Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | 11-May-15 | Sep. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Novelis Inc. | ||
Entity Central Index Key | 1304280 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Mar-15 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -28 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $0 | ||
Entity Common Stock, Shares Outstanding | 1,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | |||||||||||
Net sales | $2,789 | $2,847 | $2,831 | $2,680 | $2,549 | $2,403 | $2,414 | $2,401 | $11,147 | $9,767 | $9,812 |
Cost of goods sold (exclusive of depreciation and amortization) | 2,483 | 2,498 | 2,483 | 2,329 | 2,203 | 2,093 | 2,074 | 2,098 | 9,793 | 8,468 | 8,477 |
Selling, general and administrative expenses | 108 | 108 | 103 | 108 | 117 | 115 | 109 | 120 | 427 | 461 | 398 |
Depreciation and amortization | 86 | 87 | 90 | 89 | 87 | 91 | 79 | 77 | 352 | 334 | 292 |
Research and development expenses | 12 | 14 | 12 | 12 | 11 | 12 | 12 | 10 | 50 | 45 | 46 |
Interest expense and amortization of debt issuance costs | 78 | 85 | 82 | 81 | 77 | 76 | 75 | 76 | 326 | 304 | 298 |
Gain on assets held for sale, net | 1 | -12 | 0 | -11 | 0 | -6 | 0 | 0 | -22 | -6 | -3 |
Loss on extinguishment of debt | 0 | 0 | 7 | ||||||||
Restructuring and impairment, net | -1 | 25 | 7 | 6 | 29 | 19 | 18 | 9 | 37 | 75 | 47 |
Equity in net loss of non-consolidated affiliates | 1 | 2 | 0 | 2 | 0 | 5 | 3 | 4 | 5 | 12 | 16 |
Other expense (income), net | 3 | -9 | 18 | 5 | -14 | -12 | -5 | -10 | 17 | -41 | -52 |
Total expenses | 10,985 | 9,652 | 9,526 | ||||||||
Income before income taxes | 162 | 115 | 286 | ||||||||
Income tax provision | -11 | 3 | -2 | 24 | -15 | -3 | 26 | 3 | 14 | 11 | 83 |
Net income | 29 | 46 | 38 | 35 | 54 | 13 | 23 | 14 | 148 | 104 | 203 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
Net income attributable to our common shareholder | $29 | $46 | $38 | $35 | $54 | $13 | $23 | $14 | $148 | $104 | $202 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $148 | $104 | $203 |
Other comprehensive (loss) income: | |||
Currency translation adjustment | -304 | 120 | -53 |
Change in fair value of effective portion of hedges, net | -44 | -21 | 5 |
Change in pension and other benefits, net | -209 | 120 | -44 |
Other comprehensive (loss) income before income tax effect | -557 | 219 | -92 |
Income tax (benefit) provision related to items of other comprehensive (loss) income | -72 | 44 | -15 |
Other comprehensive (loss) income, net of tax | -485 | 175 | -77 |
Comprehensive (loss) income | -337 | 279 | 126 |
Less: Comprehensive (loss) income attributable to noncontrolling interest, net of tax | -15 | -2 | 1 |
Comprehensive (loss) income attributable to our common shareholder | ($322) | $281 | $125 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
In Millions, unless otherwise specified | ||||
Current assets | ||||
Cash and cash equivalents | $628 | $509 | $301 | $317 |
Accounts receivable, net | ||||
— third parties (net of uncollectible accounts of $3 and $4 as of March 31, 2015 and 2014, respectively) | 1,289 | 1,382 | ||
— related parties | 53 | 54 | ||
Inventories | 1,431 | 1,173 | ||
Prepaid expenses and other current assets | 112 | 101 | ||
Fair value of derivative instruments | 77 | 51 | ||
Deferred income tax assets | 79 | 101 | ||
Assets held for sale | 6 | 102 | ||
Total current assets | 3,675 | 3,473 | ||
Property, plant and equipment, net | 3,542 | 3,513 | ||
Goodwill | 607 | 611 | ||
Intangible assets, net | 584 | 640 | ||
Investment in and advances to non–consolidated affiliates | 447 | 612 | ||
Deferred income tax assets | 95 | 80 | ||
Other long–term assets | ||||
— third parties | 137 | 173 | ||
— related parties | 15 | 12 | ||
Total assets | 9,102 | 9,114 | ||
Current liabilities | ||||
Current portion of long–term debt | 108 | 92 | ||
Short–term borrowings | 846 | 723 | ||
Accounts payable | ||||
— third parties | 1,854 | 1,418 | ||
— related parties | 44 | 53 | ||
Fair value of derivative instruments | 149 | 60 | ||
Accrued expenses and other current liabilities | ||||
— third parties | 572 | 547 | ||
— related party | 0 | 250 | ||
Deferred income tax liabilities | 20 | 16 | ||
Liabilities held for sale | 0 | 11 | ||
Total current liabilities | 3,593 | 3,170 | ||
Long–term debt, net of current portion | 4,349 | 4,359 | ||
Deferred income tax liabilities | 261 | 425 | ||
Accrued postretirement benefits | 748 | 621 | ||
Other long–term liabilities | 221 | 271 | ||
Total liabilities | 9,172 | 8,846 | ||
Commitments and contingencies | ||||
Shareholder’s (deficit) equity | ||||
Common stock, no par value; unlimited number of shares authorized; 1,000 shares issued and outstanding as of March 31, 2015 and 2014 | 0 | 0 | ||
Additional paid–in capital | 1,404 | 1,404 | ||
Accumulated deficit | -925 | -1,073 | ||
Accumulated other comprehensive loss | -561 | -91 | -268 | -191 |
Total (deficit) equity of our common shareholder | -82 | 240 | ||
Noncontrolling interests | 12 | 28 | ||
Total (deficit) equity | -70 | 268 | 239 | 123 |
Total liabilities and (deficit) equity | $9,102 | $9,114 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowances for accounts receivable | $3 | $4 |
Common stock, par value (in usd per share) | $0 | $0 |
Common stock, shares authorized | unlimited | unlimited |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING ACTIVITIES | |||
Net income | $148 | $104 | $203 |
Adjustments to determine net cash provided by operating activities: | |||
Depreciation and amortization | 352 | 334 | 292 |
Loss (gain) on unrealized derivatives and other realized derivatives in investing activities, net | 39 | -3 | -28 |
Gain on assets held for sale, net | -22 | -6 | -3 |
Loss on sale of assets | 5 | 9 | 6 |
Impairment charges | 7 | 24 | 4 |
Loss on extinguishment of debt | 0 | 0 | 7 |
Deferred income taxes | -88 | -129 | -31 |
Amortization of fair value adjustments, net | 10 | 12 | 12 |
Equity in net loss of non-consolidated affiliates | 5 | 12 | 16 |
(Gain) loss on foreign exchange remeasurement of debt | -5 | -2 | 8 |
Amortization of debt issuance costs and carrying value adjustments | 25 | 26 | 27 |
Other, net | 1 | -4 | 1 |
Changes in assets and liabilities including assets and liabilities held for sale (net of effects from divestitures): | |||
Accounts receivable | -54 | 106 | -121 |
Inventories | -390 | 17 | -160 |
Accounts payable | 578 | 159 | 6 |
Other current assets | -27 | 0 | -36 |
Other current liabilities | 66 | 32 | 28 |
Other noncurrent assets | 7 | -9 | -10 |
Other noncurrent liabilities | -53 | 20 | -18 |
Net cash provided by operating activities | 604 | 702 | 203 |
INVESTING ACTIVITIES | |||
Capital expenditures | -518 | -717 | -775 |
Proceeds from sales of assets, third party, net of transaction fees and hedging | 117 | 8 | 19 |
Proceeds from the sale of assets, related party, net of transaction fees | 0 | 8 | 2 |
(Outflows) proceeds from investments in and advances to non-consolidated affiliates, net | -20 | -16 | 3 |
Proceeds from settlement of other undesignated derivative instruments, net | 5 | 15 | 4 |
Net cash used in investing activities | -416 | -702 | -747 |
FINANCING ACTIVITIES | |||
Proceeds from issuance of long-term and short-term borrowings | 362 | 169 | 319 |
Principal payments of long-term and short-term borrowings | -324 | -164 | -97 |
Revolving credit facilities and other, net | 160 | 208 | 332 |
Return of capital to our common shareholder | -250 | 0 | 0 |
Dividends, noncontrolling interest | -1 | 0 | -2 |
Acquisition of noncontrolling interest in Novelis Korea Ltd. | 0 | 0 | -9 |
Debt issuance costs | -3 | -8 | -8 |
Net cash (used in) provided by financing activities | -56 | 205 | 535 |
Net increase (decrease) in cash and cash equivalents | 132 | 205 | -9 |
Effect of exchange rate changes on cash | -13 | 3 | -7 |
Cash and cash equivalents — beginning of period | 509 | 301 | 317 |
Cash and cash equivalents — end of period | $628 | $509 | $301 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholder's Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings/ (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) (AOCI) | Non-controlling Interests |
In Millions, except Share data, unless otherwise specified | ||||||
Balance at Mar. 31, 2012 | $123 | $0 | $1,659 | ($1,379) | ($191) | $34 |
Balance, shares at Mar. 31, 2012 | 1,000 | |||||
Increase (Decrease) in Stockholder's Equity [Roll Forward] | ||||||
Net income | 202 | 202 | ||||
Net income attributable to noncontrolling interests | -1 | -1 | ||||
Currency translation adjustment, net of tax provision of $ — included in AOCI | -53 | -53 | ||||
Change in fair value of effective portion of hedges, net of tax/benefit included in AOCI | 5 | 5 | ||||
Change in pension and other benefits, net of tax included in AOCI | -29 | -29 | ||||
Acquisition of noncontrolling interest in Novelis Korea Ltd. | -9 | -5 | 0 | -4 | ||
Noncontrolling interests cash dividends declared | -1 | -1 | ||||
Balance at Mar. 31, 2013 | 239 | 0 | 1,654 | -1,177 | -268 | 30 |
Balance, shares at Mar. 31, 2013 | 1,000 | |||||
Increase (Decrease) in Stockholder's Equity [Roll Forward] | ||||||
Net income | 104 | 104 | ||||
Net income attributable to noncontrolling interests | 0 | |||||
Currency translation adjustment, net of tax provision of $ — included in AOCI | 120 | 122 | -2 | |||
Change in fair value of effective portion of hedges, net of tax/benefit included in AOCI | -18 | -18 | 0 | |||
Change in pension and other benefits, net of tax included in AOCI | 73 | 73 | ||||
Return of capital | -250 | -250 | ||||
Balance at Mar. 31, 2014 | 268 | 0 | 1,404 | -1,073 | -91 | 28 |
Balance, shares at Mar. 31, 2014 | 1,000 | |||||
Increase (Decrease) in Stockholder's Equity [Roll Forward] | ||||||
Net income | 148 | 148 | ||||
Net income attributable to noncontrolling interests | 0 | |||||
Currency translation adjustment, net of tax provision of $ — included in AOCI | -304 | -302 | -2 | |||
Change in fair value of effective portion of hedges, net of tax/benefit included in AOCI | -43 | -43 | ||||
Change in pension and other benefits, net of tax included in AOCI | -138 | -125 | -13 | |||
Noncontrolling interests cash dividends declared | -1 | -1 | ||||
Balance at Mar. 31, 2015 | ($70) | $0 | $1,404 | ($925) | ($561) | $12 |
Balance, shares at Mar. 31, 2015 | 1,000 |
Consolidated_Statement_of_Shar1
Consolidated Statement of Shareholder's Equity (Parenthetical) (Accumulated Other Comprehensive Income (Loss) (AOCI), USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) (AOCI) | |||
Tax on currency translation adjustment | $0 | $0 | $0 |
Tax on change in fair value of cash flow hedges | 1 | -3 | 0 |
Tax on change in pension and other benefits | $71 | $47 | $15 |
Business_and_Summary_of_Signif
Business and Summary of Significant Accounting Policies | 12 Months Ended | ||
Mar. 31, 2015 | |||
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. Hindalco acquired Novelis in May 2007. All of the common shares of Novelis are owned directly by AV Metals Inc. and indirectly by Hindalco Industries Limited. | |||
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 automotive, transportation, electronics, architectural and industrial product markets. We have recycling operations in many of our plants to recycle post-consumer aluminum, such as used-beverage cans and post-industrial aluminum, such as class scrap. As of March 31, 2015, we had manufacturing operations in eleven countries on four continents: North America, South America, Asia and Europe, through 25 operating facilities, including recycling operations in eleven of these plants. In December 2014, Novelis ceased operations at its remaining smelting facilities in South America. In addition, during the same period we sold our share of the Consorcio Candonga joint venture which operates power generation facilities in South America. We also sold the majority of our remaining power generation operations in South America in February 2015. | |||
Consolidation Policy | |||
Our consolidated financial statements include the assets, liabilities, revenues and expenses of all wholly-owned subsidiaries, majority-owned subsidiaries over which we exercise control and entities in which we have a controlling financial interest or are deemed to be the primary beneficiary. We eliminate all significant intercompany accounts and transactions from our 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 consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. 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 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 consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. We evaluate and update our assumptions and estimates on an ongoing basis and may employ outside experts to assist in our evaluations. Actual results could differ from the estimates we have used. | |||
Risks and Uncertainties | |||
We are exposed to a number of risks in the normal course of our operations that could potentially affect our financial position, results of operations, and cash flows. | |||
Laws and regulations | |||
We operate in an industry that is subject to a broad range of environmental, health and safety laws and regulations in the jurisdictions in which we operate. These laws and regulations impose increasingly stringent environmental, health and safety protection standards and permitting requirements regarding, among other things, air emissions, wastewater storage, treatment and discharges, the use and handling of hazardous or toxic materials, waste disposal practices, the remediation of environmental contamination, post-mining reclamation and working conditions for our employees. Some environmental laws, such as the U.S. Comprehensive Environmental Response, Compensation, and Liability Act, also known as CERCLA or Superfund, and comparable state laws, impose joint and several liability for the cost of environmental remediation, natural resource damages, third party claims, and other expenses, without regard to the fault or the legality of the original conduct. | |||
The costs of complying with these laws and regulations, including participation in assessments and remediation of contaminated sites and installation of pollution control facilities, have been, and in the future could be, significant. In addition, these laws and regulations may also result in substantial environmental liabilities associated with divested assets, third party locations and past activities. In certain instances, these costs and liabilities, as well as related action to be taken by us, could be accelerated or increased if we were to close, divest of or change the principal use of certain facilities with respect to which we may have environmental liabilities or remediation obligations. Currently, we are involved in a number of compliance efforts, remediation activities and legal proceedings concerning environmental matters, including certain activities and proceedings arising under U.S. Superfund and comparable laws in other jurisdictions where we have operations. | |||
We have established liabilities for environmental remediation where appropriate. However, the cost of addressing environmental matters (including the timing of any charges related thereto) cannot be predicted with certainty, and these liabilities may not ultimately be adequate, especially in light of potential changes in environmental conditions, changing interpretations of laws and regulations by regulators and courts, the discovery of previously unknown environmental conditions, the risk of governmental orders to carry out additional compliance on certain sites not initially included in remediation in progress, our potential liability to remediate sites for which provisions have not been previously established and the adoption of more stringent environmental laws. Such future developments could result in increased environmental costs and liabilities and could require significant capital expenditures, any of which could have a material adverse effect on our financial position or results of operations or cash flows. Furthermore, the failure to comply with our obligations under the environmental laws and regulations could subject us to administrative, civil or criminal penalties, obligations to pay damages or other costs, and injunctions or other orders, including orders to cease operations. In addition, the presence of environmental contamination at our properties could adversely affect our ability to sell a property, receive full value for a property or use a property as collateral for a loan. | |||
Some of our current and potential operations are located or could be located in or near communities that may regard such operations as having a detrimental effect on their social and economic circumstances. Environmental laws typically provide for participation in permitting decisions, site remediation decisions and other matters. Concern about environmental justice issues may affect our operations. Should such community objections be presented to government officials, the consequences of such a development may have a material adverse impact upon the profitability or, in extreme cases, the viability of an operation. In addition, such developments may adversely affect our ability to expand or enter into new operations in such location or elsewhere and may also have an effect on the cost of our environmental remediation projects. | |||
We use a variety of hazardous materials and chemicals in our rolling processes and in connection with maintenance work on our manufacturing facilities. Because of the nature of these substances or related residues, we may be liable for certain costs, including, among others, costs for health-related claims or removal or re-treatment of such substances. Certain of our current and former facilities incorporated asbestos-containing materials, a hazardous substance that has been the subject of health-related claims for occupation exposure. In addition, although we have developed environmental, health and safety programs for our employees, including measures to reduce employee exposure to hazardous substances, and conduct regular assessments at our facilities, we are currently, and in the future may be, involved in claims and litigation filed on behalf of persons alleging injury predominantly as a result of occupational exposure to substances at our current or former facilities. It is not possible to predict the ultimate outcome of these claims and lawsuits due to the unpredictable nature of personal injury litigation. If these claims and lawsuits, individually or in the aggregate, were finally resolved against us, our financial position, results of operations and cash flows could be adversely affected. | |||
Materials and labor | |||
In the aluminum rolled products industry, our raw materials are subject to continuous price volatility. We may not be able to pass on the entire cost of the increases to our customers or offset fully the effects of higher raw material costs through productivity improvements, which may cause our profitability to decline. In addition, there is a potential time lag between changes in prices under our purchase contracts and the point when we can implement a corresponding change under our sales contracts with our customers. As a result, we could be exposed to fluctuations in raw materials prices, including metal, since, during the time lag period, we may have to temporarily bear the additional cost of the change under our purchase contracts, which could have a material adverse effect on our financial position, results of operations and cash flows. Significant price increases may result in our customers’ substituting other materials, such as plastic or glass, for aluminum or switching to another aluminum rolled products producer, which could have a material adverse effect on our financial position, results of operations and cash flows. | |||
We consume substantial amounts of energy in our rolling operations and our cast house operations. The factors that affect our energy costs and supply reliability tend to be specific to each of our facilities. A number of factors could materially adversely affect our energy position including, but not limited to: (a) increases in the cost of natural gas; (b) increases in the cost of supplied electricity or fuel oil related to transportation; (c) interruptions in energy supply due to equipment failure or other causes and (d) the inability to extend energy supply contracts upon expiration on economical terms. A significant increase in energy costs or disruption of energy supplies or supply arrangements could have a material adverse effect on our financial position, results of operations and cash flows. | |||
Approximately 49% of our employees are represented by labor unions under a large number of collective bargaining agreements with varying durations and expiration dates. We may not be able to satisfactorily renegotiate our collective bargaining agreements when they expire. In addition, existing collective bargaining agreements may not prevent a strike or work stoppage at our facilities in the future, and any such work stoppage could have a material adverse effect on our financial position, results of operations and cash flows. | |||
Geographic markets | |||
We are, and will continue to be, subject to financial, political, economic and business risks in connection with our global operations. We have made investments and carry on production activities in various emerging markets, including China, Brazil, South Korea and Malaysia, and we market our products in these countries, as well as certain other countries in Asia, Africa, and the Middle East. While we anticipate higher growth or attractive production opportunities from these emerging markets, they also present a higher degree of risk than more developed markets. In addition to the business risks inherent in developing and servicing new markets, economic conditions may be more volatile, legal and regulatory systems less developed and predictable, and the possibility of various types of adverse governmental action more pronounced. In addition, inflation, fluctuations in currency and interest rates, competitive factors, civil unrest and labor problems could affect our revenues, expenses and results of operations. Our operations could also be adversely affected by acts of war, terrorism or the threat of any of these events as well as government actions such as controls on imports, exports and prices, tariffs, new forms of taxation, or changes in fiscal regimes and increased government regulation in the countries in which we operate or service customers. Unexpected or uncontrollable events or circumstances in any of these markets could have a material adverse effect on our financial position, results of operations and cash flows. | |||
Other risks and uncertainties | |||
In addition, refer to Note 17 — Fair Value Measurements and Note 20 — Commitments and Contingencies for a discussion of financial instruments and commitments and contingencies. | |||
Revenue Recognition | |||
We recognize sales when the revenue is realized or realizable, and has been earned. We record sales when a firm sales agreement is in place, delivery has occurred and collectability of the fixed or determinable sales price is reasonably assured. | |||
We recognize product revenue, net of trade discounts, allowances, and estimated billing adjustments, in the reporting period in which the products are shipped and the title and risk of ownership pass to the customer. We sell most of our products under contracts based on a “conversion premium,” which is subject to periodic adjustments based on market factors. As a result, the aluminum price risk is largely absorbed by the customer. In situations where we offer customers fixed prices for future delivery of our products, we enter into derivative instruments for all or a portion of the cost of metal inputs to protect our profit on the conversion of the product. | |||
Shipping and handling amounts we bill to our customers are included in “Net sales” and the related shipping and handling costs we incur are included in “Cost of goods sold (exclusive of depreciation and amortization).” | |||
Our customers can receive or earn certain incentives including, but not limited to, contract signing bonuses, cash discounts, volume based incentive programs, and support for infrastructure programs. The incentives are recorded as reductions to "Net sales," and are recognized over the minimum contractual period in which the customer is obligated to make purchases from Novelis. For incentives that must be earned, management must make estimates related to customer performance and sales volume to determine the total amounts earned and to be recorded in deductions from "Net sales". In making these estimates, management considers historical results. The actual amounts may differ from these estimates. | |||
On occasion, and in an attempt to better manage inventory levels, we sell inventory to third parties and have agreed to repurchase the same or similar inventory back from the third parties over a future period, based on market prices at the time of repurchase. For transactions in which the Company sells inventory and agrees to repurchase at a later date, we record the initial sale of the inventory on a net basis in our consolidated statement of operations through "Cost of goods sold (exclusive of depreciation and amortization)." | |||
Cost of Goods Sold (Exclusive of Depreciation and Amortization) | |||
“Cost of goods sold (exclusive of depreciation and amortization)” includes all costs associated with inventories, including the procurement of materials, the conversion of such materials into finished product, and the costs of warehousing and distributing finished goods to customers. Material procurement costs include inbound freight charges as well as purchasing, receiving, inspection and storage costs. Conversion costs include the costs of direct production inputs such as labor and energy, as well as allocated overheads from indirect production centers and plant administrative support areas. Warehousing and distribution costs include inside and outside storage costs, outbound freight charges and the costs of internal transfers. | |||
Selling, General and Administrative Expenses | |||
“Selling, general and administrative expenses” include selling, marketing and advertising expenses; salaries, travel and office expenses of administrative employees and contractors; legal and professional fees; software license fees and bad debt expenses. | |||
Research and Development | |||
We incur costs in connection with research and development programs that are expected to contribute to future earnings, and charge such costs against income as incurred. Research and development costs consist primarily of salaries and administrative costs. | |||
Restructuring Activities | |||
Restructuring charges, which are recorded within “Restructuring and impairment, net," include employee severance and benefit costs, impairments of assets, and other costs associated with exit activities. We apply the provisions of ASC 420, Exit or Disposal Cost Obligations (ASC 420). Severance costs accounted for under ASC 420 are recognized when management with the proper level of authority has committed to a restructuring plan and communicated those actions to employees. Impairment losses are based upon the estimated fair value less costs to sell, with fair value estimated based on existing market prices for similar assets. Other exit costs include environmental remediation costs and contract termination costs, primarily related to equipment and facility lease obligations. At each reporting date, we evaluate the accruals for restructuring costs to ensure the accruals are still appropriate. See Note 2 — Restructuring and Impairment for further discussion. | |||
Cash and Cash Equivalents | |||
“Cash and cash equivalents” includes investments that are highly liquid and have maturities of three months or less when purchased. The carrying values of cash and cash equivalents approximate their fair value due to the short-term nature of these instruments. | |||
We maintain amounts on deposit with various financial institutions, which may, at times, exceed federally insured limits. However, management periodically evaluates the credit-worthiness of those institutions, and we have not experienced any losses on such deposits. | |||
Accounts Receivable | |||
Our accounts receivable are geographically dispersed. We do not obtain collateral relating to our accounts receivable. We do not believe there are any significant concentrations of revenues from any particular customer or group of customers that would subject us to any significant credit risks in the collection of our accounts receivable. We report accounts receivable at the estimated net realizable amount we expect to collect from our customers. | |||
Additions to the allowance for doubtful accounts are made by means of the provision for doubtful accounts. We write-off uncollectible accounts receivable against the allowance for doubtful accounts after exhausting collection efforts. For each of the periods presented, we performed an analysis of our historical cash collection patterns and considered the impact of any known material events in determining the allowance for doubtful accounts. See Note 3 — Accounts Receivable for further discussion. | |||
Derivative Instruments | |||
We hold derivatives for risk management purposes and not for trading. We use derivatives to mitigate uncertainty and volatility caused by underlying exposures to aluminum prices, foreign exchange rates, interest rates, and energy prices. The fair values of all derivative instruments are recognized as assets or liabilities at the balance sheet date and are reported gross. | |||
We may be exposed to losses in the future if the counterparties to our derivative contracts fail to perform. We are satisfied that the risk of such non-performance is remote due to our monitoring of credit exposures. Additionally, we enter into master netting agreements with contractual provisions that allow for netting of counterparty positions in case of default, and we do not face credit contingent provisions that would result in the posting of collateral. | |||
For derivatives designated as cash flow hedges or net investment hedges, we assess hedge effectiveness by formally evaluating the high correlation of the expected future cash flows of the hedged item and the derivative hedging instrument. The effective portion of gain or loss on the derivative is included in other comprehensive income (OCI) and reclassified to earnings in the period in which earnings are impacted by the hedged items or in the period that the transaction becomes probable of not occurring. Gains or losses representing reclassifications of OCI to earnings are recognized in the line item most reflective of the underlying risk exposure. We exclude the time value component of foreign currency and aluminum price risk hedges when measuring and assessing ineffectiveness to align our accounting policy with risk management objectives when it is necessary. If at any time during the life of a cash flow hedge relationship we determine that the relationship is no longer effective, the derivative will no longer be designated as a cash flow hedge and future gains or losses on the derivative will be recognized in “Other expense (income), net.” | |||
For derivatives designated as fair value hedges, we assess hedge effectiveness by formally evaluating the high correlation of changes in the fair value of the hedged item and the derivative hedging instrument. The changes in the fair values of the underlying hedged items are reported in "Prepaid expenses and other current assets," "Other long-term assets", "Accrued expenses and other current liabilities," and "Other long-term liabilities" in the consolidated balance sheets. Changes in the fair values of these derivatives and underlying hedged items generally offset and the effective portion is recorded in "Net sales" consistent with the underlying hedged item and the net ineffectiveness is recorded in "Other expense (income), net." | |||
If no hedging relationship is designated, gains or losses are recognized in “Other expense (income), net” in our current period earnings. | |||
Consistent with the cash flows from the underlying risk exposure, we classify cash settlement amounts associated with designated derivatives as part of either operating or investing activities in the consolidated statements of cash flows. If no hedging relationship is designated, we classify cash settlement amounts as part of investing activities in the consolidated statement of cash flows. | |||
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 for foreign exchange rates. See Note 15 — Financial Instruments and Commodity Contracts and Note 17 — Fair Value Measurements for additional discussion related to derivative instruments. | |||
Inventories | |||
We carry our inventories at the lower of their cost or market value, reduced for obsolete and excess inventory. We use the average cost method to determine cost. Included in inventories are stores inventories, which are carried at cost; determined based on the first-in first-out method. See Note 4 — Inventories for further discussion. | |||
Property, Plant and Equipment | |||
We record land, buildings, leasehold improvements and machinery and equipment at cost. We record assets under capital lease obligations at the lower of their fair value or the present value of the aggregate future minimum lease payments as of the beginning of the lease term. We generally depreciate our assets using the straight-line method over the shorter of the estimated useful life of the assets or the lease term, excluding any lease renewals, unless the lease renewals are reasonably assured. See Note 6 — Property, Plant and Equipment for further discussion. We assign useful lives to and depreciate major components of our property, plant and equipment. | |||
The ranges of estimated useful lives are as follows: | |||
Years | |||
Buildings | 30 to 40 | ||
Leasehold improvements | 7 to 20 | ||
Machinery and equipment | 2 to 25 | ||
Furniture, fixtures and equipment | 3 to 10 | ||
Equipment under capital lease obligations | 5 to 15 | ||
As noted above, our machinery and equipment have useful lives of 2 to 25 years. Most of our large scale machinery, including hot mills, cold mills, continuous casting mills, furnaces and finishing mills have useful lives of 15 to 25 years. Supporting machinery and equipment, including automation and work rolls, have useful lives of 2 to 15 years. | |||
Maintenance and repairs of property and equipment are expensed as incurred. We capitalize replacements and improvements that increase the estimated useful life of an asset, and we capitalize interest on major construction and development projects while in progress. | |||
We retain fully depreciated assets in property and accumulated depreciation accounts until we remove them from service. In the case of sale, retirement or disposal, the asset cost and related accumulated depreciation balances are removed from the respective accounts, and the resulting net amount, after consideration of any proceeds, is included as a gain or loss in “Other income, net” or "(Gain) loss on assets held for sale" in our consolidated statements of operations. | |||
We account for operating leases under the provisions of ASC 840, Leases. These pronouncements require us to recognize escalating rents, including any rent holidays, on a straight-line basis over the term of the lease for those lease agreements where we receive the right to control the use of the entire leased property at the beginning of the lease term. | |||
Goodwill | |||
We test for impairment at least annually as of the last day of February of each fiscal year, unless a triggering event occurs that would require an interim impairment assessment. We do not aggregate components of operating segments to arrive at our reporting units and, as such, our reporting units are the same as our operating segments. | |||
In performing our goodwill impairment test, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If we perform a qualitative assessment and determine that an impairment is more likely than not, then we perform the two-step quantitative impairment test, otherwise no further analysis is required. We also may elect not to perform the qualitative assessment and, instead, proceed directly to the two-step quantitative impairment test. The ultimate outcome of the goodwill impairment assessment will be the same whether we choose to perform the qualitative assessment or proceed directly to the two-step quantitative impairment test. | |||
For the years ended March 31, 2015 and, 2014, we elected to perform the two-step quantitative impairment test, and for the year ended March 31, 2013, we elected to perform the qualitative assessment. No goodwill impairment was identified in any of the years. See Note 7 — Goodwill and Intangible Assets for further discussion. | |||
In years where we elect to perform the two-step quantitative impairment test, we use the present value of estimated future cash flows to establish the estimated fair value of our reporting units as of the testing date. This approach includes many assumptions related to future growth rates, discount factors and tax rates, among other considerations. Changes in economic and operating conditions impacting these assumptions could result in goodwill impairment in future periods. When available and as appropriate, we use the market approach to corroborate the estimated fair value. If the carrying amount of a reporting unit's goodwill exceeds its estimated fair value, the second step of the impairment test is performed in order to determine the amount of impairment loss, if any. The second step compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds its implied fair value we would recognize an impairment charge in an amount equal to that excess in our consolidated statements of operations. | |||
When a business within a reporting unit is disposed of, goodwill is allocated to the gain or loss on disposition using the relative fair value methodology. | |||
Long-Lived Assets and Other Intangible Assets | |||
We amortize the cost of intangible assets over their respective estimated useful lives to their estimated residual value. See Note 7 — Goodwill and Intangible Assets for further discussion. | |||
We assess the recoverability of long-lived assets (excluding goodwill) and finite-lived intangible assets, whenever events or changes in circumstances indicate that we may not be able to recover the asset’s carrying amount. We measure the recoverability of assets to be held and used by a comparison of the carrying amount of the asset (groups) to the expected, undiscounted future net cash flows to be generated by that asset (groups), or, for identifiable intangible assets, by determining whether the amortization of the intangible asset balance over its remaining life can be recovered through undiscounted future cash flows. The amount of impairment of identifiable intangible assets is based on the present value of estimated future cash flows. We measure the amount of impairment of other long-lived assets and intangible assets (excluding goodwill) as the amount by which the carrying value of the asset exceeds the fair value of the asset, which is generally determined as the present value of estimated future cash flows or as the appraised value. Impairments of long-lived assets and intangible assets are included in “Restructuring and impairment, net” in the consolidated statement of operations. See Note 2 - Restructuring and Impairment to our accompanying consolidated audited financial statements for discussion on impairments. | |||
Assets and Liabilities Held for Sale | |||
We classify long-lived assets (disposal groups) to be sold as held for sale in the period in which all of the following criteria are met: management, having the authority to approve the action, commits to a plan to sell the asset (disposal group); the asset (disposal group) is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (disposal groups); an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated; the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond our control extend the period of time required to sell the asset (disposal group) beyond one year; the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. | |||
We initially measure a long-lived asset (disposal group) that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset (disposal group) until the date of sale. We assess the fair value of a long-lived asset (disposal group) less any costs to sell each reporting period it remains classified as held for sale and report any reduction in fair value as an adjustment to the carrying value of the asset (disposal group). Upon being classified as held for sale we cease depreciation. We continue to depreciate long-lived assets to be disposed of other than by sale. | |||
Upon determining that a long-lived asset (disposal group) meets the criteria to be classified as held for sale, we report the assets and liabilities of the disposal group, if material, in the line items "Assets held for sale" and "Liabilities held for sale," respectively, in our consolidated balance sheets. See Note 5 — Assets Held for Sale for further discussion. | |||
Investment in and Advances to Non-Consolidated Affiliates | |||
We assess the potential for other-than-temporary impairment of our equity method investments when impairment indicators are identified. We consider all available information, including the recoverability of the investment, the earnings and near-term prospects of the affiliate, factors related to the industry, conditions of the affiliate, and our ability, if any, to influence the management of the affiliate. We assess fair value based on valuation methodologies, as appropriate, including the present value of estimated future cash flows, estimates of sales proceeds, and external appraisals. If an investment is considered to be impaired and the decline in value is other than temporary, we record an appropriate write-down. See Note 9 — Investment in and Advances to Non-Consolidated Affiliates for further discussion. | |||
Financing Costs | |||
We amortize financing costs and premiums, and accrete discounts, over the remaining life of the related debt using the effective interest amortization method. The expense is included in “Interest expense and amortization of debt issuance costs” in our consolidated statements of operations. We record discounts or premiums as a direct deduction from, or addition to, the face amount of the financing. Financing costs are included in "Other long-term assets" in our consolidated balance sheets. | |||
Fair Value of Financial Instruments | |||
ASC 820, Fair Value Measurements and Disclosures (ASC 820), defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 also applies to measurements under other accounting pronouncements, such as ASC 825, Financial Instruments (ASC 825) that require or permit fair value measurements. ASC 825 requires disclosures of the fair value of financial instruments. Our financial instruments include: cash and cash equivalents; certificates of deposit; accounts receivable; accounts payable; foreign currency, energy and interest rate derivative instruments; cross-currency swaps; metal option and forward contracts; share-based compensation; related party notes receivable and payable; letters of credit; short-term borrowings and long-term debt. | |||
The carrying amounts of cash and cash equivalents, certificates of deposit, accounts receivable, accounts payable and current related party notes receivable and payable approximate their fair value because of the short-term maturity and highly liquid nature of these instruments. The fair value of our letters of credit is deemed to be the amount of payment guaranteed on our behalf by third party financial institutions. We determine the fair value of our short-term borrowings and long-term debt based on various factors including maturity schedules, call features and current market rates. We also use quoted market prices, when available, or the present value of estimated future cash flows to determine fair value of our share-based compensation liabilities, short-term borrowings and long-term debt. When quoted market prices are not available for various types of financial instruments (such as currency, energy and interest rate derivative instruments, swaps, options and forward contracts), we use standard pricing models with market-based inputs, which take into account the present value of estimated future cash flows. See Note 17 — Fair Value Measurements for further discussion. | |||
Pensions and Postretirement Benefits | |||
Our pension obligations relate to funded defined benefit pension plans in the U.S., Canada, Switzerland and the U.K., unfunded pension plans in the U.S., Canada, and Germany, and unfunded lump sum indemnities in France, Malaysia and Italy; and partially funded lump sum indemnities in South Korea. Our other postretirement obligations include unfunded health care and life insurance benefits provided to retired employees in Canada, the U.S. and Brazil. | |||
We account for our pensions and other postretirement benefits in accordance with ASC 715, Compensation — Retirement Benefits (ASC 715). We recognize the funded status of our benefit plans as a net asset or liability, with an offsetting adjustment to AOCI in shareholder’s (deficit) equity. The funded status is calculated as the difference between the fair value of plan assets and the benefit obligation. For the years ended March 31, 2015 and 2014, we used March 31 as the measurement date. | |||
We use standard actuarial methods and assumptions to account for our pension and other postretirement benefit plans. Pension and postretirement benefit obligations are actuarially calculated using management’s best estimates of the rate used to discount the future estimated liability, the long-term rate of return on plan assets, and several assumptions related to the employee workforce (compensation increases, health care cost trend rates, expected service period, retirement age, and mortality). Pension and postretirement benefit expense includes the actuarially computed cost of benefits earned during the current service period, the interest cost on accrued obligations, the expected return on plan assets based on fair market value and the straight-line amortization of net actuarial gains and losses and adjustments due to plan amendments, curtailments, and settlements. Net actuarial gains and losses are amortized over periods of 15 years or less, which represent the group's average future service life of the employees or the group's average life expectancy. See Note 13 — Postretirement Benefit Plans for further discussion. | |||
Noncontrolling Interests in Consolidated Affiliates | |||
These financial statements reflect the application of ASC 810, Consolidations (ASC 810), which establishes accounting and reporting standards that require: (i) the ownership interest in subsidiaries held by parties other than the parent to be clearly identified and presented in the consolidated balance sheet within shareholder’s (deficit) equity, but separate from the parent’s (deficit) equity; (ii) the amount of consolidated net income attributable to the parent and the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations and (iii) changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary to be accounted for consistently. | |||
Our consolidated financial statements include all assets, liabilities, revenues and expenses of less-than-100%-owned affiliates that we control or for which we are the primary beneficiary. We record a noncontrolling interest for the allocable portion of income or loss and comprehensive income or loss to which the noncontrolling interest holders are entitled based upon their ownership share of the affiliate. Distributions made to the holders of noncontrolling interests are charged to the respective noncontrolling interest balance. | |||
Losses attributable to the noncontrolling interest in an affiliate may exceed our interest in the affiliate’s equity. The excess, and any further losses attributable to the noncontrolling interest, shall be attributed to those interests. The noncontrolling interest shall continue to be attributed its share of losses even if that attribution results in a deficit noncontrolling interest balance. As of March 31, 2015 and 2014, we have no such losses. | |||
Environmental Liabilities | |||
We record accruals for environmental matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law and existing technologies. We adjust these accruals periodically as assessment and remediation efforts progress or as additional technical or legal information becomes available. Accruals for environmental liabilities are stated at undiscounted amounts. Environmental liabilities are included in our consolidated balance sheets in “Accrued expenses and other current liabilities” and “Other long-term liabilities,” depending on their short- or long-term nature. Any receivables for related insurance or other third party recoveries for environmental liabilities are recorded when it is probable that a recovery will be realized and are included in our consolidated balance sheets in “Prepaid expenses and other current assets.” | |||
Costs related to environmental matters are charged to expense. Estimated future incremental operations, maintenance and management costs directly related to remediation are accrued in the period in which such costs are determined to be probable and estimable. See Note 20 — Commitments and Contingencies for further discussion. | |||
Litigation Contingencies | |||
We accrue for loss contingencies associated with outstanding litigation, claims and assessments for which management has determined it is probable that a loss contingency exists and the amount of loss can be estimated. We expense professional fees associated with litigation claims and assessments as incurred. See Note 20 — Commitments and Contingencies for further discussion. | |||
Income Taxes | |||
We account for income taxes using the asset and liability method. This approach recognizes the amount of income taxes payable or refundable for the current year, as well as deferred tax assets and liabilities for the future tax consequence of events recognized in the consolidated financial statements and income tax returns. Deferred income tax assets and liabilities are adjusted to recognize the effects of changes in tax laws or enacted tax rates. Under ASC 740 Income Taxes, (ASC 740) a valuation allowance is required when it is more likely than not that some portion of the deferred tax assets will not be realized. Realization is dependent on generating sufficient taxable income through various sources. | |||
We record tax benefits related to uncertain tax positions taken or expected to be taken on a tax return when such benefits meet a more than likely than not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, the statute of limitation has expired or the appropriate taxing authority has completed their examination. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized. See Note 19 — Income Taxes for further discussion. | |||
Share-Based Compensation | |||
In accordance with ASC 718, Compensation — Stock Compensation (ASC 718), we recognize compensation expense for a share-based award over an employee’s requisite service period based on the award’s grant date fair value, subject to adjustment. Our share-based awards are settled in cash and are accounted for as liability based awards. As such, liabilities for awards under these plans are required to be measured at fair value at each reporting date until the date of settlement. See Note 12 — Share-Based Compensation for further discussion. | |||
Foreign Currency Translation | |||
The assets and liabilities of foreign operations, whose functional currency is other than the U.S. dollar (located in Europe and Asia), are translated to U.S. dollars at the period end exchange rates and revenues and expenses are translated at average exchange rates for the period. Differences arising from this translation are included in the currency translation adjustment (CTA) component of AOCI and Noncontrolling Interest. If there is a planned or completed sale or liquidation of our ownership in a foreign operation, the relevant CTA is recognized in our consolidated statement of operations. | |||
For all operations, the monetary items denominated in currencies other than the functional currency are remeasured at period-end exchange rates and transaction gains and losses are included in “Other expense (income), net” in our consolidated statements of operations. Non-monetary items are remeasured at historical rates. | |||
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, there will be no change in how we account for these transactions. | |||
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 amendment changes the criteria for determining which disposals can be presented as discontinued operations and modifies 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 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 after December 15, 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. | |||
In February 2015, the FASB issued ASU 2015-02, Consolidations - Amendments to the Consolidations Analysis (ASC 801), which when effective, will (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidation analysis of reporting entities that are involved with variable interest entities, particularly those that have fee arrangements and related party relationships, and (iv) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. This guidance is effective for annual periods beginning after December 15, 2015 and interim periods within that year. Early adoption is permitted. We will adopt this standard in our first quarter ending June 30, 2015. We do not anticipate the adoption of this standard having a material impact on our consolidated financial position, results of operations, or disclosures. | |||
In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (ASC 835-30), which, when effective, will require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. The guidance is effective for annual periods beginning after December 15, 2015 and interim periods within that year. An entity should apply the new guidance on a retrospective basis, wherein the balance sheet or each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Early adoption is permitted. We will adopt this standard in our first quarter ending June 30, 2016. Adoption of this standard will impact the presentation of deferred debt issuance costs on our consolidated financial position. |
Restructuring_and_Impairment
Restructuring and Impairment | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||
RESTRUCTURING AND IMPAIRMENT | RESTRUCTURING AND IMPAIRMENT | ||||||||||||||||||||
“Restructuring and impairment, net” for the year ended March 31, 2015 was $37 million, which included impairment charges unrelated to restructuring actions of $2 million on certain non-core fixed assets in North America. "Restructuring and impairment, net” for the year ended March 31, 2014 was $75 million, included impairment charges unrelated to restructuring actions of $17 million on certain non-core assets in Brazil, $5 million on certain capitalized software assets, and $2 million on other long-lived assets. “Restructuring and impairment, net” for the year ended March 31, 2013 was $47 million, which included impairment charges unrelated to restructuring actions of $2 million on long-lived assets in South Korea and Brazil. | |||||||||||||||||||||
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, 2012 | $ | 28 | |||||||||||||||||||
Fiscal 2013 Activity: | |||||||||||||||||||||
Expenses | 40 | $ | 5 | $ | 45 | $ | 2 | $ | 47 | ||||||||||||
Cash payments | (34 | ) | |||||||||||||||||||
