|
Asbestos (Tables)
|
12 Months Ended |
|
Mar. 31, 2012
|
| Asbestos [Abstract] |
|
| Asbestos Adjustments |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Years Ended 31 March |
| (Millions of US dollars) |
|
2012 |
|
|
|
|
2011 |
|
|
|
|
2010 |
|
|
|
|
Change in estimates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in actuarial estimate - asbestos liability
|
|
$ |
(67.8 |
) |
|
|
|
$ |
9.8 |
|
|
|
|
$ |
(3.8 |
) |
|
|
|
Change in actuarial estimate - insurance receivable
|
|
|
49.8 |
|
|
|
|
|
(0.5 |
) |
|
|
|
|
1.9 |
|
|
|
|
Change in estimate - AICF claims-handling costs
|
|
|
8.4 |
|
|
|
|
|
12.2 |
|
|
|
|
|
(1.4 |
) |
|
|
| |
|
|
|
|
|
|
|
|
|
|
Subtotal - Change in estimates
|
|
|
(9.6 |
) |
|
|
|
|
21.5 |
|
|
|
|
|
(3.3 |
) |
|
|
|
Loss on foreign currency exchange
|
|
|
(6.2 |
) |
|
|
|
|
(107.3 |
) |
|
|
|
|
(220.9 |
) |
|
|
| |
|
|
|
|
|
|
|
|
|
|
Total Asbestos Adjustments
|
|
$ |
(15.8 |
) |
|
|
|
$ |
(85.8 |
) |
|
|
|
$ |
(224.2 |
) |
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Asbestos Related Assets and Liabilities |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
31 March |
| (Millions of US dollars) |
|
2012 |
|
|
|
|
2011 |
|
|
|
|
Asbestos liability – current
|
|
$ |
(125.3 |
) |
|
|
|
$ |
(111.1 |
) |
|
|
|
Asbestos liability – non-current
|
|
|
(1,537.3 |
) |
|
|
|
|
(1,587.0 |
) |
|
|
| |
|
|
|
|
|
|
|
Asbestos liability – Total
|
|
|
(1,662.6 |
) |
|
|
|
|
(1,698.1 |
) |
|
|
| |
|
|
|
|
|
Insurance receivable – current
|
|
|
19.9 |
|
|
|
|
|
13.7 |
|
|
|
|
Insurance receivable – non-current
|
|
|
208.6 |
|
|
|
|
|
188.6 |
|
|
|
| |
|
|
|
|
|
|
|
Insurance receivable – Total
|
|
|
228.5 |
|
|
|
|
|
202.3 |
|
|
|
| |
|
|
|
|
|
Workers’ compensation asset – current
|
|
|
0.5 |
|
|
|
|
|
0.3 |
|
|
|
|
Workers’ compensation asset – non-current
|
|
|
83.4 |
|
|
|
|
|
90.4 |
|
|
|
|
Workers’ compensation liability – current
|
|
|
(0.5 |
) |
|
|
|
|
(0.3 |
) |
|
|
|
Workers’ compensation liability – non-current
|
|
|
(83.4 |
) |
|
|
|
|
(90.4 |
) |
|
|
| |
|
|
|
|
|
|
|
Workers’ compensation – Total
|
|
|
- |
|
|
|
|
|
- |
|
|
|
| |
|
|
|
|
|
Loan facility
|
|
|
(30.9 |
) |
|
|
|
|
- |
|
|
|
|
Other net liabilities
|
|
|
(2.3 |
) |
|
|
|
|
(1.3 |
) |
|
|
|
Restricted cash and cash equivalents and restricted short-term investment assets of the AICF
|
|
|
65.0 |
|
|
|
|
|
61.9 |
|
|
|
| |
|
|
| |
|
|
|
|
|
|
|
Net AFFA liability
|
|
$ |
(1,402.3 |
) |
|
|
|
$ |
(1,435.2 |
) |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
Deferred income taxes – current
|
|
|
23.0 |
|
|
|
|
|
10.5 |
|
|
|
|
Deferred income taxes – non-current
|
|
|
421.5 |
|
|
|
|
|
451.4 |
|
|
|
