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Financial Instruments and Commodity Contracts (Tables)
 3 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair values of financial instruments and commodity contracts
The following tables summarize the gross fair values of our financial instruments and commodity contracts as of the periods presented.
 June 30, 2024
 AssetsLiabilitiesNet Fair Value
in millionsCurrent
Noncurrent(1)
Current
Noncurrent(1)
Assets / (Liabilities)
Derivatives designated as hedging instruments:
Cash flow hedges
Metal contracts$21 $— $(89)$— $(68)
Currency exchange contracts1 — (33)(3)(35)
Energy contracts1 — (2)— (1)
Interest rate swap contracts— — — (1)(1)
Net investment hedges
Currency exchange contracts3 — — — 3 
Total derivatives designated as hedging instruments$26 $— $(124)$(4)$(102)
Derivatives not designated as hedging instruments:
Metal contracts$46 $2 $(59)$(1)$(12)
Currency exchange contracts19 — (18)— 1 
Total derivatives not designated as hedging instruments$65 $2 $(77)$(1)$(11)
Total derivative fair value$91 $2 $(201)$(5)$(113)
 
 March 31, 2024
 AssetsLiabilitiesNet Fair Value
 Current
Noncurrent(1)
Current
Noncurrent(1)
Assets / (Liabilities)
Derivatives designated as hedging instruments:
Cash flow hedges
Metal contracts$3 $— $(56)$(2)$(55)
Currency exchange contracts4 1 (13)— (8)
Energy contracts1 — (4)— (3)
Interest rate swap contracts— — — (2)(2)
Total derivatives designated as hedging instruments$8 $1 $(73)$(4)$(68)
Derivatives not designated as hedging instruments:
Metal contracts$30 $— $(53)$(1)$(24)
Currency exchange contracts6 — (17)— (11)
Energy contracts1 — (1)— — 
Total derivatives not designated as hedging instruments$37 $— $(71)$(1)$(35)
Total derivative fair value$45 $1 $(144)$(5)$(103)
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(1)The noncurrent portions of derivative assets and liabilities are included in other long-term assets and other long-term liabilities, respectively, in the accompanying condensed consolidated balance sheets.
Summary of notional amount
The following table summarizes our notional amount.
in ktJune 30,
2024		March 31,
2024
Hedge type
Purchase (sale)
Cash flow sales(796)(755)
Not designated(283)(306)
Total, net(1,079)(1,061)
Derivative instruments, gain (loss) recognition
The following table summarizes the (gains) losses associated with the change in fair value of derivative instruments not designated as hedges and the excluded portion of designated derivatives recognized in other expenses (income), net. (Gains) losses recognized in other line items in the condensed consolidated statement of operations are separately disclosed within this footnote.
Three Months Ended
June 30
in millions20242023
Derivative instruments not designated as hedges
Metal contracts$15 $(24)
Currency exchange contracts15 (11)
Loss (gain) recognized in other expenses (income), net
30 (35)
Derivative instruments designated as hedges
Gain recognized in other expenses (income), net(1)
— (1)
Total loss (gain) recognized in other expenses (income), net
$30 $(36)
Losses (gains) recognized on balance sheet remeasurement currency exchange contracts, net
$11 $(8)
Realized losses (gains) on change in fair value of derivative instruments, net
26 (24)
Unrealized gains on change in fair value of derivative instruments, net
(7)(4)
Total loss (gain) recognized in other expenses (income), net
$30 $(36)
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(1)Amount includes forward market premium/discount excluded from hedging relationship and releases to income from accumulated other comprehensive loss on balance sheet remeasurement contracts.
Summary of the impact on AOCI and earnings of derivative instruments designated as cash flow hedges
The following tables summarize the impact on accumulated other comprehensive loss and earnings of derivative instruments designated as cash flow hedges. Within the next 12 months, we expect to reclassify $81 million of losses from accumulated other comprehensive loss to earnings, before taxes.
 
Amount of Gain (Loss) Recognized in Other comprehensive (loss) income (Effective Portion)
 
Three Months Ended
June 30,
in millions20242023
Cash flow hedging derivatives
Metal contracts$(120)$226 
Currency exchange contracts(36)8 
Energy contracts— (1)
Interest rate swap contracts2 — 
Total cash flow hedging derivatives$(154)$233 
Net investment derivatives
Currency exchange contracts3 — 
Total$(151)$233 
Gain (Loss) Reclassification
Amount of Gain (Loss) Reclassified from Accumulated other comprehensive loss into Income/(Expense) (Effective Portion)
 
Three Months Ended
June 30,
Location of Gain (Loss) Reclassified 
from Accumulated other comprehensive loss into Earnings
in millions20242023 
Cash flow hedging derivatives
Energy contracts(1)
$(2)$(1)
Cost of goods sold (exclusive of depreciation and amortization)
Metal contracts— 1 
Cost of goods sold (exclusive of depreciation and amortization)
Metal contracts(116)69 Net sales
Currency exchange contracts— 3 
Cost of goods sold (exclusive of depreciation and amortization)
Currency exchange contracts(4)(5)Net sales
Currency exchange contracts(1)(1)Depreciation and amortization
Interest rate swap contracts1 — Interest expense and amortization of debt issuance costs
Total$(122)$66 Income before income tax provision
32 (19)
Income tax provision (benefit)
$(90)$47 
Net income from continuing operations
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(1)Includes amounts related to natural gas and diesel swaps.