Cover
Cover | 12 Months Ended |
Mar. 31, 2023 shares | |
Entity Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Mar. 31, 2023 |
Current Fiscal Year End Date | --03-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 1-15240 |
Entity Registrant Name | JAMES HARDIE INDUSTRIES plc |
Entity Incorporation, State or Country Code | L2 |
Entity Address, Address Line One | Europa House, 2nd Floor |
Entity Address, Address Line Two | Harcourt Centre |
Entity Address, Address Line Three | Harcourt Street |
Entity Address, City or Town | Dublin 2 |
Entity Address, Postal Zip Code | D02, WR20 |
Entity Address, Country | IE |
Title of 12(b) Security | American Depositary Shares, each representing one unit of CHESS Units of Foreign Securities |
Trading Symbol | JHX |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 442,056,296 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001159152 |
Business Contact | |
Entity Information [Line Items] | |
Entity Address, Address Line One | Europa House, 2nd Floor |
Entity Address, Address Line Two | Harcourt Centre |
Entity Address, Address Line Three | Harcourt Street |
Entity Address, City or Town | Dublin 2 |
Entity Address, Postal Zip Code | D02, WR20 |
Entity Address, Country | IE |
Contact Personnel Name | Aoife Rockett |
City Area Code | 353 |
Local Phone Number | 1411 9929 |
Contact Personnel Fax Number | 353 1479 1128 |
Audit Information
Audit Information | 12 Months Ended |
Mar. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Irvine, California |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 113 | $ 125 |
Restricted cash and cash equivalents | 5 | 5 |
Restricted cash and cash equivalents - Asbestos | 67.6 | 141.9 |
Restricted short-term investments - Asbestos | 140.9 | 119.7 |
Accounts and other receivables, net | 354.8 | 398.4 |
Inventories | 344.2 | 279.7 |
Prepaid expenses and other current assets | 41 | 43.2 |
Insurance receivable - Asbestos | 6.8 | 7.9 |
Workers’ compensation - Asbestos | 1.8 | 3.2 |
Total current assets | 1,075.1 | 1,124 |
Property, plant and equipment, net | 1,839.6 | 1,457 |
Operating lease right-of-use-assets | 59.4 | 57.8 |
Finance lease right-of-use-assets | 2 | 2.3 |
Goodwill | 194.9 | 199.5 |
Intangible assets, net | 155.2 | 162.8 |
Restricted long-term investments - Asbestos | 36.2 | 0 |
Insurance receivable - Asbestos | 28.2 | 37.8 |
Workers’ compensation - Asbestos | 16.4 | 18.6 |
Deferred income taxes | 755.6 | 819.2 |
Deferred income taxes - Asbestos | 298.6 | 360.1 |
Other assets | 17.9 | 4.1 |
Total assets | 4,479.1 | 4,243.2 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 387.7 | 458 |
Accrued payroll and employee benefits | 108.3 | 116.6 |
Operating lease liabilities | 18.1 | 12.5 |
Finance lease liabilities | 0.8 | 1.1 |
Accrued product warranties | 5.4 | 6.7 |
Income taxes payable | 15.4 | 9.5 |
Asbestos liability | 119.4 | 132.9 |
Workers’ compensation - Asbestos | 1.8 | 3.2 |
Other liabilities | 40.4 | 29.4 |
Total current liabilities | 697.3 | 769.9 |
Long-term debt | 1,059 | 877.3 |
Deferred income taxes | 93.6 | 86.9 |
Operating lease liabilities | 61.1 | 63.1 |
Finance lease liabilities | 1.4 | 1.5 |
Accrued product warranties | 30.2 | 31 |
Income taxes payable | 2.3 | 2.3 |
Asbestos liability | 857.7 | 1,010.8 |
Workers’ compensation - Asbestos | 16.4 | 18.6 |
Other liabilities | 48.7 | 48.9 |
Total liabilities | 2,867.7 | 2,910.3 |
Commitments and contingencies (Note 14) | ||
Shareholders’ equity: | ||
Common stock, Euro 0.59 par value, 2.0 billion shares authorized; 442,056,296 shares issued and outstanding at 31 March 2023 and 445,348,933 shares issued and outstanding at 31 March 2022 | 230 | 232.1 |
Additional paid-in capital | 237.9 | 230.4 |
Retained earnings | 1,196.8 | 892.4 |
Accumulated other comprehensive loss | (53.3) | (22) |
Total shareholders’ equity | 1,611.4 | 1,332.9 |
Total liabilities and shareholders’ equity | $ 4,479.1 | $ 4,243.2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - € / shares | Mar. 31, 2023 | Mar. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in Euros per share) | € 0.59 | € 0.59 |
Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued (in shares) | 442,056,296 | 445,348,933 |
Common stock, shares outstanding (in shares) | 442,056,296 | 445,348,933 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 3,777.1 | $ 3,614.7 | $ 2,908.7 |
Cost of goods sold | 2,465.1 | 2,301.2 | 1,857 |
Gross profit | 1,312 | 1,313.5 | 1,051.7 |
Selling, general and administrative expenses | 494 | 461.2 | 389.6 |
