 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | 0 | 0 |
(Outflow) proceeds from related party loans receivable, net | ' | -13,000,000 |
Proceeds (outflow) from settlement of other undesignated derivative instruments, net | 0 | 0 |
Net cash used in investing activities | -235,000,000 | -13,000,000 |
Proceeds from issuance of debt | ' | ' |
- third parties | 0 | 0 |
- related parties | -503,000,000 | -21,000,000 |
Principal payments | ' | ' |
- third parties | 0 | 0 |
- related parties | 17,000,000 | ' |
Short-term borrowings, net | ' | ' |
- third parties | 0 | 0 |
- related parties | 721,000,000 | 34,000,000 |
Payments of Capital Distribution | 0 | ' |
Dividends, noncontrolling interest | 15,000,000 | 14,000,000 |
Payments of Debt Issuance Costs | ' | 0 |
Net cash (used in) provided by financing activities | 250,000,000 | 27,000,000 |
Net 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 |
Proceeds from Sale of Productive Assets | 0 | ' |
Proceeds from Sale of Assets, Related Parties | 0 | ' |
Outflows from investments in and advances to non–consolidated affiliates, net | $235,000,000 | ' |