Foreign currency translation and other | (1 | ) | |||||||||||||||||||
Balance as of March 31, 2013 | 33 | ||||||||||||||||||||
Fiscal 2014 Activity: | |||||||||||||||||||||
Expenses | 48 | 3 | 51 | 24 | 75 | ||||||||||||||||
Cash payments | (34 | ) | |||||||||||||||||||
Balance as of March 31, 2014 | 47 | ||||||||||||||||||||
Fiscal 2015 Activity: | |||||||||||||||||||||
Expenses | 30 | $ | 5 | $ | 35 | $ | 2 | $ | 37 | ||||||||||||
Cash payments | (32 | ) | |||||||||||||||||||
Foreign currency translation and other | (13 | ) | |||||||||||||||||||
Balance as of March 31, 2015 | $ | 32 | |||||||||||||||||||
(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 March 31, 2015, $16 million of restructuring liabilities was classified as short-term and was included in "Accrued expenses and other current liabilities" and $16 million was classified as long-term and was included in "Other long-term liabilities" on our consolidated balance sheets. During the year ended March 31, 2015, we made payments of $1 million for outstanding lease termination costs related to the relocation of our corporate headquarters from Cleveland, Ohio to Atlanta, Georgia. The regional restructuring activities are described in more detail on the subsequent pages. | |||||||||||||||||||||
North America | |||||||||||||||||||||
The following table summarizes our restructuring activity for the North America segment by plan (in millions). | |||||||||||||||||||||
Year ended March 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | Prior to | ||||||||||||||||||
1-Apr-12 | |||||||||||||||||||||
Restructuring charges - North America | |||||||||||||||||||||
Saguenay Plant Closure: | |||||||||||||||||||||
Severance | $ | — | $ | — | $ | 5 | $ | — | |||||||||||||
Fixed asset impairment (A) | — | — | — | 28 | |||||||||||||||||
Other exit related costs | 1 | 1 | — | — | |||||||||||||||||
Period expenses (A) | — | 1 | 3 | — | |||||||||||||||||
Relocation of R&D operations to Kennesaw, Georgia | |||||||||||||||||||||
Severance | — | 1 | 8 | 3 | |||||||||||||||||
Relocation costs | — | 1 | — | — | |||||||||||||||||
Period expenses (A) | — | 1 | — | — | |||||||||||||||||
Evermore joint venture exit | |||||||||||||||||||||
Contract termination penalty fee | — | — | 2 | — | |||||||||||||||||
Fixed asset impairment (A) | — | — | 1 | — | |||||||||||||||||
Total restructuring charges - North America | $ | 1 | $ | 5 | $ | 19 | $ | 31 | |||||||||||||
Restructuring payments - North America | |||||||||||||||||||||
Severance | $ | (2 | ) | $ | (4 | ) | $ | (10 | ) | ||||||||||||
Other | (1 | ) | (2 | ) | (3 | ) | |||||||||||||||
Total restructuring payments - North America | $ | (3 | ) | $ | (6 | ) | $ | (13 | ) | ||||||||||||
(A) These charges were not recorded through the restructuring liability. | |||||||||||||||||||||
In fiscal 2012, we closed our Saguenay Works facility in Canada and relocated our North America research and development operations to a new global research and technology facility in Kennesaw, Georgia. In fiscal 2013, we withdrew from the UBC recycling joint venture with Alcoa Inc., known as Evermore, and established a new organization for the procurement of scrap in North America, which allows us to more seamlessly operate a global recycling network and strategy. | |||||||||||||||||||||
As of March 31, 2015, the outstanding restructuring liability for the North America segment was $1 million, which relates to severance charges. | |||||||||||||||||||||
Europe | |||||||||||||||||||||
The following table summarizes our restructuring activity for the Europe segment by plan (in millions). | |||||||||||||||||||||
Year ended March 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | Prior to | ||||||||||||||||||
1-Apr-12 | |||||||||||||||||||||
Restructuring charges - Europe | |||||||||||||||||||||
Business optimization | |||||||||||||||||||||
Severance | $ | 3 | $ | 26 | $ | 10 | $ | 6 | |||||||||||||
Pension settlement loss (A) | — | 1 | — | — | |||||||||||||||||
Rogerstone plant closure | |||||||||||||||||||||
Severance | — | — | — | 18 | |||||||||||||||||
Fixed asset impairments | — | — | — | 22 | |||||||||||||||||
Other exit costs | — | — | 1 | 3 | |||||||||||||||||
Total restructuring charges - Europe | $ | 3 | $ | 27 | $ | 11 | $ | 49 | |||||||||||||
Restructuring payments - Europe | |||||||||||||||||||||
Severance | $ | (12 | ) | $ | (18 | ) | $ | (17 | ) | ||||||||||||
Other | — | (1 | ) | (2 | ) | ||||||||||||||||
Total restructuring payments - Europe | $ | (12 | ) | $ | (19 | ) | $ | (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. Additionally, in fiscal 2010, we also closed our aluminum sheet mill in Rogerstone, South Wales, U.K. to reduce labor and overhead costs through capacity and staff reductions in Europe. Other restructuring charges refers to additional restructuring activities, including severance at various plants and other exit costs. | |||||||||||||||||||||
As of March 31, 2015, the outstanding restructuring liability for the Europe segment was $6 million, which relates to severance charges. | |||||||||||||||||||||
South America | |||||||||||||||||||||
The following table summarizes our restructuring activity for the South America segment by plan (in millions). | |||||||||||||||||||||
Year ended March 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | Prior to | ||||||||||||||||||
1-Apr-12 | |||||||||||||||||||||
Restructuring charges - South America | |||||||||||||||||||||
Ouro Preto smelter closures | |||||||||||||||||||||
Severance | $ | 14 | $ | 2 | $ | 3 | $ | — | |||||||||||||
Asset impairments (A) | 5 | — | 1 | — | |||||||||||||||||
Environmental charges | 6 | 16 | — | — | |||||||||||||||||
Contract termination and other exit related costs | 5 | 1 | 5 | — | |||||||||||||||||
Aratu plant closure | |||||||||||||||||||||
Severance | — | — | — | 7 | |||||||||||||||||
Asset impairments (A) | — | — | — | 7 | |||||||||||||||||
Contract termination and other exit related costs | 1 | — | 6 | — | |||||||||||||||||
Total restructuring charges - South America | $ | 31 | $ | 19 | $ | 15 | $ | 14 | |||||||||||||
Restructuring payments - South America | |||||||||||||||||||||
Severance | $ | (12 | ) | $ | (4 | ) | $ | (1 | ) | ||||||||||||
Other | (4 | ) | (4 | ) | (1 | ) | |||||||||||||||
Total restructuring payments - South America | $ | (16 | ) | $ | (8 | ) | $ | (2 | ) | ||||||||||||
(A) These charges were not recorded through the restructuring liability. | |||||||||||||||||||||
As of March 31, 2015, the outstanding restructuring liability for the South America segment was $25 million and relates to $18 million of environmental charges, $5 million of other exit related costs, $1 million of certain labor related charges and $1 million of contract termination charges. | |||||||||||||||||||||
We ceased operations at the smelter in Ouro Preto, Brazil, in December 2014. This decision was made in an effort to further align our global sustainability strategy, as we work towards our goal of having higher recycled content in our products. Certain charges associated with this closure are reflected within the "Ouro Preto smelter closures" section above, along with our closure of a pot line in Ouro Preto, Brazil, in fiscal 2013. In fiscal 2011, we closed our primary aluminum smelter in Aratu, Brazil. | |||||||||||||||||||||
For additional information on environmental charges see Note 20 – Commitments and Contingencies. |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||
ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE | ||||||||||||||||||||
“Accounts receivable, net” consists of the following (in millions). | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Trade accounts receivable | $ | 1,158 | $ | 1,303 | |||||||||||||||||
Other accounts receivable | 134 | 83 | |||||||||||||||||||
Accounts receivable — third parties | 1,292 | 1,386 | |||||||||||||||||||
Allowance for doubtful accounts — third parties | (3 | ) | (4 | ) | |||||||||||||||||
Accounts receivable, net — third parties | $ | 1,289 | $ | 1,382 | |||||||||||||||||
Accounts receivable, net — related parties | $ | 53 | $ | 54 | |||||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||||||
As of March 31, 2015 and 2014, our allowance for doubtful accounts represented approximately 0.2% and 0.3%, respectively, of gross accounts receivable. | |||||||||||||||||||||
Activity in the allowance for doubtful accounts is as follows (in millions). | |||||||||||||||||||||
Balance at | Additions | Accounts | Foreign | Balance at | |||||||||||||||||
Beginning | Charged to | Recovered/ | Exchange | End of Period | |||||||||||||||||
of Period | Expense | (Written- | and Other | ||||||||||||||||||
Off) | |||||||||||||||||||||
Year Ended March 31, 2015 | $ | 4 | $ | — | $ | — | $ | (1 | ) | $ | 3 | ||||||||||
Year Ended March 31, 2014 | $ | 3 | $ | 2 | $ | (1 | ) | $ | — | $ | 4 | ||||||||||
Year Ended March 31, 2013 | $ | 5 | $ | 2 | $ | (4 | ) | $ | — | $ | 3 | ||||||||||
Factoring of Trade Receivables | |||||||||||||||||||||
We factor and forfait trade receivables (collectively, we refer to these as "factoring" programs) based on local cash needs including the need to fund our strategic investments, as well as attempting to balance the timing of cash flows of trade payables and receivables and fund other business needs. Factored invoices are not included in our consolidated balance sheets when we do not retain a financial or legal interest. If a financial or legal interest is retained, we classify these factorings as secured borrowings. | |||||||||||||||||||||
The following tables summarize amounts relating to our factoring activities (in millions). | |||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||
Aggregated receivables factored | $ | 1,796 | $ | 1,081 | $ | 464 | |||||||||||||||
Factoring expense | $ | 10 | $ | 5 | $ | 2 | |||||||||||||||
March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Factored receivables outstanding | $ | 591 | $ | 245 | |||||||||||||||||
Inventories
Inventories | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
INVENTORIES | INVENTORIES | ||||||||
“Inventories” consists of the following (in millions). | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Finished goods | $ | 358 | $ | 259 | |||||
Work in process | 531 | 419 | |||||||
Raw materials | 419 | 382 | |||||||
Supplies | 123 | 113 | |||||||
Inventories | $ | 1,431 | $ | 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 | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 specialty products. 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 to align our growth strategy in the premium product markets. | ||||||||
In March 2014, we made a decision to sell our hydroelectric power generation operations, including our investment in the joint venture of the Consorcio Candonga, in Brazil. In April 2014, we entered into agreements to sell the hydroelectric generation operations and our share of the joint venture of the Consorcio Candonga to two separate parties. In December 2014, we sold our share of the joint venture of the Consorcio Candonga to a third party for cash of $63 million (net of related gains on currency derivatives and transaction fees) and recognized a $23 million gain. Additionally, there are certain hydroelectric power generation operations fully owned by the Company that were sold in February 2015. We received proceeds (net of transaction fees) of $17 million and recognized a $14 million loss on the sale of these assets. The gain on the sale of our share of the joint venture of the Consorcio Candonga and the loss on the other hydroelectric power generation operations were recorded in "Gain on assets held for sale, net" in the consolidated statement of operations in the year ended March 31, 2015. The remaining hydroelectric generation operation assets totaling $6 million have been classified as "Assets held for sale" in our consolidated balance sheet as of March 31, 2015. The hydroelectric generation operations assets, described above, of $70 million were classified as "Assets held for sale" in our consolidated balance sheet as of March 31, 2014. | ||||||||
During fiscal 2015, we received $8 million of payments from the sale of land and mining rights in Brazil and recognized a $6 million "Gain on assets held for sale, net." The related assets of $1 million were classified as "Assets held for sale" as of March 31, 2014. | ||||||||
In September 2013, we executed an agreement to sell most of our North America consumer foil operations to a third party. In June 2014, we sold these operations for $29 million in cash (net of transaction fees). We recognized a $7 million "Gain on assets held for sale, net" in the consolidated statement of operations in the year ended March 31, 2015. The related assets of $31 million and liabilities of $11 million were classified as "Assets held for sale" and "Liabilities held for sale" in our consolidated balance sheet as of March 31, 2014. | ||||||||
In December 2013, we sold certain land in Brazil for $6 million in cash and recognized a $6 million "Gain on assets held for sale" in the consolidated statement of operations. | ||||||||
In August 2013, we sold our bauxite mining rights and certain alumina assets and related liabilities in Brazil to our parent company, Hindalco, for $8 million in cash. The sales price approximated the net book value of the assets and liabilities sold; therefore, we recorded no gain or loss. | ||||||||
The following table summarizes the carrying amounts of the major classes of assets and liabilities held for sale (in millions). | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Assets held for sale | ||||||||
Accounts receivable | $ | — | $ | 10 | ||||
Inventories | — | 15 | ||||||
Prepaid expenses and other current assets | — | 1 | ||||||
Property, plant and equipment, net | 6 | 37 | ||||||
Investment in and advances to non-consolidated affiliates | — | 39 | ||||||
Total assets held for sale | $ | 6 | $ | 102 | ||||
Liabilities held for sale | ||||||||
Accounts payable | $ | — | $ | 4 | ||||
Accrued expenses and other current liabilities | — | 7 | ||||||
Total liabilities held for sale | $ | — | $ | 11 | ||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT | ||||||||||||
“Property, plant and equipment, net” consists of the following (in millions). | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Land and property rights | $ | 180 | $ | 174 | |||||||||
Buildings | 1,183 | 1,029 | |||||||||||
Machinery and equipment | 3,947 | 3,606 | |||||||||||
5,310 | 4,809 | ||||||||||||
Accumulated depreciation and amortization | (2,132 | ) | (1,977 | ) | |||||||||
3,178 | 2,832 | ||||||||||||
Construction in progress | 364 | 681 | |||||||||||
Property, plant and equipment, net | $ | 3,542 | $ | 3,513 | |||||||||
As of March 31, 2015 and 2014, there were $756 million and $752 million, respectively, of fully depreciated assets included in our consolidated balance sheets. | |||||||||||||
For the years ended March 31, 2015, 2014 and 2013, we capitalized $20 million, $33 million and $36 million of interest related to construction of property, plant and equipment and intangibles under development, respectively. Depreciation expense related to property, plant, and equipment, net is shown in the table below (in millions). | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Depreciation expense related to property, plant and equipment, net | $ | 294 | $ | 279 | $ | 242 | |||||||
Asset impairments | |||||||||||||
Impairment charges are recorded in "Restructuring and impairment, net." See Note 2 — Restructuring and impairment for additional information. | |||||||||||||
Leases | |||||||||||||
We lease certain land, buildings and equipment under non-cancelable operating leases expiring at various dates, and we lease assets in Sierre, Switzerland, including a fifteen-year capital lease through December 2019 from RTA. During fiscal 2013, 2014 and 2015 we entered into various capital lease arrangements to upgrade and expand our information technology infrastructure. Operating leases generally have five to ten-year terms, with one or more renewal options, with terms to be negotiated at the time of renewal. Various facility leases include provisions for rent escalation to recognize increased operating costs or require us to pay certain maintenance and utility costs. | |||||||||||||
The following table summarizes rent expense included in our consolidated statements of operations (in millions): | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Rent expense | $ | 22 | $ | 21 | $ | 21 | |||||||
Future minimum lease payments as of March 31, 2015, for our operating and capital leases having an initial or remaining non-cancelable lease term in excess of one year are as follows (in millions). | |||||||||||||
Year Ending March 31, | Operating | Capital Lease | |||||||||||
Leases | Obligations | ||||||||||||
2016 | $ | 27 | $ | 11 | |||||||||
2017 | 21 | 11 | |||||||||||
2018 | 19 | 8 | |||||||||||
2019 | 18 | 7 | |||||||||||
2020 | 16 | 5 | |||||||||||
Thereafter | 54 | — | |||||||||||
Total minimum lease payments | $ | 155 | $ | 42 | |||||||||
Less: interest portion on capital lease | 6 | ||||||||||||
Principal obligation on capital leases | $ | 36 | |||||||||||
Assets and related accumulated amortization under capital lease obligations as of March 31, 2015 and 2014 are as follows (in millions). | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Assets under capital lease obligations: | |||||||||||||
Buildings | $ | 11 | $ | 12 | |||||||||
Machinery and equipment | 76 | 81 | |||||||||||
87 | 93 | ||||||||||||
Accumulated amortization | (65 | ) | (65 | ) | |||||||||
$ | 22 | $ | 28 | ||||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||||||||||
There were no material changes to the gross carrying amount and no changes to the accumulated impairment of goodwill during the years ended March 31, 2015 and 2014. The following table summarizes “Goodwill” (in millions) for the years ended March 31, 2015 and 2014. | |||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||||
Carrying | Impairment | Carrying | Carrying | Impairment | Carrying | ||||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||||||
North America | $ | 1,145 | $ | (860 | ) | $ | 285 | $ | 1,148 | $ | (860 | ) | $ | 288 | |||||||||||||
Europe | 511 | (330 | ) | 181 | 511 | (330 | ) | 181 | |||||||||||||||||||
South America | 291 | (150 | ) | 141 | 292 | (150 | ) | 142 | |||||||||||||||||||
$ | 1,947 | $ | (1,340 | ) | $ | 607 | $ | 1,951 | $ | (1,340 | ) | $ | 611 | ||||||||||||||
The components of “Intangible assets, net” are as follows (in millions). | |||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||||||||||||
Weighted | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||
Average | Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||||
Life | Amount | Amount | Amount | Amount | |||||||||||||||||||||||
Tradenames | 20 years | $ | 142 | $ | (56 | ) | $ | 86 | $ | 142 | $ | (49 | ) | $ | 93 | ||||||||||||
Technology and software | 10.7 years | 357 | (149 | ) | 208 | 335 | (129 | ) | 206 | ||||||||||||||||||
Customer-related intangible assets | 20 years | 444 | (173 | ) | 271 | 470 | (160 | ) | 310 | ||||||||||||||||||
Favorable energy supply contract | 9.5 years | 124 | (105 | ) | 19 | 124 | (93 | ) | 31 | ||||||||||||||||||
15.7 years | $ | 1,067 | $ | (483 | ) | $ | 584 | $ | 1,071 | $ | (431 | ) | $ | 640 | |||||||||||||
Our favorable energy supply contract is amortized over its estimated useful life using a method that reflects the pattern in which the economic benefits are expected to be consumed. All other intangible assets are amortized using the straight-line method. | |||||||||||||||||||||||||||
Amortization expense related to “Intangible assets, net” is as follows (in millions). | |||||||||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||||
Total Amortization expense related to intangible assets | $ | 70 | $ | 67 | $ | 63 | |||||||||||||||||||||
Less: Amortization expense related to intangible assets included in “Cost of goods sold (exclusive of depreciation and amortization)” (A) | (12 | ) | (12 | ) | (13 | ) | |||||||||||||||||||||
Amortization expense related to intangible assets included in “Depreciation and amortization” | $ | 58 | $ | 55 | $ | 50 | |||||||||||||||||||||
(A) | Relates to amortization of favorable energy supply contract. | ||||||||||||||||||||||||||
Estimated total amortization expense related to “Intangible assets, net” for each of the five succeeding fiscal years is as follows (in millions). Actual amounts may differ from these estimates due to such factors as customer turnover, raw material consumption patterns, impairments, additional intangible asset acquisitions and other events. | |||||||||||||||||||||||||||
Fiscal Year Ending March 31, | |||||||||||||||||||||||||||
2016 | $ | 74 | |||||||||||||||||||||||||
2017 | 70 | ||||||||||||||||||||||||||
2018 | 63 | ||||||||||||||||||||||||||
2019 | 63 | ||||||||||||||||||||||||||
2020 | 63 | ||||||||||||||||||||||||||
Consolidation
Consolidation | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Consolidation [Abstract] | |||||||||
CONSOLIDATION | CONSOLIDATION | ||||||||
Variable Interest Entities (VIE) | |||||||||
The entity that has a controlling financial interest in a VIE is referred to as the primary beneficiary and consolidates the VIE. An entity is deemed to have a controlling financial interest and is the primary beneficiary of a VIE if it has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. | |||||||||
We have a joint interest in Logan Aluminum Inc. (Logan) with Tri-Arrows Aluminum Inc. (Tri-Arrows). Logan processes metal received from Novelis and Tri-Arrows and charges the respective partner a fee to cover expenses. Logan is thinly capitalized and relies on the regular reimbursement of costs and expenses by Novelis and Tri-Arrows to fund its operations. This reimbursement is considered a variable interest as it constitutes a form of financing of the activities of Logan. Other than these contractually required reimbursements, we do not provide other material support to Logan. Logan’s creditors do not have recourse to our general credit. | |||||||||
We have a majority voting right on Logan’s board of directors and have the ability to direct the majority of Logan’s production operations. We also have the ability to take the majority share of production and associated costs. These facts qualify us as Logan’s primary beneficiary and this entity is consolidated for all periods presented. All significant intercompany transactions and balances have been eliminated. | |||||||||
The following table summarizes the carrying value and classification of assets and liabilities owned by the Logan joint venture and consolidated in our 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. | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Assets | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ | 2 | $ | 1 | |||||
Accounts receivable | 40 | 38 | |||||||
Inventories | 52 | 42 | |||||||
Prepaid expenses and other current assets | 1 | 1 | |||||||
Total current assets | 95 | 82 | |||||||
Property, plant and equipment, net | 20 | 14 | |||||||
Goodwill | 12 | 12 | |||||||
Deferred income taxes | 65 | 63 | |||||||
Other long-term assets | 4 | 3 | |||||||
Total assets | $ | 196 | $ | 174 | |||||
Liabilities | |||||||||
Current liabilities | |||||||||
Accounts payable | $ | 33 | $ | 26 | |||||
Accrued expenses and other current liabilities | 12 | 13 | |||||||
Total current liabilities | 45 | 39 | |||||||
Accrued postretirement benefits | 166 | 141 | |||||||
Other long-term liabilities | 2 | 2 | |||||||
Total liabilities | $ | 213 | $ | 182 | |||||
Investment_in_and_Advances_to_
Investment in and Advances to Non-Consolidated Affiliates and Related Party Transactions | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Investment In and Advances To Non-Consolidated Affiliates and 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 | ||||||||||||
The following table summarizes the ownership structure and our ownership percentage of the non-consolidated affiliates in which we have an investment as of March 31, 2015 and 2014, and which we account for using the equity method. We do not control our non-consolidated affiliates, but have the ability to exercise significant influence over their operating and financial policies. We have no material investments that we account for using the cost method. | |||||||||||||
Affiliate Name | Ownership Structure | Ownership | |||||||||||
Percentage | |||||||||||||
Aluminium Norf GmbH (Alunorf) | Corporation | 50% | |||||||||||
Consorcio Candonga (A) | Unincorporated Joint Venture | 50% | |||||||||||
(A) | In December 2014, we sold our share of the joint venture of Consorcio Candonga to a third party for cash of $63 million (net of related gains on currency derivatives and transaction fees). | ||||||||||||
The following table summarizes the assets, liabilities and equity of our equity method affiliates in the aggregate as of March 31, 2015 and 2014 (in millions). | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Assets: | |||||||||||||
Current assets | $ | 145 | $ | 183 | |||||||||
Non-current assets | 357 | 484 | |||||||||||
Total assets | $ | 502 | $ | 667 | |||||||||
Liabilities: | |||||||||||||
Current liabilities | $ | 51 | $ | 132 | |||||||||
Non-current liabilities | 232 | 268 | |||||||||||
Total liabilities | 283 | 400 | |||||||||||
Equity: | |||||||||||||
Total equity | 219 | 267 | |||||||||||
Total liabilities and equity | $ | 502 | $ | 667 | |||||||||
As of March 31, 2015, the investment in our equity method investee exceeded our proportionate share of the net assets of the equity method investee by $337 million. The difference is primarily related to the unamortized fair value adjustments that are included in our investment balance as a result of the acquisition of Novelis by Hindalco in 2007. | |||||||||||||
The following table summarizes the results of operations of our equity method affiliates in the aggregate for the years ending March 31, 2015, 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. | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Net sales | $ | 524 | $ | 550 | $ | 489 | |||||||
Costs and expenses related to net sales | 527 | 543 | 488 | ||||||||||
Provision for taxes on income | — | 4 | 2 | ||||||||||
Net (loss) income | $ | (3 | ) | $ | 3 | $ | (1 | ) | |||||
Purchase of tolling services from Aluminium Norf GmbH (Alunorf) | $ | 261 | $ | 275 | $ | 244 | |||||||
Included in the accompanying consolidated financial statements are transactions and balances arising from business we conduct with these non-consolidated affiliates, which we classify as related party transactions and balances. 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 consolidated balance sheets (in millions). We had no other material related party balances with non-consolidated affiliates. | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Accounts receivable-related parties | $ | 53 | $ | 54 | |||||||||
Other long-term assets-related parties | $ | 15 | $ | 12 | |||||||||
Accounts payable-related parties | $ | 44 | $ | 53 | |||||||||
We earned less than $1 million of interest income on a loan due from Alunorf during each of the years presented in "Other long-term assets-related parties" in the table above. We believe collection of the full receivable from Alunorf is probable; thus no allowance for loan loss was provided for this loan as of March 31, 2015 and 2014. | |||||||||||||
We have guaranteed the indebtedness for a credit facility and loan on behalf of Alunorf. The guarantee is limited to 50% of the outstanding debt, not to exceed 6 million euros. As of March 31, 2015, 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 March 31, 2015, this guarantee totaled $2 million. | |||||||||||||
Transactions with Hindalco and AV Metals Inc. | |||||||||||||
We occasionally have related party transactions with our indirect parent company, Hindalco. During the years ended March 31, 2015, 2014 and 2013 we recorded “Net sales” of less than $1 million, $1 million, and $5 million, respectively, between Novelis and our parent related primarily to sales of equipment and other services. During the year ended March 31, 2014, we sold our bauxite mining rights and certain alumina assets and liabilities in Brazil to our parent for $8 million in cash. As of March 31, 2015 and 2014 there was $1 million and less than $1 million of "Accounts receivable, net - related parties" outstanding related to transactions with Hindalco, respectively. | |||||||||||||
In March 2014, we declared a return of capital to our direct shareholder, AV Metals Inc., in the amount of $250 million, which we subsequently paid on April 30, 2014. |
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accrued Expenses and Other Current Liabilities [Abstract] | |||||||||
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ||||||||
“Accrued expenses and other current liabilities” consists of the following (in millions). | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Accrued compensation and benefits | $ | 172 | $ | 182 | |||||
Accrued interest payable | 67 | 66 | |||||||
Accrued income taxes | 11 | 31 | |||||||
Other current liabilities | 322 | 268 | |||||||
Accrued expenses and other current liabilities — third parties | $ | 572 | $ | 547 | |||||
Accrued expenses and other current liabilities — related party | $ | — | $ | 250 | |||||
Debt
Debt | 12 Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||
DEBT | DEBT | ||||||||||||||||||||||||||||||
Debt consists of the following (in millions). | |||||||||||||||||||||||||||||||
March 31, 2015 | 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 | 3.21 | % | $ | 846 | $ | — | $ | 846 | $ | 723 | $ | — | $ | 723 | |||||||||||||||||
Novelis Inc. | |||||||||||||||||||||||||||||||
Floating rate Term Loan Facility, due March 2017 | 3.75 | % | 1,731 | (13 | ) | (B) | 1,718 | 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 | % | 9 | — | 9 | 11 | — | 11 | |||||||||||||||||||||||
Novelis Korea Limited | |||||||||||||||||||||||||||||||
Bank loans, due through September 2020 (KRW 212 billion) | 2.93 | % | 192 | — | 192 | 155 | — | 155 | |||||||||||||||||||||||
Novelis Switzerland S.A. | |||||||||||||||||||||||||||||||
Capital lease obligation, due through December 2019 (Swiss francs (CHF) 27 million) | 7.5 | % | 28 | (1 | ) | (C) | 27 | 36 | (1 | ) | (C) | 35 | |||||||||||||||||||
Novelis do Brasil Ltda. | |||||||||||||||||||||||||||||||
BNDES loans, due through April 2021 (BRL 22 million) | 5.91 | % | 7 | (1 | ) | (D) | 6 | 13 | (2 | ) | (D) | 11 | |||||||||||||||||||
Other | |||||||||||||||||||||||||||||||
Other debt, due through December 2020 | 6.08 | % | 5 | — | 5 | 10 | — | 10 | |||||||||||||||||||||||
Total debt | 5,318 | (15 | ) | 5,303 | 5,197 | (23 | ) | 5,174 | |||||||||||||||||||||||
Less: Short term borrowings | (846 | ) | — | (846 | ) | (723 | ) | — | (723 | ) | |||||||||||||||||||||
Current portion of long term debt | (108 | ) | — | (108 | ) | (92 | ) | — | (92 | ) | |||||||||||||||||||||
Long-term debt, net of current portion: | $ | 4,364 | $ | (15 | ) | $ | 4,349 | $ | 4,382 | $ | (23 | ) | $ | 4,359 | |||||||||||||||||
(A) | Interest rates are the stated rates of interest on the debt instrument (not the effective interest rate) as of March 31, 2015, and therefore, exclude the effects of related interest rate swaps and accretion/amortization of fair value adjustments as a result of purchase accounting in connection with Hindalco's purchase of Novelis and accretion/amortization of debt issuance costs related to the debt exchange completed in fiscal 2009 and the series of refinancing transactions and additional borrowings we completed in fiscal 2011 through 2015. 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 balances also include 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 balance 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 March 31, 2015 for our debt denominated in foreign currencies) are as follows (in millions). | |||||||||||||||||||||||||||||||
As of March 31, 2015 | Amount | ||||||||||||||||||||||||||||||
Short-term borrowings and Current portion of long term debt due within one year | $ | 954 | |||||||||||||||||||||||||||||
2 years | 1,747 | ||||||||||||||||||||||||||||||
3 years | 1,203 | ||||||||||||||||||||||||||||||
4 years | 8 | ||||||||||||||||||||||||||||||
5 years | 6 | ||||||||||||||||||||||||||||||
Thereafter | 1,400 | ||||||||||||||||||||||||||||||
Total | $ | 5,318 | |||||||||||||||||||||||||||||
Senior Secured Credit Facilities | |||||||||||||||||||||||||||||||
As of March 31, 2015, the senior secured credit facilities consist of (1) a $1.7 billion four-year secured term loan credit facility (Term Loan Facility) and (2) a $1.2 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 October 2014, we amended and extended our ABL Revolver by entering into a $1.2 billion, five-year, senior secured ABL Revolver bearing an interest rate of LIBOR plus a spread of 1.50% to 2.00% plus a prime spread of 0.50% to 1.00% based on excess availability. However, our current Term Loan Facility limits our indebtedness under the ABL Revolver to $1.0 billion. 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) 12.5% of the lesser of (a) the maximum size of the ABL Revolver and (b) the borrowing base. The fixed charge coverage ratio will be equal to the ratio of (1) (a) ABL Revolver defined Earnings Before Interest, Taxes, Depreciation and Amortization ("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 ABL Revolver matures on October 6, 2019; provided that, in the event that any of the Notes, the Term Loan Facility, or certain other indebtedness are outstanding (and not refinanced with a maturity date later than April 6, 2020) 90 days prior to their respective maturity dates, then the ABL Revolver will mature 90 days prior to the maturity date for the Notes, the Term Loan Facility or such other indebtedness, as applicable; unless excess availability under the ABL Revolver is at least (i) 25% of the lesser of (x) the total ABL Revolver commitment and (y) the then applicable borrowing base and (ii) 20% of the lesser of (x) the total ABL Revolver commitment and (y) the then applicable borrowing base, and a minimum fixed charged ratio test of at least 1.25 to 1 is met. | |||||||||||||||||||||||||||||||
The senior secured credit facilities contain various affirmative covenants, including covenants with respect to our financial statements, litigation and other reporting requirements, insurance, payment of taxes, employee benefits and (subject to certain limitations) causing new subsidiaries to pledge collateral and guaranty our obligations. The senior secured credit facilities also include various customary negative covenants and events of default, including limitations on our ability to (1) make certain restricted payments, (2) incur additional indebtedness, (3) sell certain assets, (4) enter into sale and leaseback transactions, (5) make investments, loans and advances, (6) pay dividends 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. The senior secured credit facilities include a cross-default provision under which lenders could accelerate repayment of the loans if a payment or non-payment default arises under any other indebtedness with an aggregate principal amount of more than $100 million (or, in the case of the Term Loan Facility, under the ABL Revolver regardless of the amount outstanding). Substantially all of our assets are pledged as collateral under the senior secured credit facilities. As of March 31, 2015, we were in compliance with the covenants in the Term Loan Facility and ABL Revolver. | |||||||||||||||||||||||||||||||
Short-Term Borrowings | |||||||||||||||||||||||||||||||
As of March 31, 2015, our short-term borrowings were $846 million consisting of $609 million of short-term loans under our ABL Revolver, $52 million (KRW 58 billion) in Novelis Korea bank loans, $166 million in Novelis Brazil loans, $9 million (VND 199 billion) in Novelis Vietnam loans, $8 million in Novelis China loans (CNY 48 million), and $2 million of other short term borrowings. | |||||||||||||||||||||||||||||||
As of March 31, 2015, $8 million of the ABL Revolver was utilized for letters of credit, and we had $307 million in remaining availability under the ABL Revolver. | |||||||||||||||||||||||||||||||
In fiscal years 2014 and 2015, Novelis Korea entered into various short-term facilities, including revolving loan facilities and committed credit lines. As of March 31, 2015, we had $186 million (KRW 206 billion) in remaining availability under these facilities. | |||||||||||||||||||||||||||||||
In December 2014, Novelis China entered into a committed facility. As of March 31, 2015, we had $17 million (CNY 102 million) in remaining availability under this facility. | |||||||||||||||||||||||||||||||
Senior Notes | |||||||||||||||||||||||||||||||
In December 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 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. The Notes include a cross-acceleration event of default triggered if (1) any other indebtedness with an aggregate principal amount of more than $100 million is (1) accelerated prior to its maturity or (2) not repaid at its maturity. As of March 31, 2015, we were in compliance with the covenants in the Notes. The Notes also contain customary call protection provisions for our bond holders that extend through December 2016 for the 2017 Notes and through December 2018 for the 2020 Notes. | |||||||||||||||||||||||||||||||
Korean Bank Loans | |||||||||||||||||||||||||||||||
As of March 31, 2015, Novelis Korea had $192 million (KRW 212 billion) of outstanding long-term loans with various banks, of which $78 million is due within one year. All 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 1.38%. | |||||||||||||||||||||||||||||||
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 March 31, 2015, there are $2 million of BNDES loans due within one year. | |||||||||||||||||||||||||||||||
Other Long-term Debt | |||||||||||||||||||||||||||||||
In December 2004, we entered into a fifteen-year capital lease obligation with Alcan for assets in Sierre, Switzerland, which has an interest rate of 7.5% and fixed quarterly payments of CHF 1.7 million, (USD $1.8 million). | |||||||||||||||||||||||||||||||
During fiscal 2013 and 2014, Novelis Inc. entered into various five-year capital lease arrangements to upgrade and expand our information technology infrastructure. | |||||||||||||||||||||||||||||||
As of March 31, 2015, we had $5 million of other debt, including certain 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 15- Financial Instruments and Commodity Contracts for further information about these interest rate swaps. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
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 the rate of 25% per year, subject to the achievement of an annual performance target, and expire 7 years from their original grant date. Each Hindalco SAR is to be settled in cash based on the difference between the market value of one Hindalco share on the date of grant and the market value on the date of exercise. Each Novelis SAR is to be settled in cash based on the difference between the fair value of one Novelis phantom share on the original date of grant and the fair value of a phantom share on the date of the exercise. The amount of cash paid to settle Hindalco SARs and Novelis SARs are limited to two and a half or three times the target payout, depending on the plan year. The Hindalco 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. The following tables reflect the activity related to the participants' elections under the amendment. | |||||||||||||||
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 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. | |||||||||||||||
Year Ended March 31, | |||||||||||||||
2015 | 2014 | 2013 | |||||||||||||
Total compensation expense (income) | $ | 9 | $ | 27 | $ | (3 | ) | ||||||||
The table below shows the RSUs activity for the year ended March 31, 2015. | |||||||||||||||
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 | 1,913,537 | 145.81 | — | ||||||||||||
Exercised | (748,108 | ) | 181.2 | 3 | |||||||||||
Forfeited/Cancelled | (317,677 | ) | 124.04 | — | |||||||||||
RSUs outstanding as of March 31, 2015 | 5,338,612 | 120.77 | $ | 12 | |||||||||||
The table below shows Hindalco SARs activity for the year ended March 31, 2015. | |||||||||||||||
Number of | Weighted | Weighted Average | Aggregate | ||||||||||||
Hindalco 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 | 6,402,218 | 145.81 | 6.1 | — | |||||||||||
Exercised | (5,423,673 | ) | 90.48 | — | 7 | ||||||||||
Forfeited/Cancelled | (1,437,380 | ) | 129.29 | — | — | ||||||||||
SARs outstanding as of March 31, 2015 | 21,176,557 | 126.77 | 4.4 | 6 | |||||||||||
SARs exercisable as of March 31, 2015 | 6,917,124 | 126.61 | 2.6 | $ | 3 | ||||||||||
The table below shows the Novelis SARs activity for the year ended March 31, 2015. | |||||||||||||||
Number of | Weighted | Weighted Average | Aggregate | ||||||||||||
Novelis 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 | 495,030 | 94.4 | 6.1 | — | |||||||||||
Exercised | (55,554 | ) | 80.09 | — | 1 | ||||||||||
Forfeited/Cancelled | (74,143 | ) | 87.89 | — | — | ||||||||||
SARs outstanding as of March 31, 2015 | 1,033,735 | $ | 92.85 | 5.2 | 3 | ||||||||||
SARs exercisable as of March 31, 2015 | 173,661 | $ | 90.5 | 4.1 | $ | 1 | |||||||||
The fair value of each unvested Hindalco SAR was estimated using the following assumptions: | |||||||||||||||
Year ended March 31, | |||||||||||||||
2015 | 2014 | 2013 | |||||||||||||
Risk-free interest rate | 7.75% - 7.79% | 8.67% - 8.96% | 7.84% - 7.96% | ||||||||||||
Dividend yield | 0.78 | % | 0.99 | % | 1.69 | % | |||||||||
Volatility | 39% - 46% | 37% - 51% | 37% - 52% | ||||||||||||
The fair value of each unvested Novelis SAR was estimated using the following assumptions: | |||||||||||||||
Year ended March 31, | |||||||||||||||
2015 | 2014 | 2013 | |||||||||||||
Risk-free interest rate | 0.96% - 1.59% | 0.96% - 2.05% | — | % | |||||||||||
Dividend yield | — | % | — | % | — | % | |||||||||
Volatility | 27% - 34% | 28% - 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 $8 million, $15 million, and $2 million, in the years ended March 31, 2015, 2014, and 2013, respectively. Total cash payments made to settle Hindalco RSUs were $3 million and $2 million, in the years ended March 31, 2015 and 2014. There were no payments made to settle Hindalco RSUs during the year ended March 31, 2013 as these instruments were not yet vested. Unrecognized compensation expense related to the non-vested Hindalco SARs (assuming all future performance criteria are met) was $9 million which is expected to be recognized over a weighted average period of 2.6 years. Unrecognized compensation expense related to the non-vested Novelis SARs (assuming all future performance criteria are met) was $13 million, which is expected to be recognized over a weighted average period of 2.7 years. Unrecognized compensation expense related to the RSUs was $18 million, which will be recognized over the remaining weighted average vesting period of 1.1 years. |
Postretirement_Benefit_Plans
Postretirement Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
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. We have combined our domestic (i.e. Canadian Plans) and foreign (i.e. All other Plans other than Canadian Plans) postretirement benefit plan disclosures because our domestic benefit obligation is not significant as compared to our total benefit obligation, as our foreign benefit obligation is 94% of the total benefit obligation, and the assumptions used to value domestic and foreign plans were not significantly different. | |||||||||||||||||||||||||||||||||
During fiscal year 2015 and as a result of the sale of our North America foil operations, $11 million of benefits were transferred out of the pension plan along with a corresponding amount of plan assets resulting in settlement accounting. Various other pension plans recognized settlements totaling $3 million as a result of restructuring initiatives and other factors. The settlements resulted in an insignificant impact to the statement of operations. | |||||||||||||||||||||||||||||||||
In October 2014, the Society of Actuaries published an updated mortality table and mortality improvement scale for U.S. plans. We recognized an increase of $33 million to our benefit obligation and net actuarial loss as a result of updating mortality assumptions applicable to our U.S. plans. These deferred costs will be amortized on a straight-line basis to net periodic benefit costs in future years. | |||||||||||||||||||||||||||||||||
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 is being amortized on a straight-line basis through December 31, 2017, subject to an annual remeasurement adjustment. | |||||||||||||||||||||||||||||||||
In August 2013, the Company amended its U.S. non-union retiree medical plan. Beginning January 2014, the health care benefits provided by the Company to retirees' was discontinued and replaced with the retirees' option to participate in a new Retiree Health Access Exchange. For calendar year 2014 and 2015, the Company will subsidize a portion of the retiree medical premium rates of the RHA. The amendment resulted in the Company no longer providing a subsidy beginning in calendar year 2016. The amendments to the plan resulted in a plan remeasurement and recognition of a negative plan amendment, which reduced our obligation by $97 million as of August 31, 2013. The negative plan amendment, net of unrecognized actuarial losses resulted in a credit balance of $70 million recorded in AOCI as of August 31, 2013. The $70 million is being amortized, on a straight-line basis, as a reduction to net periodic benefit cost from September 1, 2013 through December 31, 2015, subject to an annual remeasurement adjustment. | |||||||||||||||||||||||||||||||||
In June 2012, the Company amended a U.S. nonunion benefit plan which reduced postretirement life insurance benefits to retirees and eliminated the postretirement life insurance benefits for active employees. As a result, we recognized a negative plan amendment and a curtailment gain of $14 million which was recorded as an adjustment to "Accumulated other comprehensive loss" during the first quarter of fiscal 2013 and is being amortized, on a straight-line basis, as a reduction to net periodic benefit cost. | |||||||||||||||||||||||||||||||||
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, Switzerland, Malaysia and Brazil. We contributed the following amounts (in millions) to all plans. | |||||||||||||||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Funded pension plans | $ | 28 | $ | 31 | $ | 47 | |||||||||||||||||||||||||||
Unfunded pension plans | 13 | 13 | 13 | ||||||||||||||||||||||||||||||
Savings and defined contribution pension plans | 18 | 20 | 18 | ||||||||||||||||||||||||||||||
Total contributions | $ | 59 | $ | 64 | $ | 78 | |||||||||||||||||||||||||||
During fiscal year 2016, we expect to contribute $30 million to our funded pension plans, $12 million to our unfunded pension plans and $19 million to our savings and defined contribution pension plans. | |||||||||||||||||||||||||||||||||
Benefit Obligations, Fair Value of Plan Assets, Funded Status and Amounts Recognized in Financial Statements | |||||||||||||||||||||||||||||||||
The following tables present the change in benefit obligation, change in fair value of plan assets and the funded status for pension and other benefits (in millions). | |||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 1,672 | $ | 1,581 | $ | 135 | $ | 234 | |||||||||||||||||||||||||
Service cost | 43 | 48 | 5 | 8 | |||||||||||||||||||||||||||||
Interest cost | 66 | 63 | 5 | 7 | |||||||||||||||||||||||||||||
Members’ contributions | 5 | 5 | — | — | |||||||||||||||||||||||||||||
Benefits paid | (56 | ) | (51 | ) | (10 | ) | (9 | ) | |||||||||||||||||||||||||
Amendments | (3 | ) | (5 | ) | 11 | (89 | ) | ||||||||||||||||||||||||||
Curtailments, settlements and special termination benefits | (16 | ) | (8 | ) | (1 | ) | — | ||||||||||||||||||||||||||
Actuarial losses (gains) | 296 | (5 | ) | (4 | ) | (15 | ) | ||||||||||||||||||||||||||
Other | (2 | ) | (1 | ) | — | — | |||||||||||||||||||||||||||
Currency (gains) losses | (142 | ) | 45 | (2 | ) | (1 | ) | ||||||||||||||||||||||||||
Benefit obligation at end of period | $ | 1,863 | $ | 1,672 | $ | 139 | $ | 135 | |||||||||||||||||||||||||
Benefit obligation of funded plans | $ | 1,558 | $ | 1,417 | $ | — | $ | — | |||||||||||||||||||||||||
Benefit obligation of unfunded plans | 305 | 255 | 139 | 135 | |||||||||||||||||||||||||||||
Benefit obligation at end of period | $ | 1,863 | $ | 1,672 | $ | 139 | $ | 135 | |||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Change in fair value of plan assets | |||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of period | $ | 1,163 | $ | 1,066 | |||||||||||||||||||||||||||||
Actual return on plan assets | 159 | 79 | |||||||||||||||||||||||||||||||
Members’ contributions | 5 | 5 | |||||||||||||||||||||||||||||||
Benefits paid | (56 | ) | (51 | ) | |||||||||||||||||||||||||||||
Company contributions | 41 | 44 | |||||||||||||||||||||||||||||||
Settlements | (14 | ) | (4 | ) | |||||||||||||||||||||||||||||
Other | (2 | ) | (2 | ) | |||||||||||||||||||||||||||||
Currency (losses) gains | (63 | ) | 26 | ||||||||||||||||||||||||||||||
Fair value of plan assets at end of period | $ | 1,233 | $ | 1,163 | |||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Pension | Other | Pension | Other | ||||||||||||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | ||||||||||||||||||||||||||||||
Funded status | |||||||||||||||||||||||||||||||||
Funded status at end of period: | |||||||||||||||||||||||||||||||||
Assets less the benefit obligation of funded plans | $ | (325 | ) | $ | — | $ | (254 | ) | $ | — | |||||||||||||||||||||||
Benefit obligation of unfunded plans | (305 | ) | (139 | ) | (255 | ) | (135 | ) | |||||||||||||||||||||||||
$ | (630 | ) | $ | (139 | ) | $ | (509 | ) | $ | (135 | ) | ||||||||||||||||||||||
As included in our consolidated balance sheets within Total assets / (Total liabilities) | |||||||||||||||||||||||||||||||||
Other non- current assets | $ | 1 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Accrued expenses and other current liabilities | (12 | ) | (10 | ) | (14 | ) | (9 | ) | |||||||||||||||||||||||||
Accrued postretirement benefits | (619 | ) | (129 | ) | (495 | ) | (126 | ) | |||||||||||||||||||||||||
$ | (630 | ) | $ | (139 | ) | $ | (509 | ) | $ | (135 | ) | ||||||||||||||||||||||
The postretirement amounts recognized in “Accumulated other comprehensive loss,” before tax effects, are presented in the table below (in millions), and includes the impact related to our equity method investments. Amounts are amortized to net periodic benefit cost over the group’s average future service life of the employees or the group's average life expectancy. | |||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Pension | Other | Pension | Other | ||||||||||||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | ||||||||||||||||||||||||||||||
Net actuarial (losses) | $ | (450 | ) | $ | (14 | ) | $ | (281 | ) | $ | (24 | ) | |||||||||||||||||||||
Prior service credit | 11 | 32 | 13 | 80 | |||||||||||||||||||||||||||||
Total postretirement amounts recognized in Accumulated other comprehensive (loss) income | $ | (439 | ) | $ | 18 | $ | (268 | ) | $ | 56 | |||||||||||||||||||||||
The estimated amounts that will be amortized from “Accumulated other comprehensive loss” into net periodic benefit costs in fiscal year 2016 (exclusive of equity method investments) are $35 million for pension benefit costs related to net actuarial losses of $37 million partially offset by prior service credits of $2 million, and $23 million for other postretirement benefits, related to amortization of prior service credits of $27 million partially offset by net actuarial losses of $4 million. | |||||||||||||||||||||||||||||||||
The postretirement changes recognized in “Accumulated other comprehensive loss,” before tax effects, are presented in the table below (in millions), and include the impact related to our equity method investments. | |||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Pension | Other | Pension | Other | ||||||||||||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | ||||||||||||||||||||||||||||||
Beginning balance in Accumulated other comprehensive (loss) income | $ | (268 | ) | $ | 56 | $ | (301 | ) | $ | (31 | ) | ||||||||||||||||||||||
Curtailments and settlements | — | — | 1 | — | |||||||||||||||||||||||||||||
Plan amendment | 3 | (11 | ) | 5 | 89 | ||||||||||||||||||||||||||||
Net actuarial (loss) gain | (249 | ) | 5 | 8 | 15 | ||||||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||
Prior service credits | (2 | ) | (37 | ) | (2 | ) | (24 | ) | |||||||||||||||||||||||||
Actuarial losses | 24 | 5 | 31 | 7 | |||||||||||||||||||||||||||||
Effect of currency exchange | 53 | — | (10 | ) | — | ||||||||||||||||||||||||||||
Total postretirement amounts recognized in Accumulated other comprehensive (loss) income | $ | (439 | ) | $ | 18 | $ | (268 | ) | $ | 56 | |||||||||||||||||||||||
Pension Plan Obligations | |||||||||||||||||||||||||||||||||
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets are presented in the table below (in millions). | |||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
The projected benefit obligation and accumulated benefit obligation for all defined benefit pension plans: | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 1,863 | $ | 1,672 | |||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 1,689 | $ | 1,527 | |||||||||||||||||||||||||||||
Pension plans with projected benefit obligations in excess of plan assets: | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 1,760 | $ | 1,672 | |||||||||||||||||||||||||||||
Fair value of plan assets | $ | 1,129 | $ | 1,163 | |||||||||||||||||||||||||||||
Pension plans with accumulated benefit obligations in excess of plan assets: | |||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 1,563 | $ | 1,507 | |||||||||||||||||||||||||||||
Fair value of plan assets | $ | 1,093 | $ | 1,136 | |||||||||||||||||||||||||||||
Pension plans with projected benefit obligations less than plan assets: | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 103 | $ | — | |||||||||||||||||||||||||||||
Fair value of plan assets | $ | 104 | $ | — | |||||||||||||||||||||||||||||
Future Benefit Payments | |||||||||||||||||||||||||||||||||
Expected benefit payments to be made during the next ten fiscal years are listed in the table below (in millions). | |||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||
2016 | $ | 62 | $ | 10 | |||||||||||||||||||||||||||||
2017 | 65 | 9 | |||||||||||||||||||||||||||||||
2018 | 67 | 8 | |||||||||||||||||||||||||||||||
2019 | 71 | 7 | |||||||||||||||||||||||||||||||
2020 | 76 | 7 | |||||||||||||||||||||||||||||||
2021 through 2025 | 442 | 43 | |||||||||||||||||||||||||||||||
Total | $ | 783 | $ | 84 | |||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||||||||||||||||||
The components of net periodic benefit cost for the respective periods are listed in the table below (in millions). | |||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||||||
Net periodic benefit costs | |||||||||||||||||||||||||||||||||
Service cost | $ | 43 | $ | 48 | $ | 43 | $ | 5 | $ | 8 | $ | 10 | |||||||||||||||||||||
Interest cost | 66 | 63 | 64 | 5 | 7 | 10 | |||||||||||||||||||||||||||
Expected return on assets | (69 | ) | (67 | ) | (64 | ) | — | — | — | ||||||||||||||||||||||||
Amortization — losses | 22 | 30 | 28 | 5 | 7 | 3 | |||||||||||||||||||||||||||
Amortization — prior service (credit) | (2 | ) | (2 | ) | (2 | ) | (37 | ) | (24 | ) | (1 | ) | |||||||||||||||||||||
