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Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Mar. 31, 2014
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table summarizes the change in the components of accumulated other comprehensive income (loss) net of tax, for the periods presented (in millions).

 
 
(A)
Currency Translation
 
(B)
Cash Flow Hedges
 
(C)
Postretirement Benefit Plans
 
Total
Balance as of March 31, 2011
 
$
103

 
$
22

 
$
(68
)
 
$
57

Other comprehensive loss before reclassifications
 
(71
)
 
(35
)
 
(144
)
 
(250
)
Amounts reclassified from AOCI
 
(12
)
 
6

 
8

 
2

Net change in other comprehensive loss
 
(83
)
 
(29
)
 
(136
)
 
(248
)
Balance as of March 31, 2012
 
$
20

 
$
(7
)
 
$
(204
)
 
$
(191
)
Other comprehensive (loss) income before reclassifications
 
(42
)
 
11

 
(49
)
 
(80
)
Amounts reclassified from AOCI
 
(11
)
 
(6
)
 
20

 
3

Net change in other comprehensive (loss) income
 
(53
)
 
5

 
(29
)
 
(77
)
Balance as of March 31, 2013
 
$
(33
)
 
$
(2
)
 
$
(233
)
 
$
(268
)
Other comprehensive income (loss) before reclassifications
 
122

 
7

 
64

 
193

Amounts reclassified from AOCI
 
—

 
(25
)
 
9

 
(16
)
Net change in other comprehensive income (loss)
 
122

 
(18
)
 
73

 
177

Balance as of March 31, 2014
 
$
89

 
$
(20
)
 
$
(160
)
 
$
(91
)
  
(A)  We reclassified $11 million and $12 million of cumulative currency gains from AOCI to "Gain on assets held for sale" in the years ended March 31, 2013 and 2012 respectively, related to the sale of three aluminum foil and packaging plants in Europe. See Note 5 - Assets Held for Sale.
(B)
In the year ended March 31, 2012 other comprehensive loss before reclassifications includes a $3 million loss on the fair value of cash flow hedges that was acquired from the non-controlling interest of Novelis Korea Ltd.
(C)
For additional information on our Postretirement benefit plans see Note 13 - Postretirement Benefit Plans.
   
The following table summarizes the impact on AOCI and earnings of derivative instruments designated as cash flow hedges (in millions).

 
 
Amount of Gain (Loss) Reclassified from AOCI into Income/(Expense)(Effective Portion) Year Ended March 31,
 
Location of Gain (Loss)
Reclassified from AOCI into
Earnings
 
 
2014
 
2013
 
2012
 
 
Energy contracts
 
$
(5
)
 
$
(5
)
 
$
(5
)
 
Other income, net
Aluminum contracts
 
53

 
19

 
(16
)
 
Cost of goods sold (A)
Aluminum contracts
 
7

 
12

 
5

 
Net sales
Currency exchange contracts
 
(14
)
 
(15
)
 
6

 
Cost of goods sold (A)
Currency exchange contracts
 
(1
)
 
(2
)
 
1

 
SG&A
Currency exchange contracts
 
3

 
—

 
(3
)
 
Net sales
Currency exchange contracts
 
(2
)
 
(1
)
 
(1
)
 
Other income, net 
Total
 
$
41

 
$
8

 
$
(13
)
 
Income (loss) before taxes
 
 
$
(16
)
 
$
(2
)
 
$
7

 
Income tax (provision) benefit
 
 
$
25

 
$
6

 
$
(6
)
 
Net income (loss)

(A) "Cost of goods sold" is exclusive of depreciation and amortization.