Canada | 98-0442987 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
3550 Peachtree Road, Suite Atlanta, | 30326 | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
N/A | N/A | N/A |
Large accelerated filer | ¨ | Accelerated filer | ¨ | ||||||||||||||
Non-accelerated filer | Smaller reporting company | ¨ | |||||||||||||||
Emerging growth company | ¨ |
PART | ||||||||
PART | ||||||||
Term | Definition | |||||||
Adjusted EBITDA | ||||||||
Aleris | Aleris Corporation | |||||||
AluInfra | AluInfra Services | |||||||
Alunorf | Aluminium Norf GmbH | |||||||
ASC | FASB Accounting Standards Codification | |||||||
Duffel | Plant located in Duffel, Belgium, required to be divested (Refer to Note 2 – Discontinued Operations) | |||||||
Exchange Act | Securities Exchange Act of 1934, as amended | |||||||
FASB | Financial Accounting Standards Board | |||||||
fiscal 2016 | Fiscal year ended March 31, 2016 | |||||||
fiscal 2020 | Fiscal year ended March 31, 2020 | |||||||
fiscal 2021 | Fiscal year ended March 31, 2021 | |||||||
fiscal 2022 | Fiscal year ended March 31, 2022 | |||||||
fiscal 2023 | Fiscal year ending March 31, 2023 | |||||||
fiscal 2027 | Fiscal year ending March 31, 2027 | |||||||
Form 10-Q | Quarterly Report on Form 10-Q | |||||||
FRP | Flat-rolled products | |||||||
GAAP | Generally Accepted Accounting Principles | |||||||
Kobe | Kobe Steel, Ltd. | |||||||
kt | kilotonne (One kt is 1,000 metric tonnes.) | |||||||
Lewisport | Plant located in Lewisport, Kentucky, required to be divested (Refer to Note 2 – Discontinued Operations) | |||||||
LME | The London Metals Exchange | |||||||
LMP | Local market premium | |||||||
Logan | Logan Aluminum Inc. | |||||||
MMBtu | One decatherm or 1 million British Thermal Units | |||||||
OEM | Original equipment manufacturer | |||||||
RSUs | Restricted stock units | |||||||
SARs | Stock appreciation rights | |||||||
SEC | United States Securities and Exchange Commission | |||||||
SG&A | Selling, general and administrative expenses | |||||||
Tri-Arrows | Tri-Arrows Aluminum Inc. | |||||||
UAL | Ulsan Aluminum Ltd. | |||||||
UBC | Used beverage can | |||||||
U.S. | United States | |||||||
U.K. | United Kingdom | |||||||
VIE | Variable interest entity | |||||||
2022 Form 10-K | Our Annual Report on Form 10-K for the fiscal year ended March 31, 2022, as filed with the SEC on May 11, 2022 |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||||||||
in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net sales | $ | 4,201 | $ | 4,326 | $ | 14,089 | $ | 12,300 | |||||||||||||||
Cost of goods sold (exclusive of depreciation and amortization) | 3,794 | 3,613 | 12,199 | 10,150 | |||||||||||||||||||
Selling, general and administrative expenses | 164 | 156 | 509 | 457 | |||||||||||||||||||
Depreciation and amortization | 133 | 137 | 405 | 405 | |||||||||||||||||||
Interest expense and amortization of debt issuance costs | 75 | 54 | 198 | 173 | |||||||||||||||||||
Research and development expenses | 23 | 23 | 69 | 68 | |||||||||||||||||||
Loss on extinguishment of debt, net | — | 1 | — | 63 | |||||||||||||||||||
Restructuring and impairment expenses, net | 5 | 3 | 7 | 1 | |||||||||||||||||||
Equity in net income of non-consolidated affiliates | (6) | (7) | (14) | (8) | |||||||||||||||||||
Other expenses (income), net | 7 | (2) | 67 | (86) | |||||||||||||||||||
4,195 | 3,978 | 13,440 | 11,223 | ||||||||||||||||||||
Income from continuing operations before income tax provision | 6 | 348 | 649 | 1,077 | |||||||||||||||||||
Income tax (benefit) provision | (6) | 89 | 146 | 276 | |||||||||||||||||||
Net income from continuing operations | 12 | 259 | 503 | 801 | |||||||||||||||||||
Income (loss) from discontinued operations, net of tax | — | 3 | (2) | (62) | |||||||||||||||||||
Net income | 12 | 262 | 501 | 739 | |||||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | (1) | — | |||||||||||||||||||
Net income attributable to our common shareholder | $ | 12 | $ | 262 | $ | 502 | $ | 739 |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net sales | $ | 3,085 | $ | 2,313 | $ | 8,548 | $ | 6,970 | |||||||
Cost of goods sold (exclusive of depreciation and amortization) | 2,646 | 1,924 | 7,268 | 5,834 | |||||||||||
Selling, general and administrative expenses | 128 | 103 | 358 | 303 | |||||||||||
Depreciation and amortization | 86 | 88 | 267 | 267 | |||||||||||
Interest expense and amortization of debt issuance costs | 64 | 67 | 192 | 231 | |||||||||||
Loss on extinguishment of debt | — | — | — | 112 | |||||||||||
Research and development expenses | 17 | 14 | 48 | 41 | |||||||||||
Gain on assets held for sale | — | — | — | (2 | ) | ||||||||||
(Gain) loss on sale of a business, net | — | — | (318 | ) | 27 | ||||||||||
Restructuring and impairment, net | 25 | 1 | 33 | 4 | |||||||||||
Equity in net loss of non-consolidated affiliates | — | 8 | 1 | 8 | |||||||||||
Other (income) expense, net | (6 | ) | (3 | ) | 7 | 36 | |||||||||
2,960 | 2,202 | 7,856 | 6,861 | ||||||||||||
Income before income taxes | 125 | 111 | 692 | 109 | |||||||||||
Income tax provision | 20 | 47 | 179 | 110 | |||||||||||
Net income (loss) | 105 | 64 | 513 | (1 | ) | ||||||||||
Net (loss) income attributable to noncontrolling interests | (16 | ) | 1 | (16 | ) | 1 | |||||||||
Net income (loss) attributable to our common shareholder | $ | 121 | $ | 63 | $ | 529 | $ | (2 | ) |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||||||||
in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net income | $ | 12 | $ | 262 | $ | 501 | $ | 739 | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Currency translation adjustment | 215 | 6 | (146) | (28) | |||||||||||||||||||
Net change in fair value of effective portion of cash flow hedges | (158) | 162 | 645 | (43) | |||||||||||||||||||
Net change in pension and other benefits | (6) | 7 | 9 | 17 | |||||||||||||||||||
Other comprehensive income (loss) before income tax effect | 51 | 175 | 508 | (54) | |||||||||||||||||||
Income tax (benefit) provision related to items of other comprehensive income (loss) | (38) | 43 | 167 | (5) | |||||||||||||||||||
Other comprehensive income (loss), net of tax | 89 | 132 | 341 | (49) | |||||||||||||||||||
Comprehensive income | 101 | 394 | 842 | 690 | |||||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests, net of tax | — | 1 | (1) | 1 | |||||||||||||||||||
Comprehensive income attributable to our common shareholder | $ | 101 | $ | 393 | $ | 843 | $ | 689 |
Three Months Ended December 31, | |||||||
2017 | 2016 | ||||||
Net income | $ | 105 | $ | 64 | |||
Other comprehensive income (loss): | |||||||
Currency translation adjustment | 58 | (140 | ) | ||||
Net change in fair value of effective portion of cash flow hedges | (36 | ) | (24 | ) | |||
Net change in pension and other benefits | 3 | 26 | |||||
Other comprehensive income (loss) before income tax effect | 25 | (138 | ) | ||||
Income tax benefit, net, related to items of other comprehensive income (loss) | (10 | ) | — | ||||
Other comprehensive income (loss), net of tax | 35 | (138 | ) | ||||
Comprehensive income (loss) | 140 | (74 | ) | ||||
Less: Comprehensive (loss) income attributable to noncontrolling interests, net of tax | (16 | ) | 2 | ||||
Comprehensive income (loss) attributable to our common shareholder | $ | 156 | $ | (76 | ) |
Nine Months Ended December 31, | |||||||
2017 | 2016 | ||||||
Net income (loss) | $ | 513 | $ | (1 | ) | ||
Other comprehensive income (loss): | |||||||
Currency translation adjustment | 149 | (129 | ) | ||||
Net change in fair value of effective portion of cash flow hedges | (33 | ) | (22 | ) | |||
Net change in pension and other benefits | 8 | 55 | |||||
Other comprehensive income (loss) before income tax effect | 124 | (96 | ) | ||||
Income tax (benefit) provision, net, related to items of other comprehensive income | (6 | ) | 8 | ||||
Other comprehensive income (loss), net of tax | 130 | (104 | ) | ||||
Comprehensive income (loss) | 643 | (105 | ) | ||||
Less: Comprehensive (loss) income attributable to noncontrolling interests, net of tax | (16 | ) | 3 | ||||
Comprehensive income (loss) attributable to our common shareholder | $ | 659 | $ | (108 | ) |
December 31, 2017 | March 31, 2017 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 757 | $ | 594 | |||
Accounts receivable, net | |||||||
— third parties (net of uncollectible accounts of $6 as of December 31, 2017 and March 31, 2017) | 1,331 | 1,067 | |||||
— related parties | 253 | 60 | |||||
Inventories | 1,572 | 1,333 | |||||
Prepaid expenses and other current assets | 120 | 137 | |||||
Fair value of derivative instruments | 115 | 113 | |||||
Assets held for sale | 3 | 3 | |||||
Total current assets | 4,151 | 3,307 | |||||
Property, plant and equipment, net | 3,073 | 3,357 | |||||
Goodwill | 607 | 607 | |||||
Intangible assets, net | 420 | 457 | |||||
Investment in and advances to non–consolidated affiliates | 831 | 451 | |||||
Deferred income tax assets | 90 | 86 | |||||
Other long–term assets | |||||||
— third parties | 93 | 94 | |||||
— related parties | 10 | 15 | |||||
Total assets | $ | 9,275 | $ | 8,374 | |||
LIABILITIES AND SHAREHOLDER’S EQUITY (DEFICIT) | |||||||
Current liabilities | |||||||
Current portion of long–term debt | $ | 136 | $ | 121 | |||
Short–term borrowings | 116 | 294 | |||||
Accounts payable | |||||||
— third parties | 1,909 | 1,722 | |||||
— related parties | 206 | 51 | |||||
Fair value of derivative instruments | 192 | 151 | |||||
Accrued expenses and other current liabilities | 607 | 580 | |||||
Total current liabilities | 3,166 | 2,919 | |||||
Long–term debt, net of current portion | 4,352 | 4,437 | |||||
Deferred income tax liabilities | 137 | 98 | |||||
Accrued postretirement benefits | 813 | 799 | |||||
Other long–term liabilities | 241 | 198 | |||||
Total liabilities | 8,709 | 8,451 | |||||
Commitments and contingencies | |||||||
Shareholder’s equity (deficit) | |||||||
Common stock, no par value; unlimited number of shares authorized; 1,000 shares issued and outstanding as of December 31, 2017 and March 31, 2017 | — | — | |||||
Additional paid–in capital | 1,404 | 1,404 | |||||
Accumulated deficit | (389 | ) | (918 | ) | |||
Accumulated other comprehensive loss | (415 | ) | (545 | ) | |||
Total equity (deficit) of our common shareholder | 600 | (59 | ) | ||||
Noncontrolling interests | (34 | ) | (18 | ) | |||
Total equity (deficit) | 566 | (77 | ) | ||||
Total liabilities and equity (deficit) | $ | 9,275 | $ | 8,374 |
Nine Months Ended December 31, | |||||||
2017 | 2016 | ||||||
OPERATING ACTIVITIES | |||||||
Net income (loss) | $ | 513 | $ | (1 | ) | ||
Adjustments to determine net cash provided by operating activities: | |||||||
Depreciation and amortization | 267 | 267 | |||||
Loss (gain) on unrealized derivatives and other realized derivatives in investing activities, net | 4 | (23 | ) | ||||
Gain on assets held for sale | — | (2 | ) | ||||
(Gain) loss on sale of business | (318 | ) | 27 | ||||
Loss on sale of assets | 4 | 4 | |||||
Impairment charges | 15 | — | |||||
Loss on extinguishment of debt | — | 112 | |||||
Deferred income taxes | 41 | 15 | |||||
Amortization of fair value adjustments, net | — | 7 | |||||
Equity in net loss of non-consolidated affiliates | 1 | 8 | |||||
Loss on foreign exchange remeasurement of debt | 3 | — | |||||
Amortization of debt issuance costs and carrying value adjustments | 15 | 10 | |||||
Other, net | (1 | ) | 1 | ||||
Changes in assets and liabilities including assets and liabilities held for sale (net of effects from divestitures): | |||||||
Accounts receivable | (403 | ) | (108 | ) | |||
Inventories | (175 | ) | (200 | ) | |||
Accounts payable | 221 | 59 | |||||
Other current assets | 24 | (3 | ) | ||||
Other current liabilities | 12 | (55 | ) | ||||
Other noncurrent assets | (4 | ) | (17 | ) | |||
Other noncurrent liabilities | 18 | 50 | |||||
Net cash provided by operating activities | 237 | 151 | |||||
INVESTING ACTIVITIES | |||||||
Capital expenditures | (136 | ) | (138 | ) | |||
Proceeds from sales of assets, third party, net of transaction fees and hedging | 1 | 2 | |||||
Proceeds (outflows) from the sale of a business | 314 | (2 | ) | ||||
Proceeds from investment in and advances to non-consolidated affiliates, net | 9 | 12 | |||||
Outflows from related party loans receivable, net | — | (3 | ) | ||||
(Outflows) proceeds from the settlement of derivative instruments, net | (18 | ) | 7 | ||||
Net cash provided by (used in) investing activities | 170 | (122 | ) | ||||
