Supplemental Guarantor Information (Tables)

6 Months Ended

Sep. 30, 2014

Supplemental Guarantor Information [Abstract]

Condensed consolidating statement of operations

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

(in millions)

	Three Months Ended September 30, 2014
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Net sales	$	166		$	2,415		$	684		$	(434	)	$	2,831
Cost of goods sold (exclusive of depreciation and amortization)	172			2,121			626			(436		)	2,483
Selling, general and administrative expenses	(1		)	83			21			—			103
Depreciation and amortization	5			65			20			—			90
Research and development expenses	—			11			1			—			12
Interest expense and amortization of debt issuance costs	81			20			2			(21		)	82
Restructuring and impairment, net	—			6			1			—			7
Equity in net (income) loss of consolidated subsidiaries	(128		)	(10		)	—			138			—
Other (income) expense, net	(2		)	(1		)	—			21			18
	127			2,295			671			(298		)	2,795
Income (loss) before income taxes	39			120			13			(136		)	36
Income tax provision (benefit)	1			(6		)	3			—			(2		)
Net income (loss)	38			126			10			(136		)	38
Net income attributable to noncontrolling interests	—			—			—			—			—
Net income (loss) attributable to our common shareholder	$	38		$	126		$	10		$	(136	)	$	38
Comprehensive (loss) income	$	(96	)	$	32		$	(19	)	$	(15	)	$	(98	)
Less: Comprehensive loss attributable to noncontrolling interest	$	—		$	—		$	(2	)	$	—		$	(2	)
Comprehensive (loss) income attributable to our common shareholder	$	(96	)	$	32		$	(17	)	$	(15	)	$	(96	)

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

(in millions)

	Three Months Ended September 30, 2013
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Net sales	$	163		$	1,979		$	599		$	(327	)	$	2,414
Cost of goods sold (exclusive of depreciation and amortization)	140			1,729			532			(327		)	2,074
Selling, general and administrative expenses	8			82			19			—			109
Depreciation and amortization	4			60			15			—			79
Research and development expenses	—			11			1			—			12
Interest expense and amortization of debt issuance costs	78			8			(1		)	(10		)	75
Restructuring and impairment, net	1			17			—			—			18
Equity in net loss of non-consolidated affiliates	—			3			—			—			3
Equity in net (income) loss of consolidated subsidiaries	(80		)	(23		)	—			103			—
Other (income) expense, net	(12		)	(6		)	3			10			(5		)
	139			1,881			569			(224		)	2,365
Income (loss) before taxes	24			98			30			(103		)	49
Income tax provision	1			18			7			—			26
Net income (loss)	23			80			23			(103		)	23
Net income attributable to noncontrolling interests	—			—			—			—			—
Net income (loss) attributable to our common shareholder	$	23		$	80		$	23		$	(103	)	$	23
Comprehensive income (loss)	$	185		$	184		$	75		$	(260	)	$	184
Less: Comprehensive loss attributable to noncontrolling interest	$	—		$	—		$	(1	)	$	—		$	(1	)
Comprehensive income (loss) attributable to our common shareholder	$	185		$	184		$	76		$	(260	)	$	185

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

(in millions)

	Six Months Ended September 30, 2014
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Net sales	$	340		$	4,650		$	1,369		$	(848	)	$	5,511
Cost of goods sold (exclusive of depreciation and amortization)	344			4,071			1,247			(850		)	4,812
Selling, general and administrative expenses	(5		)	174			42			—			211
Depreciation and amortization	9			129			41			—			179
Research and development expenses	—			23			1			—			24
Interest expense and amortization of debt issuance costs	161			34			5			(37		)	163
Gain on assets held for sale	(5		)	(6		)	—			—			(11		)
Restructuring and impairment, net	—			11			2			—			13
Equity in net loss of non-consolidated affiliates	—			2			—			—			2
Equity in net (income) loss of consolidated subsidiaries	(218		)	(19		)	—			237			—
Other (income) expense, net	(22		)	3			5			37			23
	264			4,422			1,343			(613		)	5,416
Income (loss) before income taxes	76			228			26			(235		)	95
Income tax provision	3			12			7			—			22
Net income (loss)	73			216			19			(235		)	73
Net income attributable to noncontrolling interests	—			—			—			—			—
Net income (loss) attributable to our common shareholder	$	73		$	216		$	19		$	(235	)	$	73
Comprehensive (loss) income	$	(30	)	$	106		$	25		$	(132	)	$	(31	)
Less: Comprehensive loss attributable to noncontrolling interest	$	—		$	—		$	(1	)	$	—		$	(1	)
Comprehensive (loss) income attributable to our common shareholder	$	(30	)	$	106		$	26		$	(132	)	$	(30	)