Research and development expenses | 39.6 | 38 | 34.3 |
Restructuring expenses | 0 | 0 | 11.1 |
Asbestos adjustments loss | 37 | 131.7 | 143.9 |
Operating income | 741.4 | 682.6 | 472.8 |
Interest, net | 30.7 | 39.3 | 47.8 |
Loss on early debt extinguishment | 0 | 0 | 13.1 |
Other (income) expense | (12.8) | 0.2 | (0.1) |
Income before income taxes | 723.5 | 643.1 | 412 |
Income tax expense | 211.5 | 184 | 149.2 |
Net income | $ 512 | $ 459.1 | $ 262.8 |
Income per share: | |||
Basic (in dollars per share) | $ 1.15 | $ 1.03 | $ 0.59 |
Diluted (in dollars per share) | $ 1.15 | $ 1.03 | $ 0.59 |
Weighted average common shares outstanding (Millions): | |||
Basic (in shares) | 445.1 | 444.9 | 443.7 |
Diluted (in shares) | 445.6 | 445.9 | 445.4 |
Comprehensive income, net of tax: | |||
Net income | $ 512 | $ 459.1 | $ 262.8 |
Pension adjustments | 2.1 | (0.7) | (0.4) |
Currency translation adjustments | (33.4) | (14.7) | 55.9 |
Comprehensive income | $ 480.7 | $ 443.7 | $ 318.3 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Millions, $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | |
Cash Flows From Operating Activities | |||
Net income | $ 512 | $ 459.1 | $ 262.8 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 172.6 | 161.8 | 135 |
Lease expense | 23.4 | 23.2 | 17 |
Deferred income taxes | 48.4 | 49.8 | 85.8 |
Stock-based compensation | 15.7 | 9 | 18 |
Asbestos adjustments loss | 37 | 131.7 | 143.9 |
Excess tax benefits from share-based awards | (0.2) | (2.4) | (3.5) |
Gain on sale of land | (12.7) | 0 | 0 |
Loss on early debt extinguishment | 0 | 0 | 13.1 |
Other, net | 22.7 | 17.7 | 20.3 |
Changes in operating assets and liabilities: | |||
Accounts and other receivables | 32.1 | (70.9) | 46.4 |
Inventories | (70.8) | (64.3) | 98.7 |
Lease assets and liabilities, net | (19) | (19.2) | (19.1) |
Prepaid expenses and other assets | (12.3) | (5.7) | (14.2) |
Insurance receivable - Asbestos | 6.2 | 8.3 | 5.8 |
Accounts payable and accrued liabilities | (63.2) | 136.7 | 25 |
Claims and handling costs paid - Asbestos | (107.9) | (118.8) | (106.4) |
Income taxes payable | 5.5 | 0.2 | (14.7) |
Other accrued liabilities | 18.1 | 41 | 73 |
Net cash provided by operating activities | 607.6 | 757.2 | 786.9 |
Cash Flows From Investing Activities | |||
Purchases of property, plant and equipment | (591.3) | (257.8) | (110.7) |
Proceeds from sale of property, plant and equipment | 14.1 | 0 | 1.6 |
Capitalized interest | (8.5) | (1.9) | (9.5) |
Purchase of restricted investments - Asbestos | (180.1) | (114.6) | (25) |
Proceeds from restricted investments - Asbestos | 105.7 | 26.1 | 23.2 |
Net cash used in investing activities | (660.1) | (348.2) | (120.4) |
Cash Flows From Financing Activities | |||
Proceeds from credit facilities | 450 | 390 | 0 |
Repayments of credit facilities | (260) | (350) | (130) |
Repayment of senior unsecured notes | 0 | 0 | (400) |
Call redemption premium paid to note holders | 0 | 0 | (9.5) |
Debt issuance costs | 0 | (2.1) | 0 |
Proceeds from issuance of shares | 0.2 | 0.3 | 0.1 |
Repayment of finance lease obligations and borrowings | (1.5) | (1) | (0.8) |
Shares repurchased | (78.4) | 0 | 0 |
Dividends paid | (129.6) | (484) | 0 |
Taxes paid related to net share settlement of equity awards | (6.1) | (2.8) | 0 |
Net cash used in financing activities | (25.4) | (449.6) | (540.2) |
Effects of exchange rate changes on cash and cash equivalents, restricted cash and restricted cash - Asbestos | (8.4) | (5.9) | 6.3 |
Net (decrease) increase in cash and cash equivalents, restricted cash and restricted cash - Asbestos | (86.3) | (46.5) | 132.6 |
Cash and cash equivalents, restricted cash and restricted cash - Asbestos at beginning of period | 271.9 | 318.4 | 185.8 |
Cash and cash equivalents, restricted cash and restricted cash - Asbestos at end of period | 185.6 | 271.9 | 318.4 |
Non-Cash Investing and Financing Activities | |||
Capital expenditures incurred but not yet paid | 34.7 | 32.3 | 18 |
Supplemental Disclosure of Cash Flow Activities | |||
Cash paid during the year for interest | 41 | 37 | 56.4 |
Cash payment (refund) during the year for income taxes, net | 117.1 | 92.7 | (3.7) |
Cash paid to AICF | $ 109.6 | $ 248.5 | $ 153.3 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive (Loss) Gain |
Beginning balance at Mar. 31, 2020 | $ 1,035.3 | $ 230.6 | $ 207.3 | $ 659.5 | $ 0 | $ (62.1) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 262.8 | 262.8 | ||||
Other comprehensive gain (loss) | 55.5 | 55.5 | ||||
