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

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

Summary of Significant Accounting Policies (Tables)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2014

Schedule of Exchange Rates Used to Convert Australian Dollar into US Dollars

Unless otherwise noted, the exchange rates used to convert Australian dollar denominated amounts into US dollars in the consolidated financial statements are as follows:


(US$1 = A$)	2014		31 March 2013		2012
Assets and liabilities		1.0845		0.9597		0.9614
Statements of operations		1.0716		0.9694		0.9573
Cash flows – beginning cash		0.9597		0.9614		0.9676
Cash flows – ending cash		1.0845		0.9597		0.9614
Cash flows – current period movements		1.0716		0.9694		0.9573

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		40
Building improvements		5 to 40
Manufacturing machinery		10 to 20
General equipment		5 to 10
Computer equipment, software, and software development		3 to 7
Office furniture and equipment		3 to 10

Basic and Dilutive Common Shares Outstanding Used in Determining Net Income Per Share

Accordingly, basic and dilutive common shares outstanding used in determining net income per share are as follows:


	Years Ended 31 March
(Millions of shares)	2014		2013		2012

Basic common shares outstanding		442.6		439.2		436.2
Dilutive effect of stock awards		2.0		1.4		1.7

Diluted common shares outstanding		444.6		440.6		437.9


(US dollars)	2014		2013		2012

Net income per share - basic	$	0.22	$	0.10	$	1.39
Net income per share - diluted	$	0.22	$	0.10	$	1.38