FINANCING ACTIVITIES | |||||||
Proceeds from issuance of long-term and short-term borrowings | — | 2,770 | |||||
Principal payments of long-term and short-term borrowings | (138 | ) | (2,676 | ) | |||
Revolving credit facilities and other, net | (140 | ) | (20 | ) | |||
Debt issuance costs | (5 | ) | (139 | ) | |||
Net cash used in financing activities | (283 | ) | (65 | ) | |||
Net increase (decrease) in cash and cash equivalents | 124 | (36 | ) | ||||
Effect of exchange rate changes on cash | 39 | (15 | ) | ||||
Cash and cash equivalents — beginning of period | 594 | 556 | |||||
Cash and cash equivalents — end of period | $ | 757 | $ | 505 |
Equity (Deficit) of our Common Shareholder | ||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings/ (Accumulated Deficit) | Accumulated Other Comprehensive Loss (AOCI) | Non- controlling Interests | Total (Deficit)/ Equity | |||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||
Balance as of March 31, 2016 | 1,000 | $ | — | $ | 1,404 | $ | (963 | ) | $ | (500 | ) | $ | — | $ | (59 | ) | ||||||||||
Net loss attributable to our common shareholder | — | — | — | (2 | ) | — | — | (2 | ) | |||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | 1 | 1 | |||||||||||||||||||
Currency translation adjustment included in AOCI | — | — | — | — | (129 | ) | — | (129 | ) | |||||||||||||||||
Change in fair value of effective portion of cash flow hedges, net of tax benefit of $8 million included in AOCI | — | — | — | — | (14 | ) | — | (14 | ) | |||||||||||||||||
Change in pension and other benefits, net of tax provision of $16 million included in AOCI | — | — | — | — | 37 | 2 | 39 | |||||||||||||||||||
Sale of subsidiary shares to a third party | — | — | — | — | — | (22 | ) | (22 | ) | |||||||||||||||||
Balance as of December 31, 2016 | 1,000 | $ | — | $ | 1,404 | $ | (965 | ) | $ | (606 | ) | $ | (19 | ) | $ | (186 | ) |
Equity (Deficit) of our Common Shareholder | ||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings/ (Accumulated Deficit) | Accumulated Other Comprehensive Loss (AOCI) | Non- controlling Interests | Total (Deficit)/ Equity | |||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||
Balance as of March 31, 2017 | 1,000 | $ | — | $ | 1,404 | $ | (918 | ) | $ | (545 | ) | $ | (18 | ) | $ | (77 | ) | |||||||||
Net income attributable to our common shareholder | — | — | — | 529 | — | — | 529 | |||||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | — | — | (16 | ) | (16 | ) | |||||||||||||||||
Currency translation adjustment included in AOCI | — | — | — | — | 149 | — | 149 | |||||||||||||||||||
Change in fair value of effective portion of cash flow hedges, net of tax benefit of $9 million included in AOCI | — | — | — | — | (24 | ) | — | (24 | ) | |||||||||||||||||
Change in pension and other benefits, net of tax provision of $3 million included in AOCI | — | — | — | — | 5 | — | 5 | |||||||||||||||||||
Balance as of December 31, 2017 | 1,000 | $ | — | $ | 1,404 | $ | (389 | ) | $ | (415 | ) | $ | (34 | ) | $ | 566 |
in millions, except number of shares | December 31, 2022 | March 31, 2022 | |||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 1,126 | $ | 1,070 | |||||||
Accounts receivable, net | |||||||||||
— third parties (net of allowance for credit losses of $6 as of December 31, 2022, and March 31, 2022) | 1,887 | 2,590 | |||||||||
— related parties | 161 | 222 | |||||||||
Inventories | 3,048 | 3,038 | |||||||||
Prepaid expenses and other current assets | 195 | 195 | |||||||||
Fair value of derivative instruments | 236 | 377 | |||||||||
Assets held for sale | 3 | 5 | |||||||||
Current assets of discontinued operations | — | 6 | |||||||||
Total current assets | 6,656 | 7,503 | |||||||||
Property, plant and equipment, net | 4,658 | 4,624 | |||||||||
Goodwill | 1,075 | 1,081 | |||||||||
Intangible assets, net | 588 | 623 | |||||||||
Investment in and advances to non-consolidated affiliates | 846 | 832 | |||||||||
Deferred income tax assets | 140 | 158 | |||||||||
Other long-term assets | |||||||||||
— third parties | 285 | 274 | |||||||||
— related parties | 2 | 1 | |||||||||
Total assets | $ | 14,250 | $ | 15,096 | |||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current portion of long-term debt | $ | 84 | $ | 26 | |||||||
Short-term borrowings | 896 | 529 | |||||||||
Accounts payable | |||||||||||
— third parties | 2,725 | 3,869 | |||||||||
— related parties | 294 | 320 | |||||||||
Fair value of derivative instruments | 164 | 959 | |||||||||
Accrued expenses and other current liabilities | 737 | 774 | |||||||||
Current liabilities of discontinued operations | — | 21 | |||||||||
Total current liabilities | 4,900 | 6,498 | |||||||||
Long-term debt, net of current portion | 4,875 | 4,967 | |||||||||
Deferred income tax liabilities | 295 | 158 | |||||||||
Accrued postretirement benefits | 640 | 669 | |||||||||
Other long-term liabilities | 289 | 295 | |||||||||
Total liabilities | 10,999 | 12,587 | |||||||||
Commitments and contingencies | |||||||||||
Shareholder's equity: | |||||||||||
Common stock, no par value; Unlimited number of shares authorized; 1,000 shares issued and outstanding as of December 31, 2022, and March 31, 2022 | — | — | |||||||||
Additional paid-in capital | 1,208 | 1,308 | |||||||||
Retained earnings | 2,316 | 1,814 | |||||||||
Accumulated other comprehensive loss | (279) | (620) | |||||||||
Total equity of our common shareholder | 3,245 | 2,502 | |||||||||
Noncontrolling interests | 6 | 7 | |||||||||
Total equity | 3,251 | 2,509 | |||||||||
Total liabilities and equity | $ | 14,250 | $ | 15,096 |
Nine Months Ended December 31, | |||||||||||
in millions | 2022 | 2021 | |||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | 501 | $ | 739 | |||||||
Net loss from discontinued operations | (2) | (62) | |||||||||
Net income from continuing operations | $ | 503 | $ | 801 | |||||||
Adjustments to determine net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 405 | 405 | |||||||||
(Gain) loss on unrealized derivatives and other realized derivatives in investing activities, net | (19) | 17 | |||||||||
Gain on sale of business | — | (15) | |||||||||
Loss on sale of assets, net | 1 | 5 | |||||||||
Impairment charges | 5 | — | |||||||||
Loss on extinguishment of debt, net | — | 63 | |||||||||
Deferred income taxes, net | (7) | 75 | |||||||||
Equity in net income of non-consolidated affiliates | (14) | (8) | |||||||||
Gain on foreign exchange remeasurement of debt | (8) | (6) | |||||||||
Amortization of debt issuance costs and carrying value adjustments | 12 | 14 | |||||||||
Other, net | — | 6 | |||||||||
Changes in assets and liabilities including assets and liabilities held for sale (net of effects from divestitures): | |||||||||||
Accounts receivable | 669 | (702) | |||||||||
Inventories | (96) | (1,036) | |||||||||
Accounts payable | (1,061) | 843 | |||||||||
Other assets | (4) | 24 | |||||||||
Other liabilities | (65) | 17 | |||||||||
Net cash provided by operating activities – continuing operations | 321 | 503 | |||||||||
Net cash (used in) provided by operating activities – discontinued operations | (12) | 12 | |||||||||
Net cash provided by operating activities | $ | 309 | $ | 515 | |||||||
INVESTING ACTIVITIES | |||||||||||
Capital expenditures | $ | (462) | $ | (287) | |||||||
Acquisition of business and other investments, net of cash acquired | (4) | — | |||||||||
Proceeds from sales of assets, third party, net of transaction fees and hedging | 2 | — | |||||||||
Proceeds from the sale of a business | 3 | 9 | |||||||||
(Outflows) proceeds from investment in and advances to non-consolidated affiliates, net | (37) | 1 | |||||||||
Proceeds (outflows) from the settlement of derivative instruments, net | 5 | (11) | |||||||||
Other | 15 | 11 | |||||||||
Net cash used in investing activities - continuing operations | (478) | (277) | |||||||||
Net cash used in investing activities | $ | (478) | $ | (277) | |||||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from issuance of long-term and short-term borrowings | $ | — | $ | 1,670 | |||||||
Principal payments of long-term and short-term borrowings | (380) | (2,034) | |||||||||
Revolving credit facilities and other, net | 749 | 39 | |||||||||
Debt issuance costs | (6) | (25) | |||||||||
Return of capital to our common shareholder | (100) | (100) | |||||||||
Net cash provided by (used in) financing activities - continuing operations | 263 | (450) | |||||||||
Net cash provided by (used in) financing activities | $ | 263 | $ | (450) | |||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 94 | (212) | |||||||||
Effect of exchange rate changes on cash | (39) | 7 | |||||||||
Cash, cash equivalents and restricted cash – beginning of period | 1,084 | 1,027 | |||||||||
Cash, cash equivalents and restricted cash – end of period | $ | 1,139 | $ | 822 | |||||||
Cash and cash equivalents | $ | 1,126 | $ | 808 | |||||||
Restricted cash (included in other long-term assets) | 13 | 14 | |||||||||
Cash, cash equivalents and restricted cash – end of period | $ | 1,139 | $ | 822 | |||||||
Supplemental Disclosures: | |||||||||||
Accrued capital expenditures as of December 31 | $ | 125 | $ | 67 | |||||||
Leased assets obtained in exchange for new operating lease liabilities | 27 | 12 | |||||||||
Equity of our Common Shareholder | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||
in millions, except number of shares | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | 1,000 | $ | — | $ | 1,408 | $ | 860 | $ | (366) | $ | (16) | $ | 1,886 | ||||||||||||||||||||||||||||
Net income attributable to our common shareholder | — | — | — | 739 | — | — | 739 | ||||||||||||||||||||||||||||||||||
Currency translation adjustment included in other comprehensive income (loss) | — | — | — | — | (28) | — | (28) | ||||||||||||||||||||||||||||||||||
Change in fair value of effective portion of cash flow hedges, net of tax benefit of $11 included in other comprehensive income (loss) | — | — | — | — | (32) | — | (32) | ||||||||||||||||||||||||||||||||||
Change in pension and other benefits, net of tax provision of $6 included in other comprehensive income (loss) | — | — | — | — | 10 | 1 | 11 | ||||||||||||||||||||||||||||||||||
Return of capital to our common shareholder | — | — | (100) | — | — | — | (100) | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 1,000 | $ | — | $ | 1,308 | $ | 1,599 | $ | (416) | $ | (15) | $ | 2,476 | ||||||||||||||||||||||||||||
Equity of our Common Shareholder | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | 1,000 | $ | — | $ | 1,308 | $ | 1,814 | $ | (620) | $ | 7 | $ | 2,509 | ||||||||||||||||||||||||||||
Net income attributable to our common shareholder | — | — | — | 502 | — | — | 502 | ||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | — | — | (1) | (1) | ||||||||||||||||||||||||||||||||||
Currency translation adjustment included in other comprehensive income (loss) | — | — | — | — | (146) | — | (146) | ||||||||||||||||||||||||||||||||||
Change in fair value of effective portion of cash flow hedges, net of tax provision of $165 included in other comprehensive income (loss) | — | — | — | — | 480 | — | 480 | ||||||||||||||||||||||||||||||||||
Change in pension and other benefits, net of tax provision of $2 included in other comprehensive income (loss) | — | — | — | — | 7 | — | 7 | ||||||||||||||||||||||||||||||||||
Return of capital to our common shareholder | — | — | (100) | — | — | — | (100) | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | 1,000 | $ | — | $ | 1,208 | $ | 2,316 | $ | (279) | $ | 6 | $ | 3,251 | ||||||||||||||||||||||||||||
Equity of our Common Shareholder | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | 1,000 | $ | — | $ | 1,308 | $ | 1,337 | $ | (547) | $ | (16) | $ | 2,082 | ||||||||||||||||||||||||||||
Net income attributable to our common shareholder | — | — | — | 262 | — | — | 262 | ||||||||||||||||||||||||||||||||||
Currency translation adjustment included in other comprehensive income (loss) | — | — | — | — | 6 | — | 6 | ||||||||||||||||||||||||||||||||||
Change in fair value of effective portion of cash flow hedges, net of tax provision of $42 included in other comprehensive income (loss) | — | — | — | — | 120 | — | 120 | ||||||||||||||||||||||||||||||||||
Change in pension and other benefits, net of tax provision of $1 included in other comprehensive income (loss) | — | — | — | — | 5 | 1 | 6 | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 1,000 | $ | — | $ | 1,308 | $ | 1,599 | $ | (416) | $ | (15) | $ | 2,476 | ||||||||||||||||||||||||||||
