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Other Income, Net
 3 Months Ended
Jun. 30, 2024
Other Income and Expenses [Abstract]  
12. OTHER EXPENSES (INCOME), NET
12. OTHER EXPENSES (INCOME), NET
Other expenses (income), net consists of the following.
 
Three Months Ended
June 30,
in millions20242023
Sierre flood
Fixed asset charges$30 $— 
Inventory charges10 — 
Total Sierre flood40 — 
Currency losses, net(1)
1 4 
Unrealized gains on change in fair value of derivative instruments, net(2)
(7)(4)
Realized losses (gains) on change in fair value of derivative instruments, net(2)
26 (24)
Loss on sale or disposal of assets, net
1 — 
Interest income
(8)(7)
Non-operating net periodic benefit cost(3)
(1)(1)
Other, net8 5 
Other expenses (income), net
$60 $(27)
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(1)Includes losses recognized on balance sheet remeasurement currency exchange contracts, net. See Note 8 – Currency Losses (Gains) for further details.
(3)Represents net periodic benefit cost, exclusive of service cost for the Company's pension and other post-retirement plans. For further details, refer to Note 7 – Postretirement Benefit Plans.
On June 30, 2024, our plant located in Sierre, Switzerland was impacted by exceptional flooding caused by unprecedented heavy rainfall. There were no injuries, as all employees were safely evacuated; however, water entered the plant premises and plant operations have been halted. As a result of this event, the Company recognized fixed asset charges of $30 million and inventory charges of $10 million during the three months ended June 30, 2024. As we continue to assess the physical condition of the plant's assets, we may incur additional losses in future periods. Additionally, we expect to incur costs related to repairs, clean-up, idle employees, and other costs related to this event until the operations are restored at the facility. The plant is insured for property damage and business interruption losses related to such events, subject to deductibles and policy limits. We will record an insurance receivable based on the anticipated insurance proceeds when the potential insurance proceeds can be reliably estimated.