Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2024

Derivative assets and liabilities measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy

The following table presents our derivative assets and liabilities which were measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of September 30, 2024, and March 31, 2024. The table below also discloses the net fair value of the derivative instruments after considering the impact of master netting agreements.


	September 30, 2024				March 31, 2024
in millions	Assets		Liabilities		Assets		Liabilities
Level 2 instruments:
Metal contracts	$	78	$	(196)	$	33	$	(112)
Currency exchange contracts	49		(25)		11		(30)
Energy contracts	2		(4)		2		(5)
Interest rate swap contracts	—		(10)		—		(2)
Total level 2 instruments	$	129	$	(235)	$	46	$	(149)




Netting adjustment(1)	(72)		72		(32)		32
Total net	$	57	$	(163)	$	14	$	(117)

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(1)Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions with the same counterparties.

Estimated fair value of certain financial instruments that are not recorded at fair value on a recurring basis

The table below presents the estimated fair value of certain financial instruments not recorded at fair value on a recurring basis. The table excludes finance leases and short-term financial assets and liabilities for which we believe carrying value approximates fair value. We value long-term receivables and long-term debt using Level 2 inputs. Valuations are based on either market and/or broker ask prices when available or on a standard credit adjusted discounted cash flow model using market observable inputs.


	September 30, 2024				March 31, 2024
in millions	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term receivables from related parties	$	5	$	5	$	3	$	3
Total debt — third parties (excluding finance leases and short-term borrowings)	4,902		4,815		4,876		4,649