Equity of our Common Shareholder | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | 1,000 | $ | — | $ | 1,208 | $ | 2,304 | $ | (368) | $ | 6 | $ | 3,150 | ||||||||||||||||||||||||||||
Net income attributable to our common shareholder | — | — | — | 12 | — | — | 12 | ||||||||||||||||||||||||||||||||||
Currency translation adjustment included in other comprehensive income (loss) | — | — | — | — | 215 | — | 215 | ||||||||||||||||||||||||||||||||||
Change in fair value of effective portion of cash flow hedges, net of tax benefit of $37 included in other comprehensive income (loss) | — | — | — | — | (121) | — | (121) | ||||||||||||||||||||||||||||||||||
Change in pension and other benefits, net of tax benefit of $1 included in other comprehensive income (loss) | — | — | — | — | (5) | — | (5) | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | 1,000 | $ | — | $ | 1,208 | $ | 2,316 | $ | (279) | $ | 6 | $ | 3,251 |
in millions | December 31, 2022 | March 31, 2022 | |||||||||
Finished goods | $ | 786 | $ | 677 | |||||||
Work in process | 1,381 | 1,511 | |||||||||
Raw materials | 610 | 620 | |||||||||
Supplies | 271 | 230 | |||||||||
Inventories | $ | 3,048 | $ | 3,038 |
Total restructuring liabilities | Other restructuring charges (A) | Total restructuring charges | Other impairments (B) | Total restructuring and impairments, net | ||||||||||||||||
Balance as of March 31, 2017 | $ | 24 | ||||||||||||||||||
Expenses | 18 | $ | 9 | $ | 27 | $ | 6 | $ | 33 | |||||||||||
Cash payments | (5 | ) | ||||||||||||||||||
Foreign currency (C) | (1 | ) | ||||||||||||||||||
Balance as of December 31, 2017 | $ | 36 |
December 31, 2017 | March 31, 2017 | ||||||
Finished goods | $ | 417 | $ | 389 | |||
Work in process | 733 | 576 | |||||
Raw materials | 263 | 213 | |||||
Supplies | 159 | 155 | |||||
Inventories | $ | 1,572 | $ | 1,333 |
December 31, 2017 | March 31, 2017 | |||||||||||||||||
Assets | ||||||||||||||||||
Current assets | ||||||||||||||||||
in millions | in millions | December 31, 2022 | March 31, 2022 | |||||||||||||||
ASSETS | ASSETS | |||||||||||||||||
Current assets: | Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 4 | $ | 2 | Cash and cash equivalents | $ | 5 | $ | 3 | |||||||||
Accounts receivable | 29 | 29 | ||||||||||||||||
Accounts receivable, net | Accounts receivable, net | 10 | 50 | |||||||||||||||
Inventories | 69 | 62 | Inventories | 134 | 115 | |||||||||||||
Prepaid expenses and other current assets | 1 | 2 | Prepaid expenses and other current assets | 6 | 8 | |||||||||||||
Total current assets | 103 | 95 | Total current assets | 155 | 176 | |||||||||||||
Property, plant and equipment, net | 21 | 25 | Property, plant and equipment, net | 38 | 22 | |||||||||||||
Goodwill | 12 | 12 | Goodwill | 12 | 12 | |||||||||||||
Deferred income taxes | 59 | 89 | ||||||||||||||||
Deferred income tax assets | Deferred income tax assets | 42 | 41 | |||||||||||||||
Other long-term assets | 23 | 30 | Other long-term assets | 11 | 6 | |||||||||||||
Total assets | $ | 218 | $ | 251 | Total assets | $ | 258 | $ | 257 | |||||||||
Liabilities | ||||||||||||||||||
Current liabilities | ||||||||||||||||||
LIABILITIES | LIABILITIES | |||||||||||||||||
Current liabilities: | Current liabilities: | |||||||||||||||||
Accounts payable | $ | 40 | $ | 32 | Accounts payable | $ | 62 | $ | 53 | |||||||||
Accrued expenses and other current liabilities | 18 | 21 | Accrued expenses and other current liabilities | 25 | 28 | |||||||||||||
Total current liabilities | 58 | 53 | Total current liabilities | 87 | 81 | |||||||||||||
Accrued postretirement benefits | 217 | 224 | Accrued postretirement benefits | 147 | 153 | |||||||||||||
Other long-term liabilities | 3 | 3 | Other long-term liabilities | 6 | 2 | |||||||||||||
Total liabilities | $ | 278 | $ | 280 | Total liabilities | $ | 240 | $ | 236 |
5. INVESTMENT IN AND ADVANCES TO NON-CONSOLIDATED AFFILIATES AND RELATED PARTY TRANSACTIONS |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||||||||
in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net sales | $ | 388 | $ | 481 | $ | 1,344 | $ | 1,255 | |||||||||||||||
Costs and expenses related to net sales | 363 | 446 | 1,282 | 1,193 | |||||||||||||||||||
Income tax provision | 8 | 10 | 19 | 17 | |||||||||||||||||||
Net income | $ | 17 | $ | 25 | $ | 43 | $ | 45 | |||||||||||||||
Purchases of tolling services from Alunorf | $ | 85 | $ | 87 | $ | 253 | $ | 226 |
in millions | December 31, 2022 | March 31, 2022 | |||||||||
Accounts receivable, net — related parties | $ | 161 | $ | 222 | |||||||
Other long-term assets — related parties | 2 | 1 | |||||||||
Accounts payable — related parties | 294 | 320 |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net sales | $ | 308 | $ | 95 | $ | 549 | $ | 340 | |||||||
Costs and expenses related to net sales | 309 | 116 | 551 | 358 | |||||||||||
Provision for taxes on income | (1 | ) | (7 | ) | (1 | ) | (6 | ) | |||||||
Net loss | $ | — | $ | (14 | ) | $ | (1 | ) | $ | (12 | ) | ||||
Purchases of tolling services from Alunorf | $ | 59 | $ | 47 | $ | 180 | $ | 170 |
December 31, 2017 | March 31, 2017 | ||||||
Accounts receivable-related parties | $ | 253 | $ | 60 | |||
Other long-term assets-related parties | $ | 10 | $ | 15 | |||
Accounts payable-related parties | $ | 206 | $ | 51 |
December 31, 2017 | March 31, 2017 | |||||||||||||||||||||||||
Interest Rates (A) | Principal | Unamortized Carrying Value Adjustments (B) | Carrying Value | Principal | Unamortized Carrying Value Adjustments (B) | Carrying Value | ||||||||||||||||||||
Third party debt: | ||||||||||||||||||||||||||
Short-term borrowings | 2.51 | % | $ | 116 | $ | — | $ | 116 | $ | 294 | $ | — | $ | 294 | ||||||||||||
Novelis Inc. | ||||||||||||||||||||||||||
Floating rate Term Loan Facility, due June 2022 | 3.54 | % | 1,782 | (46 | ) | 1,736 | 1,796 | (53 | ) | 1,743 | ||||||||||||||||
Novelis Corporation | ||||||||||||||||||||||||||
5.875% Senior Notes, due September 2026 | 5.875 | % | 1,500 | (22 | ) | 1,478 | 1,500 | (23 | ) | 1,477 | ||||||||||||||||
6.25% Senior Notes, due August 2024 | 6.25 | % | 1,150 | (17 | ) | 1,133 | 1,150 | (19 | ) | 1,131 | ||||||||||||||||
Novelis Korea Limited | ||||||||||||||||||||||||||
Bank loans, due through September 2020 (KRW 132 billion) | 2.65 | % | 123 | — | 123 | 184 | — | 184 | ||||||||||||||||||
Novelis Switzerland S.A. | ||||||||||||||||||||||||||
Capital lease obligation, due through December 2019 (Swiss francs (CHF) 14 million) | 7.50 | % | 14 | — | 14 | 17 | (1 | ) | 16 | |||||||||||||||||
Novelis do Brasil Ltda. | ||||||||||||||||||||||||||
BNDES loans, due through April 2021 (BRL 7 million) | 6.02 | % | 2 | — | 2 | 4 | — | 4 | ||||||||||||||||||
Other | ||||||||||||||||||||||||||
Capital Lease Obligations and Other debt, due through December 2020 | 4.84 | % | 2 | — | 2 | 3 | — | 3 | ||||||||||||||||||
Total debt | 4,689 | (85 | ) | 4,604 | 4,948 | (96 | ) | 4,852 | ||||||||||||||||||
Less: Short term borrowings | (116 | ) | — | (116 | ) | (294 | ) | — | (294 | ) | ||||||||||||||||
Current portion of long term debt | (136 | ) | — | (136 | ) | (121 | ) | — | (121 | ) | ||||||||||||||||
Long-term debt, net of current portion | $ | 4,437 | $ | (85 | ) | $ | 4,352 | $ | 4,533 | $ | (96 | ) | $ | 4,437 |
December 31, 2022 | March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
in millions | Interest Rates(1) | Principal | Unamortized Carrying Value Adjustments(2) | Carrying Value | Principal | Unamortized Carrying Value Adjustments(2) | Carrying Value | ||||||||||||||||||||||||||||||||||
Short-term borrowings | 4.77 | % | $ | 896 | $ | — | $ | 896 | $ | 529 | $ | — | $ | 529 | |||||||||||||||||||||||||||
Floating rate Term Loans, due January 2025 | 6.48 | % | 754 | (8) | 746 | 760 | (11) | 749 | |||||||||||||||||||||||||||||||||
Floating rate Term Loans, due March 2028 | 6.73 | % | 492 | (7) | 485 | 495 | (8) | 487 | |||||||||||||||||||||||||||||||||
3.25% Senior Notes, due November 2026 | 3.25 | % | 750 | (8) | 742 | 750 | (10) | 740 | |||||||||||||||||||||||||||||||||
3.375% Senior Notes, due April 2029 | 3.375 | % | 533 | (9) | 524 | 556 | (10) | 546 | |||||||||||||||||||||||||||||||||
4.75% Senior Notes, due January 2030 | 4.75 | % | 1,600 | (22) | 1,578 | 1,600 | (25) | 1,575 | |||||||||||||||||||||||||||||||||
3.875% Senior Notes, due August 2031 | 3.875 | % | 750 | (10) | 740 | 750 | (10) | 740 | |||||||||||||||||||||||||||||||||
China Bank Loans, due August 2027 | 4.55 | % | 66 | — | 66 | 76 | — | 76 | |||||||||||||||||||||||||||||||||
1.8% Brazil Loan, due June 2023 | 1.80 | % | 30 | — | 30 | 30 | — | 30 | |||||||||||||||||||||||||||||||||
1.8% Brazil Loan, due December 2023 | 1.80 | % | 20 | — | 20 | 20 | — | 20 | |||||||||||||||||||||||||||||||||
Finance lease obligations and other debt, due through June 2028 | 2.28 | % | 28 | — | 28 | 30 | — | 30 | |||||||||||||||||||||||||||||||||
Total debt | $ | 5,919 | $ | (64) | $ | 5,855 | $ | 5,596 | $ | (74) | $ | 5,522 | |||||||||||||||||||||||||||||
Less: Short-term borrowings | (896) | — | (896) | (529) | — | (529) | |||||||||||||||||||||||||||||||||||
Less: Current portion of long-term debt | (84) | — | (84) | (26) | — | (26) | |||||||||||||||||||||||||||||||||||
Long-term debt, net of current portion | $ | 4,939 | $ | (64) | $ | 4,875 | $ | 5,041 | $ | (74) | $ | 4,967 |
As of December 31, 2022 | Amount | ||||
Short-term borrowings and current portion of long-term debt due within one year | $ | 980 | |||
2 years | 31 | ||||
3 years | 757 | ||||
4 years | 774 | ||||
5 years | 26 | ||||
Thereafter | 3,351 | ||||
Total | $ | 5,919 |
As of December 31, 2017 | Amount | ||
Short-term borrowings and current portion of long-term debt due within one year | $ | 252 | |
2 years | 38 | ||
3 years | 21 | ||
4 years | 18 | ||
5 years | 1,710 | ||
Thereafter | 2,650 | ||
Total | $ | 4,689 |
Pension Benefit Plans | Other Benefit Plans | |||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | Three Months Ended December 31, | |||||||||||||||||||||||||||||||||||||
in millions | in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | 7 | $ | 8 | $ | 1 | $ | 2 | |||||||||||||||||||||||||||||
Interest cost | Interest cost | 16 | 14 | 2 | 2 | |||||||||||||||||||||||||||||||||
Expected return on assets | Expected return on assets | (18) | (19) | — | — | |||||||||||||||||||||||||||||||||
Amortization — losses, net | Amortization — losses, net | 2 | 5 | (1) | — | |||||||||||||||||||||||||||||||||
Amortization — prior service credit, net | Amortization — prior service credit, net | (1) | (1) | — | (1) | |||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 6 | $ | 7 | $ | 2 | $ | 3 | ||||||||||||||||||||||||||||||
Pension Benefit Plans | Other Benefit Plans | Pension Benefit Plans | Other Benefit Plans | |||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | Three Months Ended December 31, | Nine Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Service cost | $ | 11 | $ | 11 | $ | 1 | $ | 2 | Service cost | $ | 20 | $ | 24 | $ | 3 | $ | 8 | |||||||||||||||||||||
Interest cost | 15 | 15 | 2 | 2 | Interest cost | 47 | 42 | 4 | 5 | |||||||||||||||||||||||||||||
Expected return on assets | (16 | ) | (16 | ) | — | — | Expected return on assets | (54) | (58) | — | — | |||||||||||||||||||||||||||
Amortization — losses, net | 9 | 10 | — | 1 | Amortization — losses, net | 6 | 14 | (1) | — | |||||||||||||||||||||||||||||
Amortization — prior service credit, net | — | (1 | ) | — | — | Amortization — prior service credit, net | (1) | (1) | (2) | (1) | ||||||||||||||||||||||||||||
Settlement/curtailments gain | Settlement/curtailments gain | — | (7) | — | — | |||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 19 | $ | 19 | $ | 3 | $ | 5 | Net periodic benefit cost(1) | $ | 18 | $ | 14 | $ | 4 | $ | 12 |
Pension Benefit Plans | Other Benefit Plans | ||||||||||||||
Nine Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Service cost | $ | 33 | $ | 34 | $ | 5 | $ | 5 | |||||||
Interest cost | 44 | 46 | 5 | 5 | |||||||||||
Expected return on assets | (46 | ) | (47 | ) | — | — | |||||||||
Amortization — losses | 26 | 30 | 1 | 3 | |||||||||||
Amortization — prior service credit, net | — | (2 | ) | — | 1 | ||||||||||
Termination benefits / (curtailments) | 2 | — | — | — | |||||||||||
Net periodic benefit cost | $ | 59 | $ | 61 | $ | 11 | $ | 14 |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||