Stock-based compensation | 18 | 0.8 | 17.2 | |||
Issuance of ordinary shares | 0.1 | 0.1 | ||||
Dividends declared | (310.9) | (310.9) | ||||
Ending balance at Mar. 31, 2021 | 1,060.8 | 231.4 | 224.6 | 611.4 | 0 | (6.6) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 459.1 | 459.1 | ||||
Other comprehensive gain (loss) | (15.4) | (15.4) | ||||
Stock-based compensation | 6.2 | 0.7 | 5.5 | |||
Issuance of ordinary shares | 0.3 | 0.3 | ||||
Dividends declared | (178.1) | (178.1) | ||||
Ending balance at Mar. 31, 2022 | 1,332.9 | 232.1 | 230.4 | 892.4 | 0 | (22) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 512 | 512 | ||||
Other comprehensive gain (loss) | (31.3) | (31.3) | ||||
Stock-based compensation | 9.6 | 0.3 | 9.3 | |||
Issuance of ordinary shares | 0.2 | 0.2 | ||||
Dividends declared | (133.6) | (133.6) | ||||
Shares repurchased | (78.4) | (78.4) | ||||
Shares cancelled | 0 | (2.4) | (2) | (74) | 78.4 | |
Ending balance at Mar. 31, 2023 | $ 1,611.4 | $ 230 | $ 237.9 | $ 1,196.8 | $ 0 | $ (53.3) |
Organization and Significant Ac
Organization and Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization and Significant Accounting Policies | Organization and Significant Accounting Policies Nature of Operations James Hardie Industries plc ("JHI plc") manufactures and sells fiber cement, fiber gypsum and cement-bonded building products for interior and exterior building construction applications, primarily in the United States, Australia, Europe, New Zealand and the Philippines. Basis of Presentation The consolidated financial statements represent the financial position, results of operations and cash flows of JHI plc and its wholly-owned subsidiaries and variable interest entity (“VIE”). Unless the context indicates otherwise, JHI plc and its direct and indirect wholly-owned subsidiaries and VIE (as of the time relevant to the applicable reference) are collectively referred to as “James Hardie”, the “James Hardie Group” or the “Company”. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). All intercompany balances and transactions have been eliminated in consolidation. Summary of Significant Accounting Policies Variable Interest Entities A VIE is an entity that is evaluated for consolidation using more than a simple analysis of voting control. The analysis is based on: (i) what party has the power to direct the most significant activities of the VIE that impact its economic performance; and (ii) what party has rights to receive benefits or is obligated to absorb losses that are significant to the VIE. The analysis of the party that consolidates a VIE is a continual assessment. In February 2007, the Company’s shareholders approved the Amended and Restated Final Funding Agreement (the “AFFA”), an agreement pursuant to which the Company provides long-term funding to Asbestos Injuries Compensation Fund (“AICF”), a special purpose fund that provides compensation for the Australian-related personal injuries for which certain former subsidiary companies of James Hardie in Australia (being Amaca Pty Ltd (“Amaca”), Amaba Pty Ltd (“Amaba”) and ABN 60 Pty Limited (“ABN 60”) (collectively, the “Former James Hardie Companies”)) are found liable. JHI plc owns 100% of James Hardie 117 Pty Ltd (the “Performing Subsidiary”), which, under the terms of the AFFA, has an obligation to make payments to AICF on an annual basis subject to the provisions of the AFFA. JHI plc guarantees the Performing Subsidiary’s obligation. Additionally, the Company appoints three AICF directors and the New South Wales (“NSW”) Government appoints two AICF directors. Although the Company has no ownership interest in AICF, for financial reporting purposes, the Company consolidates AICF, which is a VIE as defined under US GAAP, due to its pecuniary and contractual interests in AICF as a result of the funding arrangements outlined in the AFFA. The Company’s consolidation of AICF results in AICF’s assets and liabilities being recorded on its consolidated balance sheets and AICF’s income and expense transactions being recorded in the consolidated statements of operations and comprehensive income. These items are Australian dollar-denominated and are subject to remeasurement into US dollars at each reporting date. For the fiscal years ended 31 March 2023, 2022 and 2021, the Company did not provide financial or other support to AICF that it was not previously contractually required to provide. