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Assets Held For Sale
12 Months Ended
Mar. 31, 2017
Assets Held For Sale [Abstract]  
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE
We are focused on capturing the global growth we see in our product markets of beverage can, automotive and specialty products. We continually analyze our product portfolio to ensure we are focused on growing in attractive market segments. The following transactions relate to exiting certain non-core operations to focus on our growth strategy in the premium product markets.
We made the decision to sell two hydroelectric power generation facilities in South America with a net book value of $4 million as of March 31, 2016, which were classified as "Assets held for sale" in our consolidated balance sheet. During the year ended March 31, 2017, we recorded a $1 million gain from our sale of one hydroelectric power generation facility. The remaining hydroelectric power generation assets have a net book value of $3 million as of March 31, 2017 and continue to be reflected as "Assets held for sale" pending the resolution of certain operating license issues. Additionally, during the fourth
quarter of fiscal 2016, an impairment of $1 million was recorded due to the expiration of a license related to a portion of the
hydroelectric power generation facilities.
In March 2016, we made a decision to sell properties in Ouro Preto, Brazil related to the closure of the Ouro Preto smelter facility in South America with a net book value of $1 million as of March 31, 2016, which were classified as "Assets held for sale" in our consolidated balance sheet. "Gain on assets held for sale" during the year ended March 31, 2017 includes a $1 million gain from the sale of these assets.
During the year ended March 31, 2015, "Gain on assets held for sale" includes a $23 million gain from our sale of the joint venture of Consorcio Candonga, $7 million from the sale of our consumer foil operations in North America and $6 million for a property and mining rights sale in South America. These gains were partially offset during the twelve months ended March 31, 2015 by an estimated loss of $14 million related to the sale of certain hydroelectric assets that was completed in the fourth quarter of fiscal 2015.