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

Income Taxes (Tables)

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Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2024
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) 2024 2023 2022
Income before income taxes:
Domestic $ 239.1  $ 270.0  $ 295.0 
Foreign 515.7  453.5  348.1 
Income before income taxes $ 754.8  $ 723.5  $ 643.1 
Income tax expense:
Current:
Domestic $ 38.7  $ 42.9  $ 44.4 
Foreign 133.0  81.4  53.9 
Current income tax expense 171.7  124.3  98.3 
Deferred:
Domestic 17.3  11.8  9.4 
Foreign 55.6  75.4  76.3 
Deferred income tax expense 72.9  87.2  85.7 
Total income tax expense $ 244.6  $ 211.5  $ 184.0 
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) 2024 2023 2022
Income tax expense computed at the statutory tax rates $ 135.1  $ 135.1  $ 109.7 
US state income taxes, net of the federal benefit 14.0  10.6  9.2 
Asbestos - effect of foreign exchange (3.2) (13.3) (3.5)
Expenses not deductible 3.6  3.3  1.9 
Stock and executive compensation 7.6  1.9  (0.8)
Foreign taxes on domestic income 60.2  61.2  55.2 
Taxes on foreign income 17.7  12.0  9.9 
Net deferred tax remeasurement 7.3  2.3  3.5 
Other items 2.3  (1.6) (1.1)
Total income tax expense $ 244.6  $ 211.5  $ 184.0 
Effective tax rate 32.4  % 29.2  % 28.6  %
Deferred Tax Assets and Liabilities
The tax effects of significant temporary differences creating deferred tax assets and liabilities were:
  31 March
(Millions of US dollars) 2024 2023
Deferred tax assets:
Intangible assets $ 791.7  $ 879.0 
Asbestos liability 294.0  298.6 
Tax credit carryforwards 113.4  115.0 
Other provisions and accruals 90.4  85.3 
Net operating loss carryforwards 77.9  75.4 
Total deferred tax assets 1,367.4  1,453.3 
Valuation allowance (257.0) (258.0)
Total deferred tax assets net of valuation allowance 1,110.4  1,195.3 
Deferred tax liabilities:
Depreciable and amortizable assets (150.7) (167.3)
Deferred tax on unremitted earnings (46.7) (29.4)
Other (36.1) (38.0)
Total deferred tax liabilities (233.5) (234.7)
Total deferred taxes, net $ 876.9  $ 960.6