v3.25.4
Financial Instruments and Commodity Contracts (Tables)
 9 Months Ended
Dec. 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 the periods presented:
 December 31, 2025
 AssetsLiabilitiesNet Fair Value
in millionsCurrent
Noncurrent(1)
Current
Noncurrent(1)
Assets / (Liabilities)
Derivatives designated as hedging instruments:
Cash flow hedges
Metal contracts$— $— $(209)$(5)$(214)
Currency exchange contracts16 2 (7)(1)10 
Energy contracts— — (2)— (2)
Interest rate swap contracts— — — (5)(5)
Net investment hedges
Currency exchange contracts— 1 — — 1 
Total derivatives designated as hedging instruments$16 $3 $(218)$(11)$(210)
Derivatives not designated as hedging instruments:
Metal contracts$81 $2 $(154)$(1)$(72)
Currency exchange contracts11 — (5)(1)5 
Energy contracts1 — (1)— — 
Total derivatives not designated as hedging instruments$93 $2 $(160)$(2)$(67)
Total derivative fair value$109 $5 $(378)$(13)$(277)
 
 March 31, 2025
 AssetsLiabilitiesNet Fair Value
 Current
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)
Total derivatives not designated as hedging instruments$70 $1 $(73)$(1)$(3)
Total derivative fair value$176 $5 $(106)$(7)$68 
____________________
(1)The noncurrent portions of derivative assets and liabilities are included in other long-term assets and other long-term liabilities, respectively, in the accompanying condensed consolidated balance sheets.
Summary of notional amount
The following table summarizes our notional amount:
in ktDecember 31,
2025		March 31,
2025
Hedge type
Purchase (sale)
Cash flow sales(1,024)(847)
Not designated(211)(135)
Total, net(1,235)(982)
Derivative instruments, gain (loss) recognition
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 condensed consolidated statement of operations are separately disclosed within this footnote.
Three Months Ended
December 31
Nine Months Ended
December 31
in millions2025202420252024
Derivative instruments not designated as hedges
Metal contracts$45 $2 $61 $17 
Currency exchange contracts15 59 (14)39 
Energy contracts(1)
1 2 1 4 
Loss recognized in other expenses (income), net
61 63 48 60 
Derivative instruments designated as hedges
Gain recognized in other expenses (income), net(1)
(2)(1)(6)(3)
Total loss recognized in other expenses (income), net
$59 $62 $42 $57 
Losses (gains) recognized on balance sheet remeasurement currency exchange contracts, net
$12 $59 $(15)$38 
Realized losses (gains) on change in fair value of derivative instruments, net
14 21 (13)53 
Unrealized losses (gains) on change in fair value of derivative instruments, net
33 (18)70 (34)
Total loss recognized in other expenses (income), net
$59 $62 $42 $57 
_________________________
(1)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 tables summarize the impact on accumulated other comprehensive loss and earnings of derivative instruments designated as cash flow hedges. Within the next 12 months, we expect to reclassify $223 million of losses from accumulated other comprehensive loss to earnings, before taxes.
 
Amount of Gain (Loss) Recognized in Other comprehensive loss (Effective Portion)
 
Three Months Ended
December 31,
Nine Months Ended
December 31,
in millions2025202420252024
Cash flow hedging derivatives
Metal contracts$(287)$32 $(355)$(96)
Currency exchange contracts(7)(101)46 (102)
Energy contracts(2)1 (9)(2)
Interest rate swap contracts— 7 (1)1 
Total cash flow hedging derivatives$(296)$(61)$(319)$(199)
Net investment derivatives
Currency exchange contracts— 16 (19)9 
Total$(296)$(45)$(338)$(190)
Gain (Loss) Reclassification
Amount of Gain (Loss) Reclassified from Accumulated other comprehensive loss into Income/(Expense) (Effective Portion)
 
Three Months Ended
December 31,
Nine Months Ended
December 31,
Location of Gain (Loss) Reclassified 
from Accumulated other comprehensive loss into Earnings
in millions2025202420252024 
Cash flow hedging derivatives
Energy contracts(1)
$(1)$(2)$(3)$(8)
Cost of goods sold (exclusive of depreciation and amortization)
Metal contracts(121)(75)(42)(154)Net sales
Currency exchange contracts4 (4)4 (6)
Cost of goods sold (exclusive of depreciation and amortization)
Currency exchange contracts1 (5)3 (11)Net sales
Currency exchange contracts— — (2)(2)Depreciation and amortization
Interest rate swap contracts(1)— (1)2 Interest expense and amortization of debt issuance costs
Total$(118)$(86)$(41)$(179)
(Loss) income before income tax provision
30 23 9 47 
Income tax provision
$(88)$(63)$(32)$(132)
Net (loss) income from continuing operations
_________________________
(1)Includes amounts related to natural gas and diesel swaps.