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Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Sep. 30, 2014
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following tables summarize the change in the components of accumulated other comprehensive income (loss) net of tax, for the periods presented (in millions).
 
 
Currency Translation
 
(A) Cash Flow Hedges
 
(B)
Postretirement Benefit Plans
 
Total
Balance as of June 30, 2014
 
$
115

 
$
(7
)
 
$
(168
)
 
$
(60
)
Other comprehensive income before reclassifications
 
(131
)
 
(39
)
 
8

 
(162
)
Amounts reclassified from AOCI
 
—

 
27

 
1

 
28

Net current-period other comprehensive income (loss)
 
(131
)
 
(12
)
 
9

 
(134
)
Balance as of September 30, 2014
 
$
(16
)
 
$
(19
)
 
$
(159
)
 
$
(194
)

 
 
Currency Translation
 
(A) Cash Flow Hedges
 
(B)
Postretirement Benefit Plans
 
Total
Balance as of June 30, 2013
 
$
(35
)
 
$
(46
)
 
$
(229
)
 
$
(310
)
Other comprehensive income before reclassifications
 
94

 
15

 
58

 
167

Amounts reclassified from AOCI
 
—

 
(8
)
 
3

 
(5
)
Net current-period other comprehensive income (loss)
 
94

 
7

 
61

 
162

Balance as of September 30, 2013
 
$
59

 
$
(39
)
 
$
(168
)
 
$
(148
)

 
 
Currency Translation
 
(A) Cash Flow Hedges
 
(B)
Postretirement Benefit Plans
 
Total
Balance as of March 31, 2014
 
$
89

 
$
(20
)
 
$
(160
)
 
$
(91
)
Other comprehensive income before reclassifications
 
(105
)
 
(26
)
 
3

 
(128
)
Amounts reclassified from AOCI, net
 
—

 
27

 
(2
)
 
25

Net current-period other comprehensive income (loss)
 
(105
)
 
1

 
1

 
(103
)
Balance as of September 30, 2014
 
$
(16
)
 
$
(19
)
 
$
(159
)
 
$
(194
)
 
 
Currency Translation
 
(A) Cash Flow Hedges
 
(B)
Postretirement Benefit Plans
 
Total
Balance as of March 31, 2013
 
$
(33
)
 
$
(2
)
 
$
(233
)
 
$
(268
)
Other comprehensive income before reclassifications
 
92

 
(14
)
 
58

 
136

Amounts reclassified from AOCI, net
 
—

 
(23
)
 
7

 
(16
)
Net current-period other comprehensive income (loss)
 
92

 
(37
)
 
65

 
120

Balance as of September 30, 2013
 
$
59

 
$
(39
)
 
$
(168
)
 
$
(148
)


(A)  For additional information on our cash flow hedges see Note 11 - Financial Instruments and Commodity Contracts.
(B)
For additional information on our postretirement benefit plans see Note 9 - 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) Three Months Ended September 30,
 
Amount of Gain (Loss) Reclassified from AOCI into Income/(Expense) Six Months Ended September 30,
 
Location of Gain (Loss)
Reclassified from AOCI into
Earnings
Cash flow hedging derivatives
2014
 
2013
 
2014
 
2013
 
 
Energy contracts (A)
$
(2
)
 
$
(2
)
 
$
(3
)
 
$
(3
)
 
Other expense (income), net
Energy contracts (C)
—

 
—

 
1

 
—

 
Cost of goods sold (B)
Aluminum contracts
(45
)
 
18

 
(51
)
 
39

 
Cost of goods sold (B)
Aluminum contracts
—

 
2

 
—

 
4

 
Net sales
Currency exchange contracts
1

 
(5
)
 
2

 
(4
)
 
Cost of goods sold (B)
Currency exchange contracts
5

 
—

 
9

 
—

 
Net sales
Currency exchange contracts
(2
)
 
—

 
(1
)
 
(1
)
 
Other expense (income), net 
Total
$
(43
)
 
$
13

 
$
(43
)
 
$
35

 
Income before taxes
 
16

 
(5
)
 
16

 
(12
)
 
Income tax provision
 
$
(27
)
 
$
8

 
$
(27
)
 
$
23

 
Net income
 
(A)
Includes amounts related to de-designated electricity swap. AOCI related to this swap is amortized to income over the remaining term of the hedged item.
(B)
"Cost of goods sold" is exclusive of depreciation and amortization.
(C)
Includes amounts related to natural gas swaps.