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Other Expense (Income) (Tables)
 12 Months Ended
Mar. 31, 2024
Other Income and Expenses [Abstract]  
Schedule of other nonoperating income (expense)
Other (income) expenses, net consists of the following.
in millions
Fiscal 2024
Fiscal 2023
Fiscal 2022
Currency losses, net(1)
$10 $21 $1 
Unrealized losses (gains) on change in fair value of derivative instruments, net(2)
36 (23)28 
Realized (gains) losses on change in fair value of derivative instruments, net(2)
(80)83 (15)
Gain on sale of business(3)
— — (15)
Loss on sale or disposal of assets, net
6 1 8 
Loss (gain) on Brazilian tax litigation, net(4)
— 1 (85)
Interest income
(23)(20)(9)
Non-operating net periodic benefit cost(5)
(3)(4)(5)
Other, net(6)
32 20 31 
Other (income) expenses, net
$(22)$79 $(61)
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(1)Includes losses (gains) recognized on balance sheet remeasurement currency exchange contracts, net. See Note 15 – Currency Losses (Gains) and Note 16 – Financial Instruments and Commodity Contracts for further details.
(3)During the third quarter of fiscal 2022, Novelis sold 90% of its equity ownership in Saras Micro Devices, Inc., an early stage business founded by Novelis related to the development, design, manufacturing, and sale of aluminum-integrated passive devices for use in semiconductor and electronic systems. The sale resulted in a $15 million gain on sale of business. As part of this transaction, we received $9 million in cash upon close and approximately $6 million in deferred cash receipts.
(4)See Note 21 – Commitments and Contingencies for further details.
(5)Represents net periodic benefit cost, exclusive of service cost, for the Company's pension and other post-retirement benefit plans. For further details, refer to Note 14 – Postretirement Benefit Plans.
(6)Other, net for fiscal 2023, includes $10 million from the release of certain accrued expenses. Other, net for fiscal 2022, includes $18 million from the release of certain outstanding receivables.