Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 8, 2022

Documents

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to            
Commission File Number: 001-32312
Novelis Inc.
(Exact name of registrant as specified in its charter)
Canada 98-0442987
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
3560 Lenox Road, Suite 2000
Atlanta, GA
 30326
(Address of principal executive offices) (Zip Code)
(404) 760-4000
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
N/A N/A N/A
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ¨    No  ☒
The registrant is a voluntary filer and is not subject to the filing requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934. However, the registrant has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☒    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ¨ Accelerated filer ¨
Non-accelerated filer ☒ Smaller reporting company ¨
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ☒
APPLICABLE ONLY TO CORPORATE ISSUERS:
As of November 7, 2022, the registrant had 1,000 shares of common stock, no par value, outstanding. All of the registrant's outstanding shares were held indirectly by Hindalco Industries Ltd., the registrant's parent company.


TABLE OF CONTENTS
PART I—FINANCIAL INFORMATION
PART II—OTHER INFORMATION

2

COMMONLY USED OR DEFINED TERMS
Term Definition
Adjusted EBITDA
Aleris Aleris Corporation
AluInfra AluInfra Services
Alunorf Aluminium Norf GmbH
ASC FASB Accounting Standards Codification
Duffel
Plant located in Duffel, Belgium, required to be divested (Refer to Note 2 – Discontinued Operations)
Exchange Act Securities Exchange Act of 1934, as amended
fiscal 2016 Fiscal year ended March 31, 2016
fiscal 2020
Fiscal year ended March 31, 2020
fiscal 2021
Fiscal year ended March 31, 2021
fiscal 2022
Fiscal year ended March 31, 2022
fiscal 2023
Fiscal year ending March 31, 2023
Form 10-Q Quarterly Report on Form 10-Q
FRP Flat-rolled products
GAAP Generally Accepted Accounting Principles
Kobe Kobe Steel, Ltd.
kt kilotonne (One kt is 1,000 metric tonnes.)
Lewisport
Plant located in Lewisport, Kentucky, required to be divested (Refer to Note 2 – Discontinued Operations)
LME The London Metals Exchange
LMP Local market premium
Logan Logan Aluminum Inc.
MMBtu One decatherm or 1 million British Thermal Units
OEM Original equipment manufacturer
RSUs Restricted stock units
SARs Stock appreciation rights
SEC United States Securities and Exchange Commission
SG&A Selling, general and administrative expenses
Tri-Arrows Tri-Arrows Aluminum Inc.
UAL Ulsan Aluminum Ltd.
UBC Used beverage can
U.S. United States
U.K. United Kingdom
VIE Variable interest entity
2022 Form 10-K
Our Annual Report on Form 10-K for the fiscal year ended March 31, 2022, as filed with the SEC on May 11, 2022
3

PART I—FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited).
Novelis Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
 
Three Months Ended
September 30,
Six Months Ended
September 30,
in millions 2022 2021 2022 2021
Net sales $ 4,799  $ 4,119  $ 9,888  $ 7,974 
Cost of goods sold (exclusive of depreciation and amortization) 4,140  3,400  8,405  6,537 
Selling, general and administrative expenses 181  142  345  301 
Depreciation and amortization 134  134  272  268 
Interest expense and amortization of debt issuance costs 65  60  123  119 
Research and development expenses 23  21  46  45 
Loss on extinguishment of debt, net
 —  64  —  62 
Restructuring and impairment expenses (reversals), net
 1  —  2  (2)
Equity in net income of non-consolidated affiliates
 (4) —  (8) (1)
Other expenses (income), net
 10  (20) 60  (84)
4,550  3,801  9,245  7,245 
Income from continuing operations before income tax provision
 249  318  643  729 
Income tax provision
 65  79  152  187 
Net income from continuing operations
 184  239  491  542 
Loss from discontinued operations, net of tax
 (1) (2) (2) (65)
Net income
 183  237  489  477 
Net loss attributable to noncontrolling interests
 —  —  (1) — 
Net income attributable to our common shareholder
 $ 183  $ 237  $ 490  $ 477 
____________________
See accompanying notes to the condensed consolidated financial statements.

