XML 91 R24.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Operating Segment Information and Concentrations of Risk | 12 Months Ended
--- | ---
Mar. 31, 2015
Segment Reporting [Abstract] |
Operating Segment Information and Concentrations of Risk | 18. Operating Segment Information and Concentrations of Risk The Company has reported its operating segment information in the format that the operating segment information is available to and evaluated by senior management. USA and Europe Fibre Cement manufactures fibre cement interior linings, exterior siding products and related accessories in the United States; these products are sold in the United States, Canada and Europe. Asia Pacific Fibre Cement includes all fibre cement manufactured in Australia, New Zealand and the Philippines and sold in Australia, New Zealand, Asia, the Middle East (Israel, Kuwait, Qatar and United Arab Emirates), and various Pacific Islands. Research and Development represents the cost incurred by the research and development centres. Operating Segments The following are the Company’s operating segments and geographical information:
|  | Net Sales to Customers1 Years Ended 31 March |
(Millions of US dollars) |  | 2015 |  |  | 2014 |  |  | 2013 |
USA & Europe Fiber Cement |  | $ | 1,276.5 |  |  | $ | 1,127.6 |  |  | $ | 951.4 |
Asia Pacific Fiber Cement |  |  | 380.4 |  |  |  | 366.2 |  |  |  | 369.9 |
Worldwide total |  | $ | 1,656.9 |  |  | $ | 1,493.8 |  |  | $ | 1,321.3 |
|  | Income Before Income Taxes Years Ended 31 March |
(Millions of US dollars) |  | 2015 |  |  | 2014 |  |  | 2013 |
USA & Europe Fiber Cement2, 3 |  | $ | 285.9 |  |  | $ | 237.0 |  |  | $ | 145.6 |
Asia Pacific Fiber Cement2, 8 |  |  | 94.1 |  |  |  | 81.1 |  |  |  | 61.7 |
Research and Development2 |  |  | (26.0 | ) |  |  | (24.4) |  |  |  | (26.0) |
Segments total |  |  | 354.0 |  |  |  | 293.7 |  |  |  | 181.3 |
General Corporate |  |  | (19.0) |  |  |  | (240.6) |  |  |  | (151.8) |
Total operating income |  |  | 335.0 |  |  |  | 53.1 |  |  |  | 29.5 |
Net interest expense5 |  |  | (7.5) |  |  |  | (1.1) |  |  |  | 2.4 |
Other (expense) income |  |  | (4.9) |  |  |  | 2.6 |  |  |  | 1.8 |
Worldwide total |  | $ | 322.6 |  |  | $ | 54.6 |  |  | $ | 33.7 |
|  |  |  |  | Total Identifiable Assets 31 March |
(Millions of US dollars) |  |  |  |  | 2015 |  |  | 2014 |
USA & Europe Fiber Cement |  |  |  |  |  | $ | 959.3 |  |  | $ | 782.6 |
Asia Pacific Fiber Cement |  |  |  |  |  |  | 279.8 |  |  |  | 235.1 |
Research and Development |  |  |  |  |  |  | 20.7 |  |  |  | 19.7 |
Segments total |  |  |  |  |  |  | 1,259.8 |  |  |  | 1,037.4 |
General Corporate6, 7 |  |  |  |  |  |  | 784.7 |  |  |  | 1,066.6 |
Worldwide total |  |  |  |  |  | $ | 2,044.5 |  |  | $ | 2,104.0 |
|  | Net Sales to Customers1 Years Ended 31 March |
(Millions of US dollars) |  | 2015 |  |  | 2014 |  |  | 2013 |
USA |  | $ | 1,238.5 |  |  | $ | 1,094.6 |  |  | $ | 923.8 |
Australia |  |  | 267.7 |  |  |  | 259.2 |  |  |  | 272.0 |
New Zealand |  |  | 64.7 |  |  |  | 63.0 |  |  |  | 56.1 |
Other Countries |  |  | 86.0 |  |  |  | 77.0 |  |  |  | 69.4 |
Worldwide total |  | $ | 1,656.9 |  |  | $ | 1,493.8 |  |  | $ | 1,321.3 |
|  |  |  |  | Total Identifiable Assets 31 March |
(Millions of US dollars) |  |  |  |  | 2015 |  |  | 2014 |
USA |  |  |  |  |  | $ | 956.4 |  |  | $ | 785.8 |
Australia |  |  |  |  |  |  | 223.4 |  |  |  | 173.8 |
New Zealand |  |  |  |  |  |  | 25.8 |  |  |  | 29.4 |
Other Countries |  |  |  |  |  |  | 54.2 |  |  |  | 48.4 |
Segments total |  |  |  |  |  |  | 1,259.8 |  |  |  | 1,037.4 |
General Corporate6, 7 |  |  |  |  |  |  | 784.7 |  |  |  | 1,066.6 |
Worldwide total |  |  |  |  |  | $ | 2,044.5 |  |  | $ | 2,104.0 |
1 | Export sales and inter-segmental sales are not significant.
