Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

Income Taxes (Tables)

v3.25.1
Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2025
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) 2025 2024 2023
Income before income taxes:
Domestic $ 175.8  $ 239.1  $ 270.0 
Foreign 469.6  515.7  453.5 
Income before income taxes $ 645.4  $ 754.8  $ 723.5 
Income tax expense:
Current:
Domestic $ 30.0  $ 38.7  $ 42.9 
Foreign 90.0  133.0  81.4 
Current income tax expense 120.0  171.7  124.3 
Deferred:
Domestic 16.3  17.3  11.8 
Foreign 85.1  55.6  75.4 
Deferred income tax expense 101.4  72.9  87.2 
Total income tax expense $ 221.4  $ 244.6  $ 211.5 
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) 2025 2024 2023
Income tax expense computed at the statutory tax rates $ 117.9  $ 135.1  $ 135.1 
US state income taxes, net of the federal benefit 15.2  14.0  10.6 
Asbestos - effect of foreign exchange —  (3.2) (13.3)
Expenses not deductible 14.2  3.6  3.3 
Stock and executive compensation 2.4  7.6  1.9 
Foreign taxes on domestic income 50.8  60.2  61.2 
Taxes on foreign income 17.2  17.7  12.0 
Net deferred tax remeasurement (1.1) 7.3  2.3 
Other items 4.8  2.3  (1.6)
Total income tax expense $ 221.4  $ 244.6  $ 211.5 
Effective tax rate 34.3  % 32.4  % 29.2  %
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) 2025 2024
Deferred tax assets:
Intangible assets $ 756.7  $ 833.4 
Asbestos liability 284.5  294.0 
Tax credit carryforwards 111.8  113.4 
Other provisions and accruals 99.1  90.4 
Net operating loss carryforwards 77.4  77.9 
Total deferred tax assets 1,329.5  1,409.1 
Valuation allowance (256.9) (257.0)
Total deferred tax assets net of valuation allowance 1,072.6  1,152.1 
Deferred tax liabilities:
Depreciable and amortizable assets (170.7) (150.7)
Deferred tax on unremitted earnings (63.0) (46.7)
Intangible assets (40.3) (41.7)
Other (34.8) (36.1)
Total deferred tax liabilities (308.8) (275.2)
Total deferred taxes, net $ 763.8  $ 876.9