4
Novelis Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)
 
Three Months Ended
September 30,
Six Months Ended
September 30,
in millions 2022 2021 2022 2021
Net income
 $ 183  $ 237  $ 489  $ 477 
Other comprehensive (loss) income:
Currency translation adjustment (188) (64) (361) (34)
Net change in fair value of effective portion of cash flow hedges (110) (190) 803  (205)
Net change in pension and other benefits 6  7  15  10 
Other comprehensive (loss) income before income tax effect
 (292) (247) 457  (229)
Income tax (benefit) provision related to items of other comprehensive (loss) income
 (29) (48) 205  (48)
Other comprehensive (loss) income, net of tax
 (263) (199) 252  (181)
Comprehensive (loss) income
 (80) 38  741  296 
Comprehensive loss attributable to noncontrolling interests, net of tax
 —  —  (1) — 
Comprehensive (loss) income attributable to our common shareholder
 $ (80) $ 38  $ 742  $ 296 
____________________
See accompanying notes to the condensed consolidated financial statements.
5
Novelis Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
in millions, except number of shares September 30,
2022		 March 31,
2022
ASSETS
Current assets:
Cash and cash equivalents $ 1,145  $ 1,070 
Accounts receivable, net
— third parties (net of allowance for credit losses of $6 as of September 30, 2022, and March 31, 2022)
2,239  2,590 
— related parties 200  222 
Inventories 3,333  3,038 
Prepaid expenses and other current assets 161  195 
Fair value of derivative instruments 536  377 
Assets held for sale 5  5 
Current assets of discontinued operations 6  6 
Total current assets 7,625  7,503 
Property, plant and equipment, net 4,425  4,624 
Goodwill 1,070  1,081 
Intangible assets, net 590  623 
Investment in and advances to non-consolidated affiliates 744  832 
Deferred income tax assets 145  158 
Other long-term assets
— third parties 295  274 
— related parties 2  1 
Total assets $ 14,896  $ 15,096 
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities:
Current portion of long-term debt $ 63  $ 26 
Short-term borrowings 858  529 
Accounts payable
— third parties 3,242  3,869 
— related parties 308  320 
Fair value of derivative instruments 310  959 
Accrued expenses and other current liabilities 816  774 
Current liabilities of discontinued operations 17  21 
Total current liabilities 5,614  6,498 
Long-term debt, net of current portion 4,850  4,967 
Deferred income tax liabilities 353  158 
Accrued postretirement benefits 609  669 
Other long-term liabilities 320  295 
Total liabilities 11,746  12,587 
Commitments and contingencies
Shareholder's equity:
Common stock, no par value; Unlimited number of shares authorized; 1,000 shares issued and outstanding as of September 30, 2022, and March 31, 2022
 —  — 
Additional paid-in capital 1,208  1,308 
Retained earnings
 2,304  1,814 
Accumulated other comprehensive loss
 (368) (620)
Total equity of our common shareholder 3,144  2,502 
Noncontrolling interests 6  7 
Total equity 3,150  2,509 
Total liabilities and equity $ 14,896  $ 15,096 
____________________
See accompanying notes to the condensed consolidated financial statements. Refer to Note 4 – Consolidation for information on our consolidated VIE.
6
Novelis Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
 