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

(in millions)

	Six Months Ended September 30, 2013
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Net sales	$	341		$	3,941		$	1,225		$	(692	)	$	4,815
Cost of goods sold (exclusive of depreciation and amortization)	329			3,446			1,089			(692		)	4,172
Selling, general and administrative expenses	52			145			32			—			229
Depreciation and amortization	8			118			30			—			156
Research and development expenses	1			20			1			—			22
Interest expense and amortization of debt issuance costs	157			15			(2		)	(19		)	151
Restructuring and impairment, net	1			25			1			—			27
Equity in net loss of non-consolidated affiliates	—			7			—			—			7
Equity in net (income) loss of consolidated subsidiaries	(235		)	(49		)	—			284			—
Other (income) expense, net	(10		)	(35		)	11			19			(15		)
	303			3,692			1,162			(408		)	4,749
Income (loss) before income taxes	38			249			63			(284		)	66
Income tax provision	1			16			12			—			29
Net income (loss)	37			233			51			(284		)	37
Net income attributable to noncontrolling interests	—			—			—			—			—
Net income (loss) attributable to our common shareholder	$	37		$	233		$	51		$	(284	)	$	37
Comprehensive (loss) income	$	157		$	356		$	81		$	(439	)	$	155
Less: Comprehensive loss attributable to noncontrolling interest	$	—		$	—		$	(2	)	$	—		$	(2	)
Comprehensive (loss) income attributable to our common shareholder	$	157		$	356		$	83		$	(439	)	$	157

Condensed consolidating balance sheet

CONDENSED CONSOLIDATING BALANCE SHEET (in millions)

	As of September 30, 2014
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	4		$	228		$	94		$	—		$	326
Accounts receivable, net of allowances
— third parties	20			1,243			255			—			1,518
— related parties	523			173			101			(737		)	60
Inventories	36			1,117			349			2			1,504
Prepaid expenses and other current assets	5			92			27			—			124
Fair value of derivative instruments	10			50			22			(3		)	79
Deferred income tax assets	—			71			5			—			76
Assets held for sale	—			73			—			—			73
Total current assets	598			3,047			853			(738		)	3,760
Property, plant and equipment, net	98			2,507			930			—			3,535
Goodwill	—			597			11			—			608
Intangible assets, net	17			590			4			—			611
Investments in and advances to non-consolidated affiliates	—			560			—			—			560
Investments in consolidated subsidiaries	3,270			635			—			(3,905		)	—
Deferred income tax assets	—			24			53			—			77
Other long-term assets
— third parties	64			87			9			—			160
— related parties	1,325			59			—			(1,374		)	10
Total assets	$	5,372		$	8,106		$	1,860		$	(6,017	)	$	9,321
LIABILITIES AND EQUITY
Current liabilities
Current portion of long-term debt	$	21		$	9		$	62		$	—		$	92
Short-term borrowings
— third parties	566			412			66			—			1,044
— related parties	25			389			—			(414		)	—
Accounts payable
— third parties	25			1,074			544			—			1,643
— related parties	69			245			32			(293		)	53
Fair value of derivative instruments	34			54			11			(3		)	96
Accrued expenses and other current liabilities
— third parties	91			376			89			—			556
— related parties	1			25			4			(30		)	—
Deferred income tax liabilities	—			48			—			—			48
Total current liabilities	832			2,632			808			(740		)	3,532
Long-term debt, net of current portion
— third parties	4,212			33			95			—			4,340
— related parties	49			1,266			59			(1,374		)	—
Deferred income tax liabilities	—			338			6			—			344
Accrued postretirement benefits	42			408			162			—			612
Other long-term liabilities	27			220			9			—			256
Total liabilities	5,162			4,897			1,139			(2,114		)	9,084
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)	(1,000		)	1,784			701			(2,485		)	(1,000		)
Accumulated other comprehensive income (loss)	(194		)	(256		)	(7		)	263			(194		)
Total equity of our common shareholder	210			1,528			694			(2,222		)	210
Noncontrolling interests	—			—			27			—			27
Total equity	210			1,528			721			(2,222		)	237
Total liabilities and equity	$	5,372		$	8,106		$	1,860		$	(6,017	)	$	9,321

