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Debt (Tables)
 12 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Schedule of debt
Debt consists of the following (in millions). 
 
March 31, 2017
 
March 31, 2016
 
Interest
Rates (A)
 
Principal
 
Unamortized
Carrying  Value
Adjustments
 
 
 
Carrying
Value
 
Principal
 
Unamortized
Carrying  Value
Adjustments
 
 
 
Carrying
Value
Third party debt:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short term borrowings
2.92
%
 
$
294

 
$
—

 
  
 
$
294

 
$
579

 
$
—

 
  
 
$
579

Novelis Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Floating rate Term Loan Facility, due June 2022
3.00
%
 
1,796

 
(53
)
 
(B) 
 
1,743

 
1,787

 
(25
)
 
(B) 
 
1,762

8.375% Senior Notes, due December 2017
8.375
%
 
—

 
—

 
  
 
—

 
1,100

 
(6
)
 
  
 
1,094

8.75% Senior Notes, due December 2020
8.75
%
 
—

 
—

 
  
 
—

 
1,400

 
(15
)
 
 
 
1,385

Capital lease obligations, due through July 2017
3.64
%
 
2

 
—

 
 
 
2

 
5

 
—

 
 
 
5

Novelis Corporation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.875% Senior Notes, due September 2026
5.875
%
 
1,500

 
(23
)
 
(B)
 
1,477

 
—

 
—

 

 
—

6.25% Senior Notes, due August 2024
6.25
%
 
1,150

 
(19
)
 
(B)
 
1,131

 
—

 
—

 
  
 
—

Novelis Korea Limited
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bank loans, due through September 2020 (KRW 205 billion)
2.62
%
 
184

 
—

 
  
 
184

 
195

 
—

 
  
 
195

Novelis Switzerland S.A.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital lease obligation, due through December 2019 (Swiss francs (CHF) 17 million)
7.50
%
 
17

 
(1
)
 
(B)
 
16

 
23

 
(1
)
 
(B)
 
22

Novelis do Brasil Ltda.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BNDES loans, due through April 2021 (BRL 14 million)
5.90
%
 
4

 
—

 
 
 
4

 
5

 
(1
)
 
(B)
 
4

Other
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other debt, due through December 2020
5.01
%
 
1

 
—

 
  
 
1

 
1

 
—

 
  
 
1

Total debt
 
 
4,948

 
(96
)
 
 
 
4,852

 
5,095

 
(48
)
 
 
 
5,047

Less: Short term borrowings
 
 
(294
)
 
—

 
  
 
(294
)
 
(579
)
 
—

 
  
 
(579
)
Current portion of long-term debt
 
 
(121
)
 
—

 
  
 
(121
)
 
(47
)
 
—

 
  
 
(47
)
Long-term debt, net of current portion:
 
 
$
4,533

 
$
(96
)
 
 
 
$
4,437

 
$
4,469

 
$
(48
)
 
 
 
$
4,421

 
(A)
Interest rates are the stated rates of interest on the debt instrument (not the effective interest rate) as of March 31, 2017, 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 refinancing transactions and additional borrowings. We present stated rates of interest because they reflect the rate at which cash will be paid for future debt service.
(B)
Amounts include unamortized debt issuance costs and debt discounts.

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 using exchange rates as of March 31, 2017 for our debt denominated in foreign currencies) are as follows (in millions). 
As of March 31, 2017
Amount
Short-term borrowings and Current portion of long term debt due within one year
$
415

2 years
103

3 years
36

4 years
21

5 years
18

Thereafter
4,355

Total
$
4,948