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

Summary of Significant Accounting Policies (Tables)

v3.19.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Property, Plant and Equipment Estimated Useful Lives
Depreciation of property, plant and equipment is computed using the straight-line method over the following estimated useful lives:
 
  
Years
Buildings
10 to 50
Buildings Improvements
3 to 25
Leasehold Improvements
5 to 40
Machinery and Equipment
1 to 30
Basic and Dilutive Common Shares Outstanding Used in Determining Net Income Per Share
Basic and dilutive common shares outstanding used in determining net income per share are as follows:
 
Years Ended 31 March
(Millions of shares)
2019
 
2018
 
2017
Basic common shares outstanding
441.9

 
441.2

 
442.7

Dilutive effect of stock awards
1.1

 
1.1

 
1.2

Diluted common shares outstanding
443.0

 
442.3

 
443.9

 
 
 
 
 
 
(US dollars)
2019
 
2018
 
2017
Net income per share - basic
0.52

 
0.33

 
0.62

Net income per share - diluted
0.52

 
0.33

 
0.62

Schedule of New Accounting Pronouncements and Changes in Accounting Principles
In accordance with disclosure requirements of this new accounting standard, the impact of adoption on the consolidated statements of cash flows was as follows:
 
Year ended 31 March 2018
(Millions of US dollars)
As reported
 
ASU 2016-18
Adjustment
 
As adjusted
Cash and cash equivalents at the beginning of the period
$
78.9

 
$
113.9

 
$
192.8

Cash and cash equivalents at the end of the period
281.6

 
31.6

 
313.2

 
 
 
 
 
 
 
 
 
 
 
 
    Restricted cash - Asbestos
95.2

 
(95.2
)
 
—

    Payment to AICF
(102.2
)
 
102.2

 
—

    Asbestos liability
(104.4
)
 
104.4

 
—

    Asbestos claims paid
—

 
(104.4
)
 
(104.4
)
Net cash provided by operating activities
295.0

 
7.0

 
302.0

Purchase of investments - Asbestos
—

 
(78.4
)
 
(78.4
)
Proceeds from investments - Asbestos
—

 
40.0

 
40.0

Net cash used in investing activities
(200.6
)
 
(38.4
)
 
(239.0
)
    Repayments of NSW Loan - Asbestos
—

 
(51.9
)
 
(51.9
)
Net cash used in financing activities
112.5

 
(51.9
)
 
60.6

 
 
 
 
 
 
 
 
 
 
 
 
Effects of exchange rate changes on cash
(4.2
)
 
1.0

 
(3.2
)
 
Year ended 31 March 2017
(Millions of US dollars)
As reported
 
ASU 2016-18
Adjustment
 
As adjusted
Cash and cash equivalents at the beginning of the period
$
107.1

 
$
22.0

 
$
129.1

Cash and cash equivalents at the end of the period
78.9

 
113.9

 
192.8

 
 
 
 
 
 
 
 
 
 
 
 
    Restricted cash - Asbestos
0.9

 
(0.9
)
 
—

    Payment to AICF
(91.1
)
 
91.1

 
—

    Asbestos liability
(92.0
)
 
92.0

 
—

    Asbestos claims paid
—

 
(91.8
)
 
(91.8
)
Net cash provided by operating activities
292.1

 
90.4

 
382.5

    Proceeds from NSW Loan - Asbestos
—

 
77.0

 
77.0

    Repayments of NSW Loan - Asbestos
—

 
(74.3
)
 
(74.3
)
Net cash used in financing activities
(212.7
)
 
2.7

 
(210.0
)
 
 
 
 
 
 
 
 
 
 
 
 
Effects of exchange rate changes on cash
1.4

 
(1.2
)
 
0.2