2 | Research and development expenditures are expensed as incurred and are summarized by segment in the following table:
|  | Research & Development Years Ending 31 March |
(Millions of US dollars) |  | 2015 |  |  | 2014 |  |  | 2013 |
USA & Europe Fiber Cement |  | $ | 6.1 |  |  | $ | 9.6 |  |  | $ | 11.9 |
Asia Pacific Fiber Cement |  |  | 1.4 |  |  |  | 1.3 |  |  |  | 1.7 |
Research and Developmenta |  |  | 24.2 |  |  |  | 22.2 |  |  |  | 23.6 |
|  | $ | 31.7 |  |  | $ | 33.1 |  |  | $ | 37.2 |
| a The Research and Development segment also included selling, general and administrative expenses of US$1.8 million, US$2.2 million and US$2.4 million in fiscal years 2015, 2014 and 2013, respectively.
3 | Included in the USA and Europe Fibre Cement segment for the year ended 31 March 2013 are asset impairment charges of US$16.9 million. See Note 7 for further information.
4 | The principal components of the General Corporate segment are officer and employee compensation and related benefits, professional and legal fees, administrative costs, and rental expense on the Company’s corporate offices. Also included in the General Corporate segment are the following:
|  | Years Ended 31 March |
(Millions of US dollars) |  | 2015 |  |  | 2014 |  |  | 2013 |
Asbestos Adjustments |  | $ | 33.4 |  |  | $ | (195.8 | ) |  | $ | (117.1 | )
AICF SG&A expenses |  |  | 2.5 |  |  |  | 2.1 |  |  |  | 1.7 |
5 | The Company does not report net interest expense for each operating segment as operating segments are not held directly accountable for interest expense. Included in net interest (expense) income is net AICF interest income of US$1.4 million, US$2.9 million and US$7.0 million in fiscal years 2015, 2014 and 2013, respectively.
6 | The Company does not report deferred tax assets and liabilities for each operating segment as operating segments are not held directly accountable for deferred income taxes. All deferred income taxes are included in the General Corporate segment.
7 | Asbestos-related assets at 31 March 2015 and 2014 are US$657.3 million and US$812.4 million, respectively, and are included in the General Corporate segment.
8 | Included in the Asia Pacific Fibre Cement segment for the years ended 31 March 2015, 2014 and 2013 are adjustments to the provision for New Zealand weathertightness claims. See Note 14 for more information.
|  | Years Ended 31 March |
(Millions of US dollars) |  | 2015 |  |  | 2014 |  |  | 2013 |
New Zealand weathertightness claims benefit / (expense) |  | $ | 4.3 |  |  | $ | (1.8) |  |  | $ | (13.2) |
Concentrations of Risk The distribution channels for the Company’s fibre cement products are concentrated. If the Company were to lose one or more of its major customers, there can be no assurance that the Company will be able to find a replacement. Therefore, the loss of one or more customers could have a material adverse effect on the Company’s consolidated financial position, results of operations and cash flows. The Company has two major customers that individually account for over 10% of the Company’s net sales in one or all of the past three fiscal years. These two customers’ accounts receivable represented 14% of the Company’s trade accounts receivable at 31 March 2015 and 2014. The following are gross sales generated by these two customers, which are all from the USA and Europe Fibre Cement segment:
|  | Years Ended 31 March |
(Millions of US dollars) |  | 2015 |  |  |  |  |  | 2014 |  |  |  |  |  | 2013 |  |  |  |
|  |  |  |  |  |  | % |  |  |  |  |  |  |  | % |  |  |  |  |  |  |  | % |
Customer A |  | $ | 177.4 |  |  |  | 10.7 | % |  | $ | 174.2 |  |  |  | 11.7 | % |  | $ | 223.0 |  |  |  | 16.9 | %
Customer B |  |  | 143.4 |  |  |  | 8.7 | % |  |  | 139.6 |  |  |  | 9.3 | % |  |  | 137.7 |  |  |  | 10.4 | %
|  | $ | 320.8 |  |  |  |  |  |  | $ | 313.8 |  |  |  |  |  |  | $ | 360.7 |  |  |  |  |
Approximately 25%, 27% and 30% of the Company’s net sales in fiscal year 2015, 2014 and 2013, respectively, were derived from outside the United States. Consequently, changes in the value of foreign currencies could significantly affect the consolidated financial position, results of operations and cash flows of the Company’s non-US operations on translation into US dollars.

X
- Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration