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Asbestos (Tables) | 12 Months Ended
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Mar. 31, 2021
Asbestos [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) | 2021 |  | 2020 |  | 2019
Change in estimates: |  |  |  |  |
Change in actuarial estimate - asbestos liability | $ | (33.0) |  |  | $ | (133.8) |  |  | $ | (73.8) |
Change in actuarial estimate - insurance receivable | 2.0 |  |  | 5.7 |  |  | — |
Change in estimate - AICF claims-handling costs | (1.5) |  |  | 0.1 |  |  | 1.1 |
Subtotal - Change in estimates | (32.5) |  |  | (128.0) |  |  | (72.7) |
Effect of foreign exchange on Asbestos net liabilities | (123.0) |  |  | 69.0 |  |  | 49.5 |
Gain (loss) on foreign currency forward contracts | 11.7 |  |  | 0.8 |  |  | (0.8) |
Adjustments in insurance receivable | — |  |  | — |  |  | 2.0 |
Other | (0.1) |  |  | — |  |  | — |
Total Asbestos Adjustments | $ | (143.9) |  |  | $ | (58.2) |  |  | $ | (22.0) |
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 2021:
| Year Ended 31 March 2021
(Millions of US and Australian dollars, respectively) | US$ |  | A$
Central Estimate – Discounted and Inflated | 1,339.8 |  |  | 1,762.6 |
Central Estimate – Undiscounted but Inflated | 1,545.8 |  |  | 2,033.7 |
Central Estimate – Undiscounted and Uninflated | 1,027.6 |  |  | 1,351.9 |
The following table summarizes the results of the analysis:
| As of 31 March 2021
(Millions of US and Australian dollars, respectively) | US$ |  | A$
Discounted (but inflated) - Low | 990.7 |  |  | 1,303.4 |
Discounted (but inflated) - High | 2,229.6 |  |  | 2,933.2 |
Undiscounted (but inflated) - Low | 1,119.4 |  |  | 1,472.7 |
Undiscounted (but inflated) - High | 2,694.4 |  |  | 3,544.8 |
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
| 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017
Number of open claims at beginning of period | 393 |  |  | 332 |  |  | 336 |  |  | 352 |  |  | 426 |
Number of new claims |  |  |  |  |  |  |  |  |
Direct claims | 392 |  |  | 449 |  |  | 430 |  |  | 422 |  |  | 402 |
Cross claims | 153 |  |  | 208 |  |  | 138 |  |  | 140 |  |  | 155 |
Number of closed claims | 578 |  |  | 596 |  |  | 572 |  |  | 578 |  |  | 631 |
Number of open claims at end of period | 360 |  |  | 393 |  |  | 332 |  |  | 336 |  |  | 352 |
Average settlement amount per settled claim | A$248,000 |  | A$277,000 |  | A$262,000 |  | A$253,000 |  | A$224,000
Average settlement amount per case closed | A$225,000 |  | A$245,000 |  | A$234,000 |  | A$217,000 |  | A$168,000
Average settlement amount per settled claim | US$178,000 |  | US$189,000 |  | US$191,000 |  | US$196,000 |  | US$168,000
Average settlement amount per case closed | US$162,000 |  | US$167,000 |  | US$171,000 |  | US$168,000 |  | US$126,000
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 fiscal year ended 31 March 2021:
(Millions of US dollars) | Asbestos Liability |  | Insurance Receivables |  | Restricted Cash and Investments |  | Other Assets and Liabilities |  | Net Unfunded AFFA Liability |  | Deferred Tax Assets |  | Income Tax Payable |  | Net Unfunded AFFA Liability, net of tax
Opening Balance - 31 March 2020 | $ | (986.4) |  |  | $ | 43.5 |  |  | $ | 58.0 |  |  | $ | (2.0) |  |  | $ | (886.9) |  |  | $ | 319.1 |  |  | $ | 23.4 |  |  | $ | (544.4) |
Asbestos claims paid 1 | 105.3 |  |  | — |  |  | (105.3) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Payment received in accordance with AFFA 2 | — |  |  | — |  |  | 153.3 |  |  | — |  |  | 153.3 |  |  | — |  |  | — |  |  | 153.3 |
AICF claims-handling costs incurred (paid) | 1.1 |  |  | — |  |  | (1.1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
AICF operating costs paid - non claims-handling | — |  |  | — |  |  | (1.2) |  |  | — |  |  | (1.2) |  |  | — |  |  | — |  |  | (1.2) |
Change in actuarial estimate | (33.0) |  |  | 2.0 |  |  | — |  |  | — |  |  | (31.0) |  |  | — |  |  | — |  |  | (31.0) |
Change in claims handling cost estimate | (1.5) |  |  | — |  |  | — |  |  | — |  |  | (1.5) |  |  | — |  |  | — |  |  | (1.5) |
Impact on deferred income tax due to change in actuarial estimate | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9.7 |  |  | — |  |  | 9.7 |
Insurance recoveries | — |  |  | (5.8) |  |  | 5.8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Movement in income tax payable | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (33.5) |  |  | 7.4 |  |  | (26.1) |
Other movements | — |  |  | — |  |  | 9.5 |  |  | 0.4 |  |  | 9.9 |  |  | 0.2 |  |  | — |  |  | 10.1 |
Effect of foreign exchange | (221.3) |  |  | 9.8 |  |  | 12.5 |  |  | (0.3) |  |  | (199.3) |  |  | 71.9 |  |  | 4.4 |  |  | (123.0) |
Closing Balance - 31 March 2021 | $ | (1,135.8) |  |  | $ | 49.5 |  |  | $ | 131.5 |  |  | $ | (1.9) |  |  | $ | (956.7) |  |  | $ | 367.4 |  |  | $ | 35.2 |  |  | $ | (554.1) |
____________ 1 Claims paid of US$105.3 million reflects A$146.5 million converted at the average exchange rate for the period based on the assumption that these transactions occurred evenly throughout the period.
Schedule of Remaining Time Deposits | The following table represents the investments entered into or maturing during the fiscal year ended 31 March 2021:
Date Invested |  | Maturity Date |  | Interest Rate |  | A$ Millions
October 2020 |  | 2 July 2021 |  | 0.59% |  | 35.0
July 2019 |  | 30 April 2020 |  | 1.70% |  | 20.0
July 2019 |  | 1 June 2020 |  | 1.70% |  | 15.0

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