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Foreign Currency Translation/Remeasurement All assets and liabilities are translated or remeasured into US dollars at current exchange rates while revenues and expenses are translated or remeasured at average exchange rates in effect for the period. The effects of foreign currency translation adjustments are included directly in other comprehensive income in shareholders’ equity. Gains and losses arising from foreign currency transactions are recognized in income. The Company has recorded on its consolidated balance sheet certain foreign assets and liabilities, including asbestos-related assets and liabilities under the terms of the AFFA, that are denominated in foreign currencies and subject to translation (foreign entities) or remeasurement (AICF entity and Euro denominated debt) into US dollars at each reporting date. Unless otherwise noted, the Company converts foreign currency denominated assets and liabilities into US dollars at the spot rate at the end of the reporting period; while revenues and expenses are converted using an average exchange rate for the period. The Company records gains and losses on its Euro denominated debt which are economically offset by foreign exchange gains and losses on loans between subsidiaries, resulting in a net immaterial translation gain or loss which is recorded in the Selling, general and administrative expenses in the consolidated statements of operations and comprehensive income. Restricted Cash and Cash Equivalents Restricted cash and cash equivalents, other than those amounts directly related to the AICF, generally relate to amounts subject to letters of credit with insurance companies, which restrict the cash from use for general corporate purposes. Accounts Receivable The Company evaluates the collectability of accounts receivable on an ongoing basis based on historical bad debts, customer credit-worthiness, current economic trends and changes in the Company's customer payment activity. An allowance for doubtful accounts is provided for known and estimated bad debts. Although credit losses have historically been within expectations, the Company cannot guarantee that it will continue to experience the same credit loss rates that it has had in the past. Inventories Inventories are valued at the lower of cost or net realizable value. Cost is generally determined under the first-in, first-out method, except that the cost of raw materials and supplies is determined using actual or average costs. Cost includes the costs of materials, labor and applied factory overhead. On a regular basis, the Company evaluates its inventory balances for excess quantities and obsolescence by analyzing demand, inventory on hand, sales levels and other information. Based on these evaluations, inventory costs are adjusted to net realizable value, if necessary. Property, Plant and Equipment Property, plant and equipment are stated at cost. Property, plant and equipment of businesses acquired are recorded at their estimated fair value at the date of acquisition. 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 1 to 27 Leasehold Improvements 1 to 40 Machinery and Equipment 1 to 39 Leases At lease commencement, which is generally when the Company takes possession of the asset, the Company records a lease liability and a corresponding right-of-use ("ROU") asset. Lease liabilities represent the present value of minimum lease payments over the expected lease term, which includes options to extend the lease when it is reasonably certain those options will be exercised. Determining the lease term and amount of lease payments to include in the calculation of the ROU asset and lease liability for leases containing options requires the use of judgment to determine whether the exercise of an option is reasonably certain, and if the option period and payments should be included in the calculation of the associated ROU asset and liability. In making this determination, the Company considers all relevant economic factors that would compel the Company to exercise an option. The Company’s leases generally do not provide a readily determinable implicit borrowing rate. As such, the discount rate used to calculate present value is the lessee’s incremental borrowing rate, which is primarily based upon the periodic risk-adjusted interest margin and the term of the lease. Minimum lease payments include base rent as well as fixed escalation of rental payments. In determining minimum lease payments, the Company separates non-lease components such as common area maintenance or other miscellaneous expenses that are updated