v3.26.1
Segment, Geographical Area, Major Customer and Major Supplier Information
 12 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
21. SEGMENT, GEOGRAPHICAL AREA, MAJOR CUSTOMER AND MAJOR SUPPLIER INFORMATION
21. SEGMENT, GEOGRAPHICAL AREA, MAJOR CUSTOMER AND MAJOR SUPPLIER INFORMATION
Segment Information
Due in part to the regional nature of supply and demand of aluminum rolled products and to best serve our customers, we manage our activities based on geographical areas and are organized under four operating segments: North America, Europe, Asia, and South America. All of our segments manufacture aluminum sheet and light gauge products. We also manufacture aluminum plate products in Europe and Asia.
The following is a description of our operating segments.
North America. Headquartered in Atlanta, Georgia, this segment operates 13 plants, including seven with recycling operations, in two countries.
Europe. Headquartered in Küsnacht, Switzerland, this segment operates 10 plants, including five with recycling operations, in four countries.
Asia. Headquartered in Seoul, South Korea, this segment operates four plants, including two with recycling operations, in two countries.
South America. Headquartered in São Paulo, Brazil, this segment operates two plants in Brazil, including one with recycling operations.
Net sales and expenses are measured in accordance with the policies and procedures described in Note 1 – Business and Summary of Significant Accounting Policies.
Our chief operating decision maker is the chief executive officer. The chief operating decision maker uses Adjusted EBITDA to assess the performance of each segment by comparing the results of each segment against its plan and forecast and in developing segment budgeting and forecasting, making decisions about allocating capital and personnel to the segments, and determining the compensation of employees. Additionally, the chief operating decision maker uses Adjusted EBITDA as a basis for evaluating which capital projects to undertake.
We measure the profitability and financial performance of our operating segments based on Adjusted EBITDA. Adjusted EBITDA provides a measure of our underlying segment results that is in line with our approach to risk management. We define Adjusted EBITDA as earnings before (a) depreciation and amortization; (b) interest expense and amortization of debt issuance costs; (c) interest income; (d) unrealized gains (losses) on change in fair value of derivative instruments, net, except for foreign currency remeasurement hedging activities, which are included in Adjusted EBITDA; (e) impairment of goodwill; (f) (gain) loss on extinguishment of debt, net; (g) noncontrolling interests' share; (h) adjustments to reconcile our proportional share of Adjusted EBITDA from non-consolidated affiliates to income as determined on the equity method of accounting; (i) restructuring and impairment, net; (j) gains or losses on disposals of property, plant and equipment and businesses, net; (k) other costs, net; (l) litigation settlement, net of insurance recoveries; (m) sale transaction fees; (n) income tax provision (benefit); (o) cumulative effect of accounting change, net of tax; (p) metal price lag; (q) business acquisition and other related costs; (r) purchase price accounting adjustments; (s) income (loss) from discontinued operations, net of tax; (t) loss on sale of discontinued operations, net of tax; and (u) start-up costs.
Beginning in the first quarter of fiscal 2026, the Company excludes non-capitalizable start-up costs associated with the commissioning, pre-production, and production ramp-up at the Bay Minette plant.
The tables that follow show selected segment financial information. "Eliminations and Other" includes eliminations and functions that are managed directly from our corporate office that have not been allocated to our operating segments as well as the adjustments for proportional consolidation and eliminations of intersegment net sales. The financial information for our segments includes the results of our affiliates on a proportionately consolidated basis, which is consistent with the way we manage our business segments. In order to reconcile the financial information for the segments shown in the tables below to the relevant U.S. GAAP based measures, we must adjust proportional consolidation of each line item. The "Eliminations and Other" in net sales – third party includes the net sales attributable to our joint venture party, Tri-Arrows, for our Logan affiliate because we consolidate 100% of the Logan joint venture for U.S. GAAP reporting purposes, but we manage our Logan affiliate on a proportionately consolidated basis. See Note 7 – Consolidation and Note 8 – Investment in and Advances to Non-Consolidated Affiliates and Related Party Transactions for further information about these affiliates. Additionally, we eliminate intersegment sales and intersegment income for reporting on a consolidated basis.
Selected Segment Financial Information
in millions
Selected Operating Results
Fiscal 2026
North AmericaEuropeAsiaSouth AmericaTotal
Net sales – third party$7,864 $4,972 $2,542 $2,592 $17,970 
Net sales – intersegment68 300 888 269 1,525 
Total net sales$7,932 $5,272 $3,430 $2,861 $19,495 
Reconciliation of net sales
Other revenues(1)
$464 
Elimination of intersegment net sales(1,525)
Consolidated net sales$18,434 
Cost of goods sold (exclusive of metal price lag, depreciation and amortization)$7,171 $4,713 $2,968 $2,246 
Selling, general and administrative expenses279 193 106 84 
Other segment items(2)
47 (13)45 10 
Adjusted EBITDA$435 $379 $311 $521 
_________________________
(1)Other revenues related to amounts to reconcile proportional consolidation of sales attributable to our Logan joint venture partner, Tri-Arrows. As described above, the Logan joint venture is consolidated 100% for U.S. GAAP purposes but managed on a proportionally consolidated basis.
