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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2016
Income Tax Disclosure [Abstract] |
Components of Income Tax (Expense) Benefit | Income tax (expense) benefit consists of the following components:
|  | Years Ended 31 March |
(Millions of US dollars) |  | 2016 |  |  | 2015 |  |  | 2014 |
Income from operations before income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  | $ | 150.1 |  |  | $ | 145.5 |  |  | $ | 141.6 |
Foreign |  |  | 180.4 |  |  |  | 177.1 |  |  |  | (87.0) |
Total income before income taxes |  | $ | 330.5 |  |  | $ | 322.6 |  |  | $ | 54.6 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  | $ | (12.6) |  |  | $ | (11.9) |  |  | $ | (8.9) |
Foreign |  |  | (59.2) |  |  |  | (39.3) |  |  |  | (9.7) |
Current income tax expense |  |  | (71.8) |  |  |  | (51.2) |  |  |  | (18.6) |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  |  | (5.6) |  |  |  | (3.7) |  |  |  | (3.3) |
Foreign |  |  | (8.7) |  |  |  | 23.6 |  |  |  | 66.8 |
Deferred income tax (expense) benefit |  |  | (14.3) |  |  |  | 19.9 |  |  |  | 63.5 |
Total income tax (expense) benefit |  | $ | (86.1) |  |  | $ | (31.3) |  |  | $ | 44.9 |
Reconciled Tax at Statutory Rates | Income tax (expense) benefit is reconciled to the tax at the statutory rates as follows:
|  | Years Ended 31 March |
(Millions of US dollars) |  | 2016 |  |  | 2015 |  |  | 2014 |
Income tax (expense) benefit at statutory tax rates |  | $ | (79.1) |  |  | $ | (75.0) |  |  | $ | 6.2 |
US state income taxes, net of the federal benefit |  |  | (3.6) |  |  |  | (2.4) |  |  |  | (1.8) |
Asbestos adjustments |  |  | (0.8) |  |  |  | 48.3 |  |  |  | 30.2 |
Expenses not deductible |  |  | (2.0) |  |  |  | (3.4) |  |  |  | (2.1) |
Non-assessable items |  |  | 1.9 |  |  |  | 0.5 |  |  |  | 0.6 |
US manufacturing deduction |  |  | 4.1 |  |  |  | 2.6 |  |  |  | 1.2 |
Foreign taxes on domestic income |  |  | (5.7) |  |  |  | (0.7) |  |  |  | - |
Amortization of intangibles |  |  | 2.9 |  |  |  | 2.8 |  |  |  | 1.7 |
Taxes on foreign income |  |  | (7.4) |  |  |  | (4.5) |  |  |  | (2.9) |
Tax assessment in dispute |  |  | - |  |  |  | - |  |  |  | 10.7 |
Other items |  |  | 3.6 |  |  |  | 0.5 |  |  |  | 1.1 |
Total income tax (expense) benefit |  | $ | (86.1) |  |  | $ | (31.3) |  |  | $ | 44.9 |
Effective tax rate |  |  | 26.1% |  |  |  | 9.7% |  |  |  | (82.2%) |
Deferred Tax Assets and Liabilities | Deferred tax balances consist of the following components:
|  | 31 March |
(Millions of US dollars) |  | 2016 |  |  | 2015 |
Deferred tax assets: |  |  |  |  |  |  |  |
Asbestos liability |  | $ | 384.9 |  |  | $ | 405.2 |
Other provisions and accruals |  |  | 49.0 |  |  |  | 46.3 |
Net operating loss carryforwards |  |  | 24.2 |  |  |  | 17.0 |
Foreign tax credit carryforwards |  |  | 112.4 |  |  |  | 107.0 |
Total deferred tax assets |  |  | 570.5 |  |  |  | 575.5 |
Valuation allowance |  |  | (115.0) |  |  |  | (113.0) |
Total deferred tax assets, net of valuation allowance |  |  | 455.5 |  |  |  | 462.5 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciable and amortizable assets |  |  | (117.4) |  |  |  | (112.3) |
Other |  |  | (9.4) |  |  |  | (3.7) |
Total deferred tax liabilities |  |  | (126.8) |  |  |  | (116.0) |
Net deferred tax assets |  | $ | 328.7 |  |  | $ | 346.5 |
Reconciliation of Unrecognized Tax Benefits and Interest and Penalties | A reconciliation of the beginning and ending amount of unrecognized tax benefits and interest and penalties are as follows:
(US$ millions) |  | Unrecognized tax benefits |  |  | Interest and Penalties |
Balance at 31 March 2013 |  | $ | 1.5 |  |  | $ | 0.1 |
Additions for tax positions of the current year |  |  | 0.1 |  |  |  | - |
Additions for tax positions of prior year |  |  | 0.1 |  |  |  | - |
Settlements paid during the current period |  |  | (1.2 | ) |  |  | - |
Other reductions for the tax positions of prior periods |  |  | - |  |  |  | (0.1) |
Balance at 31 March 2014 |  | $ | 0.5 |  |  | $ | - |
Additions for tax positions of the current year |  |  | 4.2 |  |  |  | 0.1 |
Additions for tax positions of prior year |  |  | 0.2 |  |  |  | 0.2 |
Balance at 31 March 2015 |  | $ | 4.9 |  |  | $ | 0.3 |
Additions for tax positions of the current year |  |  | 0.2 |  |  |  | - |
Reductions in tax positions of prior year |  |  | (4.1 | ) |  |  | (0.3) |
Settlements paid during the current period |  |  | (0.3 | ) |  |  | - |
Balance at 31 March 2016 |  | $ | 0.7 |  |  | $ | - |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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