The entity that has a controlling financial interest in a VIE is referred to as the primary beneficiary and consolidates the VIE. An entity is deemed to have a controlling financial interest and is the primary beneficiary of a VIE if it has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.

Logan is a consolidated joint venture in which we hold 40% ownership. Our joint venture partner is Tri-Arrows. Logan processes metal received from Novelis and Tri-Arrows and charges the respective partner a fee to cover expenses. Logan is a thinly capitalized VIE that relies on the regular reimbursement of costs and expenses from Novelis and Tri-Arrows to fund its operations. Novelis is considered the primary beneficiary and consolidates Logan since it has the power to direct activities that most significantly impact Logan's economic performance, an obligation to absorb expected losses, and the right to receive benefits that could potentially be significant to the VIE.

Other than the contractually required reimbursements, we do not provide additional material support to Logan. Logan's creditors do not have recourse to our general credit. There are significant other assets used in the operations of Logan that are not part of the joint venture, as they are directly owned and consolidated by Novelis or Tri-Arrows.

The following table summarizes the carrying value and classification of assets and liabilities owned by the Logan joint venture and consolidated in our consolidated balance sheets.


	March 31,
in millions	2025		2024
ASSETS
Current assets:
Cash and cash equivalents	$	4	$	4
Accounts receivable, net	9		10
Inventories	129		142
Prepaid expenses and other current assets	8		8
Total current assets	150		164
Property, plant and equipment, net	101		104
Goodwill	12		12
Deferred income tax assets	36		36
Other long–term assets	3		4
Total assets	$	302	$	320
LIABILITIES
Current liabilities:
Accounts payable	$	134	$	135
Accrued expenses and other current liabilities	37		34
Total current liabilities	171		169
Accrued postretirement benefits	102		121
Other long–term liabilities	2		2
Total liabilities	$	275	$	292