in millions | in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||
Funded pension plans | $ | 8 | $ | 13 | $ | 42 | $ | 20 | Funded pension plans | $ | 2 | $ | 5 | $ | 10 | $ | 22 | |||||||||||||||||||||
Unfunded pension plans | 3 | 3 | 10 | 9 | Unfunded pension plans | 4 | 4 | 12 | 10 | |||||||||||||||||||||||||||||
Savings and defined contribution pension plans | 7 | 6 | 21 | 19 | Savings and defined contribution pension plans | 13 | 11 | 40 | 38 | |||||||||||||||||||||||||||||
Total contributions | $ | 18 | $ | 22 | $ | 73 | $ | 48 | Total contributions | $ | 19 | $ | 20 | $ | 62 | $ | 70 |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(Gain) loss on remeasurement of monetary assets and liabilities, net | $ | (4 | ) | $ | (1 | ) | $ | (43 | ) | $ | 14 | ||||
Loss (gain) recognized on balance sheet remeasurement currency exchange contracts, net | 4 | (1 | ) | 43 | (15 | ) | |||||||||
Currency gains, net | $ | — | $ | (2 | ) | $ | — | $ | (1 | ) |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||||||||
in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Losses (gains) on remeasurement of monetary assets and liabilities, net | $ | 39 | $ | 6 | $ | (28) | $ | (2) | |||||||||||||||
(Gains) losses recognized on balance sheet remeasurement currency exchange contracts, net | (32) | (7) | 46 | 1 | |||||||||||||||||||
Currency losses (gains), net | $ | 7 | $ | (1) | $ | 18 | $ | (1) |
Nine Months Ended December 31, 2022 | Fiscal Year Ended March 31, 2022 | ||||||||||
in millions | |||||||||||
Cumulative currency translation adjustment — beginning of period | $ | (166) | $ | (95) | |||||||
Effect of changes in exchange rates | (146) | (71) | |||||||||
Cumulative currency translation adjustment — end of period | $ | (312) | $ | (166) |
Nine Months Ended December 31, 2017 | Year Ended March 31, 2017 | ||||||
Cumulative currency translation adjustment — beginning of period | $ | (256 | ) | $ | (197 | ) | |
Effect of changes in exchange rates | 149 | (75 | ) | ||||
Sale of investment in foreign entities (A) | — | 16 | |||||
Cumulative currency translation adjustment — end of period | $ | (107 | ) | $ | (256 | ) |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | Assets | Liabilities | Net Fair Value | |||||||||||||||||||||||||||||||||||||||||||||
Assets | Liabilities | Net Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||
Current | Noncurrent (A) | Current | Noncurrent (A) | Assets / (Liabilities) | ||||||||||||||||||||||||||||||||||||||||||||
in millions | in millions | Current | Noncurrent(1) | Current | Noncurrent(1) | Assets / (Liabilities) | ||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges | Cash flow hedges | |||||||||||||||||||||||||||||||||||||||||||||||
Aluminum contracts | $ | — | $ | — | $ | (62 | ) | $ | — | $ | (62 | ) | ||||||||||||||||||||||||||||||||||||
Metal contracts | Metal contracts | $ | 100 | $ | 4 | $ | (26) | $ | (1) | $ | 77 | |||||||||||||||||||||||||||||||||||||
Currency exchange contracts | 12 | 1 | (6 | ) | (4 | ) | 3 | Currency exchange contracts | 32 | 7 | (23) | (4) | 12 | |||||||||||||||||||||||||||||||||||
Energy contracts | — | 1 | (2 | ) | (7 | ) | (8 | ) | Energy contracts | 8 | 2 | (1) | — | 9 | ||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | 12 | 2 | (70 | ) | (11 | ) | (67 | ) | Total derivatives designated as hedging instruments | $ | 140 | $ | 13 | $ | (50) | $ | (5) | $ | 98 | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||||||||||||
Aluminum contracts | 76 | — | (91 | ) | (1 | ) | (16 | ) | ||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Metal contracts | Metal contracts | $ | 56 | $ | 1 | $ | (62) | $ | (2) | $ | (7) | |||||||||||||||||||||||||||||||||||||
Currency exchange contracts | 26 | — | (31 | ) | (1 | ) | (6 | ) | Currency exchange contracts | 39 | 1 | (52) | (2) | (14) | ||||||||||||||||||||||||||||||||||
Energy contracts | 1 | — | — | — | 1 | Energy contracts | 1 | — | — | — | 1 | |||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | 103 | — | (122 | ) | (2 | ) | (21 | ) | Total derivatives not designated as hedging instruments | $ | 96 | $ | 2 | $ | (114) | $ | (4) | $ | (20) | |||||||||||||||||||||||||||||
Total derivative fair value | $ | 115 | $ | 2 | $ | (192 | ) | $ | (13 | ) | $ | (88 | ) | Total derivative fair value | $ | 236 | $ | 15 | $ | (164) | $ | (9) | $ | 78 |
March 31, 2022 | |||||||||||||||||||||||||||||
Assets | Liabilities | Net Fair Value | |||||||||||||||||||||||||||
Current | Noncurrent(1) | Current | Noncurrent(1) | Assets / (Liabilities) | |||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||
Metal contracts | $ | 10 | $ | — | $ | (535) | $ | (7) | $ | (532) | |||||||||||||||||||
Currency exchange contracts | 30 | 8 | (28) | (1) | 9 | ||||||||||||||||||||||||
Energy contracts | 22 | 6 | — | — | 28 | ||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 62 | $ | 14 | $ | (563) | $ | (8) | $ | (495) | |||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Metal contracts | $ | 290 | $ | 3 | $ | (372) | $ | (2) | $ | (81) | |||||||||||||||||||
Currency exchange contracts | 22 | — | (24) | — | (2) | ||||||||||||||||||||||||
Energy contracts | 3 | — | — | — | 3 | ||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 315 | $ | 3 | $ | (396) | $ | (2) | $ | (80) | |||||||||||||||||||
Total derivative fair value | $ | 377 | $ | 17 | $ | (959) | $ | (10) | $ | (575) |
March 31, 2017 | |||||||||||||||||||
Assets | Liabilities | Net Fair Value | |||||||||||||||||
Current | Noncurrent (A) | Current | Noncurrent(A) | Assets / (Liabilities) | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Cash flow hedges | |||||||||||||||||||
Aluminum contracts | $ | — | $ | — | $ | (69 | ) | $ | — | $ | (69 | ) | |||||||
Currency exchange contracts | 26 | 1 | (1 | ) | (3 | ) | 23 | ||||||||||||
Energy contracts | 1 | — | — | (9 | ) | (8 | ) | ||||||||||||
Total derivatives designated as hedging instruments | 27 | 1 | (70 | ) | (12 | ) | (54 | ) | |||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||
Aluminum contracts | 57 | 1 | (68 | ) | (1 | ) | (11 | ) | |||||||||||
Currency exchange contracts | 29 | — | (13 | ) | — | 16 | |||||||||||||
Total derivatives not designated as hedging instruments | 86 | 1 | (81 | ) | (1 | ) | 5 | ||||||||||||
Total derivative fair value | $ | 113 | $ | 2 | $ | (151 | ) | $ | (13 | ) | $ | (49 | ) |
December 31, 2017 | March 31, 2017 | |||||||||||||||
in kt | in kt | December 31, 2022 | March 31, 2022 | |||||||||||||
Hedge type | Hedge type | |||||||||||||||
Purchase (Sale) | ||||||||||||||||
Purchase (sale) | Purchase (sale) | |||||||||||||||
Cash flow purchases | Cash flow purchases | — | 6 | |||||||||||||
Cash flow sales | (341 | ) | (391 | ) | Cash flow sales | (866) | (910) | |||||||||
Not designated | (197 | ) | (89 | ) | Not designated | (55) | (16) | |||||||||
Total, net | (538 | ) | (480 | ) | Total, net | (921) | (920) |
Three Months Ended December 31 | Nine Months Ended December 31 | ||||||||||||||||||||||
in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Derivative instruments not designated as hedges | |||||||||||||||||||||||
Metal contracts | $ | 5 | $ | 23 | $ | 54 | $ | 8 | |||||||||||||||
Currency exchange contracts | (32) | (14) | 52 | (8) | |||||||||||||||||||
Energy contracts(1) | — | (1) | (4) | (7) | |||||||||||||||||||
(Gain) loss recognized in other expenses (income), net | (27) | 8 | 102 | (7) | |||||||||||||||||||
Derivative instruments designated as hedges | |||||||||||||||||||||||
Gain recognized in other expenses (income), net(2) | — | — | (5) | — | |||||||||||||||||||
Total (gain) loss recognized in other expenses (income), net | $ | (27) | $ | 8 | $ | 97 | $ | (7) | |||||||||||||||
(Gains) losses recognized on balance sheet remeasurement currency exchange contracts, net | $ | (32) | $ | (7) | $ | 46 | $ | 1 | |||||||||||||||
Realized losses (gains) on change in fair value of derivative instruments, net | 4 | 41 | 71 | (2) | |||||||||||||||||||
Unrealized losses (gains) on change in fair value of derivative instruments, net | 1 | (26) | (20) | (6) | |||||||||||||||||||
Total (gain) loss recognized in other expenses (income), net | $ | (27) | $ | 8 | $ | 97 | $ | (7) |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Derivative instruments not designated as hedges | |||||||||||||||
Aluminum contracts | $ | 6 | $ | (10 | ) | $ | 8 | $ | (27 | ) | |||||
Currency exchange contracts | (2 | ) | 4 | (51 | ) | 17 | |||||||||
Energy contracts (A) | 3 | 4 | 6 | 9 | |||||||||||
Gain (loss) recognized in "Other (income) expense, net" | 7 | (2 | ) | (37 | ) | (1 | ) | ||||||||
Derivative instruments designated as hedges | |||||||||||||||
(Loss) gain recognized in "Other (income) expense, net" (B) | (1 | ) | 5 | (8 | ) | (8 | ) | ||||||||
Total gain (loss) recognized in "Other (income) expense, net" | $ | 6 | $ | 3 | $ | (45 | ) | $ | (9 | ) | |||||
Balance sheet remeasurement currency exchange contract (losses) gains | $ | (4 | ) | $ | 1 | $ | (43 | ) | $ | 15 | |||||
Realized losses, net | (5 | ) | (19 | ) | (15 | ) | (42 | ) | |||||||
Unrealized gains on other derivative instruments, net | 15 | 21 | 13 | 18 | |||||||||||
Total gain (loss) recognized in "Other (income) expense, net" | $ | 6 | $ | 3 | $ | (45 | ) | $ | (9 | ) |
Amount of Gain (Loss) Recognized in Other comprehensive income (loss) (Effective Portion) | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
Cash flow hedging derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
Metal contracts | $ | (135) | $ | 35 | $ | 968 | $ | (488) | |||||||||||||||||||||||||||||||||||||||
Currency exchange contracts | 121 | — | (56) | (19) | |||||||||||||||||||||||||||||||||||||||||||
Energy contracts | (8) | (7) | 8 | 23 | |||||||||||||||||||||||||||||||||||||||||||
Total cash flow hedging derivatives | $ | (22) | $ | 28 | $ | 920 | $ | (484) | |||||||||||||||||||||||||||||||||||||||
Total | $ | (22) | $ | 28 | $ | 920 | $ | (484) |
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | Amount of Gain (Loss) Recognized in OCI (Effective Portion) | Amount of Gain (Loss) Recognized in “Other Expense, net” (Ineffective and Excluded Portion) | Amount of Gain (Loss) Recognized in “Other Expense, net” (Ineffective and Excluded Portion) | ||||||||||||||||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||
Cash flow hedging derivatives | |||||||||||||||||||||||||||||||
Aluminum contracts | $ | (66 | ) | $ | (22 | ) | $ | (89 | ) | $ | (52 | ) | $ | — | $ | 4 | $ | (9 | ) | $ | (9 | ) | |||||||||
Currency exchange contracts | — | (14 | ) | (7 | ) | 18 | — | — | 1 | 1 | |||||||||||||||||||||
Energy contracts | (2 | ) | 1 | (4 | ) | (3 | ) | — | — | 1 | (1 | ) | |||||||||||||||||||
Total cash flow hedging derivatives | $ | (68 | ) | $ | (35 | ) | $ | (100 | ) | $ | (37 | ) | $ | — | $ | 4 | $ | (7 | ) | $ | (9 | ) | |||||||||
Net investment derivatives | |||||||||||||||||||||||||||||||
Currency exchange contracts | (17 | ) | — | (17 | ) | — | — | — | — | — | |||||||||||||||||||||
Total | $ | (85 | ) | $ | (35 | ) | $ | (117 | ) | $ | (37 | ) | $ | — | $ | 4 | $ | (7 | ) | $ | (9 | ) |
Amount of Gain (Loss) Reclassified from Accumulated other comprehensive loss into Income/(Expense) (Effective Portion) | ||||||||||||||||||||||||||||||||||||||||||||||
Amount of Gain (Loss) Reclassified from AOCI into Income/(Expense) (Effective Portion) Three Months Ended December 31, | Amount of Gain (Loss) Reclassified from AOCI into Income/(Expense) (Effective Portion) Nine Months Ended September 30, | Location of Gain (Loss) Reclassified from AOCI into Earnings | Three Months Ended December 31, | Nine Months Ended December 31, | Location of Gain (Loss) Reclassified from Accumulated other comprehensive loss into Earnings | |||||||||||||||||||||||||||||||||||||||||
in millions | in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Cash flow hedging derivatives | 2017 | 2016 | 2017 | 2016 | Cash flow hedging derivatives | |||||||||||||||||||||||||||||||||||||||||
Energy contracts (A) | $ | — | $ | (1 | ) | $ | — | $ | (4 | ) | Other (income) expense, net | |||||||||||||||||||||||||||||||||||
Energy contracts (C) | (1 | ) | (1 | ) | (2 | ) | (4 | ) | Cost of goods sold (B) | |||||||||||||||||||||||||||||||||||||
Aluminum contracts | (36 | ) | (13 | ) | (79 | ) | (19 | ) | Cost of goods sold (B) | |||||||||||||||||||||||||||||||||||||
Aluminum contracts | — | (1 | ) | — | (3 | ) | Net sales | |||||||||||||||||||||||||||||||||||||||
