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Asbestos (Tables) | 12 Months Ended
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Mar. 31, 2016
Text Block [Abstract] |
Asbestos Adjustments | The asbestos adjustments included in the consolidated statements of operations and comprehensive income comprise the following:
|  | Years Ended 31 March |
(Millions of US dollars) |  | 2016 |  |  | 2015 |  |  | 2014 |
Change in estimates: |  |  |  |  |  |  |  |  |  |  |  |
Change in actuarial estimate - asbestos liability |  | $ | 2.4 |  |  | $ | (129.0) |  |  | $ | (340.3) |
Change in actuarial estimate - insurance receivable |  |  | 4.5 |  |  |  | 16.6 |  |  |  | 31.2 |
Change in estimate - AICF claims-handling costs |  |  | 1.2 |  |  |  | 1.1 |  |  |  | 0.9 |
Subtotal - Change in estimates |  |  | 8.1 |  |  |  | (111.3) |  |  |  | (308.2) |
Recovery of Insurance Receivables |  |  | - |  |  |  | - |  |  |  | 15.2 |
(Loss) gain on foreign currency exchange |  |  | (2.6) |  |  |  | 144.7 |  |  |  | 97.2 |
Total Asbestos Adjustments |  | $ | 5.5 |  |  | $ | 33.4 |  |  | $ | (195.8) |
Central Estimates, Net of Insurance Recoveries | The following table sets forth the central estimates, net of insurance recoveries, calculated by KPMGA as of 31 March 2016:
|  | Year Ended 31 March 2016 |
(Billions of US and Australian dollars, respectively) |  | US$ |  |  | A$ |
Central Estimate - Discounted and Inflated |  |  | 1.458 |  |  |  | 1.904 |
Central Estimate - Undiscounted but Inflated |  |  | 1.858 |  |  |  | 2.427 |
Central Estimate - Undiscounted and Uninflated |  |  | 1.098 |  |  |  | 1.434 |
Numbers of Open Claims, New Claims and Closed Claims and Average Settlement Per Settled Claim and Case Closed | The following table shows the activity related to the numbers of open claims, new claims and closed claims during each of the past five years and the average settlement per settled claim and case closed:
|  |  |  |  | For the Years Ended 31 March |
|  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2013 |  |  | 2012 |
Number of open claims at beginning of period |  |  | 494 |  |  |  | 466 |  |  |  | 462 |  |  |  | 592 |  |  |  | 564 |
Number of new claims |  |  | 577 |  |  |  | 665 |  |  |  | 608 |  |  |  | 542 |  |  |  | 456 |
Number of closed claims |  |  | 645 |  |  |  | 637 |  |  |  | 604 |  |  |  | 672 |  |  |  | 428 |
Number of open claims at end of period |  |  | 426 |  |  |  | 494 |  |  |  | 466 |  |  |  | 462 |  |  |  | 592 |
Average settlement amount per settled claim |  |  | A$ 248,138 |  |  |  | A$ 254,209 |  |  |  | A$ 253,185 |  |  |  | A$ 231,313 |  |  |  | A$ 218,610 |
Average settlement amount per case closed |  |  | A$ 218,900 |  |  |  | A$ 217,495 |  |  |  | A$ 212,944 |  |  |  | A$ 200,561 |  |  |  | A$ 198,179 |
Average settlement amount per settled claim |  |  | US$ 182,763 |  |  |  | US$ 222,619 |  |  |  | US$ 236,268 |  |  |  | US$ 238,615 |  |  |  | US$ 228,361 |
Average settlement amount per case closed |  |  | US$ 161,229 |  |  |  | US$ 190,468 |  |  |  | US$ 198,716 |  |  |  | US$ 206,892 |  |  |  | US$ 207,019 |
Asbestos-Related Assets and Liabilities | These amounts are detailed in the table below, and the net total of these asbestos-related assets and liabilities is referred to by the Company as the “Net AFFA Liability.”
