v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
OPERATING ACTIVITIES      
Net income $ 683 $ 600 $ 657
Net loss from discontinued operations 0 0 (2)
Net income from continuing operations 683 600 659
Adjustments to determine net cash provided by operating activities:      
Depreciation and amortization 575 554 540
(Gain) loss on unrealized derivatives and other realized derivatives in investing activities, net (44) 40 (28)
Loss on sale or disposal of assets, net 4 6 1
Non-cash restructuring and impairment charges 34 28 23
Loss on extinguishment of debt, net 7 5 0
Deferred income taxes (27) 20 (45)
Equity in net income of non-consolidated affiliates (3) (4) (16)
(Gain) loss on foreign exchange remeasurement of debt (2) 2 (4)
Amortization of debt issuance costs and carrying value adjustments 13 12 16
Non-cash charges related to Sierre flooding 42 0 0
Other, net 3 3 (2)
Changes in assets and liabilities including assets and liabilities held for sale (net of effects from divestitures):      
Accounts receivable (330) (25) 783
Inventories (579) 185 235
Accounts payable 705 (119) (759)
Other assets (88) 42 3
Other liabilities (42) (34) (186)
Net cash provided by operating activities - continuing operations 951 1,315 1,220
Net cash used in operating activities - discontinued operations 0 0 (12)
Net cash provided by operating activities 951 1,315 1,208
INVESTING ACTIVITIES      
Capital expenditures (1,689) (1,358) (786)
Acquisition of business and other investments (2) 0 (7)
Proceeds from sales of assets, third party 0 0 6
Proceeds from the sale of a business 0 2 3
Outflows from investment in and advances to non-consolidated affiliates, net (22) (36) (17)
(Outflows) proceeds from settlement of derivative instruments, net (14) (10) 7
Proceeds from insurance claims 25 0 0
Other 12 14 19
Net cash used in investing activities (1,690) (1,388) (775)
FINANCING ACTIVITIES      
Proceeds from issuance of long-term and short-term borrowings 2,268 749 50
Principal payments of long-term and short-term borrowings (1,401) (736) (390)
Revolving credit facilities and other, net (361) (8) 471
Debt issuance costs (34) (3) (7)
Return of capital to our common shareholder 0 (100) (100)
Net cash provided by (used in) financing activities 472 (98) 24
Net (decrease) increase in cash and cash equivalents and restricted cash (267) (171) 457
Effect of exchange rate changes on cash (14) (18) (30)
Cash, cash equivalents and restricted cash — beginning of period 1,322 1,511 1,084
Cash, cash equivalents and restricted cash — end of period 1,041 1,322 1,511
Cash and cash equivalents 1,036 1,309 1,498
Restricted cash (included in other long–term assets) 5 13 13
Cash, cash equivalents and restricted cash — end of period 1,041 1,322 1,511
Supplemental Disclosures:      
Interest paid 247 279 258
Income taxes paid 250 173 184
Accrued capital expenditures as of March 31 $ 250 $ 211 $ 171