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Debt (Tables)
 12 Months Ended
Mar. 31, 2015
Debt Disclosure [Abstract]  
Schedule of debt
Debt consists of the following (in millions). 
 
March 31, 2015
 
March 31, 2014
 
Interest
Rates (A)
 
Principal
 
Unamortized
Carrying  Value
Adjustments
 
 
 
Carrying
Value
 
Principal
 
Unamortized
Carrying  Value
Adjustments
 
 
 
Carrying
Value
Third party debt:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short term borrowings
3.21
%
 
$
846

 
$
—

 
  
 
$
846

 
$
723

 
$
—

 
  
 
$
723

Novelis Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Floating rate Term Loan Facility, due March 2017
3.75
%
 
1,731

 
(13
)
 
(B) 
 
1,718

 
1,749

 
(20
)
 
(B) 
 
1,729

8.375% Senior Notes, due December 2017
8.375
%
 
1,100

 
—

 
  
 
1,100

 
1,100

 
—

 
  
 
1,100

8.75% Senior Notes, due December 2020
8.75
%
 
1,400

 
—

 
  
 
1,400

 
1,400

 
—

 
 
 
1,400

Capital lease obligations, due through July 2017
3.64
%
 
9

 
—

 
 
 
9

 
11

 
—

 
 
 
11

Novelis Korea Limited
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bank loans, due through September 2020 (KRW 212 billion)
2.93
%
 
192

 
—

 
  
 
192

 
155

 
—

 
  
 
155

Novelis Switzerland S.A.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital lease obligation, due through December 2019 (Swiss francs (CHF) 27 million)
7.50
%
 
28

 
(1
)
 
(C)
 
27

 
36

 
(1
)
 
(C)
 
35

Novelis do Brasil Ltda.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BNDES loans, due through April 2021 (BRL 22 million)
5.91
%
 
7

 
(1
)
 
(D)
 
6

 
13

 
(2
)
 
(D)
 
11

Other
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other debt, due through December 2020
6.08
%
 
5

 
—

 
  
 
5

 
10

 
—

 
  
 
10

Total debt
 
 
5,318

 
(15
)
 
 
 
5,303

 
5,197

 
(23
)
 
 
 
5,174

Less: Short term borrowings
 
 
(846
)
 
—

 
  
 
(846
)
 
(723
)
 
—

 
  
 
(723
)
Current portion of long term debt
 
 
(108
)
 
—

 
  
 
(108
)
 
(92
)
 
—

 
  
 
(92
)
Long-term debt, net of current portion:
 
 
$
4,364

 
$
(15
)
 
 
 
$
4,349

 
$
4,382

 
$
(23
)
 
 
 
$
4,359

 
(A)
Interest rates are the stated rates of interest on the debt instrument (not the effective interest rate) as of March 31, 2015, and therefore, exclude the effects of related interest rate swaps and accretion/amortization of fair value adjustments as a result of purchase accounting in connection with Hindalco's purchase of Novelis and accretion/amortization of debt issuance costs related to the debt exchange completed in fiscal 2009 and the series of refinancing transactions and additional borrowings we completed in fiscal 2011 through 2015. We present stated rates of interest because they reflect the rate at which cash will be paid for future debt service.
(B)
Debt existing at the time of Hindalco's purchase of Novelis was recorded at fair value. In connection with a series of refinancing transactions, a portion of the historical fair value adjustments were allocated to the Term Loan Facility, resulting in carrying value adjustments on this debt obligation. The unamortized carrying value balances also include an issuance discount.
(C)
Debt existing at the time of Hindalco's purchase of Novelis was recorded at fair value resulting in carrying value adjustments to our capital lease obligations in Novelis Switzerland.
(D)
The unamortized carrying value balance includes issuance discounts related to the difference resulting from the contractual rates of interest specified in the instruments that are lower than the market rates of interest upon issuance.
Principal repayment requirements for total debt over the next five years and thereafter
Principal repayment requirements for our total debt over the next five years and thereafter (excluding unamortized carrying value adjustments and using exchange rates as of March 31, 2015 for our debt denominated in foreign currencies) are as follows (in millions). 
As of March 31, 2015
Amount
Short-term borrowings and Current portion of long term debt due within one year
$
954

2 years
1,747

3 years
1,203

4 years
8

5 years
6

Thereafter
1,400

Total
$
5,318