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Fair Value Measurements (Tables)
 6 Months Ended
Sep. 30, 2014
Fair Value Disclosures [Abstract]  
Derivative assets and liabilities measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy
The following tables present our derivative assets and liabilities which were measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of September 30, 2014 and March 31, 2014 (in millions).
 
 
September 30, 2014
 
March 31, 2014
 
Assets
 
Liabilities
 
Assets
 
Liabilities
Level 2 instruments
 
 
 
 
 
 
 
Aluminum contracts
$
40

 
$
(44
)
 
$
23

 
$
(36
)
Currency exchange contracts
40

 
(49
)
 
28

 
(23
)
Energy contracts
1

 
(1
)
 
4

 
(1
)
Interest rate swaps
—

 
(1
)
 
—

 
—

Total level 2 instruments
81

 
(95
)
 
55

 
(60
)
Level 3 instruments
 
 
 
 
 
 
 
Energy contracts
—

 
(15
)
 
—

 
(19
)
Total level 3 instruments
—

 
(15
)
 
—

 
(19
)
Total gross
$
81

 
$
(110
)
 
$
55

 
$
(79
)
Netting adjustment (A)
(33
)
 
33

 
(20
)
 
20

Total net
$
48

 
$
(77
)
 
$
35

 
$
(59
)


(A) Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions with the same counterparties.
Reconciliation of fair value activity for Level 3 derivative contracts
The following table presents a reconciliation of fair value activity for Level 3 derivative contracts (in millions).
 
 
Level 3  –
Derivative Instruments (A)
Balance as of March 31, 2014
$
(19
)
Realized/unrealized gain included in earnings (B)
7

Settlements
(3
)
Balance as of September 30, 2014
$
(15
)
 
(A)    Represents net derivative liabilities.
(B)    Included in “Other expense (income), net.”
Estimated fair value of certain financial instruments that are not recorded at fair value on a recurring basis
The table below presents the estimated fair value of certain financial instruments not recorded at fair value on a recurring basis (in millions). The table excludes short-term financial assets and liabilities for which we believe carrying value approximates fair value. The fair value of long-term receivables is based on anticipated cash flows, which approximates carrying value and is classified as Level 2. We value long-term debt using Level 2 inputs. Valuations are based on either market and/or broker ask prices when available or on a standard credit adjusted discounted cash flow model.
 
 
September 30, 2014
 
March 31, 2014
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair
Value
Assets
 
 
 
 
 
 
 
Long-term receivables from related parties
$
10

 
$
10

 
$
12

 
$
12

Liabilities
 
 
 
 
 
 
 
Total debt — third parties (excluding short term borrowings)
$
4,432

 
$
4,726

 
$
4,451

 
$
4,734