v3.25.1
Segment, Geographical Area, Major Customer and Major Supplier Information (Tables)
 12 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Selected segment financial information
Selected Segment Financial Information
in millions
Selected Operating Results
Fiscal 2025
North AmericaEuropeAsiaSouth AmericaTotal
Net sales – third party$7,030 $4,575 $2,492 $2,624 $16,721 
Net sales – intersegment3 31 555 59 648 
Total net sales$7,033 $4,606 $3,047 $2,683 $17,369 
Reconciliation of net sales
Other revenues(1)
$428 
Elimination of intersegment net sales(648)
Consolidated net sales$17,149 
Cost of goods sold (exclusive of metal price lag, depreciation and amortization)$6,020 $4,057 $2,559 $2,058 
Selling, general and administrative expenses297 196 110 98 
Other segment items(2)
76 47 31 23 
Adjusted EBITDA$640 $306 $347 $504 
_________________________
(1)Other revenues related to amounts to reconcile proportional consolidation of sales attributable to our Logan joint venture partner, Tri-Arrows. As described above, the Logan joint venture is consolidated 100% for U.S. GAAP purposes but managed on a proportionally consolidated basis.
(2)Other segment items for all segments are primarily comprised of realized (gain)/loss on derivatives and R&D expense.
in millions
Selected Operating Results
Fiscal 2025
North AmericaEuropeAsiaSouth AmericaSegment Subtotal
Eliminations and Other(1)
Total
Depreciation and amortization$231 $173 $94 $88 $586 $(11)$575 
Income tax provision (benefit)4 28 55 99 186 (27)159 
Capital expenditures1,341 217 105 70 1,733 (44)1,689 
March 31, 2025
Investment in and advances to non–consolidated affiliates$— $542 $370 $— $912 $— $912 
Total assets6,638 4,303 2,163 2,155 15,259 1,256 16,515 
in millions
Selected Operating Results
Fiscal 2024
North AmericaEuropeAsiaSouth AmericaTotal
Net sales – third party$6,717 $4,359 $2,345 $2,351 $15,772 
Net sales – intersegment— 67 265 110 442 
Total net sales$6,717 $4,426 $2,610 $2,461 $16,214 
Reconciliation of net sales
Other revenues(1)
$438 
Elimination of intersegment net sales(442)
Consolidated net sales$16,210 
Cost of goods sold (exclusive of metal price lag, depreciation and amortization)$5,642 $3,901 $2,162 $1,879 
Selling, general and administrative expenses301 200 108 110 
Other segment items(2)
25 4 6 — 
Adjusted EBITDA$749 $321 $334 $472 
_________________________
(1)Other revenues related to amounts to reconcile proportional consolidation of sales attributable to our Logan joint venture partner, Tri-Arrows. As described above, the Logan joint venture is consolidated 100% for U.S. GAAP purposes but managed on a proportionally consolidated basis.
(2)Other segment items for all segments are primarily comprised of realized (gain)/loss on derivatives and R&D expense.
in millions
Selected Operating Results
Fiscal 2024
North AmericaEuropeAsiaSouth AmericaSegment SubtotalEliminations and OtherTotal
Depreciation and amortization$228 $167 $91 $81 $567 $(13)$554 
Income tax (benefit) provision(16)40 36 92 152 66 218 
Capital expenditures1,039 171 121 76 1,407 (49)1,358 
March 31, 2024
Investment in and advances to non–consolidated affiliates$— $536 $369 $— $905 $— $905 
Total assets5,411 4,049 2,206 2,050 13,716 912 14,628 
in millions
Selected Operating Results
Fiscal 2023
North AmericaEuropeAsiaSouth AmericaTotal
Net sales – third party$7,550 $4,910 $2,824 $2,743 $18,027 
Net sales – intersegment— 149 190 150 489 
Total net sales$7,550 $5,059 $3,014 $2,893 $18,516 
Reconciliation of net sales
Other revenues(1)
$459 
Elimination of intersegment net sales(489)
Consolidated net sales$18,486 
Cost of goods sold (exclusive of metal price lag, depreciation and amortization)$6,521 $4,527 $2,547 $2,226 
Selling, general and administrative expenses285 177 107 111 
Other segment items(2)
71 69 21 34 
Adjusted EBITDA$673 $286 $339 $522 
_________________________
(1)Other revenues related to amounts to reconcile proportional consolidation of sales attributable to our Logan joint venture partner, Tri-Arrows. As described above, the Logan joint venture is consolidated 100% for U.S. GAAP purposes but managed on a proportionally consolidated basis.