Curtailment/settlement/special termination | 1 | 1 | 1 | (1 | ) | — | — | ||||||||||||||||||||||||||
losses (gains) | |||||||||||||||||||||||||||||||||
Net periodic benefit cost (income) | $ | 61 | $ | 73 | $ | 70 | $ | (23 | ) | $ | (2 | ) | $ | 22 | |||||||||||||||||||
Proportionate share of non-consolidated affiliates’ pension costs | 7 | 7 | 5 | — | — | — | |||||||||||||||||||||||||||
Total net periodic benefit costs (income) recognized | $ | 68 | $ | 80 | $ | 75 | $ | (23 | ) | $ | (2 | ) | $ | 22 | |||||||||||||||||||
Actuarial Assumptions and Sensitivity Analysis | |||||||||||||||||||||||||||||||||
The weighted average assumptions used to determine benefit obligations and net periodic benefit costs for the respective periods are listed in the table below. | |||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||||||
Weighted average assumptions used to determine benefit obligations | |||||||||||||||||||||||||||||||||
Discount rate | 3.1 | % | 4 | % | 3.9 | % | 3.6 | % | 4.1 | % | 3.8 | % | |||||||||||||||||||||
Average compensation growth | 3.1 | % | 3.1 | % | 3.1 | % | 3.5 | % | 3.5 | % | 3.5 | % | |||||||||||||||||||||
Weighted average assumptions used to determine net periodic benefit cost | |||||||||||||||||||||||||||||||||
Discount rate | 4 | % | 3.9 | % | 4.4 | % | 4.1 | % | 3.8 | % | 4.2 | % | |||||||||||||||||||||
Average compensation growth | 3.1 | % | 3.1 | % | 3.4 | % | 3.5 | % | 3.5 | % | 3.9 | % | |||||||||||||||||||||
Expected return on plan assets | 6.1 | % | 6.3 | % | 6.4 | % | — | % | — | % | — | % | |||||||||||||||||||||
In selecting the appropriate discount rate for each plan, for pension and other postretirement plans in Canada, the U.S., U.K., and other Euro zone countries, we used spot rate yield curves and individual bond matching models. For other countries we used published long-term high quality corporate bond indices with adjustments made to the index rates based on the duration of the plans' obligation. | |||||||||||||||||||||||||||||||||
In estimating the expected return on assets of a pension plan, consideration is given primarily to its target allocation, the current yield on long-term bonds in the country where the plan is established, and the historical risk premium of equity or real estate over long-term bond yields in each relevant country. The approach is consistent with the principle that assets with higher risk provide a greater return over the long-term. The expected long-term rate of return on plan assets is 5.6% in fiscal 2016. | |||||||||||||||||||||||||||||||||
We provide unfunded health care and life insurance benefits to our retired employees in Canada, the U.S. and Brazil, for which we paid $10 million, $9 million, and $8 million in fiscal 2015, 2014 and 2013, respectively. The assumed health care cost trend used for measurement purposes is 7.1% for fiscal 2016, decreasing gradually to 5% in 2019 and remaining at that level thereafter. | |||||||||||||||||||||||||||||||||
A change of one percentage point in the assumed health care cost trend rates would have the following effects on our other benefits (in millions). | |||||||||||||||||||||||||||||||||
1% Increase | 1% Decrease | ||||||||||||||||||||||||||||||||
Sensitivity Analysis | |||||||||||||||||||||||||||||||||
Effect on service and interest costs | $ | 2 | $ | (1 | ) | ||||||||||||||||||||||||||||
Effect on benefit obligation | $ | 12 | $ | (10 | ) | ||||||||||||||||||||||||||||
In addition, we provide post-employment benefits, including disability, early retirement and continuation of benefits (medical, dental, and life insurance) to our former or inactive employees, which are accounted for on the accrual basis in accordance with ASC No. 712, Compensation — Retirement Benefits. “Other long-term liabilities” and "Accrued expenses and other current liabilities" on our consolidated balance sheets include $10 million and $4 million, respectively, as of March 31, 2015, for these benefits. Comparatively, “Other long-term liabilities” and "Accrued expenses and other current liabilities" on our consolidated balance sheets include $12 million and $5 million, respectively, as of March 31, 2014. | |||||||||||||||||||||||||||||||||
Investment Policy and Asset Allocation | |||||||||||||||||||||||||||||||||
The Company’s overall investment strategy is to achieve a mix of approximately 50% of investments for long-term growth (equities, real estate) and 50% for near-term benefit payments (debt securities, other) with a wide diversification of asset categories, investment styles, fund strategies and fund managers. Since most of the defined benefit plans are closed to new entrants, we expect this strategy to gradually shift more investments toward near-term benefit payments. | |||||||||||||||||||||||||||||||||
Each of our funded pension plans is governed by an Investment Fiduciary, who establishes an investment policy appropriate for the pension plan. The Investment Fiduciary is responsible for selecting the asset allocation for each plan, monitoring investment managers, monitoring returns versus benchmarks and monitoring compliance with the investment policy. The targeted allocation ranges by asset class, and the actual allocation percentages for each class are listed in the table below. | |||||||||||||||||||||||||||||||||
Asset Category | Target | Allocation in | |||||||||||||||||||||||||||||||
Allocation Ranges | Aggregate as of | ||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Equity | 17 - 53% | 36% | 39% | ||||||||||||||||||||||||||||||
Fixed income | 47 - 77% | 60% | 57% | ||||||||||||||||||||||||||||||
Real estate | 0 - 15% | 1% | 1% | ||||||||||||||||||||||||||||||
Other | 0 - 11% | 3% | 3% | ||||||||||||||||||||||||||||||
Fair Value of Plan Assets | |||||||||||||||||||||||||||||||||
The following pension plan assets are measured and recognized at fair value on a recurring basis (in millions). Please see Note 17— Fair value measurements for a description of the fair value hierarchy. The U.S. and Canadian pension plan assets are invested exclusively in commingled funds and classified in Level 2, and the U.K., Switzerland, and South Korea pension plan assets are invested in both direct investments (Levels 1 and 2) and commingled funds (Level 2). | |||||||||||||||||||||||||||||||||
Pension Plan Assets | |||||||||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Measurements Using | Fair Value Measurements Using | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
Equity | $ | 85 | $ | 361 | $ | — | $ | 446 | $ | 48 | $ | 405 | $ | — | $ | 453 | |||||||||||||||||
Fixed income | 135 | 608 | — | 743 | — | 665 | — | 665 | |||||||||||||||||||||||||
Real estate | — | 15 | — | 15 | — | 15 | — | 15 | |||||||||||||||||||||||||
Cash and cash equivalents | 8 | — | — | 8 | 6 | — | — | 6 | |||||||||||||||||||||||||
Other | — | 21 | — | 21 | — | 24 | — | 24 | |||||||||||||||||||||||||
Total | $ | 228 | $ | 1,005 | $ | — | $ | 1,233 | $ | 54 | $ | 1,109 | $ | — | $ | 1,163 | |||||||||||||||||
Currency_Gains_Losses
Currency (Gains) Losses | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Foreign Currency [Abstract] | |||||||||||||
CURRENCY (GAINS) LOSSES | CURRENCY (GAINS) LOSSES | ||||||||||||
The following currency (gains) losses are included in “Other expense (income), net” in the accompanying consolidated statements of operations (in millions). | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Loss (gain) on remeasurement of monetary assets and liabilities, net | $ | 14 | $ | (26 | ) | $ | (16 | ) | |||||
Loss released from accumulated other comprehensive income | 3 | 2 | 1 | ||||||||||
Loss recognized on balance sheet remeasurement currency exchange contracts, net | 10 | 17 | 5 | ||||||||||
Currency losses (gains), net | $ | 27 | $ | (7 | ) | $ | (10 | ) | |||||
The following currency (losses) gains are included in Accumulated other comprehensive loss (“AOCI”) and “Noncontrolling interests” in the accompanying consolidated balance sheets (in millions). | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Cumulative currency translation adjustment — beginning of period | $ | 90 | $ | (30 | ) | $ | 23 | ||||||
Effect of changes in exchange rates | (304 | ) | 120 | (42 | ) | ||||||||
Sale of investment in foreign entities (A) | — | — | (11 | ) | |||||||||
Cumulative currency translation adjustment — end of period | $ | (214 | ) | $ | 90 | $ | (30 | ) | |||||
(A) | We reclassified $11 million of cumulative currency gains from AOCI to “Gain on assets held for sale, net” in the year ended March 31, 2013, related to the sale of three aluminum foil and packaging plants in Europe. |
Financial_Instruments_and_Comm
Financial Instruments and Commodity Contracts | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
FINANCIAL INSTRUMENTS AND COMMODITY CONTRACTS | FINANCIAL INSTRUMENTS AND COMMODITY CONTRACTS | ||||||||||||||||||||||||
The following tables summarize the gross fair values of our financial instruments and commodity contracts as of March 31, 2015 and 2014 (in millions): | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Assets | Liabilities | Net Fair Value | |||||||||||||||||||||||
Current | Noncurrent(A) | Current | Noncurrent(A) | Assets/(Liabilities) | |||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Aluminum contracts | $ | 15 | $ | — | $ | (5 | ) | $ | — | $ | 10 | ||||||||||||||
Currency exchange contracts | 4 | — | (42 | ) | (15 | ) | (53 | ) | |||||||||||||||||
Energy contracts | — | — | (6 | ) | (2 | ) | (8 | ) | |||||||||||||||||
Interest rate swaps | — | — | (1 | ) | — | (1 | ) | ||||||||||||||||||
Net Investment hedges | |||||||||||||||||||||||||
Currency exchange contracts | 5 | — | — | — | 5 | ||||||||||||||||||||
Total derivatives designated as hedging instruments | 24 | — | (54 | ) | (17 | ) | (47 | ) | |||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Aluminum contracts | 24 | — | (26 | ) | — | (2 | ) | ||||||||||||||||||
Currency exchange contracts | 26 | — | (54 | ) | — | (28 | ) | ||||||||||||||||||
Energy contracts | 3 | — | (15 | ) | (7 | ) | (19 | ) | |||||||||||||||||
Total derivatives not designated as hedging instruments | 53 | — | (95 | ) | (7 | ) | (49 | ) | |||||||||||||||||
Total derivative fair value | $ | 77 | $ | — | $ | (149 | ) | $ | (24 | ) | $ | (96 | ) | ||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
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 consolidated balance sheets. | ||||||||||||||||||||||||
Aluminum | |||||||||||||||||||||||||
We use derivative instruments to preserve our conversion margins and manage the timing differences associated with metal price lag. We use over-the-counter derivatives indexed to the London Metals Exchange (LME) and from time to time we also use over-the-counter derivatives indexed to the Midwest transaction premium (collectively referred to as our "aluminum derivative 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 simultaneously 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 2 kt and 9 kt of outstanding aluminum forward purchase contracts designated as fair value hedges as of March 31, 2015 and 2014, respectively. One kilotonne (kt) is 1,000 metric tonnes. | |||||||||||||||||||||||||
The following table summarizes the amount of gain (loss) recognized on fair value hedges of metal price risk (in millions): | |||||||||||||||||||||||||
Amount of Gain (Loss) | |||||||||||||||||||||||||
Recognized on Changes in Fair Value | |||||||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Fair Value Hedges of Metal Price Risk | |||||||||||||||||||||||||
Derivative Contracts | $ | — | $ | (3 | ) | ||||||||||||||||||||
Designated Hedged Items | — | 3 | |||||||||||||||||||||||
Net Ineffectiveness (A) | $ | — | $ | — | |||||||||||||||||||||
(A) | Effective portion is recorded in "Net sales" and net ineffectiveness in "Other expense (income), net". There was no amount excluded from the assessment of hedge effectiveness related to Fair Value Hedges. | ||||||||||||||||||||||||
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 two years in length. We had 1 kt and 16 kt of outstanding aluminum forward purchase contracts designated as cash flow hedges as of March 31, 2015 and 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. 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 285 kt and 222 kt of outstanding aluminum forward sales contracts designated as cash flow hedges as of March 31, 2015 and 2014, respectively. | |||||||||||||||||||||||||
The remaining balance of our aluminum derivative contracts are not designated as accounting hedges. As of March 31, 2015 and 2014, we had 36 kt and 105 kt, respectively, of outstanding aluminum sales contracts not designated as hedges. The average duration of undesignated contracts is less than six months. The following table summarizes our notional amount (in kt). | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Hedge Type | |||||||||||||||||||||||||
Purchase (Sale) | |||||||||||||||||||||||||
Cash flow purchases | 1 | 16 | |||||||||||||||||||||||
Cash flow sales | (285 | ) | (222 | ) | |||||||||||||||||||||
Fair value | 2 | 9 | |||||||||||||||||||||||
Not designated | (36 | ) | (105 | ) | |||||||||||||||||||||
Total, net | (318 | ) | (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 $590 million and $724 million in outstanding foreign currency forwards designated as cash flow hedges as of March 31, 2015 and 2014, respectively. | |||||||||||||||||||||||||
We use foreign currency contracts to hedge our foreign currency exposure to our net investment in foreign subsidiaries. We had $28 million outstanding foreign currency forwards designated as net investment hedges as of March 31, 2015. As of March 31, 2014, we had $61 million outstanding foreign currency forwards designated as net investment hedges. | |||||||||||||||||||||||||
As of March 31, 2015 and 2014, we had outstanding currency exchange contracts with a total notional amount of $868 million and $649 million, respectively, which were not designated as hedges. Contracts representing the majority of this notional amount will mature during the first and second quarter of fiscal 2016. | |||||||||||||||||||||||||
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 March 31, 2015, and the fair value of this swap was a liability of $16 million as of March 31, 2015. As of March 31, 2014, the fair value of this electricity swap was a liability of $19 million. | |||||||||||||||||||||||||
We use natural gas forward purchase contracts to manage our exposure to fluctuating energy prices in North America. We had 7 million MMBTUs designated as cash flow hedges as of March 31, 2015, and the fair value was a liability of $8 million. There were 9.5 million MMBTUs of natural gas forward purchase contracts designated as cash flow hedges as of March 31, 2014 and the fair value was an asset of $3 million. As of March 31, 2015 and 2014, we had 2 million MMBTUs and 1.5 million MMBTUs, respectively, of natural gas forward purchase contracts that were not designated as hedges. The fair value as of March 31, 2015 and 2014 was a liability of $3 million and an asset of less than $1 million, respectively, for the forward purchase contracts not designated as hedges. The average duration of undesignated contracts is approximately one year in length. One MMBTU is the equivalent of one decatherm, or one million British Thermal Units. | |||||||||||||||||||||||||
Interest Rate | |||||||||||||||||||||||||
As of March 31, 2015, we swapped $78 million (KRW 86 billion) floating rate loans to a weighted average fixed rate of 3.69%. All swaps expire concurrent with the maturity of the related loans. As of March 31, 2015 and 2014, $78 million (KRW 86 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 expense (income), net” (in millions). Gains (losses) recognized in other line items in the consolidated statement of operations are separately disclosed within this footnote. | |||||||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Derivative Instruments Not Designated as Hedges | |||||||||||||||||||||||||
Aluminum contracts | $ | (31 | ) | $ | (4 | ) | $ | (10 | ) | ||||||||||||||||
Currency exchange contracts | (5 | ) | (15 | ) | 3 | ||||||||||||||||||||
Energy contracts (A) | 2 | 14 | 15 | ||||||||||||||||||||||
(Loss) gain recognized in "Other expense (income), net" | (34 | ) | (5 | ) | 8 | ||||||||||||||||||||
Derivative Instruments Designated as Hedges | |||||||||||||||||||||||||
Gain recognized in "Other expense (income), net" (B) | 19 | 38 | 28 | ||||||||||||||||||||||
Total (loss) gain recognized in "Other expense (income), net" | $ | (15 | ) | $ | 33 | $ | 36 | ||||||||||||||||||
Balance sheet remeasurement currency exchange contract losses | $ | (13 | ) | $ | (19 | ) | $ | (6 | ) | ||||||||||||||||
Realized (losses) gains, net | (2 | ) | 62 | 28 | |||||||||||||||||||||
Unrealized (losses) gains on other derivative instruments, net | — | (10 | ) | 14 | |||||||||||||||||||||
Total (loss) gain recognized in "Other expense (income), net" | $ | (15 | ) | $ | 33 | $ | 36 | ||||||||||||||||||
(A) | Includes amounts related to de-designated electricity swap and natural gas swaps not designated as hedges. | ||||||||||||||||||||||||
(B) | Amount includes: forward market premium/discount excluded from hedging relationship and ineffectiveness on designated aluminum and foreign currency capex contracts; releases to income from AOCI on balance sheet remeasurement contracts; and ineffectiveness of 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 $36 million of losses from “AOCI” to earnings, before taxes. | |||||||||||||||||||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | ||||||||||||||||||||||||
Recognized in OCI | Recognized in “Other Expense (Income), net” (Ineffective and | ||||||||||||||||||||||||
(Effective Portion) | Excluded Portion) | ||||||||||||||||||||||||
Year Ended March 31, | Year Ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Cash flow hedging derivatives | |||||||||||||||||||||||||
Aluminum contracts | $ | (26 | ) | $ | 35 | $ | 34 | $ | 24 | $ | 39 | $ | 29 | ||||||||||||
Currency exchange contracts | (44 | ) | (16 | ) | (21 | ) | (2 | ) | 1 | 2 | |||||||||||||||
Energy contracts | (12 | ) | 1 | 1 | — | — | — | ||||||||||||||||||
Interest Rate Swaps | (1 | ) | — | (1 | ) | — | — | — | |||||||||||||||||
Total cash flow hedging derivatives | (83 | ) | 20 | 13 | 22 | 40 | 31 | ||||||||||||||||||
Net Investment derivatives | |||||||||||||||||||||||||
Currency exchange contracts | 11 | (3 | ) | 1 | — | — | — | ||||||||||||||||||
Total | $ | (72 | ) | $ | 17 | $ | 14 | $ | 22 | $ | 40 | $ | 31 | ||||||||||||
Gain (Loss) Reclassification | |||||||||||||||||||||||||
Amount of Gain (Loss) | Location of Gain (Loss) | ||||||||||||||||||||||||
Reclassified from AOCI into Income/(Expense) | Reclassified from AOCI into | ||||||||||||||||||||||||
(Effective Portion) | Earnings | ||||||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||||||
Cash flow hedging derivatives | 2015 | 2014 | 2013 | ||||||||||||||||||||||
Energy contracts (A) | $ | (5 | ) | $ | (5 | ) | $ | (5 | ) | Other expense (income), net | |||||||||||||||
Aluminum contracts | (40 | ) | 53 | 19 | Cost of goods sold (B) | ||||||||||||||||||||
Aluminum contracts | — | 7 | 12 | Net sales | |||||||||||||||||||||
Currency exchange contracts | (14 | ) | (14 | ) | (15 | ) | Cost of goods sold (B) | ||||||||||||||||||
Currency exchange contracts | (1 | ) | (1 | ) | (2 | ) | SG&A | ||||||||||||||||||
Currency exchange contracts | 18 | 3 | — | Net sales | |||||||||||||||||||||
Currency exchange contracts | (3 | ) | (2 | ) | (1 | ) | Other expense (income), net | ||||||||||||||||||
Currency exchange contracts | 7 | — | — | Gain on assets held for sale, net | |||||||||||||||||||||
Currency exchange contracts | (1 | ) | — | — | Depreciation and amortization | ||||||||||||||||||||
Total | (39 | ) | 41 | 8 | (Loss) income before taxes | ||||||||||||||||||||
8 | (16 | ) | (2 | ) | Income tax benefit (provision) | ||||||||||||||||||||
$ | (31 | ) | $ | 25 | $ | 6 | Net (loss) 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. Amounts reclassified from AOCI into income/(expense) related to natural gas swaps for the periods presented were less than $1 million. AOCI releases related to natural gas swaps are recorded in "Cost of goods sold (exclusive of depreciation and amortization)." | ||||||||||||||||||||||||
(B) | "Cost of goods sold" is exclusive of depreciation and amortization. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||||||||||||
The following table summarizes the change in the components of accumulated other comprehensive loss net of tax and "Noncontrolling interests", for the periods presented (in millions). | |||||||||||||||||
(A) | (C) | Total | |||||||||||||||
Currency Translation | (B) | Postretirement Benefit Plans | |||||||||||||||
Cash Flow Hedges | |||||||||||||||||
Balance as of March 31, 2012 | $ | 20 | $ | (7 | ) | $ | (204 | ) | $ | (191 | ) | ||||||
Other comprehensive income before reclassifications | (42 | ) | 11 | (49 | ) | (80 | ) | ||||||||||
Amounts reclassified from AOCI, net | (11 | ) | (6 | ) | 20 | 3 | |||||||||||
Net current-period other comprehensive income (loss) | (53 | ) | 5 | (29 | ) | (77 | ) | ||||||||||
Balance as of March 31, 2013 | (33 | ) | (2 | ) | (233 | ) | (268 | ) | |||||||||
Other comprehensive income before reclassifications | 122 | 7 | 64 | 193 | |||||||||||||
Amounts reclassified from AOCI, net | — | (25 | ) | 9 | (16 | ) | |||||||||||
Net current-period other comprehensive income (loss) | 122 | (18 | ) | 73 | 177 | ||||||||||||
Balance as of March 31, 2014 | 89 | (20 | ) | (160 | ) | (91 | ) | ||||||||||
Other comprehensive income before reclassifications | (302 | ) | (74 | ) | (118 | ) | (494 | ) | |||||||||
Amounts reclassified from AOCI, net | — | 31 | (7 | ) | 24 | ||||||||||||
Net current-period other comprehensive (loss) income | (302 | ) | (43 | ) | (125 | ) | (470 | ) | |||||||||
Balance as of March 31, 2015 | $ | (213 | ) | $ | (63 | ) | $ | (285 | ) | $ | (561 | ) | |||||
(A) We reclassified $11 million of cumulative currency gains from AOCI to "Gain on assets held for sale" in the year ended March 31, 2013, related to the sale of three aluminum foil and packaging plants in Europe. | |||||||||||||||||
(B) | For additional information on our cash flow hedges see Note 15 - Financial Instruments and Commodity Contracts. | ||||||||||||||||
(C) | For additional information on our postretirement benefit plans see Note 13 - Postretirement Benefit Plans. | ||||||||||||||||
For the year ended March 31, 2015, we recorded a $9 million reclassification adjustment of previous periods’ accumulated actuarial net losses in postretirement benefit plans, net of tax, for our Logan joint venture from “AOCI attributable to our common shareholder” to “Non-controlling interests.” This adjustment is not material to the current or any prior periods' financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS | ||||||||||||||||
We record certain assets and liabilities, primarily derivative instruments, on our 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 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 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 with 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 with observable market inputs as their basis, such as time value, forward interest rates, volatility factors, and current (spot) and forward market prices. We generally classify these instruments within Level 2 of the valuation hierarchy. Such derivatives include interest rate swaps, cross-currency swaps, foreign currency contracts, aluminum derivative contracts, 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 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 March 31, 2015, estimated using the method described above, was $51 per megawatt hour, which represented a $5 premium over forward prices in the nearby observable market. The actual rate from the most recent swap settlement was approximately $50 per megawatt hour. Each $1 per megawatt hour decline in price decreases the valuation of the electricity swap by less than $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 March 31, 2015 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 March 31, 2015 and March 31, 2014 (in millions). | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Level 2 instruments | |||||||||||||||||
Aluminum contracts | $ | 39 | $ | (31 | ) | $ | 23 | $ | (36 | ) | |||||||
Currency exchange contracts | 35 | (111 | ) | 28 | (23 | ) | |||||||||||
Energy contracts | 3 | (14 | ) | 4 | (1 | ) | |||||||||||
Interest rate swaps | — | (1 | ) | — | — | ||||||||||||
Total level 2 instruments | 77 | (157 | ) | 55 | (60 | ) | |||||||||||
Level 3 instruments | |||||||||||||||||
Energy contracts | — | (16 | ) | — | (19 | ) | |||||||||||
Total level 3 instruments | — | (16 | ) | — | (19 | ) | |||||||||||
Total gross | $ | 77 | $ | (173 | ) | $ | 55 | $ | (79 | ) | |||||||
Netting adjustment (A) | $ | (28 | ) | $ | 28 | $ | (20 | ) | $ | 20 | |||||||
Total net | $ | 49 | $ | (145 | ) | $ | 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 losses of $2 million for the year ended March 31, 2015 related to Level 3 financial instruments that were still held as of March 31, 2015. These unrealized losses 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, 2013 | $ | (27 | ) | ||||||||||||||
Unrealized gain included in earnings (B) | 19 | ||||||||||||||||
Settlements | (11 | ) | |||||||||||||||
Balance as of March 31, 2014 | $ | (19 | ) | ||||||||||||||
Unrealized gain included in earnings (B) | 10 | ||||||||||||||||
Settlements | (7 | ) | |||||||||||||||
Balance as of March 31, 2015 | $ | (16 | ) | ||||||||||||||
(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 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 using market observable inputs. | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Assets | |||||||||||||||||
Long-term receivables from related parties | $ | 15 | $ | 15 | $ | 12 | $ | 12 | |||||||||
Liabilities | |||||||||||||||||
Total debt — third parties (excluding short term borrowings) | $ | 4,457 | $ | 4,659 | $ | 4,451 | $ | 4,734 | |||||||||
Other_Expense_Income
Other Expense (Income) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||
OTHER EXPENSE (INCOME) | OTHER EXPENSE (INCOME) | ||||||||||||
“Other expense (income), net” is comprised of the following (in millions). | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Foreign currency remeasurement losses (gains), net (A) | $ | 27 | $ | (7 | ) | $ | (10 | ) | |||||
Loss (gain) on change in fair value of other unrealized derivative instruments, net | — | 10 | (14 | ) | |||||||||
Loss (gain) on change in fair value of other realized derivative instruments, net | 2 | (62 | ) | (28 | ) | ||||||||
Loss on sale of assets, net | 5 | 9 | 6 | ||||||||||
Loss on Brazilian tax litigation, net (B) | 7 | 6 | 8 | ||||||||||
Interest income | (7 | ) | (6 | ) | (5 | ) | |||||||
Gain on business interruption insurance recovery, net (C) | (19 | ) | — | (11 | ) | ||||||||
Other, net | 2 | 9 | 2 | ||||||||||
Other expense (income), net | $ | 17 | $ | (41 | ) | $ | (52 | ) | |||||
(A) | Includes “(Gain) loss recognized on balance sheet remeasurement currency exchange contracts, net.” | ||||||||||||
(B) | See Note 20 – Commitments and Contingencies – Brazil Tax and Legal Matters for further details. | ||||||||||||
(C) | We recognized a total gain of $19 million during the year ended March 31, 2015 related to business interruption recovery claims, which partially offset actual business losses experienced in the same fiscal year. This gain includes an insurance settlement which resulted in a gain of $6 million related to lost shipments and profits resulting from an electrical short circuit impacting a hot mill motor at one of our facilities in our Europe segment in the second quarter of 2015. Additionally, we experienced an outage at the hot mill in the Logan facility in North America due to an unexpected failure of a motor, which resulted in lost shipments and profits. A repaired motor was installed and operations at the hot mill resumed within approximately three weeks. The Company reached a partial insurance settlement, which resulted in a gain of $13 million. | ||||||||||||
We recognized a net gain of $11 million during the year ended March 31, 2013 related to another business interruption recovery claim from an earlier fiscal year. This settlement related to a fire at the sole can plant of one of our customers, which caused the loss of a supply contract in our North America segment. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
INCOME TAXES | INCOME TAXES | ||||||||||||
We are subject to Canadian and United States federal, state, and local income taxes as well as other foreign income taxes. The domestic (Canada) and foreign components of our "Income before income taxes" (and after removing our "Equity in net loss of non-consolidated affiliates") are as follows (in millions). | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Domestic (Canada) | $ | (267 | ) | $ | (294 | ) | $ | (263 | ) | ||||
Foreign (all other countries) | 434 | 421 | 565 | ||||||||||
Pre-tax income before equity in net loss of non-consolidated affiliates | $ | 167 | $ | 127 | $ | 302 | |||||||
The components of the "Income tax provision" are as follows (in millions). | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current provision (benefit): | |||||||||||||
Domestic (Canada) | $ | 4 | $ | 12 | $ | 11 | |||||||
Foreign (all other countries) | 98 | 128 | 103 | ||||||||||
Total current | 102 | 140 | 114 | ||||||||||
Deferred provision (benefit): | |||||||||||||
Domestic (Canada) | — | — | — | ||||||||||
Foreign (all other countries) | (88 | ) | (129 | ) | (31 | ) | |||||||
Total deferred | (88 | ) | (129 | ) | (31 | ) | |||||||
Income tax provision | $ | 14 | $ | 11 | $ | 83 | |||||||
The reconciliation of the Canadian statutory tax rates to our effective tax rates are shown below (in millions, except percentages). | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Pre-tax income before equity in net loss on non-consolidated affiliates | $ | 167 | $ | 127 | $ | 302 | |||||||
Canadian Statutory tax rate | 25 | % | 25 | % | 26 | % | |||||||
Provision at the Canadian statutory rate | $ | 42 | $ | 32 | $ | 79 | |||||||
Increase (decrease) for taxes on income (loss) resulting from: | |||||||||||||
Exchange translation items | (22 | ) | — | (2 | ) | ||||||||
Exchange remeasurement of deferred income taxes | (31 | ) | (20 | ) | (19 | ) | |||||||
Change in valuation allowances | 95 | 94 | 84 | ||||||||||
Tax credits and other allowances | (22 | ) | (38 | ) | (8 | ) | |||||||
Income items not subject to tax | 2 | (6 | ) | — | |||||||||
State tax (benefit) expense, net | (7 | ) | (7 | ) | 3 | ||||||||
Dividends not subject to tax | (52 | ) | (52 | ) | (53 | ) | |||||||
Enacted tax rate changes | (1 | ) | 3 | 1 | |||||||||
Tax rate differences on foreign earnings | 7 | (4 | ) | 9 | |||||||||
Uncertain tax positions | 10 | 8 | 2 | ||||||||||
Prior year adjustments | 2 | (1 | ) | (5 | ) | ||||||||
Income tax settlements | (6 | ) | — | — | |||||||||
Other — net | (3 | ) | 2 | (8 | ) | ||||||||
Income tax provision | $ | 14 | $ | 11 | $ | 83 | |||||||
Effective tax rate | 8 | % | 9 | % | 27 | % | |||||||
Our effective tax rate differs from the Canadian statutory rate primarily due to the following factors: (1) pre-tax foreign currency gains or losses with no tax effect and the tax effect of U.S. dollar denominated currency gains or losses with no pre-tax effect, which is shown above as exchange translation items; (2) the remeasurement of deferred income taxes due to foreign currency changes, which is shown above as exchange remeasurement of deferred income taxes; (3) changes in valuation allowances; (4) non-taxable dividends; (5) income tax settlements; (6) differences between the Canadian statutory and foreign effective tax rates applied to entities in different jurisdictions shown above as tax rate differences on foreign earnings; (7) tax credits in various jurisdictions; (8) state income tax benefit; and (9) increases or decreases in uncertain tax positions recorded under the provisions of ASC 740. | |||||||||||||
On March 31, 2014, New York State enacted corporate tax reform legislation that overhauls the State corporate tax rate. One of the changes is the enactment of a zero tax rate for qualified New York manufacturers effective for tax years beginning on or after January 1, 2014. | |||||||||||||
We continue to maintain valuation allowances in Canada and certain foreign jurisdictions primarily related to tax losses where we believe it is more likely than not that we will be unable to utilize those losses. The impact on our income tax provision of the change in these valuation allowances during the year ended March 31, 2015 was an increase of $95 million. | |||||||||||||
We earn tax credits in a number of the jurisdictions in which we operate. Primarily comprised of empire zone credits in New York in the current year of $8 million, and foreign tax credits in the U.K. of $11 million. The impact on our income tax provision of these credits during the year ended March 31, 2015 was a benefit of $22 million. However, the current year empire zone credits in New York are offset with a corresponding valuation allowance of $8 million. | |||||||||||||
In 2005, we entered into a tax sharing and disaffiliation agreement with Alcan that provides indemnification if certain factual representations are breached or if certain transactions are undertaken or certain actions are taken that have the effect of negatively affecting the tax treatment of our spin-off from Alcan. It further governs the disaffiliation of the tax matters of Alcan and its subsidiaries or affiliates other than us, on the one hand, and us and our subsidiaries or affiliates, on the other hand. In this respect it allocates taxes accrued prior to the spin-off and after the spin-off as well as transfer taxes resulting there from. It also allocates obligations for filing tax returns and the management of certain pending or future tax contests and creates mutual collaboration obligations with respect to tax matters. | |||||||||||||
We receive the benefits of favorable tax holidays in various jurisdictions, which resulted in a $9 million reduction to tax expense for the year ended March 31, 2015, and phase out as of December 31, 2015. | |||||||||||||
Deferred Income Taxes | |||||||||||||
Deferred income taxes recognize the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the carrying amounts used for income tax purposes, and the impact of available net operating loss (NOL) and tax credit carryforwards. These items are stated at the enacted tax rates that are expected to be in effect when taxes are actually paid or recovered. | |||||||||||||
Our deferred income tax assets and deferred income tax liabilities are as follows (in millions). | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Deferred income tax assets: | |||||||||||||
Provisions not currently deductible for tax purposes | $ | 366 | $ | 315 | |||||||||
Tax losses/benefit carryforwards, net | 627 | 493 | |||||||||||
Depreciation and amortization | 38 | 46 | |||||||||||
Other assets | 4 | 8 | |||||||||||
Total deferred income tax assets | 1,035 | 862 | |||||||||||
Less: valuation allowance | (528 | ) | (426 | ) | |||||||||
Net deferred income tax assets | $ | 507 | $ | 436 | |||||||||
Deferred income tax liabilities: | |||||||||||||
Depreciation and amortization | $ | 477 | $ | 529 | |||||||||
Inventory valuation reserves | 102 | 87 | |||||||||||
Monetary exchange gains, net | 9 | 46 | |||||||||||
Other liabilities | 26 | 34 | |||||||||||
Total deferred income tax liabilities | $ | 614 | $ | 696 | |||||||||
Net deferred income tax liabilities | $ | 107 | $ | 260 | |||||||||
ASC 740 requires that we reduce our deferred income tax assets by a valuation allowance if, based on the weight of the available evidence, it is more likely than not that all or a portion of a deferred tax asset will not be realized. After consideration of all evidence, both positive and negative, management concluded that it is more likely than not that we will be unable to realize a portion of our deferred tax assets and that valuation allowances of $528 million and $426 million were necessary as of March 31, 2015 and 2014, respectively. | |||||||||||||
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. | |||||||||||||
As of March 31, 2015, we had net operating loss carryforwards of approximately $515 million (tax effected) and tax credit carryforwards of $112 million, which will be available to offset future taxable income and tax liabilities, respectively. The carryforwards will begin expiring in fiscal year 2019 with some amounts being carried forward indefinitely. As of March 31, 2015, valuation allowances of $381 million, $99 million and $48 million had been recorded against net operating loss carryforwards, tax credit carryforwards and other deferred tax assets, respectively, where it appeared more likely than not that such benefits will not be realized. The net operating loss carryforwards are predominantly in Canada, the U.S., Italy, Germany, Switzerland, China and the U.K. | |||||||||||||
As of March 31, 2014, we had net operating loss carryforwards of approximately $396 million (tax effected) and tax credit carryforwards of $97 million, which will be available to offset future taxable income and tax liabilities, respectively. The carryforwards will begin expiring in fiscal 2020 with some amounts being carried forward indefinitely. As of March 31, 2014, valuation allowances of $287 million, $84 million and $55 million had been recorded against net operating loss carryforwards, tax credit carryforwards and other deferred tax assets, respectively, where it appeared more likely than not that such benefits will not be realized. The net operating loss carryforwards are predominantly in Canada, the U.S., Italy, and the U.K. | |||||||||||||
Although realization is not assured, management believes it is more likely than not that all the remaining net deferred tax assets will be realized. In the near term, the amount of deferred tax assets considered realizable could be reduced if we do not generate sufficient taxable income in certain jurisdictions. | |||||||||||||
As of March 31, 2015, we had cumulative earnings of approximately $2 billion for which we had not provided Canadian income tax or withholding taxes because we consider them to be indefinitely reinvested. We acknowledge that we would need to accrue and pay taxes should we decide to repatriate cash and short term investments generated from earnings of our foreign subsidiaries that are considered indefinitely reinvested. Except for those jurisdictions where we have already distributed and paid taxes on the earnings, we have reinvested and expect to continue to reinvest undistributed earnings of foreign subsidiaries indefinitely. Cash and cash equivalents held by foreign subsidiaries that are indefinitely reinvested are used to cover expansion and short-term cash flow needs of such subsidiaries. The amounts considered indefinitely reinvested would be subject to possible Canadian taxation only if remitted as dividends. However, due to our full valuation allowance position of $446 million in Canada, in excess of $357 million of net operating loss carryforwards, exempt surpluses for Canadian tax purposes, and $46 million of tax credits in Canada, a portion of the cumulative earnings would not be taxed if distributed. Due to the complex structure of our international holdings, and the various methods available for repatriation, quantification of the deferred tax liability, if any, associated with these undistributed earnings is not practicable. | |||||||||||||
Tax Uncertainties | |||||||||||||
As of March 31, 2015 and 2014, the total amount of unrecognized benefits that, if recognized, would affect the effective income tax rate in future periods based on anticipated settlement dates is $37 million and $39 million, respectively. | |||||||||||||
Tax authorities continue to examine certain other of our tax filings for fiscal years 2005 through 2013. As a result of further settlement of audits, 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 $13 million. With few exceptions, tax returns for all jurisdictions for all tax years before 2003 are no longer subject to examination by taxing authorities. | |||||||||||||
Our policy is to record interest and penalties related to unrecognized tax benefits in the income tax provision (benefit). As of March 31, 2015, 2014 and 2013, we had $5 million, $4 million and $3 million accrued, respectively, for interest and penalties. For the year ended March 31, 2015, we recognized $1 million expense related to accrued interest and penalties. For the years ended March 31, 2014 and 2013 we recognized a tax expense and benefit of $1 million and $8 million, respectively, related to reductions in accrued interest and penalties. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Beginning balance | $ | 39 | $ | 30 | $ | 28 | |||||||
Additions based on tax positions related to the current period | 7 | 7 | 5 | ||||||||||
Additions based on tax positions of prior years | 3 | 1 | 3 | ||||||||||
Reductions based on tax positions of prior years | (1 | ) | — | — | |||||||||
Settlements | (3 | ) | — | (5 | ) | ||||||||
Foreign exchange | (8 | ) | 1 | (1 | ) | ||||||||
Ending Balance | $ | 37 | $ | 39 | $ | 30 | |||||||
Income Taxes Payable | |||||||||||||
Our consolidated balance sheets include income taxes payable (net) of $14 million and $52 million as of March 31, 2015 and 2014, respectively. Of these amounts, $11 million and $31 million are reflected in “Accrued expenses and other current liabilities” as of March 31, 2015 and 2014, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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 arising in the ordinary course of our business, including some we assert against others, such as environmental, health and safety, product liability, employee, tax, personal injury and other matters. We have established a liability with respect to contingencies for which a loss is probable and estimable. While the ultimate resolution of and liability and costs related to these matters cannot be determined with certainty, we do not believe 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 $60 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 March 31, 2015 were approximately $22 million, of which $18 million was associated with a restructuring action and the remaining undiscounted clean-up costs were approximately $4 million. Additionally, $18 million of the environmental liability was included in “Other long-term liabilities,” with the remaining $4 million included in “Accrued expenses and other current liabilities” in our consolidated balance sheet as of March 31, 2015. 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 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 management's review of these items, 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 and Legal 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 assets and liabilities related to these settlements are presented in the table below (in millions). | ||||||||||||
March 31, | March 31, | |||||||||||
2015 | 2014 | |||||||||||
Cash deposits (A) | $ | 3 | $ | 6 | ||||||||
Short-term settlement liability (B) | $ | 7 | $ | 11 | ||||||||
Long-term settlement liability (B) | 66 | 96 | ||||||||||
Total settlement liability | $ | 73 | $ | 107 | ||||||||
Liability for other disputes and claims (C) | $ | 12 | $ | 18 | ||||||||
(A) We have maintain these cash deposits as a result of legal proceedings with Brazil's tax authorities. These deposits, which are included in “Other long-term assets — third parties” in our accompanying consolidated balance sheets, will be expended toward these legal proceedings. | ||||||||||||
(B) The short-term and long-term settlement liabilities are included in "Accrued expenses and other current liabilities" and "Other long-term liabilities", respectively, in our accompanying consolidated balance sheets. | ||||||||||||
(C) | 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 related liabilities are included in "Other long-term liabilities" in our accompanying consolidated balance sheets. | |||||||||||
The interest cost recorded on these settlement liabilities, partially offset by interest earned on the cash deposits is included in the table below (in millions). | ||||||||||||
Year Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Loss on Brazilian tax litigation, net | $ | 7 | $ | 6 | $ | 8 | ||||||
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. | ||||||||||||
Other Commitments | ||||||||||||
As of March 31, 2015 and 2014, we had sold certain inventories to third parties and have agreed to repurchase the same or similar inventory back from the third parties subsequent to the balance sheet dates. Our estimated outstanding repurchase obligations for this inventory as of March 31, 2015 is $206 million and as of March 31, 2014 was approximately $74 million, based on market prices as of these dates. We sell and repurchase inventory with third parties in an attempt to better manage inventory levels and to better match the purchasing of inventory with the demand for our products. As of March 31, 2015 and 2014, there was no liability related to these repurchase obligations on our accompanying consolidated balance sheets. |
Segment_Geographical_Area_Majo
Segment, Geographical Area, Major Customer and Major Supplier Information | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Segment, Geographical Area, Major Customer and Major Supplier Information | SEGMENT, GEOGRAPHICAL AREA, 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 Kusnacht, Switzerland, this segment operates ten plants, including two fully dedicated recycling facilities and two facilities with recycling operations, in four countries. | |||||||||||||||||||||||||
Asia. Headquartered in Seoul, South Korea, this segment operates five plants, including three facilities with recycling operations, in four countries. | |||||||||||||||||||||||||
South America. Headquartered in Sao Paulo, Brazil, this segment comprises power generation operation, and operates two plants, including a facility with recycling operations, in Brazil. Our remaining smelting operations facilities ceased operations in December 2014. The majority of our power generation operations were sold during the fourth quarter of fiscal 2015. | |||||||||||||||||||||||||
Net sales and expenses are measured in accordance with the policies and procedures described in Note 1 — Business and Summary of Significant Accounting Policies. | |||||||||||||||||||||||||
We measure the profitability and financial performance of our operating segments based on “Segment income.” “Segment income” provides a measure of our underlying segment results that is in line with our approach to risk management. We define “Segment income” as earnings before (a) “depreciation and amortization”; (b) “interest expense and amortization of debt issuance costs”; (c) “interest income”; (d) unrealized gains (losses) on change in fair value of derivative instruments, net, except for foreign currency remeasurement hedging activities, which are included in segment income; (e) impairment of goodwill; (f) 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 change, net of tax. | |||||||||||||||||||||||||
The tables below show selected segment financial information (in millions). The “Eliminations and Other” column in the table below includes eliminations and functions that are managed directly from our corporate office that have not been allocated to our operating segments, as well as the adjustments for proportional consolidation, and eliminations of intersegment “Net sales.” The financial information for our segments includes the results of our affiliates on a proportionately consolidated basis, which is consistent with the way we manage our business segments. In order to reconcile the financial information for the segments shown in the tables below to the relevant U.S. GAAP-based measures, we must adjust proportional consolidation of each line item. The “Eliminations and Other” in “Net sales – third party” 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 8- Consolidation and Note 9 - 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 | |||||||||||||||||||||||||
Selected Operating Results Year Ended March 31, 2015 | North | Europe | Asia | South | Eliminations | Total | |||||||||||||||||||
America | America | and Other | |||||||||||||||||||||||
Net sales - third party | $ | 3,465 | $ | 3,609 | $ | 2,139 | $ | 1,749 | $ | 185 | $ | 11,147 | |||||||||||||
Net sales - intersegment | 18 | 174 | 201 | 101 | (494 | ) | — | ||||||||||||||||||
Net sales | $ | 3,483 | $ | 3,783 | $ | 2,340 | $ | 1,850 | $ | (309 | ) | $ | 11,147 | ||||||||||||
Depreciation and amortization | $ | 137 | $ | 103 | $ | 71 | $ | 63 | $ | (22 | ) | $ | 352 | ||||||||||||
Income tax (benefit) provision | $ | (27 | ) | $ | 12 | $ | 16 | $ | (1 | ) | $ | 14 | $ | 14 | |||||||||||
Capital expenditures | $ | 122 | $ | 257 | $ | 85 | $ | 53 | $ | 1 | $ | 518 | |||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Investment in and advances to non–consolidated affiliates | $ | — | $ | 447 | $ | — | $ | — | $ | — | $ | 447 | |||||||||||||
Total assets | $ | 2,744 | $ | 2,952 | $ | 1,663 | $ | 1,588 | $ | 155 | $ | 9,102 | |||||||||||||
Selected Operating Results Year Ended March 31, 2014 | North | Europe | Asia | South | Eliminations | Total | |||||||||||||||||||
America | America | and Other | |||||||||||||||||||||||
Net sales - third party | $ | 3,042 | $ | 3,145 | $ | 1,849 | $ | 1,543 | $ | 188 | $ | 9,767 | |||||||||||||
Net sales - intersegment | 8 | 135 | 27 | 45 | (215 | ) | — | ||||||||||||||||||
Net sales | $ | 3,050 | $ | 3,280 | $ | 1,876 | $ | 1,588 | $ | (27 | ) | $ | 9,767 | ||||||||||||
Depreciation and amortization | $ | 126 | $ | 103 | $ | 68 | $ | 69 | $ | (32 | ) | $ | 334 | ||||||||||||
Income tax (benefit) provision | $ | (34 | ) | $ | 6 | $ | 16 | $ | 6 | $ | 17 | $ | 11 | ||||||||||||
Capital expenditures | $ | 147 | $ | 241 | $ | 198 | $ | 117 | $ | 14 | $ | 717 | |||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
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 Year Ended March 31, 2013 | North | Europe | Asia | South | Eliminations | Total | |||||||||||||||||||
America | America | and Other | |||||||||||||||||||||||
Net sales - third party | $ | 3,397 | $ | 3,096 | $ | 1,746 | $ | 1,391 | $ | 182 | $ | 9,812 | |||||||||||||
Net sales - intersegment | 8 | 85 | 16 | — | (109 | ) | — | ||||||||||||||||||
Net sales | $ | 3,405 | $ | 3,181 | $ | 1,762 | $ | 1,391 | $ | 73 | $ | 9,812 | |||||||||||||
Depreciation and amortization | $ | 118 | $ | 103 | $ | 53 | $ | 51 | $ | (33 | ) | $ | 292 | ||||||||||||
Income tax provision | $ | 13 | $ | 30 | $ | 18 | $ | 13 | $ | 9 | $ | 83 | |||||||||||||
Capital expenditures | $ | 183 | $ | 80 | $ | 251 | $ | 197 | $ | 64 | $ | 775 | |||||||||||||
The following table shows the reconciliation from income from reportable segments to “Net income attributable to our common shareholder” (in millions). | |||||||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
North America | $ | 273 | $ | 229 | $ | 324 | |||||||||||||||||||
Europe | 250 | 265 | 261 | ||||||||||||||||||||||
Asia | 141 | 160 | 174 | ||||||||||||||||||||||
South America | 240 | 231 | 202 | ||||||||||||||||||||||
Intersegment eliminations | (2 | ) | — | — | |||||||||||||||||||||
Depreciation and amortization | (352 | ) | (334 | ) | (292 | ) | |||||||||||||||||||
Interest expense and amortization of debt issuance costs | (326 | ) | (304 | ) | (298 | ) | |||||||||||||||||||
Adjustment to eliminate proportional consolidation | (33 | ) | (40 | ) | (41 | ) | |||||||||||||||||||
Unrealized (losses) gains on change in fair value of derivative instruments, net | — | (10 | ) | 14 | |||||||||||||||||||||
Realized (losses) gains on derivative instruments not included in segment income | (6 | ) | 5 | 5 | |||||||||||||||||||||
Gain on assets held for sale, net | 22 | 6 | 3 | ||||||||||||||||||||||
Loss on extinguishment of debt | — | — | (7 | ) | |||||||||||||||||||||
Restructuring and impairment, net | (37 | ) | (75 | ) | (47 | ) | |||||||||||||||||||
Loss on sale of fixed assets | (5 | ) | (9 | ) | (6 | ) | |||||||||||||||||||
Other costs, net | (3 | ) | (9 | ) | (6 | ) | |||||||||||||||||||
Income before income taxes | 162 | 115 | 286 | ||||||||||||||||||||||
Income tax provision | 14 | 11 | 83 | ||||||||||||||||||||||
Net income | 148 | 104 | 203 | ||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | 1 | ||||||||||||||||||||||
Net income attributable to our common shareholder | $ | 148 | $ | 104 | $ | 202 | |||||||||||||||||||
Geographical Area Information | |||||||||||||||||||||||||
We had 25 operating facilities in eleven countries as of March 31, 2015. The tables below present “Net sales” and “Long-lived assets and other intangible assets” by geographical area (in millions). “Net sales” are attributed to geographical areas based on the origin of the sale. “Long-lived assets and other intangible assets” are attributed to geographical areas based on asset location and exclude investments in and advances to our non-consolidated affiliates and goodwill. | |||||||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||
United States | $ | 3,507 | $ | 3,021 | $ | 3,350 | |||||||||||||||||||
Asia and Other Pacific | 2,139 | 1,845 | 1,745 | ||||||||||||||||||||||
Brazil | 1,750 | 1,544 | 1,391 | ||||||||||||||||||||||
Canada | 144 | 209 | 230 | ||||||||||||||||||||||
Germany | 2,976 | 2,449 | 2,391 | ||||||||||||||||||||||
United Kingdom | 139 | 135 | 53 | ||||||||||||||||||||||
Other Europe | 492 | 564 | 652 | ||||||||||||||||||||||
Total Net sales | $ | 11,147 | $ | 9,767 | $ | 9,812 | |||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Long-lived assets and other intangibles: | |||||||||||||||||||||||||
United States | $ | 1,518 | $ | 1,504 | |||||||||||||||||||||
Asia and Other Pacific | 840 | 866 | |||||||||||||||||||||||
Brazil | 866 | 889 | |||||||||||||||||||||||
Canada | 78 | 82 | |||||||||||||||||||||||
Germany | 251 | 268 | |||||||||||||||||||||||
United Kingdom | 45 | 46 | |||||||||||||||||||||||
Other Europe | 528 | 498 | |||||||||||||||||||||||
Total long-lived assets | $ | 4,126 | $ | 4,153 | |||||||||||||||||||||
Information about Product Sales, Major Customers and Primary Supplier | |||||||||||||||||||||||||
The percentage of “Net sales” generated from beverage and food can products were 56%, 55%, and 55% in the years ended March 31, 2015, 2014, and 2013, respectively. The percentage of “Net sales” generated from automotive products increased to 13% in the year ended March 31, 2015, compared to 11% and 8% in the years ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
The table below shows our net sales to Rexam Plc (Rexam), Anheuser-Busch LLC (Anheuser-Busch), and Affiliates of Ball Corporation (Ball Corporation), our three largest customers, as a percentage of total “Net sales.” | |||||||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Rexam (A) | 18 | % | 17 | % | 15 | % | |||||||||||||||||||
Ball Corporation (A) | 10 | % | 10 | % | 10 | % | |||||||||||||||||||
Anheuser-Busch LLC | 7 | % | 8 | % | 11 | % | |||||||||||||||||||
(A) | In February of 2015, Ball Corporation made an offer to acquire Rexam. This acquisition will be subject to regulatory and shareholder approval. | ||||||||||||||||||||||||
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 our total combined metal purchases. | |||||||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Purchases from RTA as a percentage of total combined metal purchases | 15 | % | 17 | % | 24 | % |
Supplemental_Information
Supplemental Information | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
SUPPLEMENTAL INFORMATION | SUPPLEMENTAL INFORMATION | ||||||||||||
Supplemental cash flow information is as follows (in millions). | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Supplemental disclosures of cash flow information: | |||||||||||||