Six Months Ended
September 30,
in millions 2022 2021
OPERATING ACTIVITIES
Net income
 $ 489  $ 477 
Net loss from discontinued operations
 (2) (65)
Net income from continuing operations
 $ 491  $ 542 
Adjustments to determine net cash provided by operating activities:
Depreciation and amortization 272  268 
Loss on unrealized derivatives and other realized derivatives in investing activities, net
 18  36 
Loss on sale of assets, net
 1  2 
Loss on extinguishment of debt, net
 —  62 
Deferred income taxes, net 19  54 
Equity in net income of non-consolidated affiliates (8) (1)
(Gain) loss on foreign exchange remeasurement of debt
 (22) 1 
Amortization of debt issuance costs and carrying value adjustments 8  9 
Other, net —  2 
Changes in assets and liabilities including assets and liabilities held for sale (net of effects from divestitures):
Accounts receivable 138  (540)
Inventories (485) (728)
Accounts payable (309) 706 
Other assets 18  (25)
Other liabilities 55  (49)
Net cash provided by operating activities – continuing operations
 196  339 
Net cash used in operating activities – discontinued operations
 (6) (5)
Net cash provided by operating activities
 $ 190  $ 334 
INVESTING ACTIVITIES
Capital expenditures $ (284) $ (194)
Acquisition of business and other investments, net of cash acquired (4) — 
(Outflows) proceeds from investment in and advances to non-consolidated affiliates, net
 (15) 10 
Proceeds (outflows) from the settlement of derivative instruments, net
 2  (4)
Other 11  7 
Net cash used in investing activities
 $ (290) $ (181)
FINANCING ACTIVITIES
Proceeds from issuance of long-term and short-term borrowings $ —  $ 1,520 
Principal payments of long-term and short-term borrowings (114) (1,923)
Revolving credit facilities and other, net 450  14 
Debt issuance costs (6) (24)
Return of capital to our common shareholder (100) (100)
Net cash provided by (used in) financing activities
 $ 230  $ (513)
Net increase (decrease) in cash, cash equivalents and restricted cash
 130  (360)
Effect of exchange rate changes on cash (57) 6 
Cash, cash equivalents and restricted cash – beginning of period 1,084  1,027 
Cash, cash equivalents and restricted cash – end of period $ 1,157  $ 673 
Cash and cash equivalents $ 1,145  $ 659 
Restricted cash (included in other long-term assets)
 12  14 
Cash, cash equivalents and restricted cash – end of period $ 1,157  $ 673 
Supplemental Disclosures:
Accrued capital expenditures as of September 30
 $ 72  $ 57 
Leased assets obtained in exchange for new operating lease liabilities 27  25 
____________________
See accompanying notes to the condensed consolidated financial statements.
7
Novelis Inc.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDER'S EQUITY (unaudited)
Equity of our Common Shareholder
Common Stock Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
 Noncontrolling Interests Total Equity
in millions, except number of shares Shares Amount
Balance as of March 31, 2021
 1,000  $ —  $ 1,408  $ 860  $ (366) $ (16) $ 1,886 
Net income attributable to our common shareholder
 —  —  —  477  —  —  477 
Currency translation adjustment included in other comprehensive (loss) income
 —  —  —  —  (34) —  (34)
Change in fair value of effective portion of cash flow hedges, net of tax benefit of $53 included in other comprehensive (loss) income
 —  —  —  —  (152) —  (152)
Change in pension and other benefits, net of tax provision of $5 included in other comprehensive (loss) income
 —  —  —  —  5  —  5 
Return of capital to our common shareholder —  —  (100) —  —  —  (100)
Balance as of September 30, 2021
 1,000  $ —  $ 1,308  $ 1,337  $ (547) $ (16) $ 2,082 
Equity of our Common Shareholder
Common Stock Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
 Noncontrolling Interests Total Equity
Shares Amount
Balance as of March 31, 2022
 1,000  $ —  $ 1,308  $ 1,814  $ (620) $ 7  $ 2,509 
Net income attributable to our common shareholder
 —  —  —  490  —  —  490 
Net loss attributable to noncontrolling interests
 —  —  —  —  —  (1) (1)
Currency translation adjustment included in other comprehensive (loss) income
 —  —  —  —  (361) —  (361)
Change in fair value of effective portion of cash flow hedges, net of tax provision of $202 included in other comprehensive (loss) income
 —  —  —  —  601  —  601 
Change in pension and other benefits, net of tax provision of $3 included in other comprehensive (loss) income
 —  —  —  —  12  —  12 
Return of capital to our common shareholder —  —  (100) —  —  —  (100)
Balance as of September 30, 2022
 1,000  $ —  $ 1,208  $ 2,304  $ (368) $ 6  $ 3,150 
Equity of our Common Shareholder
Common Stock Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
 Noncontrolling Interests Total Equity
Shares Amount
Balance as of June 30, 2021
 1,000  $ —  $ 1,408  $ 1,100  $ (348) $ (16) $ 2,144 
Net income attributable to our common shareholder
 —  —  —  237  —  —  237 
Currency translation adjustment included in other comprehensive (loss) income
 —  —  —  —  (64) —  (64)
Change in fair value of effective portion of cash flow hedges, net of tax benefit of $52 included in other comprehensive (loss) income
 —  —  —  —  (138) —  (138)
Change in pension and other benefits, net of tax provision of $4 included in other comprehensive (loss) income
 —  —  —  —  3  —  3 
Return of capital to our common shareholder —  —  (100) —  —  —  (100)
Balance as of September 30, 2021
 1,000  $ —  $ 1,308  $ 1,337  $ (547) $ (16) $ 2,082 
Equity of our Common Shareholder
Common Stock Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
 Noncontrolling Interests Total Equity
Shares Amount
Balance as of June 30, 2022
 1,000  $ —  $ 1,308  $ 2,121  $ (105) $ 6  $ 3,330 
Net income attributable to our common shareholder
 —  —  —  183  —  —  183 
Currency translation adjustment included in other comprehensive (loss) income
 —  —  —  —  (188) —  (188)
Change in fair value of effective portion of cash flow hedges, net of tax benefit of $30 included in other comprehensive (loss) income
 —  —  —  —  (80) —  (80)
Change in pension and other benefits, net of tax provision of $1 included in other comprehensive (loss) income
 —  —  —  —  5  —  5 
Return of capital to our common shareholder —  —  (100) —  —  —  (100)
Balance as of September 30, 2022
 1,000  $ —  $ 1,208  $ 2,304  $ (368) $ 6  $ 3,150 
____________________
See accompanying notes to the condensed consolidated financial statements.
8
Novelis Inc.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)


1. BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
References herein to "Novelis," the "Company," "we," "our," or "us" refer to Novelis Inc. and its subsidiaries unless the context specifically indicates otherwise. References herein to "Hindalco" refer to Hindalco Industries Limited. Hindalco acquired Novelis in May 2007. Effective September 1, 2022, Novelis Inc. and AV Metals, Inc. (which, prior to such date, was our sole shareholder and a wholly owned subsidiary of AV Minerals (Netherlands) N.V.) completed a plan of arrangement, pursuant to which AV Metals, Inc. merged with and into Novelis Inc., with Novelis Inc. surviving the merger. As of the effectiveness of the plan of arrangement, we are a direct, wholly owned subsidiary of AV Minerals (Netherlands) N.V. Prior to the effectiveness of the plan of arrangement, AV Metals, Inc. was a holding company, with its assets being comprised solely of its investment in Novelis, and without any operations. The plan of arrangement was a combination of entities under common control and resulted in a change in the reporting entity. The opening balance of additional paid-in capital has been increased and that of retained earnings reduced by $4 million in the earliest period presented.
Organization and Description of Business
We produce aluminum plate, sheet, and light gauge products for use in the packaging market, which includes beverage and food can and foil products, as well as for use in the automotive, transportation, aerospace, electronics, architectural, and industrial product markets. As of September 30, 2022, we had manufacturing operations in nine countries on four continents: North America, South America, Asia, and Europe, through 33 operating facilities, which may include any combination of hot or cold rolling, finishing, casting, or recycling capabilities. We have recycling operations in 15 of our operating facilities to recycle post-consumer aluminum, such as UBCs, and post-industrial aluminum, such as class scrap.
The condensed consolidated balance sheet data as of March 31, 2022, was derived from the March 31, 2022, audited financial statements but does not include all disclosures required by U.S. GAAP. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes in our 2022 Form 10-K. Management believes that all adjustments necessary for the fair statement of results, consisting of normally recurring items, have been included in the unaudited condensed consolidated financial statements for the interim periods presented.
Consolidation Policy
Our condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and include the assets, liabilities, revenues, and expenses of all wholly owned subsidiaries, majority-owned subsidiaries over which we exercise control, and entities in which we have a controlling financial interest or are deemed to be the primary beneficiary. We eliminate intercompany accounts and transactions from our condensed consolidated financial statements.
We use the equity method to account for our investments in entities that we do not control but have the ability to exercise significant influence over operating and financial policies. Consolidated net income attributable to our common shareholder includes our share of the net income (loss) of these entities. The difference between consolidation and the equity method impacts certain of our financial ratios because of the presentation of the detailed line items reported in the condensed consolidated financial statements for consolidated entities, compared to a two-line presentation of investment in and advances to non-consolidated affiliates and equity in net income of non-consolidated affiliates.
Use of Estimates and Assumptions
The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The principal areas of judgment relate to (1) impairment of goodwill; (2) actuarial assumptions related to pension and other postretirement benefit plans; (3) tax uncertainties and valuation allowances; (4) assessment of loss contingencies, including environmental and litigation liabilities; and (5) the fair value of the contingent consideration resulting from the sale of Duffel. Future events and their effects cannot be predicted with certainty, and accordingly, our accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of our condensed consolidated financial statements may change as new events occur, more experience is acquired, additional information is obtained, and our operating environment changes. We evaluate and update our assumptions and estimates on an ongoing basis and may employ outside experts to assist in our evaluations. Actual results could differ from the estimates we have used.
Risks & Uncertainty resulting from COVID-19
Beginning late in the fourth quarter of fiscal 2020 and carrying into the first two quarters of fiscal 2023, the COVID-19 pandemic and its unprecedented negative economic implications have affected production and sales across a range of industries around the world.
9
Novelis Inc.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
Our global operations, similar to those of many other large, multi-national corporations, have encountered higher costs and have felt this impact on customer demand, disruptions to our supply chain, interruptions to our production, and delays of shipments to our customers.
While much of our customer demand and shipments have recovered in the majority of our end markets, the overall extent of the impact of the COVID-19 pandemic on our operating results, cash flows, liquidity, and financial condition will depend on certain developments, including the duration and spread of the outbreak (including the emergence of variants of the virus) and its impact on our customers, employees, suppliers, and other partners. We believe this will be primarily driven by the severity and duration of the COVID-19 pandemic, the COVID-19 pandemic's impact on the U.S. and global economies, and the timing, scope, and effectiveness of federal, state, and local governmental responses, including the revision of governmental quarantine or other public health measures, medical remedies, and preventative measures.
Although we have made our best estimates based on current information, the effects of the COVID-19 pandemic on our business may result in future changes to our estimates and assumptions based on its duration. Actual results could materially differ from the estimates and assumptions developed by management. If so, we may be subject to future impairment charges as well as changes to recorded reserves and valuations.
Risks & Uncertainties resulting from Inflation, Supply Chain Disruptions and Geopolitical Instability
The first two quarters of fiscal 2023 were marked by global economic uncertainty, capital markets disruption, and supply chain interruptions, which have been impacted by inflationary cost pressures, the ongoing COVID-19 pandemic, and geopolitical instability due to the ongoing military conflict between Russia and Ukraine. We experienced increased inflationary cost pressures to date in fiscal 2023 resulting from global supply chain disruptions impacting the availability and price of materials and services including energy, freight, coatings, and alloys, such as magnesium. Rising geopolitical instability exacerbated inflationary cost pressures, which are expected to continue for the foreseeable future. We have not experienced significant direct impacts from the Russia-Ukraine conflict, as we do not have operations nor significant sales in either Russia or Ukraine. However, we have experienced indirect impacts, as the conflict has driven up energy prices globally, beginning in the fourth quarter of fiscal 2022, and we expect these costs will remain elevated until energy prices stabilize. To date, our operations have not been materially impacted by labor shortages, and we remain able to procure the necessary raw materials, parts, and equipment due to our diverse, global supplier network. We believe we are positioned to maintain production levels necessary to service our customers in the near term. However, we cannot predict how long energy prices will remain inflated, supply chains will continue to experience disruptions, or potential future financial impacts. We have been able to mitigate a portion of the higher inflationary cost impact through a combination of hedging, passing through a meaningful portion of higher costs to customers, favorable pricing environments, and increased recycling benefits. There is no assurance that we will continue to be able to mitigate these higher costs in the future.
The overall extent of the impact of these factors on our operating results, cash flows, liquidity, and financial condition will depend on certain developments, including the duration of the current inflationary environment, supply chain disruptions, and the Russia-Ukraine conflict. Although we have made our best estimates based on the current information, the effects of these factors on our business may result in future changes to our estimates and assumptions based on their duration. Actual results could materially differ from the estimates and assumptions developed by management. If so, we may be subject to future impairment charges as well as changes to recorded reserves and valuations.
Recently Adopted Accounting Standards
We did not adopt any new accounting pronouncements during the six months ended September 30, 2022, that had a material impact on our consolidated financial condition, results of operations, or cash flows.
Recently Issued Accounting Standards (Not Yet Adopted)
In September 2022, the Financial Accounting Standards Board (FASB) issued ASU 2022-04, Liabilities—Supplier Finance Programs (Topic 405-50) - Disclosure of Supplier Finance Program Obligations. This ASU requires quantitative and qualitative disclosures about the key terms of supplier finance programs, an annual rollforward of obligations to finance providers, and interim disclosure of obligations as of each reporting period presented. This ASU is effective for all entities for fiscal years beginning after December 15, 2022, on a retrospective basis, including interim periods within those fiscal years, except for the requirement to disclose rollforward information, which is effective prospectively for fiscal years beginning after December 15, 2023. Early adoption is permitted. We are currently reviewing the provisions of this ASU but do not expect this guidance will have a material impact on our consolidated financial condition, results of operations, or cash flows.
There are no other recent accounting pronouncements pending adoption that we expect will have a material impact on our consolidated financial condition, results of operations, or cash flows.

