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Other Expenses (Income), Net
 3 Months Ended
Jun. 30, 2026
Other Income and Expenses [Abstract]  
13. OTHER EXPENSES (INCOME), NET
13. OTHER EXPENSES (INCOME), NET
Other expenses (income), net consists of the following:
Three Months Ended
June 30,
in millions20262025
September and November Oswego fires
Idle fixed costs(1)
$22 $— 
Repairs and clean-up costs(2)
(4)— 
Excess costs to fulfill customer contracts(3)
406 — 
Property and other insurance recoveries(4)
(163)— 
Other4 — 
September and November Oswego fires losses, net of recoveries265 — 
Sierre flood
Repairs and clean-up costs— 4 
Excess costs to fulfill customer contracts(3)
— 2 
Sierre flood losses, net of recoveries— 6 
September and November Oswego fires business interruption insurance recoveries(47)— 
Currency losses, net(5)
— 1 
Unrealized (gains) losses on change in fair value of derivative instruments, net(6)
(78)8 
Realized losses (gains) on change in fair value of derivative instruments, net(6)
115 (20)
(Gain) loss on sale or disposal of assets, net
(2)2 
Interest income
(6)(5)
Non-operating net periodic benefit cost(7)
(1)(2)
Other, net13 9 
Other expenses (income), net
$259 $(1)
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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)Repairs and clean-up costs include a $23 million reversal of previously accrued vendor costs that were accrued based on the vendor quotes as of fiscal 2026.
(3)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.
(4)Property and other insurance recoveries includes $116 million of property insurance recoveries and $47 million of tariff and freight costs related to costs fulfill customer contracts.
(5)Includes losses recognized on balance sheet remeasurement currency exchange contracts, net. See Note 9 – Currency Losses (Gains) for further details.
(6)See Note 10 – Financial Instruments and Commodity Contracts for further details.
(7)Represents net periodic benefit cost, exclusive of pension curtailment and settlement gains and service cost, for the Company's pension and other post-retirement plans. For further details, refer to Note 8 – Postretirement Benefit Plans.
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.
The Oswego hot mill restarted in early June 2026. We have incurred losses as a result of the outage prior to restart. However, the plant is insured for property damage and business interruption losses related to such events, subject to deductibles and policy limits. During the three months ended June 30, 2026, the Company recognized property insurance recoveries of $163 million and business interruption insurance recoveries of $47 million related to the September and November Oswego fires, which is recognized within Other (income) expenses, net. We will recognize any additional 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, as a result of which plant operations were halted for several weeks. Plant operations fully resumed during fiscal 2025.