Interest paid | $ | 303 | $ | 278 | $ | 271 | |||||||
Income taxes paid | $ | 131 | $ | 120 | $ | 121 | |||||||
As of March 31, 2015, we recorded $110 million of outstanding accounts payable and accrued liabilities related to capital expenditures in which the cash outflows will occur subsequent to March 31, 2015. During the years ended March 31, 2015, 2014, and 2013 we incurred capital lease obligations of less than $1 million, less than $1 million and $16 million, respectively, related to capital lease acquisitions. |
Quarterly_Results_Unaudited
Quarterly Results (Unaudited) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Results (Unaudited) | QUARTERLY RESULTS (UNAUDITED) | ||||||||||||||||
The tables below present select operating results (in millions) by period: | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Quarter Ended | |||||||||||||||||
June 30, | September 30, | December 31, | March 31, | ||||||||||||||
2014 | 2014 | 2014 | 2015 | ||||||||||||||
Net sales | $ | 2,680 | $ | 2,831 | $ | 2,847 | $ | 2,789 | |||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 2,329 | 2,483 | 2,498 | 2,483 | |||||||||||||
Selling, general and administrative expenses | 108 | 103 | 108 | 108 | |||||||||||||
Depreciation and amortization | 89 | 90 | 87 | 86 | |||||||||||||
Research and development expenses | 12 | 12 | 14 | 12 | |||||||||||||
Interest expense and amortization of debt issuance costs | 81 | 82 | 85 | 78 | |||||||||||||
(Gain) loss on assets held for sale, net | (11 | ) | — | (12 | ) | 1 | |||||||||||
Restructuring and impairment, net | 6 | 7 | 25 | (1 | ) | ||||||||||||
Equity in net loss of non-consolidated affiliates | 2 | — | 2 | 1 | |||||||||||||
Other expense (income), net | 5 | 18 | (9 | ) | 3 | ||||||||||||
Income tax provision (benefit) | 24 | (2 | ) | 3 | (11 | ) | |||||||||||
Net income | 35 | 38 | 46 | 29 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | |||||||||||||
Net income attributable to our common shareholder | $ | 35 | $ | 38 | $ | 46 | $ | 29 | |||||||||
(Unaudited) | |||||||||||||||||
Quarter Ended | |||||||||||||||||
June 30, | September 30, | December 31, | March 31, | ||||||||||||||
2013 | 2013 | 2013 | 2014 | ||||||||||||||
Net sales | $ | 2,401 | $ | 2,414 | $ | 2,403 | $ | 2,549 | |||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 2,098 | 2,074 | 2,093 | 2,203 | |||||||||||||
Selling, general and administrative expenses | 120 | 109 | 115 | 117 | |||||||||||||
Depreciation and amortization | 77 | 79 | 91 | 87 | |||||||||||||
Research and development expenses | 10 | 12 | 12 | 11 | |||||||||||||
Interest expense and amortization of debt issuance costs | 76 | 75 | 76 | 77 | |||||||||||||
Gain on assets held for sale | — | — | (6 | ) | — | ||||||||||||
Restructuring and impairment, net | 9 | 18 | 19 | 29 | |||||||||||||
Equity in net loss of non-consolidated affiliates | 4 | 3 | 5 | — | |||||||||||||
Other income, net | (10 | ) | (5 | ) | (12 | ) | (14 | ) | |||||||||
Income tax provision (benefit) | 3 | 26 | (3 | ) | (15 | ) | |||||||||||
Net income | 14 | 23 | 13 | 54 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | |||||||||||||
Net income attributable to our common shareholder | $ | 14 | $ | 23 | $ | 13 | $ | 54 | |||||||||
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
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. In the periods presented below, 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. | |||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Year Ended March 31, 2015 | |||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Net sales | $ | 665 | $ | 9,525 | $ | 2,743 | $ | (1,786 | ) | $ | 11,147 | ||||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 650 | 8,413 | 2,514 | (1,784 | ) | 9,793 | |||||||||||||||
Selling, general and administrative expenses | 6 | 344 | 77 | — | 427 | ||||||||||||||||
Depreciation and amortization | 18 | 258 | 76 | — | 352 | ||||||||||||||||
Research and development expenses | — | 49 | 1 | — | 50 | ||||||||||||||||
Interest expense and amortization of debt issuance costs | 319 | 74 | 7 | (74 | ) | 326 | |||||||||||||||
Gain on assets held for sale, net | (5 | ) | (17 | ) | — | — | (22 | ) | |||||||||||||
Restructuring and impairment, net | 1 | 33 | 3 | — | 37 | ||||||||||||||||
Equity in net loss of non-consolidated affiliates | — | 5 | — | — | 5 | ||||||||||||||||
Equity in net (income) loss of consolidated subsidiaries | (456 | ) | (30 | ) | — | 486 | — | ||||||||||||||
Other (income) expense, net | (18 | ) | (46 | ) | 7 | 74 | 17 | ||||||||||||||
515 | 9,083 | 2,685 | (1,298 | ) | 10,985 | ||||||||||||||||
Income before income taxes | 150 | 442 | 58 | (488 | ) | 162 | |||||||||||||||
Income tax provision (benefit) | 2 | (8 | ) | 20 | — | 14 | |||||||||||||||
Net income | 148 | 450 | 38 | (488 | ) | 148 | |||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | ||||||||||||||||
Net income attributable to our common shareholder | $ | 148 | $ | 450 | $ | 38 | $ | (488 | ) | $ | 148 | ||||||||||
Comprehensive (loss) income | $ | (322 | ) | $ | 30 | $ | (7 | ) | $ | (38 | ) | $ | (337 | ) | |||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | (15 | ) | — | (15 | ) | ||||||||||||||
Comprehensive (loss) income attributable to our common shareholder | $ | (322 | ) | $ | 30 | $ | 8 | $ | (38 | ) | $ | (322 | ) | ||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Year Ended March 31, 2014 | |||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Net sales | $ | 693 | $ | 8,080 | $ | 2,416 | $ | (1,422 | ) | $ | 9,767 | ||||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 677 | 7,055 | 2,158 | (1,422 | ) | 8,468 | |||||||||||||||
Selling, general and administrative expenses | 48 | 338 | 75 | — | 461 | ||||||||||||||||
Depreciation and amortization | 16 | 246 | 72 | — | 334 | ||||||||||||||||
Research and development expenses | 1 | 43 | 1 | — | 45 | ||||||||||||||||
Interest expense and amortization of debt issuance costs | 315 | 28 | 1 | (40 | ) | 304 | |||||||||||||||
Gain on assets held for sale, net | — | (6 | ) | — | — | (6 | ) | ||||||||||||||
Restructuring and impairment, net | 8 | 59 | 8 | — | 75 | ||||||||||||||||
Equity in net loss of non-consolidated affiliates | — | 12 | — | — | 12 | ||||||||||||||||
Equity in net (income) loss of consolidated subsidiaries | (448 | ) | (99 | ) | — | 547 | — | ||||||||||||||
Other (income) expense, net | (35 | ) | (57 | ) | 11 | 40 | (41 | ) | |||||||||||||
582 | 7,619 | 2,326 | (875 | ) | 9,652 | ||||||||||||||||
Income before income taxes | 111 | 461 | 90 | (547 | ) | 115 | |||||||||||||||
Income tax provision (benefit) | 7 | 16 | (12 | ) | — | 11 | |||||||||||||||
Net income | 104 | 445 | 102 | (547 | ) | 104 | |||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | ||||||||||||||||
Net income attributable to our common shareholder | $ | 104 | $ | 445 | $ | 102 | $ | (547 | ) | $ | 104 | ||||||||||
Comprehensive income | $ | 281 | $ | 590 | $ | 152 | $ | (744 | ) | $ | 279 | ||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | (2 | ) | — | (2 | ) | ||||||||||||||
Comprehensive income attributable to our common shareholder | $ | 281 | $ | 590 | $ | 154 | $ | (744 | ) | $ | 281 | ||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Year Ended March 31, 2013 | |||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Net sales | $ | 781 | $ | 8,076 | $ | 2,440 | $ | (1,485 | ) | $ | 9,812 | ||||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 740 | 7,028 | 2,194 | (1,485 | ) | 8,477 | |||||||||||||||
Selling, general and administrative expenses | (19 | ) | 341 | 76 | — | 398 | |||||||||||||||
Depreciation and amortization | 14 | 220 | 58 | — | 292 | ||||||||||||||||
Research and development expenses | 7 | 39 | — | — | 46 | ||||||||||||||||
Interest expense and amortization of debt issuance costs | 320 | 16 | (3 | ) | (35 | ) | 298 | ||||||||||||||
Gain (loss) on assets held for sale | (5 | ) | 2 | — | — | (3 | ) | ||||||||||||||
Loss on extinguishment of debt | 7 | — | — | — | 7 | ||||||||||||||||
Restructuring and impairment, net | 12 | 33 | 2 | — | 47 | ||||||||||||||||
Equity in net loss of non-consolidated affiliates | — | 16 | — | — | 16 | ||||||||||||||||
Equity in net (income) loss of consolidated subsidiaries | (455 | ) | (89 | ) | — | 544 | — | ||||||||||||||
Other (income) expense, net | (49 | ) | (49 | ) | 11 | 35 | (52 | ) | |||||||||||||
572 | 7,557 | 2,338 | (941 | ) | 9,526 | ||||||||||||||||
Income before income taxes | 209 | 519 | 102 | (544 | ) | 286 | |||||||||||||||
Income tax provision | 7 | 57 | 19 | — | 83 | ||||||||||||||||
Net income | 202 | 462 | 83 | (544 | ) | 203 | |||||||||||||||
Net income attributable to noncontrolling interests | — | — | 1 | — | 1 | ||||||||||||||||
Net income attributable to our common shareholder | $ | 202 | $ | 462 | $ | 82 | $ | (544 | ) | $ | 202 | ||||||||||
Comprehensive income | $ | 125 | $ | 364 | $ | 85 | $ | (448 | ) | $ | 126 | ||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | — | 1 | — | 1 | ||||||||||||||||
Comprehensive income attributable to our common shareholder | $ | 125 | $ | 364 | $ | 84 | $ | (448 | ) | $ | 125 | ||||||||||
CONSOLIDATING BALANCE SHEET (In millions) | |||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 4 | $ | 365 | $ | 259 | $ | — | $ | 628 | |||||||||||
Accounts receivable, net of allowances | |||||||||||||||||||||
— third parties | 23 | 1,034 | 232 | — | 1,289 | ||||||||||||||||
— related parties | 385 | 154 | 158 | (644 | ) | 53 | |||||||||||||||
Inventories | 55 | 1,084 | 294 | (2 | ) | 1,431 | |||||||||||||||
Prepaid expenses and other current assets | 6 | 89 | 17 | — | 112 | ||||||||||||||||
Fair value of derivative instruments | 19 | 55 | 9 | (6 | ) | 77 | |||||||||||||||
Deferred income tax assets | — | 70 | 9 | — | 79 | ||||||||||||||||
Assets held for sale | — | 6 | — | — | 6 | ||||||||||||||||
Total current assets | 492 | 2,857 | 978 | (652 | ) | 3,675 | |||||||||||||||
Property, plant and equipment, net | 95 | 2,549 | 898 | — | 3,542 | ||||||||||||||||
Goodwill | — | 596 | 11 | — | 607 | ||||||||||||||||
Intangible assets, net | 19 | 562 | 3 | — | 584 | ||||||||||||||||
Investments in and advances to non-consolidated affiliates | — | 447 | — | — | 447 | ||||||||||||||||
Investments in consolidated subsidiaries | 3,013 | 597 | — | (3,610 | ) | — | |||||||||||||||
Deferred income tax assets | — | 47 | 48 | — | 95 | ||||||||||||||||
Other long-term assets | |||||||||||||||||||||
— third parties | 57 | 70 | 10 | — | 137 | ||||||||||||||||
— related parties | 1,265 | 64 | — | (1,314 | ) | 15 | |||||||||||||||
Total assets | $ | 4,941 | $ | 7,789 | $ | 1,948 | $ | (5,576 | ) | $ | 9,102 | ||||||||||
LIABILITIES AND (DEFICIT) EQUITY | |||||||||||||||||||||
Current liabilities | |||||||||||||||||||||
Current portion of long-term debt | $ | 22 | $ | 8 | $ | 78 | $ | — | $ | 108 | |||||||||||
Short-term borrowings | |||||||||||||||||||||
— third parties | 394 | 381 | 71 | — | 846 | ||||||||||||||||
— related parties | — | 122 | — | (122 | ) | — | |||||||||||||||
Accounts payable | |||||||||||||||||||||
— third parties | 27 | 1,195 | 632 | — | 1,854 | ||||||||||||||||
— related parties | 78 | 393 | 42 | (469 | ) | 44 | |||||||||||||||
Fair value of derivative instruments | 83 | 62 | 10 | (6 | ) | 149 | |||||||||||||||
Accrued expenses and other current liabilities | |||||||||||||||||||||
— third parties | 99 | 412 | 61 | — | 572 | ||||||||||||||||
— related parties | — | 47 | 6 | (53 | ) | — | |||||||||||||||
Deferred income tax liabilities | — | 20 | — | — | 20 | ||||||||||||||||
Total current liabilities | 703 | 2,640 | 900 | (650 | ) | 3,593 | |||||||||||||||
Long-term debt, net of current portion | |||||||||||||||||||||
— third parties | 4,205 | 28 | 116 | — | 4,349 | ||||||||||||||||
— related parties | 49 | 1,209 | 56 | (1,314 | ) | — | |||||||||||||||
Deferred income tax liabilities | — | 254 | 7 | — | 261 | ||||||||||||||||
Accrued postretirement benefits | 30 | 534 | 184 | — | 748 | ||||||||||||||||
Other long-term liabilities | 36 | 175 | 10 | — | 221 | ||||||||||||||||
Total liabilities | 5,023 | 4,840 | 1,273 | (1,964 | ) | 9,172 | |||||||||||||||
Commitments and contingencies | |||||||||||||||||||||
Temporary equity - intercompany | — | 1,681 | — | (1,681 | ) | — | |||||||||||||||
Shareholder’s (deficit) equity | |||||||||||||||||||||
Common stock | — | — | — | — | — | ||||||||||||||||
Additional paid-in capital | 1,404 | — | — | — | 1,404 | ||||||||||||||||
(Accumulated deficit) retained earnings | (925 | ) | 1,831 | 711 | (2,542 | ) | (925 | ) | |||||||||||||
Accumulated other comprehensive (loss) income | (561 | ) | (563 | ) | (48 | ) | 611 | (561 | ) | ||||||||||||
Total (deficit) equity of our common shareholder | (82 | ) | 1,268 | 663 | (1,931 | ) | (82 | ) | |||||||||||||
Noncontrolling interests | — | — | 12 | — | 12 | ||||||||||||||||
Total (deficit) equity | (82 | ) | 1,268 | 675 | (1,931 | ) | (70 | ) | |||||||||||||
Total liabilities and (deficit) equity | $ | 4,941 | $ | 7,789 | $ | 1,948 | $ | (5,576 | ) | $ | 9,102 | ||||||||||
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 | |||||||||||||||||||||
Temporary equity - intercompany | — | 1,681 | — | (1,681 | ) | — | |||||||||||||||
Shareholder’s equity | |||||||||||||||||||||
Common stock | — | — | — | — | — | ||||||||||||||||
Additional paid-in capital | 1,404 | — | — | — | 1,404 | ||||||||||||||||
(Accumulated deficit) retained earnings | (1,073 | ) | 1,684 | 680 | (2,364 | ) | (1,073 | ) | |||||||||||||
Accumulated other comprehensive (loss) income | (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 | ||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Year Ended March 31, 2015 | |||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 29 | $ | 659 | $ | 161 | $ | (245 | ) | $ | 604 | ||||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||
Capital expenditures | (17 | ) | (404 | ) | (97 | ) | — | (518 | ) | ||||||||||||
Proceeds from sales of assets, net of transaction fees and hedging | |||||||||||||||||||||
— third parties | 29 | 88 | — | — | 117 | ||||||||||||||||
Proceeds (outflows) from investment in and advances to affiliates, net | 250 | 5 | — | (275 | ) | (20 | ) | ||||||||||||||
(Outflows) proceeds from settlement of other undesignated derivative instruments, net | (19 | ) | 23 | 1 | — | 5 | |||||||||||||||
Net cash provided by (used in) investing activities | 243 | (288 | ) | (96 | ) | (275 | ) | (416 | ) | ||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||
Proceeds from issuance of long-term and short-term borrowings | |||||||||||||||||||||
— third parties | — | 315 | 47 | — | 362 | ||||||||||||||||
— related parties | — | 500 | 3 | (503 | ) | — | |||||||||||||||
Principal payments of long-term and short-term borrowings | |||||||||||||||||||||
— third parties | (21 | ) | (266 | ) | (37 | ) | — | (324 | ) | ||||||||||||
— related parties | — | (80 | ) | — | 80 | — | |||||||||||||||
Revolving credit facilities and other, net | |||||||||||||||||||||
— third parties | 27 | 97 | 36 | — | 160 | ||||||||||||||||
— related parties | (25 | ) | (686 | ) | — | 711 | — | ||||||||||||||
Return of capital to our common shareholder | (250 | ) | — | — | — | (250 | ) | ||||||||||||||
Proceeds from issuance of intercompany equity | — | — | 13 | (13 | ) | — | |||||||||||||||
Dividends, noncontrolling interests and intercompany | — | (244 | ) | (2 | ) | 245 | (1 | ) | |||||||||||||
Debt issuance costs | (3 | ) | — | — | — | (3 | ) | ||||||||||||||
Net cash (used in) provided by financing activities | (272 | ) | (364 | ) | 60 | 520 | (56 | ) | |||||||||||||
Net increase in cash and cash equivalents | — | 7 | 125 | — | 132 | ||||||||||||||||
Effect of exchange rate changes on cash | — | (14 | ) | 1 | — | (13 | ) | ||||||||||||||
Cash and cash equivalents — beginning of period | 4 | 372 | 133 | — | 509 | ||||||||||||||||
Cash and cash equivalents — end of period | $ | 4 | $ | 365 | $ | 259 | $ | — | $ | 628 | |||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Year Ended March 31, 2014 | |||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 144 | $ | 893 | $ | 233 | $ | (568 | ) | $ | 702 | ||||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||
Capital expenditures | (22 | ) | (492 | ) | (203 | ) | — | (717 | ) | ||||||||||||
Proceeds from the sale of assets, net of transaction fees | |||||||||||||||||||||
— third parties | — | 7 | 1 | — | 8 | ||||||||||||||||
— related parties | — | 8 | — | — | 8 | ||||||||||||||||
(Outflows) proceeds from investment in and advances to affiliates, net | (261 | ) | (41 | ) | — | 286 | (16 | ) | |||||||||||||
(Outflows) proceeds from settlement of other undesignated derivative instruments, net | (21 | ) | 21 | 15 | — | 15 | |||||||||||||||
Net cash (used in) provided by investing activities | (304 | ) | (497 | ) | (187 | ) | 286 | (702 | ) | ||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||
Proceeds from issuance of long-term and short-term borrowings | |||||||||||||||||||||
— third parties | — | 147 | 22 | — | 169 | ||||||||||||||||
— related parties | — | — | 56 | (56 | ) | — | |||||||||||||||
Principal payments of long-term and short-term borrowings | |||||||||||||||||||||
— third parties | (19 | ) | (143 | ) | (2 | ) | — | (164 | ) | ||||||||||||
Revolving credit facilities and other, net | |||||||||||||||||||||
— third parties | 162 | 44 | 2 | — | 208 | ||||||||||||||||
— related parties | 25 | 208 | — | (233 | ) | — | |||||||||||||||
Intercompany return of capital | — | — | (3 | ) | 3 | — | |||||||||||||||
Intercompany dividends | — | (479 | ) | (89 | ) | 568 | — | ||||||||||||||
Debt issuance costs | (8 | ) | — | — | — | (8 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 160 | (223 | ) | (14 | ) | 282 | 205 | ||||||||||||||
Net increase in cash and cash equivalents | — | 173 | 32 | — | 205 | ||||||||||||||||
Effect of exchange rate changes on cash | — | 3 | — | — | 3 | ||||||||||||||||
Cash and cash equivalents — beginning of period | 4 | 196 | 101 | — | 301 | ||||||||||||||||
Cash and cash equivalents — end of period | $ | 4 | $ | 372 | $ | 133 | $ | — | $ | 509 | |||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Year Ended March 31, 2013 | |||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 87 | $ | 230 | $ | 202 | $ | (316 | ) | $ | 203 | ||||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||
Capital expenditures | (11 | ) | (491 | ) | (273 | ) | — | (775 | ) | ||||||||||||
Proceeds from the sale of assets, net of transaction fees | |||||||||||||||||||||
— third parties | 7 | 12 | — | — | 19 | ||||||||||||||||
— related parties | — | 2 | — | — | 2 | ||||||||||||||||
(Outflows) proceeds from investment in and advances to affiliates, net | (313 | ) | (20 | ) | — | 336 | 3 | ||||||||||||||
Proceeds (outflow) from settlement of undesignated derivative instruments, net | 13 | 4 | (13 | ) | — | 4 | |||||||||||||||
Net cash (used in) provided by investing activities | (304 | ) | (493 | ) | (286 | ) | 336 | (747 | ) | ||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||
Proceeds from issuance of long-term and short-term borrowings | |||||||||||||||||||||
— third parties | 80 | 98 | 141 | — | 319 | ||||||||||||||||
— related parties | 49 | 9 | — | (58 | ) | — | |||||||||||||||
Principal payments of long-term and short-term borrowings | |||||||||||||||||||||
— third parties | (92 | ) | (5 | ) | — | — | (97 | ) | |||||||||||||
— related parties | — | (26 | ) | — | 26 | — | |||||||||||||||
Revolving credit facilities and other, net | |||||||||||||||||||||
— third parties | 205 | 127 | — | — | 332 | ||||||||||||||||
— related parties | (10 | ) | 286 | (17 | ) | (259 | ) | — | |||||||||||||
Proceeds from the issuances of intercompany equity | — | 1 | 44 | (45 | ) | — | |||||||||||||||
Dividends, noncontrolling interests and intercompany | — | (237 | ) | (81 | ) | 316 | (2 | ) | |||||||||||||
Acquisition of noncontrolling interest in Novelis Korea Ltd. | (9 | ) | — | — | — | (9 | ) | ||||||||||||||
Debt issuance costs | (8 | ) | — | — | — | (8 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 215 | 253 | 87 | (20 | ) | 535 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | (2 | ) | (10 | ) | 3 | — | (9 | ) | |||||||||||||
Effect of exchange rate changes on cash | — | (9 | ) | 2 | — | (7 | ) | ||||||||||||||
Cash and cash equivalents — beginning of period | 6 | 215 | 96 | — | 317 | ||||||||||||||||
Cash and cash equivalents — end of period | $ | 4 | $ | 196 | $ | 101 | $ | — | $ | 301 | |||||||||||
Business_and_Summary_of_Signif1
Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Mar. 31, 2015 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Organization and Description of Business | 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 automotive, transportation, electronics, architectural and industrial product markets. We have recycling operations in many of our plants to recycle post-consumer aluminum, such as used-beverage cans and post-industrial aluminum, such as class scrap. As of March 31, 2015, we had manufacturing operations in eleven countries on four continents: North America, South America, Asia and Europe, through 25 operating facilities, including recycling operations in eleven of these plants. | |||
Consolidation Policy | Consolidation Policy | ||
Our consolidated financial statements include the assets, liabilities, revenues and expenses of all wholly-owned subsidiaries, majority-owned subsidiaries over which we exercise control and entities in which we have a controlling financial interest or are deemed to be the primary beneficiary. We eliminate all significant intercompany accounts and transactions from our 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 | Use of Estimates and Assumptions | ||
The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. 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 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 consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. We evaluate and update our assumptions and estimates on an ongoing basis and may employ outside experts to assist in our evaluations. Actual results could differ from the estimates we have used. | |||
Risks and Uncertainties | Risks and Uncertainties | ||
We are exposed to a number of risks in the normal course of our operations that could potentially affect our financial position, results of operations, and cash flows. | |||
Laws and regulations | |||
We operate in an industry that is subject to a broad range of environmental, health and safety laws and regulations in the jurisdictions in which we operate. These laws and regulations impose increasingly stringent environmental, health and safety protection standards and permitting requirements regarding, among other things, air emissions, wastewater storage, treatment and discharges, the use and handling of hazardous or toxic materials, waste disposal practices, the remediation of environmental contamination, post-mining reclamation and working conditions for our employees. Some environmental laws, such as the U.S. Comprehensive Environmental Response, Compensation, and Liability Act, also known as CERCLA or Superfund, and comparable state laws, impose joint and several liability for the cost of environmental remediation, natural resource damages, third party claims, and other expenses, without regard to the fault or the legality of the original conduct. | |||
The costs of complying with these laws and regulations, including participation in assessments and remediation of contaminated sites and installation of pollution control facilities, have been, and in the future could be, significant. In addition, these laws and regulations may also result in substantial environmental liabilities associated with divested assets, third party locations and past activities. In certain instances, these costs and liabilities, as well as related action to be taken by us, could be accelerated or increased if we were to close, divest of or change the principal use of certain facilities with respect to which we may have environmental liabilities or remediation obligations. Currently, we are involved in a number of compliance efforts, remediation activities and legal proceedings concerning environmental matters, including certain activities and proceedings arising under U.S. Superfund and comparable laws in other jurisdictions where we have operations. | |||
We have established liabilities for environmental remediation where appropriate. However, the cost of addressing environmental matters (including the timing of any charges related thereto) cannot be predicted with certainty, and these liabilities may not ultimately be adequate, especially in light of potential changes in environmental conditions, changing interpretations of laws and regulations by regulators and courts, the discovery of previously unknown environmental conditions, the risk of governmental orders to carry out additional compliance on certain sites not initially included in remediation in progress, our potential liability to remediate sites for which provisions have not been previously established and the adoption of more stringent environmental laws. Such future developments could result in increased environmental costs and liabilities and could require significant capital expenditures, any of which could have a material adverse effect on our financial position or results of operations or cash flows. Furthermore, the failure to comply with our obligations under the environmental laws and regulations could subject us to administrative, civil or criminal penalties, obligations to pay damages or other costs, and injunctions or other orders, including orders to cease operations. In addition, the presence of environmental contamination at our properties could adversely affect our ability to sell a property, receive full value for a property or use a property as collateral for a loan. | |||
Some of our current and potential operations are located or could be located in or near communities that may regard such operations as having a detrimental effect on their social and economic circumstances. Environmental laws typically provide for participation in permitting decisions, site remediation decisions and other matters. Concern about environmental justice issues may affect our operations. Should such community objections be presented to government officials, the consequences of such a development may have a material adverse impact upon the profitability or, in extreme cases, the viability of an operation. In addition, such developments may adversely affect our ability to expand or enter into new operations in such location or elsewhere and may also have an effect on the cost of our environmental remediation projects. | |||
We use a variety of hazardous materials and chemicals in our rolling processes and in connection with maintenance work on our manufacturing facilities. Because of the nature of these substances or related residues, we may be liable for certain costs, including, among others, costs for health-related claims or removal or re-treatment of such substances. Certain of our current and former facilities incorporated asbestos-containing materials, a hazardous substance that has been the subject of health-related claims for occupation exposure. In addition, although we have developed environmental, health and safety programs for our employees, including measures to reduce employee exposure to hazardous substances, and conduct regular assessments at our facilities, we are currently, and in the future may be, involved in claims and litigation filed on behalf of persons alleging injury predominantly as a result of occupational exposure to substances at our current or former facilities. It is not possible to predict the ultimate outcome of these claims and lawsuits due to the unpredictable nature of personal injury litigation. If these claims and lawsuits, individually or in the aggregate, were finally resolved against us, our financial position, results of operations and cash flows could be adversely affected. | |||
Materials and labor | |||
In the aluminum rolled products industry, our raw materials are subject to continuous price volatility. We may not be able to pass on the entire cost of the increases to our customers or offset fully the effects of higher raw material costs through productivity improvements, which may cause our profitability to decline. In addition, there is a potential time lag between changes in prices under our purchase contracts and the point when we can implement a corresponding change under our sales contracts with our customers. As a result, we could be exposed to fluctuations in raw materials prices, including metal, since, during the time lag period, we may have to temporarily bear the additional cost of the change under our purchase contracts, which could have a material adverse effect on our financial position, results of operations and cash flows. Significant price increases may result in our customers’ substituting other materials, such as plastic or glass, for aluminum or switching to another aluminum rolled products producer, which could have a material adverse effect on our financial position, results of operations and cash flows. | |||
We consume substantial amounts of energy in our rolling operations and our cast house operations. The factors that affect our energy costs and supply reliability tend to be specific to each of our facilities. A number of factors could materially adversely affect our energy position including, but not limited to: (a) increases in the cost of natural gas; (b) increases in the cost of supplied electricity or fuel oil related to transportation; (c) interruptions in energy supply due to equipment failure or other causes and (d) the inability to extend energy supply contracts upon expiration on economical terms. A significant increase in energy costs or disruption of energy supplies or supply arrangements could have a material adverse effect on our financial position, results of operations and cash flows. | |||
Approximately 49% of our employees are represented by labor unions under a large number of collective bargaining agreements with varying durations and expiration dates. We may not be able to satisfactorily renegotiate our collective bargaining agreements when they expire. In addition, existing collective bargaining agreements may not prevent a strike or work stoppage at our facilities in the future, and any such work stoppage could have a material adverse effect on our financial position, results of operations and cash flows. | |||
Geographic markets | |||
We are, and will continue to be, subject to financial, political, economic and business risks in connection with our global operations. We have made investments and carry on production activities in various emerging markets, including China, Brazil, South Korea and Malaysia, and we market our products in these countries, as well as certain other countries in Asia, Africa, and the Middle East. While we anticipate higher growth or attractive production opportunities from these emerging markets, they also present a higher degree of risk than more developed markets. In addition to the business risks inherent in developing and servicing new markets, economic conditions may be more volatile, legal and regulatory systems less developed and predictable, and the possibility of various types of adverse governmental action more pronounced. In addition, inflation, fluctuations in currency and interest rates, competitive factors, civil unrest and labor problems could affect our revenues, expenses and results of operations. Our operations could also be adversely affected by acts of war, terrorism or the threat of any of these events as well as government actions such as controls on imports, exports and prices, tariffs, new forms of taxation, or changes in fiscal regimes and increased government regulation in the countries in which we operate or service customers. Unexpected or uncontrollable events or circumstances in any of these markets could have a material adverse effect on our financial position, results of operations and cash flows. | |||
Other risks and uncertainties | |||
In addition, refer to Note 17 — Fair Value Measurements and Note 20 — Commitments and Contingencies for a discussion of financial instruments and commitments and contingencies. | |||
Revenue Recognition | Revenue Recognition | ||
We recognize sales when the revenue is realized or realizable, and has been earned. We record sales when a firm sales agreement is in place, delivery has occurred and collectability of the fixed or determinable sales price is reasonably assured. | |||
We recognize product revenue, net of trade discounts, allowances, and estimated billing adjustments, in the reporting period in which the products are shipped and the title and risk of ownership pass to the customer. We sell most of our products under contracts based on a “conversion premium,” which is subject to periodic adjustments based on market factors. As a result, the aluminum price risk is largely absorbed by the customer. In situations where we offer customers fixed prices for future delivery of our products, we enter into derivative instruments for all or a portion of the cost of metal inputs to protect our profit on the conversion of the product. | |||
Shipping and handling amounts we bill to our customers are included in “Net sales” and the related shipping and handling costs we incur are included in “Cost of goods sold (exclusive of depreciation and amortization).” | |||
Our customers can receive or earn certain incentives including, but not limited to, contract signing bonuses, cash discounts, volume based incentive programs, and support for infrastructure programs. The incentives are recorded as reductions to "Net sales," and are recognized over the minimum contractual period in which the customer is obligated to make purchases from Novelis. For incentives that must be earned, management must make estimates related to customer performance and sales volume to determine the total amounts earned and to be recorded in deductions from "Net sales". In making these estimates, management considers historical results. The actual amounts may differ from these estimates. | |||
On occasion, and in an attempt to better manage inventory levels, we sell inventory to third parties and have agreed to repurchase the same or similar inventory back from the third parties over a future period, based on market prices at the time of repurchase. For transactions in which the Company sells inventory and agrees to repurchase at a later date, we record the initial sale of the inventory on a net basis in our consolidated statement of operations through "Cost of goods sold (exclusive of depreciation and amortization)." | |||
Cost of Goods Sold (Exclusive of Depreciation and Amortization) | Cost of Goods Sold (Exclusive of Depreciation and Amortization) | ||
“Cost of goods sold (exclusive of depreciation and amortization)” includes all costs associated with inventories, including the procurement of materials, the conversion of such materials into finished product, and the costs of warehousing and distributing finished goods to customers. Material procurement costs include inbound freight charges as well as purchasing, receiving, inspection and storage costs. Conversion costs include the costs of direct production inputs such as labor and energy, as well as allocated overheads from indirect production centers and plant administrative support areas. Warehousing and distribution costs include inside and outside storage costs, outbound freight charges and the costs of internal transfers. | |||
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | ||
“Selling, general and administrative expenses” include selling, marketing and advertising expenses; salaries, travel and office expenses of administrative employees and contractors; legal and professional fees; software license fees and bad debt expenses. | |||
Research and Development | Research and Development | ||
We incur costs in connection with research and development programs that are expected to contribute to future earnings, and charge such costs against income as incurred. Research and development costs consist primarily of salaries and administrative costs. | |||
Restructuring Activities | Restructuring Activities | ||
Restructuring charges, which are recorded within “Restructuring and impairment, net," include employee severance and benefit costs, impairments of assets, and other costs associated with exit activities. We apply the provisions of ASC 420, Exit or Disposal Cost Obligations (ASC 420). Severance costs accounted for under ASC 420 are recognized when management with the proper level of authority has committed to a restructuring plan and communicated those actions to employees. Impairment losses are based upon the estimated fair value less costs to sell, with fair value estimated based on existing market prices for similar assets. Other exit costs include environmental remediation costs and contract termination costs, primarily related to equipment and facility lease obligations. At each reporting date, we evaluate the accruals for restructuring costs to ensure the accruals are still appropriate. | |||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||
“Cash and cash equivalents” includes investments that are highly liquid and have maturities of three months or less when purchased. The carrying values of cash and cash equivalents approximate their fair value due to the short-term nature of these instruments. | |||
We maintain amounts on deposit with various financial institutions, which may, at times, exceed federally insured limits. However, management periodically evaluates the credit-worthiness of those institutions, and we have not experienced any losses on such deposits. | |||
Accounts Receivable | Accounts Receivable | ||
Our accounts receivable are geographically dispersed. We do not obtain collateral relating to our accounts receivable. We do not believe there are any significant concentrations of revenues from any particular customer or group of customers that would subject us to any significant credit risks in the collection of our accounts receivable. We report accounts receivable at the estimated net realizable amount we expect to collect from our customers. | |||
Additions to the allowance for doubtful accounts are made by means of the provision for doubtful accounts. We write-off uncollectible accounts receivable against the allowance for doubtful accounts after exhausting collection efforts. For each of the periods presented, we performed an analysis of our historical cash collection patterns and considered the impact of any known material events in determining the allowance for doubtful accounts. | |||
Derivative Instruments | Derivative Instruments | ||
We hold derivatives for risk management purposes and not for trading. We use derivatives to mitigate uncertainty and volatility caused by underlying exposures to aluminum prices, foreign exchange rates, interest rates, and energy prices. The fair values of all derivative instruments are recognized as assets or liabilities at the balance sheet date and are reported gross. | |||
We may be exposed to losses in the future if the counterparties to our derivative contracts fail to perform. We are satisfied that the risk of such non-performance is remote due to our monitoring of credit exposures. Additionally, we enter into master netting agreements with contractual provisions that allow for netting of counterparty positions in case of default, and we do not face credit contingent provisions that would result in the posting of collateral. | |||
For derivatives designated as cash flow hedges or net investment hedges, we assess hedge effectiveness by formally evaluating the high correlation of the expected future cash flows of the hedged item and the derivative hedging instrument. The effective portion of gain or loss on the derivative is included in other comprehensive income (OCI) and reclassified to earnings in the period in which earnings are impacted by the hedged items or in the period that the transaction becomes probable of not occurring. Gains or losses representing reclassifications of OCI to earnings are recognized in the line item most reflective of the underlying risk exposure. We exclude the time value component of foreign currency and aluminum price risk hedges when measuring and assessing ineffectiveness to align our accounting policy with risk management objectives when it is necessary. If at any time during the life of a cash flow hedge relationship we determine that the relationship is no longer effective, the derivative will no longer be designated as a cash flow hedge and future gains or losses on the derivative will be recognized in “Other expense (income), net.” | |||
For derivatives designated as fair value hedges, we assess hedge effectiveness by formally evaluating the high correlation of changes in the fair value of the hedged item and the derivative hedging instrument. The changes in the fair values of the underlying hedged items are reported in "Prepaid expenses and other current assets," "Other long-term assets", "Accrued expenses and other current liabilities," and "Other long-term liabilities" in the consolidated balance sheets. Changes in the fair values of these derivatives and underlying hedged items generally offset and the effective portion is recorded in "Net sales" consistent with the underlying hedged item and the net ineffectiveness is recorded in "Other expense (income), net." | |||
If no hedging relationship is designated, gains or losses are recognized in “Other expense (income), net” in our current period earnings. | |||
Consistent with the cash flows from the underlying risk exposure, we classify cash settlement amounts associated with designated derivatives as part of either operating or investing activities in the consolidated statements of cash flows. If no hedging relationship is designated, we classify cash settlement amounts as part of investing activities in the consolidated statement of cash flows. | |||
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 for foreign exchange rates. See Note 15 — Financial Instruments and Commodity Contracts and Note 17 — Fair Value Measurements for additional discussion related to derivative instruments. | |||
Inventories | Inventories | ||
We carry our inventories at the lower of their cost or market value, reduced for obsolete and excess inventory. We use the average cost method to determine cost. Included in inventories are stores inventories, which are carried at cost; determined based on the first-in first-out method. | |||
Property, Plant and Equipment | Property, Plant and Equipment | ||
We record land, buildings, leasehold improvements and machinery and equipment at cost. We record assets under capital lease obligations at the lower of their fair value or the present value of the aggregate future minimum lease payments as of the beginning of the lease term. We generally depreciate our assets using the straight-line method over the shorter of the estimated useful life of the assets or the lease term, excluding any lease renewals, unless the lease renewals are reasonably assured. See Note 6 — Property, Plant and Equipment for further discussion. We assign useful lives to and depreciate major components of our property, plant and equipment. | |||
The ranges of estimated useful lives are as follows: | |||
Years | |||
Buildings | 30 to 40 | ||
Leasehold improvements | 7 to 20 | ||
Machinery and equipment | 2 to 25 | ||
Furniture, fixtures and equipment | 3 to 10 | ||
Equipment under capital lease obligations | 5 to 15 | ||
As noted above, our machinery and equipment have useful lives of 2 to 25 years. Most of our large scale machinery, including hot mills, cold mills, continuous casting mills, furnaces and finishing mills have useful lives of 15 to 25 years. Supporting machinery and equipment, including automation and work rolls, have useful lives of 2 to 15 years. | |||
Maintenance and repairs of property and equipment are expensed as incurred. We capitalize replacements and improvements that increase the estimated useful life of an asset, and we capitalize interest on major construction and development projects while in progress. | |||
We retain fully depreciated assets in property and accumulated depreciation accounts until we remove them from service. In the case of sale, retirement or disposal, the asset cost and related accumulated depreciation balances are removed from the respective accounts, and the resulting net amount, after consideration of any proceeds, is included as a gain or loss in “Other income, net” or "(Gain) loss on assets held for sale" in our consolidated statements of operations. | |||
We account for operating leases under the provisions of ASC 840, Leases. These pronouncements require us to recognize escalating rents, including any rent holidays, on a straight-line basis over the term of the lease for those lease agreements where we receive the right to control the use of the entire leased property at the beginning of the lease term. | |||
Goodwill | Goodwill | ||
We test for impairment at least annually as of the last day of February of each fiscal year, unless a triggering event occurs that would require an interim impairment assessment. We do not aggregate components of operating segments to arrive at our reporting units and, as such, our reporting units are the same as our operating segments. | |||
In performing our goodwill impairment test, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If we perform a qualitative assessment and determine that an impairment is more likely than not, then we perform the two-step quantitative impairment test, otherwise no further analysis is required. We also may elect not to perform the qualitative assessment and, instead, proceed directly to the two-step quantitative impairment test. The ultimate outcome of the goodwill impairment assessment will be the same whether we choose to perform the qualitative assessment or proceed directly to the two-step quantitative impairment test. | |||
For the years ended March 31, 2015 and, 2014, we elected to perform the two-step quantitative impairment test, and for the year ended March 31, 2013, we elected to perform the qualitative assessment. No goodwill impairment was identified in any of the years. See Note 7 — Goodwill and Intangible Assets for further discussion. | |||
In years where we elect to perform the two-step quantitative impairment test, we use the present value of estimated future cash flows to establish the estimated fair value of our reporting units as of the testing date. This approach includes many assumptions related to future growth rates, discount factors and tax rates, among other considerations. Changes in economic and operating conditions impacting these assumptions could result in goodwill impairment in future periods. When available and as appropriate, we use the market approach to corroborate the estimated fair value. If the carrying amount of a reporting unit's goodwill exceeds its estimated fair value, the second step of the impairment test is performed in order to determine the amount of impairment loss, if any. The second step compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds its implied fair value we would recognize an impairment charge in an amount equal to that excess in our consolidated statements of operations. | |||
When a business within a reporting unit is disposed of, goodwill is allocated to the gain or loss on disposition using the relative fair value methodology. | |||
Long-Lived Assets and Other Intangible Assets | Long-Lived Assets and Other Intangible Assets | ||
We amortize the cost of intangible assets over their respective estimated useful lives to their estimated residual value. See Note 7 — Goodwill and Intangible Assets for further discussion. | |||
We assess the recoverability of long-lived assets (excluding goodwill) and finite-lived intangible assets, whenever events or changes in circumstances indicate that we may not be able to recover the asset’s carrying amount. We measure the recoverability of assets to be held and used by a comparison of the carrying amount of the asset (groups) to the expected, undiscounted future net cash flows to be generated by that asset (groups), or, for identifiable intangible assets, by determining whether the amortization of the intangible asset balance over its remaining life can be recovered through undiscounted future cash flows. The amount of impairment of identifiable intangible assets is based on the present value of estimated future cash flows. We measure the amount of impairment of other long-lived assets and intangible assets (excluding goodwill) as the amount by which the carrying value of the asset exceeds the fair value of the asset, which is generally determined as the present value of estimated future cash flows or as the appraised value. Impairments of long-lived assets and intangible assets are included in “Restructuring and impairment, net” in the consolidated statement of operations. See Note 2 - Restructuring and Impairment to our accompanying consolidated audited financial statements for discussion on impairments. | |||
Assets and Liabilities Held for Sale | Assets and Liabilities Held for Sale | ||
We classify long-lived assets (disposal groups) to be sold as held for sale in the period in which all of the following criteria are met: management, having the authority to approve the action, commits to a plan to sell the asset (disposal group); the asset (disposal group) is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (disposal groups); an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated; the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond our control extend the period of time required to sell the asset (disposal group) beyond one year; the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. | |||
We initially measure a long-lived asset (disposal group) that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset (disposal group) until the date of sale. We assess the fair value of a long-lived asset (disposal group) less any costs to sell each reporting period it remains classified as held for sale and report any reduction in fair value as an adjustment to the carrying value of the asset (disposal group). Upon being classified as held for sale we cease depreciation. We continue to depreciate long-lived assets to be disposed of other than by sale. | |||
Upon determining that a long-lived asset (disposal group) meets the criteria to be classified as held for sale, we report the assets and liabilities of the disposal group, if material, in the line items "Assets held for sale" and "Liabilities held for sale," respectively, in our consolidated balance sheets. See Note 5 — Assets Held for Sale for further discussion. | |||
Investments in and Advances to Non-Consolidated Affiliates | Investment in and Advances to Non-Consolidated Affiliates | ||
We assess the potential for other-than-temporary impairment of our equity method investments when impairment indicators are identified. We consider all available information, including the recoverability of the investment, the earnings and near-term prospects of the affiliate, factors related to the industry, conditions of the affiliate, and our ability, if any, to influence the management of the affiliate. We assess fair value based on valuation methodologies, as appropriate, including the present value of estimated future cash flows, estimates of sales proceeds, and external appraisals. If an investment is considered to be impaired and the decline in value is other than temporary, we record an appropriate write-down. See Note 9 — Investment in and Advances to Non-Consolidated Affiliates for further discussion. | |||
Financing Costs | Financing Costs | ||
We amortize financing costs and premiums, and accrete discounts, over the remaining life of the related debt using the effective interest amortization method. The expense is included in “Interest expense and amortization of debt issuance costs” in our consolidated statements of operations. We record discounts or premiums as a direct deduction from, or addition to, the face amount of the financing. | |||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | ||
ASC 820, Fair Value Measurements and Disclosures (ASC 820), defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 also applies to measurements under other accounting pronouncements, such as ASC 825, Financial Instruments (ASC 825) that require or permit fair value measurements. ASC 825 requires disclosures of the fair value of financial instruments. Our financial instruments include: cash and cash equivalents; certificates of deposit; accounts receivable; accounts payable; foreign currency, energy and interest rate derivative instruments; cross-currency swaps; metal option and forward contracts; share-based compensation; related party notes receivable and payable; letters of credit; short-term borrowings and long-term debt. | |||
The carrying amounts of cash and cash equivalents, certificates of deposit, accounts receivable, accounts payable and current related party notes receivable and payable approximate their fair value because of the short-term maturity and highly liquid nature of these instruments. The fair value of our letters of credit is deemed to be the amount of payment guaranteed on our behalf by third party financial institutions. We determine the fair value of our short-term borrowings and long-term debt based on various factors including maturity schedules, call features and current market rates. We also use quoted market prices, when available, or the present value of estimated future cash flows to determine fair value of our share-based compensation liabilities, short-term borrowings and long-term debt. When quoted market prices are not available for various types of financial instruments (such as currency, energy and interest rate derivative instruments, swaps, options and forward contracts), we use standard pricing models with market-based inputs, which take into account the present value of estimated future cash flows. See Note 17 — Fair Value Measurements for further discussion. | |||
Pension and Postretirement Benefits | Pensions and Postretirement Benefits | ||
Our pension obligations relate to funded defined benefit pension plans in the U.S., Canada, Switzerland and the U.K., unfunded pension plans in the U.S., Canada, and Germany, and unfunded lump sum indemnities in France, Malaysia and Italy; and partially funded lump sum indemnities in South Korea. Our other postretirement obligations include unfunded health care and life insurance benefits provided to retired employees in Canada, the U.S. and Brazil. | |||
We account for our pensions and other postretirement benefits in accordance with ASC 715, Compensation — Retirement Benefits (ASC 715). We recognize the funded status of our benefit plans as a net asset or liability, with an offsetting adjustment to AOCI in shareholder’s (deficit) equity. The funded status is calculated as the difference between the fair value of plan assets and the benefit obligation. For the years ended March 31, 2015 and 2014, we used March 31 as the measurement date. | |||
We use standard actuarial methods and assumptions to account for our pension and other postretirement benefit plans. Pension and postretirement benefit obligations are actuarially calculated using management’s best estimates of the rate used to discount the future estimated liability, the long-term rate of return on plan assets, and several assumptions related to the employee workforce (compensation increases, health care cost trend rates, expected service period, retirement age, and mortality). Pension and postretirement benefit expense includes the actuarially computed cost of benefits earned during the current service period, the interest cost on accrued obligations, the expected return on plan assets based on fair market value and the straight-line amortization of net actuarial gains and losses and adjustments due to plan amendments, curtailments, and settlements. Net actuarial gains and losses are amortized over periods of 15 years or less, which represent the group's average future service life of the employees or the group's average life expectancy. See Note 13 — Postretirement Benefit Plans for further discussion. | |||