10
Novelis Inc.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
2. DISCONTINUED OPERATIONS
On April 14, 2020, we closed the acquisition of Aleris for $2.8 billion. As a result of the antitrust review processes in the European Union, the U.S., and China, which were required for approval of the acquisition, we were obligated to divest Aleris' European and North American automotive assets, including the Duffel and Lewisport plants, respectively.
On September 30, 2020, we completed the sale of Duffel to Liberty House Group through its subsidiary, ALVANCE, the international aluminum business of the GFG Alliance. Upon closing, we received €210 million ($246 million as of September 30, 2020) in cash and a €100 million ($117 million as of September 30, 2020) receivable that was deemed to be contingent consideration subject to the results of a binding arbitration proceeding under German law that is currently underway. In June 2022, American Industrial Partners Capital Fund VII, L.P., announced their acquisition of Duffel, which concluded in the same month. There is no assurance as to when we expect the post-closing arbitration process to conclude or whether we will receive any of the contingent consideration.
We elected to account for the contingent consideration at fair value and mark to fair value on a quarterly basis. As of June 30, 2021, Novelis marked all outstanding receivables related to the sale of Duffel to an estimated fair value of €45 million ($53 million), which resulted in a loss of €51 million ($61 million) recorded in loss from discontinued operations, net of tax. As of September 30, 2022, there has been no change to this fair value, and the receivable is included in other long-term assets in our condensed consolidated balance sheet as of September 30, 2022.

