v3.26.1
Segment, Major Customer and Major Supplier Information
 3 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
16. SEGMENT, GEOGRAPHICAL AREA, MAJOR CUSTOMER AND MAJOR SUPPLIER INFORMATION
16. SEGMENT, GEOGRAPHICAL AREA, MAJOR CUSTOMER AND MAJOR SUPPLIER INFORMATION
Segment Information
Due in part to the regional nature of the 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, including one with recycling operations, in one country.
Net sales and expenses are measured in accordance with the policies and procedures described in Note 1 – Business and Summary of Significant Accounting Policies within our 2026 Form 10-K.
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 expenses (reversals), 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, but we manage our Logan affiliate on a proportionately consolidated basis. See Note 4 – Consolidation and Note 5 – 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
Three Months Ended June 30, 2026
North AmericaEuropeAsiaSouth AmericaTotal
Net sales – third party$2,780 $1,381 $760 $743 $5,664 
Net sales – intersegment(19)160 366 113 620 
Total net sales$2,761 $1,541 $1,126 $856 $6,284 
Reconciliation of net sales
Other revenues(1)
$129 
Elimination of intersegment net sales(620)
Consolidated net sales$5,793 
Cost of goods sold (exclusive of metal price lag, depreciation and amortization)$2,554 $1,364 $949 $647 
Selling, general and administrative expenses69 48 24 21 
Other segment items(2)
27 28 32 2 
Adjusted EBITDA$111 $101 $121 $186 
_________________________
(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
Three Months Ended June 30, 2025
North AmericaEuropeAsiaSouth AmericaTotal
Net sales – third party$2,022 $1,258 $681 $635 $4,596 
Net sales – intersegment— — 171 30 201 
Total net sales$2,022 $1,258 $852 $665 $4,797 
Reconciliation of net sales
Other revenues(1)
$121 
Elimination of intersegment net sales(201)
Consolidated net sales$4,717 
Cost of goods sold (exclusive of metal price lag, depreciation and amortization)$1,814 $1,144 $730 $521 
Selling, general and administrative expenses74 51 28 19 
Other segment items(2)
1 (7)1 6 
Adjusted EBITDA$133 $70 $93 $119 
_________________________
(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
Three Months Ended June 30, 2026
North AmericaEuropeAsiaSouth AmericaSegment SubtotalEliminations and OtherTotal
Depreciation and amortization$66 $43 $26 $22 $157 $(7)$150 
Income tax (benefit) provision (78)22 36 36 16 48 64 
Capital expenditures730 26 7 10 773 2 775 
Selected Operating Results
Three Months Ended June 30, 2025
Depreciation and amortization$63 $44 $25 $22 $154 $(6)$148 
Income tax (benefit) provision(3)8 7 22 34 16 50 
Capital expenditures321 30 15 28 394 (8)386 
in millions
June 30, 2026
North AmericaEuropeAsiaSouth AmericaSegment SubtotalEliminations and OtherTotal
Investment in and advances to non–consolidated affiliates$— $580 $374 $— $954 $— $954 
Total assets11,235 4,932 2,365 2,522 21,054 1,905 22,959 
March 31, 2026
Investment in and advances to non–consolidated affiliates$— $585 $376 $— $961 $— $961 
Total assets9,859 4,835 2,167 2,379 19,240 1,706 20,946 
The table below displays the reconciliation from net income attributable to our common shareholder to Adjusted EBITDA.
Three Months Ended
June 30,
in millions20262025
North America$111 $133 
Europe101 70 
Asia121 93 
South America186 119 
Eliminations and Other(3)1 
Adjusted EBITDA$516 $416 
Depreciation and amortization(150)(148)
Interest expense and amortization of debt issuance costs(70)(67)
Adjustment to reconcile proportional consolidation(1)
(14)(14)
Unrealized gains (losses) on change in fair value of derivative instruments, net
78 (8)
Realized gains on derivative instruments not included in Adjusted EBITDA(2)
2 3 
Restructuring and impairment, net(19)(85)
Gain (loss) on sale or disposal of assets, net
2 (2)
Metal price lag173 69 
Sierre flood losses, net of recoveries(3)
— (6)
September and November Oswego fire losses, net of recoveries(4)
(265)— 
Start-up costs(5)
(21)(5)
Other, net(4)(7)
Income from continuing operations before income tax provision
$228 $146 
Income tax provision
(64)(50)
Net income attributable to our common shareholder
$164 $96 
_________________________
(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 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 13 – Other Expenses (Income), Net for additional information about this event.
(4)September and November Oswego fire losses, net of recoveries relate to non-recurring non-operating charges from two significant fires at our Oswego, New York plant. See Note 13 – Other Expenses (Income), Net for additional information about this event.
(5)Start-up costs are related to the construction of the Bay Minette plant. All of these costs are included in Selling, general and administrative expenses.

Information about Product Sales
The following table displays net sales by product end market:
Three Months Ended
June 30,
in millions20262025
Beverage packaging$3,281 $2,494 
Automotive1,045 1,034 
Aerospace and industrial plate197 176 
Specialty1,270 1,013 
Net sales$5,793 $4,717