Noncontrolling Interests in Consolidated Affiliates | Noncontrolling Interests in Consolidated Affiliates | ||
These financial statements reflect the application of ASC 810, Consolidations (ASC 810), which establishes accounting and reporting standards that require: (i) the ownership interest in subsidiaries held by parties other than the parent to be clearly identified and presented in the consolidated balance sheet within shareholder’s (deficit) equity, but separate from the parent’s (deficit) equity; (ii) the amount of consolidated net income attributable to the parent and the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations and (iii) changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary to be accounted for consistently. | |||
Our consolidated financial statements include all assets, liabilities, revenues and expenses of less-than-100%-owned affiliates that we control or for which we are the primary beneficiary. We record a noncontrolling interest for the allocable portion of income or loss and comprehensive income or loss to which the noncontrolling interest holders are entitled based upon their ownership share of the affiliate. Distributions made to the holders of noncontrolling interests are charged to the respective noncontrolling interest balance. | |||
Losses attributable to the noncontrolling interest in an affiliate may exceed our interest in the affiliate’s equity. The excess, and any further losses attributable to the noncontrolling interest, shall be attributed to those interests. The noncontrolling interest shall continue to be attributed its share of losses even if that attribution results in a deficit noncontrolling interest balance. As of March 31, 2015 and 2014, we have no such losses. | |||
Environmental Liabilities | Environmental Liabilities | ||
We record accruals for environmental matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law and existing technologies. We adjust these accruals periodically as assessment and remediation efforts progress or as additional technical or legal information becomes available. Accruals for environmental liabilities are stated at undiscounted amounts. Environmental liabilities are included in our consolidated balance sheets in “Accrued expenses and other current liabilities” and “Other long-term liabilities,” depending on their short- or long-term nature. Any receivables for related insurance or other third party recoveries for environmental liabilities are recorded when it is probable that a recovery will be realized and are included in our consolidated balance sheets in “Prepaid expenses and other current assets.” | |||
Costs related to environmental matters are charged to expense. Estimated future incremental operations, maintenance and management costs directly related to remediation are accrued in the period in which such costs are determined to be probable and estimable. See Note 20 — Commitments and Contingencies for further discussion. | |||
Litigation Contingencies | Litigation Contingencies | ||
We accrue for loss contingencies associated with outstanding litigation, claims and assessments for which management has determined it is probable that a loss contingency exists and the amount of loss can be estimated. We expense professional fees associated with litigation claims and assessments as incurred. See Note 20 — Commitments and Contingencies for further discussion. | |||
Income Taxes | Income Taxes | ||
We account for income taxes using the asset and liability method. This approach recognizes the amount of income taxes payable or refundable for the current year, as well as deferred tax assets and liabilities for the future tax consequence of events recognized in the consolidated financial statements and income tax returns. Deferred income tax assets and liabilities are adjusted to recognize the effects of changes in tax laws or enacted tax rates. Under ASC 740 Income Taxes, (ASC 740) a valuation allowance is required when it is more likely than not that some portion of the deferred tax assets will not be realized. Realization is dependent on generating sufficient taxable income through various sources. | |||
We record tax benefits related to uncertain tax positions taken or expected to be taken on a tax return when such benefits meet a more than likely than not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, the statute of limitation has expired or the appropriate taxing authority has completed their examination. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized. See Note 19 — Income Taxes for further discussion. | |||
Share-Based Compensation | Share-Based Compensation | ||
In accordance with ASC 718, Compensation — Stock Compensation (ASC 718), we recognize compensation expense for a share-based award over an employee’s requisite service period based on the award’s grant date fair value, subject to adjustment. Our share-based awards are settled in cash and are accounted for as liability based awards. As such, liabilities for awards under these plans are required to be measured at fair value at each reporting date until the date of settlement. See Note 12 — Share-Based Compensation for further discussion. | |||
Foreign Currency Translation | Foreign Currency Translation | ||
The assets and liabilities of foreign operations, whose functional currency is other than the U.S. dollar (located in Europe and Asia), are translated to U.S. dollars at the period end exchange rates and revenues and expenses are translated at average exchange rates for the period. Differences arising from this translation are included in the currency translation adjustment (CTA) component of AOCI and Noncontrolling Interest. If there is a planned or completed sale or liquidation of our ownership in a foreign operation, the relevant CTA is recognized in our consolidated statement of operations. | |||
For all operations, the monetary items denominated in currencies other than the functional currency are remeasured at period-end exchange rates and transaction gains and losses are included in “Other expense (income), net” in our consolidated statements of operations. Non-monetary items are remeasured at historical rates. | |||
Recently Adopted Accounting Standards | 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, there will be no change in how we account for these transactions. | |||
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 amendment changes the criteria for determining which disposals can be presented as discontinued operations and modifies 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 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 after December 15, 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. | |||
In February 2015, the FASB issued ASU 2015-02, Consolidations - Amendments to the Consolidations Analysis (ASC 801), which when effective, will (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidation analysis of reporting entities that are involved with variable interest entities, particularly those that have fee arrangements and related party relationships, and (iv) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. This guidance is effective for annual periods beginning after December 15, 2015 and interim periods within that year. Early adoption is permitted. We will adopt this standard in our first quarter ending June 30, 2015. We do not anticipate the adoption of this standard having a material impact on our consolidated financial position, results of operations, or disclosures. | |||
In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (ASC 835-30), which, when effective, will require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. The guidance is effective for annual periods beginning after December 15, 2015 and interim periods within that year. An entity should apply the new guidance on a retrospective basis, wherein the balance sheet or each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Early adoption is permitted. We will adopt this standard in our first quarter ending June 30, 2016. Adoption of this standard will impact the presentation of deferred debt issuance costs on our consolidated financial position. |
Business_and_Summary_of_Signif2
Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||
Mar. 31, 2015 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Range of Estimated Useful Lives | The ranges of estimated useful lives are as follows: | ||
Years | |||
Buildings | 30 to 40 | ||
Leasehold improvements | 7 to 20 | ||
Machinery and equipment | 2 to 25 | ||
Furniture, fixtures and equipment | 3 to 10 | ||
Equipment under capital lease obligations | 5 to 15 |
Restructuring_and_Impairment_T
Restructuring and Impairment (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||
Summary of restructuring reserve activity | 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, 2012 | $ | 28 | |||||||||||||||||||
Fiscal 2013 Activity: | |||||||||||||||||||||
Expenses | 40 | $ | 5 | $ | 45 | $ | 2 | $ | 47 | ||||||||||||
Cash payments | (34 | ) | |||||||||||||||||||
Foreign currency translation and other | (1 | ) | |||||||||||||||||||
Balance as of March 31, 2013 | 33 | ||||||||||||||||||||
Fiscal 2014 Activity: | |||||||||||||||||||||
Expenses | 48 | 3 | 51 | 24 | 75 | ||||||||||||||||
Cash payments | (34 | ) | |||||||||||||||||||
Balance as of March 31, 2014 | 47 | ||||||||||||||||||||
Fiscal 2015 Activity: | |||||||||||||||||||||
Expenses | 30 | $ | 5 | $ | 35 | $ | 2 | $ | 37 | ||||||||||||
Cash payments | (32 | ) | |||||||||||||||||||
Foreign currency translation and other | (13 | ) | |||||||||||||||||||
Balance as of March 31, 2015 | $ | 32 | |||||||||||||||||||
(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. | ||||||||||||||||||||
Restructuring and related costs - North America | The following table summarizes our restructuring activity for the North America segment by plan (in millions). | ||||||||||||||||||||
Year ended March 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | Prior to | ||||||||||||||||||
1-Apr-12 | |||||||||||||||||||||
Restructuring charges - North America | |||||||||||||||||||||
Saguenay Plant Closure: | |||||||||||||||||||||
Severance | $ | — | $ | — | $ | 5 | $ | — | |||||||||||||
Fixed asset impairment (A) | — | — | — | 28 | |||||||||||||||||
Other exit related costs | 1 | 1 | — | — | |||||||||||||||||
Period expenses (A) | — | 1 | 3 | — | |||||||||||||||||
Relocation of R&D operations to Kennesaw, Georgia | |||||||||||||||||||||
Severance | — | 1 | 8 | 3 | |||||||||||||||||
Relocation costs | — | 1 | — | — | |||||||||||||||||
Period expenses (A) | — | 1 | — | — | |||||||||||||||||
Evermore joint venture exit | |||||||||||||||||||||
Contract termination penalty fee | — | — | 2 | — | |||||||||||||||||
Fixed asset impairment (A) | — | — | 1 | — | |||||||||||||||||
Total restructuring charges - North America | $ | 1 | $ | 5 | $ | 19 | $ | 31 | |||||||||||||
Restructuring payments - North America | |||||||||||||||||||||
Severance | $ | (2 | ) | $ | (4 | ) | $ | (10 | ) | ||||||||||||
Other | (1 | ) | (2 | ) | (3 | ) | |||||||||||||||
Total restructuring payments - North America | $ | (3 | ) | $ | (6 | ) | $ | (13 | ) | ||||||||||||
(A) These charges were not recorded through the restructuring liability. | |||||||||||||||||||||
Restructuring and related costs - Europe | The following table summarizes our restructuring activity for the Europe segment by plan (in millions). | ||||||||||||||||||||
Year ended March 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | Prior to | ||||||||||||||||||
1-Apr-12 | |||||||||||||||||||||
Restructuring charges - Europe | |||||||||||||||||||||
Business optimization | |||||||||||||||||||||
Severance | $ | 3 | $ | 26 | $ | 10 | $ | 6 | |||||||||||||
Pension settlement loss (A) | — | 1 | — | — | |||||||||||||||||
Rogerstone plant closure | |||||||||||||||||||||
Severance | — | — | — | 18 | |||||||||||||||||
Fixed asset impairments | — | — | — | 22 | |||||||||||||||||
Other exit costs | — | — | 1 | 3 | |||||||||||||||||
Total restructuring charges - Europe | $ | 3 | $ | 27 | $ | 11 | $ | 49 | |||||||||||||
Restructuring payments - Europe | |||||||||||||||||||||
Severance | $ | (12 | ) | $ | (18 | ) | $ | (17 | ) | ||||||||||||
Other | — | (1 | ) | (2 | ) | ||||||||||||||||
Total restructuring payments - Europe | $ | (12 | ) | $ | (19 | ) | $ | (19 | ) | ||||||||||||
(A) These charges were not recorded through the restructuring liability. | |||||||||||||||||||||
Restructuring and related costs - South America | The following table summarizes our restructuring activity for the South America segment by plan (in millions). | ||||||||||||||||||||
Year ended March 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | Prior to | ||||||||||||||||||
1-Apr-12 | |||||||||||||||||||||
Restructuring charges - South America | |||||||||||||||||||||
Ouro Preto smelter closures | |||||||||||||||||||||
Severance | $ | 14 | $ | 2 | $ | 3 | $ | — | |||||||||||||
Asset impairments (A) | 5 | — | 1 | — | |||||||||||||||||
Environmental charges | 6 | 16 | — | — | |||||||||||||||||
Contract termination and other exit related costs | 5 | 1 | 5 | — | |||||||||||||||||
Aratu plant closure | |||||||||||||||||||||
Severance | — | — | — | 7 | |||||||||||||||||
Asset impairments (A) | — | — | — | 7 | |||||||||||||||||
Contract termination and other exit related costs | 1 | — | 6 | — | |||||||||||||||||
Total restructuring charges - South America | $ | 31 | $ | 19 | $ | 15 | $ | 14 | |||||||||||||
Restructuring payments - South America | |||||||||||||||||||||
Severance | $ | (12 | ) | $ | (4 | ) | $ | (1 | ) | ||||||||||||
Other | (4 | ) | (4 | ) | (1 | ) | |||||||||||||||
Total restructuring payments - South America | $ | (16 | ) | $ | (8 | ) | $ | (2 | ) | ||||||||||||
(A) These charges were not recorded through the restructuring liability. |
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||
Schedule of accounts receivable | “Accounts receivable, net” consists of the following (in millions). | ||||||||||||||||||||
March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Trade accounts receivable | $ | 1,158 | $ | 1,303 | |||||||||||||||||
Other accounts receivable | 134 | 83 | |||||||||||||||||||
Accounts receivable — third parties | 1,292 | 1,386 | |||||||||||||||||||
Allowance for doubtful accounts — third parties | (3 | ) | (4 | ) | |||||||||||||||||
Accounts receivable, net — third parties | $ | 1,289 | $ | 1,382 | |||||||||||||||||
Accounts receivable, net — related parties | $ | 53 | $ | 54 | |||||||||||||||||
Activity in the allowance for doubtful accounts | Activity in the allowance for doubtful accounts is as follows (in millions). | ||||||||||||||||||||
Balance at | Additions | Accounts | Foreign | Balance at | |||||||||||||||||
Beginning | Charged to | Recovered/ | Exchange | End of Period | |||||||||||||||||
of Period | Expense | (Written- | and Other | ||||||||||||||||||
Off) | |||||||||||||||||||||
Year Ended March 31, 2015 | $ | 4 | $ | — | $ | — | $ | (1 | ) | $ | 3 | ||||||||||
Year Ended March 31, 2014 | $ | 3 | $ | 2 | $ | (1 | ) | $ | — | $ | 4 | ||||||||||
Year Ended March 31, 2013 | $ | 5 | $ | 2 | $ | (4 | ) | $ | — | $ | 3 | ||||||||||
Summary disclosures of financial amounts | The following tables summarize amounts relating to our factoring activities (in millions). | ||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||
Aggregated receivables factored | $ | 1,796 | $ | 1,081 | $ | 464 | |||||||||||||||
Factoring expense | $ | 10 | $ | 5 | $ | 2 | |||||||||||||||
March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Factored receivables outstanding | $ | 591 | $ | 245 | |||||||||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventories | “Inventories” consists of the following (in millions). | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Finished goods | $ | 358 | $ | 259 | |||||
Work in process | 531 | 419 | |||||||
Raw materials | 419 | 382 | |||||||
Supplies | 123 | 113 | |||||||
Inventories | $ | 1,431 | $ | 1,173 | |||||
Assets_Held_For_Sale_Tables
Assets Held For Sale (Tables) | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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). | |||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Assets held for sale | ||||||||
Accounts receivable | $ | — | $ | 10 | ||||
Inventories | — | 15 | ||||||
Prepaid expenses and other current assets | — | 1 | ||||||
Property, plant and equipment, net | 6 | 37 | ||||||
Investment in and advances to non-consolidated affiliates | — | 39 | ||||||
Total assets held for sale | $ | 6 | $ | 102 | ||||
Liabilities held for sale | ||||||||
Accounts payable | $ | — | $ | 4 | ||||
Accrued expenses and other current liabilities | — | 7 | ||||||
Total liabilities held for sale | $ | — | $ | 11 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Schedule of property, plant and equipment | “Property, plant and equipment, net” consists of the following (in millions). | ||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Land and property rights | $ | 180 | $ | 174 | |||||||||
Buildings | 1,183 | 1,029 | |||||||||||
Machinery and equipment | 3,947 | 3,606 | |||||||||||
5,310 | 4,809 | ||||||||||||
Accumulated depreciation and amortization | (2,132 | ) | (1,977 | ) | |||||||||
3,178 | 2,832 | ||||||||||||
Construction in progress | 364 | 681 | |||||||||||
Property, plant and equipment, net | $ | 3,542 | $ | 3,513 | |||||||||
Schedule of depreciation expense | Depreciation expense related to property, plant, and equipment, net is shown in the table below (in millions). | ||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Depreciation expense related to property, plant and equipment, net | $ | 294 | $ | 279 | $ | 242 | |||||||
Schedule of rent expense | The following table summarizes rent expense included in our consolidated statements of operations (in millions): | ||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Rent expense | $ | 22 | $ | 21 | $ | 21 | |||||||
Schedule of future minimum lease payments for operating and capital leases | Future minimum lease payments as of March 31, 2015, for our operating and capital leases having an initial or remaining non-cancelable lease term in excess of one year are as follows (in millions). | ||||||||||||
Year Ending March 31, | Operating | Capital Lease | |||||||||||
Leases | Obligations | ||||||||||||
2016 | $ | 27 | $ | 11 | |||||||||
2017 | 21 | 11 | |||||||||||
2018 | 19 | 8 | |||||||||||
2019 | 18 | 7 | |||||||||||
2020 | 16 | 5 | |||||||||||
Thereafter | 54 | — | |||||||||||
Total minimum lease payments | $ | 155 | $ | 42 | |||||||||
Less: interest portion on capital lease | 6 | ||||||||||||
Principal obligation on capital leases | $ | 36 | |||||||||||
Schedule of capital leased assets | Assets and related accumulated amortization under capital lease obligations as of March 31, 2015 and 2014 are as follows (in millions). | ||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Assets under capital lease obligations: | |||||||||||||
Buildings | $ | 11 | $ | 12 | |||||||||
Machinery and equipment | 76 | 81 | |||||||||||
87 | 93 | ||||||||||||
Accumulated amortization | (65 | ) | (65 | ) | |||||||||
$ | 22 | $ | 28 | ||||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||
Schedule of goodwill | The following table summarizes “Goodwill” (in millions) for the years ended March 31, 2015 and 2014. | ||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||||
Carrying | Impairment | Carrying | Carrying | Impairment | Carrying | ||||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||||||
North America | $ | 1,145 | $ | (860 | ) | $ | 285 | $ | 1,148 | $ | (860 | ) | $ | 288 | |||||||||||||
Europe | 511 | (330 | ) | 181 | 511 | (330 | ) | 181 | |||||||||||||||||||
South America | 291 | (150 | ) | 141 | 292 | (150 | ) | 142 | |||||||||||||||||||
$ | 1,947 | $ | (1,340 | ) | $ | 607 | $ | 1,951 | $ | (1,340 | ) | $ | 611 | ||||||||||||||
Schedule of intangible assets, net | The components of “Intangible assets, net” are as follows (in millions). | ||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||||||||||||
Weighted | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||
Average | Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||||
Life | Amount | Amount | Amount | Amount | |||||||||||||||||||||||
Tradenames | 20 years | $ | 142 | $ | (56 | ) | $ | 86 | $ | 142 | $ | (49 | ) | $ | 93 | ||||||||||||
Technology and software | 10.7 years | 357 | (149 | ) | 208 | 335 | (129 | ) | 206 | ||||||||||||||||||
Customer-related intangible assets | 20 years | 444 | (173 | ) | 271 | 470 | (160 | ) | 310 | ||||||||||||||||||
Favorable energy supply contract | 9.5 years | 124 | (105 | ) | 19 | 124 | (93 | ) | 31 | ||||||||||||||||||
15.7 years | $ | 1,067 | $ | (483 | ) | $ | 584 | $ | 1,071 | $ | (431 | ) | $ | 640 | |||||||||||||
Schedule of amortization expense | Amortization expense related to “Intangible assets, net” is as follows (in millions). | ||||||||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||||
Total Amortization expense related to intangible assets | $ | 70 | $ | 67 | $ | 63 | |||||||||||||||||||||
Less: Amortization expense related to intangible assets included in “Cost of goods sold (exclusive of depreciation and amortization)” (A) | (12 | ) | (12 | ) | (13 | ) | |||||||||||||||||||||
Amortization expense related to intangible assets included in “Depreciation and amortization” | $ | 58 | $ | 55 | $ | 50 | |||||||||||||||||||||
(A) | Relates to amortization of favorable energy supply contract. | ||||||||||||||||||||||||||
Schedule of finite-lived intangible assets, future amortization expense | Estimated total amortization expense related to “Intangible assets, net” for each of the five succeeding fiscal years is as follows (in millions). Actual amounts may differ from these estimates due to such factors as customer turnover, raw material consumption patterns, impairments, additional intangible asset acquisitions and other events. | ||||||||||||||||||||||||||
Fiscal Year Ending March 31, | |||||||||||||||||||||||||||
2016 | $ | 74 | |||||||||||||||||||||||||
2017 | 70 | ||||||||||||||||||||||||||
2018 | 63 | ||||||||||||||||||||||||||
2019 | 63 | ||||||||||||||||||||||||||
2020 | 63 | ||||||||||||||||||||||||||
Consolidation_Tables
Consolidation (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Consolidation [Abstract] | |||||||||
Schedule of variable interest entity | The following table summarizes the carrying value and classification of assets and liabilities owned by the Logan joint venture and consolidated in our 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. | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Assets | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ | 2 | $ | 1 | |||||
Accounts receivable | 40 | 38 | |||||||
Inventories | 52 | 42 | |||||||
Prepaid expenses and other current assets | 1 | 1 | |||||||
Total current assets | 95 | 82 | |||||||
Property, plant and equipment, net | 20 | 14 | |||||||
Goodwill | 12 | 12 | |||||||
Deferred income taxes | 65 | 63 | |||||||
Other long-term assets | 4 | 3 | |||||||
Total assets | $ | 196 | $ | 174 | |||||
Liabilities | |||||||||
Current liabilities | |||||||||
Accounts payable | $ | 33 | $ | 26 | |||||
Accrued expenses and other current liabilities | 12 | 13 | |||||||
Total current liabilities | 45 | 39 | |||||||
Accrued postretirement benefits | 166 | 141 | |||||||
Other long-term liabilities | 2 | 2 | |||||||
Total liabilities | $ | 213 | $ | 182 | |||||
Investment_in_and_Advances_to_1
Investment in and Advances to Non-Consolidated Affiliates and Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Investment In and Advances To Non-Consolidated Affiliates and Related Party Transactions [Abstract] | |||||||||||||
Schedule of equity method investments, ownership percentage | The following table summarizes the ownership structure and our ownership percentage of the non-consolidated affiliates in which we have an investment as of March 31, 2015 and 2014, and which we account for using the equity method. We do not control our non-consolidated affiliates, but have the ability to exercise significant influence over their operating and financial policies. We have no material investments that we account for using the cost method. | ||||||||||||
Affiliate Name | Ownership Structure | Ownership | |||||||||||
Percentage | |||||||||||||
Aluminium Norf GmbH (Alunorf) | Corporation | 50% | |||||||||||
Consorcio Candonga (A) | Unincorporated Joint Venture | 50% | |||||||||||
(A) | In December 2014, we sold our share of the joint venture of Consorcio Candonga to a third party for cash of $63 million (net of related gains on currency derivatives and transaction fees). | ||||||||||||
Period-end account balances with non-consolidated affiliates, shown as related party balances | Included in the accompanying consolidated financial statements are transactions and balances arising from business we conduct with these non-consolidated affiliates, which we classify as related party transactions and balances. 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 consolidated balance sheets (in millions). We had no other material related party balances with non-consolidated affiliates. | ||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Accounts receivable-related parties | $ | 53 | $ | 54 | |||||||||
Other long-term assets-related parties | $ | 15 | $ | 12 | |||||||||
Accounts payable-related parties | $ | 44 | $ | 53 | |||||||||
The following table summarizes the assets, liabilities and equity of our equity method affiliates in the aggregate as of March 31, 2015 and 2014 (in millions). | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Assets: | |||||||||||||
Current assets | $ | 145 | $ | 183 | |||||||||
Non-current assets | 357 | 484 | |||||||||||
Total assets | $ | 502 | $ | 667 | |||||||||
Liabilities: | |||||||||||||
Current liabilities | $ | 51 | $ | 132 | |||||||||
Non-current liabilities | 232 | 268 | |||||||||||
Total liabilities | 283 | 400 | |||||||||||
Equity: | |||||||||||||
Total equity | 219 | 267 | |||||||||||
Total liabilities and equity | $ | 502 | $ | 667 | |||||||||
Summary of condensed results of operations of equity method affiliates | The following table summarizes the results of operations of our equity method affiliates in the aggregate for the years ending March 31, 2015, 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. | ||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Net sales | $ | 524 | $ | 550 | $ | 489 | |||||||
Costs and expenses related to net sales | 527 | 543 | 488 | ||||||||||
Provision for taxes on income | — | 4 | 2 | ||||||||||
Net (loss) income | $ | (3 | ) | $ | 3 | $ | (1 | ) | |||||
Purchase of tolling services from Aluminium Norf GmbH (Alunorf) | $ | 261 | $ | 275 | $ | 244 | |||||||
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accrued Expenses and Other Current Liabilities [Abstract] | |||||||||
Schedule of accrued liabilities | “Accrued expenses and other current liabilities” consists of the following (in millions). | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Accrued compensation and benefits | $ | 172 | $ | 182 | |||||
Accrued interest payable | 67 | 66 | |||||||
Accrued income taxes | 11 | 31 | |||||||
Other current liabilities | 322 | 268 | |||||||
Accrued expenses and other current liabilities — third parties | $ | 572 | $ | 547 | |||||
Accrued expenses and other current liabilities — related party | $ | — | $ | 250 | |||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||
Schedule of debt | Debt consists of the following (in millions). | ||||||||||||||||||||||||||||||
March 31, 2015 | 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 | 3.21 | % | $ | 846 | $ | — | $ | 846 | $ | 723 | $ | — | $ | 723 | |||||||||||||||||
Novelis Inc. | |||||||||||||||||||||||||||||||
Floating rate Term Loan Facility, due March 2017 | 3.75 | % | 1,731 | (13 | ) | (B) | 1,718 | 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 | % | 9 | — | 9 | 11 | — | 11 | |||||||||||||||||||||||
Novelis Korea Limited | |||||||||||||||||||||||||||||||
Bank loans, due through September 2020 (KRW 212 billion) | 2.93 | % | 192 | — | 192 | 155 | — | 155 | |||||||||||||||||||||||
Novelis Switzerland S.A. | |||||||||||||||||||||||||||||||
Capital lease obligation, due through December 2019 (Swiss francs (CHF) 27 million) | 7.5 | % | 28 | (1 | ) | (C) | 27 | 36 | (1 | ) | (C) | 35 | |||||||||||||||||||
Novelis do Brasil Ltda. | |||||||||||||||||||||||||||||||
BNDES loans, due through April 2021 (BRL 22 million) | 5.91 | % | 7 | (1 | ) | (D) | 6 | 13 | (2 | ) | (D) | 11 | |||||||||||||||||||
Other | |||||||||||||||||||||||||||||||
Other debt, due through December 2020 | 6.08 | % | 5 | — | 5 | 10 | — | 10 | |||||||||||||||||||||||
Total debt | 5,318 | (15 | ) | 5,303 | 5,197 | (23 | ) | 5,174 | |||||||||||||||||||||||
Less: Short term borrowings | (846 | ) | — | (846 | ) | (723 | ) | — | (723 | ) | |||||||||||||||||||||
Current portion of long term debt | (108 | ) | — | (108 | ) | (92 | ) | — | (92 | ) | |||||||||||||||||||||
Long-term debt, net of current portion: | $ | 4,364 | $ | (15 | ) | $ | 4,349 | $ | 4,382 | $ | (23 | ) | $ | 4,359 | |||||||||||||||||
(A) | Interest rates are the stated rates of interest on the debt instrument (not the effective interest rate) as of March 31, 2015, and therefore, exclude the effects of related interest rate swaps and accretion/amortization of fair value adjustments as a result of purchase accounting in connection with Hindalco's purchase of Novelis and accretion/amortization of debt issuance costs related to the debt exchange completed in fiscal 2009 and the series of refinancing transactions and additional borrowings we completed in fiscal 2011 through 2015. 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 balances also include 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 balance 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 March 31, 2015 for our debt denominated in foreign currencies) are as follows (in millions). | ||||||||||||||||||||||||||||||
As of March 31, 2015 | Amount | ||||||||||||||||||||||||||||||
Short-term borrowings and Current portion of long term debt due within one year | $ | 954 | |||||||||||||||||||||||||||||
2 years | 1,747 | ||||||||||||||||||||||||||||||
3 years | 1,203 | ||||||||||||||||||||||||||||||
4 years | 8 | ||||||||||||||||||||||||||||||
5 years | 6 | ||||||||||||||||||||||||||||||
Thereafter | 1,400 | ||||||||||||||||||||||||||||||
Total | $ | 5,318 | |||||||||||||||||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||
Total compensation expense related to SARs and RSUs under the long term incentive plans | Total compensation expense 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 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. | ||||||||||||||
Year Ended March 31, | |||||||||||||||
2015 | 2014 | 2013 | |||||||||||||
Total compensation expense (income) | $ | 9 | $ | 27 | $ | (3 | ) | ||||||||
RSUs activity and SARs activity under LTIP | The table below shows the RSUs activity for the year ended March 31, 2015. | ||||||||||||||
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 | 1,913,537 | 145.81 | — | ||||||||||||
Exercised | (748,108 | ) | 181.2 | 3 | |||||||||||
Forfeited/Cancelled | (317,677 | ) | 124.04 | — | |||||||||||
RSUs outstanding as of March 31, 2015 | 5,338,612 | 120.77 | $ | 12 | |||||||||||
The table below shows Hindalco SARs activity for the year ended March 31, 2015. | |||||||||||||||
Number of | Weighted | Weighted Average | Aggregate | ||||||||||||
Hindalco 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 | 6,402,218 | 145.81 | 6.1 | — | |||||||||||
Exercised | (5,423,673 | ) | 90.48 | — | 7 | ||||||||||
Forfeited/Cancelled | (1,437,380 | ) | 129.29 | — | — | ||||||||||
SARs outstanding as of March 31, 2015 | 21,176,557 | 126.77 | 4.4 | 6 | |||||||||||
SARs exercisable as of March 31, 2015 | 6,917,124 | 126.61 | 2.6 | $ | 3 | ||||||||||
The table below shows the Novelis SARs activity for the year ended March 31, 2015. | |||||||||||||||
Number of | Weighted | Weighted Average | Aggregate | ||||||||||||
Novelis 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 | 495,030 | 94.4 | 6.1 | — | |||||||||||
Exercised | (55,554 | ) | 80.09 | — | 1 | ||||||||||
Forfeited/Cancelled | (74,143 | ) | 87.89 | — | — | ||||||||||
SARs outstanding as of March 31, 2015 | 1,033,735 | $ | 92.85 | 5.2 | 3 | ||||||||||
SARs exercisable as of March 31, 2015 | 173,661 | $ | 90.5 | 4.1 | $ | 1 | |||||||||
Assumptions used in estimating fair value of each SAR under LTIP | The fair value of each unvested Hindalco SAR was estimated using the following assumptions: | ||||||||||||||
Year ended March 31, | |||||||||||||||
2015 | 2014 | 2013 | |||||||||||||
Risk-free interest rate | 7.75% - 7.79% | 8.67% - 8.96% | 7.84% - 7.96% | ||||||||||||
Dividend yield | 0.78 | % | 0.99 | % | 1.69 | % | |||||||||
Volatility | 39% - 46% | 37% - 51% | 37% - 52% | ||||||||||||
The fair value of each unvested Novelis SAR was estimated using the following assumptions: | |||||||||||||||
Year ended March 31, | |||||||||||||||
2015 | 2014 | 2013 | |||||||||||||
Risk-free interest rate | 0.96% - 1.59% | 0.96% - 2.05% | — | % | |||||||||||
Dividend yield | — | % | — | % | — | % | |||||||||
Volatility | 27% - 34% | 28% - 41% | — | % | |||||||||||
Postretirement_Benefit_Plans_T
Postretirement Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Contributions to employee benefit plans | We contributed the following amounts (in millions) to all plans. | ||||||||||||||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Funded pension plans | $ | 28 | $ | 31 | $ | 47 | |||||||||||||||||||||||||||
Unfunded pension plans | 13 | 13 | 13 | ||||||||||||||||||||||||||||||
Savings and defined contribution pension plans | 18 | 20 | 18 | ||||||||||||||||||||||||||||||
Total contributions | $ | 59 | $ | 64 | $ | 78 | |||||||||||||||||||||||||||
Schedule of changes in projected benefit obligations | The following tables present the change in benefit obligation, change in fair value of plan assets and the funded status for pension and other benefits (in millions). | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 1,672 | $ | 1,581 | $ | 135 | $ | 234 | |||||||||||||||||||||||||
Service cost | 43 | 48 | 5 | 8 | |||||||||||||||||||||||||||||
Interest cost | 66 | 63 | 5 | 7 | |||||||||||||||||||||||||||||
Members’ contributions | 5 | 5 | — | — | |||||||||||||||||||||||||||||
Benefits paid | (56 | ) | (51 | ) | (10 | ) | (9 | ) | |||||||||||||||||||||||||
Amendments | (3 | ) | (5 | ) | 11 | (89 | ) | ||||||||||||||||||||||||||
Curtailments, settlements and special termination benefits | (16 | ) | (8 | ) | (1 | ) | — | ||||||||||||||||||||||||||
Actuarial losses (gains) | 296 | (5 | ) | (4 | ) | (15 | ) | ||||||||||||||||||||||||||
Other | (2 | ) | (1 | ) | — | — | |||||||||||||||||||||||||||
Currency (gains) losses | (142 | ) | 45 | (2 | ) | (1 | ) | ||||||||||||||||||||||||||
Benefit obligation at end of period | $ | 1,863 | $ | 1,672 | $ | 139 | $ | 135 | |||||||||||||||||||||||||
Benefit obligation of funded plans | $ | 1,558 | $ | 1,417 | $ | — | $ | — | |||||||||||||||||||||||||
Benefit obligation of unfunded plans | 305 | 255 | 139 | 135 | |||||||||||||||||||||||||||||
Benefit obligation at end of period | $ | 1,863 | $ | 1,672 | $ | 139 | $ | 135 | |||||||||||||||||||||||||
Schedule of changes in fair value of plan assets | |||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Change in fair value of plan assets | |||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of period | $ | 1,163 | $ | 1,066 | |||||||||||||||||||||||||||||
Actual return on plan assets | 159 | 79 | |||||||||||||||||||||||||||||||
Members’ contributions | 5 | 5 | |||||||||||||||||||||||||||||||
Benefits paid | (56 | ) | (51 | ) | |||||||||||||||||||||||||||||
Company contributions | 41 | 44 | |||||||||||||||||||||||||||||||
Settlements | (14 | ) | (4 | ) | |||||||||||||||||||||||||||||
Other | (2 | ) | (2 | ) | |||||||||||||||||||||||||||||
Currency (losses) gains | (63 | ) | 26 | ||||||||||||||||||||||||||||||
Fair value of plan assets at end of period | $ | 1,233 | $ | 1,163 | |||||||||||||||||||||||||||||
Schedule of net funded status | |||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Pension | Other | Pension | Other | ||||||||||||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | ||||||||||||||||||||||||||||||
Funded status | |||||||||||||||||||||||||||||||||
Funded status at end of period: | |||||||||||||||||||||||||||||||||
Assets less the benefit obligation of funded plans | $ | (325 | ) | $ | — | $ | (254 | ) | $ | — | |||||||||||||||||||||||
Benefit obligation of unfunded plans | (305 | ) | (139 | ) | (255 | ) | (135 | ) | |||||||||||||||||||||||||
$ | (630 | ) | $ | (139 | ) | $ | (509 | ) | $ | (135 | ) | ||||||||||||||||||||||
As included in our consolidated balance sheets within Total assets / (Total liabilities) | |||||||||||||||||||||||||||||||||
Other non- current assets | $ | 1 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Accrued expenses and other current liabilities | (12 | ) | (10 | ) | (14 | ) | (9 | ) | |||||||||||||||||||||||||
Accrued postretirement benefits | (619 | ) | (129 | ) | (495 | ) | (126 | ) | |||||||||||||||||||||||||
$ | (630 | ) | $ | (139 | ) | $ | (509 | ) | $ | (135 | ) | ||||||||||||||||||||||
Schedule of amounts recognized in other comprehensive income (loss) | The postretirement amounts recognized in “Accumulated other comprehensive loss,” before tax effects, are presented in the table below (in millions), and includes the impact related to our equity method investments. Amounts are amortized to net periodic benefit cost over the group’s average future service life of the employees or the group's average life expectancy. | ||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Pension | Other | Pension | Other | ||||||||||||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | ||||||||||||||||||||||||||||||
Net actuarial (losses) | $ | (450 | ) | $ | (14 | ) | $ | (281 | ) | $ | (24 | ) | |||||||||||||||||||||
Prior service credit | 11 | 32 | 13 | 80 | |||||||||||||||||||||||||||||
Total postretirement amounts recognized in Accumulated other comprehensive (loss) income | $ | (439 | ) | $ | 18 | $ | (268 | ) | $ | 56 | |||||||||||||||||||||||
Schedule of defined benefit plan amounts recognized in other comprehensive income (loss) | The postretirement changes recognized in “Accumulated other comprehensive loss,” before tax effects, are presented in the table below (in millions), and include the impact related to our equity method investments. | ||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Pension | Other | Pension | Other | ||||||||||||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | ||||||||||||||||||||||||||||||
Beginning balance in Accumulated other comprehensive (loss) income | $ | (268 | ) | $ | 56 | $ | (301 | ) | $ | (31 | ) | ||||||||||||||||||||||
Curtailments and settlements | — | — | 1 | — | |||||||||||||||||||||||||||||
Plan amendment | 3 | (11 | ) | 5 | 89 | ||||||||||||||||||||||||||||
Net actuarial (loss) gain | (249 | ) | 5 | 8 | 15 | ||||||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||
Prior service credits | (2 | ) | (37 | ) | (2 | ) | (24 | ) | |||||||||||||||||||||||||
Actuarial losses | 24 | 5 | 31 | 7 | |||||||||||||||||||||||||||||
Effect of currency exchange | 53 | — | (10 | ) | — | ||||||||||||||||||||||||||||
Total postretirement amounts recognized in Accumulated other comprehensive (loss) income | $ | (439 | ) | $ | 18 | $ | (268 | ) | $ | 56 | |||||||||||||||||||||||
Schedule of accumulated benefit obligations in excess of fair value of plan assets | The projected benefit obligation, accumulated benefit obligation and fair value of plan assets are presented in the table below (in millions). | ||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
The projected benefit obligation and accumulated benefit obligation for all defined benefit pension plans: | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 1,863 | $ | 1,672 | |||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 1,689 | $ | 1,527 | |||||||||||||||||||||||||||||
Pension plans with projected benefit obligations in excess of plan assets: | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 1,760 | $ | 1,672 | |||||||||||||||||||||||||||||
Fair value of plan assets | $ | 1,129 | $ | 1,163 | |||||||||||||||||||||||||||||
Pension plans with accumulated benefit obligations in excess of plan assets: | |||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 1,563 | $ | 1,507 | |||||||||||||||||||||||||||||
Fair value of plan assets | $ | 1,093 | $ | 1,136 | |||||||||||||||||||||||||||||
Pension plans with projected benefit obligations less than plan assets: | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 103 | $ | — | |||||||||||||||||||||||||||||
Fair value of plan assets | $ | 104 | $ | — | |||||||||||||||||||||||||||||
Schedule of expected benefit payments | Expected benefit payments to be made during the next ten fiscal years are listed in the table below (in millions). | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||
2016 | $ | 62 | $ | 10 | |||||||||||||||||||||||||||||
2017 | 65 | 9 | |||||||||||||||||||||||||||||||
2018 | 67 | 8 | |||||||||||||||||||||||||||||||
2019 | 71 | 7 | |||||||||||||||||||||||||||||||
2020 | 76 | 7 | |||||||||||||||||||||||||||||||
2021 through 2025 | 442 | 43 | |||||||||||||||||||||||||||||||
Total | $ | 783 | $ | 84 | |||||||||||||||||||||||||||||
Components of net periodic benefit cost for all significant postretirement benefit plans | The components of net periodic benefit cost for the respective periods are listed in the table below (in millions). | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||||||
Net periodic benefit costs | |||||||||||||||||||||||||||||||||
Service cost | $ | 43 | $ | 48 | $ | 43 | $ | 5 | $ | 8 | $ | 10 | |||||||||||||||||||||
Interest cost | 66 | 63 | 64 | 5 | 7 | 10 | |||||||||||||||||||||||||||
Expected return on assets | (69 | ) | (67 | ) | (64 | ) | — | — | — | ||||||||||||||||||||||||
Amortization — losses | 22 | 30 | 28 | 5 | 7 | 3 | |||||||||||||||||||||||||||
Amortization — prior service (credit) | (2 | ) | (2 | ) | (2 | ) | (37 | ) | (24 | ) | (1 | ) | |||||||||||||||||||||
Curtailment/settlement/special termination | 1 | 1 | 1 | (1 | ) | — | — | ||||||||||||||||||||||||||
losses (gains) | |||||||||||||||||||||||||||||||||
Net periodic benefit cost (income) | $ | 61 | $ | 73 | $ | 70 | $ | (23 | ) | $ | (2 | ) | $ | 22 | |||||||||||||||||||
Proportionate share of non-consolidated affiliates’ pension costs | 7 | 7 | 5 | — | — | — | |||||||||||||||||||||||||||
Total net periodic benefit costs (income) recognized | $ | 68 | $ | 80 | $ | 75 | $ | (23 | ) | $ | (2 | ) | $ | 22 | |||||||||||||||||||
Schedule of assumptions used | The weighted average assumptions used to determine benefit obligations and net periodic benefit costs for the respective periods are listed in the table below. | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||||||
Weighted average assumptions used to determine benefit obligations | |||||||||||||||||||||||||||||||||
Discount rate | 3.1 | % | 4 | % | 3.9 | % | 3.6 | % | 4.1 | % | 3.8 | % | |||||||||||||||||||||
Average compensation growth | 3.1 | % | 3.1 | % | 3.1 | % | 3.5 | % | 3.5 | % | 3.5 | % | |||||||||||||||||||||
Weighted average assumptions used to determine net periodic benefit cost | |||||||||||||||||||||||||||||||||
Discount rate | 4 | % | 3.9 | % | 4.4 | % | 4.1 | % | 3.8 | % | 4.2 | % | |||||||||||||||||||||
Average compensation growth | 3.1 | % | 3.1 | % | 3.4 | % | 3.5 | % | 3.5 | % | 3.9 | % | |||||||||||||||||||||
Expected return on plan assets | 6.1 | % | 6.3 | % | 6.4 | % | — | % | — | % | — | % | |||||||||||||||||||||
Schedule of effect of one-percentage-point change in assumed health care cost trend rates | A change of one percentage point in the assumed health care cost trend rates would have the following effects on our other benefits (in millions). | ||||||||||||||||||||||||||||||||
1% Increase | 1% Decrease | ||||||||||||||||||||||||||||||||
Sensitivity Analysis | |||||||||||||||||||||||||||||||||
Effect on service and interest costs | $ | 2 | $ | (1 | ) | ||||||||||||||||||||||||||||
Effect on benefit obligation | $ | 12 | $ | (10 | ) | ||||||||||||||||||||||||||||
Target and actual allocation of plan assets | The targeted allocation ranges by asset class, and the actual allocation percentages for each class are listed in the table below. | ||||||||||||||||||||||||||||||||
Asset Category | Target | Allocation in | |||||||||||||||||||||||||||||||
Allocation Ranges | Aggregate as of | ||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Equity | 17 - 53% | 36% | 39% | ||||||||||||||||||||||||||||||
Fixed income | 47 - 77% | 60% | 57% | ||||||||||||||||||||||||||||||
Real estate | 0 - 15% | 1% | 1% | ||||||||||||||||||||||||||||||
Other | 0 - 11% | 3% | 3% | ||||||||||||||||||||||||||||||
Schedule of fair value of pension and postretirement plan assets table | The following pension plan assets are measured and recognized at fair value on a recurring basis (in millions). Please see Note 17— Fair value measurements for a description of the fair value hierarchy. The U.S. and Canadian pension plan assets are invested exclusively in commingled funds and classified in Level 2, and the U.K., Switzerland, and South Korea pension plan assets are invested in both direct investments (Levels 1 and 2) and commingled funds (Level 2). | ||||||||||||||||||||||||||||||||
Pension Plan Assets | |||||||||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Measurements Using | Fair Value Measurements Using | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
Equity | $ | 85 | $ | 361 | $ | — | $ | 446 | $ | 48 | $ | 405 | $ | — | $ | 453 | |||||||||||||||||
Fixed income | 135 | 608 | — | 743 | — | 665 | — | 665 | |||||||||||||||||||||||||
Real estate | — | 15 | — | 15 | — | 15 | — | 15 | |||||||||||||||||||||||||
Cash and cash equivalents | 8 | — | — | 8 | 6 | — | — | 6 | |||||||||||||||||||||||||
Other | — | 21 | — | 21 | — | 24 | — | 24 | |||||||||||||||||||||||||
Total | $ | 228 | $ | 1,005 | $ | — | $ | 1,233 | $ | 54 | $ | 1,109 | $ | — | $ | 1,163 | |||||||||||||||||
Currency_Gains_Losses_Tables
Currency (Gains) Losses (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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 consolidated statements of operations (in millions). | ||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Loss (gain) on remeasurement of monetary assets and liabilities, net | $ | 14 | $ | (26 | ) | $ | (16 | ) | |||||
Loss released from accumulated other comprehensive income | 3 | 2 | 1 | ||||||||||
Loss recognized on balance sheet remeasurement currency exchange contracts, net | 10 | 17 | 5 | ||||||||||
Currency losses (gains), net | $ | 27 | $ | (7 | ) | $ | (10 | ) | |||||
Currency gains (losses) included in "AOCI," net of tax and "Noncontrolling interests" | The following currency (losses) gains are included in Accumulated other comprehensive loss (“AOCI”) and “Noncontrolling interests” in the accompanying consolidated balance sheets (in millions). | ||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Cumulative currency translation adjustment — beginning of period | $ | 90 | $ | (30 | ) | $ | 23 | ||||||
Effect of changes in exchange rates | (304 | ) | 120 | (42 | ) | ||||||||
Sale of investment in foreign entities (A) | — | — | (11 | ) | |||||||||
Cumulative currency translation adjustment — end of period | $ | (214 | ) | $ | 90 | $ | (30 | ) | |||||
(A) | We reclassified $11 million of cumulative currency gains from AOCI to “Gain on assets held for sale, net” in the year ended March 31, 2013, related to the sale of three aluminum foil and packaging plants in Europe. |
Financial_Instruments_and_Comm1
Financial Instruments and Commodity Contracts (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
Fair values of financial instruments and commodity contracts | The following tables summarize the gross fair values of our financial instruments and commodity contracts as of March 31, 2015 and 2014 (in millions): | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Assets | Liabilities | Net Fair Value | |||||||||||||||||||||||
Current | Noncurrent(A) | Current | Noncurrent(A) | Assets/(Liabilities) | |||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Aluminum contracts | $ | 15 | $ | — | $ | (5 | ) | $ | — | $ | 10 | ||||||||||||||
Currency exchange contracts | 4 | — | (42 | ) | (15 | ) | (53 | ) | |||||||||||||||||
Energy contracts | — | — | (6 | ) | (2 | ) | (8 | ) | |||||||||||||||||
Interest rate swaps | — | — | (1 | ) | — | (1 | ) | ||||||||||||||||||
Net Investment hedges | |||||||||||||||||||||||||
Currency exchange contracts | 5 | — | — | — | 5 | ||||||||||||||||||||
Total derivatives designated as hedging instruments | 24 | — | (54 | ) | (17 | ) | (47 | ) | |||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Aluminum contracts | 24 | — | (26 | ) | — | (2 | ) | ||||||||||||||||||
Currency exchange contracts | 26 | — | (54 | ) | — | (28 | ) | ||||||||||||||||||
Energy contracts | 3 | — | (15 | ) | (7 | ) | (19 | ) | |||||||||||||||||
Total derivatives not designated as hedging instruments | 53 | — | (95 | ) | (7 | ) | (49 | ) | |||||||||||||||||
Total derivative fair value | $ | 77 | $ | — | $ | (149 | ) | $ | (24 | ) | $ | (96 | ) | ||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
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 consolidated balance sheets. | ||||||||||||||||||||||||
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 expense (income), net” (in millions). Gains (losses) recognized in other line items in the consolidated statement of operations are separately disclosed within this footnote. | ||||||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Derivative Instruments Not Designated as Hedges | |||||||||||||||||||||||||
Aluminum contracts | $ | (31 | ) | $ | (4 | ) | $ | (10 | ) | ||||||||||||||||
Currency exchange contracts | (5 | ) | (15 | ) | 3 | ||||||||||||||||||||
Energy contracts (A) | 2 | 14 | 15 | ||||||||||||||||||||||
(Loss) gain recognized in "Other expense (income), net" | (34 | ) | (5 | ) | 8 | ||||||||||||||||||||
Derivative Instruments Designated as Hedges | |||||||||||||||||||||||||
Gain recognized in "Other expense (income), net" (B) | 19 | 38 | 28 | ||||||||||||||||||||||
Total (loss) gain recognized in "Other expense (income), net" | $ | (15 | ) | $ | 33 | $ | 36 | ||||||||||||||||||
Balance sheet remeasurement currency exchange contract losses | $ | (13 | ) | $ | (19 | ) | $ | (6 | ) | ||||||||||||||||
Realized (losses) gains, net | (2 | ) | 62 | 28 | |||||||||||||||||||||
Unrealized (losses) gains on other derivative instruments, net | — | (10 | ) | 14 | |||||||||||||||||||||
Total (loss) gain recognized in "Other expense (income), net" | $ | (15 | ) | $ | 33 | $ | 36 | ||||||||||||||||||
(A) | Includes amounts related to de-designated electricity swap and natural gas swaps not designated as hedges. | ||||||||||||||||||||||||
(B) | Amount includes: forward market premium/discount excluded from hedging relationship and ineffectiveness on designated aluminum and foreign currency capex contracts; releases to income from AOCI on balance sheet remeasurement contracts; and ineffectiveness of fair value hedges involving aluminum derivatives. | ||||||||||||||||||||||||
The following table summarizes the amount of gain (loss) recognized on fair value hedges of metal price risk (in millions): | |||||||||||||||||||||||||
Amount of Gain (Loss) | |||||||||||||||||||||||||
Recognized on Changes in Fair Value | |||||||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Fair Value Hedges of Metal Price Risk | |||||||||||||||||||||||||
Derivative Contracts | $ | — | $ | (3 | ) | ||||||||||||||||||||
Designated Hedged Items | — | 3 | |||||||||||||||||||||||
Net Ineffectiveness (A) | $ | — | $ | — | |||||||||||||||||||||
(A) | Effective portion is recorded in "Net sales" and net ineffectiveness in "Other expense (income), net". There was no amount excluded from the assessment of hedge effectiveness related to Fair Value Hedges. | ||||||||||||||||||||||||
Summary of notional amount | The following table summarizes our notional amount (in kt). | ||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Hedge Type | |||||||||||||||||||||||||
Purchase (Sale) | |||||||||||||||||||||||||
Cash flow purchases | 1 | 16 | |||||||||||||||||||||||
Cash flow sales | (285 | ) | (222 | ) | |||||||||||||||||||||
Fair value | 2 | 9 | |||||||||||||||||||||||
Not designated | (36 | ) | (105 | ) | |||||||||||||||||||||
Total, net | (318 | ) | (302 | ) | |||||||||||||||||||||
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 $36 million of losses from “AOCI” to earnings, before taxes. | ||||||||||||||||||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | ||||||||||||||||||||||||
Recognized in OCI | Recognized in “Other Expense (Income), net” (Ineffective and | ||||||||||||||||||||||||
(Effective Portion) | Excluded Portion) | ||||||||||||||||||||||||
Year Ended March 31, | Year Ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Cash flow hedging derivatives | |||||||||||||||||||||||||
Aluminum contracts | $ | (26 | ) | $ | 35 | $ | 34 | $ | 24 | $ | 39 | $ | 29 | ||||||||||||
Currency exchange contracts | (44 | ) | (16 | ) | (21 | ) | (2 | ) | 1 | 2 | |||||||||||||||
Energy contracts | (12 | ) | 1 | 1 | — | — | — | ||||||||||||||||||
Interest Rate Swaps | (1 | ) | — | (1 | ) | — | — | — | |||||||||||||||||
Total cash flow hedging derivatives | (83 | ) | 20 | 13 | 22 | 40 | 31 | ||||||||||||||||||
Net Investment derivatives | |||||||||||||||||||||||||
Currency exchange contracts | 11 | (3 | ) | 1 | — | — | — | ||||||||||||||||||
Total | $ | (72 | ) | $ | 17 | $ | 14 | $ | 22 | $ | 40 | $ | 31 | ||||||||||||
Gain (Loss) Reclassification | |||||||||||||||||||||||||
Amount of Gain (Loss) | Location of Gain (Loss) | ||||||||||||||||||||||||
Reclassified from AOCI into Income/(Expense) | Reclassified from AOCI into | ||||||||||||||||||||||||
(Effective Portion) | Earnings | ||||||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||||||
Cash flow hedging derivatives | 2015 | 2014 | 2013 | ||||||||||||||||||||||
Energy contracts (A) | $ | (5 | ) | $ | (5 | ) | $ | (5 | ) | Other expense (income), net | |||||||||||||||
Aluminum contracts | (40 | ) | 53 | 19 | Cost of goods sold (B) | ||||||||||||||||||||
Aluminum contracts | — | 7 | 12 | Net sales | |||||||||||||||||||||
Currency exchange contracts | (14 | ) | (14 | ) | (15 | ) | Cost of goods sold (B) | ||||||||||||||||||
Currency exchange contracts | (1 | ) | (1 | ) | (2 | ) | SG&A | ||||||||||||||||||
Currency exchange contracts | 18 | 3 | — | Net sales | |||||||||||||||||||||
Currency exchange contracts | (3 | ) | (2 | ) | (1 | ) | Other expense (income), net | ||||||||||||||||||
Currency exchange contracts | 7 | — | — | Gain on assets held for sale, net | |||||||||||||||||||||
Currency exchange contracts | (1 | ) | — | — | Depreciation and amortization | ||||||||||||||||||||
Total | (39 | ) | 41 | 8 | (Loss) income before taxes | ||||||||||||||||||||
8 | (16 | ) | (2 | ) | Income tax benefit (provision) | ||||||||||||||||||||
$ | (31 | ) | $ | 25 | $ | 6 | Net (loss) 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. Amounts reclassified from AOCI into income/(expense) related to natural gas swaps for the periods presented were less than $1 million. AOCI releases related to natural gas swaps are recorded in "Cost of goods sold (exclusive of depreciation and amortization)." | ||||||||||||||||||||||||