11
Novelis Inc.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
3. INVENTORIES
Inventories consists of the following.
in millions September 30,
2022		 March 31,
2022
Finished goods $ 873  $ 677 
Work in process 1,457  1,511 
Raw materials 758  620 
Supplies 245  230 
Inventories $ 3,333  $ 3,038 

12
Novelis Inc.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
4. CONSOLIDATION
Variable Interest Entity
The entity that has a controlling financial interest in a VIE is referred to as the primary beneficiary and consolidates the VIE. An entity is deemed to have a controlling financial interest and is the primary beneficiary of a VIE if it has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.
Logan is a consolidated joint venture in which we hold 40% ownership. Our joint venture partner is Tri-Arrows. Logan processes metal received from Novelis and Tri-Arrows and charges the respective partner a fee to cover expenses. Logan is a thinly capitalized VIE that relies on the regular reimbursement of costs and expenses from Novelis and Tri-Arrows to fund its operations. Novelis is considered the primary beneficiary and consolidates Logan since it has the power to direct activities that most significantly impact Logan's economic performance, an obligation to absorb expected losses, and the right to receive benefits that could potentially be significant to the VIE.
Other than the contractually required reimbursements, we do not provide additional material support to Logan. Logan's creditors do not have recourse to our general credit. There are significant other assets used in the operations of Logan that are not part of the joint venture, as they are directly owned and consolidated by Novelis or Tri-Arrows.
The following table summarizes the carrying value and classification of assets and liabilities owned by the Logan joint venture and consolidated in our condensed consolidated balance sheets.
in millions September 30,
2022		 March 31,
2022
ASSETS
Current assets:
Cash and cash equivalents $ 4  $ 3 
Accounts receivable, net 24  50 
Inventories 127  115 
Prepaid expenses and other current assets 5  8 
Total current assets 160  176 
Property, plant and equipment, net 25  22 
Goodwill 12  12 
Deferred income tax assets 42  41 
Other long-term assets 10  6 
Total assets $ 249  $ 257 
LIABILITIES
Current liabilities:
Accounts payable $ 57  $ 53 
Accrued expenses and other current liabilities 21  28 
Total current liabilities 78  81 
Accrued postretirement benefits 147  153 
Other long-term liabilities 6  2 
Total liabilities $ 231  $ 236 
 
