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Operating Segment Information and Concentrations of Risk (Tables)
 12 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Summary of Operating Segments
The following is the Company’s operating segment information: 
 
Net Sales
Years Ended 31 March
(Millions of US dollars)202320222021
North America Fiber Cement$2,787.6 $2,551.3 $2,040.2 
Asia Pacific Fiber Cement539.2 574.9 458.2 
Europe Building Products450.3 488.5 410.3 
Worldwide total$3,777.1 $3,614.7 $2,908.7 
 
Operating Income
Years Ended 31 March
(Millions of US dollars)202320222021
North America Fiber Cement$767.5 $741.2 $585.5 
Asia Pacific Fiber Cement142.8 160.8 124.8 
Europe Building Products26.5 62.9 37.6 
Research and Development(33.3)(34.4)(28.9)
Segments total903.5 930.5 719.0 
General Corporate(162.1)(247.9)(246.2)
Total operating income741.4 682.6 472.8 
Depreciation and Amortization
Years ended 31 March
(Millions of US dollars)202320222021
North America Fiber Cement$126.1 $114.4 $89.1 
Asia Pacific Fiber Cement14.7 13.6 13.9 
Europe Building Products28.0 29.8 28.0 
General Corporate1.8 2.8 2.8 
Research and Development2.0 1.2 1.2 
Total$172.6 $161.8 $135.0 
 
Total Identifiable Assets
31 March
(Millions of US dollars)20232022
North America Fiber Cement$1,672.9 $1,434.8 
Asia Pacific Fiber Cement509.7 429.1 
Europe Building Products781.5 745.2 
Research and Development15.6 13.5 
Segments total2,979.7 2,622.6 
General Corporate 1
1,499.4 1,620.6 
Worldwide total$4,479.1 $4,243.2 
Summary of Geographical Information
The following is the Company’s geographical information:
 
Net Sales
Years Ended 31 March
(Millions of US dollars)202320222021
North America 2
$2,787.6 $2,551.3 $2,040.2 
Australia380.9 391.7 321.9 
Germany137.8 165.0 143.0 
New Zealand88.1 115.9 81.9 
Other Countries 3
382.7 390.8 321.7 
Worldwide total$3,777.1 $3,614.7 $2,908.7 
   
 
Total Identifiable Assets
31 March
(Millions of US dollars) 20232022
North America 2
$1,679.8 $1,442.7 
Australia398.8 314.4 
Germany490.9 503.7 
New Zealand41.2 48.9 
Other Countries 3
369.0 312.9 
Segments total2,979.7 2,622.6 
General Corporate 1
1,499.4 1,620.6 
Worldwide total$4,479.1 $4,243.2 
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1Included in General Corporate are deferred tax assets for each operating segment that are not held directly accountable for deferred income taxes and Asbestos-related assets.
2The amounts disclosed for North America are substantially all related to the USA.
3Included are all other countries that account for less than 5% of net sales and total identifiable assets individually, primarily in the Philippines, Spain and other European countries.
Research and development expenditures are expensed as incurred and are summarized by segment in the following table. Research and development segment operating income also includes Selling, general and administrative expenses of US$2.2 million, US$4.1 million and US$2.9 million in fiscal years 2023, 2022 and 2021, respectively.
 
Years Ended 31 March
(Millions of US dollars)202320222021
North America Fiber Cement$5.5 $5.3 $5.6 
Asia Pacific Fiber Cement1.3 1.5 1.1 
Europe Building Products1.7 0.9 1.6 
Research and Development31.1 30.3 26.0 
$39.6 $38.0 $34.3 
Summary of Gross Sales by Major Customers The following represents net sales generated by this customer, which is from the North America Fiber Cement segment:
 
Years Ended 31 March
(Millions of US dollars)202320222021
Customer A$450.1 12.0 %$418.3 12.0 %$347.3 12.0 %