(B) | "Cost of goods sold" is exclusive of depreciation and amortization. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Schedule of accumulated other comprehensive income (loss) | The following table summarizes the change in the components of accumulated other comprehensive loss net of tax and "Noncontrolling interests", for the periods presented (in millions). | ||||||||||||||||
(A) | (C) | Total | |||||||||||||||
Currency Translation | (B) | Postretirement Benefit Plans | |||||||||||||||
Cash Flow Hedges | |||||||||||||||||
Balance as of March 31, 2012 | $ | 20 | $ | (7 | ) | $ | (204 | ) | $ | (191 | ) | ||||||
Other comprehensive income before reclassifications | (42 | ) | 11 | (49 | ) | (80 | ) | ||||||||||
Amounts reclassified from AOCI, net | (11 | ) | (6 | ) | 20 | 3 | |||||||||||
Net current-period other comprehensive income (loss) | (53 | ) | 5 | (29 | ) | (77 | ) | ||||||||||
Balance as of March 31, 2013 | (33 | ) | (2 | ) | (233 | ) | (268 | ) | |||||||||
Other comprehensive income before reclassifications | 122 | 7 | 64 | 193 | |||||||||||||
Amounts reclassified from AOCI, net | — | (25 | ) | 9 | (16 | ) | |||||||||||
Net current-period other comprehensive income (loss) | 122 | (18 | ) | 73 | 177 | ||||||||||||
Balance as of March 31, 2014 | 89 | (20 | ) | (160 | ) | (91 | ) | ||||||||||
Other comprehensive income before reclassifications | (302 | ) | (74 | ) | (118 | ) | (494 | ) | |||||||||
Amounts reclassified from AOCI, net | — | 31 | (7 | ) | 24 | ||||||||||||
Net current-period other comprehensive (loss) income | (302 | ) | (43 | ) | (125 | ) | (470 | ) | |||||||||
Balance as of March 31, 2015 | $ | (213 | ) | $ | (63 | ) | $ | (285 | ) | $ | (561 | ) | |||||
(A) We reclassified $11 million of cumulative currency gains from AOCI to "Gain on assets held for sale" in the year ended March 31, 2013, related to the sale of three aluminum foil and packaging plants in Europe. | |||||||||||||||||
(B) | For additional information on our cash flow hedges see Note 15 - Financial Instruments and Commodity Contracts. | ||||||||||||||||
(C) | For additional information on our postretirement benefit plans see Note 13 - Postretirement Benefit Plans. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 March 31, 2015 and March 31, 2014 (in millions). | ||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Level 2 instruments | |||||||||||||||||
Aluminum contracts | $ | 39 | $ | (31 | ) | $ | 23 | $ | (36 | ) | |||||||
Currency exchange contracts | 35 | (111 | ) | 28 | (23 | ) | |||||||||||
Energy contracts | 3 | (14 | ) | 4 | (1 | ) | |||||||||||
Interest rate swaps | — | (1 | ) | — | — | ||||||||||||
Total level 2 instruments | 77 | (157 | ) | 55 | (60 | ) | |||||||||||
Level 3 instruments | |||||||||||||||||
Energy contracts | — | (16 | ) | — | (19 | ) | |||||||||||
Total level 3 instruments | — | (16 | ) | — | (19 | ) | |||||||||||
Total gross | $ | 77 | $ | (173 | ) | $ | 55 | $ | (79 | ) | |||||||
Netting adjustment (A) | $ | (28 | ) | $ | 28 | $ | (20 | ) | $ | 20 | |||||||
Total net | $ | 49 | $ | (145 | ) | $ | 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. | |||||||||||||||||
Reconciliation of fair value activity for Level 3 derivative contracts | The following table presents a reconciliation of fair value activity for Level 3 derivative contracts (in millions). | ||||||||||||||||
Level 3 – | |||||||||||||||||
Derivative | |||||||||||||||||
Instruments (A) | |||||||||||||||||
Balance as of March 31, 2013 | $ | (27 | ) | ||||||||||||||
Unrealized gain included in earnings (B) | 19 | ||||||||||||||||
Settlements | (11 | ) | |||||||||||||||
Balance as of March 31, 2014 | $ | (19 | ) | ||||||||||||||
Unrealized gain included in earnings (B) | 10 | ||||||||||||||||
Settlements | (7 | ) | |||||||||||||||
Balance as of March 31, 2015 | $ | (16 | ) | ||||||||||||||
(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 | The table below presents the estimated fair value of certain financial instruments 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 using market observable inputs. | ||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Assets | |||||||||||||||||
Long-term receivables from related parties | $ | 15 | $ | 15 | $ | 12 | $ | 12 | |||||||||
Liabilities | |||||||||||||||||
Total debt — third parties (excluding short term borrowings) | $ | 4,457 | $ | 4,659 | $ | 4,451 | $ | 4,734 | |||||||||
Other_Expense_Income_Tables
Other Expense (Income) (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Schedule of other nonoperating income (expense) | “Other expense (income), net” is comprised of the following (in millions). | ||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Foreign currency remeasurement losses (gains), net (A) | $ | 27 | $ | (7 | ) | $ | (10 | ) | |||||
Loss (gain) on change in fair value of other unrealized derivative instruments, net | — | 10 | (14 | ) | |||||||||
Loss (gain) on change in fair value of other realized derivative instruments, net | 2 | (62 | ) | (28 | ) | ||||||||
Loss on sale of assets, net | 5 | 9 | 6 | ||||||||||
Loss on Brazilian tax litigation, net (B) | 7 | 6 | 8 | ||||||||||
Interest income | (7 | ) | (6 | ) | (5 | ) | |||||||
Gain on business interruption insurance recovery, net (C) | (19 | ) | — | (11 | ) | ||||||||
Other, net | 2 | 9 | 2 | ||||||||||
Other expense (income), net | $ | 17 | $ | (41 | ) | $ | (52 | ) | |||||
(A) | Includes “(Gain) loss recognized on balance sheet remeasurement currency exchange contracts, net.” | ||||||||||||
(B) | See Note 20 – Commitments and Contingencies – Brazil Tax and Legal Matters for further details. | ||||||||||||
(C) | We recognized a total gain of $19 million during the year ended March 31, 2015 related to business interruption recovery claims, which partially offset actual business losses experienced in the same fiscal year. This gain includes an insurance settlement which resulted in a gain of $6 million related to lost shipments and profits resulting from an electrical short circuit impacting a hot mill motor at one of our facilities in our Europe segment in the second quarter of 2015. Additionally, we experienced an outage at the hot mill in the Logan facility in North America due to an unexpected failure of a motor, which resulted in lost shipments and profits. A repaired motor was installed and operations at the hot mill resumed within approximately three weeks. The Company reached a partial insurance settlement, which resulted in a gain of $13 million. | ||||||||||||
We recognized a net gain of $11 million during the year ended March 31, 2013 related to another business interruption recovery claim from an earlier fiscal year. This settlement related to a fire at the sole can plant of one of our customers, which caused the loss of a supply contract in our North America segment. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of components of income before income taxes, domestic and foreign | The domestic (Canada) and foreign components of our "Income before income taxes" (and after removing our "Equity in net loss of non-consolidated affiliates") are as follows (in millions). | ||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Domestic (Canada) | $ | (267 | ) | $ | (294 | ) | $ | (263 | ) | ||||
Foreign (all other countries) | 434 | 421 | 565 | ||||||||||
Pre-tax income before equity in net loss of non-consolidated affiliates | $ | 167 | $ | 127 | $ | 302 | |||||||
Schedule of components of income tax provision | The components of the "Income tax provision" are as follows (in millions). | ||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current provision (benefit): | |||||||||||||
Domestic (Canada) | $ | 4 | $ | 12 | $ | 11 | |||||||
Foreign (all other countries) | 98 | 128 | 103 | ||||||||||
Total current | 102 | 140 | 114 | ||||||||||
Deferred provision (benefit): | |||||||||||||
Domestic (Canada) | — | — | — | ||||||||||
Foreign (all other countries) | (88 | ) | (129 | ) | (31 | ) | |||||||
Total deferred | (88 | ) | (129 | ) | (31 | ) | |||||||
Income tax provision | $ | 14 | $ | 11 | $ | 83 | |||||||
Reconciliation of Canadian statutory tax rates to effective tax rates | The reconciliation of the Canadian statutory tax rates to our effective tax rates are shown below (in millions, except percentages). | ||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Pre-tax income before equity in net loss on non-consolidated affiliates | $ | 167 | $ | 127 | $ | 302 | |||||||
Canadian Statutory tax rate | 25 | % | 25 | % | 26 | % | |||||||
Provision at the Canadian statutory rate | $ | 42 | $ | 32 | $ | 79 | |||||||
Increase (decrease) for taxes on income (loss) resulting from: | |||||||||||||
Exchange translation items | (22 | ) | — | (2 | ) | ||||||||
Exchange remeasurement of deferred income taxes | (31 | ) | (20 | ) | (19 | ) | |||||||
Change in valuation allowances | 95 | 94 | 84 | ||||||||||
Tax credits and other allowances | (22 | ) | (38 | ) | (8 | ) | |||||||
Income items not subject to tax | 2 | (6 | ) | — | |||||||||
State tax (benefit) expense, net | (7 | ) | (7 | ) | 3 | ||||||||
Dividends not subject to tax | (52 | ) | (52 | ) | (53 | ) | |||||||
Enacted tax rate changes | (1 | ) | 3 | 1 | |||||||||
Tax rate differences on foreign earnings | 7 | (4 | ) | 9 | |||||||||
Uncertain tax positions | 10 | 8 | 2 | ||||||||||
Prior year adjustments | 2 | (1 | ) | (5 | ) | ||||||||
Income tax settlements | (6 | ) | — | — | |||||||||
Other — net | (3 | ) | 2 | (8 | ) | ||||||||
Income tax provision | $ | 14 | $ | 11 | $ | 83 | |||||||
Effective tax rate | 8 | % | 9 | % | 27 | % | |||||||
Schedule of deferred tax assets and liabilities | Our deferred income tax assets and deferred income tax liabilities are as follows (in millions). | ||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Deferred income tax assets: | |||||||||||||
Provisions not currently deductible for tax purposes | $ | 366 | $ | 315 | |||||||||
Tax losses/benefit carryforwards, net | 627 | 493 | |||||||||||
Depreciation and amortization | 38 | 46 | |||||||||||
Other assets | 4 | 8 | |||||||||||
Total deferred income tax assets | 1,035 | 862 | |||||||||||
Less: valuation allowance | (528 | ) | (426 | ) | |||||||||
Net deferred income tax assets | $ | 507 | $ | 436 | |||||||||
Deferred income tax liabilities: | |||||||||||||
Depreciation and amortization | $ | 477 | $ | 529 | |||||||||
Inventory valuation reserves | 102 | 87 | |||||||||||
Monetary exchange gains, net | 9 | 46 | |||||||||||
Other liabilities | 26 | 34 | |||||||||||
Total deferred income tax liabilities | $ | 614 | $ | 696 | |||||||||
Net deferred income tax liabilities | $ | 107 | $ | 260 | |||||||||
Reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): | ||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Beginning balance | $ | 39 | $ | 30 | $ | 28 | |||||||
Additions based on tax positions related to the current period | 7 | 7 | 5 | ||||||||||
Additions based on tax positions of prior years | 3 | 1 | 3 | ||||||||||
Reductions based on tax positions of prior years | (1 | ) | — | — | |||||||||
Settlements | (3 | ) | — | (5 | ) | ||||||||
Foreign exchange | (8 | ) | 1 | (1 | ) | ||||||||
Ending Balance | $ | 37 | $ | 39 | $ | 30 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Schedule of Loss Contingencies by Contingency | The assets and liabilities related to these settlements are presented in the table below (in millions). | |||||||||||
March 31, | March 31, | |||||||||||
2015 | 2014 | |||||||||||
Cash deposits (A) | $ | 3 | $ | 6 | ||||||||
Short-term settlement liability (B) | $ | 7 | $ | 11 | ||||||||
Long-term settlement liability (B) | 66 | 96 | ||||||||||
Total settlement liability | $ | 73 | $ | 107 | ||||||||
Liability for other disputes and claims (C) | $ | 12 | $ | 18 | ||||||||
(A) We have maintain these cash deposits as a result of legal proceedings with Brazil's tax authorities. These deposits, which are included in “Other long-term assets — third parties” in our accompanying consolidated balance sheets, will be expended toward these legal proceedings. | ||||||||||||
(B) The short-term and long-term settlement liabilities are included in "Accrued expenses and other current liabilities" and "Other long-term liabilities", respectively, in our accompanying consolidated balance sheets. | ||||||||||||
(C) | 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 related liabilities are included in "Other long-term liabilities" in our accompanying consolidated balance sheets. | |||||||||||
The interest cost recorded on these settlement liabilities, partially offset by interest earned on the cash deposits is included in the table below (in millions). | ||||||||||||
Year Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Loss on Brazilian tax litigation, net | $ | 7 | $ | 6 | $ | 8 | ||||||
Segment_Geographical_Area_Majo1
Segment, Geographical Area, Major Customer and Major Supplier Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Selected segment financial information | Selected Segment Financial Information | ||||||||||||||||||||||||
Selected Operating Results Year Ended March 31, 2015 | North | Europe | Asia | South | Eliminations | Total | |||||||||||||||||||
America | America | and Other | |||||||||||||||||||||||
Net sales - third party | $ | 3,465 | $ | 3,609 | $ | 2,139 | $ | 1,749 | $ | 185 | $ | 11,147 | |||||||||||||
Net sales - intersegment | 18 | 174 | 201 | 101 | (494 | ) | — | ||||||||||||||||||
Net sales | $ | 3,483 | $ | 3,783 | $ | 2,340 | $ | 1,850 | $ | (309 | ) | $ | 11,147 | ||||||||||||
Depreciation and amortization | $ | 137 | $ | 103 | $ | 71 | $ | 63 | $ | (22 | ) | $ | 352 | ||||||||||||
Income tax (benefit) provision | $ | (27 | ) | $ | 12 | $ | 16 | $ | (1 | ) | $ | 14 | $ | 14 | |||||||||||
Capital expenditures | $ | 122 | $ | 257 | $ | 85 | $ | 53 | $ | 1 | $ | 518 | |||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Investment in and advances to non–consolidated affiliates | $ | — | $ | 447 | $ | — | $ | — | $ | — | $ | 447 | |||||||||||||
Total assets | $ | 2,744 | $ | 2,952 | $ | 1,663 | $ | 1,588 | $ | 155 | $ | 9,102 | |||||||||||||
Selected Operating Results Year Ended March 31, 2014 | North | Europe | Asia | South | Eliminations | Total | |||||||||||||||||||
America | America | and Other | |||||||||||||||||||||||
Net sales - third party | $ | 3,042 | $ | 3,145 | $ | 1,849 | $ | 1,543 | $ | 188 | $ | 9,767 | |||||||||||||
Net sales - intersegment | 8 | 135 | 27 | 45 | (215 | ) | — | ||||||||||||||||||
Net sales | $ | 3,050 | $ | 3,280 | $ | 1,876 | $ | 1,588 | $ | (27 | ) | $ | 9,767 | ||||||||||||
Depreciation and amortization | $ | 126 | $ | 103 | $ | 68 | $ | 69 | $ | (32 | ) | $ | 334 | ||||||||||||
Income tax (benefit) provision | $ | (34 | ) | $ | 6 | $ | 16 | $ | 6 | $ | 17 | $ | 11 | ||||||||||||
Capital expenditures | $ | 147 | $ | 241 | $ | 198 | $ | 117 | $ | 14 | $ | 717 | |||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
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 Year Ended March 31, 2013 | North | Europe | Asia | South | Eliminations | Total | |||||||||||||||||||
America | America | and Other | |||||||||||||||||||||||
Net sales - third party | $ | 3,397 | $ | 3,096 | $ | 1,746 | $ | 1,391 | $ | 182 | $ | 9,812 | |||||||||||||
Net sales - intersegment | 8 | 85 | 16 | — | (109 | ) | — | ||||||||||||||||||
Net sales | $ | 3,405 | $ | 3,181 | $ | 1,762 | $ | 1,391 | $ | 73 | $ | 9,812 | |||||||||||||
Depreciation and amortization | $ | 118 | $ | 103 | $ | 53 | $ | 51 | $ | (33 | ) | $ | 292 | ||||||||||||
Income tax provision | $ | 13 | $ | 30 | $ | 18 | $ | 13 | $ | 9 | $ | 83 | |||||||||||||
Capital expenditures | $ | 183 | $ | 80 | $ | 251 | $ | 197 | $ | 64 | $ | 775 | |||||||||||||
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). | ||||||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
North America | $ | 273 | $ | 229 | $ | 324 | |||||||||||||||||||
Europe | 250 | 265 | 261 | ||||||||||||||||||||||
Asia | 141 | 160 | 174 | ||||||||||||||||||||||
South America | 240 | 231 | 202 | ||||||||||||||||||||||
Intersegment eliminations | (2 | ) | — | — | |||||||||||||||||||||
Depreciation and amortization | (352 | ) | (334 | ) | (292 | ) | |||||||||||||||||||
Interest expense and amortization of debt issuance costs | (326 | ) | (304 | ) | (298 | ) | |||||||||||||||||||
Adjustment to eliminate proportional consolidation | (33 | ) | (40 | ) | (41 | ) | |||||||||||||||||||
Unrealized (losses) gains on change in fair value of derivative instruments, net | — | (10 | ) | 14 | |||||||||||||||||||||
Realized (losses) gains on derivative instruments not included in segment income | (6 | ) | 5 | 5 | |||||||||||||||||||||
Gain on assets held for sale, net | 22 | 6 | 3 | ||||||||||||||||||||||
Loss on extinguishment of debt | — | — | (7 | ) | |||||||||||||||||||||
Restructuring and impairment, net | (37 | ) | (75 | ) | (47 | ) | |||||||||||||||||||
Loss on sale of fixed assets | (5 | ) | (9 | ) | (6 | ) | |||||||||||||||||||
Other costs, net | (3 | ) | (9 | ) | (6 | ) | |||||||||||||||||||
Income before income taxes | 162 | 115 | 286 | ||||||||||||||||||||||
Income tax provision | 14 | 11 | 83 | ||||||||||||||||||||||
Net income | 148 | 104 | 203 | ||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | 1 | ||||||||||||||||||||||
Net income attributable to our common shareholder | $ | 148 | $ | 104 | $ | 202 | |||||||||||||||||||
Schedule of revenue from external customers attributed to foreign countries by geographic area | The tables below present “Net sales” and “Long-lived assets and other intangible assets” by geographical area (in millions). “Net sales” are attributed to geographical areas based on the origin of the sale. “Long-lived assets and other intangible assets” are attributed to geographical areas based on asset location and exclude investments in and advances to our non-consolidated affiliates and goodwill. | ||||||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||
United States | $ | 3,507 | $ | 3,021 | $ | 3,350 | |||||||||||||||||||
Asia and Other Pacific | 2,139 | 1,845 | 1,745 | ||||||||||||||||||||||
Brazil | 1,750 | 1,544 | 1,391 | ||||||||||||||||||||||
Canada | 144 | 209 | 230 | ||||||||||||||||||||||
Germany | 2,976 | 2,449 | 2,391 | ||||||||||||||||||||||
United Kingdom | 139 | 135 | 53 | ||||||||||||||||||||||
Other Europe | 492 | 564 | 652 | ||||||||||||||||||||||
Total Net sales | $ | 11,147 | $ | 9,767 | $ | 9,812 | |||||||||||||||||||
Schedule of disclosure on geographic areas, long-lived assets in individual foreign countries by country | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Long-lived assets and other intangibles: | |||||||||||||||||||||||||
United States | $ | 1,518 | $ | 1,504 | |||||||||||||||||||||
Asia and Other Pacific | 840 | 866 | |||||||||||||||||||||||
Brazil | 866 | 889 | |||||||||||||||||||||||
Canada | 78 | 82 | |||||||||||||||||||||||
Germany | 251 | 268 | |||||||||||||||||||||||
United Kingdom | 45 | 46 | |||||||||||||||||||||||
Other Europe | 528 | 498 | |||||||||||||||||||||||
Total long-lived assets | $ | 4,126 | $ | 4,153 | |||||||||||||||||||||
Net sales to largest customers, as a percentage of total net sales | The table below shows our net sales to Rexam Plc (Rexam), Anheuser-Busch LLC (Anheuser-Busch), and Affiliates of Ball Corporation (Ball Corporation), our three largest customers, as a percentage of total “Net sales.” | ||||||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Rexam (A) | 18 | % | 17 | % | 15 | % | |||||||||||||||||||
Ball Corporation (A) | 10 | % | 10 | % | 10 | % | |||||||||||||||||||
Anheuser-Busch LLC | 7 | % | 8 | % | 11 | % | |||||||||||||||||||
Percentage of total combined metal purchases | The table below shows our purchases from RTA as a percentage of our total combined metal purchases. | ||||||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Purchases from RTA as a percentage of total combined metal purchases | 15 | % | 17 | % | 24 | % |
Supplemental_Information_Table
Supplemental Information (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
Supplemental cash flow information | Supplemental cash flow information is as follows (in millions). | ||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Supplemental disclosures of cash flow information: | |||||||||||||
Interest paid | $ | 303 | $ | 278 | $ | 271 | |||||||
Income taxes paid | $ | 131 | $ | 120 | $ | 121 | |||||||
Quarterly_Results_Unaudited_Ta
Quarterly Results (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of quarterly financial information | The tables below present select operating results (in millions) by period: | ||||||||||||||||
(Unaudited) | |||||||||||||||||
Quarter Ended | |||||||||||||||||
June 30, | September 30, | December 31, | March 31, | ||||||||||||||
2014 | 2014 | 2014 | 2015 | ||||||||||||||
Net sales | $ | 2,680 | $ | 2,831 | $ | 2,847 | $ | 2,789 | |||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 2,329 | 2,483 | 2,498 | 2,483 | |||||||||||||
Selling, general and administrative expenses | 108 | 103 | 108 | 108 | |||||||||||||
Depreciation and amortization | 89 | 90 | 87 | 86 | |||||||||||||
Research and development expenses | 12 | 12 | 14 | 12 | |||||||||||||
Interest expense and amortization of debt issuance costs | 81 | 82 | 85 | 78 | |||||||||||||
(Gain) loss on assets held for sale, net | (11 | ) | — | (12 | ) | 1 | |||||||||||
Restructuring and impairment, net | 6 | 7 | 25 | (1 | ) | ||||||||||||
Equity in net loss of non-consolidated affiliates | 2 | — | 2 | 1 | |||||||||||||
Other expense (income), net | 5 | 18 | (9 | ) | 3 | ||||||||||||
Income tax provision (benefit) | 24 | (2 | ) | 3 | (11 | ) | |||||||||||
Net income | 35 | 38 | 46 | 29 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | |||||||||||||
Net income attributable to our common shareholder | $ | 35 | $ | 38 | $ | 46 | $ | 29 | |||||||||
(Unaudited) | |||||||||||||||||
Quarter Ended | |||||||||||||||||
June 30, | September 30, | December 31, | March 31, | ||||||||||||||
2013 | 2013 | 2013 | 2014 | ||||||||||||||
Net sales | $ | 2,401 | $ | 2,414 | $ | 2,403 | $ | 2,549 | |||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 2,098 | 2,074 | 2,093 | 2,203 | |||||||||||||
Selling, general and administrative expenses | 120 | 109 | 115 | 117 | |||||||||||||
Depreciation and amortization | 77 | 79 | 91 | 87 | |||||||||||||
Research and development expenses | 10 | 12 | 12 | 11 | |||||||||||||
Interest expense and amortization of debt issuance costs | 76 | 75 | 76 | 77 | |||||||||||||
Gain on assets held for sale | — | — | (6 | ) | — | ||||||||||||
Restructuring and impairment, net | 9 | 18 | 19 | 29 | |||||||||||||
Equity in net loss of non-consolidated affiliates | 4 | 3 | 5 | — | |||||||||||||
Other income, net | (10 | ) | (5 | ) | (12 | ) | (14 | ) | |||||||||
Income tax provision (benefit) | 3 | 26 | (3 | ) | (15 | ) | |||||||||||
Net income | 14 | 23 | 13 | 54 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | |||||||||||||
Net income attributable to our common shareholder | $ | 14 | $ | 23 | $ | 13 | $ | 54 | |||||||||
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Supplemental Guarantor Information [Abstract] | |||||||||||||||||||||
Consolidating statement of operations | CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Year Ended March 31, 2015 | |||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Net sales | $ | 665 | $ | 9,525 | $ | 2,743 | $ | (1,786 | ) | $ | 11,147 | ||||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 650 | 8,413 | 2,514 | (1,784 | ) | 9,793 | |||||||||||||||
Selling, general and administrative expenses | 6 | 344 | 77 | — | 427 | ||||||||||||||||
Depreciation and amortization | 18 | 258 | 76 | — | 352 | ||||||||||||||||
Research and development expenses | — | 49 | 1 | — | 50 | ||||||||||||||||
Interest expense and amortization of debt issuance costs | 319 | 74 | 7 | (74 | ) | 326 | |||||||||||||||
Gain on assets held for sale, net | (5 | ) | (17 | ) | — | — | (22 | ) | |||||||||||||
Restructuring and impairment, net | 1 | 33 | 3 | — | 37 | ||||||||||||||||
Equity in net loss of non-consolidated affiliates | — | 5 | — | — | 5 | ||||||||||||||||
Equity in net (income) loss of consolidated subsidiaries | (456 | ) | (30 | ) | — | 486 | — | ||||||||||||||
Other (income) expense, net | (18 | ) | (46 | ) | 7 | 74 | 17 | ||||||||||||||
515 | 9,083 | 2,685 | (1,298 | ) | 10,985 | ||||||||||||||||
Income before income taxes | 150 | 442 | 58 | (488 | ) | 162 | |||||||||||||||
Income tax provision (benefit) | 2 | (8 | ) | 20 | — | 14 | |||||||||||||||
Net income | 148 | 450 | 38 | (488 | ) | 148 | |||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | ||||||||||||||||
Net income attributable to our common shareholder | $ | 148 | $ | 450 | $ | 38 | $ | (488 | ) | $ | 148 | ||||||||||
Comprehensive (loss) income | $ | (322 | ) | $ | 30 | $ | (7 | ) | $ | (38 | ) | $ | (337 | ) | |||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | (15 | ) | — | (15 | ) | ||||||||||||||
Comprehensive (loss) income attributable to our common shareholder | $ | (322 | ) | $ | 30 | $ | 8 | $ | (38 | ) | $ | (322 | ) | ||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Year Ended March 31, 2014 | |||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Net sales | $ | 693 | $ | 8,080 | $ | 2,416 | $ | (1,422 | ) | $ | 9,767 | ||||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 677 | 7,055 | 2,158 | (1,422 | ) | 8,468 | |||||||||||||||
Selling, general and administrative expenses | 48 | 338 | 75 | — | 461 | ||||||||||||||||
Depreciation and amortization | 16 | 246 | 72 | — | 334 | ||||||||||||||||
Research and development expenses | 1 | 43 | 1 | — | 45 | ||||||||||||||||
Interest expense and amortization of debt issuance costs | 315 | 28 | 1 | (40 | ) | 304 | |||||||||||||||
Gain on assets held for sale, net | — | (6 | ) | — | — | (6 | ) | ||||||||||||||
Restructuring and impairment, net | 8 | 59 | 8 | — | 75 | ||||||||||||||||
Equity in net loss of non-consolidated affiliates | — | 12 | — | — | 12 | ||||||||||||||||
Equity in net (income) loss of consolidated subsidiaries | (448 | ) | (99 | ) | — | 547 | — | ||||||||||||||
Other (income) expense, net | (35 | ) | (57 | ) | 11 | 40 | (41 | ) | |||||||||||||
582 | 7,619 | 2,326 | (875 | ) | 9,652 | ||||||||||||||||
Income before income taxes | 111 | 461 | 90 | (547 | ) | 115 | |||||||||||||||
Income tax provision (benefit) | 7 | 16 | (12 | ) | — | 11 | |||||||||||||||
Net income | 104 | 445 | 102 | (547 | ) | 104 | |||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | ||||||||||||||||
Net income attributable to our common shareholder | $ | 104 | $ | 445 | $ | 102 | $ | (547 | ) | $ | 104 | ||||||||||
Comprehensive income | $ | 281 | $ | 590 | $ | 152 | $ | (744 | ) | $ | 279 | ||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | (2 | ) | — | (2 | ) | ||||||||||||||
Comprehensive income attributable to our common shareholder | $ | 281 | $ | 590 | $ | 154 | $ | (744 | ) | $ | 281 | ||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Year Ended March 31, 2013 | |||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Net sales | $ | 781 | $ | 8,076 | $ | 2,440 | $ | (1,485 | ) | $ | 9,812 | ||||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 740 | 7,028 | 2,194 | (1,485 | ) | 8,477 | |||||||||||||||
Selling, general and administrative expenses | (19 | ) | 341 | 76 | — | 398 | |||||||||||||||
Depreciation and amortization | 14 | 220 | 58 | — | 292 | ||||||||||||||||
Research and development expenses | 7 | 39 | — | — | 46 | ||||||||||||||||
Interest expense and amortization of debt issuance costs | 320 | 16 | (3 | ) | (35 | ) | 298 | ||||||||||||||
Gain (loss) on assets held for sale | (5 | ) | 2 | — | — | (3 | ) | ||||||||||||||
Loss on extinguishment of debt | 7 | — | — | — | 7 | ||||||||||||||||
Restructuring and impairment, net | 12 | 33 | 2 | — | 47 | ||||||||||||||||
Equity in net loss of non-consolidated affiliates | — | 16 | — | — | 16 | ||||||||||||||||
Equity in net (income) loss of consolidated subsidiaries | (455 | ) | (89 | ) | — | 544 | — | ||||||||||||||
Other (income) expense, net | (49 | ) | (49 | ) | 11 | 35 | (52 | ) | |||||||||||||
572 | 7,557 | 2,338 | (941 | ) | 9,526 | ||||||||||||||||
Income before income taxes | 209 | 519 | 102 | (544 | ) | 286 | |||||||||||||||
Income tax provision | 7 | 57 | 19 | — | 83 | ||||||||||||||||
Net income | 202 | 462 | 83 | (544 | ) | 203 | |||||||||||||||
Net income attributable to noncontrolling interests | — | — | 1 | — | 1 | ||||||||||||||||
Net income attributable to our common shareholder | $ | 202 | $ | 462 | $ | 82 | $ | (544 | ) | $ | 202 | ||||||||||
Comprehensive income | $ | 125 | $ | 364 | $ | 85 | $ | (448 | ) | $ | 126 | ||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | — | 1 | — | 1 | ||||||||||||||||
Comprehensive income attributable to our common shareholder | $ | 125 | $ | 364 | $ | 84 | $ | (448 | ) | $ | 125 | ||||||||||
Consolidating balance sheet | CONSOLIDATING BALANCE SHEET (In millions) | ||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 4 | $ | 365 | $ | 259 | $ | — | $ | 628 | |||||||||||
Accounts receivable, net of allowances | |||||||||||||||||||||
— third parties | 23 | 1,034 | 232 | — | 1,289 | ||||||||||||||||
— related parties | 385 | 154 | 158 | (644 | ) | 53 | |||||||||||||||
Inventories | 55 | 1,084 | 294 | (2 | ) | 1,431 | |||||||||||||||
Prepaid expenses and other current assets | 6 | 89 | 17 | — | 112 | ||||||||||||||||
Fair value of derivative instruments | 19 | 55 | 9 | (6 | ) | 77 | |||||||||||||||
Deferred income tax assets | — | 70 | 9 | — | 79 | ||||||||||||||||
Assets held for sale | — | 6 | — | — | 6 | ||||||||||||||||
Total current assets | 492 | 2,857 | 978 | (652 | ) | 3,675 | |||||||||||||||
Property, plant and equipment, net | 95 | 2,549 | 898 | — | 3,542 | ||||||||||||||||
Goodwill | — | 596 | 11 | — | 607 | ||||||||||||||||
Intangible assets, net | 19 | 562 | 3 | — | 584 | ||||||||||||||||
Investments in and advances to non-consolidated affiliates | — | 447 | — | — | 447 | ||||||||||||||||
Investments in consolidated subsidiaries | 3,013 | 597 | — | (3,610 | ) | — | |||||||||||||||
Deferred income tax assets | — | 47 | 48 | — | 95 | ||||||||||||||||
Other long-term assets | |||||||||||||||||||||
— third parties | 57 | 70 | 10 | — | 137 | ||||||||||||||||
— related parties | 1,265 | 64 | — | (1,314 | ) | 15 | |||||||||||||||
Total assets | $ | 4,941 | $ | 7,789 | $ | 1,948 | $ | (5,576 | ) | $ | 9,102 | ||||||||||
LIABILITIES AND (DEFICIT) EQUITY | |||||||||||||||||||||
Current liabilities | |||||||||||||||||||||
Current portion of long-term debt | $ | 22 | $ | 8 | $ | 78 | $ | — | $ | 108 | |||||||||||
Short-term borrowings | |||||||||||||||||||||
— third parties | 394 | 381 | 71 | — | 846 | ||||||||||||||||
— related parties | — | 122 | — | (122 | ) | — | |||||||||||||||
Accounts payable | |||||||||||||||||||||
— third parties | 27 | 1,195 | 632 | — | 1,854 | ||||||||||||||||
— related parties | 78 | 393 | 42 | (469 | ) | 44 | |||||||||||||||
Fair value of derivative instruments | 83 | 62 | 10 | (6 | ) | 149 | |||||||||||||||
Accrued expenses and other current liabilities | |||||||||||||||||||||
— third parties | 99 | 412 | 61 | — | 572 | ||||||||||||||||
— related parties | — | 47 | 6 | (53 | ) | — | |||||||||||||||
Deferred income tax liabilities | — | 20 | — | — | 20 | ||||||||||||||||
Total current liabilities | 703 | 2,640 | 900 | (650 | ) | 3,593 | |||||||||||||||
Long-term debt, net of current portion | |||||||||||||||||||||
— third parties | 4,205 | 28 | 116 | — | 4,349 | ||||||||||||||||
— related parties | 49 | 1,209 | 56 | (1,314 | ) | — | |||||||||||||||
Deferred income tax liabilities | — | 254 | 7 | — | 261 | ||||||||||||||||
Accrued postretirement benefits | 30 | 534 | 184 | — | 748 | ||||||||||||||||
Other long-term liabilities | 36 | 175 | 10 | — | 221 | ||||||||||||||||
Total liabilities | 5,023 | 4,840 | 1,273 | (1,964 | ) | 9,172 | |||||||||||||||
Commitments and contingencies | |||||||||||||||||||||
Temporary equity - intercompany | — | 1,681 | — | (1,681 | ) | — | |||||||||||||||
Shareholder’s (deficit) equity | |||||||||||||||||||||
Common stock | — | — | — | — | — | ||||||||||||||||
Additional paid-in capital | 1,404 | — | — | — | 1,404 | ||||||||||||||||
(Accumulated deficit) retained earnings | (925 | ) | 1,831 | 711 | (2,542 | ) | (925 | ) | |||||||||||||
Accumulated other comprehensive (loss) income | (561 | ) | (563 | ) | (48 | ) | 611 | (561 | ) | ||||||||||||
Total (deficit) equity of our common shareholder | (82 | ) | 1,268 | 663 | (1,931 | ) | (82 | ) | |||||||||||||
Noncontrolling interests | — | — | 12 | — | 12 | ||||||||||||||||
Total (deficit) equity | (82 | ) | 1,268 | 675 | (1,931 | ) | (70 | ) | |||||||||||||
Total liabilities and (deficit) equity | $ | 4,941 | $ | 7,789 | $ | 1,948 | $ | (5,576 | ) | $ | 9,102 | ||||||||||
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 | |||||||||||||||||||||
Temporary equity - intercompany | — | 1,681 | — | (1,681 | ) | — | |||||||||||||||
Shareholder’s equity | |||||||||||||||||||||
Common stock | — | — | — | — | — | ||||||||||||||||
Additional paid-in capital | 1,404 | — | — | — | 1,404 | ||||||||||||||||
(Accumulated deficit) retained earnings | (1,073 | ) | 1,684 | 680 | (2,364 | ) | (1,073 | ) | |||||||||||||
Accumulated other comprehensive (loss) income | (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 | ||||||||||
Consolidating statement of cash flows | CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Year Ended March 31, 2015 | |||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 29 | $ | 659 | $ | 161 | $ | (245 | ) | $ | 604 | ||||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||
Capital expenditures | (17 | ) | (404 | ) | (97 | ) | — | (518 | ) | ||||||||||||
Proceeds from sales of assets, net of transaction fees and hedging | |||||||||||||||||||||
— third parties | 29 | 88 | — | — | 117 | ||||||||||||||||
Proceeds (outflows) from investment in and advances to affiliates, net | 250 | 5 | — | (275 | ) | (20 | ) | ||||||||||||||
(Outflows) proceeds from settlement of other undesignated derivative instruments, net | (19 | ) | 23 | 1 | — | 5 | |||||||||||||||
Net cash provided by (used in) investing activities | 243 | (288 | ) | (96 | ) | (275 | ) | (416 | ) | ||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||
Proceeds from issuance of long-term and short-term borrowings | |||||||||||||||||||||
— third parties | — | 315 | 47 | — | 362 | ||||||||||||||||
— related parties | — | 500 | 3 | (503 | ) | — | |||||||||||||||
Principal payments of long-term and short-term borrowings | |||||||||||||||||||||
— third parties | (21 | ) | (266 | ) | (37 | ) | — | (324 | ) | ||||||||||||
— related parties | — | (80 | ) | — | 80 | — | |||||||||||||||
Revolving credit facilities and other, net | |||||||||||||||||||||
— third parties | 27 | 97 | 36 | — | 160 | ||||||||||||||||
— related parties | (25 | ) | (686 | ) | — | 711 | — | ||||||||||||||
Return of capital to our common shareholder | (250 | ) | — | — | — | (250 | ) | ||||||||||||||
Proceeds from issuance of intercompany equity | — | — | 13 | (13 | ) | — | |||||||||||||||
Dividends, noncontrolling interests and intercompany | — | (244 | ) | (2 | ) | 245 | (1 | ) | |||||||||||||
Debt issuance costs | (3 | ) | — | — | — | (3 | ) | ||||||||||||||
Net cash (used in) provided by financing activities | (272 | ) | (364 | ) | 60 | 520 | (56 | ) | |||||||||||||
Net increase in cash and cash equivalents | — | 7 | 125 | — | 132 | ||||||||||||||||
Effect of exchange rate changes on cash | — | (14 | ) | 1 | — | (13 | ) | ||||||||||||||
Cash and cash equivalents — beginning of period | 4 | 372 | 133 | — | 509 | ||||||||||||||||
Cash and cash equivalents — end of period | $ | 4 | $ | 365 | $ | 259 | $ | — | $ | 628 | |||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Year Ended March 31, 2014 | |||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 144 | $ | 893 | $ | 233 | $ | (568 | ) | $ | 702 | ||||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||
Capital expenditures | (22 | ) | (492 | ) | (203 | ) | — | (717 | ) | ||||||||||||
Proceeds from the sale of assets, net of transaction fees | |||||||||||||||||||||
— third parties | — | 7 | 1 | — | 8 | ||||||||||||||||
— related parties | — | 8 | — | — | 8 | ||||||||||||||||
(Outflows) proceeds from investment in and advances to affiliates, net | (261 | ) | (41 | ) | — | 286 | (16 | ) | |||||||||||||
(Outflows) proceeds from settlement of other undesignated derivative instruments, net | (21 | ) | 21 | 15 | — | 15 | |||||||||||||||
Net cash (used in) provided by investing activities | (304 | ) | (497 | ) | (187 | ) | 286 | (702 | ) | ||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||
Proceeds from issuance of long-term and short-term borrowings | |||||||||||||||||||||
— third parties | — | 147 | 22 | — | 169 | ||||||||||||||||
— related parties | — | — | 56 | (56 | ) | — | |||||||||||||||
Principal payments of long-term and short-term borrowings | |||||||||||||||||||||
— third parties | (19 | ) | (143 | ) | (2 | ) | — | (164 | ) | ||||||||||||
Revolving credit facilities and other, net | |||||||||||||||||||||
— third parties | 162 | 44 | 2 | — | 208 | ||||||||||||||||
— related parties | 25 | 208 | — | (233 | ) | — | |||||||||||||||
Intercompany return of capital | — | — | (3 | ) | 3 | — | |||||||||||||||
Intercompany dividends | — | (479 | ) | (89 | ) | 568 | — | ||||||||||||||
Debt issuance costs | (8 | ) | — | — | — | (8 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 160 | (223 | ) | (14 | ) | 282 | 205 | ||||||||||||||
Net increase in cash and cash equivalents | — | 173 | 32 | — | 205 | ||||||||||||||||
Effect of exchange rate changes on cash | — | 3 | — | — | 3 | ||||||||||||||||
Cash and cash equivalents — beginning of period | 4 | 196 | 101 | — | 301 | ||||||||||||||||
Cash and cash equivalents — end of period | $ | 4 | $ | 372 | $ | 133 | $ | — | $ | 509 | |||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Year Ended March 31, 2013 | |||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 87 | $ | 230 | $ | 202 | $ | (316 | ) | $ | 203 | ||||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||
Capital expenditures | (11 | ) | (491 | ) | (273 | ) | — | (775 | ) | ||||||||||||
Proceeds from the sale of assets, net of transaction fees | |||||||||||||||||||||
— third parties | 7 | 12 | — | — | 19 | ||||||||||||||||
— related parties | — | 2 | — | — | 2 | ||||||||||||||||
(Outflows) proceeds from investment in and advances to affiliates, net | (313 | ) | (20 | ) | — | 336 | 3 | ||||||||||||||
Proceeds (outflow) from settlement of undesignated derivative instruments, net | 13 | 4 | (13 | ) | — | 4 | |||||||||||||||
Net cash (used in) provided by investing activities | (304 | ) | (493 | ) | (286 | ) | 336 | (747 | ) | ||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||
Proceeds from issuance of long-term and short-term borrowings | |||||||||||||||||||||
— third parties | 80 | 98 | 141 | — | 319 | ||||||||||||||||
— related parties | 49 | 9 | — | (58 | ) | — | |||||||||||||||
Principal payments of long-term and short-term borrowings | |||||||||||||||||||||
— third parties | (92 | ) | (5 | ) | — | — | (97 | ) | |||||||||||||
— related parties | — | (26 | ) | — | 26 | — | |||||||||||||||
Revolving credit facilities and other, net | |||||||||||||||||||||
— third parties | 205 | 127 | — | — | 332 | ||||||||||||||||
— related parties | (10 | ) | 286 | (17 | ) | (259 | ) | — | |||||||||||||
Proceeds from the issuances of intercompany equity | — | 1 | 44 | (45 | ) | — | |||||||||||||||
Dividends, noncontrolling interests and intercompany | — | (237 | ) | (81 | ) | 316 | (2 | ) | |||||||||||||
Acquisition of noncontrolling interest in Novelis Korea Ltd. | (9 | ) | — | — | — | (9 | ) | ||||||||||||||
Debt issuance costs | (8 | ) | — | — | — | (8 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 215 | 253 | 87 | (20 | ) | 535 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | (2 | ) | (10 | ) | 3 | — | (9 | ) | |||||||||||||
Effect of exchange rate changes on cash | — | (9 | ) | 2 | — | (7 | ) | ||||||||||||||
Cash and cash equivalents — beginning of period | 6 | 215 | 96 | — | 317 | ||||||||||||||||
Cash and cash equivalents — end of period | $ | 4 | $ | 196 | $ | 101 | $ | — | $ | 301 | |||||||||||
Business_and_Summary_of_Signif3
Business and Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended |
Mar. 31, 2015 | |
country | |
continent | |
plant | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of countries Company operates in | 11 |
Numer of continents Company operates in | 4 |
Number of operating plants | 25 |
Number of plants with recycling operations | 11 |
Percentage of employees represented by labor unions | 49.00% |
Maximum amortization period of unfunded actuarial liability | 15 years 0 months |
Business_and_Summary_of_Signif4
Business and Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) | 12 Months Ended |
Mar. 31, 2015 | |
Buildings [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 30 years |
Buildings [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 7 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 20 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 2 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 25 years |
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Equipment under Capital Lease Obligations [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Equipment under Capital Lease Obligations [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 15 years |
Large Scale Machinery [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 15 years |
Large Scale Machinery [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 25 years |
Supporting Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 2 years |
Supporting Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 15 years |
Restructuring_and_Impairment_R
Restructuring and Impairment (Restructuring Liability) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Restructuring Reserve [Roll Forward] | |||||||||||
Balance as of beginning of period | $47 | $33 | $47 | $33 | $28 | ||||||
Expenses | 30 | 48 | 40 | ||||||||
Other restructuring charges | 5 | 3 | 5 | ||||||||
Expenses | 35 | 51 | 45 | ||||||||
Other impairments | 2 | 24 | 2 | ||||||||
Total restructuring and impairments, net | -1 | 25 | 7 | 6 | 29 | 19 | 18 | 9 | 37 | 75 | 47 |
Cash payments | -32 | -34 | -34 | ||||||||
Foreign currency translation and other | -13 | -1 | |||||||||
Balance as of end of period | $32 | $47 | $32 | $47 | $33 |
Restructuring_and_Impairment_R1
Restructuring and Impairment (Restructuring Activity) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $35 | $51 | $45 | |
Restructuring payments | -32 | -34 | -34 | |
North America [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 1 | 5 | 19 | 31 |
Restructuring payments | -3 | -6 | -13 | |
North America [Member] | Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring payments | -2 | -4 | -10 | |
North America [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring payments | -1 | -2 | -3 | |
North America [Member] | Saguenay Plant Closure [Member] | Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 0 | 5 | 0 |
North America [Member] | Saguenay Plant Closure [Member] | Fixed Asset Impairment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 0 | 0 | 28 |
North America [Member] | Saguenay Plant Closure [Member] | Other Exit Related Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 1 | 1 | 0 | 0 |
North America [Member] | Saguenay Plant Closure [Member] | Period Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 1 | 3 | 0 |
North America [Member] | Relocation of R&D Operations to Kennesaw, Georgia [Member] | Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 1 | 8 | 3 |
North America [Member] | Relocation of R&D Operations to Kennesaw, Georgia [Member] | Period Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 1 | 0 | 0 |
North America [Member] | Relocation of R&D Operations to Kennesaw, Georgia [Member] | Employee Relocation [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 1 | 0 | 0 |
North America [Member] | Evermore Joint Venture Exit [Member] | Fixed Asset Impairment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 0 | 1 | 0 |
North America [Member] | Evermore Joint Venture Exit [Member] | Contract Termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 0 | 2 | 0 |
Europe [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 3 | 27 | 11 | 49 |
Restructuring payments | -12 | -19 | -19 | |
Europe [Member] | Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring payments | -12 | -18 | -17 | |
Europe [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring payments | 0 | -1 | -2 | |
Europe [Member] | Business Optimization [Member] | Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 3 | 26 | 10 | 6 |
Europe [Member] | Business Optimization [Member] | Pension Curtailment Loss [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 1 | 0 | 0 |
Europe [Member] | Rogerstone Plant Closure [Member] | Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 0 | 0 | 18 |
Europe [Member] | Rogerstone Plant Closure [Member] | Fixed Asset Impairment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 0 | 0 | 22 |
Europe [Member] | Rogerstone Plant Closure [Member] | Other Exit Related Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 0 | 1 | 3 |
South America [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 31 | 19 | 15 | 14 |
Restructuring payments | -16 | -8 | -2 | |
South America [Member] | Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring payments | -12 | -4 | -1 | |
South America [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring payments | -4 | -4 | -1 | |
South America [Member] | Non-core Assets [Member] | Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 14 | 2 | 3 | 0 |
South America [Member] | Non-core Assets [Member] | Fixed Asset Impairment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 5 | 0 | 1 | 0 |
South America [Member] | Non-core Assets [Member] | Contract Termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 5 | 1 | 5 | 0 |
South America [Member] | Non-core Assets [Member] | Environmental Remediation and Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 6 | 16 | 0 | 0 |
South America [Member] | Aratu Plant Closure [Member] | Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 0 | 0 | 7 |
South America [Member] | Aratu Plant Closure [Member] | Fixed Asset Impairment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 0 | 0 | 7 |
South America [Member] | Aratu Plant Closure [Member] | Other Exit Related Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $1 | $0 | $6 | $0 |
Restructuring_and_Impairment_D
Restructuring and Impairment (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and impairment, net | ($1) | $25 | $7 | $6 | $29 | $19 | $18 | $9 | $37 | $75 | $47 | |
Impairment charges | 7 | 24 | 4 | |||||||||
Payments for outstanding lease termination costs | 32 | 34 | 34 | |||||||||
Restructuring liability | 32 | 47 | 32 | 47 | 33 | 28 | ||||||
Accrued Expenses and Other Current Liabilities [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring liabilities, short-term | 16 | 16 | ||||||||||
Other Long-term Liabilities [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring liabilities, long-term | 16 | 16 | ||||||||||
Corporate [Member] | Other Restructuring [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Payments for outstanding lease termination costs | -1 | |||||||||||
North America [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Payments for outstanding lease termination costs | 3 | 6 | 13 | |||||||||
Restructuring liability | 1 | 1 | ||||||||||
North America [Member] | Other Restructuring [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Payments for outstanding lease termination costs | 1 | 2 | 3 | |||||||||
North America [Member] | Severance [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Payments for outstanding lease termination costs | 2 | 4 | 10 | |||||||||
Europe [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Payments for outstanding lease termination costs | 12 | 19 | 19 | |||||||||
Restructuring liability | 6 | 6 | ||||||||||
Europe [Member] | Other Restructuring [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Payments for outstanding lease termination costs | 0 | 1 | 2 | |||||||||
Europe [Member] | Severance [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Payments for outstanding lease termination costs | 12 | 18 | 17 | |||||||||
South America [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Payments for outstanding lease termination costs | 16 | 8 | 2 | |||||||||
South America [Member] | Other Restructuring [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Payments for outstanding lease termination costs | 4 | 4 | 1 | |||||||||
South America [Member] | Environmental, Contract Termination and Other Exit Related Costs [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring liability | 25 | 25 | ||||||||||
South America [Member] | Severance [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Payments for outstanding lease termination costs | 12 | 4 | 1 | |||||||||
Capitalized Software Assets [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Impairment charges | 2 | 5 | ||||||||||
Non-core Assets [Member] | South America [Member] | Environmental Remediation Site [Domain] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring liability | 18 | 18 | ||||||||||
Non-core Assets [Member] | South America [Member] | Severance [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring liability | 5 | 5 | ||||||||||
Non-core Assets [Member] | South America [Member] | Contract Termination [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring liability | 1 | 1 | ||||||||||
Non-core Assets [Member] | South America [Member] | Other Exit Related Costs [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring liability | 1 | 1 | ||||||||||
Non-core Assets [Member] | Brazil [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Impairment charges | 17 | |||||||||||
Long-lived Assets [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Impairment charges | $2 | $2 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
In Millions, unless otherwise specified | ||||
Receivables [Abstract] | ||||
Trade accounts receivable | $1,158 | $1,303 | ||
Other accounts receivable | 134 | 83 | ||
Accounts receivable — third parties | 1,292 | 1,386 | ||
Allowance for doubtful accounts — third parties | -3 | -4 | -3 | -5 |
Accounts receivable, net — third parties | 1,289 | 1,382 | ||
Accounts receivable, net — related parties | $53 | $54 |
Accounts_Receivable_Allowance_
Accounts Receivable (Allowance for Doubtful Accounts Activity) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at Beginning of Period | $4 | $3 | $5 |
Additions Charged to Expense | 0 | 2 | 2 |
Accounts Recovered/ (Written- Off) | 0 | -1 | -4 |
Foreign Exchange and Other | -1 | 0 | 0 |
Balance at End of Period | $3 | $4 | $3 |
Accounts_Receivable_Factoring_
Accounts Receivable (Factoring Activities) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Receivables [Abstract] | |||
Receivables factored | $1,796 | $1,081 | $464 |
Factoring expense | 10 | 5 | 2 |
Factored receivables outstanding | $591 | $245 |
Accounts_Receivable_Details_Te
Accounts Receivable (Details Textual) | Mar. 31, 2015 | Mar. 31, 2014 |
Receivables [Abstract] | ||
Allowance as a percentage of gross accounts receivable | 0.20% | 0.30% |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Schedule of inventories | ||
Finished goods | $358 | $259 |
Work in process | 531 | 419 |
Raw materials | 419 | 382 |
Supplies | 123 | 113 |
Inventories | $1,431 | $1,173 |
Assets_Held_For_Sale_Details
Assets Held For Sale (Details) (USD $) | Mar. 31, 2015 | 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 | 6 | 37 |
Investment in and advances to non-consolidated affiliates | 0 | 39 |
Total assets held for sale | 6 | 102 |
Accounts payable | 0 | 4 |
Accrued expenses and other current liabilities | 0 | 7 |
Total liabilities held for sale | $0 | $11 |
Assets_Held_For_Sale_Details_T
Assets Held For Sale (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Aug. 31, 2013 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Feb. 28, 2015 | Dec. 31, 2014 |
Assets Held-for-sale [Line Items] | ||||||||||||||||
Gain on assets held for sale | ($1) | $12 | $0 | $11 | $0 | $6 | $0 | $0 | $22 | $6 | $3 | |||||
Proceeds from sale of assets, net | 117 | 8 | 19 | |||||||||||||
Assets held for sale | 6 | 102 | 6 | 102 | ||||||||||||
Cash received from sale of property held for sale | 8 | |||||||||||||||
Liabilities held for sale | 0 | 11 | 0 | 11 | ||||||||||||
Gain on assets held for sale | -5 | -9 | -6 | |||||||||||||
Brazil [Member] | ||||||||||||||||
Assets Held-for-sale [Line Items] | ||||||||||||||||
Gain on assets held for sale | 6 | |||||||||||||||
Assets held for sale | 1 | 1 | ||||||||||||||
Cash received from sale of property held for sale | 8 | 6 | ||||||||||||||
Gain on assets held for sale | 6 | |||||||||||||||
North America [Member] | ||||||||||||||||
Assets Held-for-sale [Line Items] | ||||||||||||||||
Gain on assets held for sale | 7 | |||||||||||||||
Assets held for sale | 31 | 31 | ||||||||||||||
Cash received from sale of property held for sale | 29 | |||||||||||||||
Liabilities held for sale | 11 | 11 | ||||||||||||||
Consorcio Candonga [Member] | ||||||||||||||||
Assets Held-for-sale [Line Items] | ||||||||||||||||
Proceeds from sale of share in the joint venture | 63 | |||||||||||||||
Gain on assets held for sale | 23 | |||||||||||||||
Proceeds from sale of assets, net | 17 | |||||||||||||||
Loss on sale of assets | 14 | |||||||||||||||
Assets held for sale | $70 | $70 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Land and property rights | $180 | $174 |
Buildings | 1,183 | 1,029 |
Machinery and equipment | 3,947 | 3,606 |
Property, plant and equipment, gross | 5,310 | 4,809 |
Accumulated depreciation and amortization | -2,132 | -1,977 |
Property, pant and equipment, net excluding construction in progress | 3,178 | 2,832 |
Construction in progress | 364 | 681 |
Property, plant and equipment, net | $3,542 | $3,513 |
Property_Plant_and_Equipment_D1
Property, Plant and Equipment (Depreciation Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense related to property, plant and equipment, net | $294 | $279 | $242 |
Property_Plant_and_Equipment_R
Property, Plant and Equipment (Rent Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Property, Plant and Equipment [Abstract] | |||
Rent expense | $22 | $21 | $21 |
Property_Plant_and_Equipment_F
Property, Plant and Equipment (Future Minimum Lease Payment) (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Operating Leases | |
2016 | $27 |
2017 | 21 |
2018 | 19 |
2019 | 18 |
2020 | 16 |
Thereafter | 54 |
Total minimum lease payments | 155 |
Capital Lease Obligations | |
2016 | 11 |
2017 | 11 |
2018 | 8 |
2019 | 7 |
2020 | 5 |
Thereafter | 0 |
Total minimum lease payments | 42 |
Less: interest portion on capital lease | 6 |
Principal obligation on capital leases | $36 |
Property_Plant_and_Equipment_C
Property, Plant and Equipment (Capital Lease Obligations) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Assets under capital lease obligations, gross | $87 | $93 |
Accumulated amortization | -65 | -65 |
Assets under capital lease obligations, net | 22 | 28 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Assets under capital lease obligations, gross | 11 | 12 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Assets under capital lease obligations, gross | $76 | $81 |
Property_Plant_and_Equipment_D2
Property, Plant and Equipment (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Property, Plant and Equipment [Abstract] | |||
Fully depreciated assets | $756 | $752 | |
Capitalized interest costs | $20 | $33 | $36 |
Capital leases, term of contract | 15 years |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Goodwill) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | $1,947 | $1,951 |
Accumulated Impairment | -1,340 | -1,340 |
Net Carrying Value | 607 | 611 |