based on landlord estimates for real estate leases. Additionally, many of the Company’s transportation and equipment leases require additional payments based on the underlying usage of the assets such as mileage and maintenance costs. Due to the variable nature of these costs, the cash flows associated with these costs are expensed as incurred and not included in the lease payments used to determine the ROU asset and associated lease liability. ROU assets represent the right to control the use of the leased asset during the lease term and are initially recognized as an amount equal to the lease liability. In addition, prepaid rent, initial direct costs, and adjustments for lease incentives are components of the ROU asset. Over the lease term, the lease expense is amortized on a straight-line basis beginning on the lease commencement date. ROU assets are assessed for impairment as part of the impairment of long-lived assets, which is performed whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. A ROU asset and lease liability are not recognized for leases with an initial term of 12 months or less, and the lease expense is recognized on a straight-line basis over the lease term. Depreciation and Amortization The Company records depreciation and amortization under both Cost of goods sold and Selling, general and administrative expenses, depending on the asset’s business use. All depreciation and amortization related to plant building, machinery and equipment is recorded in Cost of goods sold . Goodwill and Other Intangible Assets Goodwill is the excess of purchase price over the fair value of tangible and identifiable intangible net assets acquired in various business combinations. Goodwill is not amortized but is tested at the reporting unit level for impairment annually, or more often if indicators of impairment exist. Factors that could cause an impairment in the future could include, but are not limited to, adverse macroeconomic conditions, deterioration in industry or market conditions, decline in revenue and cash flows or increases in costs and capital expenditures compared to projected results. A goodwill impairment charge is recorded for the amount by which the carrying value of the reporting unit exceeds the fair value of the reporting unit. Intangible assets from acquired businesses are recognized at their estimated fair values at the date of acquisition and consist of trademarks, customer relationships and other intangible assets. Finite-lived intangibles are amortized to expense over the applicable useful lives, ranging from 2 to 13 years, based on the nature of the asset and the underlying pattern of economic benefit as reflected by future net cash inflows. The Company performs an impairment test of goodwill and intangibles annually, or whenever events or changes in circumstances indicate their carrying value may be impaired. During the third quarter of fiscal year 2023, the Company performed its annual test noting no impairment. Impairment of Long-Lived Assets Long-lived assets, such as property, plant and equipment, are evaluated each quarter for events or changes in circumstances that indicate that an asset might be impaired because the carrying amount of the asset may not be recoverable. These include, without limitation, a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used, a current period operating or cash flow loss combined with a history of operating or cash flow losses, a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group and/or a current expectation that it is more likely than not that a long lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. When such indicators of potential impairment are identified, recoverability is tested by grouping long-lived assets that are used together and represent the lowest level for which cash flows are identifiable and distinct from the cash flows of other long-lived assets, which is typically at the production line or plant facility level, depending on the type of long-lived asset subject to an impairment review. Recoverability is measured by a comparison of the carrying amount of the asset group to the estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying amount exceeds the estimated undiscounted future cash flows, an impairment charge is recognized at the amount by which the carrying amount exceeds the estimated fair value of the asset group. The methodology used to estimate the fair value of the asset group is based on a discounted cash flow analysis or a relative, market-based