| |
|
|
|
|
|
|
|
Deferred income taxes – Total
|
|
|
444.5 |
|
|
|
|
|
461.9 |
|
|
|
| |
|
|
|
|
|
Income tax payable
|
|
|
18.5 |
|
|
|
|
|
18.6 |
|
|
|
| |
|
|
| |
|
|
|
|
|
|
|
Net Unfunded AFFA liability, net of tax
|
|
$ |
(939.3 |
) |
|
|
|
$ |
(954.7 |
) |
|
|
| |
|
|
|
|
|
|
|
| Summary of changes in asbestos liability |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| (Millions of US dollars) |
|
A$
Millions
|
|
|
A$ to US$
rate |
|
|
US$
Millions
|
|
| |
|
|
|
|
Asbestos liability – 31 March 2011
|
|
|
A$(1,643.1) |
|
|
|
0.9676 |
|
|
|
$ (1,698.1) |
|
|
Asbestos claims
paid1
|
|
|
99.1 |
|
|
|
0.9573 |
|
|
|
103.5 |
|
|
AICF claims-handling costs incurred
1
|
|
|
2.7 |
|
|
|
0.9573 |
|
|
|
2.8 |
|
|
Change in actuarial estimate
2
|
|
|
(65.2) |
|
|
|
0.9614 |
|
|
|
(67.8) |
|
|
Change in estimate of AICF claims-handling costs
2
|
|
|
8.1 |
|
|
|
0.9614 |
|
|
|
8.4 |
|
|
Loss on foreign currency exchange
|
|
|
|
|
|
|
|
|
|
|
(11.4) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asbestos liability – 31 March 2012
|
|
|
A$(1,598.4) |
|
|
|
0.9614 |
|
|
|
$ (1,662.6) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of changes in the insurance receivable |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| (Millions of US dollars) |
|
A$
Millions
|
|
|
A$ to US$
rate |
|
|
US$
Millions |
|
|
Insurance receivable – 31 March 2011
|
|
|
A$195.7 |
|
|
|
0.9676 |
|
|
|
$ 202.3 |
|
|
Insurance
recoveries1
|
|
|
(23.9) |
|
|
|
0.9573 |
|
|
|
(25.0) |
|
|
Change in actuarial estimate
2
|
|
|
47.9 |
|
|
|
0.9614 |
|
|
|
49.8 |
|
|
Gain on foreign currency exchange
|
|
|
|
|
|
|
|
|
|
|
1.4 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance receivable – 31 March 2012
|
|
|
A$219.7 |
|
|
|
0.9614 |
|
|
|
$ 228.5 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Changes in deferred income taxes |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| (Millions of US dollars) |
|
A$
Millions
|
|
|
A$ to US$
rate |
|
|
US$
Millions
|
|
|
Deferred tax assets – 31 March 2011
|
|
|
A$ 446.9 |
|
|
|
0.9676 |
|
|
|
$ 461.9 |
|
|
Amounts offset against income tax payable
1
|
|
|
(22.1) |
|
|
|
0.9573 |
|
|
|
(23.1) |
|
|
AICF earnings¹
|
|
|
2.5 |
|
|
|
0.9573 |
|
|
|
2.6 |
|
|
Gain on foreign currency exchange
|
|
|
|
|
|
|
|
|
|
|
3.1 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax assets – 31 March 2012
|
|
|
A$ 427.3 |
|
|
|
0.9614 |
|
|
|
$ 444.5 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
1
The average exchange rate for the period is used to convert the Australian dollar amount to US dollars based on the assumption that these transactions occurred evenly throughout the period.
