Stock-Based Compensation (Tables)
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12 Months Ended |
Mar. 31, 2024 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Stock-Based Compensation Expense |
Total stock-based compensation expense consists of the following:
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Years Ended 31 March |
| (Millions of US dollars) |
2024 |
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2023 |
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2022 |
| Liability Awards |
$ |
17.3
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$ |
2.7 |
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$ |
3.2 |
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| Equity Awards |
28.2
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15.7 |
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9.0 |
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| Total stock-based compensation expense |
$ |
45.5
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$ |
18.4 |
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$ |
12.2 |
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| Summary of Stock Options Available for Grant |
The following table summarizes the Company’s shares available for grant as options, RSUs or other equity instruments under the LTIP and 2001 Plan:
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Shares
Available for
Grant |
Balance at 31 March 2022 |
21,489,696
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| Granted |
(2,540,893) |
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Balance at 31 March 2023 |
18,948,803
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| Granted |
(1,169,733) |
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Balance at 31 March 2024 |
17,779,070
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| Schedule of Stock Options Roll Forward |
The following table summarizes the Company’s stock options activity during the noted period:
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Outstanding Options |
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Number of Options |
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Weighted Average
Exercise Price (A$) |
Balance at 31 March 2022 |
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— |
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— |
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| Granted |
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269,221 |
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33.05 |
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Balance at 31 March 2023 |
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269,221 |
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33.05 |
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| Granted |
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— |
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— |
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Balance at 31 March 2024 |
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269,221 |
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33.05 |
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Options exercisable at 31 March 2024 |
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— |
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— |
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| Restricted Stock Unit Activity |
The following table summarizes the Company’s RSU activity:
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| (Units) |
Service
Vesting
(2001 Plan) |
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Performance
Vesting
(LTIP) |
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Market
Conditions (LTIP) |
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Total |
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Weighted
Average Fair
Value at Grant
Date (A$) |
Outstanding at 31 March 2022 |
414,675
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291,704
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494,033
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1,200,412
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27.83
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| Granted |
1,279,127 |
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268,009 |
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724,536 |
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2,271,672 |
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26.12 |
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| Vested |
(449,458) |
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(87,307) |
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(256,787) |
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(793,552) |
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25.17 |
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| Forfeited |
(107,818) |
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(100,377) |
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(91,738) |
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(299,933) |
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28.46 |
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Outstanding at 31 March 2023 |
1,136,526
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372,029
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870,044
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2,378,599
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26.97
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| Granted |
533,278 |
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176,624 |
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459,831 |
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1,169,733 |
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43.20 |
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| Vested |
(373,440) |
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(90,452) |
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(42,581) |
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(506,473) |
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30.88 |
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| Forfeited |
(68,712) |
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(13,299) |
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(173,643) |
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(255,654) |
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25.63 |
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Outstanding at 31 March 2024 |
1,227,652
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444,902
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1,113,651
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2,786,205
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33.36
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| Assumptions Used to Fair Value Restricted Stock Grants |
The following table includes the assumptions used to fair value the RSU grants (market condition):
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| Vesting Condition: |
Market |
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Market |
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Market |
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Market |
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Market |
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Market |
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Market |
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Market |
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FY24 |
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FY24 |
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FY23 |
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FY23 |
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FY23 |
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FY23 |
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FY23 |
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FY23 |
| Date of grant |
1-Sep-23 |
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1-Sep-23 |
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13-Mar-23 |
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3-Nov-22 |
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3-Nov-22 |
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3-Nov-22 |
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31-Aug-22 |
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31-Aug-22 |
| Dividend yield (per annum) |
— |
% |
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— |
% |
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— |
% |
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— |
% |
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— |
% |
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— |
% |
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1.5 |
% |
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1.5 |
% |
| Expected volatility |
35.4 |
% |
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38.7 |
% |
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36.3 |
% |
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42.5 |
% |
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35.1 |
% |
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43.8 |
% |
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41.9 |
% |
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33.4 |
% |
| Risk free interest rate |
4.6 |
% |
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4.9 |
% |
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4.0 |
% |
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4.7 |
% |
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4.7 |
% |
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4.7 |
% |
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3.5 |
% |
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3.5 |
% |
| Expected life in years |
3.0 |
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2.0 |
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2.4 |
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0.8 |
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1.8 |
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2.8 |
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3.0 |
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2.0 |
| JHX stock price at grant date (A$) |
46.72 |
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46.72 |
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30.98 |
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33.05 |
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33.05 |
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33.05 |
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33.51 |
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33.51 |
| Number of restricted stock units |
451,945 |
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7,886 |
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41,401 |
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38,387 |
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39,450 |
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115,688 |
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387,360 |
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102,250 |
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| Schedule of Fair Value of Restricted Stock Units Vested |
The following table presents the total fair value of all of our restricted stock units vested:
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Years ended 31 March |
| (Millions of US dollars) |
|
2024 |
|
2023 |
|
2022 |
| Total fair value vested |
|
$ |
16.1
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$ |
18.4 |
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$ |
42.6 |
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| Cash Settled Units Activity |
The following represents the activity related to the CSUs:
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FY24 |
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FY23 |
| Granted |
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529,875 |
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751,569 |
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| Vested |
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177,955 |
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237,600 |
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| Cancelled |
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125,144 |
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325,459 |
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