13
Novelis Inc.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
5. INVESTMENT IN AND ADVANCES TO NON-CONSOLIDATED AFFILIATES AND RELATED PARTY TRANSACTIONS
Included in the accompanying condensed consolidated financial statements are transactions and balances arising from business we conducted with our equity method non-consolidated affiliates.
Alunorf
Alunorf is a joint venture investment between Novelis Deutschland GmbH, a subsidiary of Novelis, and Speira GmbH. Each of the parties to the joint venture holds a 50% interest in the equity, profits and losses, shareholder voting, management control, and rights to use the production capacity of the facility. Alunorf tolls aluminum and charges the respective partner a fee to cover the associated expenses.
UAL
UAL is a joint venture investment between Novelis Korea Ltd., a subsidiary of Novelis, and Kobe. UAL is a thinly capitalized VIE that relies on the regular reimbursement of costs and expenses from Novelis and Kobe. UAL is controlled by an equally represented board of directors in which neither entity has sole decision-making ability regarding production operations or other significant decisions. Furthermore, neither entity has the ability to take the majority share of production or associated costs over the life of the joint venture. Our risk of loss is limited to the carrying value of our investment in and inventory-related receivables from UAL. UAL's creditors do not have recourse to our general credit. Therefore, UAL is accounted for as an equity method investment, and Novelis is not considered the primary beneficiary. UAL currently produces flat-rolled aluminum products exclusively for Novelis and Kobe. As of September 30, 2022, Novelis and Kobe both hold a 50% interest in UAL.
AluInfra
AluInfra is a joint venture investment between Novelis Switzerland SA, a subsidiary of Novelis, and Constellium SE. Each of the parties to the joint venture holds a 50% interest in the equity, profits and losses, shareholder voting, management control, and rights to use the facility.
The following table summarizes the results of operations of our equity method non-consolidated affiliates in the aggregate and the nature and amounts of significant transactions we have with our non-consolidated affiliates. The amounts in the table below are disclosed at 100% of the operating results of these affiliates.
 
Three Months Ended
September 30,
Six Months Ended
September 30,
in millions 2022 2021 2022 2021
Net sales $ 447  $ 389  $ 956  $ 774 
Costs and expenses related to net sales 430  375  919  747 
Income tax provision
 5  4  11  7 
Net income
 $ 12  $ 10  $ 26  $ 20 
Purchases of tolling services from Alunorf $ 87  $ 70  $ 168  $ 139 
The following table describes related party balances in the accompanying condensed consolidated balance sheets. We had no other material related party balances with non-consolidated affiliates.
in millions September 30,
2022		 March 31,
2022
Accounts receivable, net — related parties
 $ 200  $ 222 
Other long-term assets — related parties
 2  1 
Accounts payable — related parties
 308  320 
14
Novelis Inc.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
Transactions with Hindalco
We occasionally have related party transactions with Hindalco. During the six months ended September 30, 2022, and 2021, we recorded net sales of less than $1 million between Novelis and Hindalco related primarily to sales of equipment and other services. As of September 30, 2022, and March 31, 2022, there was $2 million and $1 million, respectively, of outstanding accounts receivable, net — related parties net of accounts payable — related parties related to transactions with Hindalco. During the three and six months ended September 30, 2022, Novelis purchased less than $1 million in raw materials from Hindalco.
Return of Capital
We paid returns of capital to our common shareholder in the amount of $100 million during each of the second quarters of fiscal 2023 and 2022.


15
Novelis Inc.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
6. DEBT
Debt consists of the following.
September 30, 2022 March 31, 2022
in millions
Interest Rates(1)
Principal
Unamortized Carrying 
Value Adjustments(2)
Carrying Value Principal
Unamortized Carrying
Value Adjustments(2)
Carrying Value
Short-term borrowings 3.68  % $ 858  $ —  $ 858  $ 529  $ —  $ 529 
Floating rate Term Loans, due January 2025 5.42  % 756  (9) 747  760  (11) 749 
Floating rate Term Loans, due March 2028 5.67  % 492  (7) 485  495  (8) 487 
3.25% Senior Notes, due November 2026
 3.25  % 750  (9) 741  750  (10) 740 
3.375% Senior Notes, due April 2029
 3.375  % 490  (8) 482  556  (10) 546 
4.75% Senior Notes, due January 2030
 4.75  % 1,600  (23) 1,577  1,600  (25) 1,575 
3.875% Senior Notes, due August 2031
 3.875  % 750  (10) 740  750  (10) 740 
China Bank Loans, due August 2027 4.55  % 65  —  65  76  —  76 
1.8% Brazil Loan, due June 2023
 1.80  % 30  —  30  30  —  30 
1.8% Brazil Loan, due December 2023
 1.80  % 20  —  20  20  —  20 
Finance lease obligations and other debt, due through June 2028 2.25  % 26  —  26