Novelis Inc.

CIK:0001304280|SEC Filings

Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 5,793	$ 4,717
Cost of goods sold (exclusive of depreciation and amortization)	4,865	4,076
Selling, general and administrative expenses	181	175
Depreciation and amortization	150	148
Interest expense and amortization of debt issuance costs	70	67
Research and development expenses	21	22
Restructuring and impairment expenses, net	19	85
Equity in net income of non-consolidated affiliates	0	(1)
Other expenses (income), net	259	(1)
Total expenses	5,565	4,571
Income before income tax provision	228	146
Income tax provision	64	50
Net income	164	96
Net income attributable to our common shareholder	$ 164	$ 96

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
Net income	$ 164	$ 96
Adjustments to determine net cash provided by operating activities:
Depreciation and amortization	150	148
Gain on unrealized derivatives and other realized derivatives in investing activities, net	(108)	(8)
(Gain) loss on sale or disposal of assets, net	(2)	2
Non-cash restructuring and impairment charges	0	54
Deferred income taxes, net	(29)	6
Equity in net income of non-consolidated affiliates	0	(1)
Loss on foreign exchange remeasurement of debt	0	20
Amortization of debt issuance costs and carrying value adjustments	6	4
Other, net	(1)	0
Changes in assets and liabilities including assets and liabilities held for sale:
Accounts receivable	(649)	20
Inventories	(818)	(132)
Accounts payable	1,026	(59)
Other assets	(176)	12
Other liabilities	(18)	(57)
Net cash (used in) provided by operating activities	(455)	105
INVESTING ACTIVITIES
Capital expenditures	(775)	(386)
Proceeds from sales of assets, third party, net of transaction fees and hedging	3	0
Outflows from investment in and advances to non-consolidated affiliates, net	(9)	(4)
Proceeds (outflows) from the settlement of derivative instruments, net	9	(13)
Proceeds from insurance claims	93	0
Other	3	3
Net cash used in investing activities	(676)	(400)
FINANCING ACTIVITIES
Proceeds from issuance of long-term and short-term borrowings	75	463
Principal payments of long-term and short-term borrowings	(79)	(4)
Revolving credit facilities and other, net	986	(105)
Debt issuance costs	(7)	(8)
Return of capital to our common shareholder	0	(35)
Net cash provided by financing activities	975	311
Net (decrease) increase in cash, cash equivalents and restricted cash	(156)	16
Effect of exchange rate changes on cash	6	22
Cash, cash equivalents and restricted cash – beginning of period	1,261	1,041
Cash, cash equivalents and restricted cash – end of period	1,111	1,079
Supplemental Disclosures:
Accrued capital expenditures	$ 362	$ 224

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Mar. 31, 2026
Current assets:
Cash and cash equivalents	$ 1,105	$ 1,254
Accounts receivable, net
Inventories	5,201	4,401
Prepaid expenses and other current assets	382	354
Fair value of derivative instruments	418	234
Assets held for sale	15	15
Total current assets	10,479	8,993
Property, plant and equipment, net	9,390	8,811
Goodwill	1,079	1,079
Intangible assets, net	429	442
Investment in and advances to non-consolidated affiliates	954	961
Deferred income tax assets	324	359
Other long-term assets
Total assets	22,959	20,946
Current liabilities:
Current portion of long-term debt	56	54
Short-term borrowings	2,284	1,305
Accounts payable
Fair value of derivative instruments	330	824
Accrued expenses and other current liabilities	737	780
Total current liabilities	9,639	8,282
Long-term debt, net of current portion	6,567	6,551
Deferred income tax liabilities	223	139
Accrued postretirement benefits	470	485
Other long-term liabilities	303	305
Total liabilities	17,202	15,762
Commitments and contingencies
Shareholder's equity:
Common stock, no par value; Unlimited number of shares authorized; 606,333,333 shares issued and outstanding as of June 30, 2026, and March 31, 2026	0	0
Additional paid-in capital	2,023	2,023
Retained earnings	3,934	3,770
Accumulated other comprehensive loss	(211)	(621)
Total equity of our common shareholder	5,746	5,172
Noncontrolling interests	11	12
Total equity	5,757	5,184
Total liabilities and equity	22,959	20,946
Third Party
Accounts receivable, net
Parties	3,053	2,538
Other long-term assets
Parties	298	295
Accounts payable
Parties	5,811	4,985
Related Party
Accounts receivable, net
Parties	305	197
Other long-term assets
Parties	6	6
Accounts payable
Parties	$ 421	$ 334