Supplemental Guarantor Information (Tables)

3 Months Ended

Jun. 30, 2014

Supplemental Guarantor Information [Abstract]

Condensed consolidating statement of operations

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

(in millions)

	Three Months Ended June 30, 2014
	Parent			Guarantors			Non- Guarantors		Eliminations			Consolidated
Net sales	$	174		$	2,235		$	685	$	(414	)	$	2,680
Cost of goods sold (exclusive of depreciation and amortization)	172			1,950			621		(414		)	2,329
Selling, general and administrative expenses	(4		)	91			21		—			108
Depreciation and amortization	4			64			21		—			89
Research and development expenses	—			12			—		—			12
Interest expense and amortization of debt issuance costs	80			14			3		(16		)	81
Gain on assets held for sale	(5		)	(6		)	—		—			(11		)
Restructuring and impairment, net	—			5			1		—			6
Equity in net loss of non-consolidated affiliates	—			2			—		—			2
Equity in net (income) loss of consolidated subsidiaries	(90		)	(9		)	—		99			—
Other expense (income), net	(20		)	4			5		16			5
	137			2,127			672		(315		)	2,621
Income (loss) before income taxes	37			108			13		(99		)	59
Income tax provision	2			18			4		—			24
Net income (loss)	35			90			9		(99		)	35
Net income attributable to noncontrolling interests	—			—			—		—			—
Net income (loss) attributable to our common shareholder	$	35		$	90		$	9	$	(99	)	$	35
Comprehensive income (loss)	$	66		$	74		$	44	$	(117	)	$	67
Less: Comprehensive income attributable to noncontrolling interest	$	—		$	—		$	1	$	—		$	1
Comprehensive income (loss) attributable to our common shareholder	$	66		$	74		$	43	$	(117	)	$	66

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

(in millions)

	Three Months Ended June 30, 2013
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Net sales	$	178		$	1,962		$	626		$	(365	)	$	2,401
Cost of goods sold (exclusive of depreciation and amortization)	189			1,717			557			(365		)	2,098
Selling, general and administrative expenses	44			63			13			—			120
Depreciation and amortization	4			58			15			—			77
Research and development expenses	1			9			—			—			10
Interest expense and amortization of debt issuance costs	79			7			(1		)	(9		)	76
Restructuring and impairment, net	—			8			1			—			9
Equity in net loss of non-consolidated affiliates	—			4			—			—			4
Equity in net (income) loss of consolidated subsidiaries	(155		)	(26		)	—			181			—
Other expense (income), net	2			(29		)	8			9			(10		)
	164			1,811			593			(184		)	2,384
Income (loss) before taxes	14			151			33			(181		)	17
Income tax (benefit) provision	—			(2		)	5			—			3
Net income (loss)	14			153			28			(181		)	14
Net income attributable to noncontrolling interests	—			—			—			—			—
Net income (loss) attributable to our common shareholder	$	14		$	153		$	28		$	(181	)	$	14
Comprehensive (loss) income	$	(28	)	$	172		$	6		$	(179	)	$	(29	)
Comprehensive loss attributable to noncontrolling interest	$	—		$	—		$	(1	)	$	—		$	(1	)
Comprehensive (loss) income attributable to our common shareholder	$	(28	)	$	172		$	7		$	(179	)	$	(28	)

Condensed consolidating balance sheet

CONDENSED CONSOLIDATING BALANCE SHEET (in millions)

