v3.25.1
Financial Instruments and Commodity Contracts (Tables)
 12 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair values of financial instruments and commodity contracts
The following tables summarize the gross fair values of our financial instruments and commodity contracts as of March 31, 2025 and 2024. 
 March 31, 2025
 AssetsLiabilitiesNet Fair Value
in millionsCurrent
Noncurrent(1)
Current
Noncurrent(1)
Assets/(Liabilities)
Derivatives designated as hedging instruments:
Cash flow hedges
Metal contracts$89 $4 $(5)$— $88 
Currency exchange contracts6 — (27)(1)(22)
Energy contracts6 — (1)— 5 
Interest rate swap contracts— — — (5)(5)
Net investment hedges
Currency exchange contracts5 — — — 5 
Total derivatives designated as hedging instruments$106 $4 $(33)$(6)$71 
Derivatives not designated as hedging instruments:
Metal contracts$58 $1 $(56)$(1)$2 
Currency exchange contracts12 — (17)— (5)
Energy contracts— — — — — 
Total derivatives not designated as hedging instruments$70 $1 $(73)$(1)$(3)
Total derivative fair value$176 $5 $(106)$(7)$68 
 
 March 31, 2024
 AssetsLiabilitiesNet Fair Value
 Current
Noncurrent(1)
Current
Noncurrent(1)
Assets/(Liabilities)
Derivatives designated as hedging instruments:
Cash flow hedges
Metal contracts$3 $— $(56)$(2)$(55)
Currency exchange contracts4 1 (13)— (8)
Energy contracts1 — (4)— (3)
Interest rate swap contracts— — — (2)(2)
Total derivatives designated as hedging instruments$8 $1 $(73)$(4)$(68)
Derivatives not designated as hedging instruments:
Metal contracts$30 $— $(53)$(1)$(24)
Currency exchange contracts6 — (17)— (11)
Energy contracts1 — (1)— — 
Total derivatives not designated as hedging instruments$37 $— $(71)$(1)$(35)
Total derivative fair value$45 $1 $(144)$(5)$(103)
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(1)The noncurrent portions of derivative assets and liabilities are included in other long–term assets and in other long–term liabilities, respectively, in the accompanying consolidated balance sheets.
Summary of notional amount
The following table summarizes our notional amount.
 March 31,
in kt20252024
Hedge type
Purchase (sale)
Cash flow sales(847)(755)
Not designated(135)(306)
Total, net(982)(1,061)
Summary of gains (losses) associated with the change in the fair value derivative instruments recognized in "Other (income) expense, net"
The following table summarizes the (gains) losses associated with the change in fair value of derivative instruments not designated as hedges and the excluded portion of designated derivatives recognized in other expenses (income), net. (Gains) losses recognized in other line items in the consolidated statement of operations are separately disclosed within this footnote.
in millions
Fiscal 2025
Fiscal 2024
Fiscal 2023
Derivative instruments not designated as hedges
Metal contracts$40 $(42)$63 
Currency exchange contracts30 8 58 
Energy contracts(1)
3 (2)(3)
Loss (gain) recognized in other expenses (income), net
$73 $(36)$118 
Derivative instruments designated as hedges
Gain recognized in other expenses (income), net(2)
$(3)$(1)$(4)
Total loss (gain) recognized in other expenses (income), net
$70 $(37)$114 
Losses recognized on balance sheet remeasurement currency exchange contracts, net
$30 $7 $54 
Realized losses (gains), net
97 (80)83 
Unrealized (gains) losses on other derivative instruments, net
(57)36 (23)
Total loss (gain) recognized in other expenses (income), net
$70 $(37)$114 
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(1)Includes amounts related to diesel and natural gas swaps not designated as hedges.
(2)Amount includes forward market premium/discount excluded from hedging relationship and releases to income from accumulated other comprehensive loss on balance sheet remeasurement contracts.
Summary of the impact on AOCI and earnings of derivative instruments designated as cash flow hedges
The following table summarizes the impact on accumulated other comprehensive loss and earnings of derivative instruments designated as cash flow hedges. Within the next twelve months, we expect to reclassify $57 million of gains from accumulated other comprehensive loss to earnings, before taxes. As of March 31, 2025, the amount excluded from effectiveness testing recognized in earnings based on changes in fair value was $4 million.
 
Amount of Gain (Loss) Recognized in Other comprehensive income (loss)
(Effective Portion)
Amount of Gain (Loss) Recognized in Other expenses (income), net
(Ineffective and Excluded Portion)
in millions
Fiscal 2025
Fiscal 2024
Fiscal 2023
Fiscal 2025
Fiscal 2024
Fiscal 2023
Cash flow hedging derivatives
Metal contracts$(48)$119 $951 $— $— $— 
Currency exchange contracts(77)(12)(55)— 1 4 
Energy contracts4 (8)(2)— — — 
Interest rate swap contracts(1)— — — — — 
Total cash flow hedging derivatives(122)99 894 — 1 4 
Net investment derivatives
Currency exchange contracts1 — — 4 — — 
Total$(121)$99 $894 $4 $1 $4 
Gain (Loss) Reclassification
Amount of Gain (Loss) Reclassified from Accumulated other comprehensive loss into Income/(Expense)
(Effective Portion)
Location of Gain (Loss) Reclassified from Accumulated other comprehensive loss into Earnings
in millions
Fiscal 2025
Fiscal 2024
Fiscal 2023
 
Cash flow hedging derivatives
Energy contracts(1)
$(8)$(5)$32 Cost of goods sold (exclusive of depreciation and amortization)
Metal contracts(1)5 — Cost of goods sold (exclusive of depreciation and amortization)
Metal contracts(185)181 332 
Net sales
Currency exchange contracts(9)17 18 
Cost of goods sold (exclusive of depreciation and amortization)
Currency exchange contracts— — 1 
Selling, general and administrative expenses
Currency exchange contracts(21)(19)(57)
Net sales
Currency exchange contracts(3)(3)(5)
Depreciation and amortization
Interest rate swap contracts2 2 — Interest expense and amortization of debt issuance costs
Total(225)178 321 
Income from continuing operations before income tax provision
58 (47)(76)
Income tax provision
$(167)$131 $245 
Net income from continuing operations
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(1)Includes amounts related to natural gas and diesel swaps.