Currency exchange contracts | 4 | 5 | 11 | 10 | Cost of goods sold (B) | |||||||||||||||||||||||||||||||||||||||||
Energy contracts(1) | Energy contracts(1) | $ | 9 | $ | 6 | $ | 27 | $ | 6 | Cost of goods sold (exclusive of depreciation and amortization) | ||||||||||||||||||||||||||||||||||||
Metal contracts | Metal contracts | (3) | 4 | — | 9 | Cost of goods sold (exclusive of depreciation and amortization) | ||||||||||||||||||||||||||||||||||||||||
Metal contracts | Metal contracts | 139 | (136) | 286 | (449) | Net sales | ||||||||||||||||||||||||||||||||||||||||
Currency exchange contracts | — | — | 1 | 1 | Selling, general and administrative expenses | Currency exchange contracts | 5 | 1 | 16 | 4 | Cost of goods sold (exclusive of depreciation and amortization) | |||||||||||||||||||||||||||||||||||
Currency exchange contracts | 1 | 1 | 3 | 4 | Net sales | Currency exchange contracts | — | — | 1 | — | Selling, general and administrative expenses | |||||||||||||||||||||||||||||||||||
Currency exchange contracts | — | — | — | 1 | Other (income) expense, net | Currency exchange contracts | (18) | (5) | (46) | (6) | Net sales | |||||||||||||||||||||||||||||||||||
Currency exchange contracts | — | — | (1 | ) | (1 | ) | Depreciation and amortization | Currency exchange contracts | (1) | (1) | (4) | (2) | Depreciation and amortization | |||||||||||||||||||||||||||||||||
Total | $ | (32 | ) | $ | (10 | ) | $ | (67 | ) | $ | (15 | ) | Loss before taxes | Total | $ | 131 | $ | (131) | $ | 280 | $ | (438) | Income from continuing operations before income tax provision | |||||||||||||||||||||||
11 | 2 | 23 | 3 | Income tax benefit | (32) | 33 | (64) | 112 | Income tax (benefit) provision | |||||||||||||||||||||||||||||||||||||
$ | (21 | ) | $ | (8 | ) | $ | (44 | ) | $ | (12 | ) | Net loss | $ | 99 | $ | (98) | $ | 216 | $ | (326) | Net income from continuing operations |
in millions | Currency Translation | Cash Flow Hedges(1) | Postretirement Benefit Plans(2) | Total | |||||||||||||||||||
Balance as of September 30, 2022 | $ | (527) | $ | 166 | $ | (7) | $ | (368) | |||||||||||||||
Other comprehensive income (loss) before reclassifications | 215 | (22) | (3) | 190 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net | — | (99) | (2) | (101) | |||||||||||||||||||
Net current-period other comprehensive income (loss) | 215 | (121) | (5) | 89 | |||||||||||||||||||
Balance as of December 31, 2022 | $ | (312) | $ | 45 | $ | (12) | $ | (279) | |||||||||||||||
Currency Translation | Cash Flow Hedges(1) | Postretirement Benefit Plans(2) | Total | ||||||||||||||||||||
Balance as of September 30, 2021 | $ | (129) | $ | (285) | $ | (133) | $ | (547) | |||||||||||||||
Other comprehensive income before reclassifications | 6 | 22 | 4 | 32 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net | — | 98 | 1 | 99 | |||||||||||||||||||
Net current-period other comprehensive income | 6 | 120 | 5 | 131 | |||||||||||||||||||
Balance as of December 31, 2021 | $ | (123) | $ | (165) | $ | (128) | $ | (416) | |||||||||||||||
Currency Translation | Cash Flow Hedges(1) | Postretirement Benefit Plans(2) | Total | ||||||||||||||||||||
Balance as of March 31, 2022 | $ | (166) | $ | (435) | $ | (19) | $ | (620) | |||||||||||||||
Other comprehensive (loss) income before reclassifications | (146) | 696 | 8 | 558 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net | — | (216) | (1) | (217) | |||||||||||||||||||
Net current-period other comprehensive (loss) income | (146) | 480 | 7 | 341 | |||||||||||||||||||
Balance as of December 31, 2022 | $ | (312) | $ | 45 | $ | (12) | $ | (279) | |||||||||||||||
Currency Translation | Cash Flow Hedges(1) | Postretirement Benefit Plans(2) | Total | ||||||||||||||||||||
Balance as of March 31, 2021 | $ | (95) | $ | (133) | $ | (138) | $ | (366) | |||||||||||||||
Other comprehensive (loss) income before reclassifications | (28) | (358) | 9 | (377) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net | — | 326 | 1 | 327 | |||||||||||||||||||
Net current-period other comprehensive (loss) income | (28) | (32) | 10 | (50) | |||||||||||||||||||
Balance as of December 31, 2021 | $ | (123) | $ | (165) | $ | (128) | $ | (416) |
Currency Translation | (A) Cash Flow Hedges | (B) Postretirement Benefit Plans | Total | |||||||||||||
Balance as of September 30, 2017 | $ | (165 | ) | $ | (44 | ) | $ | (241 | ) | $ | (450 | ) | ||||
Other comprehensive income (loss) before reclassifications | 58 | (46 | ) | (10 | ) | 2 | ||||||||||
Amounts reclassified from AOCI, net | — | 20 | 13 | 33 | ||||||||||||
Net current-period other comprehensive income (loss) | 58 | (26 | ) | 3 | 35 | |||||||||||
Balance as of December 31, 2017 | $ | (107 | ) | $ | (70 | ) | $ | (238 | ) | $ | (415 | ) |
Currency Translation | (A) Cash Flow Hedges | (B) Postretirement Benefit Plans | Total | |||||||||||||
Balance as of September 30, 2016 | $ | (185 | ) | $ | (8 | ) | $ | (274 | ) | $ | (467 | ) | ||||
Other comprehensive loss before reclassifications | (140 | ) | (25 | ) | — | (165 | ) | |||||||||
Amounts reclassified from AOCI, net | — | 8 | 18 | 26 | ||||||||||||
Net current-period other comprehensive income (loss) | (140 | ) | (17 | ) | 18 | (139 | ) | |||||||||
Balance as of December 31, 2016 | $ | (325 | ) | $ | (25 | ) | $ | (256 | ) | $ | (606 | ) |
Currency Translation | (A) Cash Flow Hedges | (B) Postretirement Benefit Plans | Total | |||||||||||||
Balance as of March 31, 2017 | $ | (256 | ) | $ | (46 | ) | $ | (243 | ) | $ | (545 | ) | ||||
Other comprehensive income (loss) before reclassifications | 149 | (67 | ) | (14 | ) | 68 | ||||||||||
Amounts reclassified from AOCI, net | — | 43 | 19 | 62 | ||||||||||||
Net current-period other comprehensive income (loss) | 149 | (24 | ) | 5 | 130 | |||||||||||
Balance as of December 31, 2017 | $ | (107 | ) | $ | (70 | ) | $ | (238 | ) | $ | (415 | ) |
Currency Translation | (A) Cash Flow Hedges | (B) Postretirement Benefit Plans | Total | |||||||||||||
Balance as of March 31, 2016 | $ | (196 | ) | $ | (11 | ) | $ | (293 | ) | $ | (500 | ) | ||||
Other comprehensive (loss) income before reclassifications | (145 | ) | (26 | ) | 17 | (154 | ) | |||||||||
Amounts reclassified from AOCI, net (C) | 16 | 12 | 20 | 48 | ||||||||||||
Net current-period other comprehensive (loss) income | (129 | ) | (14 | ) | 37 | (106 | ) | |||||||||
Balance as of December 31, 2016 | $ | (325 | ) | $ | (25 | ) | $ | (256 | ) | $ | (606 | ) |
December 31, 2022 | March 31, 2022 | ||||||||||||||||||||||
in millions | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||
Level 2 instruments: | |||||||||||||||||||||||
Metal contracts | $ | 161 | $ | (91) | $ | 303 | $ | (916) | |||||||||||||||
Currency exchange contracts | 79 | (81) | 60 | (53) | |||||||||||||||||||
Energy contracts | 11 | (1) | 31 | — | |||||||||||||||||||
Total level 2 instruments | $ | 251 | $ | (173) | $ | 394 | $ | (969) | |||||||||||||||
Netting adjustment(1) | (91) | 91 | (236) | 236 | |||||||||||||||||||
Total net | $ | 160 | $ | (82) | $ | 158 | $ | (733) |
December 31, 2017 | March 31, 2017 | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||
Level 2 instruments | |||||||||||||||
Aluminum contracts | $ | 76 | $ | (154 | ) | $ | 58 | $ | (138 | ) | |||||
Currency exchange contracts | 39 | (42 | ) | 56 | (17 | ) | |||||||||
Energy contracts | 2 | (2 | ) | 1 | — | ||||||||||
Total level 2 instruments | 117 | (198 | ) | 115 | (155 | ) | |||||||||
Level 3 instruments | |||||||||||||||
Energy contracts | — | (7 | ) | — | (9 | ) | |||||||||
Total level 3 instruments | — | (7 | ) | — | (9 | ) | |||||||||
Total gross | $ | 117 | $ | (205 | ) | $ | 115 | $ | (164 | ) | |||||
Netting adjustment (A) | $ | (64 | ) | $ | 64 | $ | (46 | ) | $ | 46 | |||||
Total net | $ | 53 | $ | (141 | ) | $ | 69 | $ | (118 | ) |
(1)Amounts represent the impact |
Level 3 – Derivative Instruments (A) | |||
Balance as of March 31, 2017 | $ | (9 | ) |
Unrealized/realized gain included in earnings (B) | 4 | ||
Unrealized loss included in AOCI (C) | — | ||
Settlements (B) | (2 | ) | |
Balance as of December 31, 2017 | $ | (7 | ) |
December 31, 2022 | March 31, 2022 | ||||||||||||||||||||||
in millions | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||
Long-term receivables from related parties | $ | 2 | $ | 2 | $ | 1 | $ | 1 | |||||||||||||||
Total debt — third parties (excluding finance leases and short-term borrowings) | 4,931 | 4,570 | 4,963 | 4,912 |
December 31, 2017 | March 31, 2017 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Assets | |||||||||||||||
Long-term receivables from related parties | $ | 10 | $ | 10 | $ | 15 | $ | 14 | |||||||
Liabilities | |||||||||||||||
Total debt — third parties (excluding short-term borrowings) | $ | 4,488 | $ | 4,689 | $ | 4,558 | $ | 4,797 |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||||||||
in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Currency losses (gains), net(1) | $ | 7 | $ | (1) | $ | 18 | $ | (1) | |||||||||||||||
Unrealized losses (gains) on change in fair value of derivative instruments, net(2) | 1 | (26) | (20) | (6) | |||||||||||||||||||
Realized losses (gains) on change in fair value of derivative instruments, net(2) | 4 | 41 | 71 | (2) | |||||||||||||||||||
Gain on sale of business(3) | — | (15) | — | (15) | |||||||||||||||||||
Loss on sale of assets, net | — | 3 | 1 | 5 | |||||||||||||||||||
Loss (gain) on Brazilian tax litigation, net(4) | 1 | (9) | 1 | (85) | |||||||||||||||||||
Interest income | (6) | (2) | (14) | (6) | |||||||||||||||||||
Non-operating net periodic benefit cost(5) | — | — | (1) | (6) | |||||||||||||||||||
Other, net(6) | — | 7 | 11 | 30 | |||||||||||||||||||
Other expenses (income), net | $ | 7 | $ | (2) | $ | 67 | $ | (86) |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Currency gains, net (A) | $ | — | $ | (2 | ) | $ | — | $ | (1 | ) | |||||
Unrealized gains on change in fair value of derivative instruments, net (B) | (15 | ) | (21 | ) | (13 | ) | (18 | ) | |||||||
Realized losses on change in fair value of derivative instruments, net (B) | 5 | 19 | 15 | 42 | |||||||||||
Loss (gain) on sale of assets, net | 2 | (2 | ) | 4 | 4 | ||||||||||
Loss on Brazilian tax litigation, net (C) | — | 1 | 2 | 4 | |||||||||||
Interest income | (2 | ) | (2 | ) | (6 | ) | (7 | ) | |||||||
Other, net | 4 | 4 | 5 | 12 | |||||||||||
Other (income) expense, net (D) | $ | (6 | ) | $ | (3 | ) | $ | 7 | $ | 36 |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Pre-tax income before equity in net (income) loss of non-consolidated affiliates and noncontrolling interests | $ | 125 | $ | 119 | $ | 692 | $ | 117 | |||||||
Canadian statutory tax rate | 25 | % | 25 | % | 25 | % | 25 | % | |||||||
Provision at the Canadian statutory rate | $ | 31 | $ | 30 | $ | 173 | $ | 29 | |||||||
Increase (decrease) for taxes on income (loss) resulting from: | |||||||||||||||
Exchange translation items | 2 | 3 | 8 | 7 | |||||||||||
Exchange remeasurement of deferred income taxes | (3 | ) | — | (3 | ) | 6 | |||||||||
Change in valuation allowances | 7 | 6 | 10 | 49 | |||||||||||
Tax credits | (8 | ) | — | (14 | ) | — | |||||||||
Income items not subject to tax | (4 | ) | (2 | ) | (4 | ) | — | ||||||||
Tax gain, net | — | — | — | 9 | |||||||||||
Dividends not subject to tax | — | — | — | (23 | ) | ||||||||||
Legislative changes including enacted tax rates | (18 | ) | — | (18 | ) | 3 | |||||||||
Tax rate differences on foreign earnings | 9 | 10 | 22 | 25 | |||||||||||
Uncertain tax positions | 2 | 3 | 5 | 4 | |||||||||||
Other — net | 2 | (3 | ) | — | 1 | ||||||||||
Income tax provision | $ | 20 | $ | 47 | $ | 179 | $ | 110 | |||||||
Effective tax rate | 16 | % | 39 | % | 26 | % | 94 | % |
December 31, 2017 | March 31, 2017 | ||||||
Cash deposits (A) | $ | 7 | $ | 7 | |||
Short-term settlement liability (B) | $ | 9 | $ | 9 | |||
Long-term settlement liability (B) | 51 | 59 | |||||
Total settlement liability | $ | 60 | $ | 68 | |||
Liability for other disputes and claims (C) | $ | 28 | $ | 22 |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Loss on Brazilian tax litigation, net | $ | — | $ | 1 | $ | 2 | $ | 4 |
in millions | |||||||||||||||||||||||||||||||||||
December 31, 2022 | North America | Europe | Asia | South America | Eliminations and Other(1) | Total | |||||||||||||||||||||||||||||
Investment in and advances to non-consolidated affiliates | $ | — | $ | 506 | $ | 340 | $ | — | $ | — | $ | 846 | |||||||||||||||||||||||
Total assets | 4,971 | 3,943 | 2,412 | 2,159 | 765 | 14,250 |
