v3.26.1
Segment, Geographical Area, Major Customer and Major Supplier Information (Tables)
 12 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Selected segment financial information
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 
Reconciliation from income from reportable segments to net income attributable to out common shareholder
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.
Schedule of revenue from external customers attributed to foreign countries by geographic area 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 
Schedule of disclosure on geographic areas, long-lived assets in individual foreign countries by country
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.
Net sales by value stream
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 
Net sales to largest customers, as a percentage of total net sales
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 %
Percentage of total combined metal purchases 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 %