v3.26.1
Segment, Major Customer and Major Supplier Information (Tables)
 3 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Selected segment financial information
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 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 
Reconciliation from income from reportable segments to "Net income attributable to out common shareholder"
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 
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(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.