v3.25.4
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
OPERATING ACTIVITIES    
Net (loss) income $ 100 $ 389
Adjustments to determine net cash provided by operating activities:    
Depreciation and amortization 455 423
Loss (gain) on unrealized derivatives and other realized derivatives in investing activities, net 71 (17)
Loss on sale or disposal of assets, net 3 2
Non-cash restructuring and impairment charges 76 34
Loss on extinguishment of debt, net 3 0
Deferred income taxes, net (20) (26)
Equity in net loss (income) of non-consolidated affiliates 1 (2)
Loss (gain) on foreign exchange remeasurement of debt 18 (12)
Amortization of debt issuance costs and carrying value adjustments 11 10
Non-cash charges related to Sierre flooding 0 42
Non-cash charges related to Oswego fire 36 0
Other, net 0 4
Changes in assets and liabilities including assets and liabilities held for sale:    
Accounts receivable 61 (221)
Inventories (557) (486)
Accounts payable (253) 245
Other assets (86) (66)
Other liabilities (9) (56)
Net cash (used in) provided by operating activities (90) 263
INVESTING ACTIVITIES    
Capital expenditures (1,577) (1,175)
Proceeds from sales of assets, third party, net of transaction fees and hedging 1 0
Proceeds (outflows) from investment in and advances to non-consolidated affiliates, net 3 (9)
Outflows from the settlement of derivative instruments, net (25) (4)
Proceeds from insurance claims 36 0
Other 12 10
Net cash used in investing activities (1,550) (1,178)
FINANCING ACTIVITIES    
Proceeds from issuance of long-term and short-term borrowings 1,458 268
Principal payments of long-term and short-term borrowings (822) (123)
Revolving credit facilities and other, net 89 262
Debt issuance costs (25) (3)
Proceeds from equity contribution from our common shareholder 750 0
Return of capital to our common shareholder (35) 0
Net cash provided by financing activities 1,415 404
Net decrease in cash, cash equivalents and restricted cash (225) (511)
Effect of exchange rate changes on cash 14 (15)
Cash, cash equivalents and restricted cash – beginning of period 1,041 1,322
Cash, cash equivalents and restricted cash – end of period 830 796
Supplemental Disclosures:    
Accrued capital expenditures $ 316 $ 303