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Other Expense (Income)
 12 Months Ended
Mar. 31, 2026
Other Income and Expenses [Abstract]  
18. OTHER (INCOME) EXPENSES, NET
18. OTHER (INCOME) EXPENSES, NET
Other expenses (income), net consists of the following.
in millions
Fiscal 2026
Fiscal 2025
Fiscal 2024
September and November Oswego fires
Fixed asset charges$36 $— $— 
Inventory charges1 — — 
Idle fixed costs(1)
115 — — 
Repairs and clean-up costs251 — — 
Excess costs to fulfill customer contracts(2)
590 — — 
Property insurance recoveries(78)— — 
Other10 — — 
September and November Oswego fires losses, net of recoveries925 — — 
Sierre flood
Fixed asset charges— 30 — 
Inventory charges— 12 — 
Idle fixed costs(1)
— 20 — 
Repairs and clean-up costs13 37 — 
Excess costs to fulfill customer contracts(2)
4 35 — 
Property insurance recoveries(45)(34)— 
Other1 5 — 
Sierre flood losses, net of recoveries(27)105 — 
Sierre business interruption insurance recoveries(41)(30)— 
September and November Oswego fires business interruption insurance recoveries(12)— — 
Currency losses, net(3)
7 7 10 
Unrealized losses (gains) on change in fair value of derivative instruments, net(4)
77 (57)36 
Realized losses (gains) on change in fair value of derivative instruments, net(4)
35 97 (80)
Gain on sale of business
(7)— — 
(Gain) loss on sale or disposal of assets, net
(5)4 6 
Interest income
(20)(23)(23)
Non-operating net periodic benefit cost(5)
(5)— (3)
Other, net(6)
33 31 32 
Other expenses (income), net
$960 $134 $(22)
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(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 14 – Currency Losses (Gains) and Note 15 – Financial Instruments and Commodity Contracts for further details.
(4)See Note 15 – Financial Instruments and Commodity Contracts for further details.
(5)Represents net periodic benefit cost, exclusive of service cost, for the Company's pension and other post-retirement benefit plans. For further details, refer to Note 13 – Postretirement Benefit Plans.
(6)Other, net for fiscal 2026 and 2025, includes $15 million in federal contributions levied in Brazil on remittances of royalties and services to non-residents made by corporate tax payers, which amounted to $11 million in fiscal 2024. Additionally, other, net in fiscal 2025 includes $10 million related to transaction costs for the postponed initial public offering.
September and November Oswego Fires
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.
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 the year ended March 31, 2026, the Company recognized property insurance recoveries of $78 million and business interruption recoveries of $12 million related to the September and November Oswego fires, which is recognized within Other (income) expenses, net. We will recognize insurance recoveries related to the impact of the September and November fires 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.
During the year ended March 31, 2026, the Company recognized property insurance recoveries of $45 million and business interruption recoveries of $41 million related to the Sierre flood. During the year ended March 31, 2025, the Company recognized property insurance recoveries of $34 million and business interruption recoveries of $30 million related to the Sierre flood.