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)

	Six Months Ended September 30, 2014
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	108		$	74		$	(6	)	$	(189	)	$	(13	)
INVESTING ACTIVITIES
Capital expenditures	(8		)	(218		)	(38		)	—			(264		)
Proceeds from sales of assets, net of transaction fees
— third parties	29			5			—			—			34
(Outflows) proceeds from investment in and advances to affiliates, net	(71		)	(4		)	—			64			(11		)
Proceeds (outflows) from settlement of other undesignated derivative instruments, net	11			(11		)	3			—			3
Net cash provided by (used in) investing activities	(39		)	(228		)	(35		)	64			(238		)
FINANCING ACTIVITIES
Proceeds from issuance of long-term and short-term borrowings
— third parties	—			188			10			—			198
— related parties	—			500			3			(503		)	—
Principal payments of long-term and short-term borrowings
— third parties	(11		)	(95		)	(20		)	—			(126		)
— related parties	—			(22		)	—			22			—
Revolving credit facilities and other, net
— third parties	199			50			(1		)	—			248
— related parties	(7		)	(420		)	—			427			—
Return of capital to our common shareholder	(250		)	—			—			—			(250		)
Proceeds from issuance of intercompany equity	—			—			10			(10		)	—
Dividends — noncontrolling interests	—			(188		)	(2		)	189			(1		)
Net cash (used in) provided by financing activities	(69		)	13			—			125			69
Net decrease in cash and cash equivalents	—			(141		)	(41		)	—			(182		)
Effect of exchange rate changes on cash	—			(3		)	2			—			(1		)
Cash and cash equivalents — beginning of period	4			372			133			—			509
Cash and cash equivalents — end of period	$	4		$	228		$	94		$	—		$	326

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)

	Six Months Ended September 30, 2013
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	4		$	357		$	84		$	(197	)	$	248
INVESTING ACTIVITIES
Capital expenditures	(10		)	(237		)	(118		)	—			(365		)
Proceeds from the sale of assets, net of transaction fees
— related parties	—			8			—			—			8
(Outflows) proceeds from investment in and advances to affiliates	(83		)	—			—			83			—
(Outflows) proceeds from settlement of other undesignated derivative instruments, net	(8		)	4			10			—			6
Net cash (used in) provided by investing activities	(101		)	(225		)	(108		)	83			(351		)
FINANCING ACTIVITIES
Proceeds from issuance of long-term and short-term borrowings
— third parties	—			72			4			—			76
— related parties	—			—			35			(35		)	—
Principal payments of long-term and short-term borrowings
— third parties	(10		)	(49		)	—			—			(59		)
Revolving credit facilities and other, net
— third parties	115			16			—			—			131
— related parties	—			48			—			(48		)	—
Dividends, noncontrolling interests	—			(197		)	—			197			—
Debt issuance costs	(8		)	—			—			—			(8		)
Net cash provided by (used in) financing activities	97			(110		)	39			114			140
Net increase in cash and cash equivalents	—			22			15			—			37
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	$	4		$	217		$	117		$	—		$	338