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

Operating Segment Information and Concentrations of Risk (Tables)

v3.7.0.1
Operating Segment Information and Concentrations of Risk (Tables)
12 Months Ended
Mar. 31, 2017
Segment Reporting [Abstract]  
Summary of Operating Segments

The following is the Company’s operating segment information:

 

    

Net Sales to Customers

Years Ended 31 March

 
(Millions of US dollars)    2017              2016              2015          

North America Fiber Cement

     $ 1,493.4          $ 1,335.0          $ 1,224.7    

International Fiber Cement

     411.8          379.4          418.4    

Other Businesses

     16.4          13.8          13.8    
  

 

 

    

 

 

    

 

 

 

Worldwide total

     $         1,921.6          $         1,728.2          $         1,656.9    
  

 

 

    

 

 

    

 

 

 
    

 

Income Before Income Taxes

Years Ended 31 March

 
(Millions of US dollars)    2017              2016              2015          

North America Fiber Cement1

     $ 343.9          $ 352.2        $ 290.0    

International Fiber Cement1,6,7

     95.1          77.9          94.5    

Other Businesses

     (6.7)         (8.6)         (4.5)   

Research and Development1

     (25.5)         (23.9)         (26.0)   
  

 

 

    

 

 

    

 

 

 

Segments total

     406.8          397.6          354.0    

General Corporate2

     (13.6)         (43.6)         (19.0)   
  

 

 

    

 

 

    

 

 

 

Total operating income

     393.2          354.0          335.0    

Net interest expense3

     (27.5)         (25.6)         (7.5)   

Other income (expense)

     1.3          2.1          (4.9)   
  

 

 

    

 

 

    

 

 

 

Worldwide total

     $         367.0          $         330.5          $         322.6    
  

 

 

    

 

 

    

 

 

 

 

           

Total Identifiable Assets

31 March

 
(Millions of US dollars)            2017              2016          
     

 

 

    

 

 

 

North America Fiber Cement

        $ 917.4          $ 889.7    

International Fiber Cement

        335.7          324.0    

Other Businesses

        28.4          27.7    

Research and Development

        12.3          13.6    
     

 

 

    

 

 

 

Segments total

        1,293.8          1,255.0    

General Corporate 4,5

        718.9          774.4    
     

 

 

    

 

 

 

Worldwide total

        $         2,012.7            $         2,029.4    
     

 

 

    

 

 

 
Summary of Geographical Information

The following is the Company’s geographical information:

 

    

Net Sales to Customers

Years Ended 31 March

 

(Millions of US dollars)

     2017                2016                2015          

North America

     $ 1,509.9          $ 1,348.8          $ 1,238.5    

Australia

     252.5          228.4          267.7    

New Zealand

     73.3          61.4          64.7    

Other Countries

     85.9          89.6          86.0    
  

 

 

    

 

 

    

 

 

 

Worldwide total

     $         1,921.6          $         1,728.2          $         1,656.9    
  

 

 

    

 

 

    

 

 

 
           

 

Total Identifiable Assets

31 March

 

(Millions of US dollars)

              2017                2016          

North America

        $ 953.1          $ 925.1    

Australia

        237.0          232.4    

New Zealand

        31.8          26.5    

Other Countries

        71.9          71.0    
     

 

 

    

 

 

 

Segments total

        1,293.8          1,255.0    

General Corporate4,5

        718.9          774.4    
     

 

 

    

 

 

 

Worldwide total

        $         2,012.7          $         2,029.4    
     

 

 

    

 

 

 

 

 

1 Research and development expenditures are expensed as incurred and are summarized by segment in the following table:

 

     Years Ended 31 March  
(Millions of US dollars)    2017      2016      2015  

North America Fiber Cement

     $ 6.2        $ 6.6        $ 6.1  

International Fiber Cement

     1.5        1.2        1.4  

Research and Developmenta

     22.6        21.7        24.2  
  

 

 

 
     $     30.3        $     29.5        $     31.7  
  

 

 

 
  a The Research and Development segment also included selling, general and administrative expenses of US$2.9 million, US$2.2 million and US$1.8 million in fiscal years 2017, 2016 and 2015, 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:

 

     Years Ended 31 March  
(Millions of US dollars)    2017     2016      2015  

Asbestos adjustments

     $     40.4       $     5.5        $     33.4  

AICF SG&A expenses

     $ (1.5     $ (1.7      $ (2.5

 

3 The Company does not report net interest expense for each operating segment as operating segments are not held directly accountable for interest expense. Included in net interest expense is net AICF interest expense (income) of US$1.1 million, US$0.3 million and US$(1.4) million in fiscal years 2017, 2016 and 2015, 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 2017 and 2016 are US$573.8 million and US$619.8 million, respectively, and are included in the General Corporate costs.

 

6 Included in the International 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 International Fiber Cement segment are adjustments to the provision for New Zealand weathertightness claims.

 

    Years Ended 31 March  
(Millions of US dollars)   2017     2016     2015  
New Zealand weathertightness claims (expense)/ benefit     $       -         $       (0.5)         $       4.3    
Summary of Gross Sales by Major Customers

The following is gross sales generated by this customer, which is from the North America Fiber Cement segment:

 

     Years Ended 31 March  
(Millions of US dollars)    2017            2016            2015          
       %         %          %  

Customer A

     $       226.0         10.3     $       197.0         10.1     $       177.4          10.7