XML 67 R36.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2017
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense | Income tax expense consists of the following components:
|  | Years Ended 31 March |
(Millions of US dollars) |  | 2017 |  |  | 2016 |  |  | 2015 |
Income before income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  | $ | 172.2 |  |  | $ | 150.1 |  |  | $ | 145.5 |
Foreign |  |  | 194.8 |  |  |  | 180.4 |  |  |  | 177.1 |
Income before income taxes: |  | $ | 367.0 |  |  | $ | 330.5 |  |  | $ | 322.6 |
Income tax expense: |  |  |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  | $ | (15.2) |  |  | $ | (12.6) |  |  | $ | (11.9) |
Foreign |  |  | (36.0) |  |  |  | (59.2) |  |  |  | (39.3) |
Current income tax expense |  |  | (51.2) |  |  |  | (71.8) |  |  |  | (51.2) |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  |  | (4.0) |  |  |  | (5.6) |  |  |  | (3.7) |
Foreign |  |  | (35.3) |  |  |  | (8.7) |  |  |  | 23.6 |
Deferred income tax (expense) benefit |  |  | (39.3) |  |  |  | (14.3) |  |  |  | 19.9 |
Total income tax expense |  | $ | (90.5) |  |  | $ | (86.1) |  |  | $ | (31.3) |
Reconciled Tax at Statutory Rates | Income tax expense is reconciled to the tax at the statutory rates as follows:
|  | Years Ended 31 March |
(Millions of US dollars) |  | 2017 |  |  | 2016 |  |  | 2015 |
Income tax expense computed at the statutory tax rates |  | $ | (84.4) |  |  | $ | (79.1) |  |  | $ | (75.0) |
US state income taxes, net of the federal benefit |  |  | (3.0) |  |  |  | (3.6) |  |  |  | (2.4) |
Asbestos - effect of foreign exchange |  |  | 0.8 |  |  |  | (0.8) |  |  |  | 48.3 |
Expenses not deductible |  |  | (2.5) |  |  |  | (2.0) |  |  |  | (3.4) |
Non-assessable items |  |  | 0.4 |  |  |  | 1.9 |  |  |  | 0.5 |
US manufacturing deduction |  |  | 2.2 |  |  |  | 4.1 |  |  |  | 2.6 |
Foreign taxes on domestic income |  |  | (2.1) |  |  |  | (5.7) |  |  |  | (0.7) |
Amortization of intangibles |  |  | 2.8 |  |  |  | 2.9 |  |  |  | 2.8 |
Taxes on foreign income |  |  | (5.4) |  |  |  | (7.4) |  |  |  | (4.5) |
Other items |  |  | 0.7 |  |  |  | 3.6 |  |  |  | 0.5 |
Total income tax expense |  | $ | (90.5) |  |  | $ | (86.1) |  |  | $ | (31.3) |
Effective tax rate |  |  | 24.7% |  |  |  | 26.1% |  |  |  | 9.7% |
Deferred Tax Assets and Liabilities | Deferred tax balances consist of the following components:
|  | 31 March |
(Millions of US dollars) |  | 2017 |  |  | 2016 |
Deferred tax assets: |  |  |  |  |  |  |  |
Asbestos liability |  | $ | 356.6 |  |  | $ | 384.9 |
Other provisions and accruals |  |  | 52.8 |  |  |  | 49.0 |
Net operating loss carryforwards |  |  | 24.2 |  |  |  | 24.2 |
Foreign tax credit carryforwards |  |  | 107.5 |  |  |  | 112.4 |
Total deferred tax assets |  |  | 541.1 |  |  |  | 570.5 |
Valuation allowance |  |  | (110.4) |  |  |  | (115.0) |
Total deferred tax assets net of valuation allowance |  |  | 430.7 |  |  |  | 455.5 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciable and amortizable assets |  |  | (130.0) |  |  |  | (117.4) |
Other |  |  | (12.0) |  |  |  | (9.4) |
Total deferred tax liabilities |  |  | (142.0) |  |  |  | (126.8) |
Total deferred taxes, net |  | $ | 288.7 |  |  | $ | 328.7 |
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:
(Millions of US Dollars) |  | Unrecognized tax benefits |  |  | Interest and Penalties |
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 |  |  | $ | - |
Additions for tax positions of the current year |  |  | 0.1 |  |  |  | - |
Reductions in tax positions of prior year |  |  | (0.1) |  |  |  | - |
Balance at 31 March 2017 |  | $ | 0.7 |  |  | $ | - |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=65882285&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=65882285&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=65882285&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=65882285&loc=SL6600010-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32840-109319 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration