| Operating Segments and Geographical Information |
The following is the Company’s operating segment
information:
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Net Sales to Customers
Years Ended 31 March
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| (Millions
of US dollars) |
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2016
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2015 |
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2014 |
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North America & Europe Fiber Cement
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$ |
1,386.3 |
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$ |
1,276.5 |
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$ |
1,127.6 |
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Asia Pacific Fiber Cement
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341.9 |
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380.4 |
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366.2 |
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Worldwide total
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$ |
1,728.2
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$ |
1,656.9 |
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$ |
1,493.8 |
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Income Before Income Taxes
Years Ended 31 March
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of US dollars) |
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2016
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2015 |
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2014 |
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North America & Europe Fiber Cement1
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$ |
340.6 |
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$ |
285.9 |
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$ |
237.0 |
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Asia Pacific Fiber Cement1, 6, 7
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80.9 |
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94.1 |
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81.1 |
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Research and Development1
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(23.9) |
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(26.0) |
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(24.4) |
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Segments total
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397.6 |
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354.0 |
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293.7 |
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General Corporate2
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(43.6) |
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(19.0) |
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(240.6) |
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Total operating income
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354.0 |
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335.0 |
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53.1 |
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Net interest expense3
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(25.6) |
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(7.5) |
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(1.1) |
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Other income (expense)
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2.1 |
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(4.9) |
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2.6 |
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Worldwide total
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$ |
330.5 |
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$ |
322.6 |
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$ |
54.6 |
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Total Identifiable Assets
31 March
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| (Millions
of US dollars) |
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2016
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2015 |
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North America & Europe Fiber Cement
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$ |
944.0 |
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$ |
959.3 |
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Asia Pacific Fiber Cement
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297.4 |
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279.8 |
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Research and Development
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13.6 |
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20.7 |
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Segments total
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1,255.0 |
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1,259.8 |
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General Corporate4, 5
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785.4 |
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784.7 |
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Worldwide total
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$ |
2,040.4
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$ |
2,044.5 |
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The following is the Company’s geographical information:
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Net Sales to Customers
Years Ended 31 March
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(Millions of US dollars)
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2016
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2015 |
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2014 |
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North America
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$ |
1,348.8 |
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$ |
1,238.5 |
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$ |
1,094.6 |
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Australia
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228.4 |
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267.7 |
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259.2 |
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New Zealand
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61.4 |
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64.7 |
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63.0 |
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Other Countries
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89.6 |
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86.0 |
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77.0 |
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Worldwide total
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$ |
1,728.2
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$ |
1,656.9 |
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$ |
1,493.8 |
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Total Identifiable Assets
31 March
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(Millions of US dollars)
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2016
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2015 |
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North America
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$ |
925.1 |
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$ |
956.4 |
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Australia
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232.4 |
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223.4 |
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New Zealand
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26.5 |
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25.8 |
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Other Countries
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71.0 |
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54.2 |
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Segments total
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1,255.0 |
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1,259.8 |
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General Corporate4, 5
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785.4 |
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784.7 |
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Worldwide total
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$ |
2,040.4
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$ |
2,044.5 |
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| 1 |
Research and development expenditures
are expensed as incurred and are summarized by segment in the
following table: |
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Years Ending
31 March |
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| (Millions
of US dollars) |
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2016 |
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2015 |
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2014 |
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North America & Europe Fiber Cement
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$ |
6.6 |
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$ |
6.1 |
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$ |
9.6 |
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Asia Pacific Fiber Cement
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1.2 |
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1.4 |
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1.3 |
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Research and Developmenta
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21.7 |
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24.2 |
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22.2 |
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$ |
29.5
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$ |
31.7 |
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$ |
33.1 |
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a The Research and Development
segment also included selling, general and administrative expenses
of US$2.2 million, US$1.8 million and US$2.2 million in fiscal
years 2016, 2015 and 2014, respectively. |
| 2 |
The principal components of General
Corporate costs are officer and employee compensation and related
benefits, professional and legal fees, administrative costs, and
rental expense on the Company’s corporate offices. Also
included in General Corporate costs are the following: |
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Years Ended
31 March |
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| (Millions
of US dollars) |
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2016 |
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2015 |
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2014 |
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Asbestos Adjustments
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$ |
5.5
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$ |
33.4 |
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$ |
(195.8 |
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AICF SG&A expenses
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1.7 |
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2.5 |
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2.1 |
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| 3 |
The Company does not report net
interest expense for each operating segment as operating segments
are not held directly accountable for interest expense. All net
interest expense is included in the General Corporate costs.
Included in net interest expense is net AICF interest expense
(income) of US$0.3 million, US$(1.4) million and US$(2.9) million
in fiscal years 2016, 2015 and 2014, respectively. |
| 4 |
The Company does not report deferred
tax assets and liabilities for each operating segment as operating
segments are not held directly accountable for deferred income
taxes. All deferred income taxes are included in General Corporate
costs. |
| 5 |
Asbestos-related assets at
31 March 2016 and 2015 are US$619.8 million and US$657.3
million, respectively, and are included in the General Corporate
costs. |
| 6 |
Included in the Asia Pacific Fiber
Cement segment for the year ended 31 March 2016 was a gain on
the sale of the Australian Pipes business of US$1.7 million. |
| 7 |
Included in the Asia Pacific Fiber
Cement segment are adjustments to the provision for New Zealand
weathertightness claims. |
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Years Ended
31 March |
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| (Millions
of US dollars) |
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2016 |
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2015 |
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2014 |
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New Zealand weathertightness claims
(expense) / benefit |
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$ |
(0.5)
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$ |
4.3 |
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$ |
(1.8) |
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