	As of June 30, 2014
	Parent			Guarantors			Non- Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	4		$	207		$	126	$	—		$	337
Accounts receivable, net of allowances
— third parties	21			1,247			289		—			1,557
— related parties	333			159			88		(519		)	61
Inventories	43			968			284		—			1,295
Prepaid expenses and other current assets	7			87			20		—			114
Fair value of derivative instruments	18			19			31		(1		)	67
Deferred income tax assets	—			99			2		—			101
Assets held for sale	—			72			—		—			72
Total current assets	426			2,858			840		(520		)	3,604
Property, plant and equipment, net	98			2,516			961		—			3,575
Goodwill	—			597			11		—			608
Intangible assets, net	18			604			4		—			626
Investments in and advances to non-consolidated affiliates	—			607			—		—			607
Investments in consolidated subsidiaries	3,322			658			—		(3,980		)	—
Deferred income tax assets	—			27			53		—			80
Other long-term assets
— third parties	68			99			16		—			183
— related parties	1,331			70			—		(1,380		)	21
Total assets	$	5,263		$	8,036		$	1,885	$	(5,880	)	$	9,304
LIABILITIES AND EQUITY
Current liabilities
Current portion of long-term debt	$	21		$	10		$	64	$	—		$	95
Short-term borrowings
— third parties	438			443			75		—			956
— related parties	32			88			—		(120		)	—
Accounts payable
— third parties	30			1,066			555		—			1,651
— related parties	55			364			23		(386		)	56
Fair value of derivative instruments	7			46			13		(1		)	65
Accrued expenses and other current liabilities
— third parties	42			331			82		—			455
— related parties	—			9			4		(13		)	—
Deferred income tax liabilities	—			19			—		—			19
Total current liabilities	625			2,376			816		(520		)	3,297
Long-term debt, net of current portion
— third parties	4,215			37			98		—			4,350
— related parties	49			1,272			59		(1,380		)	—
Deferred income tax liabilities	—			415			6		—			421
Accrued postretirement benefits	42			431			159		—			632
Other long-term liabilities	26			234			9		—			269
Total liabilities	4,957			4,765			1,147		(1,900		)	8,969
Commitments and contingencies
Total temporary equity - intercompany	—			1,681			—		(1,681		)	—
Shareholder’s equity
Common stock	—			—			—		—			—
Additional paid-in capital	1,404			—			—		—			1,404
Retained earnings (accumulated deficit)	(1,038		)	1,752			689		(2,441		)	(1,038		)
Accumulated other comprehensive income (loss)	(60		)	(162		)	20		142			(60		)
Total equity of our common shareholder	306			1,590			709		(2,299		)	306
Noncontrolling interests	—			—			29		—			29
Total equity	306			1,590			738		(2,299		)	335
Total liabilities and equity	$	5,263		$	8,036		$	1,885	$	(5,880	)	$	9,304

CONDENSED CONSOLIDATING BALANCE SHEET (in millions)

	As of March 31, 2014
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	4		$	372		$	133		$	—		$	509
Accounts receivable, net of allowances
— third parties	15			1,121			246			—			1,382
— related parties	1,093			193			57			(1,289		)	54
Inventories	36			880			257			—			1,173
Prepaid expenses and other current assets	5			76			20			—			101
Fair value of derivative instruments	12			26			14			(1		)	51
Deferred income tax assets	—			96			5			—			101
Assets held for sale	28			74			—			—			102
Total current assets	1,193			2,838			732			(1,290		)	3,473
Property, plant and equipment, net	100			2,485			928			—			3,513
Goodwill	—			600			11			—			611
Intangible assets, net	19			617			4			—			640
Investments in and advances to non-consolidated affiliates	—			612			—			—			612
Investments in consolidated subsidiaries	3,273			612			—			(3,885		)	—
Deferred income tax assets	—			28			52			—			80
Other long-term assets
— third parties	73			89			11			—			173
— related parties	844			61			—			(893		)	12
Total assets	$	5,502		$	7,942		$	1,738		$	(6,068	)	$	9,114
LIABILITIES AND EQUITY
Current liabilities
Current portion of long-term debt	$	21		$	10		$	61		$	—		$	92
Short-term borrowings
— third parties	367			287			69			—			723
— related parties	32			809			—			(841		)	—
Accounts payable
— third parties	35			912			471			—			1,418
— related parties	89			377			29			(442		)	53
Fair value of derivative instruments	14			40			7			(1		)	60
Accrued expenses and other current liabilities
— third parties	104			358			85			—			547
— related parties	250			4			2			(6		)	250
Deferred income tax liabilities	—			16			—			—			16
Liabilities held for sale	10			1			—			—			11
Total current liabilities	922			2,814			724			(1,290		)	3,170
Long-term debt, net of current portion
— third parties	4,219			40			100			—			4,359
— related parties	49			788			56			(893		)	—
Deferred income tax liabilities	—			419			6			—			425
Accrued postretirement benefits	44			422			155			—			621
Other long-term liabilities	28			236			7			—			271
Total liabilities	5,262			4,719			1,048			(2,183		)	8,846
Commitments and contingencies
Total temporary equity - intercompany	—			1,681			—			(1,681		)	—
Shareholder’s equity
Common stock	—			—			—			—			—
Additional paid-in capital	1,404			—			—			—			1,404
Retained earnings (accumulated deficit)	(1,073		)	1,684			680			(2,364		)	(1,073		)
Accumulated other comprehensive income (loss)	(91		)	(142		)	(18		)	160			(91		)
Total equity of our common shareholder	240			1,542			662			(2,204		)	240
Noncontrolling interests	—			—			28			—			28
Total equity	240			1,542			690			(2,204		)	268
Total liabilities and equity	$	5,502		$	7,942		$	1,738		$	(6,068	)	$	9,114

Condensed consolidating statement of cash flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)

	Three Months Ended June 30, 2014
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	(79	)	$	67		$	3		$	(15	)	$	(24	)
INVESTING ACTIVITIES
Capital expenditures	(4		)	(114		)	(20		)	—			(138		)
Proceeds from sales of assets, net of transaction fees
— third parties	29			5			—			—			34
— related parties	—			—			—			—			—
Proceeds (outflows) from investment in and advances to affiliates, net	235			(16		)	—			(235		)	(16		)
Proceeds (outflows) from settlement of other undesignated derivative instruments, net	3			(9		)	7			—			1
Net cash provided by (used in) investing activities	263			(134		)	(13		)	(235		)	(119		)
FINANCING ACTIVITIES
Proceeds from issuance of debt
— third parties	—			95			10			—			105
— related parties	—			500			3			(503		)	—
Principal payments
— third parties	(5		)	(35		)	(13		)	—			(53		)
— related parties	—			(17		)	—			17			—
Short-term borrowings, net
— third parties	71			96			(1		)	—			166
— related parties	—			(721		)	—			721			—
Return of capital to our common shareholder	(250		)	—			—			—			(250		)
Dividends — noncontrolling interests	—			(15		)	—			15			—
Net cash (used in) provided by financing activities	(184		)	(97		)	(1		)	250			(32		)
Net decrease in cash and cash equivalents	—			(164		)	(11		)	—			(175		)
Effect of exchange rate changes on cash	—			(1		)	4			—			3
Cash and cash equivalents — beginning of period	4			372			133			—			509
Cash and cash equivalents — end of period	$	4		$	207		$	126		$	—		$	337

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)

	Three Months Ended June 30, 2013
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	(134	)	$	43		$	3		$	(14	)	$	(102	)
INVESTING ACTIVITIES
Capital expenditures	(4		)	(118		)	(59		)	—			(181		)
Net (outflow) proceeds from investment in and advances to affiliates	13			—			—			(13		)	—
Proceeds from settlement of other undesignated derivative instruments, net	2			(13		)	5			—			(6		)
Net cash provided by (used in) investing activities	11			(131		)	(54		)	(13		)	(187		)
FINANCING ACTIVITIES
Proceeds from issuance of debt
— third parties	—			41			1			—			42
— related parties	—			—			21			(21		)	—
Principal payments
— third parties	(5		)	(12		)	—			—			(17		)
Short-term borrowings, net
— third parties	145			74			—			—			219
— related parties	—			(34		)	—			34			—
Dividends, noncontrolling interests	—			(14		)	—			14			—
Debt issuance costs	(7		)	—			—			—			(7		)
Net cash provided by financing activities	133			55			22			27			237
Net increase (decrease) in cash and cash equivalents	10			(33		)	(29		)	—			(52		)
Effect of exchange rate changes on cash	—			1			(1		)	—			—
Cash and cash equivalents — beginning of period	4			196			101			—			301
Cash and cash equivalents — end of period	$	14		$	164		$	71		$	—		$	249