(2)Other segment items for all segments are primarily comprised of realized (gain)/loss on derivatives and R&D expense.
in millions
Selected Operating Results
Fiscal 2023
North AmericaEuropeAsiaSouth AmericaSegment SubtotalEliminations and OtherTotal
Depreciation and amortization$224 $160 $87 $81 $552 $(12)$540 
Income tax provision(39)(6)8 125 88 59 147 
Capital expenditures484 136 99 75 794 (8)786 
Reconciliation from income from reportable segments to net income attributable to out common shareholder
The following table displays the reconciliation from net income attributable to our common shareholder to Adjusted EBITDA.

in millions
Fiscal 2025
Fiscal 2024
Fiscal 2023
North America$640 $749 $673 
Europe306 321 286 
Asia347 334 339 
South America504 472 522 
Eliminations and Other5 (3)(9)
Adjusted EBITDA$1,802 $1,873 $1,811 
Depreciation and amortization(575)(554)(540)
Interest expense and amortization of debt issuance costs(275)(298)(274)
Adjustment to reconcile proportional consolidation(1)
(47)(44)(53)
Unrealized gains (losses) on change in fair value of derivative instruments, net
57 (36)23 
Realized (losses) gains on derivative instruments not included in Adjusted EBITDA(2)
(5)6 4 
Loss on extinguishment of debt, net
(7)(5)— 
Restructuring and impairment, net(53)(42)(33)
Loss on sale of assets, net
(4)(6)(1)
Metal price lag69 (70)(130)
Sierre flood losses, net of recoveries(3)
(105)— — 
Other, net(15)(6)(1)
Income from continuing operations before income tax provision
$842 $818 $806 
Loss from discontinued operations, net of tax
— — (2)
Income tax provision
(159)(218)(147)
Net loss attributable to noncontrolling interests
— — 1 
Net income attributable to our common shareholder
$683 $600 $658 
_________________________
(1)Adjustment to reconcile proportional consolidation relates to depreciation, amortization, and income taxes of our equity method investments. Income taxes related to our equity method investments are reflected in the carrying value of the investment and not in our consolidated income tax provision.
(2)Realized (losses) gains on derivative instruments not included in Adjusted EBITDA represents foreign currency derivatives not related to operations.
(3)Sierre flood losses, net of recoveries relate to non-recurring non-operating charges from exceptional flooding at our Sierre, Switzerland plant caused by unprecedented heavy rainfall, net of the related property insurance recoveries. See Note 18 – Other Expenses (Income), Net for additional information about this event.
Schedule of revenue from external customers attributed to foreign countries by geographic area Net sales are attributed to geographical areas based on the origin of the sale. Long-lived assets and other intangible assets are attributed to geographical areas based on asset location and exclude investments in and advances to our non-consolidated affiliates and goodwill. 
Net sales by geographical area follows.
in millions
Fiscal 2025
Fiscal 2024
Fiscal 2023
United States$7,301 $7,001 $7,861 
Asia and Other Pacific2,492 2,345 2,824 
Brazil2,624 2,351 2,743 
Canada157 154 148 
Germany4,114 3,816 4,323 
Other Europe461 543 587 
Net sales$17,149 $16,210 $18,486 
Schedule of disclosure on geographic areas, long-lived assets in individual foreign countries by country
Long-lived assets and other intangible assets by geographical area follows.
March 31,
20252024
in millions
Long-lived assets(1)
Other intangible assetsTotal
Long-lived assets(1)
Other intangible assetsTotal
United States$4,102 $407 $4,509 $2,971 $446 $3,417 
Asia and Other Pacific756 24 780 803 14 817 
Brazil828 3 831 829 5 834 
Canada51 — 51 49 — 49 
Germany479 53 532 488 52 540 
Other Europe635 22 657 601 28 629 
Long-lived assets and other intangible assets$6,851 $509 $7,360 $5,741 $545 $6,286 
_________________________
(1)As of March 31, 2025 and 2024, long-lived assets consist of property, plant and equipment, net.
Net sales by value stream
The following table displays our net sales by product end market.
in millions
Fiscal 2025
Fiscal 2024
Fiscal 2023
Beverage packaging(1)
$8,919 $7,626 $8,873 
Specialty3,911 4,062 4,986 
Automotive3,637 3,838 3,885 
Aerospace and industrial plate682 684 742 
Net sales$17,149 $16,210 $18,486 
Net sales to largest customers, as a percentage of total net sales
The following table displays customers representing 10% or more of our net sales for any of the periods presented and their respective percentage of net sales.
Fiscal 2025
Fiscal 2024
Fiscal 2023
Ball17 %14 %16 %
Percentage of total combined metal purchases The table below shows our purchases from Rio Tinto as a percentage of our total combined metal purchases.
 
Fiscal 2025
Fiscal 2024
Fiscal 2023
Purchases from Rio Tinto as a percentage of total combined metal purchases9 %9 %8 %