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Segment, Major Customer and Major Supplier Information (Tables)
 6 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Selected segment financial information
Selected Segment Financial Information
in millions
September 30, 2024North AmericaEuropeAsiaSouth AmericaEliminations and OtherTotal
Investment in and advances to non-consolidated affiliates
$— $557 $395 $— $— $952 
Total assets5,910 4,116 2,299 2,163 1,072 15,560 
in millions
March 31, 2024North AmericaEuropeAsiaSouth AmericaEliminations and OtherTotal
Investment in and advances to non-consolidated affiliates
$— $536 $369 $— $— $905 
Total assets5,411 4,049 2,206 2,050 912 14,628 
in millions
Selected Operating Results
Three Months Ended September 30, 2024
North AmericaEuropeAsiaSouth AmericaEliminations and OtherTotal
Net sales – third party$1,779 $1,106 $648 $655 $107 $4,295 
Net sales – intersegment3 9 141 17 (170)— 
Net sales$1,782 $1,115 $789 $672 $(63)$4,295 
Depreciation and amortization$56 $43 $24 $22 $(4)$141 
Income tax (benefit) provision2 (16)9 31 25 51 
Capital expenditures314 28 26 11 (10)369 
in millions
Selected Operating Results
Three Months Ended September 30, 2023
North AmericaEuropeAsiaSouth AmericaEliminations and OtherTotal
Net sales – third party$1,722 $1,131 $580 $564 $110 $4,107 
Net sales – intersegment— 20 60 29 (109)— 
Net sales$1,722 $1,151 $640 $593 $1 $4,107 
Depreciation and amortization$55 $40 $23 $20 $(2)$136 
Income tax (benefit) provision6 13 10 11 11 51 
Capital expenditures218 34 17 19 (3)285 
in millions
Selected Operating Results
Six Months Ended September 30, 2024
North AmericaEuropeAsiaSouth AmericaEliminations and OtherTotal
Net sales – third party$3,509 $2,274 $1,247 $1,235 $217 $8,482 
Net sales – intersegment3 18 258 50 (329)— 
Net sales$3,512 $2,292 $1,505 $1,285 $(112)$8,482 
Depreciation and amortization$114 $84 $47 $44 $(8)$281 
Income tax (benefit) provision8 (8)28 56 27 111 
Capital expenditures617 58 37 25 (20)717 
in millions
Selected Operating Results
Six Months Ended September 30, 2023
North AmericaEuropeAsiaSouth AmericaEliminations and OtherTotal
Net sales – third party$3,454 $2,290 $1,177 $1,064 $213 $8,198 
Net sales – intersegment— 42 132 58 (232)— 
Net sales$3,454 $2,332 $1,309 $1,122 $(19)$8,198 
Depreciation and amortization$108 $81 $45 $40 $(7)$267 
Income tax (benefit) provision(7)26 18 27 41 105 
Capital expenditures493 61 39 34 (9)618 
The following table displays Adjusted EBITDA by reportable segment.
Three Months Ended
September 30,
Six Months Ended
September 30,
in millions2024202320242023
North America$185 $208 $368 $374 
Europe63 100 153 188 
Asia91 82 183 169 
South America122 93 254 177 
Eliminations and Other1 1 4 (3)
Adjusted EBITDA$462 $484 $962 $905 
The following table displays net sales by product end market.
Three Months Ended
September 30,
Six Months Ended
September 30,
in millions2024202320242023
Beverage packaging$2,282 $1,943 $4,315 $3,727 
Automotive842 971 1,822 1,989 
Aerospace and industrial plate186 179 346 355 
Specialty985 1,014 1,999 2,127 
Net sales$4,295 $4,107 $8,482 $8,198 
Reconciliation from income from reportable segments to "Net income attributable to out common shareholder"
The table below displays the reconciliation from net income attributable to our common shareholder to Adjusted EBITDA.
 
Three Months Ended
September 30,
Six Months Ended
September 30,
in millions2024202320242023
Net income attributable to our common shareholder
$128 $157 $279 $313 
Net income attributable to noncontrolling interests
1 — — — 
Income tax provision
51 51 111 105 
Income before income tax provision180 208 390 418 
Depreciation and amortization141 136 281 267 
Interest expense and amortization of debt issuance costs72 78 144 155 
Adjustment to reconcile proportional consolidation(1)
12 11 25 25 
Unrealized (gains) losses on change in fair value of derivative instruments, net
(9)23 (16)19 
Realized losses (gains) on derivative instruments not included in Adjusted EBITDA(2)
3 (1)5 (4)
Loss on extinguishment of debt, net
— 5 — 5 
Restructuring and impairment expenses, net(3)
21 4 40 7 
Loss on sale or disposal of assets, net
1 — 2 — 
Metal price lag(21)22 (14)17 
Sierre flood charges(4)
61 — 101 — 
Other, net1 (2)4 (4)
Adjusted EBITDA$462 $484 $962 $905 
_________________________
(1)Adjustment to reconcile proportional consolidation relates to depreciation, amortization, and income taxes of our equity method investments. Income taxes related to our equity method investments are reflected in the carrying value of the investment and not in our consolidated income tax provision.
(2)Realized losses (gains) on derivative instruments not included in Adjusted EBITDA represents foreign currency derivatives unrelated to operations.
(3)Restructuring and impairment expenses, net for the three months ended September 30, 2024 includes $17 million related to the write-off of previously capitalized costs. In addition, restructuring and impairment, net for the six months ended September 30, 2024 includes $19 million related to the closure of the Buckhannon, West Virginia plant.
(4)Sierre flood charges relate to non-recurring non-operating charges from exceptional flooding at our Sierre, Switzerland plant caused by unprecedented heavy rainfall. See Note 13 – Other Expenses (Income), Net for additional information about this event.
Net sales to largest customers, as a percentage of total Net sales
The following table displays customers representing 10% or more of our net sales for any of the periods presented and their respective percentage of net sales.
 
Three Months Ended
September 30,
Six Months Ended
September 30,
2024202320242023
Ball16 %14 %16 %13 %
Percentage of total combined metal purchases The table below shows our purchases from Rio Tinto as a percentage of our total combined metal purchases.
 
Three Months Ended
September 30,
Six Months Ended
September 30,
 2024202320242023
Purchases from Rio Tinto as a percentage of total combined metal purchases9 %9 %9 %10 %