(2)Other segment items for all segments are primarily comprised of realized (gain)/loss on derivatives and R&D expense.
in millions
Selected Operating Results
Fiscal 2026
North AmericaEuropeAsiaSouth AmericaSegment Subtotal
Eliminations and Other(1)
Total
Depreciation and amortization$261 $185 $102 $91 $639 $(23)$616 
Income tax provision (benefit)(232)56 45 98 (33)34 1 
Capital expenditures2,020 194 76 91 2,381 (38)2,343 
March 31, 2026
Investment in and advances to non–consolidated affiliates$— $585 $376 $— $961 $— $961 
Total assets9,859 4,835 2,167 2,379 19,240 1,706 20,946 
in millions
Selected Operating Results
Fiscal 2025
North AmericaEuropeAsiaSouth AmericaTotal
Net sales – third party$7,030 $4,575 $2,492 $2,624 $16,721 
Net sales – intersegment3 31 555 59 648 
Total net sales$7,033 $4,606 $3,047 $2,683 $17,369 
Reconciliation of net sales
Other revenues(1)
$428 
Elimination of intersegment net sales(648)
Consolidated net sales$17,149 
Cost of goods sold (exclusive of metal price lag, depreciation and amortization)$6,020 $4,057 $2,559 $2,058 
Selling, general and administrative expenses297 196 110 98 
Other segment items(2)
76 47 31 23 
Adjusted EBITDA$640 $306 $347 $504 
_________________________
(1)Other revenues related to amounts to reconcile proportional consolidation of sales attributable to our Logan joint venture partner, Tri-Arrows. As described above, the Logan joint venture is consolidated 100% for U.S. GAAP purposes but managed on a proportionally consolidated basis.
(2)Other segment items for all segments are primarily comprised of realized (gain)/loss on derivatives and R&D expense.
in millions
Selected Operating Results
Fiscal 2025
North AmericaEuropeAsiaSouth AmericaSegment SubtotalEliminations and OtherTotal
Depreciation and amortization$231 $173 $94 $88 $586 $(11)$575 
Income tax (benefit) provision4 28 55 99 186 (27)159 
Capital expenditures1,341 217 105 70 1,733 (44)1,689 
March 31, 2025
Investment in and advances to non–consolidated affiliates$— $542 $370 $— $912 $— $912 
Total assets6,638 4,303 2,163 2,155 15,259 1,256 16,515 
in millions
Selected Operating Results
Fiscal 2024
North AmericaEuropeAsiaSouth AmericaTotal
Net sales – third party$6,717 $4,359 $2,345 $2,351 $15,772 
Net sales – intersegment— 67 265 110 442 
Total net sales$6,717 $4,426 $2,610 $2,461 $16,214 
Reconciliation of net sales
Other revenues(1)
$438 
Elimination of intersegment net sales(442)
Consolidated net sales$16,210 
Cost of goods sold (exclusive of metal price lag, depreciation and amortization)$5,642 $3,901 $2,162 $1,879 
Selling, general and administrative expenses301 200 108 110 
Other segment items(2)
25 4 6 — 
Adjusted EBITDA$749 $321 $334 $472 
_________________________
(1)Other revenues related to amounts to reconcile proportional consolidation of sales attributable to our Logan joint venture partner, Tri-Arrows. As described above, the Logan joint venture is consolidated 100% for U.S. GAAP purposes but managed on a proportionally consolidated basis.
(2)Other segment items for all segments are primarily comprised of realized (gain)/loss on derivatives and R&D expense.
in millions
Selected Operating Results
Fiscal 2024
North AmericaEuropeAsiaSouth AmericaSegment SubtotalEliminations and OtherTotal
Depreciation and amortization$228 $167 $91 $81 $567 $(13)$554 
Income tax provision(16)40 36 92 152 66 218 
Capital expenditures1,039 171 121 76 1,407 (49)1,358 
The following table displays the reconciliation from net income attributable to our common shareholder to Adjusted EBITDA.