approach based on purchase offers or appraisals received from third parties, that considers the asset group’s highest and best use that would maximize the value of the asset group. In addition, the estimated fair value of an asset group also considers, to the extent practicable, a market participant’s expectations and assumptions in estimating the fair value of the asset group. If the estimated fair value of the asset group is less than the carrying value, an impairment loss is recognized at an amount equal to the excess of the carrying value over the estimated fair value of the asset group. Accrued Product Warranties An accrual for estimated future warranty costs is recorded based on an analysis by the Company, which includes the historical relationship of warranty costs to installed product at an estimated remediation cost per standard foot. Based on this analysis and other factors, the adequacy of the Company’s warranty provision is adjusted as necessary. Debt The Company’s debt consists of senior unsecured notes and an unsecured revolving credit facility. Each of the Company's debt instruments is recorded at cost, net of any original issue discount or premium, where applicable. The related original issue discount, premium and debt issuance costs are amortized over the term of each respective borrowing using the straight line method. Debt is presented as current if the liability is due to be settled within 12 months after the balance sheet date, unless the Company has the ability and intention to refinance on a long-term basis in accordance with US GAAP. See Fair Value Measurements below and Note 10 for the Company’s fair value considerations. In addition, the Company consolidates AICF which has a loan facility, which is included in Asbestos-related Accounting Policies below. Revenue Recognition The Company recognizes revenues when the requisite performance obligation has been met, that is, when the Company transfers control of its products to customers, which depending on the terms of the underlying contract, is generally upon delivery. The Company records estimated reductions in sales for customer rebates and discounts including volume, promotional, cash and other discounts. Rebates and discounts are recorded based on management’s best estimate when products are sold. The estimates are based on historical experience for similar programs and products. Management reviews these rebates and discounts on an ongoing basis and the related accruals are adjusted, if necessary, as additional information becomes available. A portion of the Company’s revenue is made through distributors under vendor managed inventory agreements whereby revenue is recognized upon the transfer of title and risk of loss to the distributors. Advertising Costs Advertising costs are expensed as incurred and were US$83.1 million, US$53.7 million and US$27.2 million for the fiscal years ended 31 March 2023, 2022 and 2021, respectively. Income Taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred income taxes are recognized by applying enacted statutory rates applicable to future years to differences between the tax bases and financial reporting amounts of existing assets and liabilities. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. The realization of the US deferred tax assets is affected primarily by the continued profitability of the US business. A valuation allowance is provided when it is more likely than not that all or some portion of deferred tax assets will not be realized. Income taxes payable represents taxes currently payable which are computed at statutory income tax rates applicable to taxable income derived in each jurisdiction in which the Company conducts business. Interest and penalties related to uncertain tax positions are recognized in Income tax expense on the consolidated statements of operations and comprehensive income. The Company accrues for tax contingencies based upon its best estimate of the taxes ultimately expected to be paid, which it updates over time as more information becomes available. Such amounts are included in taxes payable or other non-current liabilities, as appropriate. If the Company ultimately determines that payment of these amounts is unnecessary, the Company reverses the liability and recognizes a tax benefit during the period in which the Company determines that the liability is no longer necessary. The Company records additional tax expense in the period in which it determines that the recorded tax liability is less than the