v3.25.4
Other Expenses (Income), Net
 9 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
13. OTHER EXPENSES (INCOME), NET
13. OTHER EXPENSES (INCOME), NET
Other expenses (income), net consists of the following:
 
Three Months Ended
December 31,
Nine Months Ended
December 31,
in millions2025202420252024
September Oswego fire
Fixed asset charges$— $— $10 $— 
Inventory charges— — 1 — 
Idle fixed costs(1)
61 — 64 — 
Repairs and clean-up costs77 — 83 — 
Excess costs to fulfill customer contracts(2)
185 — 186 — 
Property insurance recoveries(25)— (25)— 
Other2 — 2 — 
September Oswego fire losses, net of recoveries
300 — 321 — 
November Oswego fire
Fixed asset charges26 — 26 — 
Repairs and clean-up costs26 — 26 — 
Property insurance recoveries(25)— (25)— 
November Oswego fire losses, net of recoveries
27 — 27 — 
Sierre flood
Fixed asset charges— — — 30 
Inventory charges— — — 12 
Idle fixed costs(1)
— 4 — 20 
Repairs and clean-up costs2 14 9 31 
Excess costs to fulfill customer contracts(2)
— 4 4 27 
Property insurance recoveries— (18)(3)(18)
Other— 1 — 4 
Sierre flood losses, net of recoveries2 5 10 106 
Sierre business interruption insurance recoveries— (15)— (15)
Currency losses, net(3)
4 1 5 4 
Unrealized losses (gains) on change in fair value of derivative instruments, net(4)
33 (18)70 (34)
Realized losses (gains) on change in fair value of derivative instruments, net(4)
14 21 (13)53 
Loss on sale or disposal of assets, net
— — 3 2 
Interest income
(4)(5)(14)(18)
Non-operating net periodic benefit cost(5)
(2)— (5)(1)
Other, net7 7 22 24 
Other expenses (income), net
$381 $(4)$426 $121 
_________________________
(1)Idle fixed costs consist of employment costs and other operating expenses incurred during the period in which operations were halted at the Oswego and Sierre plants.
(2)Excess costs to fulfill customer contracts consist of freight costs, including import tariffs, incurred to reroute material to fulfill customer contracts related to plant shutdowns and price premiums to procure external third-party material to meet customer demand.
(3)Includes losses recognized on balance sheet remeasurement currency exchange contracts, net. See Note 9 – Currency Losses (Gains) for further details.
(4)See Note 10 – Financial Instruments and Commodity Contracts for further details.
(5)Represents net periodic benefit cost, exclusive of pension curtailment and settlement gains and service cost, for the Company's pension and other post-retirement plans. For further details, refer to Note 8 – Postretirement Benefit Plans.
September Oswego Fire
On September 16, 2025, our plant located in Oswego, New York, was impacted by a significant fire ("September Oswego fire"). There were no injuries, as all employees were safely evacuated. The fire was contained to the hot mill area and did not impact the rest of the plant.
As we continue to assess the physical condition of the plant's assets and continue the efforts to restore operations, we may incur additional losses in future periods. The plant is insured for property damage and business interruption losses related to such events, subject to deductibles and policy limits. During three and nine months ended December 31, 2025, Novelis recognized property insurance recoveries of $25 million related to the September Oswego fire, which is recognized within Other (income) expenses, net. We will recognize insurance recoveries related to the impact of the September fire at the Oswego plant in future periods when insurance proceeds are realizable.
November Oswego Fire
A second significant fire occurred at the Oswego plant on November 20, 2025 ("November Oswego fire"). Everyone working at the plant was safely evacuated and there were no injuries to employees, contractors or first responders. The fire was contained to the hot mill's finishing mill and the hot mill motor room and did not impact the rest of the plant.
As we continue to assess the physical condition of the plant's assets and continue the efforts to restore operations, we may incur additional losses in future periods. The plant is insured for property damage and business interruption losses related to such events, subject to deductibles and policy limits. During three and nine months ended December 31, 2025, Novelis recognized property insurance recoveries of $25 million related to the November Oswego fire, which is recognized within Other (income) expenses, net. We will recognize insurance recoveries related to the impact of the November fire at the Oswego plant in future periods when insurance proceeds are realizable.
Sierre Flood
On June 30, 2024, our plant located in Sierre, Switzerland, was impacted by exceptional flooding caused by unprecedented heavy rainfall. There were no injuries, as all employees were safely evacuated; however, water entered the plant premises and plant operations were halted for several weeks. Plant operations fully resumed during fiscal 2025.