in millions
Fiscal 2026
Fiscal 2025
Fiscal 2024
North America$435 $640 $749 
Europe379 306 321 
Asia311 347 334 
South America521 504 472 
Eliminations and Other(1)5 (3)
Adjusted EBITDA$1,645 $1,802 $1,873 
Depreciation and amortization(616)(575)(554)
Interest expense and amortization of debt issuance costs(265)(275)(298)
Adjustment to reconcile proportional consolidation(1)
(55)(47)(44)
Unrealized (losses) gains on change in fair value of derivative instruments, net
(77)57 (36)
Realized gains (losses) on derivative instruments not included in Adjusted EBITDA(2)
8 (5)6 
Gain on sale of business7 — — 
Loss on extinguishment of debt, net
(3)(7)(5)
Restructuring and impairment, net(195)(53)(42)
Gain (loss) on sale or disposal of assets, net
5 (4)(6)
Metal price lag515 69 (70)
Sierre flood losses, net of recoveries(3)
27 (105)— 
September and November Oswego fires losses, net of recoveries(4)
(925)— — 
Start-up costs(5)
(38)— — 
Other, net(17)(15)(6)
Income from continuing operations before income tax provision
$16 $842 $818 
Income tax provision
(1)(159)(218)
Net income attributable to our common shareholder
$15 $683 $600 
_________________________
(1)Adjustment to reconcile proportional consolidation relates to depreciation, amortization, and income taxes of our equity method investments. Income taxes related to our equity method investments are reflected in the carrying value of the investment and not in our consolidated income tax provision.
(2)Realized gains (losses) on derivative instruments not included in Adjusted EBITDA represents foreign currency derivatives not related to operations.
(3)Sierre flood losses, net of recoveries relate to non-recurring non-operating charges from exceptional flooding at our Sierre, Switzerland plant caused by unprecedented heavy rainfall, net of the related property insurance recoveries. See Note 18 – Other Expenses (Income), Net for additional information about this event.
(4)September and November Oswego fires losses, net of recoveries relate to non-recurring non-operating charges from two significant fires at our Oswego, New York plant. See Note 18 – Other Expenses (Income), Net for additional information about this event.
(5)Start-up costs are related to the construction of a rolling and recycling plant in Bay Minette, Alabama. All of these costs are included in Selling, general and administrative expenses.
Geographical Area Information
As of March 31, 2026, we had 29 operating facilities in nine countries. Net sales are attributed to geographical areas based on the origin of the sale. Long-lived assets and other intangible assets are attributed to geographical areas based on asset location and exclude investments in and advances to our non-consolidated affiliates and goodwill. 
Net sales by geographical area follows.
in millions
Fiscal 2026
Fiscal 2025
Fiscal 2024
United States$8,200 $7,301 $7,001 
Asia and Other Pacific2,542 2,492 2,345 
Brazil2,592 2,624 2,351 
Canada128 157 154 
Germany4,442 4,114 3,816 
Other Europe530 461 543 
Net sales$18,434 $17,149 $16,210 
Long-lived assets and other intangible assets by geographical area follows.
March 31,
20262025
in millions
Long-lived assets(1)
Other intangible assetsTotal
Long-lived assets(1)
Other intangible assetsTotal
United States$6,006 $351 $6,357 $4,102 $407 $4,509 
Asia and Other Pacific698 27 725 756 24 780 
Brazil824 2 826 828 3 831 
Canada50 — 50 51 — 51 
Germany521 45 566 479 53 532 
Other Europe712 17 729 635 22 657 
Long-lived assets and other intangible assets$8,811 $442 $9,253 $6,851 $509 $7,360 
_________________________
(1)As of March 31, 2026 and 2025, long-lived assets consist of property, plant and equipment, net.

Information about Product Sales, Major Customers, and Primary Supplier
Product Sales
The following table displays our net sales by product end market.
in millions
Fiscal 2026
Fiscal 2025
Fiscal 2024
Beverage packaging(1)
$10,038 $8,919 $7,626 
Specialty3,959 3,911 4,062 
Automotive3,707 3,637 3,838 
Aerospace and industrial plate730 682 684 
Net sales$18,434 $17,149 $16,210 
_________________________
(1)Prior to the three months ended September 30, 2023, we utilized the term "can" for the beverage packaging end market. This change is solely to align the terminology with that being currently used by the Company and does not impact the amounts presented.
Major Customers
The following table displays customers representing 10% or more of our net sales for any of the periods presented and their respective percentage of net sales.
Fiscal 2026
Fiscal 2025
Fiscal 2024
Ball18 %17 %14 %
Primary Supplier
Rio Tinto is our primary supplier of metal inputs, including prime and sheet ingot. The table below shows our purchases from Rio Tinto as a percentage of our total combined metal purchases.
 
Fiscal 2026
Fiscal 2025
Fiscal 2024
Purchases from Rio Tinto as a percentage of total combined metal purchases6 %9 %9 %