North America [Member] | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 1,145 | 1,148 |
Accumulated Impairment | -860 | -860 |
Net Carrying Value | 285 | 288 |
Europe [Member] | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 511 | 511 |
Accumulated Impairment | -330 | -330 |
Net Carrying Value | 181 | 181 |
South America [Member] | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 291 | 292 |
Accumulated Impairment | -150 | -150 |
Net Carrying Value | $141 | $142 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Intangible Assets, Net) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life | 15 years 8 months | |
Gross Carrying Amount | $1,067 | $1,071 |
Accumulated Amortization | -483 | -431 |
Net Carrying Amount | 584 | 640 |
Tradenames [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life | 20 years | |
Gross Carrying Amount | 142 | 142 |
Accumulated Amortization | -56 | -49 |
Net Carrying Amount | 86 | 93 |
Technology and Software [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life | 10 years 8 months | |
Gross Carrying Amount | 357 | 335 |
Accumulated Amortization | -149 | -129 |
Net Carrying Amount | 208 | 206 |
Customer-related Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life | 20 years | |
Gross Carrying Amount | 444 | 470 |
Accumulated Amortization | -173 | -160 |
Net Carrying Amount | 271 | 310 |
Favorable Energy Supply Contract [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life | 9 years 6 months | |
Gross Carrying Amount | 124 | 124 |
Accumulated Amortization | -105 | -93 |
Net Carrying Amount | $19 | $31 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets (Amortization of Intangibles) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Intangible Asset Amortization Expense [Line Items] | |||
Amortization expense related to intangible assets | $70 | $67 | $63 |
Amortization of Intangibles, Cost of Goods Sold [Member] | |||
Intangible Asset Amortization Expense [Line Items] | |||
Amortization expense related to intangible assets | -12 | -12 | -13 |
Amortization of Intangibles, Depreciation and Amortization [Member] | |||
Intangible Asset Amortization Expense [Line Items] | |||
Amortization expense related to intangible assets | $58 | $55 | $50 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets (Future Amortization Expense) (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2016 | $74 |
2017 | 70 |
2018 | 63 |
2019 | 63 |
2020 | $63 |
Consolidation_Details
Consolidation (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
In Millions, unless otherwise specified | ||||
Current assets | ||||
Cash and cash equivalents | $628 | $509 | $301 | $317 |
Inventories | 1,431 | 1,173 | ||
Prepaid expenses and other current assets | 112 | 101 | ||
Total current assets | 3,675 | 3,473 | ||
Property, plant and equipment, net | 3,542 | 3,513 | ||
Goodwill | 607 | 611 | ||
Deferred income taxes | 95 | 80 | ||
Other long-term assets | 137 | 173 | ||
Total assets | 9,102 | 9,114 | ||
Current liabilities | ||||
Accounts payable | 1,854 | 1,418 | ||
Accrued expenses and other current liabilities | 572 | 547 | ||
Total current liabilities | 3,593 | 3,170 | ||
Accrued postretirement benefits | 748 | 621 | ||
Other long–term liabilities | 221 | 271 | ||
Total liabilities | 9,172 | 8,846 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 2 | 1 | ||
Accounts receivable | 40 | 38 | ||
Inventories | 52 | 42 | ||
Prepaid expenses and other current assets | 1 | 1 | ||
Property, plant and equipment, net | 20 | 14 | ||
Goodwill | 12 | 12 | ||
Deferred income taxes | 65 | 63 | ||
Other long-term assets | 4 | 3 | ||
Current liabilities | ||||
Accounts payable | 33 | 26 | ||
Accrued expenses and other current liabilities | 12 | 13 | ||
Accrued postretirement benefits | 166 | 141 | ||
Other long–term liabilities | 2 | 2 | ||
Logan [Member] | ||||
Current assets | ||||
Total current assets | 95 | 82 | ||
Total assets | 196 | 174 | ||
Current liabilities | ||||
Total current liabilities | 45 | 39 | ||
Total liabilities | $213 | $182 |
Investment_in_and_Advances_to_2
Investment in and Advances to Non-Consolidated Affiliates and Related Party Transactions (Ownership Structure and Percentage of Non-consolidated Affiliates) (Details) (USD $) | 1 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2015 |
Aluminium Norf GmbH (Alunorf) [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Percentage | 50.00% | |
Consorcio Candonga [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Percentage | 50.00% | |
Proceeds from sale of share in the joint venture | $63 |
Investment_in_and_Advances_to_3
Investment in and Advances to Non-Consolidated Affiliates and Related Party Transactions (Assets, Liabilities and Equity of Equity Method Affiliates) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Investment In and Advances To Non-Consolidated Affiliates and Related Party Transactions [Abstract] | ||
Current assets | $145 | $183 |
Non-current assets | 357 | 484 |
Total assets | 502 | 667 |
Current liabilities | 51 | 132 |
Non-current liabilities | 232 | 268 |
Total liabilities | 283 | 400 |
Total equity | 219 | 267 |
Total liabilities and equity | $502 | $667 |
Investment_in_and_Advances_to_4
Investment in and Advances to Non-Consolidated Affiliates and Related Party Transactions (Results of Operations of Equity Method Affiliates) (Details) (Equity Method Investments [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Equity Method Investments [Member] | |||
Summary of the share of the condensed results of operations of equity method affiliates | |||
Net sales | $524 | $550 | $489 |
Costs and expenses related to net sales | 527 | 543 | 488 |
Provision for taxes on income | 0 | 4 | 2 |
Net (loss) income | -3 | 3 | -1 |
Purchase of tolling services from Aluminium Norf GmbH (Alunorf) | $261 | $275 | $244 |
Investment_in_and_Advances_to_5
Investment in and Advances to Non-Consolidated Affiliates and Related Party Transactions (Period-end Account Balances with Non-consolidated Affiliates) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Related Party Transaction [Line Items] | ||
Accounts receivable - related parties | $53 | $54 |
Other long-term assets-related parties | 15 | 12 |
Accounts payable-related parties | 44 | 53 |
Equity Method Investee [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable - related parties | 53 | 54 |
Other long-term assets-related parties | 15 | 12 |
Accounts payable-related parties | $44 | $53 |
Investment_in_and_Advances_to_6
Investment in and Advances to Non-Consolidated Affiliates and Related Party Transactions (Details Textual) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | ||||||
Aug. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
USD ($) | USD ($) | USD ($) | Alunorf [Member] | Alunorf [Member] | Alunorf [Member] | Alunorf [Member] | Hindalco [Member] | Hindalco [Member] | Hindalco [Member] | AV Metals, Inc. [Member] | |
USD ($) | EUR (€) | USD ($) | Supplemental Employee Retirement Plan [Member] | USD ($) | USD ($) | USD ($) | USD ($) | ||||
USD ($) | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Difference between carrying amount and underlying equity | $337,000,000 | ||||||||||
Interest income on loan (less than) | 1,000,000 | ||||||||||
Allowance for loan loss | 0 | 0 | |||||||||
Guarantee as percentage of outstanding debt | 50.00% | ||||||||||
Maximum exposure for gauranteed obligation | 6,000,000 | 2,000,000 | |||||||||
Revenue from related party | 1,000,000 | 1,000,000 | 5,000,000 | ||||||||
Proceeds from sale of bauxite mining rights and certain alumina assets and liabilities | 8,000,000 | 8,000,000 | |||||||||
Accounts receivable - related parties | 54,000,000 | 53,000,000 | 1,000,000 | 1,000,000 | |||||||
Return of capital to shareholder | $250,000,000 | $250,000,000 |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Accrued Expenses and Other Current Liabilities [Abstract] | ||
Accrued compensation and benefits | $172 | $182 |
Accrued interest payable | 67 | 66 |
Accrued income taxes | 11 | 31 |
Other current liabilities | 322 | 268 |
Accrued expenses and other current liabilities — third parties | 572 | 547 |
Accrued expenses and other current liabilities — related party | $0 | $250 |
Debt_Details
Debt (Details) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 17, 2010 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 17, 2010 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
USD ($) | USD ($) | Floating Rate Term Loan Facility, due March 2017 [Member] | Floating Rate Term Loan Facility, due March 2017 [Member] | 8.375% Senior Notes, due December 2017 [Member] | 8.375% Senior Notes, due December 2017 [Member] | 8.375% Senior Notes, due December 2017 [Member] | 8.75% Senior Notes, due December 2020 [Member] | 8.75% Senior Notes, due December 2020 [Member] | 8.75% Senior Notes, due December 2020 [Member] | Capital Lease Obligations, due through July 2017 [Member] | Capital Lease Obligations, due through July 2017 [Member] | Loans due November 2015 to September 2020 [Member] | Loans due November 2015 to September 2020 [Member] | Loans due November 2015 to September 2020 [Member] | Capital Lease Obligation, due December 2019 [Member] | Capital Lease Obligation, due December 2019 [Member] | Capital Lease Obligation, due December 2019 [Member] | BNDES Loans due February 2015 through April 2021 [Member] | BNDES Loans due February 2015 through April 2021 [Member] | BNDES Loans due February 2015 through April 2021 [Member] | Other Debt, due through December 2020 [Member] | Other Debt, due through December 2020 [Member] | Short-term Borrowings [Member] | Short-term Borrowings [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Korea [Member] | Korea [Member] | Korea [Member] | Switzerland [Member] | Switzerland [Member] | Switzerland [Member] | Brazil [Member] | Brazil [Member] | Brazil [Member] | USD ($) | USD ($) | USD ($) | USD ($) | |||
USD ($) | KRW | USD ($) | USD ($) | CHF | USD ($) | USD ($) | BRL | USD ($) | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Interest rates | 3.75% | 8.38% | 8.75% | 3.64% | 2.93% | 2.93% | 7.50% | 7.50% | 5.91% | 5.91% | 6.08% | 3.21% | |||||||||||||
Short-term borrowings | $846,000,000 | $723,000,000 | $846,000,000 | $723,000,000 | |||||||||||||||||||||
Long-term debt, principal | 1,731,000,000 | 1,749,000,000 | 1,100,000,000 | 1,100,000,000 | 1,400,000,000 | 1,400,000,000 | 9,000,000 | 11,000,000 | 192,000,000 | 155,000,000 | 7,000,000 | 13,000,000 | 5,000,000 | 10,000,000 | |||||||||||
Capital lease obligations, principal | 28,000,000 | 36,000,000 | |||||||||||||||||||||||
Total debt | 5,318,000,000 | 5,197,000,000 | |||||||||||||||||||||||
Long-term debt, unamortized carrying value adjustments | -13,000,000 | -20,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1,000,000 | -2,000,000 | 0 | 0 | 0 | 0 | |||||||||
Long-term debt | 4,457,000,000 | 4,451,000,000 | 1,718,000,000 | 1,729,000,000 | 1,100,000,000 | 1,100,000,000 | 1,400,000,000 | 1,400,000,000 | 9,000,000 | 11,000,000 | 192,000,000 | 155,000,000 | 6,000,000 | 11,000,000 | 5,000,000 | 10,000,000 | |||||||||
Capital lease obligations, carrying value adjustment | -1,000,000 | -1,000,000 | |||||||||||||||||||||||
Capital lease obligations, carrying value | 27,000,000 | 35,000,000 | |||||||||||||||||||||||
Total debt, carrying value | 5,303,000,000 | 5,174,000,000 | |||||||||||||||||||||||
Debt instrument, unamortized carrying value adjustment | -15,000,000 | -23,000,000 | |||||||||||||||||||||||
Current portion of long-term debt | -108,000,000 | -92,000,000 | |||||||||||||||||||||||
Long-term debt, net of current portion, principal | 4,364,000,000 | 4,382,000,000 | |||||||||||||||||||||||
Long–term debt, net of current portion | 4,349,000,000 | 4,359,000,000 | |||||||||||||||||||||||
Principal amount | 1,100,000,000 | 1,400,000,000 | 212,000,000,000 | 22,000,000 | |||||||||||||||||||||
Principal obligation on capital leases | $36,000,000 | 27,000,000 |
Debt_Principal_Payment_Require
Debt (Principal Payment Requirements) (Details) (USD $) | Mar. 31, 2015 | 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 | $954 | |
2 years | 1,747 | |
3 years | 1,203 | |
4 years | 8 | |
5 years | 6 | |
Thereafter | 1,400 | |
Total debt | $5,318 | $5,197 |
Debt_Senior_Secured_Credit_Fac
Debt (Senior Secured Credit Facilities) (Details) (USD $) | 1 Months Ended | 12 Months Ended |
Oct. 31, 2014 | Mar. 31, 2015 | |
Line of Credit Facility [Line Items] | ||
Aggregate principal amount (more than) | $100,000,000 | |
ABL Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt term | 5 years | |
Current borrowing capacity | 1,200,000,000 | |
Potential additional borrowing capacity | 500,000,000 | |
ABL Revolver [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt term | 5 years | |
Current borrowing capacity | 1,200,000,000 | |
Potential additional borrowing capacity | 500,000,000 | |
Description of variable rate basis | LIBOR | |
Maximum borrowing capacity | 1,000,000,000 | |
Debt covenant, minimum fixed charge coverage ratio | 1.25 | |
Covenant, minimum amount for excess availability under ABL Revolver | 110,000,000 | |
Covenant, percentage applied on lesser of ABL Revolver commitment and applicable borrowing base | 12.50% | |
Number of days preceding maturity date | 90 days | |
Percentage of the lesser of total revolver commitment to applicable borrowing base | 20.00% | |
ABL Revolver [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Percentage of the lesser of total revolver commitment to applicable borrowing base | 25.00% | |
ABL Revolver [Member] | LIBOR [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.50% | |
ABL Revolver [Member] | LIBOR [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 2.00% | |
ABL Revolver [Member] | Prime Rate [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.50% | |
ABL Revolver [Member] | Prime Rate [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.00% | |
Four-year Secured Term Loan Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Principal amount | $1,700,000,000 | |
Debt term | 4 years | |
Floating Rate Term Loan Facility Due March 2017 [Member] | ABL Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate, floor | 1.00% | |
Floating Rate Term Loan Facility Due March 2017 [Member] | ABL Facility [Member] | LIBOR [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 2.75% |
Debt_Shortterm_Borrowings_Deta
Debt (Short-term Borrowings (Details) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 |
In Millions, unless otherwise specified | USD ($) | USD ($) | China [Member] | China [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ABL Revolver [Member] | Short-term Loan [Member] | Novelis Korea Bank Loan [Member] | Novelis Korea Bank Loan [Member] | Novelis Brazil Loan [Member] | Novelis Vietnam Loan [Member] [Member] | Novelis Vietnam Loan [Member] [Member] | Novelis China Loan [Member] | Novelis China Loan [Member] | Bank Overdrafts [Member] |
USD ($) | CNY | Korea [Member] | Korea [Member] | USD ($) | ABL Revolver [Member] | USD ($) | KRW | USD ($) | USD ($) | VND | USD ($) | CNY | USD ($) | |||
USD ($) | KRW | USD ($) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Short-term borrowings | $846 | $723 | $186 | 206,000 | $609 | $52 | 58,000 | $166 | $9 | 199,000 | $8 | 48 | $2 | |||
Letters of credit outstanding amount | 8 | |||||||||||||||
Remaining borrowing capacity | $17 | 102 | $307 |
Debt_Senior_Notes_Details
Debt (Senior Notes) (Details) (USD $) | 0 Months Ended |
Dec. 17, 2010 | |
Debt Instrument [Line Items] | |
Aggregate principal amount (more than) | $100,000,000 |
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 | $1,400,000,000 |
Stated interest rate | 8.75% |
Debt_Bank_Loans_Details
Debt (Bank Loans) (Details) | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 |
Novelis Korea Bank Loan [Member] | Novelis Korea Bank Loan [Member] | Novelis Korea Bank Loan [Member] | Novelis Korea Bank Loan [Member] | BNDES Loans due February 2015 through April 2021 [Member] | |
USD ($) | KRW | Korea 91-day Certificate of Deposit Rate [Member] | Korea 91-day Certificate of Deposit Rate [Member] | USD ($) | |
Minimum [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | |||||
Principal amount | $192,000,000 | 212,000,000,000 | |||
Outstanding long-term loan due within one year | $78,000,000 | $2,000,000 | |||
Basis spread on variable rate | 0.80% | 1.38% |
Debt_Other_Longterm_Debt_Detai
Debt (Other Long-term Debt) (Details) | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2004 | Dec. 31, 2004 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2004 |
USD ($) | CHF | USD ($) | Information Technology [Member] | Other Capital Leases [Member] | Alcan [Member] | |
USD ($) | ||||||
Debt Instrument [Line Items] | ||||||
Capital leases, term of contract | 15 years | 5 years | 15 years | |||
Interest rate | 7.50% | |||||
Quarterly capital lease payments | $1.80 | 1.7 | ||||
Principal obligation on capital leases | $36 | $5 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (2010 LTIP [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
2010 LTIP [Member] | |||
Share-based Compensation by Award [Line Items] | |||
Total compensation (income) expense | $9 | $27 | ($3) |
ShareBased_Compensation_RSUs_A
Share-Based Compensation (RSUs Activity) (Details) (RSUs [Member]) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 |
USD ($) | INR | USD ($) | |
Number of RSUs | |||
Outstanding, beginning of period (shares) | 4,490,860 | 4,490,860 | |
Granted (shares) | 1,913,537 | 1,913,537 | |
Exercised (shares) | -748,108 | -748,108 | |
Forteited/Cancelled (shares) | -317,677 | -317,677 | |
Outstanding, end of period (shares) | 5,338,612 | 5,338,612 | |
Grant Date Fair Value | |||
Outstanding, beginning of period (Indian Rupees per share) | 120.42 | ||
Granted (Indian Rupees per share) | 145.81 | ||
Exercised (Indian Rupees per share) | 181.2 | ||
Forfeited/Cancelled (Indian Rupees per share) | 124.04 | ||
Outstanding, end of period (Indian Rupees per share) | 120.77 | ||
Aggregate Intrinsic Value, Outstanding | $12 | $11 | |
Aggregate Intrinsic Value, Exercised | $3 |
ShareBased_Compensation_SARs_A
Share-Based Compensation (SARs Activity) (Details) (SARs [Member]) | 12 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Hindalco SARs [Member] | Hindalco SARs [Member] | Hindalco SARs [Member] | Hindalco SARs [Member] | Novelis SARs [Member] | Novelis SARs [Member] | ||
USD ($) | INR | USD ($) | INR | USD ($) | USD ($) | ||
Number of SARs | |||||||
Outstanding, beginning of period (shares) | 21,635,392 | 21,635,392 | 668,402 | ||||
Granted (shares) | 6,402,218 | 6,402,218 | 495,030 | ||||
Exercised (shares) | -5,423,673 | -5,423,673 | -55,554 | ||||
Forfeited/Cancelled (shares) | -1,437,380 | -1,437,380 | -74,143 | ||||
Outstanding, end of period (shares) | 21,176,557 | 21,176,557 | 21,635,392 | 21,635,392 | 1,033,735 | 668,402 | |
Number of Shares, Exercisable | 6,917,124 | 6,917,124 | 173,661 | ||||
Weighted Average Exercise Price | |||||||
Outstanding, beginning of period (Indian Rupees/USD per share) | 112.26 | $90.09 | |||||
Granted (Indian Rupees/USD per share) | 145.81 | $94.40 | |||||
Exercised (Indian Rupees/USD per share) | 90.48 | $80.09 | |||||
Forfeited/Cancelled (Indian Rupees/USD per share) | 129.29 | $87.89 | |||||
Outstanding, end of period (Indian Rupees/USD per share) | 126.77 | 112.26 | $92.85 | $90.09 | |||
Weighted Average Exercise Price (Indian Rupees/USD per share), Exercisable | 126.61 | $90.50 | |||||
Weighted Average Remaining Contractual Term, Outstanding | 4 years 5 months | 4 years 5 months | 4 years 3 months | 4 years 3 months | 5 years 2 months | 5 years 4 months | |
Weighted Average Remaining Contractual Term, Granted | 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 | P6Y1M | P6Y1M | P6Y1M | |||
Weighted Average Remaining Contractual Term, Exercisable | 2 years 7 months | 2 years 7 months | 4 years 1 month | ||||
Aggregate Intrinsic Value, Outstanding | $6 | $13 | $3 | $2 | |||
Aggregate Intrinsic Value, Exercised | 7 | 1 | |||||
Aggregate Intrinsic Value, Exercisable | $3 | $1 |
ShareBased_Compensation_Fair_V
Share-Based Compensation (Fair Value Assumptions) (Details) (SARs [Member]) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Hindalco SARs [Member] | |||
Assumptions used in estimating fair value of SARs | |||
Dividend yield | 0.78% | 0.99% | 1.69% |
Hindalco SARs [Member] | Minimum [Member] | |||
Assumptions used in estimating fair value of SARs | |||
Risk-free interest rate | 7.75% | 8.67% | 7.84% |
Volatility | 39.00% | 37.00% | 37.00% |
Hindalco SARs [Member] | Maximum [Member] | |||
Assumptions used in estimating fair value of SARs | |||
Risk-free interest rate | 7.79% | 8.96% | 7.96% |
Volatility | 46.00% | 51.00% | 52.00% |
Novelis SARs [Member] | |||
Assumptions used in estimating fair value of SARs | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Novelis SARs [Member] | Minimum [Member] | |||
Assumptions used in estimating fair value of SARs | |||
Risk-free interest rate | 0.96% | 0.96% | 0.00% |
Volatility | 27.00% | 28.00% | 0.00% |
Novelis SARs [Member] | Maximum [Member] | |||
Assumptions used in estimating fair value of SARs | |||
Risk-free interest rate | 1.59% | 2.05% | 0.00% |
Volatility | 34.00% | 41.00% | 0.00% |
ShareBased_Compensation_Detail1
Share-Based Compensation (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Share Based Compensation [Abstract] | |||
Total share-based liabilities paid | $8 | $15 | $2 |
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 | ||
SARs [Member] | Hindalco SARs [Member] | |||
Share Based Compensation [Abstract] | |||
Terms of award | P6Y1M | ||
Unrecognized compensation expense | 9 | ||
Unrecognized compensation expense, weighted average period of recognition (years) | 2 years 7 months | ||
SARs [Member] | Novelis SARs [Member] | |||
Share Based Compensation [Abstract] | |||
Terms of award | P6Y1M | ||
Unrecognized compensation expense | 13 | ||
Unrecognized compensation expense, weighted average period of recognition (years) | 2 years 8 months | ||
SARs [Member] | Minimum [Member] | |||
Share Based Compensation [Abstract] | |||
Award 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 | ||
Total share-based liabilities paid | 3 | 2 | |
Unrecognized compensation expense | $18 | ||
Unrecognized compensation expense, weighted average period of recognition (years) | 1 year 1 month |
Postretirement_Benefit_Plans_E
Postretirement Benefit Plans (Employer Contributions to Plans) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Contributions to employee benefit plans | |||
Funded pension plans | $28 | $31 | $47 |
Unfunded pension plans | 13 | 13 | 13 |
Savings and defined contribution pension plans | 18 | 20 | 18 |
Total contributions | $59 | $64 | $78 |
Change_in_Benefit_Obligation_D
(Change in Benefit Obligation) (Details) (USD $) | 5 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Amendments | $97 | $11 | ||
Pension Benefits [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at beginning of period | 1,581 | 1,672 | 1,581 | |
Service cost | 43 | 48 | 43 | |
Interest cost | 66 | 63 | 64 | |
Members’ contributions | 5 | 5 | ||
Benefits paid | -56 | -51 | ||
Amendments | -3 | -5 | ||
Curtailments, settlements and special termination benefits | -16 | -8 | ||
Actuarial losses (gains) | 296 | -5 | ||
Other | -2 | -1 | ||
Currency (gains) losses | -142 | 45 | ||
Benefit obligation at end of period | 1,863 | 1,672 | 1,581 | |
Pension Benefits [Member] | Funded Plan [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at end of period | 1,558 | 1,417 | ||
Pension Benefits [Member] | Unfunded Plan [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at end of period | 305 | 255 | ||
Other Benefits [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at beginning of period | 234 | 135 | 234 | |
Service cost | 5 | 8 | 10 | |
Interest cost | 5 | 7 | 10 | |
Members’ contributions | 0 | 0 | ||
Benefits paid | -10 | -9 | -8 | |
Amendments | 11 | -89 | ||
Curtailments, settlements and special termination benefits | -1 | 0 | ||
Actuarial losses (gains) | -4 | -15 | ||
Other | 0 | 0 | ||
Currency (gains) losses | -2 | -1 | ||
Benefit obligation at end of period | 139 | 135 | 234 | |
Other Benefits [Member] | Funded Plan [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at end of period | 0 | 0 | ||
Other Benefits [Member] | Unfunded Plan [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at end of period | $139 | $135 |
Postretirement_Benefit_Plans_C
Postretirement Benefit Plans (Change in Fair Value of Plan Assets) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at end of period | $1,233 | $1,163 |
Pension Benefits [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of period | 1,163 | 1,066 |
Actual return on plan assets | 159 | 79 |
Members’ contributions | 5 | 5 |
Benefits paid | -56 | -51 |
Company contributions | 41 | 44 |
Settlements | -14 | -4 |
Other | -2 | -2 |
Currency (losses) gains | -63 | 26 |
Fair value of plan assets at end of period | $1,233 | $1,163 |
Postretirement_Benefit_Plans_F
Postretirement Benefit Plans (Funded Status and Amounts Recognized) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Accrued postretirement benefits | ($748) | ($621) | |
Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Funded status at end of period | -630 | -509 | |
Benefit obligation of unfunded plans | -1,863 | -1,672 | -1,581 |
Other non- current assets | 1 | 0 | |
Accrued expenses and other current liabilities | -12 | -14 | |
Accrued postretirement benefits | -619 | -495 | |
As included in our consolidated balance sheets within Total assets / (Total liabilities) | -630 | -509 | |
Other Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Funded status at end of period | -139 | -135 | |
Benefit obligation of unfunded plans | -139 | -135 | -234 |
Other non- current assets | 0 | 0 | |
Accrued expenses and other current liabilities | -10 | -9 | |
Accrued postretirement benefits | -129 | -126 | |
As included in our consolidated balance sheets within Total assets / (Total liabilities) | -139 | -135 | |
Funded Plan [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Funded status at end of period | -325 | -254 | |
Benefit obligation of unfunded plans | -1,558 | -1,417 | |
Funded Plan [Member] | Other Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Funded status at end of period | 0 | 0 | |
Benefit obligation of unfunded plans | 0 | 0 | |
Unfunded Plan [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligation of unfunded plans | -305 | -255 | |
Unfunded Plan [Member] | Other Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligation of unfunded plans | ($139) | ($135) |
Postretirement_Benefit_Plans_P
Postretirement Benefit Plans (Postretirement Amounts Recognized in AOCI) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | |||
Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net actuarial (losses) | ($450) | ($281) | |
Prior service credit | 11 | 13 | |
Total postretirement amounts recognized in Accumulated other comprehensive (loss) income | -439 | -268 | -301 |
Other Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net actuarial (losses) | -14 | -24 | |
Prior service credit | 32 | 80 | |
Total postretirement amounts recognized in Accumulated other comprehensive (loss) income | $18 | $56 | ($31) |
Postretirement_Benefit_Plans_P1
Postretirement Benefit Plans (Postretirement Changes Recognized in AOCI) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Beginning balance in Accumulated other comprehensive (loss) income | ($268) | ($301) |
Curtailments and settlements | 0 | 1 |
Plan amendment | 3 | 5 |
Net actuarial (loss) gain | -249 | 8 |
Amortization of prior service credits | -2 | -2 |
Amortization of actuarial loss | 24 | 31 |
Effect of currency exchange | 53 | -10 |
Total postretirement amounts recognized in Accumulated other comprehensive (loss) income | -439 | -268 |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Beginning balance in Accumulated other comprehensive (loss) income | 56 | -31 |
Curtailments and settlements | 0 | 0 |
Plan amendment | -11 | 89 |
Net actuarial (loss) gain | 5 | 15 |
Amortization of prior service credits | -37 | -24 |
Amortization of actuarial loss | 5 | 7 |
Effect of currency exchange | 0 | 0 |
Total postretirement amounts recognized in Accumulated other comprehensive (loss) income | $18 | $56 |
Postretirement_Benefit_Plans_P2
Postretirement Benefit Plans (Pension Plan Obligations) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | |||
Pension plans with accumulated benefit obligations in excess of plan assets: | |||
Accumulated benefit obligation | $1,563 | $1,507 | |
Fair value of plan assets | 1,093 | 1,136 | |
Defined Benefit Plan, fair value plan assets [Domain] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Benefit Obligation | 1,129 | 1,163 | |
Pension plans with accumulated benefit obligations in excess of plan assets: | |||
Defined benefit plan, plans with benefit obligations less than plan assets | 104 | 0 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 1,863 | 1,672 | 1,581 |
Accumulated benefit obligation | 1,689 | 1,527 | |
Projected Benefit Obligation [Domain] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Benefit Obligation | 1,760 | 1,672 | |
Pension plans with accumulated benefit obligations in excess of plan assets: | |||
Defined benefit plan, plans with benefit obligations less than plan assets | $103 | $0 |
Postretirement_Benefit_Plans_F1
Postretirement Benefit Plans (Future Benefit Payments) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected benefit payments | $783 |
Pension Benefits [Member] | 2016 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected benefit payments | 62 |
Pension Benefits [Member] | 2017 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected benefit payments | 65 |
Pension Benefits [Member] | 2018 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected benefit payments | 67 |
Pension Benefits [Member] | 2019 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected benefit payments | 71 |
Pension Benefits [Member] | 2020 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected benefit payments | 76 |
Pension Benefits [Member] | 2021 through 2025 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected benefit payments | 442 |
Other Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected benefit payments | 84 |
Other Benefits [Member] | 2016 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected benefit payments | 10 |
Other Benefits [Member] | 2017 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected benefit payments | 9 |
Other Benefits [Member] | 2018 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected benefit payments | 8 |
Other Benefits [Member] | 2019 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected benefit payments | 7 |
Other Benefits [Member] | 2020 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected benefit payments | 7 |
Other Benefits [Member] | 2021 through 2025 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected benefit payments | $43 |
Postretirement_Benefit_Plans_C1
Postretirement Benefit Plans (Components of Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $43 | $48 | $43 |
Interest cost | 66 | 63 | 64 |
Expected return on assets | -69 | -67 | -64 |
Amortization — losses | 22 | 30 | 28 |
Amortization — prior service (credit) | -2 | -2 | -2 |
Curtailment/settlement/special termination losses (gains) | 1 | 1 | 1 |
Net periodic benefit cost (income) | 61 | 73 | 70 |
Proportionate share of non-consolidated affiliates’ pension costs | 7 | 7 | 5 |
Total net periodic benefit costs (income) recognized | 68 | 80 | 75 |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 5 | 8 | 10 |
Interest cost | 5 | 7 | 10 |
Expected return on assets | 0 | 0 | 0 |
Amortization — losses | 5 | 7 | 3 |
Amortization — prior service (credit) | -37 | -24 | -1 |
Curtailment/settlement/special termination losses (gains) | -1 | 0 | 0 |
Net periodic benefit cost (income) | -23 | -2 | 22 |
Proportionate share of non-consolidated affiliates’ pension costs | 0 | 0 | 0 |
Total net periodic benefit costs (income) recognized | ($23) | ($2) | $22 |
Postretirement_Benefit_Plans_A
Postretirement Benefit Plans (Actuarial Assumptions and Sensitivity Analysis) (Details) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average assumptions used to determine net periodic benefit cost, Expected return on plan assets | 5.60% | ||
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average assumptions used to determine benefit obligations, Discount rate | 3.10% | 4.00% | 3.90% |
Weighted average assumptions used to determine benefit obligations, Average compensation growth | 3.10% | 3.10% | 3.10% |
Weighted average assumptions used to determine net periodic benefit cost, Discount rate | 4.00% | 3.90% | 4.40% |
Weighted average assumptions used to determine net periodic benefit cost, Average compensation growth | 3.10% | 3.10% | 3.40% |
Weighted average assumptions used to determine net periodic benefit cost, Expected return on plan assets | 6.10% | 6.30% | 6.40% |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average assumptions used to determine benefit obligations, Discount rate | 3.60% | 4.10% | 3.80% |
Weighted average assumptions used to determine benefit obligations, Average compensation growth | 3.50% | 3.50% | 3.50% |
Weighted average assumptions used to determine net periodic benefit cost, Discount rate | 4.10% | 3.80% | 4.20% |
Weighted average assumptions used to determine net periodic benefit cost, Average compensation growth | 3.50% | 3.50% | 3.90% |
Weighted average assumptions used to determine net periodic benefit cost, Expected return on plan assets | 0.00% | 0.00% | 0.00% |
Postretirement_Benefit_Plans_C2
Postretirement Benefit Plans (Change of One Percentage Point) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Compensation and Retirement Disclosure [Abstract] | |
Effect on service and interest costs, 1% Increase | $2 |
Effect on benefit obligation, 1% Increase | 12 |
Effect on service and interest costs, 1% Decrease | -1 |
Effect on benefit obligation, 1% Decrease | ($10) |
Postretirement_Benefit_Plans_T1
Postretirement Benefit Plans (Target and Actual Allocation Percentages) (Details) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation ranges, minimum | 17.00% | |
Target allocation ranges, maximum | 53.00% | |
Allocation in aggregate | 36.00% | 39.00% |
Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation ranges, minimum | 47.00% | |
Target allocation ranges, maximum | 77.00% | |
Allocation in aggregate | 60.00% | 57.00% |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation ranges, minimum | 0.00% | |
Target allocation ranges, maximum | 15.00% | |
Allocation in aggregate | 1.00% | 1.00% |
Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation ranges, minimum | 0.00% | |
Target allocation ranges, maximum | 11.00% | |
Allocation in aggregate | 3.00% | 3.00% |
Postretirement_Benefit_Plans_P3
Postretirement Benefit Plans (Pension Plan Assets) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | $1,233 | $1,163 |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 228 | 54 |
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 1,005 | 1,109 |
Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 0 | 0 |
Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 446 | 453 |
Equity [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 85 | 48 |
Equity [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 361 | 405 |
Equity [Member] | Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 0 | 0 |
Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 743 | 665 |
Fixed Income [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 135 | 0 |
Fixed Income [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 608 | 665 |
Fixed Income [Member] | Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 0 | 0 |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 15 | 15 |
Real Estate [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 0 | 0 |
Real Estate [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 15 | 15 |
Real Estate [Member] | Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 0 | 0 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 8 | 6 |
Cash and Cash Equivalents [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 8 | 6 |
Cash and Cash Equivalents [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 0 | 0 |
Cash and Cash Equivalents [Member] | Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 0 | 0 |
Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 21 | 24 |
Other [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 0 | 0 |
Other [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 21 | 24 |
Other [Member] | Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | $0 | $0 |
Postretirement_Benefit_Plans_D
Postretirement Benefit Plans (Details Textual) (USD $) | 3 Months Ended | 5 Months Ended | 12 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2012 | Aug. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Oct. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Percentage of foreign benefit obligation to total benefit obligation | 94.00% | |||||
Defined benefit plan, plan amendments | $97 | $11 | ||||
Credit balance in AOCI resulting from negative plan amendment | 70 | |||||
Settlements, benefit obligation | 14 | |||||
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 | 12 | |||||
Expected additional contribution to savings and defined contribution plans | 19 | |||||
Expected long-term rate of return on plan assets | 5.60% | |||||
Health care cost trend rate assumed for fiscal 2015 | 7.10% | |||||
Ultimate health care cost trend rate in 2019 | 5.00% | |||||
Long-term Growth Assets [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Asset allocation | 50.00% | |||||
Near-term Benefit Payments [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Asset allocation | 50.00% | |||||
Other Long-term Liabilities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Postemployment benefits liability, noncurrent | 10 | 12 | ||||
Accrued Expenses and Other Current Liabilities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Postemployment benefits lability, current | 4 | 5 | ||||
Pension Benefits [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Benefits that were transferred out | 11 | |||||
Settlements resulting from restructuring initiatives and other factors | 14 | 4 | ||||
Defined benefit plan, plan amendments | -3 | -5 | ||||
Amounts that will be amortized from accumulated other comprehensive income (loss) in next fiscal year | 35 | |||||
Future amortization of net actuarial losses | 37 | |||||
Future amortization of prior service costs (credits) | 2 | |||||
Expected long-term rate of return on plan assets | 6.10% | 6.30% | 6.40% | |||
Benefits paid | 56 | 51 | ||||
Other Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Settlements resulting from restructuring initiatives and other factors | 3 | |||||
U.S. Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Increase in benefit obligation and net actuarial loss | 33 | |||||
Other Benefits [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined benefit plan, plan amendments | 11 | -89 | ||||
Amounts that will be amortized from accumulated other comprehensive income (loss) in next fiscal year | 23 | |||||
Future amortization of net actuarial losses | 4 | |||||
Future amortization of prior service costs (credits) | 27 | |||||
Expected long-term rate of return on plan assets | 0.00% | 0.00% | 0.00% | |||
Benefits paid | $10 | $9 | 8 |
Currency_Gains_Losses_Included
Currency (Gains) Losses (Included in Other Expense (Income), Net) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Currency (gains) losses included in other income expense | |||
Loss (gain) on remeasurement of monetary assets and liabilities, net | $14 | ($26) | ($16) |
Loss recognized on balance sheet remeasurement currency exchange contracts, net | 3 | 2 | 1 |
Loss released from accumulated other comprehensive income | 10 | 17 | 5 |
Currency losses (gains), net | $27 | ($7) | ($10) |
Currency_Gains_Losses_Included1
Currency (Gains) Losses (Included in AOCI) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Currency gains included in AOCI, net of tax and Non controlling interests | ||||
Cumulative currency translation adjustment — beginning of period | $90 | ($30) | $23 | |
Effect of changes in exchange rates | -304 | 120 | -42 | |
Sale of investment in foreign entities | 0 | 0 | -11 | |
Cumulative currency translation adjustment — end of period | -214 | 90 | -30 | |
Derivative [Line Items] | ||||
Amounts reclassified from AOCI, net | -24 | 16 | -3 | |
Accumulated Translation Adjustment [Member] | ||||
Derivative [Line Items] | ||||
Amounts reclassified from AOCI, net | $0 | $0 | $11 | $11 |
Financial_Instruments_and_Comm2
Financial Instruments and Commodity Contracts (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Assets | ||
Derivative Assets, Current | $77 | $51 |
Derivative Asset, Noncurrent | 0 | 4 |
Liabilities | ||
Derivative Liabilities, Current | -149 | -60 |
Derivative Liabilities, Noncurrent | -24 | -19 |
Derivative Assets (Liabilities), at Fair Value, Net | -96 | -24 |
Designated as Hedging Instrument [Member] | ||
Assets | ||
Derivative Assets, Current | 24 | 22 |
Derivative Asset, Noncurrent | 0 | 4 |
Liabilities | ||
Derivative Liabilities, Current | -54 | -22 |
Derivative Liabilities, Noncurrent | -17 | -6 |
Derivative Assets (Liabilities), at Fair Value, Net | -47 | -2 |
Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | Aluminium Contracts [Member] | ||
Assets | ||
Derivative Assets, Current | 15 | 4 |
Derivative Asset, Noncurrent | 0 | 0 |
Liabilities | ||
Derivative Liabilities, Current | -5 | -7 |
Derivative Liabilities, Noncurrent | 0 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | 10 | -3 |
Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | Currency Exchange Contracts [Member] | ||
Assets | ||
Derivative Assets, Current | 4 | 15 |
Derivative Asset, Noncurrent | 0 | 4 |
Liabilities | ||
Derivative Liabilities, Current | -42 | -13 |
Derivative Liabilities, Noncurrent | -15 | -6 |
Derivative Assets (Liabilities), at Fair Value, Net | -53 | 0 |
Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | Energy Contracts [Member] | ||
Assets | ||
Derivative Assets, Current | 0 | 3 |
Derivative Asset, Noncurrent | 0 | 0 |
Liabilities | ||
Derivative Liabilities, Current | -6 | 0 |
Derivative Liabilities, Noncurrent | -2 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | -8 | 3 |
Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | ||
Assets | ||
Derivative Assets, Current | 0 | |
Derivative Asset, Noncurrent | 0 | |
Liabilities | ||
Derivative Liabilities, Current | -1 | |
Derivative Liabilities, Noncurrent | 0 | |
Derivative Assets (Liabilities), at Fair Value, Net | -1 | |
Designated as Hedging Instrument [Member] | Net Investment Hedges [Member] | Currency Exchange Contracts [Member] | ||
Assets | ||
Derivative Assets, Current | 5 | 0 |
Derivative Asset, Noncurrent | 0 | 0 |
Liabilities | ||
Derivative Liabilities, Current | 0 | -1 |
Derivative Liabilities, Noncurrent | 0 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | 5 | -1 |
Designated as Hedging Instrument [Member] | Fair Value Hedges [Member] | Aluminium Contracts [Member] | ||
Assets | ||
Derivative Assets, Current | 0 | |
Derivative Asset, Noncurrent | 0 | |
Liabilities | ||
Derivative Liabilities, Current | -1 | |
Derivative Liabilities, Noncurrent | 0 | |
Derivative Assets (Liabilities), at Fair Value, Net | -1 | |
Not Designated as Hedging Instrument [Member] | ||
Assets | ||
Derivative Assets, Current | 53 | 29 |
Derivative Asset, Noncurrent | 0 | 0 |
Liabilities | ||
Derivative Liabilities, Current | -95 | -38 |
Derivative Liabilities, Noncurrent | -7 | -13 |
Derivative Assets (Liabilities), at Fair Value, Net | -49 | -22 |
Not Designated as Hedging Instrument [Member] | Aluminium Contracts [Member] | ||
Assets | ||
Derivative Assets, Current | 24 | 19 |
Derivative Asset, Noncurrent | 0 | 0 |
Liabilities | ||
Derivative Liabilities, Current | -26 | -28 |
Derivative Liabilities, Noncurrent | 0 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | -2 | -9 |
Not Designated as Hedging Instrument [Member] | Currency Exchange Contracts [Member] | ||
Assets | ||
Derivative Assets, Current | 26 | 9 |
Derivative Asset, Noncurrent | 0 | 0 |
Liabilities | ||
Derivative Liabilities, Current | -54 | -3 |
Derivative Liabilities, Noncurrent | 0 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | -28 | 6 |
Not Designated as Hedging Instrument [Member] | Energy Contracts [Member] | ||
Assets | ||
Derivative Assets, Current | 3 | 1 |
Derivative Asset, Noncurrent | 0 | 0 |
Liabilities | ||
Derivative Liabilities, Current | -15 | -7 |
Derivative Liabilities, Noncurrent | -7 | -13 |
Derivative Assets (Liabilities), at Fair Value, Net | ($19) | ($19) |
Financial_Instruments_and_Comm3
Financial Instruments and Commodity Contracts (Gain (Loss) Recognized on Fair Value Hedges of Metal Price Risk) (Details) (Designated as Hedging Instrument [Member], Aluminum Forward Purchase Contracts [Member], Fair Value Hedging [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Designated as Hedging Instrument [Member] | Aluminum Forward Purchase Contracts [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Contracts | $0 | ($3) |
Designated Hedged Items | 0 | 3 |
Net Ineffectiveness | $0 | $0 |
Financial_Instruments_and_Comm4
Financial Instruments and Commodity Contracts (Notional Amount (in kt)) (Details) | Mar. 31, 2015 | Mar. 31, 2014 |
Mg | Mg | |
Aluminum Forward Purchase Contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Notional amount (in tons) | 1,000 | 16,000 |
Aluminum Forward Purchase Contracts [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Notional amount (in tons) | 2,000 | 9,000 |
Aluminum Forward Sales Contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Notional amount (in tons) | -285,000 | -222,000 |
Aluminium Contracts [Member] | ||
Derivative [Line Items] | ||
Notional amount (in tons) | -318,000 | -302,000 |
Aluminium Contracts [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Notional amount (in tons) | 2,000 | 9,000 |
Aluminium Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional amount (in tons) | -36,000 | -105,000 |
Financial_Instruments_and_Comm5
Financial Instruments and Commodity Contracts (Gain (Loss) Recognition) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain (loss) recognized | ($39) | $3 | $28 |
Other Expense (Income), Net [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Balance sheet remeasurement currency exchange contract losses | -13 | -19 | -6 |
Realized (losses) gains, net | -2 | 62 | 28 |
Unrealized (losses) gains on other derivative instruments, net | 0 | -10 | 14 |
Total gain (loss) recognized | -15 | 33 | 36 |
Other Expense (Income), Net [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain (loss) recognized | -34 | -5 | 8 |
Other Expense (Income), Net [Member] | Not Designated as Hedging Instrument [Member] | Aluminium Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain (loss) recognized | -31 | -4 | -10 |
Other Expense (Income), Net [Member] | Not Designated as Hedging Instrument [Member] | Currency Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain (loss) recognized | -5 | -15 | 3 |
Other Expense (Income), Net [Member] | Not Designated as Hedging Instrument [Member] | Energy Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain (loss) recognized | 2 | 14 | 15 |
Other Expense (Income), Net [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain (loss) recognized | $19 | $38 | $28 |
Financial_Instruments_and_Comm6
Financial Instruments and Commodity Contracts (Impact on AOCI and Earnings) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in OCI (effective portion) | ($72) | $17 | $14 |
Amount of gain (loss) recognized in other (income) expense, net (ineffective and excluded portion) | 22 | 40 | 31 |
Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in OCI (effective portion) | -83 | 20 | 13 |
Amount of gain (loss) recognized in other (income) expense, net (ineffective and excluded portion) | 22 | 40 | 31 |
Cash Flow Hedging [Member] | Aluminium Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in OCI (effective portion) | -26 | 35 | 34 |
Amount of gain (loss) recognized in other (income) expense, net (ineffective and excluded portion) | 24 | 39 | 29 |
Cash Flow Hedging [Member] | Currency Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in OCI (effective portion) | -44 | -16 | -21 |
Amount of gain (loss) recognized in other (income) expense, net (ineffective and excluded portion) | -2 | 1 | 2 |
Cash Flow Hedging [Member] | Energy Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in OCI (effective portion) | -12 | 1 | 1 |
Amount of gain (loss) recognized in other (income) expense, net (ineffective and excluded portion) | 0 | 0 | 0 |
Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in OCI (effective portion) | -1 | 0 | -1 |
Amount of gain (loss) recognized in other (income) expense, net (ineffective and excluded portion) | 0 | 0 | 0 |
Net Investment Hedging [Member] | Currency Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in OCI (effective portion) | 11 | -3 | 1 |
Amount of gain (loss) recognized in other (income) expense, net (ineffective and excluded portion) | $0 | $0 | $0 |
Financial_Instruments_and_Comm7
Financial Instruments and Commodity Contracts (Gain (Loss) Reclassification) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Other expense (income), net | $3 | ($9) | $18 | $5 | ($14) | ($12) | ($5) | ($10) | $17 | ($41) | ($52) |
Cost of goods sold | -2,483 | -2,498 | -2,483 | -2,329 | -2,203 | -2,093 | -2,074 | -2,098 | -9,793 | -8,468 | -8,477 |
Net sales | 2,789 | 2,847 | 2,831 | 2,680 | 2,549 | 2,403 | 2,414 | 2,401 | 11,147 | 9,767 | 9,812 |
SG&A | -108 | -108 | -103 | -108 | -117 | -115 | -109 | -120 | -427 | -461 | -398 |
Depreciation and amortization | -86 | -87 | -90 | -89 | -87 | -91 | -79 | -77 | -352 | -334 | -292 |
Income before income taxes | 162 | 115 | 286 | ||||||||
Income tax provision (benefit) | 11 | -3 | 2 | -24 | 15 | 3 | -26 | -3 | -14 | -11 | -83 |
Net income | 29 | 46 | 38 | 35 | 54 | 13 | 23 | 14 | 148 | 104 | 203 |
Cash Flow Hedging [Member] | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Income before income taxes | -39 | 41 | 8 | ||||||||
Income tax provision (benefit) | 8 | -16 | -2 | ||||||||
Net income | -31 | 25 | 6 | ||||||||
Cash Flow Hedging [Member] | Energy Contracts [Member] | Other Expense (Income), Net | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Other expense (income), net | -5 | -5 | -5 | ||||||||
Cash Flow Hedging [Member] | Aluminium Contracts [Member] | Cost of Goods Sold [Member] | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Cost of goods sold | -40 | 53 | 19 | ||||||||
Cash Flow Hedging [Member] | Aluminium Contracts [Member] | Net Sales [Member] | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Net sales | 0 | 7 | 12 | ||||||||
Cash Flow Hedging [Member] | Currency Exchange Contracts [Member] | Other Expense (Income), Net | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Other expense (income), net | -3 | -2 | -1 | ||||||||
Cash Flow Hedging [Member] | Currency Exchange Contracts [Member] | Cost of Goods Sold [Member] | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Cost of goods sold | -14 | -14 | -15 | ||||||||
Cash Flow Hedging [Member] | Currency Exchange Contracts [Member] | Net Sales [Member] | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Net sales | 18 | 3 | 0 | ||||||||
Cash Flow Hedging [Member] | Currency Exchange Contracts [Member] | SG&A [Member] | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
SG&A | -1 | -1 | -2 | ||||||||
Cash Flow Hedging [Member] | Currency Exchange Contracts [Member] | Gain on Assets Held-for-sale, Net [Member] | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gain on assets held for sale, net | 7 | 0 | 0 | ||||||||
Cash Flow Hedging [Member] | Currency Exchange Contracts [Member] | Depreciation and Amortization [Member] | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Depreciation and amortization | ($1) | $0 | $0 |
Financial_Instruments_and_Comm8
Financial Instruments and Commodity Contracts (Details Textual) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
USD ($) | USD ($) | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Aluminum Forward Sales Contracts [Member] | Aluminium Contracts [Member] | Aluminium Contracts [Member] | Aluminium Contracts [Member] | Aluminium Contracts [Member] | Currency Exchange Contracts [Member] | Currency Exchange Contracts [Member] | Electricity Swaps [Member] | Electricity Swaps [Member] | Natural Gas Swaps [Member] | Natural Gas Swaps [Member] | Natural Gas Swaps [Member] | Natural Gas Swaps [Member] | Natural Gas Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | Not Designated as Hedging Instrument [Member] | Mg | Mg | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Aluminum Forward Purchase Contracts [Member] | Aluminum Forward Purchase Contracts [Member] | Aluminium Contracts [Member] | Aluminium Contracts [Member] | Aluminum Forward Purchase Contracts [Member] | Aluminum Forward Purchase Contracts [Member] | Aluminum Forward Sales Contracts [Member] | Aluminum Forward Sales Contracts [Member] | Aluminium Contracts [Member] | Aluminium Contracts [Member] | Currency Exchange Contracts [Member] | Currency Exchange Contracts [Member] | Currency Exchange Contracts [Member] | Currency Exchange Contracts [Member] | Interest Rate Swaps [Member] | Currency Exchange Contracts [Member] | Currency Exchange Contracts [Member] | Currency Exchange Contracts [Member] | Currency Exchange Contracts [Member] | ||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Loans due December 2014 through 2015 [Member] | Loans due December 2014 through 2015 [Member] | Loans due December 2014 through 2015 [Member] | Loans due December 2014 through 2015 [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | USD ($) | USD ($) | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | USD ($) | USD ($) | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | |||||||||||
Mg | Mg | MWh | MMBTU | MMBTU | MMBTU | MMBTU | USD ($) | KRW | USD ($) | KRW | Mg | Mg | Mg | USD ($) | Mg | Mg | Mg | Mg | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||
Mg | |||||||||||||||||||||||||||||||||||||||||||
Financial Instruments And Commodity Contracts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Higher remaining maturity range | 0 years 6 months | 1 year 0 months | 2 years 0 months | 2 years 0 months | 2 years 0 months | ||||||||||||||||||||||||||||||||||||||
Notional amount (in tons) | -318,000 | -302,000 | -36,000 | -105,000 | 7,000,000 | 9,500,000 | 2,000,000 | 1,500,000 | 2,000 | 9,000 | 2,000 | 9,000 | 1,000 | 16,000 | -285,000 | -222,000 | |||||||||||||||||||||||||||
Notional amount | $868 | $649 | $78 | 86,000 | $127 | 136,000 | $590 | $724 | $28 | $61 | |||||||||||||||||||||||||||||||||
Notional outstanding (less than) | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Derivative asset (liability) (less than) | -96 | -24 | -47 | -2 | -49 | -22 | -2 | -9 | -28 | 6 | 16 | -19 | 8 | 3 | -3 | -1 | -1 | 10 | -3 | -53 | 0 | -1 | 5 | -1 | |||||||||||||||||||
Interest rate swaps, hedged amount | 78 | 86,000 | |||||||||||||||||||||||||||||||||||||||||
Derivative, fixed interest rate | 3.69% | 3.69% | |||||||||||||||||||||||||||||||||||||||||
Expected reclassification of gains (losses) from AOCI to earnings | ($36) |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Components of AOCI) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Increase (Decrease) in AOCI [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning of period | ($91) | ($268) | ($191) | |
Other comprehensive income before reclassifications | -494 | 193 | -80 | |
Amounts reclassified from AOCI, net | 24 | -16 | 3 | |
Net current-period other comprehensive (loss) income | -470 | 177 | -77 | |
Accumulated other comprehensive income (loss), end of period | -561 | -91 | -268 | |
Currency Translation [Member] | ||||
Increase (Decrease) in AOCI [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning of period | 89 | -33 | 20 | |
Other comprehensive income before reclassifications | -302 | 122 | -42 | |
Amounts reclassified from AOCI, net | 0 | 0 | -11 | -11 |
Net current-period other comprehensive (loss) income | -302 | 122 | -53 | |
Accumulated other comprehensive income (loss), end of period | -213 | 89 | -33 | 20 |
Cash Flow Hedges [Member] | ||||
Increase (Decrease) in AOCI [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning of period | -20 | -2 | -7 | |
Other comprehensive income before reclassifications | -74 | 7 | 11 | |
Amounts reclassified from AOCI, net | 31 | -25 | -6 | |
Net current-period other comprehensive (loss) income | -43 | -18 | 5 | |
Accumulated other comprehensive income (loss), end of period | -63 | -20 | -2 | |
Postretirement Benefit Plans [Member] | ||||
Increase (Decrease) in AOCI [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning of period | -160 | -233 | -204 | |
Other comprehensive income before reclassifications | -118 | 64 | -49 | |
Amounts reclassified from AOCI, net | -7 | 9 | 20 | |
Net current-period other comprehensive (loss) income | -125 | 73 | -29 | |
Accumulated other comprehensive income (loss), end of period | -285 | -160 | -233 | |
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | Noncontrolling Interest [Member] | ||||
Increase (Decrease) in AOCI [Roll Forward] | ||||
Accumulated other comprehensive income (loss), end of period | $9 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Derivative assets and liabilities measured and recognized at fair value on recurring basis | ||
Assets | $77 | $55 |
Assets, Netting Adjustment | -28 | -20 |
Assets, Total Net | 49 | 35 |
Liabilities | -173 | -79 |
Liabilities, Netting Adjustment | 28 | 20 |
Liabilities, Total Net | -145 | -59 |
Level 2 Instruments [Member] | ||
Derivative assets and liabilities measured and recognized at fair value on recurring basis | ||
Assets | 77 | 55 |
Liabilities | -157 | -60 |
Level 2 Instruments [Member] | Aluminium Contracts [Member] | ||
Derivative assets and liabilities measured and recognized at fair value on recurring basis | ||
Assets | 39 | 23 |
Liabilities | -31 | -36 |
Level 2 Instruments [Member] | Currency Exchange Contracts [Member] | ||
Derivative assets and liabilities measured and recognized at fair value on recurring basis | ||
Assets | 35 | 28 |
Liabilities | -111 | -23 |
Level 2 Instruments [Member] | Energy Contracts [Member] | ||
Derivative assets and liabilities measured and recognized at fair value on recurring basis | ||
Assets | 3 | 4 |
Liabilities | -14 | -1 |
Level 2 Instruments [Member] | Interest Rate Swaps [Member] | ||
Derivative assets and liabilities measured and recognized at fair value on recurring basis | ||
Assets | 0 | 0 |
Liabilities | -1 | 0 |
Level 3 Instruments [Member] | ||
Derivative assets and liabilities measured and recognized at fair value on recurring basis | ||
Assets | 0 | 0 |
Liabilities | -16 | -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 | ($16) | ($19) |
Fair_Value_Measurements_Reconc
Fair Value Measurements (Reconciliation of Fair Value Activity for Level 3) (Details) (Level 3 Instruments [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Level 3 Instruments [Member] | ||
Reconciliation of fair value activity for Level 3 derivative contracts | ||
Balance as of beginning of period | ($19) | ($27) |
Realized/unrealized gain included in earnings | 10 | 19 |
Settlements | -7 | -11 |
Balance as of end of period | ($16) | ($19) |
Fair_Value_Measurements_Financ
Fair Value Measurements (Financial Instruments Not Recorded at Fair Value) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Assets | ||
Long-term receivables from related parties, carrying value | $15 | $12 |
Long-term receivables from related parties, fair value | 15 | 12 |
Liabilities | ||
Total debt - third parties (excluding short term borrowings), carrying value | 4,457 | 4,451 |
Total debt - third parties (excluding short term borrowings), fair value | $4,659 | $4,734 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details Textual) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Level 3 Instruments [Member] | |
Fair Value Measurements [Abstract] | |
Unrealized losses related to financial instruments | $2 |
Electricity Swaps [Member] | |
Fair Value Measurements [Abstract] | |
Average forward price (per megawatt hour) | 51 |
Premium over forward prices in nearby observable market (per megawatt hour) | 5 |
Actual swap settlement price (per megawatt hour) | 50 |
Change in valuation per a dollar per megawatt hour decline in price (less than) | $1 |
Other_Expense_Income_Details
Other Expense (Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | |||||||||||
Gain from insurance settlement | $13 | ||||||||||
Foreign currency remeasurement losses (gains), net | 27 | -7 | -10 | ||||||||
Loss (gain) on change in fair value of other unrealized derivative instruments, net | 0 | 10 | -14 | ||||||||
Loss (gain) on change in fair value of other realized derivative instruments, net | 2 | -62 | -28 | ||||||||
Loss on sale of assets, net | 5 | 9 | 6 | ||||||||
Loss on Brazilian tax litigation, net | 7 | 6 | 8 | ||||||||
Interest income | -7 | -6 | -5 | ||||||||
Gain on business interruption insurance recovery, net | -19 | 0 | -11 | ||||||||
Other, net | 2 | 9 | 2 | ||||||||
Other expense (income), net | 3 | -9 | 18 | 5 | -14 | -12 | -5 | -10 | 17 | -41 | -52 |
Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gain from insurance settlement | $6 |
Income_Taxes_Domestic_and_Fore
Income Taxes (Domestic and Foreign Components) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | |||
Domestic (Canada) | ($267) | ($294) | ($263) |
Foreign (all other countries) | 434 | 421 | 565 |
Pre-tax income before equity in net loss of non-consolidated affiliates | $167 | $127 | $302 |
Income_Taxes_Income_Tax_Provis
Income Taxes (Income Tax Provision) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Current provision (benefit): | |||||||||||
Domestic (Canada) | $4 | $12 | $11 | ||||||||
Foreign (all other countries) | 98 | 128 | 103 | ||||||||
Total current | 102 | 140 | 114 | ||||||||
Deferred provision (benefit): | |||||||||||
Domestic (Canada) | 0 | 0 | 0 | ||||||||
Foreign (all other countries) | -88 | -129 | -31 | ||||||||
Total deferred | -88 | -129 | -31 | ||||||||
Income tax provision (benefit) | ($11) | $3 | ($2) | $24 | ($15) | ($3) | $26 | $3 | $14 | $11 | $83 |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Statutory Tax Rates) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Reconciliation of Canadian statutory tax rates | |||||||||||
Pre-tax income before equity in net loss on non-consolidated affiliates | $167 | $127 | $302 | ||||||||
Canadian Statutory tax rate | 25.00% | 25.00% | 26.00% | ||||||||
Provision at the Canadian statutory rate | 42 | 32 | 79 | ||||||||
Increase (decrease) for taxes on income (loss) resulting from: | |||||||||||
Exchange translation items | -22 | 0 | -2 | ||||||||
Exchange remeasurement of deferred income taxes | -31 | -20 | -19 | ||||||||
Change in valuation allowances | 95 | 94 | 84 | ||||||||
Tax credits and other allowances | -22 | -38 | -8 | ||||||||
Income items not subject to tax | 2 | -6 | 0 | ||||||||
State tax (benefit) expense, net | -7 | -7 | 3 | ||||||||
Dividends not subject to tax | -52 | -52 | -53 | ||||||||
Enacted tax rate changes | -1 | 3 | 1 | ||||||||
Tax rate differences on foreign earnings | 7 | -4 | 9 | ||||||||
Uncertain tax positions | 10 | 8 | 2 | ||||||||
Prior year adjustments | 2 | -1 | -5 | ||||||||
Income tax settlements | -6 | 0 | 0 | ||||||||
Other — net | -3 | 2 | -8 | ||||||||
Income tax provision (benefit) | ($11) | $3 | ($2) | $24 | ($15) | ($3) | $26 | $3 | $14 | $11 | $83 |
Effective tax rate | 8.00% | 9.00% | 27.00% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Deferred income tax assets: | ||
Provisions not currently deductible for tax purposes | $366 | $315 |
Tax losses/benefit carryforwards, net | 627 | 493 |
Depreciation and amortization | 38 | 46 |
Other assets | 4 | 8 |
Total deferred income tax assets | 1,035 | 862 |
Less: valuation allowance | -528 | -426 |
Net deferred income tax assets | 507 | 436 |
Deferred income tax liabilities: | ||
Depreciation and amortization | 477 | 529 |
Inventory valuation reserves | 102 | 87 |
Monetary exchange gains, net | 9 | 46 |
Other liabilities | 26 | 34 |
Total deferred income tax liabilities | 614 | 696 |
Net deferred income tax liabilities | $107 | $260 |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $39 | $30 | $28 |
Additions based on tax positions related to the current period | 7 | 7 | 5 |
Additions based on tax positions of prior years | 3 | 1 | 3 |
Reductions based on tax positions of prior years | -1 | 0 | 0 |
Settlements | -3 | 0 | -5 |
Foreign exchange | -8 | 1 | -1 |
Ending Balance | $37 | $39 | $30 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Income Tax Details [Line Items] | ||||
Increase in income tax provision related to tax losses | $95,000,000 | $94,000,000 | $84,000,000 | |
Impact on income tax provision of the credits | 22,000,000 | 38,000,000 | 8,000,000 | |
Income tax holiday, amount | 9,000,000 | |||
Deferred tax assets, valuation allowance | -528,000,000 | -426,000,000 | ||
Net operating loss carryforwards | 515,000,000 | |||
Tax credit carryforward | 112,000,000 | 97,000,000 | ||
Operating loss carryforwards, valuation allowance | 381,000,000 | 287,000,000 | ||
Tax credit carryforward, valuation allowance | 99,000,000 | 84,000,000 | ||
Operating loss carryforwards | 396,000,000 | |||
Undistributed earnings of foreign subsidiaries (outside Canada) | 2,000,000,000 | |||
Unrecognized tax benefits | 37,000,000 | 39,000,000 | 30,000,000 | 28,000,000 |
Maximum amount by which reserves for interest and penalties for unrecognized tax benefits may decrease in the next 12 months | 13,000,000 | |||
Accrued income tax penalties and interest | 5,000,000 | 4,000,000 | 3,000,000 | |
Income tax penalties and interest expense | 1,000,000 | 1,000,000 | ||
Settlement with taxing authorities including interest | -8,000,000 | |||
Taxes payable | 14,000,000 | 52,000,000 | ||
Taxes payable, current | 11,000,000 | 31,000,000 | ||
Deferred Tax Assets, Other [Member] | ||||
Income Tax Details [Line Items] | ||||
Deferred tax assets, valuation allowance | -48,000,000 | -55,000,000 | ||
New York [Member] | ||||
Income Tax Details [Line Items] | ||||
Income tax credits and adjustments | 8,000,000 | |||
United Kingdom [Member] | ||||
Income Tax Details [Line Items] | ||||
Income tax credits and adjustments | 11,000,000 | |||
Canada [Member] | ||||
Income Tax Details [Line Items] | ||||
Deferred tax assets, valuation allowance | -446,000,000 | |||
Tax credit carryforward | 46,000,000 | |||
Operating loss carryforwards | $357,000,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Loss Contingencies [Line Items] | |||
Estimated range of loss, minimum | $0 | ||
Estimated range of loss, maximum | 60,000,000 | ||
Liability related to repurchase obligation | |||
Accrual for Environmental Loss Contingencies [Abstract] | |||
Accrual for environmental loss contingencies, noncurrent | 22,000,000 | ||
Accrual for environmental loss contingencies | 4,000,000 | ||
Loss Contingency Accrual [Abstract] | |||
Settlement agreement, term | 180 months | ||
Loss on Brazilian tax litigation, net | 7,000,000 | 6,000,000 | 8,000,000 |
Obligation to Repurchase Inventories Sold [Member] | |||
Loss Contingencies [Line Items] | |||
Outstanding repurchase obligations | 206,000,000 | 74,000,000 | |
Liability related to repurchase obligation | 0 | 0 | |
Accrued Expenses and Other Current Liabilities [Member] | |||
Accrual for Environmental Loss Contingencies [Abstract] | |||
Accrual for environmental loss contingencies, current | 4,000,000 | 3,000,000 | |
Other Long-term Liabilities [Member] | |||
Accrual for Environmental Loss Contingencies [Abstract] | |||
Accrual for environmental loss contingencies, noncurrent | 18,000,000 | 21,000,000 | |
Brazilian Tax Authorities and Other Third Parties [Member] | |||
Loss Contingency Accrual [Abstract] | |||
Settlement liabilities | 12,000,000 | 18,000,000 | |
Brazil [Member] | |||
Loss Contingency Accrual [Abstract] | |||
Settlement liabilities | 73,000,000 | 107,000,000 | |
Brazil [Member] | Settlement with Taxing Authority [Member] | Other Long-term Assets - Third Parties [Member] | |||
Loss Contingency Accrual [Abstract] | |||
Cash deposits | 3,000,000 | 6,000,000 | |
Brazil [Member] | Settlement with Taxing Authority [Member] | Accrued Expenses and Other Current Liabilities [Member] | |||
Loss Contingency Accrual [Abstract] | |||
Settlement liabilities | 7,000,000 | 11,000,000 | |
Brazil [Member] | Settlement with Taxing Authority [Member] | Other Long-term Liabilities [Member] | |||
Loss Contingency Accrual [Abstract] | |||
Settlement liabilities | 66,000,000 | 96,000,000 | |
Restructuring Action [Member] | |||
Accrual for Environmental Loss Contingencies [Abstract] | |||
Accrual for environmental loss contingencies | $18,000,000 |
Segment_Geographical_Area_Majo2
Segment, Geographical Area, Major Customer and Major Supplier Information (Details Textual) | 12 Months Ended |
Mar. 31, 2015 | |
Customers | |
segment | |
plant | |
country | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 4 |
Number of operating plants | 25 |
Number of plants with recycling operations | 11 |
Number of countries Company operates in | 11 |
Number of largest 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 |
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 |
Asia [Member] | |
Segment Reporting Information [Line Items] | |
Number of operating plants | 5 |
Number of plants with recycling operations | 3 |
Number of countries Company operates in | 4 |
South America [Member] | |
Segment Reporting Information [Line Items] | |
Number of operating plants | 2 |
Segment_Geographical_Area_Majo3
Segment, Geographical Area, Major Customer and Major Supplier Information (Selected Operating Results) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $2,789 | $2,847 | $2,831 | $2,680 | $2,549 | $2,403 | $2,414 | $2,401 | $11,147 | $9,767 | $9,812 |
Depreciation and amortization | 86 | 87 | 90 | 89 | 87 | 91 | 79 | 77 | 352 | 334 | 292 |
Income tax provision (benefit) | -11 | 3 | -2 | 24 | -15 | -3 | 26 | 3 | 14 | 11 | 83 |
Capital expenditures | 518 | 717 | 775 | ||||||||
Investment in and advances to non–consolidated affiliates | 447 | 612 | 447 | 612 | |||||||
Total assets | 9,102 | 9,114 | 9,102 | 9,114 | |||||||
Assets held for sale - Investment in and advances to non-consolidated affiliates | 39 | 39 | |||||||||
North America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 3,483 | 3,050 | 3,405 | ||||||||
Depreciation and amortization | 137 | ||||||||||
Income tax provision (benefit) | -27 | ||||||||||
Capital expenditures | 122 | ||||||||||
Investment in and advances to non–consolidated affiliates | 0 | 0 | 0 | 0 | |||||||
Total assets | 2,744 | 2,998 | 2,744 | 2,998 | |||||||
Assets held for sale - Investment in and advances to non-consolidated affiliates | 0 | 0 | |||||||||
Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 3,783 | 3,280 | 3,181 | ||||||||
Depreciation and amortization | 103 | ||||||||||
Income tax provision (benefit) | 12 | ||||||||||
Capital expenditures | 257 | ||||||||||
Investment in and advances to non–consolidated affiliates | 447 | 612 | 447 | 612 | |||||||
Total assets | 2,952 | 3,046 | 2,952 | 3,046 | |||||||
Assets held for sale - Investment in and advances to non-consolidated affiliates | 0 | 0 | |||||||||
Asia [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,340 | 1,876 | 1,762 | ||||||||
Depreciation and amortization | 71 | ||||||||||
Income tax provision (benefit) | 16 | ||||||||||
Capital expenditures | 85 | ||||||||||
Investment in and advances to non–consolidated affiliates | 0 | 0 | 0 | 0 | |||||||
Total assets | 1,663 | 1,440 | 1,663 | 1,440 | |||||||
Assets held for sale - Investment in and advances to non-consolidated affiliates | 0 | 0 | |||||||||
South America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,850 | 1,588 | 1,391 | ||||||||
Depreciation and amortization | 63 | ||||||||||
Income tax provision (benefit) | -1 | ||||||||||
Capital expenditures | 53 | ||||||||||
Investment in and advances to non–consolidated affiliates | 0 | 0 | 0 | 0 | |||||||
Total assets | 1,588 | 1,583 | 1,588 | 1,583 | |||||||
Assets held for sale - Investment in and advances to non-consolidated affiliates | 39 | 39 | |||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Investment in and advances to non–consolidated affiliates | 0 | 0 | 0 | 0 | |||||||
Total assets | 155 | 47 | 155 | 47 | |||||||
Assets held for sale - Investment in and advances to non-consolidated affiliates | 0 | 0 | |||||||||
Eliminations and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | -309 | -27 | 73 | ||||||||
Depreciation and amortization | -22 | ||||||||||
Income tax provision (benefit) | 14 | ||||||||||
Capital expenditures | 1 | ||||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 11,147 | 9,767 | 9,812 | ||||||||
Depreciation and amortization | 334 | 292 | |||||||||
Income tax provision (benefit) | 11 | 83 | |||||||||
Capital expenditures | 717 | 775 | |||||||||
Operating Segments [Member] | North America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 3,465 | 3,042 | 3,397 | ||||||||
Depreciation and amortization | 126 | 118 | |||||||||
Income tax provision (benefit) | -34 | 13 | |||||||||
Capital expenditures | 147 | 183 | |||||||||
Operating Segments [Member] | Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 3,609 | 3,145 | 3,096 | ||||||||
Depreciation and amortization | 103 | 103 | |||||||||
Income tax provision (benefit) | 6 | 30 | |||||||||
Capital expenditures | 241 | 80 | |||||||||
Operating Segments [Member] | Asia [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,139 | 1,849 | 1,746 | ||||||||
Depreciation and amortization | 68 | 53 | |||||||||
Income tax provision (benefit) | 16 | 18 | |||||||||
Capital expenditures | 198 | 251 | |||||||||
Operating Segments [Member] | South America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,749 | 1,543 | 1,391 | ||||||||
Depreciation and amortization | 69 | 51 | |||||||||
Income tax provision (benefit) | 6 | 13 | |||||||||
Capital expenditures | 117 | 197 | |||||||||
Operating Segments [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 188 | 182 | |||||||||
Depreciation and amortization | -32 | -33 | |||||||||
Income tax provision (benefit) | 17 | 9 | |||||||||
Capital expenditures | 14 | 64 | |||||||||
Operating Segments [Member] | Eliminations and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 185 | ||||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Intersegment Eliminations [Member] | North America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 18 | 8 | 8 | ||||||||
Intersegment Eliminations [Member] | Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 174 | 135 | 85 | ||||||||
Intersegment Eliminations [Member] | Asia [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 201 | 27 | 16 | ||||||||
Intersegment Eliminations [Member] | South America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 101 | 45 | 0 | ||||||||
Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | -215 | -109 | |||||||||
Intersegment Eliminations [Member] | Eliminations and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | ($494) |
Segment_Geographical_Area_Majo4
Segment, Geographical Area, Major Customer and Major Supplier Information (Income Reconciliation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Reconciliation of income from reportable segments to net income attributable to common shareholder | |||||||||||
Depreciation and amortization | ($86) | ($87) | ($90) | ($89) | ($87) | ($91) | ($79) | ($77) | ($352) | ($334) | ($292) |
Interest expense and amortization of debt issuance costs | -78 | -85 | -82 | -81 | -77 | -76 | -75 | -76 | -326 | -304 | -298 |
Adjustment to eliminate proportional consolidation | -33 | -40 | -41 | ||||||||
Unrealized (losses) gains on change in fair value of derivative instruments, net | 0 | -10 | 14 | ||||||||
Realized (losses) gains on derivative instruments not included in segment income | -6 | 5 | 5 | ||||||||
Gain on assets held for sale, net | -1 | 12 | 0 | 11 | 0 | 6 | 0 | 0 | 22 | 6 | 3 |
Loss on extinguishment of debt | 0 | 0 | -7 | ||||||||
Restructuring and impairment, net | 1 | -25 | -7 | -6 | -29 | -19 | -18 | -9 | -37 | -75 | -47 |
Loss on sale of fixed assets | -5 | -9 | -6 | ||||||||
Other costs, net | -3 | -9 | -6 | ||||||||
Income before income taxes | 162 | 115 | 286 | ||||||||
Income tax provision | -11 | 3 | -2 | 24 | -15 | -3 | 26 | 3 | 14 | 11 | 83 |
Net income | 29 | 46 | 38 | 35 | 54 | 13 | 23 | 14 | 148 | 104 | 203 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
Net income attributable to our common shareholder | 29 | 46 | 38 | 35 | 54 | 13 | 23 | 14 | 148 | 104 | 202 |
North America [Member] | |||||||||||
Reconciliation of income from reportable segments to net income attributable to common shareholder | |||||||||||
Gain on assets held for sale, net | 7 | ||||||||||
Operating Segments [Member] | |||||||||||
Reconciliation of income from reportable segments to net income attributable to common shareholder | |||||||||||
Depreciation and amortization | -334 | -292 | |||||||||
Income tax provision | 11 | 83 | |||||||||
Operating Segments [Member] | North America [Member] | |||||||||||
Reconciliation of income from reportable segments to net income attributable to common shareholder | |||||||||||
Gross profit | 273 | 229 | 324 | ||||||||
Operating Segments [Member] | Europe [Member] | |||||||||||
Reconciliation of income from reportable segments to net income attributable to common shareholder | |||||||||||
Gross profit | 250 | 265 | 261 | ||||||||
Operating Segments [Member] | Asia [Member] | |||||||||||
Reconciliation of income from reportable segments to net income attributable to common shareholder | |||||||||||
Gross profit | 141 | 160 | 174 | ||||||||
Operating Segments [Member] | South America [Member] | |||||||||||
Reconciliation of income from reportable segments to net income attributable to common shareholder | |||||||||||
Gross profit | 240 | 231 | 202 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Reconciliation of income from reportable segments to net income attributable to common shareholder | |||||||||||
Gross profit | ($2) | $0 | $0 |
Segment_Geographical_Area_Majo5
Segment, Geographical Area, Major Customer and Major Supplier Information (Geographical Information - Net Sales) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $2,789 | $2,847 | $2,831 | $2,680 | $2,549 | $2,403 | $2,414 | $2,401 | $11,147 | $9,767 | $9,812 |
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 3,507 | 3,021 | 3,350 | ||||||||
Asia and Other Pacific [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 2,139 | 1,845 | 1,745 | ||||||||
Brazil [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 1,750 | 1,544 | 1,391 | ||||||||
Canada [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 144 | 209 | 230 | ||||||||
Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 2,976 | 2,449 | 2,391 | ||||||||
United Kingdom [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 139 | 135 | 53 | ||||||||
Other Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $492 | $564 | $652 |
Segment_Geographical_Area_Majo6
Segment, Geographical Area, Major Customer and Major Supplier Information (Geographical Information - Assets) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $4,126 | $4,153 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 1,518 | 1,504 |
Asia and Other Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 840 | 866 |
Brazil [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 866 | 889 |
Canada [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 78 | 82 |
Germany [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 251 | 268 |
United Kingdom [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 45 | 46 |
Other Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $528 | $498 |
Segment_Geographical_Area_Majo7
Segment, Geographical Area, Major Customer and Major Supplier Information (3 Largest Customers) (Details) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Rexam Plc [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total net sales | 18.00% | 17.00% | 15.00% |
Affiliates of Ball Corporation [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total net sales | 10.00% | 10.00% | 10.00% |
Anheuser-Busch LLC [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total net sales | 7.00% | 8.00% | 11.00% |
Beverage and Food Can [Member] | Sales Revenue [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total net sales | 56.00% | 55.00% | 55.00% |
Automotive Products [Member] | Sales Revenue [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total net sales | 13.00% | 11.00% | 8.00% |
Segment_Geographical_Area_Majo8
Segment, Geographical Area, Major Customer and Major Supplier Information (Purchases - RTA) (Details) (Cost of Goods Sold [Member], RTA [Member]) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Cost of Goods Sold [Member] | RTA [Member] | |||
Purchases from primary supplier | |||
Purchases from RTA as a percentage of total combined metal purchases | 15.00% | 17.00% | 24.00% |
Supplemental_Information_Detai
Supplemental Information (Details1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Supplemental cash flow information | |||
Interest paid | $303 | $278 | $271 |
Income taxes paid | $131 | $120 | $121 |
Supplemental_Information_Detai1
Supplemental Information (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Supplemental Cash Flow Elements [Abstract] | |||
Capital expenditures incurred but not yet paid | $110 | ||
Capital lease obligations incurred | $1 | $1 | $16 |
Quarterly_Results_Unaudited_De
Quarterly Results (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $2,789 | $2,847 | $2,831 | $2,680 | $2,549 | $2,403 | $2,414 | $2,401 | $11,147 | $9,767 | $9,812 |
Cost of goods sold (exclusive of depreciation and amortization) | 2,483 | 2,498 | 2,483 | 2,329 | 2,203 | 2,093 | 2,074 | 2,098 | 9,793 | 8,468 | 8,477 |
Selling, general and administrative expenses | 108 | 108 | 103 | 108 | 117 | 115 | 109 | 120 | 427 | 461 | 398 |
Depreciation and amortization | 86 | 87 | 90 | 89 | 87 | 91 | 79 | 77 | 352 | 334 | 292 |
Research and development expenses | 12 | 14 | 12 | 12 | 11 | 12 | 12 | 10 | 50 | 45 | 46 |
Interest expense and amortization of debt issuance costs | 78 | 85 | 82 | 81 | 77 | 76 | 75 | 76 | 326 | 304 | 298 |
Gain on assets held for sale, net | 1 | -12 | 0 | -11 | 0 | -6 | 0 | 0 | -22 | -6 | -3 |
Restructuring and impairment, net | -1 | 25 | 7 | 6 | 29 | 19 | 18 | 9 | 37 | 75 | 47 |
Equity in net loss of non-consolidated affiliates | 1 | 2 | 0 | 2 | 0 | 5 | 3 | 4 | 5 | 12 | 16 |
Other income, net | 3 | -9 | 18 | 5 | -14 | -12 | -5 | -10 | 17 | -41 | -52 |
Income tax provision | -11 | 3 | -2 | 24 | -15 | -3 | 26 | 3 | 14 | 11 | 83 |
Net income | 29 | 46 | 38 | 35 | 54 | 13 | 23 | 14 | 148 | 104 | 203 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
Net income attributable to our common shareholder | $29 | $46 | $38 | $35 | $54 | $13 | $23 | $14 | $148 | $104 | $202 |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information (Income Statement) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Supplemental guarantor information statements of operation | |||||||||||
Net sales | $2,789 | $2,847 | $2,831 | $2,680 | $2,549 | $2,403 | $2,414 | $2,401 | $11,147 | $9,767 | $9,812 |
Cost of goods sold (exclusive of depreciation and amortization) | 2,483 | 2,498 | 2,483 | 2,329 | 2,203 | 2,093 | 2,074 | 2,098 | 9,793 | 8,468 | 8,477 |
Selling, general and administrative expenses | 108 | 108 | 103 | 108 | 117 | 115 | 109 | 120 | 427 | 461 | 398 |
Depreciation and amortization | 86 | 87 | 90 | 89 | 87 | 91 | 79 | 77 | 352 | 334 | 292 |
Research and development expenses | 12 | 14 | 12 | 12 | 11 | 12 | 12 | 10 | 50 | 45 | 46 |
Interest expense and amortization of debt issuance costs | 78 | 85 | 82 | 81 | 77 | 76 | 75 | 76 | 326 | 304 | 298 |
Gain (loss) on assets held for sale | 1 | -12 | 0 | -11 | 0 | -6 | 0 | 0 | -22 | -6 | -3 |
Loss on extinguishment of debt | 0 | 0 | 7 | ||||||||
Restructuring and impairment, net | -1 | 25 | 7 | 6 | 29 | 19 | 18 | 9 | 37 | 75 | 47 |
Equity in net loss of non-consolidated affiliates | 1 | 2 | 0 | 2 | 0 | 5 | 3 | 4 | 5 | 12 | 16 |
Equity in net (income) loss of consolidated subsidiaries | 0 | 0 | 0 | ||||||||
Other income, net | 3 | -9 | 18 | 5 | -14 | -12 | -5 | -10 | 17 | -41 | -52 |
Total expenses | 10,985 | 9,652 | 9,526 | ||||||||
Income before income taxes | 162 | 115 | 286 | ||||||||
Income tax provision (benefit) | -11 | 3 | -2 | 24 | -15 | -3 | 26 | 3 | 14 | 11 | 83 |
Net income | 29 | 46 | 38 | 35 | 54 | 13 | 23 | 14 | 148 | 104 | 203 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
Net income attributable to our common shareholder | 29 | 46 | 38 | 35 | 54 | 13 | 23 | 14 | 148 | 104 | 202 |
Comprehensive (loss) income | -337 | 279 | 126 | ||||||||
Less: Comprehensive loss attributable to noncontrolling interest | -15 | -2 | 1 | ||||||||
Comprehensive (loss) income attributable to our common shareholder | -322 | 281 | 125 | ||||||||
Parent [Member] | |||||||||||
Supplemental guarantor information statements of operation | |||||||||||
Net sales | 665 | 693 | 781 | ||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 650 | 677 | 740 | ||||||||
Selling, general and administrative expenses | 6 | 48 | -19 | ||||||||
Depreciation and amortization | 18 | 16 | 14 | ||||||||
Research and development expenses | 0 | 1 | 7 | ||||||||
Interest expense and amortization of debt issuance costs | 319 | 315 | 320 | ||||||||
Gain (loss) on assets held for sale | -5 | 0 | -5 | ||||||||
Loss on extinguishment of debt | 7 | ||||||||||
Restructuring and impairment, net | 1 | 8 | 12 | ||||||||
Equity in net loss of non-consolidated affiliates | 0 | 0 | 0 | ||||||||
Equity in net (income) loss of consolidated subsidiaries | -456 | -448 | -455 | ||||||||
Other income, net | -18 | -35 | -49 | ||||||||
Total expenses | 515 | 582 | 572 | ||||||||
Income before income taxes | 150 | 111 | 209 | ||||||||
Income tax provision (benefit) | 2 | 7 | 7 | ||||||||
Net income | 148 | 104 | 202 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to our common shareholder | 148 | 104 | 202 | ||||||||
Comprehensive (loss) income | -322 | 281 | 125 | ||||||||
Less: Comprehensive loss attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Comprehensive (loss) income attributable to our common shareholder | -322 | 281 | 125 | ||||||||
Guarantors [Member] | |||||||||||
Supplemental guarantor information statements of operation | |||||||||||
Net sales | 9,525 | 8,080 | 8,076 | ||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 8,413 | 7,055 | 7,028 | ||||||||
Selling, general and administrative expenses | 344 | 338 | 341 | ||||||||
Depreciation and amortization | 258 | 246 | 220 | ||||||||
Research and development expenses | 49 | 43 | 39 | ||||||||
Interest expense and amortization of debt issuance costs | 74 | 28 | 16 | ||||||||
Gain (loss) on assets held for sale | -17 | -6 | 2 | ||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Restructuring and impairment, net | 33 | 59 | 33 | ||||||||
Equity in net loss of non-consolidated affiliates | 5 | 12 | 16 | ||||||||
Equity in net (income) loss of consolidated subsidiaries | -30 | -99 | -89 | ||||||||
Other income, net | -46 | -57 | -49 | ||||||||
Total expenses | 9,083 | 7,619 | 7,557 | ||||||||
Income before income taxes | 442 | 461 | 519 | ||||||||
Income tax provision (benefit) | -8 | 16 | 57 | ||||||||
Net income | 450 | 445 | 462 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to our common shareholder | 450 | 445 | 462 | ||||||||
Comprehensive (loss) income | 30 | 590 | 364 | ||||||||
Less: Comprehensive loss attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Comprehensive (loss) income attributable to our common shareholder | 30 | 590 | 364 | ||||||||
Non-Guarantors [Member] | |||||||||||
Supplemental guarantor information statements of operation | |||||||||||
Net sales | 2,743 | 2,416 | 2,440 | ||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 2,514 | 2,158 | 2,194 | ||||||||
Selling, general and administrative expenses | 77 | 75 | 76 | ||||||||
Depreciation and amortization | 76 | 72 | 58 | ||||||||
Research and development expenses | 1 | 1 | 0 | ||||||||
Interest expense and amortization of debt issuance costs | 7 | 1 | -3 | ||||||||
Gain (loss) on assets held for sale | 0 | 0 | 0 | ||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Restructuring and impairment, net | 3 | 8 | 2 | ||||||||
Equity in net loss of non-consolidated affiliates | 0 | 0 | 0 | ||||||||
Equity in net (income) loss of consolidated subsidiaries | 0 | 0 | 0 | ||||||||
Other income, net | 7 | 11 | 11 | ||||||||
Total expenses | 2,685 | 2,326 | 2,338 | ||||||||
Income before income taxes | 58 | 90 | 102 | ||||||||
Income tax provision (benefit) | 20 | -12 | 19 | ||||||||
Net income | 38 | 102 | 83 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 1 | ||||||||
Net income attributable to our common shareholder | 38 | 102 | 82 | ||||||||
Comprehensive (loss) income | -7 | 152 | 85 | ||||||||
Less: Comprehensive loss attributable to noncontrolling interest | -15 | -2 | 1 | ||||||||
Comprehensive (loss) income attributable to our common shareholder | 8 | 154 | 84 | ||||||||
Eliminations [Member] | |||||||||||
Supplemental guarantor information statements of operation | |||||||||||
Net sales | -1,786 | -1,422 | -1,485 | ||||||||
Cost of goods sold (exclusive of depreciation and amortization) | -1,784 | -1,422 | -1,485 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Research and development expenses | 0 | 0 | 0 | ||||||||
Interest expense and amortization of debt issuance costs | -74 | -40 | -35 | ||||||||
Gain (loss) on assets held for sale | 0 | 0 | 0 | ||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Restructuring and impairment, net | 0 | 0 | 0 | ||||||||
Equity in net loss of non-consolidated affiliates | 0 | 0 | 0 | ||||||||
Equity in net (income) loss of consolidated subsidiaries | 486 | 547 | 544 | ||||||||
Other income, net | 74 | 40 | 35 | ||||||||
Total expenses | -1,298 | -875 | -941 | ||||||||
Income before income taxes | -488 | -547 | -544 | ||||||||
Income tax provision (benefit) | 0 | 0 | 0 | ||||||||
Net income | -488 | -547 | -544 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to our common shareholder | -488 | -547 | -544 | ||||||||
Comprehensive (loss) income | -38 | -744 | -448 | ||||||||
Less: Comprehensive loss attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Comprehensive (loss) income attributable to our common shareholder | ($38) | ($744) | ($448) |
Supplemental_Guarantor_Informa3
Supplemental Guarantor Information (Balance Sheet) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Current assets | ||||
Cash and cash equivalents | $628,000,000 | $509,000,000 | $301,000,000 | $317,000,000 |
Accounts receivable, net | ||||
— third parties | 1,289,000,000 | 1,382,000,000 | ||
— related parties | 53,000,000 | 54,000,000 | ||
Inventories | 1,431,000,000 | 1,173,000,000 | ||
Prepaid expenses and other current assets | 112,000,000 | 101,000,000 | ||
Fair value of derivative instruments | 77,000,000 | 51,000,000 | ||
Deferred income tax assets | 79,000,000 | 101,000,000 | ||
Assets held for sale | 6,000,000 | 102,000,000 | ||
Total current assets | 3,675,000,000 | 3,473,000,000 | ||
Property, plant and equipment, net | 3,542,000,000 | 3,513,000,000 | ||
Goodwill | 607,000,000 | 611,000,000 | ||
Intangible assets, net | 584,000,000 | 640,000,000 | ||
Investment in and advances to non–consolidated affiliates | 447,000,000 | 612,000,000 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Deferred income tax assets | 95,000,000 | 80,000,000 | ||
Other long–term assets | ||||
— third parties | 137,000,000 | 173,000,000 | ||
— related parties | 15,000,000 | 12,000,000 | ||
Total assets | 9,102,000,000 | 9,114,000,000 | ||
Current liabilities | ||||
Current portion of long–term debt | 108,000,000 | 92,000,000 | ||
Short-term borrowings | ||||
— third parties | 846,000,000 | 723,000,000 | ||
— related parties | 0 | 0 | ||
Accounts payable | ||||
— third parties | 1,854,000,000 | 1,418,000,000 | ||
— related parties | 44,000,000 | 53,000,000 | ||
Fair value of derivative instruments | 149,000,000 | 60,000,000 | ||
Accrued expenses and other current liabilities | ||||
— third parties | 572,000,000 | 547,000,000 | ||
— related party | 0 | 250,000,000 | ||
Deferred income tax liabilities | 20,000,000 | 16,000,000 | ||
Liabilities held for sale | 0 | 11,000,000 | ||
Total current liabilities | 3,593,000,000 | 3,170,000,000 | ||
Long-term debt, net of current portion | ||||
— third parties | 4,349,000,000 | 4,359,000,000 | ||
— related parties | 0 | 0 | ||
Deferred income tax liabilities | 261,000,000 | 425,000,000 | ||
Accrued postretirement benefits | 748,000,000 | 621,000,000 | ||
Other long–term liabilities | 221,000,000 | 271,000,000 | ||
Total liabilities | 9,172,000,000 | 8,846,000,000 | ||
Commitments and contingencies | ||||
Temporary equity - intercompany | 0 | 0 | ||
Shareholder’s (deficit) equity | ||||
Common stock | 0 | 0 | ||
Additional paid–in capital | 1,404,000,000 | 1,404,000,000 | ||
(Accumulated deficit) retained earnings | -925,000,000 | -1,073,000,000 | ||
Accumulated other comprehensive (loss) income | -561,000,000 | -91,000,000 | -268,000,000 | -191,000,000 |
Total (deficit) equity of our common shareholder | -82,000,000 | 240,000,000 | ||
Noncontrolling interests | 12,000,000 | 28,000,000 | ||
Total (deficit) equity | -70,000,000 | 268,000,000 | 239,000,000 | 123,000,000 |
Total liabilities and (deficit) equity | 9,102,000,000 | 9,114,000,000 | ||
Parent [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 4,000,000 | 4,000,000 | 4,000,000 | 6,000,000 |
Accounts receivable, net | ||||
— third parties | 23,000,000 | 15,000,000 | ||
— related parties | 385,000,000 | 1,093,000,000 | ||
Inventories | 55,000,000 | 36,000,000 | ||
Prepaid expenses and other current assets | 6,000,000 | 5,000,000 | ||
Fair value of derivative instruments | 19,000,000 | 12,000,000 | ||
Deferred income tax assets | 0 | 0 | ||
Assets held for sale | 0 | 28,000,000 | ||
Total current assets | 492,000,000 | 1,193,000,000 | ||
Property, plant and equipment, net | 95,000,000 | 100,000,000 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 19,000,000 | 19,000,000 | ||
Investment in and advances to non–consolidated affiliates | 0 | 0 | ||
Investments in consolidated subsidiaries | 3,013,000,000 | 3,273,000,000 | ||
Deferred income tax assets | 0 | 0 | ||
Other long–term assets | ||||
— third parties | 57,000,000 | 73,000,000 | ||
— related parties | 1,265,000,000 | 844,000,000 | ||
Total assets | 4,941,000,000 | 5,502,000,000 | ||
Current liabilities | ||||
Current portion of long–term debt | 22,000,000 | 21,000,000 | ||
Short-term borrowings | ||||
— third parties | 394,000,000 | 367,000,000 | ||
— related parties | 0 | 32,000,000 | ||
Accounts payable | ||||
— third parties | 27,000,000 | 35,000,000 | ||
— related parties | 78,000,000 | 89,000,000 | ||
Fair value of derivative instruments | 83,000,000 | 14,000,000 | ||
Accrued expenses and other current liabilities | ||||
— third parties | 99,000,000 | 104,000,000 | ||
— related party | 0 | 250,000,000 | ||
Deferred income tax liabilities | 0 | 0 | ||
Liabilities held for sale | 10,000,000 | |||
Total current liabilities | 703,000,000 | 922,000,000 | ||
Long-term debt, net of current portion | ||||
— third parties | 4,205,000,000 | 4,219,000,000 | ||
— related parties | 49,000,000 | 49,000,000 | ||
Deferred income tax liabilities | 0 | 0 | ||
Accrued postretirement benefits | 30,000,000 | 44,000,000 | ||
Other long–term liabilities | 36,000,000 | 28,000,000 | ||
Total liabilities | 5,023,000,000 | 5,262,000,000 | ||
Commitments and contingencies | ||||
Temporary equity - intercompany | 0 | 0 | ||
Shareholder’s (deficit) equity | ||||
Common stock | 0 | 0 | ||
Additional paid–in capital | 1,404,000,000 | 1,404,000,000 | ||
(Accumulated deficit) retained earnings | -925,000,000 | -1,073,000,000 | ||
Accumulated other comprehensive (loss) income | -561,000,000 | -91,000,000 | ||
Total (deficit) equity of our common shareholder | -82,000,000 | 240,000,000 | ||
Noncontrolling interests | 0 | 0 | ||
Total (deficit) equity | -82,000,000 | 240,000,000 | ||
Total liabilities and (deficit) equity | 4,941,000,000 | 5,502,000,000 | ||
Guarantors [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 365,000,000 | 372,000,000 | 196,000,000 | 215,000,000 |
Accounts receivable, net | ||||
— third parties | 1,034,000,000 | 1,121,000,000 | ||
— related parties | 154,000,000 | 193,000,000 | ||
Inventories | 1,084,000,000 | 880,000,000 | ||
Prepaid expenses and other current assets | 89,000,000 | 76,000,000 | ||
Fair value of derivative instruments | 55,000,000 | 26,000,000 | ||
Deferred income tax assets | 70,000,000 | 96,000,000 | ||
Assets held for sale | 6,000,000 | 74,000,000 | ||
Total current assets | 2,857,000,000 | 2,838,000,000 | ||
Property, plant and equipment, net | 2,549,000,000 | 2,485,000,000 | ||
Goodwill | 596,000,000 | 600,000,000 | ||
Intangible assets, net | 562,000,000 | 617,000,000 | ||
Investment in and advances to non–consolidated affiliates | 447,000,000 | 612,000,000 | ||
Investments in consolidated subsidiaries | 597,000,000 | 612,000,000 | ||
Deferred income tax assets | 47,000,000 | 28,000,000 | ||
Other long–term assets | ||||
— third parties | 70,000,000 | 89,000,000 | ||
— related parties | 64,000,000 | 61,000,000 | ||
Total assets | 7,789,000,000 | 7,942,000,000 | ||
Current liabilities | ||||
Current portion of long–term debt | 8,000,000 | 10,000,000 | ||
Short-term borrowings | ||||
— third parties | 381,000,000 | 287,000,000 | ||
— related parties | 122,000,000 | 809,000,000 | ||
Accounts payable | ||||
— third parties | 1,195,000,000 | 912,000,000 | ||
— related parties | 393,000,000 | 377,000,000 | ||
Fair value of derivative instruments | 62,000,000 | 40,000,000 | ||
Accrued expenses and other current liabilities | ||||
— third parties | 412,000,000 | 358,000,000 | ||
— related party | 47,000,000 | 4,000,000 | ||
Deferred income tax liabilities | 20,000,000 | 16,000,000 | ||
Liabilities held for sale | 1,000,000 | |||
Total current liabilities | 2,640,000,000 | 2,814,000,000 | ||
Long-term debt, net of current portion | ||||
— third parties | 28,000,000 | 40,000,000 | ||
— related parties | 1,209,000,000 | 788,000,000 | ||
Deferred income tax liabilities | 254,000,000 | 419,000,000 | ||
Accrued postretirement benefits | 534,000,000 | 422,000,000 | ||
Other long–term liabilities | 175,000,000 | 236,000,000 | ||
Total liabilities | 4,840,000,000 | 4,719,000,000 | ||
Commitments and contingencies | ||||
Temporary equity - intercompany | 1,681,000,000 | 1,681,000,000 | ||
Shareholder’s (deficit) equity | ||||
Common stock | 0 | 0 | ||
Additional paid–in capital | 0 | 0 | ||
(Accumulated deficit) retained earnings | 1,831,000,000 | 1,684,000,000 | ||
Accumulated other comprehensive (loss) income | -563,000,000 | -142,000,000 | ||
Total (deficit) equity of our common shareholder | 1,268,000,000 | 1,542,000,000 | ||
Noncontrolling interests | 0 | 0 | ||
Total (deficit) equity | 1,268,000,000 | 1,542,000,000 | ||
Total liabilities and (deficit) equity | 7,789,000,000 | 7,942,000,000 | ||
Non-Guarantors [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 259,000,000 | 133,000,000 | 101,000,000 | 96,000,000 |
Accounts receivable, net | ||||
— third parties | 232,000,000 | 246,000,000 | ||
— related parties | 158,000,000 | 57,000,000 | ||
Inventories | 294,000,000 | 257,000,000 | ||
Prepaid expenses and other current assets | 17,000,000 | 20,000,000 | ||
Fair value of derivative instruments | 9,000,000 | 14,000,000 | ||
Deferred income tax assets | 9,000,000 | 5,000,000 | ||
Assets held for sale | 0 | 0 | ||
Total current assets | 978,000,000 | 732,000,000 | ||
Property, plant and equipment, net | 898,000,000 | 928,000,000 | ||
Goodwill | 11,000,000 | 11,000,000 | ||
Intangible assets, net | 3,000,000 | 4,000,000 | ||
Investment in and advances to non–consolidated affiliates | 0 | 0 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Deferred income tax assets | 48,000,000 | 52,000,000 | ||
Other long–term assets | ||||
— third parties | 10,000,000 | 11,000,000 | ||
— related parties | 0 | 0 | ||
Total assets | 1,948,000,000 | 1,738,000,000 | ||
Current liabilities | ||||
Current portion of long–term debt | 78,000,000 | 61,000,000 | ||
Short-term borrowings | ||||
— third parties | 71,000,000 | 69,000,000 | ||
— related parties | 0 | 0 | ||
Accounts payable | ||||
— third parties | 632,000,000 | 471,000,000 | ||
— related parties | 42,000,000 | 29,000,000 | ||
Fair value of derivative instruments | 10,000,000 | 7,000,000 | ||
Accrued expenses and other current liabilities | ||||
— third parties | 61,000,000 | 85,000,000 | ||
— related party | 6,000,000 | 2,000,000 | ||
Deferred income tax liabilities | 0 | 0 | ||
Liabilities held for sale | 0 | |||
Total current liabilities | 900,000,000 | 724,000,000 | ||
Long-term debt, net of current portion | ||||
— third parties | 116,000,000 | 100,000,000 | ||
— related parties | 56,000,000 | 56,000,000 | ||
Deferred income tax liabilities | 7,000,000 | 6,000,000 | ||
Accrued postretirement benefits | 184,000,000 | 155,000,000 | ||
Other long–term liabilities | 10,000,000 | 7,000,000 | ||
Total liabilities | 1,273,000,000 | 1,048,000,000 | ||
Commitments and contingencies | ||||
Temporary equity - intercompany | 0 | 0 | ||
Shareholder’s (deficit) equity | ||||
Common stock | 0 | 0 | ||
Additional paid–in capital | 0 | 0 | ||
(Accumulated deficit) retained earnings | 711,000,000 | 680,000,000 | ||
Accumulated other comprehensive (loss) income | -48,000,000 | -18,000,000 | ||
Total (deficit) equity of our common shareholder | 663,000,000 | 662,000,000 | ||
Noncontrolling interests | 12,000,000 | 28,000,000 | ||
Total (deficit) equity | 675,000,000 | 690,000,000 | ||
Total liabilities and (deficit) equity | 1,948,000,000 | 1,738,000,000 | ||
Eliminations [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | ||||
— third parties | 0 | 0 | ||
— related parties | -644,000,000 | -1,289,000,000 | ||
Inventories | -2,000,000 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Fair value of derivative instruments | -6,000,000 | -1,000,000 | ||
Deferred income tax assets | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Total current assets | -652,000,000 | -1,290,000,000 | ||
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 | -3,610,000,000 | -3,885,000,000 | ||
Deferred income tax assets | 0 | 0 | ||
Other long–term assets | ||||
— third parties | 0 | 0 | ||
— related parties | -1,314,000,000 | -893,000,000 | ||
Total assets | -5,576,000,000 | -6,068,000,000 | ||
Current liabilities | ||||
Current portion of long–term debt | 0 | 0 | ||
Short-term borrowings | ||||
— third parties | 0 | 0 | ||
— related parties | -122,000,000 | -841,000,000 | ||
Accounts payable | ||||
— third parties | 0 | 0 | ||
— related parties | -469,000,000 | -442,000,000 | ||
Fair value of derivative instruments | -6,000,000 | -1,000,000 | ||
Accrued expenses and other current liabilities | ||||
— third parties | 0 | 0 | ||
— related party | -53,000,000 | -6,000,000 | ||
Deferred income tax liabilities | 0 | 0 | ||
Liabilities held for sale | 0 | |||
Total current liabilities | -650,000,000 | -1,290,000,000 | ||
Long-term debt, net of current portion | ||||
— third parties | 0 | 0 | ||
— related parties | -1,314,000,000 | -893,000,000 | ||
Deferred income tax liabilities | 0 | 0 | ||
Accrued postretirement benefits | 0 | 0 | ||
Other long–term liabilities | 0 | 0 | ||
Total liabilities | -1,964,000,000 | -2,183,000,000 | ||
Commitments and contingencies | ||||
Temporary equity - intercompany | -1,681,000,000 | -1,681,000,000 | ||
Shareholder’s (deficit) equity | ||||
Common stock | 0 | 0 | ||
Additional paid–in capital | 0 | 0 | ||
(Accumulated deficit) retained earnings | -2,542,000,000 | -2,364,000,000 | ||
Accumulated other comprehensive (loss) income | 611,000,000 | 160,000,000 | ||
Total (deficit) equity of our common shareholder | -1,931,000,000 | -2,204,000,000 | ||
Noncontrolling interests | 0 | 0 | ||
Total (deficit) equity | -1,931,000,000 | -2,204,000,000 | ||
Total liabilities and (deficit) equity | ($5,576,000,000) | ($6,068,000,000) |
Supplemental_Guarantor_Informa4
Supplemental Guarantor Information (Cash Flow Statement) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING ACTIVITIES | |||
Net cash provided by (used in) operating activities | $604 | $702 | $203 |
INVESTING ACTIVITIES | |||
Capital expenditures | -518 | -717 | -775 |
Proceeds from sales of assets, net - third parties | 117 | 8 | 19 |
Proceeds from the sale of assets, net - related parties | 0 | 8 | 2 |
Proceeds (outflows) from investment in and advances to affiliates, net | -20 | -16 | 3 |
(Outflow) proceeds from settlement of undesignated derivative instruments, net | 5 | 15 | 4 |
Net cash used in investing activities | -416 | -702 | -747 |
Proceeds from issuance of debt | |||
— third parties | 362 | 169 | 319 |
— related parties | 0 | 0 | 0 |
Principal payments | |||
— third parties | -324 | -164 | -97 |
— related parties | 0 | 0 | |
Short-term borrowings, net | |||
— third parties | 160 | 208 | 332 |
— related parties | 0 | 0 | 0 |
Return of capital to our common shareholder | -250 | 0 | 0 |
Intercompany return of capital | 0 | 0 | |
Dividends, noncontrolling interests and intercompany | -1 | 0 | -2 |
Acquisition of noncontrolling interest in Novelis Korea Ltd. | 0 | 0 | -9 |
Debt issuance costs | -3 | -8 | -8 |
Net cash (used in) provided by financing activities | -56 | 205 | 535 |
Net increase (decrease) in cash and cash equivalents | 132 | 205 | -9 |
Effect of exchange rate changes on cash | -13 | 3 | -7 |
Cash and cash equivalents — beginning of period | 509 | 301 | 317 |
Cash and cash equivalents — end of period | 628 | 509 | 301 |
Parent [Member] | |||
OPERATING ACTIVITIES | |||
Net cash provided by (used in) operating activities | 29 | 144 | 87 |
INVESTING ACTIVITIES | |||
Capital expenditures | -17 | -22 | -11 |
Proceeds from sales of assets, net - third parties | 29 | 0 | 7 |
Proceeds from the sale of assets, net - related parties | 0 | 0 | |
Proceeds (outflows) from investment in and advances to affiliates, net | 250 | -261 | -313 |
(Outflow) proceeds from settlement of undesignated derivative instruments, net | -19 | -21 | 13 |
Net cash used in investing activities | 243 | -304 | -304 |
Proceeds from issuance of debt | |||
— third parties | 0 | 0 | 80 |
— related parties | 0 | 0 | 49 |
Principal payments | |||
— third parties | -21 | -19 | -92 |
— related parties | 0 | 0 | |
Short-term borrowings, net | |||
— third parties | 27 | 162 | 205 |
— related parties | -25 | 25 | -10 |
Return of capital to our common shareholder | -250 | 0 | |
Intercompany return of capital | 0 | 0 | |
Dividends, noncontrolling interests and intercompany | 0 | 0 | 0 |
Acquisition of noncontrolling interest in Novelis Korea Ltd. | -9 | ||
Debt issuance costs | -3 | -8 | -8 |
Net cash (used in) provided by financing activities | -272 | 160 | 215 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | -2 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Cash and cash equivalents — beginning of period | 4 | 4 | 6 |
Cash and cash equivalents — end of period | 4 | 4 | 4 |
Guarantors [Member] | |||
OPERATING ACTIVITIES | |||
Net cash provided by (used in) operating activities | 659 | 893 | 230 |
INVESTING ACTIVITIES | |||
Capital expenditures | -404 | -492 | -491 |
Proceeds from sales of assets, net - third parties | 88 | 7 | 12 |
Proceeds from the sale of assets, net - related parties | 8 | 2 | |
Proceeds (outflows) from investment in and advances to affiliates, net | 5 | -41 | -20 |
(Outflow) proceeds from settlement of undesignated derivative instruments, net | 23 | 21 | 4 |
Net cash used in investing activities | -288 | -497 | -493 |
Proceeds from issuance of debt | |||
— third parties | 315 | 147 | 98 |
— related parties | 500 | 0 | 9 |
Principal payments | |||
— third parties | -266 | -143 | -5 |
— related parties | -80 | -26 | |
Short-term borrowings, net | |||
— third parties | 97 | 44 | 127 |
— related parties | -686 | 208 | 286 |
Return of capital to our common shareholder | 0 | 1 | |
Intercompany return of capital | 0 | 0 | |
Dividends, noncontrolling interests and intercompany | -244 | -479 | -237 |
Acquisition of noncontrolling interest in Novelis Korea Ltd. | 0 | ||
Debt issuance costs | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | -364 | -223 | 253 |
Net increase (decrease) in cash and cash equivalents | 7 | 173 | -10 |
Effect of exchange rate changes on cash | -14 | 3 | -9 |
Cash and cash equivalents — beginning of period | 372 | 196 | 215 |
Cash and cash equivalents — end of period | 365 | 372 | 196 |
Non-Guarantors [Member] | |||
OPERATING ACTIVITIES | |||
Net cash provided by (used in) operating activities | 161 | 233 | 202 |
INVESTING ACTIVITIES | |||
Capital expenditures | -97 | -203 | -273 |
Proceeds from sales of assets, net - third parties | 0 | 1 | 0 |
Proceeds from the sale of assets, net - related parties | 0 | 0 | |
Proceeds (outflows) from investment in and advances to affiliates, net | 0 | 0 | 0 |
(Outflow) proceeds from settlement of undesignated derivative instruments, net | 1 | 15 | -13 |
Net cash used in investing activities | -96 | -187 | -286 |
Proceeds from issuance of debt | |||
— third parties | 47 | 22 | 141 |
— related parties | 3 | 56 | 0 |
Principal payments | |||
— third parties | -37 | -2 | 0 |
— related parties | 0 | 0 | |
Short-term borrowings, net | |||
— third parties | 36 | 2 | 0 |
— related parties | 0 | 0 | -17 |
Return of capital to our common shareholder | 0 | 44 | |
Intercompany return of capital | 13 | -3 | |
Dividends, noncontrolling interests and intercompany | -2 | -89 | -81 |
Acquisition of noncontrolling interest in Novelis Korea Ltd. | 0 | ||
Debt issuance costs | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | 60 | -14 | 87 |
Net increase (decrease) in cash and cash equivalents | 125 | 32 | 3 |
Effect of exchange rate changes on cash | 1 | 0 | 2 |
Cash and cash equivalents — beginning of period | 133 | 101 | 96 |
Cash and cash equivalents — end of period | 259 | 133 | 101 |
Eliminations [Member] | |||
OPERATING ACTIVITIES | |||
Net cash provided by (used in) operating activities | -245 | -568 | -316 |
INVESTING ACTIVITIES | |||
Capital expenditures | 0 | 0 | 0 |
Proceeds from sales of assets, net - third parties | 0 | 0 | 0 |
Proceeds from the sale of assets, net - related parties | 0 | 0 | |
Proceeds (outflows) from investment in and advances to affiliates, net | -275 | 286 | 336 |
(Outflow) proceeds from settlement of undesignated derivative instruments, net | 0 | 0 | 0 |
Net cash used in investing activities | -275 | 286 | 336 |
Proceeds from issuance of debt | |||
— third parties | 0 | 0 | 0 |
— related parties | -503 | -56 | -58 |
Principal payments | |||
— third parties | 0 | 0 | 0 |
— related parties | 80 | 26 | |
Short-term borrowings, net | |||
— third parties | 0 | 0 | 0 |
— related parties | 711 | -233 | -259 |
Return of capital to our common shareholder | 0 | -45 | |
Intercompany return of capital | -13 | 3 | |
Dividends, noncontrolling interests and intercompany | 245 | 568 | 316 |
Acquisition of noncontrolling interest in Novelis Korea Ltd. | 0 | ||
Debt issuance costs | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | 520 | 282 | -20 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Cash and cash equivalents — beginning of period | 0 | 0 | 0 |
Cash and cash equivalents — end of period | $0 | $0 | $0 |