December 31, 2017 | North America | Europe | Asia | South America | Eliminations and Other | Total | |||||||||||||||||
Investment in and advances to non–consolidated affiliates | $ | — | $ | 508 | $ | 323 | $ | — | $ | — | $ | 831 | |||||||||||
Total assets | $ | 2,575 | $ | 2,957 | $ | 1,812 | $ | 1,726 | $ | 205 | $ | 9,275 |
in millions | |||||||||||||||||||||||||||||||||||
March 31, 2022 | North America | Europe | Asia | South America | Eliminations and Other(1) | Total | |||||||||||||||||||||||||||||
Investment in and advances to non-consolidated affiliates | $ | — | $ | 508 | $ | 324 | $ | — | $ | — | $ | 832 | |||||||||||||||||||||||
Total assets | 5,084 | 4,535 | 2,627 | 2,115 | 735 | 15,096 |
in millions | |||||||||||||||||||||||||||||||||||
Selected Operating Results Three Months Ended December 31, 2022 | North America | Europe | Asia | South America | Eliminations and Other | Total | |||||||||||||||||||||||||||||
Net sales – third party | $ | 1,762 | $ | 1,083 | $ | 574 | $ | 662 | $ | 120 | $ | 4,201 | |||||||||||||||||||||||
Net sales – intersegment | — | 44 | 8 | 15 | (67) | — | |||||||||||||||||||||||||||||
Net sales | $ | 1,762 | $ | 1,127 | $ | 582 | $ | 677 | $ | 53 | $ | 4,201 | |||||||||||||||||||||||
Depreciation and amortization | $ | 55 | $ | 41 | $ | 21 | $ | 20 | $ | (4) | $ | 133 | |||||||||||||||||||||||
Income tax (benefit) provision | (15) | (18) | (5) | 25 | 7 | (6) | |||||||||||||||||||||||||||||
Capital expenditures | 107 | 29 | 28 | 20 | (6) | 178 | |||||||||||||||||||||||||||||
in millions | |||||||||||||||||||||||||||||||||||
Selected Operating Results Three Months Ended December 31, 2021 | North America | Europe | Asia | South America | Eliminations and Other | Total | |||||||||||||||||||||||||||||
Net sales – third party | $ | 1,716 | $ | 1,116 | $ | 697 | $ | 698 | $ | 99 | $ | 4,326 | |||||||||||||||||||||||
Net sales – intersegment | — | 40 | 13 | 29 | (82) | — | |||||||||||||||||||||||||||||
Net sales | $ | 1,716 | $ | 1,156 | $ | 710 | $ | 727 | $ | 17 | $ | 4,326 | |||||||||||||||||||||||
Depreciation and amortization | $ | 58 | $ | 41 | $ | 23 | $ | 21 | $ | (6) | $ | 137 | |||||||||||||||||||||||
Income tax (benefit) provision | (9) | 1 | 13 | 48 | 36 | 89 | |||||||||||||||||||||||||||||
Capital expenditures | 33 | 29 | 23 | 14 | (6) | 93 | |||||||||||||||||||||||||||||
in millions | |||||||||||||||||||||||||||||||||||
Selected Operating Results Nine Months Ended December 31, 2022 | North America | Europe | Asia | South America | Eliminations and Other | Total | |||||||||||||||||||||||||||||
Net sales – third party | $ | 5,816 | $ | 3,707 | $ | 2,105 | $ | 2,106 | $ | 355 | $ | 14,089 | |||||||||||||||||||||||
Net sales – intersegment | — | 129 | 184 | 148 | (461) | — | |||||||||||||||||||||||||||||
Net sales | $ | 5,816 | $ | 3,836 | $ | 2,289 | $ | 2,254 | $ | (106) | $ | 14,089 | |||||||||||||||||||||||
Depreciation and amortization | $ | 170 | $ | 119 | $ | 64 | $ | 60 | $ | (8) | $ | 405 | |||||||||||||||||||||||
Income tax (benefit) provision | (38) | (13) | 25 | 98 | 74 | 146 | |||||||||||||||||||||||||||||
Capital expenditures | 259 | 72 | 70 | 57 | 4 | 462 | |||||||||||||||||||||||||||||
in millions | |||||||||||||||||||||||||||||||||||
Selected Operating Results Nine Months Ended December 31, 2021 | North America | Europe | Asia | South America | Eliminations and Other | Total | |||||||||||||||||||||||||||||
Net sales – third party | $ | 4,843 | $ | 3,228 | $ | 2,085 | $ | 1,864 | $ | 280 | $ | 12,300 | |||||||||||||||||||||||
Net sales – intersegment | — | 137 | 25 | 34 | (196) | — | |||||||||||||||||||||||||||||
Net sales | $ | 4,843 | $ | 3,365 | $ | 2,110 | $ | 1,898 | $ | 84 | $ | 12,300 | |||||||||||||||||||||||
Depreciation and amortization | $ | 171 | $ | 128 | $ | 67 | $ | 58 | $ | (19) | $ | 405 | |||||||||||||||||||||||
Income tax provision | 36 | 24 | 49 | 134 | 33 | 276 | |||||||||||||||||||||||||||||
Capital expenditures | 112 | 62 | 59 | 63 | (9) | 287 |
March 31, 2017 | North America | Europe | Asia | South America | Eliminations and Other | Total | |||||||||||||||||
Investment in and advances to non–consolidated affiliates | $ | — | $ | 451 | $ | — | $ | — | $ | — | $ | 451 | |||||||||||
Total assets | $ | 2,359 | $ | 2,683 | $ | 1,602 | $ | 1,637 | $ | 93 | $ | 8,374 |
Selected Operating Results Three Months Ended December 31, 2017 | North America | Europe | Asia | South America | Eliminations and Other | Total | |||||||||||||||||
Net sales-third party | $ | 985 | $ | 820 | $ | 533 | $ | 542 | $ | 205 | $ | 3,085 | |||||||||||
Net sales-intersegment | 1 | 17 | 14 | 25 | (57 | ) | — | ||||||||||||||||
Net sales | $ | 986 | $ | 837 | $ | 547 | $ | 567 | $ | 148 | $ | 3,085 | |||||||||||
Depreciation and amortization | $ | 37 | $ | 29 | $ | 18 | $ | 16 | $ | (14 | ) | $ | 86 | ||||||||||
Income tax (benefit) provision | $ | (11 | ) | $ | (6 | ) | $ | 9 | $ | 18 | $ | 10 | $ | 20 | |||||||||
Capital expenditures | $ | 19 | $ | 19 | $ | 7 | $ | 10 | $ | (1 | ) | $ | 54 |
Selected Operating Results Three Months Ended December 31, 2016 | North America | Europe | Asia | South America | Eliminations and Other | Total | |||||||||||||||||
Net sales-third party | $ | 789 | $ | 684 | $ | 409 | $ | 386 | $ | 45 | $ | 2,313 | |||||||||||
Net sales-intersegment | — | 9 | 3 | 13 | (25 | ) | — | ||||||||||||||||
Net sales | $ | 789 | $ | 693 | $ | 412 | $ | 399 | $ | 20 | $ | 2,313 | |||||||||||
Depreciation and amortization | $ | 38 | $ | 25 | $ | 14 | $ | 15 | $ | (4 | ) | $ | 88 | ||||||||||
Income tax provision | $ | 8 | $ | 8 | $ | 3 | $ | 19 | $ | 9 | $ | 47 | |||||||||||
Capital expenditures | $ | 20 | $ | 16 | $ | 10 | $ | 9 | $ | (7 | ) | $ | 48 |
Selected Operating Results Nine Months Ended December 31, 2017 | North America | Europe | Asia | South America | Eliminations and Other | Total | |||||||||||||||||
Net sales - third party | $ | 2,878 | $ | 2,480 | $ | 1,533 | $ | 1,348 | $ | 309 | $ | 8,548 | |||||||||||
Net sales - intersegment | 17 | 39 | 32 | 62 | (150 | ) | — | ||||||||||||||||
Net sales | $ | 2,895 | $ | 2,519 | $ | 1,565 | $ | 1,410 | $ | 159 | $ | 8,548 | |||||||||||
Depreciation and amortization | $ | 112 | $ | 83 | $ | 47 | $ | 48 | $ | (23 | ) | $ | 267 | ||||||||||
Income tax provision | $ | 10 | $ | 5 | $ | 98 | $ | 54 | $ | 12 | $ | 179 | |||||||||||
Capital expenditures | $ | 52 | $ | 40 | $ | 19 | $ | 22 | $ | 3 | $ | 136 |
Selected Operating Results Nine Months Ended December 31, 2016 | North America | Europe | Asia | South America | Eliminations and Other | Total | |||||||||||||||||
Net sales - third party | $ | 2,305 | $ | 2,158 | $ | 1,305 | $ | 1,044 | $ | 158 | $ | 6,970 | |||||||||||
Net sales - intersegment | 2 | 31 | 9 | 46 | (88 | ) | — | ||||||||||||||||
Net sales | $ | 2,307 | $ | 2,189 | $ | 1,314 | $ | 1,090 | $ | 70 | $ | 6,970 | |||||||||||
Depreciation and amortization | $ | 112 | $ | 79 | $ | 44 | $ | 46 | $ | (14 | ) | $ | 267 | ||||||||||
Income tax provision | $ | 2 | $ | 11 | $ | 16 | $ | 58 | $ | 23 | $ | 110 | |||||||||||
Capital expenditures | $ | 47 | $ | 49 | $ | 24 | $ | 28 | $ | (10 | ) | $ | 138 |
Three Months Ended December 31, 2017 | Nine Months Ended December 31, 2017 | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income (loss) attributable to our common shareholder | $ | 121 | $ | 63 | $ | 529 | $ | (2 | ) | ||||||
Noncontrolling interests | (16 | ) | 1 | (16 | ) | 1 | |||||||||
Income tax provision | 20 | 47 | 179 | 110 | |||||||||||
Depreciation and amortization | 86 | 88 | 267 | 267 | |||||||||||
Interest expense and amortization of debt issuance costs | 64 | 67 | 192 | 231 | |||||||||||
Adjustment to reconcile proportional consolidation | 17 | 4 | 33 | 20 | |||||||||||
Unrealized gains on change in fair value of derivative instruments, net | (15 | ) | (21 | ) | (13 | ) | (18 | ) | |||||||
Realized losses (gains) on derivative instruments not included in segment income | 1 | (1 | ) | — | (2 | ) | |||||||||
Gain on assets held for sale | — | — | — | (2 | ) | ||||||||||
Loss on extinguishment of debt | — | — | — | 112 | |||||||||||
Restructuring and impairment, net | 25 | 1 | 33 | 4 | |||||||||||
Losses (gains) on sale of fixed assets | 2 | (2 | ) | 4 | 4 | ||||||||||
(Gain) loss on sale of a business (A) | — | — | (318 | ) | 27 | ||||||||||
Metal price lag (B) | (1 | ) | 4 | 5 | 32 | ||||||||||
Other, net | 1 | 4 | 1 | 10 | |||||||||||
Total of reportable segments | $ | 305 | $ | 255 | $ | 896 | $ | 794 |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||||||||
in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net income attributable to our common shareholder | $ | 12 | $ | 262 | $ | 502 | $ | 739 | |||||||||||||||
Net loss attributable to noncontrolling interests | — | — | (1) | — | |||||||||||||||||||
Income tax (benefit) provision | (6) | 89 | 146 | 276 | |||||||||||||||||||
(Income) loss from discontinued operations, net of tax | — | (3) | 2 | 62 | |||||||||||||||||||
Income from continuing operations before income tax provision | 6 | 348 | 649 | 1,077 | |||||||||||||||||||
Depreciation and amortization | 133 | 137 | 405 | 405 | |||||||||||||||||||
Interest expense and amortization of debt issuance costs | 75 | 54 | 198 | 173 | |||||||||||||||||||
Adjustment to reconcile proportional consolidation(1) | 13 | 17 | 40 | 46 | |||||||||||||||||||
Unrealized losses (gains) on change in fair value of derivative instruments, net | 1 | (26) | (20) | (6) | |||||||||||||||||||
Realized gains on derivative instruments not included in Adjusted EBITDA(2) | (1) | — | (3) | (1) | |||||||||||||||||||
Gain on sale of business(3) | — | (15) | — | (15) | |||||||||||||||||||
Loss on extinguishment of debt, net | — | 1 | — | 63 | |||||||||||||||||||
Restructuring and impairment expenses, net | 5 | 3 | 7 | 1 | |||||||||||||||||||
Loss on sale of assets, net | — | 3 | 1 | 5 | |||||||||||||||||||
Metal price lag | 109 | (14) | 130 | (127) | |||||||||||||||||||
Other, net(4) | — | (2) | 1 | (7) | |||||||||||||||||||
Adjusted EBITDA | $ | 341 | $ | 506 | $ | 1,408 | $ | 1,614 |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||||||||
in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
North America | $ | 124 | $ | 181 | $ | 542 | $ | 580 | |||||||||||||||
Europe | 38 | 71 | 195 | 251 | |||||||||||||||||||
Asia | 60 | 76 | 267 | 256 | |||||||||||||||||||
South America | 124 | 178 | 407 | 525 | |||||||||||||||||||
Eliminations and Other | (5) | — | (3) | 2 | |||||||||||||||||||
Adjusted EBITDA | $ | 341 | $ | 506 | $ | 1,408 | $ | 1,614 |
Three Months Ended December 31, 2017 | Nine Months Ended December 31, 2017 | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
North America | $ | 111 | $ | 90 | $ | 351 | $ | 276 | |||||||
Europe | 50 | 44 | 158 | 150 | |||||||||||
Asia | 43 | 40 | 124 | 132 | |||||||||||
South America | 107 | 81 | 269 | 236 | |||||||||||
Intersegment eliminations | (6 | ) | — | (6 | ) | — | |||||||||
Total of reportable segments | $ | 305 | $ | 255 | $ | 896 | $ | 794 |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||||||||
in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Can | $ | 1,998 | $ | 2,154 | $ | 6,800 | $ | 6,206 | |||||||||||||||
Automotive | 934 | 885 | 2,876 | 2,395 | |||||||||||||||||||
Aerospace and industrial plate | 180 | 125 | 543 | 361 | |||||||||||||||||||
Specialty | 1,089 | 1,162 | 3,870 | 3,338 | |||||||||||||||||||
Net sales | $ | 4,201 | $ | 4,326 | $ | 14,089 | $ | 12,300 |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Ball (A) | 21 | % | 26 | % | 21 | % | 27 | % | |||
Ford | 10 | % | 11 | % | 10 | % | 10 | % | |||
Crown | 8 | % | 10 | % | 9 | % | 10 | % |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Ball | 16 | % | 17 | % | 16 | % | 16 | % |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Purchases from Rio Tinto as a percentage of total combined metal purchases | 9 | % | 8 | % | 8 | % | 8 | % |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Purchases from RT as a percentage of total combined metal purchases | 9 | % | 11 | % | 10 | % | 11 | % |
(in millions, except shipments which are in kt) | Three Months Ended | Year Ended | Three Months Ended | |||||||||||||||||||||||||||||
June 30, 2016 | Sept 30, 2016 | Dec 31, 2016 | March 31, 2017 | March 31, 2017 | June 30, 2017 | Sept 30, 2017 | Dec 31, 2017 | |||||||||||||||||||||||||
Net sales | $ | 2,296 | $ | 2,361 | $ | 2,313 | $ | 2,621 | $ | 9,591 | $ | 2,669 | $ | 2,794 | $ | 3,085 | ||||||||||||||||
