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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2021

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)						2021						2020						2019
Income before income taxes:
Domestic						$	241.9					$	209.6					$	196.4
Foreign						170.1						78.4						104.2
Income before income taxes:						$	412.0					$	288.0					$	300.6
Income tax expense:
Current:
Domestic						$	(38.5)					$	(31.1)					$	(26.6)
Foreign						8.6						39.8						(6.5)
Current income tax (expense) benefit						(29.9)						8.7						(33.1)
Deferred:
Domestic						(1.4)						(4.5)						(1.3)
Foreign						(117.9)						(50.7)						(37.4)
Deferred income tax expense						(119.3)						(55.2)						(38.7)
Total income tax expense						$	(149.2)					$	(46.5)					$	(71.8)

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)						2021						2020						2019
Income tax expense computed at the statutory tax rates						$	(58.1)					$	(38.7)					$	(48.9)
US state income taxes, net of the federal benefit						(8.0)						(5.7)						(3.1)
Asbestos - effect of foreign exchange						(36.8)						20.9						14.9
Expenses not deductible						(2.0)						(5.5)						(4.0)
Stock and executive compensation						(5.5)						(1.7)						(1.3)
Foreign taxes on domestic income						(49.8)						(43.5)						(34.5)
Prior year tax adjustments						5.9						(0.4)						(0.3)
Taxes on foreign income						(1.6)						2.7						4.5
US net operating loss carryback						4.9						25.5						—
Other items						1.8						(0.1)						0.9
Total income tax expense						$	(149.2)					$	(46.5)					$	(71.8)
Effective tax rate						36.2		%				16.1		%				23.9		%

Deferred Tax Assets and Liabilities

Deferred tax balances consist of the following components:

						31 March
(Millions of US dollars)						2021						2020
Deferred tax assets:
Intangible assets						$	1,038.7					$	1,126.4
Asbestos liability						367.4						319.1
Other provisions and accruals						62.2						54.1
Net operating loss carryforwards						61.0						41.3
Foreign and research tax credit carryforwards						122.1						114.2
Total deferred tax assets						1,651.4						1,655.1
Valuation allowance						(262.7)						(262.9)
Total deferred tax assets net of valuation allowance						1,388.7						1,392.2
Deferred tax liabilities:
Depreciable and amortizable assets						(151.7)						(117.5)
Other						(49.1)						(48.1)
Total deferred tax liabilities						(200.8)						(165.6)
Total deferred taxes, net						$	1,187.9					$	1,226.6

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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