2
The spot exchange rate at 31 March 2012 is used to convert the Australian dollar amount to US dollars as the adjustment to the estimate was made on that date.
|
| Changes in the restricted cash and short-term investments |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| (Millions of US dollars) |
|
A$
Millions
|
|
|
A$ to US$
rate |
|
|
US$
Millions |
|
| |
|
|
|
|
Restricted cash and cash equivalents and restricted short-term investments – 31 March 2011
|
|
|
A$ 59.9 |
|
|
|
0.9676 |
|
|
|
$ 61.9 |
|
|
Asbestos claims
paid1
|
|
|
(99.1) |
|
|
|
0.9573 |
|
|
|
(103.5) |
|
|
Payments received in accordance with AFFA
2
|
|
|
48.9 |
|
|
|
0.9487 |
|
|
|
51.5 |
|
|
AICF operating costs paid – claims-handling
1
|
|
|
(2.7) |
|
|
|
0.9573 |
|
|
|
(2.8) |
|
|
AICF operating costs paid – non claims-handling
1
|
|
|
(2.7) |
|
|
|
0.9573 |
|
|
|
(2.8) |
|
|
Insurance
recoveries1
|
|
|
23.9 |
|
|
|
0.9573 |
|
|
|
25.0 |
|
|
Interest and investment income
1
|
|
|
3.2 |
|
|
|
0.9573 |
|
|
|
3.3 |
|
|
Unrealised gain on investments
1
|
|
|
0.1 |
|
|
|
0.9573 |
|
|
|
0.1 |
|
|
Proceeds from loan facility²
|
|
|
29.7 |
|
|
|
0.9281 |
|
|
|
32.0 |
|
|
Other1
|
|
|
1.3 |
|
|
|
0.9573 |
|
|
|
1.4 |
|
|
Loss on foreign currency exchange
|
|
|
|
|
|
|
|
|
|
|
(1.1) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted cash and cash equivalents and restricted short-term investments – 31 March 2012
|
|
|
A$ 62.5 |
|
|
|
0.9614 |
|
|
|
$ 65.0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
1
The average exchange rate for the period is used to convert the Australian dollar amount to US dollars based on the assumption that these transactions occurred evenly throughout the period.
2
The spot exchange rate on the date the transaction occurred is used to convert the Australian dollar amount to US dollars.
|
| Numbers of open claims, new claims and closed claims and the average settlement per settled claim and case closed |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Years Ended 31 March |
|
|
|
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
| |
|
|
|
|
|
|
Number of open claims at beginning of period
|
|
|
564 |
|
|
|
529 |
|
|
|
534 |
|
|
|
523 |
|
|
|
490 |
|
|
Number of new claims
|
|
|
456 |
|
|
|
494 |
|
|
|
535 |
|
|
|
607 |
|
|
|
552 |
|
|
Number of closed claims
|
|
|
428 |
|
|
|
459 |
|
|
|
540 |
|
|
|
596 |
|
|
|
519 |
|
|
Number of open claims at end of period
|
|
|
592 |
|
|
|
564 |
|
|
|
529 |
|
|
|
534 |
|
|
|
523 |
|
|
Average settlement amount per settled claim
|
|
A$ |
218,610 |
|
|
A$ |
204,366 |
|
|
A$ |
190,627 |
|
|
A$ |
190,638 |
|
|
A$ |
147,349 |
|
|
Average settlement amount per case closed
|
|
A$ |
198,179 |
|
|
A$ |
173,199 |
|
|
A$ |
171,917 |
|
|
A$ |
168,248 |
|
|
A$ |
126,340 |
|
| |
|
|
|
|
|
|
Average settlement amount per settled claim
|
|
US$ |
228,361 |
|
|
US$ |
193,090 |
|
|
US$ |
162,250 |
|
|
US$ |
151,300 |
|
|
US$ |
128,096 |
|
|
Average settlement amount per case closed
|
|
US$ |
207,019 |
|
|
US$ |
163,642 |
|
|
US$ |
146,325 |
|
|
US$ |
133,530 |
|
|
US$ |
109,832 |
|
|