Percentage (decrease) increase in net sales versus comparable previous year period | (13 | )% | (5 | )% | (2 | )% | 9 | % | (3 | )% | 16 | % | 18 | % | 33 | % | ||||||||||||||||
Rolled product shipments: | ||||||||||||||||||||||||||||||||
North America | 242 | 252 | 247 | 269 | 1,010 | 273 | 274 | 269 | ||||||||||||||||||||||||
Europe | 246 | 236 | 226 | 235 | 943 | 235 | 237 | 222 | ||||||||||||||||||||||||
Asia | 178 | 176 | 162 | 174 | 690 | 180 | 180 | 177 | ||||||||||||||||||||||||
South America | 103 | 121 | 125 | 125 | 474 | 110 | 131 | 146 | ||||||||||||||||||||||||
Eliminations | (14 | ) | (12 | ) | (10 | ) | (14 | ) | (50 | ) | (13 | ) | (20 | ) | (18 | ) | ||||||||||||||||
Total | 755 | 773 | 750 | 789 | 3,067 | 785 | 802 | 796 | ||||||||||||||||||||||||
The following summarizes the percentage (decrease) increase in rolled product shipments versus the comparable previous year period: | ||||||||||||||||||||||||||||||||
North America | (7 | )% | (6 | )% | (2 | )% | 8 | % | (2 | )% | 13 | % | 9 | % | 9 | % | ||||||||||||||||
Europe | (2 | )% | (6 | )% | (3 | )% | (4 | )% | (4 | )% | (4 | )% | — | % | (2 | )% | ||||||||||||||||
Asia | (8 | )% | (6 | )% | (16 | )% | (7 | )% | (9 | )% | 1 | % | 2 | % | 9 | % | ||||||||||||||||
South America | (4 | )% | 3 | % | (5 | )% | (7 | )% | (3 | )% | 7 | % | 8 | % | 17 | % | ||||||||||||||||
Total | (2 | )% | (2 | )% | (4 | )% | — | % | (2 | )% | 4 | % | 4 | % | 6 | % |
Three Months Ended December 31, | Percent Change | Nine Months Ended December 31, | Percent Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | Percent | Nine Months Ended December 31, | Percent | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||
London Metal Exchange Prices | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aluminum (per metric tonne, and presented in U.S. dollars): | Aluminum (per metric tonne, and presented in U.S. dollars): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Closing cash price as of beginning of period | $ | 2,111 | $ | 1,659 | 27 | % | $ | 1,947 | $ | 1,492 | 30 | % | Closing cash price as of beginning of period | $ | 2,180 | $ | 2,851 | (24) | % | $ | 3,503 | $ | 2,213 | 58 | % | |||||||||||||||||||||||||||||||
Average cash price during the period | $ | 2,101 | $ | 1,710 | 23 | % | $ | 2,008 | $ | 1,634 | 23 | % | Average cash price during the period | 2,324 | 2,764 | (16) | 2,520 | 2,603 | (3) | |||||||||||||||||||||||||||||||||||||
Closing cash price as of end of period | $ | 2,242 | $ | 1,714 | 31 | % | $ | 2,242 | $ | 1,714 | 31 | % | Closing cash price as of end of period | 2,361 | 2,806 | (16) | 2,361 | 2,806 | (16) |
Three Months Ended December 31, | Percent | Nine Months Ended December 31, | Percent | ||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||
Weighted average Local Market Premium (per metric tonne, and presented in U.S. dollars) | $ | 180 | $ | 144 | 25 | % | $ | 168 | $ | 142 | 18 | % |
Three Months Ended December 31, | Percent Change | Nine Months Ended December 31, | Percent Change | ||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
Weighted average LMP (per metric tonne and presented in U.S. dollars) | $ | 329 | $ | 456 | (28) | % | $ | 404 | $ | 455 | (11) | % |
Exchange Rate as of | Average Exchange Rate Three Months Ended December 31, | Average Exchange Rate Nine Months Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | March 31, 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Exchange Rate as of | Average Exchange Rate | Average Exchange Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | March 31, 2017 | Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. dollar per Euro | 1.201 | 1.068 | 1.185 | 1.070 | 1.163 | 1.104 | ||||||||||||||||||||||||||||||||||||||||||||||
Euro per U.S. dollar | Euro per U.S. dollar | 0.937 | 0.889 | 0.972 | 0.877 | 0.972 | 0.852 | |||||||||||||||||||||||||||||||||||||||||||||
Brazilian real per U.S. dollar | 3.308 | 3.168 | 3.282 | 3.279 | 3.227 | 3.313 | Brazilian real per U.S. dollar | 5.218 | 4.738 | 5.256 | 5.614 | 5.159 | 5.354 | |||||||||||||||||||||||||||||||||||||||
South Korean won per U.S. dollar | 1,071 | 1,116 | 1,093 | 1,174 | 1,118 | 1,151 | South Korean won per U.S. dollar | 1,268 | 1,211 | 1,340 | 1,184 | 1,324 | 1,156 | |||||||||||||||||||||||||||||||||||||||
Canadian dollar per U.S. dollar | 1.254 | 1.329 | 1.278 | 1.343 | 1.288 | 1.313 | Canadian dollar per U.S. dollar | 1.356 | 1.249 | 1.359 | 1.262 | 1.319 | 1.249 | |||||||||||||||||||||||||||||||||||||||
Swiss franc per Euro | 1.171 | 1.069 | 1.168 | 1.079 | 1.133 | 1.088 | ||||||||||||||||||||||||||||||||||||||||||||||
Swiss franc per euro | Swiss franc per euro | 0.987 | 1.023 | 0.987 | 1.045 | 0.992 | 1.074 |
Three Months Ended | Fiscal Year Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
in millions, except percentages and shipments, which are in kt | June 30, 2021 | September 30, 2021 | December 31, 2021 | March 31, 2022 | March 31, 2022 | June 30, 2022 | September 30, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||
Net sales | $ | 3,855 | $ | 4,119 | $ | 4,326 | $ | 4,849 | $ | 17,149 | $ | 5,089 | $ | 4,799 | 4,201 | ||||||||||||||||||||||||||||||||
Percentage (decrease) increase in net sales versus comparable prior year period | 59 | % | 38 | % | 33 | % | 34 | % | 40 | % | 32 | % | 17 | % | (3) | % | |||||||||||||||||||||||||||||||
Rolled product shipments: | |||||||||||||||||||||||||||||||||||||||||||||||
North America | 358 | 375 | 358 | 376 | 1,467 | 386 | 386 | 380 | |||||||||||||||||||||||||||||||||||||||
Europe | 279 | 260 | 254 | 274 | 1,067 | 272 | 268 | 242 | |||||||||||||||||||||||||||||||||||||||
Asia | 192 | 197 | 171 | 203 | 763 | 185 | 208 | 141 | |||||||||||||||||||||||||||||||||||||||
South America | 157 | 147 | 157 | 156 | 617 | 148 | 162 | 162 | |||||||||||||||||||||||||||||||||||||||
Eliminations | (13) | (11) | (10) | (22) | (56) | (29) | (40) | (17) | |||||||||||||||||||||||||||||||||||||||
Total | 973 | 968 | 930 | 987 | 3,858 | 962 | 984 | 908 | |||||||||||||||||||||||||||||||||||||||
The following summarizes the percentage (decrease) increase in rolled product shipments versus the comparable prior year period: | |||||||||||||||||||||||||||||||||||||||||||||||
North America | 32 | % | 2 | % | 3 | % | 4 | % | 9 | % | 8 | % | 3 | % | 6 | % | |||||||||||||||||||||||||||||||
Europe | 32 | 8 | — | 1 | 9 | (3) | 3 | % | (5) | % | |||||||||||||||||||||||||||||||||||||
Asia | 4 | 11 | (7) | 2 | 2 | (4) | 6 | % | (18) | % | |||||||||||||||||||||||||||||||||||||
South America | 39 | (1) | (1) | (3) | 7 | (6) | 10 | % | 3 | % | |||||||||||||||||||||||||||||||||||||
Total | 26 | % | 5 | % | — | % | — | % | 7 | % | (1) | % | 2 | % | (2) | % |
Selected Operating Results Three Months Ended December 31, 2017 | North America | Europe | Asia | South America | Eliminations and Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Operating Results Three Months Ended December 31, 2022 | Selected Operating Results Three Months Ended December 31, 2022 | North America | Europe | Asia | South America | Eliminations and Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 986 | $ | 837 | $ | 547 | $ | 567 | $ | 148 | $ | 3,085 | Net sales | $ | 1,762 | $ | 1,127 | $ | 582 | $ | 677 | $ | 53 | $ | 4,201 | |||||||||||||||||||||||||||||||||
Shipments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rolled products - third party | 268 | 217 | 173 | 138 | — | 796 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rolled products - intersegment | 1 | 5 | 4 | 8 | (18 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shipments (in kt): | Shipments (in kt): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rolled products – third party | Rolled products – third party | 380 | 232 | 139 | 157 | — | 908 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Rolled products – intersegment | Rolled products – intersegment | — | 10 | 2 | 5 | (17) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total rolled products | 269 | 222 | 177 | 146 | (18 | ) | 796 | Total rolled products | 380 | 242 | 141 | 162 | (17) | 908 | ||||||||||||||||||||||||||||||||||||||||||||
Non-rolled products | — | 1 | 2 | 38 | — | 41 | Non-rolled products | 4 | 27 | 11 | 31 | — | 73 | |||||||||||||||||||||||||||||||||||||||||||||
Total shipments | 269 | 223 | 179 | 184 | (18 | ) | 837 | Total shipments | 384 | 269 | 152 | 193 | (17) | 981 |
Selected Operating Results Three Months Ended December 31, 2016 | North America | Europe | Asia | South America | Eliminations and Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Operating Results Three Months Ended December 31, 2021 | Selected Operating Results Three Months Ended December 31, 2021 | North America | Europe | Asia | South America | Eliminations and Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 789 | $ | 693 | $ | 412 | $ | 399 | $ | 20 | $ | 2,313 | Net sales | $ | 1,716 | $ | 1,156 | $ | 710 | $ | 727 | $ | 17 | $ | 4,326 | |||||||||||||||||||||||||||||||||
Shipments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rolled products - third party | 247 | 222 | 161 | 120 | — | 750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rolled products - intersegment | — | 4 | 1 | 5 | (10 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shipments (in kt): | Shipments (in kt): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rolled products – third party | Rolled products – third party | 358 | 248 | 167 | 157 | — | 930 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Rolled products – intersegment | Rolled products – intersegment | — | 6 | 4 | — | (10) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total rolled products | 247 | 226 | 162 | 125 | (10 | ) | 750 | Total rolled products | 358 | 254 | 171 | 157 | (10) | 930 | ||||||||||||||||||||||||||||||||||||||||||||
Non-rolled products | — | 1 | 2 | 28 | — | 31 | Non-rolled products | 2 | 23 | 4 | 28 | (11) | 46 | |||||||||||||||||||||||||||||||||||||||||||||
Total shipments | 247 | 227 | 164 | 153 | (10 | ) | 781 | Total shipments | 360 | 277 | 175 | 185 | (21) | 976 |
in millions | North America | Europe | Asia | South America | Eliminations and Other(1) | Total | |||||||||||||||||||||||||||||
Adjusted EBITDA - Three Months Ended December 31, 2021 | $ | 181 | $ | 71 | $ | 76 | $ | 178 | $ | — | $ | 506 | |||||||||||||||||||||||
Volume | 23 | (14) | (28) | 3 | (9) | (25) | |||||||||||||||||||||||||||||
Conversion premium and product mix | 48 | 46 | 28 | 17 | (2) | 137 | |||||||||||||||||||||||||||||
Conversion costs | (109) | (69) | 3 | (76) | 13 | (238) | |||||||||||||||||||||||||||||
Foreign exchange | (1) | (5) | (11) | (1) | — | (18) | |||||||||||||||||||||||||||||
Selling, general & administrative and research & development costs(2) | (9) | (4) | (4) | 4 | 1 | (12) | |||||||||||||||||||||||||||||
Other changes | (9) | 13 | (4) | (1) | (8) | (9) | |||||||||||||||||||||||||||||
Adjusted EBITDA - Three Months Ended December 31, 2022 | $ | 124 | $ | 38 | $ | 60 | $ | 124 | $ | (5) | $ | 341 |
Changes in Segment income | North America | Europe | Asia | South America | Eliminations (A) | Total | ||||||||||||||||||
Segment income - Three Months Ended December 31, 2016 (B) | $ | 90 | $ | 44 | $ | 40 | $ | 81 | $ | — | $ | 255 | ||||||||||||
Volume | 23 | (3 | ) | 11 | 23 | (8 | ) | 46 | ||||||||||||||||
Conversion premium and product mix | 7 | 2 | (9 | ) | (2 | ) | 3 | 1 | ||||||||||||||||
Conversion costs (C) | (2 | ) | 3 | 1 | 9 | 4 | 15 | |||||||||||||||||
Foreign exchange | — | 6 | — | (3 | ) | — | 3 | |||||||||||||||||
Selling, general & administrative and research & development costs (D) | (11 | ) | (2 | ) | — | (8 | ) | (4 | ) | (25 | ) | |||||||||||||
Other changes (E) | 4 | — | — | 7 | (1 | ) | 10 | |||||||||||||||||
Segment income - Three Months Ended December 31, 2017 | $ | 111 | $ | 50 | $ | 43 | $ | 107 | $ | (6 | ) | $ | 305 |
Selected Operating Results Nine Months Ended December 31, 2022 | North America | Europe | Asia | South America | Eliminations and Other | Total | |||||||||||||||||||||||||||||
Net sales | $ | 5,816 | $ | 3,836 | $ | 2,289 | $ | 2,254 | $ | (106) | $ | 14,089 | |||||||||||||||||||||||
Shipments | |||||||||||||||||||||||||||||||||||
Rolled products – third party | 1,152 | 754 | 493 | 455 | — | 2,854 | |||||||||||||||||||||||||||||
Rolled products – intersegment | — | 28 | 41 | 17 | (86) | — | |||||||||||||||||||||||||||||
Total rolled products | 1,152 | 782 | 534 | 472 | (86) | 2,854 | |||||||||||||||||||||||||||||
