Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Revenues

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Revenues
 12 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
The following represents the Company's disaggregated revenues:
Year Ended 31 March 2023
(Millions of US dollars) North America
Fiber Cement		 Asia Pacific
Fiber Cement		 Europe Building
Products		 Consolidated
Fiber cement revenues $ 2,787.6  $ 539.2  $ 68.6  $ 3,395.4 
Fiber gypsum revenues —  —  381.7  381.7 
Total revenues $ 2,787.6  $ 539.2  $ 450.3  $ 3,777.1 
Year Ended 31 March 2022
(Millions of US dollars) North America
Fiber Cement		 Asia Pacific
Fiber Cement		 Europe Building
Products		 Consolidated
Fiber cement revenues $ 2,551.3  $ 574.9  $ 76.3  $ 3,202.5 
Fiber gypsum revenues —  —  412.2  412.2 
Total revenues $ 2,551.3  $ 574.9  $ 488.5  $ 3,614.7 
Year Ended 31 March 2021
(Millions of US dollars) North America
Fiber Cement		 Asia Pacific
Fiber Cement		 Europe Building
Products		 Consolidated
Fiber cement revenues $ 2,040.2  $ 458.2  $ 55.3  $ 2,553.7 
Fiber gypsum revenues —  —  355.0  355.0 
Total revenues $ 2,040.2  $ 458.2  $ 410.3  $ 2,908.7 
The process by which the Company recognizes revenues is similar across each of the Company's reportable segments. Fiber cement and fiber gypsum revenues are primarily generated from the sale of siding and various boards used in external and internal applications, as well as accessories. Fiber gypsum revenues also includes the sale of cement-bonded boards in the Europe Building Products segment.
The Company recognizes revenues when the requisite performance obligation has been met, that is, when the Company transfers control of its products to customers, which depending on the terms of the underlying contract, is generally upon delivery. The Company considers shipping and handling activities that it performs as activities to fulfill the sales of its products, with amounts billed for such costs included in net sales and the associated costs incurred for such services recorded in cost of sales, in accordance with the practical expedient provided by Accounting Standards Codification ("ASC") 606.
Certain of the Company's customers receive discounts and rebates as sales incentives, amounts which are recorded as a reduction to revenue at the time the revenue is recognized. These amounts are an estimate recorded by the Company based on historical experience and contractual obligations, the underlying assumptions of which are periodically reviewed and adjusted by the Company, as necessary.
The Company’s contracts are generally short-term in nature, generally not exceeding twelve months, with payment terms varying by the type and location of products or services offered; however, the period between invoicing and when payment is due is not significant.