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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES      
Net income $ 600 $ 657 $ 955
Net loss from discontinued operations 0 (2) (63)
Net income from continuing operations 600 659 1,018
Adjustments to determine net cash provided by operating activities:      
Depreciation and amortization 554 540 550
Loss (gain) on unrealized derivatives and other realized derivatives in investing activities, net 40 (28) 79
Gain on sale of business 0 0 (15)
Loss on sale or disposal of assets, net 6 1 8
Non-cash restructuring and impairment charges 28 23 0
Loss on extinguishment of debt, net 5 0 64
Deferred income taxes 20 (45) 27
Equity in net income of non-consolidated affiliates (4) (16) (8)
Loss (gain) on foreign exchange remeasurement of debt 2 (4) (10)
Amortization of debt issuance costs and carrying value adjustments 12 16 18
Other, net 3 (2) 4
Changes in assets and liabilities including assets and liabilities held for sale (net of effects from divestitures):      
Accounts receivable (25) 783 (1,030)
Inventories 185 235 (1,184)
Accounts payable (119) (759) 1,540
Other assets 42 3 (6)
Other liabilities (34) (186) 77
Net cash provided by operating activities - continuing operations 1,315 1,220 1,132
Net cash (used in) provided by operating activities - discontinued operations 0 (12) 11
Net cash provided by operating activities 1,315 1,208 1,143
INVESTING ACTIVITIES      
Capital expenditures (1,358) (786) (446)
Acquisition of business and other investments 0 (7) 0
Proceeds from sales of assets, third party 0 6 1
Proceeds from the sale of a business 2 3 9
Outflows from investment in and advances to non-consolidated affiliates, net 36 17 0
(Outflows) proceeds from settlement of derivative instruments, net (10) 7 (53)
Other 14 19 16
Net cash used in investing activities (1,388) (775) (473)
FINANCING ACTIVITIES      
Proceeds from issuance of long-term and short-term borrowings 749 50 1,985
Principal payments of long-term and short-term borrowings (736) (390) (2,406)
Revolving credit facilities and other, net (8) 471 (69)
Debt issuance costs (3) (7) (25)
Return of capital to our common shareholder (100) (100) (100)
Net cash (used in) provided by financing activities (98) 24 (615)
Net (decrease) increase in cash and cash equivalents and restricted cash (171) 457 55
Effect of exchange rate changes on cash (18) (30) 2
Cash, cash equivalents and restricted cash — beginning of period 1,511 1,084 1,027
Cash, cash equivalents and restricted cash — end of period 1,322 1,511 1,084
Cash and cash equivalents 1,309 1,498 1,070
Restricted cash (included in other long–term assets) 13 13 14
Supplemental Disclosures:      
Interest paid 279 258 210
Income taxes paid 173 184 251
Accrued capital expenditures as of March 31 $ 211 $ 171 $ 84

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