|  | 31 March |
(Millions of US dollars) |  | 2016 |  |  | 2015 |
Asbestos liability – current |  | $ | (125.9) |  |  | $ | (131.6) |
Asbestos liability – non-current |  |  | (1,176.3) |  |  |  | (1,290.0) |
Asbestos liability – Total |  |  | (1,302.2) |  |  |  | (1,421.6) |
Insurance receivable – current |  |  | 16.7 |  |  |  | 16.7 |
Insurance receivable – non-current |  |  | 149.0 |  |  |  | 161.9 |
Insurance receivable – Total |  |  | 165.7 |  |  |  | 178.6 |
Workers’ compensation asset – current |  |  | 4.1 |  |  |  | 4.5 |
Workers’ compensation asset – non-current |  |  | 46.8 |  |  |  | 45.5 |
Workers’ compensation liability – current |  |  | (4.1) |  |  |  | (4.5) |
Workers’ compensation liability – non-current |  |  | (46.8) |  |  |  | (45.5) |
Workers’ compensation – Total |  |  | - |  |  |  | - |
Loan facility |  |  | (50.7) |  |  |  | (13.6) |
Other net liabilities |  |  | (1.0) |  |  |  | (1.5) |
Restricted cash and cash equivalents and restricted short-term investment assets of AICF |  |  | 17.0 |  |  |  | 22.0 |
Net AFFA liability |  | $ | (1,171.2) |  |  | $ | (1,236.1) |
Deferred income taxes – current |  |  | - |  |  |  | 15.9 |
Deferred income taxes – non-current |  |  | 384.9 |  |  |  | 389.3 |
Deferred income taxes – Total |  |  | 384.9 |  |  |  | 405.2 |
Income tax payable |  |  | 19.6 |  |  |  | 19.2 |
Net Unfunded AFFA liability, net of tax |  | $ | (766.7) |  |  | $ | (811.7) |
Summary of Net Unfunded AFFA Liability, Net of Tax | The following is a detailed rollforward of the Net Unfunded AFFA liability, net of tax, for the year ended 31 March 2016:
(Millions of US dollars) |  | Asbestos Liability |  |  | Insurance Receivables |  |  | Deferred Tax Assets |  |  | Other Loan Facilities |  |  | Restricted Cash and Investments |  |  | Other Assets and Liabilities1 |  |  | Net Unfunded AFFA Liability, net of tax |
Opening Balance - 31 March 2015 |  | $ | (1,421.6 | ) |  | $ | 178.6 |  |  | $ | 405.2 |  |  | $ | (13.6 | ) |  | $ | 22.0 |  |  | $ | 17.7 |  |  | $ | (811.7 | )
Asbestos claims paid2 |  |  | 113.9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (113.9 | ) |  |  |  |  |  |  | - |
Payment received in accordance with AFFA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 62.8 |  |  |  |  |  |  |  | 62.8 |
AICF claims-handling costs incurred (paid) |  |  | 1.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1.2 | ) |  |  |  |  |  |  | - |
AICF operating costs paid - non claims-handling |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1.7 | ) |  |  |  |  |  |  | (1.7 | )
Change in actuarial estimate |  |  | 2.4 |  |  |  | 4.5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6.9 |
Change in claims handling cost estimate |  |  | 1.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.2 |
Insurance recoveries |  |  |  |  |  |  | (17.2 | ) |  |  |  |  |  |  |  |  |  |  | 17.2 |  |  |  |  |  |  |  | - |
Movement in Income Tax Payable |  |  |  |  |  |  |  |  |  |  | (18.9 | ) |  |  |  |  |  |  |  |  |  |  | (0.6 | ) |  |  | (19.5 | )
Funds received from NSW under loan agreement |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (60.5 | ) |  |  | 60.5 |  |  |  |  |  |  |  | - |
Funds repaid to NSW under loan agreement |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27.3 |  |  |  | (27.3 | ) |  |  |  |  |  |  | - |
Other movements |  |  |  |  |  |  |  |  |  |  | (1.7 | ) |  |  | - |  |  |  | (0.7 | ) |  |  | 0.3 |  |  |  | (2.1 | )
Effect of foreign exchange |  |  | 0.7 |  |  |  | (0.2 | ) |  |  | 0.3 |  |  |  | (3.9 | ) |  |  | (0.7 | ) |  |  | 1.2 |  |  |  | (2.6 | )
Closing Balance - 31 March 2016 |  | $ | (1,302.2 | ) |  | $ | 165.7 |  |  | $ | 384.9 |  |  | $ | (50.7 | ) |  | $ | 17.0 |  |  | $ | 18.6 |  |  | $ | (766.7 | )
1 | Other assets and liabilities include an offset to income tax payable of US$19.6 million and US$19.2 million at 31 March 2016 and 2015, respectively. The remaining balance includes the other assets and liabilities of AICF, with a net liability of US$1.0 million and US$1.5 million at 31 March 2016 and 2015, respectively.
2 | Claims paid of US$113.9 million reflects A$154.7 million converted at the average exchange rate for the period based on the assumption that these transactions occurred evenly throughout the period.

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