Non-rolled products | 10 | 86 | 24 | 103 | (21) | 202 | |||||||||||||||||||||||||||||
Total shipments | 1,162 | 868 | 558 | 575 | (107) | 3,056 |
Selected Operating Results Nine Months Ended December 31, 2021 | North America | Europe | Asia | South America | Eliminations and Other | Total | |||||||||||||||||||||||||||||
Net sales | $ | 4,843 | $ | 3,365 | $ | 2,110 | $ | 1,898 | $ | 84 | $ | 12,300 | |||||||||||||||||||||||
Shipments | |||||||||||||||||||||||||||||||||||
Rolled products – third party | 1,091 | 767 | 553 | 460 | — | 2,871 | |||||||||||||||||||||||||||||
Rolled products – intersegment | — | 26 | 7 | 1 | (34) | — | |||||||||||||||||||||||||||||
Total rolled products | 1,091 | 793 | 560 | 461 | (34) | 2,871 | |||||||||||||||||||||||||||||
Non-rolled products | 8 | 81 | 10 | 70 | (20) | 149 | |||||||||||||||||||||||||||||
Total shipments | 1,099 | 874 | 570 | 531 | (54) | 3,020 |
in millions | North America | Europe | Asia | South America | Eliminations and Other(1) | Total | |||||||||||||||||||||||||||||
Adjusted EBITDA - Nine Months Ended December 31, 2021 | $ | 580 | $ | 251 | $ | 256 | $ | 525 | $ | 2 | $ | 1,614 | |||||||||||||||||||||||
Volume | 64 | (14) | (24) | 10 | (54) | (18) | |||||||||||||||||||||||||||||
Conversion premium and product mix(2) | 184 | 160 | 112 | 49 | (31) | 474 | |||||||||||||||||||||||||||||
Conversion costs | (213) | (165) | (32) | (123) | 87 | (446) | |||||||||||||||||||||||||||||
Foreign exchange | (1) | (32) | (18) | 4 | — | (47) | |||||||||||||||||||||||||||||
Selling, general & administrative and research & development costs(3) | (30) | (13) | (17) | (11) | 3 | (68) | |||||||||||||||||||||||||||||
Other changes | (42) | 8 | (10) | (47) | (10) | (101) | |||||||||||||||||||||||||||||
Adjusted EBITDA - Nine Months Ended December 31, 2022 | $ | 542 | $ | 195 | $ | 267 | $ | 407 | $ | (3) | $ | 1,408 |
Selected Operating Results Nine Months Ended December 31, 2017 | North America | Europe | Asia | South America | Eliminations and Other | Total | |||||||||||||||||
Net sales | $ | 2,895 | $ | 2,519 | $ | 1,565 | $ | 1,410 | $ | 159 | $ | 8,548 | |||||||||||
Shipments | |||||||||||||||||||||||
Rolled products - third party | 809 | 682 | 527 | 365 | — | 2,383 | |||||||||||||||||
Rolled products - intersegment | 7 | 12 | 10 | 22 | (51 | ) | — | ||||||||||||||||
Total rolled products | 816 | 694 | 537 | 387 | (51 | ) | 2,383 | ||||||||||||||||
Non-rolled products | — | 5 | 6 | 97 | — | 108 | |||||||||||||||||
Total shipments | 816 | 699 | 543 | 484 | (51 | ) | 2,491 |
Selected Operating Results Nine Months Ended December 31, 2016 | North America | Europe | Asia | South America | Eliminations and Other | Total | |||||||||||||||||
Net sales | $ | 2,307 | $ | 2,189 | $ | 1,314 | $ | 1,090 | $ | 70 | $ | 6,970 | |||||||||||
Shipments | |||||||||||||||||||||||
Rolled products - third party | 740 | 695 | 512 | 331 | — | 2,278 | |||||||||||||||||
Rolled products - intersegment | 1 | 13 | 4 | 18 | (36 | ) | — | ||||||||||||||||
Total rolled products | 741 | 708 | 516 | 349 | (36 | ) | 2,278 | ||||||||||||||||
Non-rolled products | 3 | 6 | 6 | 61 | — | 76 | |||||||||||||||||
Total shipments | 744 | 714 | 522 | 410 | (36 | ) | 2,354 |
Changes in Segment income | North America | Europe | Asia | South America | Eliminations (A) | Total | ||||||||||||||||||
Segment income - Nine Months Ended December 31, 2016 (B) | $ | 276 | $ | 150 | $ | 132 | $ | 236 | $ | — | $ | 794 | ||||||||||||
Volume | 80 | (14 | ) | 25 | 44 | (14 | ) | 121 | ||||||||||||||||
Conversion premium and product mix | 8 | 12 | (27 | ) | (25 | ) | 10 | (22 | ) | |||||||||||||||
Conversion costs (C) | (7 | ) | 10 | 2 | 17 | 3 | 25 | |||||||||||||||||
Foreign exchange | 2 | 14 | (2 | ) | (4 | ) | — | 10 | ||||||||||||||||
Selling, general & administrative and research & development costs (D) | (21 | ) | (13 | ) | (4 | ) | (17 | ) | (5 | ) | (60 | ) | ||||||||||||
Other changes (E) | 13 | (1 | ) | (2 | ) | 18 | — | 28 | ||||||||||||||||
Segment income - Nine Months Ended December 31, 2017 | $ | 351 | $ | 158 | $ | 124 | $ | 269 | $ | (6 | ) | $ | 896 |
in millions | December 31, 2022 | March 31, 2022 | |||||||||
Cash and cash equivalents | $ | 1,126 | $ | 1,070 | |||||||
Availability under committed credit facilities | 1,018 | 1,499 | |||||||||
Total available liquidity | $ | 2,144 | $ | 2,569 |
December 31, 2017 | March 31, 2017 | ||||||
Cash and cash equivalents | $ | 757 | $ | 594 | |||
Availability under committed credit facilities | 967 | 701 | |||||
Total liquidity | $ | 1,724 | $ | 1,295 |
Nine Months Ended December 31, | |||||||||||
2017 | 2016 | Change | |||||||||
Net cash provided by operating activities | $ | 237 | $ | 151 | $ | 86 | |||||
Net cash provided by (used in) investing activities | 170 | (122 | ) | 292 | |||||||
Less: Proceeds from the sale of a business, net of transaction fees, cash income taxes and hedging (A) | (304 | ) | — | (304 | ) | ||||||
Free cash flow | $ | 103 | $ | 29 | $ | 74 | |||||
Ending cash and cash equivalents | $ | 757 | $ | 505 | $ | 252 |
Nine Months Ended December 31, | |||||||||||
2017 | 2016 | Change | |||||||||
Net cash used in operating activities due to changes in working capital: | |||||||||||
Accounts receivable | $ | (403 | ) | $ | (108 | ) | $ | (295 | ) | ||
Inventories | (175 | ) | (200 | ) | 25 | ||||||
Accounts payable | 221 | 59 | 162 | ||||||||
Other current assets and liabilities | 36 | (58 | ) | 94 | |||||||
Net change in working capital | $ | (321 | ) | $ | (307 | ) | $ | (14 | ) |
Nine Months Ended December 31, | |||||||||||
2017 | 2016 | Change | |||||||||
Capital expenditures | $ | (136 | ) | $ | (138 | ) | $ | 2 | |||
(Outflows) proceeds from the settlement of derivative instruments, net | (18 | ) | 7 | (25 | ) | ||||||
Proceeds from sales of assets, third party, net of transaction fees and hedging | 1 | 2 | (1 | ) | |||||||
Proceeds (outflows) from the sale of a business | 314 | (2 | ) | 316 | |||||||
Proceeds from investment in and advances to non-consolidated affiliates, net | 9 | 12 | (3 | ) | |||||||
Net cash provided by (used in) investing activities | $ | 170 | $ | (122 | ) | $ | 292 |
Nine Months Ended December 31, | |||||||||||
2017 | 2016 | Change | |||||||||
Proceeds from issuance of long-term and short-term borrowings | $ | — | $ | 2,770 | $ | (2,770 | ) | ||||
Principal payments of long-term and short-term borrowings | (138 | ) | (2,676 | ) | 2,538 | ||||||
Revolving credit facilities and other, net | (140 | ) | (20 | ) | (120 | ) | |||||
Debt issuance costs | (5 | ) | (139 | ) | 134 | ||||||
Net cash used in financing activities | $ | (283 | ) | $ | (65 | ) | $ | (218 | ) |
Nine Months Ended December 31, | |||||||||||||||||
in millions | 2022 | 2021 | Change | ||||||||||||||
Net cash provided by operating activities – continuing operations | $ | 321 | $ | 503 | $ | (182) | |||||||||||
Net cash used in investing activities – continuing operations | (478) | (277) | (201) | ||||||||||||||
Plus: Cash used in the acquisition of business and other investments, net of cash acquired | 4 | — | 4 | ||||||||||||||
Less: Proceeds from sales of assets and business, net of transaction fees, cash income taxes and hedging | (5) | (9) | 4 | ||||||||||||||
Adjusted Free Cash Flow from continuing operations | (158) | 217 | (375) | ||||||||||||||
Net cash (used in) provided by operating activities – discontinued operations | (12) | 12 | (24) | ||||||||||||||
Adjusted Free Cash Flow | $ | (170) | $ | 229 | $ | (399) | |||||||||||
Ending cash and cash equivalents | $ | 1,126 | $ | 808 | $ | 318 |
Nine Months Ended December 31, | |||||||||||||||||
in millions | 2022 | 2021 | Change | ||||||||||||||
Net cash provided by operating activities | $ | 309 | $ | 515 | $ | (206) | |||||||||||
Net cash used in investing activities | (478) | (277) | (201) | ||||||||||||||
Net cash provided by (used in) financing activities | 263 | (450) | 713 |
Nine Months Ended | ||||||||
in millions | December 31, 2021 | |||||||
3.25% Senior Notes, due November 2026(1) | $ | 750 | ||||||
3.875% Senior Notes, due August 2031(1) | 750 | |||||||
Floating rate Term Loans, due March 2028 | 20 | |||||||
1.8% Brazil Loan due June 2023 | 30 | |||||||
1.8% Brazil Loan due December 2023 | 20 | |||||||
Short-term borrowings in Brazil | 100 | |||||||
Proceeds from issuance of long-term and short-term borrowings | $ | 1,670 | ||||||
Nine Months Ended | ||||||||
in millions | December 31, 2022 | |||||||
Short-term loans due November 2022 | $ | (314) | ||||||
Brazil Loans short term loan due November 2022 | (50) | |||||||
Floating rate Term Loans, due January 2025 | (6) | |||||||
Floating rate Term Loans, due March 2028 | (4) | |||||||
China Bank Loans, due August 2027 | (3) | |||||||
Finance leases and other repayments | (3) | |||||||
Principal payments of long-term and short-term borrowings | $ | (380) | ||||||
Nine Months Ended | ||||||||
in millions | December 31, 2021 | |||||||
5.875% Senior Notes, due September 2026(1) | $ | (1,551) | ||||||
Floating rate Term Loans, due June 2022 | (334) | |||||||
Zhenjiang Term Loans, due May 2024 | (129) | |||||||
Short-term borrowings in Brazil | (3) | |||||||
Floating rate Term Loans, due January 2025 | (6) | |||||||
Floating rate Term Loans, due March 2028 | (4) | |||||||
Finance leases and other repayments | (7) | |||||||
Principal payments of long-term and short-term borrowings | $ | (2,034) | ||||||
Nine Months Ended | ||||||||
in millions | December 31, 2022 | |||||||
ABL Revolver | $ | 725 | ||||||
China credit facility | 16 | |||||||
Korea credit facility and Other revolving facilities | 8 | |||||||
Revolving credit facilities and other, net | $ | 749 | ||||||
Nine Months Ended | ||||||||
in millions | December 31, 2021 | |||||||
China credit facility | $ | 22 | ||||||
ABL Revolver | 34 | |||||||
Korea credit facility | (17) | |||||||
Revolving credit facilities and other, net | $ | 39 | ||||||
Item Description | Ratio | |||||||
Net sales represented by non-guarantor subsidiaries (for the nine months ended December 31, 2022) | 19 | % | ||||||
Adjusted EBITDA represented by non-guarantor subsidiaries (for the nine months ended December 31, 2022) | 17 | % | ||||||
Assets owned by non-guarantor subsidiaries (as of December 31, 2022) | 14 | % |
Change in Price | Change in Fair Value | |||||
LME aluminum | 10 | % | $ | (106 | ) |
in millions | Change in Price | Change in Fair Value | |||||||||
Aluminum | 10 | % | $ | (215) | |||||||
Copper | (10) | (1) | |||||||||
Zinc | (10) | — | |||||||||
Change in Price | Change in Fair Value | |||||
Electricity | (10 | )% | $ | (4 | ) | |
Natural Gas | (10 | )% | (6 | ) | ||
Diesel Fuel | (10 | )% | (1 | ) |
in millions | Change in Price | Change in Fair Value | |||||||||
Natural gas | (10) | % | $ | (3) | |||||||
Diesel fuel | (10) | (2) |
Change in Exchange Rate | Change in Fair Value | |||||
Currency measured against the U.S. dollar | ||||||
Brazilian real | (10 | )% | $ | (22 | ) | |
Euro | 10 | % | (39 | ) | ||
Korean won | (10 | )% | (31 | ) | ||
Canadian dollar | (10 | )% | (4 | ) | ||
British pound | (10 | )% | (19 | ) | ||
Swiss franc | (10 | )% | (40 | ) | ||
Chinese yuan | 10 | % | (8 | ) |
$ in millions | Change in Exchange Rate | Change in Fair Value | |||||||||
Currency measured against the U.S. dollar | |||||||||||
Brazilian real | (10) | % | $ | (27) | |||||||
Euro | (10) | (42) | |||||||||
Korean won | (10) | (65) | |||||||||
Canadian dollar | (10) | (3) | |||||||||
British pound | (10) | (24) | |||||||||
Swiss franc | (10) | (45) | |||||||||
Chinese yuan | (10) | (1) |
Exhibit No. | Description | |||||||
2.1 | ||||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | ||||||||
XBRL Instance Document | ||||||||
101.SCH | ||||||||
Inline XBRL Taxonomy Extension Schema Document | ||||||||
101.CAL | ||||||||
Inline XBRL Taxonomy Extension Calculation Linkbase | ||||||||
101.DEF | ||||||||
Inline XBRL Taxonomy Extension Definition Linkbase | ||||||||
101.LAB | ||||||||
Inline XBRL Taxonomy Extension Label Linkbase | ||||||||
101.PRE | ||||||||
Inline XBRL Taxonomy Extension Presentation Linkbase | ||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
NOVELIS INC. | |||||||||||
By: | /s/ Devinder Ahuja | ||||||||||
Devinder Ahuja | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer and Authorized Officer) | |||||||||||
/s/ Stephanie Rauls | |||||||||||
Stephanie Rauls | |||||||||||
Senior Vice President, Deputy Chief Financial Officer and Chief Accounting Officer | |||||||||||