ultimate assessment it expects. Taxing authorities from various jurisdictions in which the Company operates are in the process of reviewing and auditing the Company’s respective jurisdictional tax returns for various ranges of years. The Company accrues tax liabilities in connection with ongoing audits and reviews based on knowledge of all relevant facts and circumstances, taking into account existing tax laws, its experience with previous audits and settlements, the status of current tax examinations and how the tax authorities view certain issues. Financial Instruments The Company calculates the fair value of financial instruments and includes this additional information in the notes to the consolidated financial statements. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Periodically, forward exchange contracts are used to manage market risks and reduce exposure resulting from fluctuations in foreign currency exchange rates. Changes in the fair value of financial instruments that are not designated as hedges are recorded in earnings within Asbestos adjustments loss, Other expense, net and Selling, general and administrative expenses at each measurement date. The Company does not use derivatives for trading purposes. Fair Value Measurements Assets and liabilities of the Company that are carried or disclosed at fair value are classified in one of the following three categories: Level 1 Quoted market prices in active markets for identical assets and liabilities that the Company has the ability to access at the measurement date; Level 2 Observable market-based inputs or unobservable inputs that are corroborated by market data for the asset or liability at the measurement date; Level 3 Unobservable inputs that are not corroborated by market data used when there is minimal market activity for the asset or liability at the measurement date. Fair value measurements of assets and liabilities are assigned a level within the fair value hierarchy based on the lowest level of any input that is significant to the fair value measurement in its entirety. The carrying amounts of Cash and cash equivalents, Restricted cash and cash equivalents, Trade receivables, Trade payables and the Revolving Credit Facility approximates their respective fair values due to the short-term nature of these instruments. Stock-based Compensation Stock-based compensation expense represents the estimated fair value of equity-based and liability-classified awards granted to employees and is recognized as an expense over the vesting period. Forfeitures of stock-based awards are accounted for as they occur. Stock-based compensation expense is included in the line item Selling, general and administrative expenses on the consolidated statements of operations and comprehensive income. Equity awards with vesting based solely on a service condition are typically subject to graded vesting, in that the awards outstanding generally vest as follows: 25% at the first anniversary date of the grant; 25% at the second anniversary date of the grant; and 50% at the third anniversary date of the grant. For equity awards subject to graded vesting, the Company has elected to use the accelerated recognition method. Accordingly, each vesting tranche is valued separately, and the recognition of stock-based compensation expense is more heavily weighted earlier in the vesting period. Stock-based compensation expense for equity awards that are subject to performance or market vesting conditions are based upon an estimate of the number of awards that are expected to vest and typically recognized ratably over the vesting period. The Company issues new shares to award recipients when the vesting condition for restricted stock units (“RSUs”) has been satisfied or when a stock option is exercised. For RSUs subject to a service vesting condition, the fair value is equal to the market value of the Company’s common stock on the date of grant, adjusted for the fair value of estimated dividends as the restricted stock holder is not entitled to dividends over the vesting period. For RSUs subject to a performance vesting condition, the vesting of these units is subject to a return on capital employed (“ROCE”) performance hurdle being met and is subject to negative discretion by the Board. The Board’s discretion will reflect the Board’s judgment of the quality of the returns balanced against management’s delivery of market share growth and a scorecard of key qualitative and quantitative performance objectives. The expense is recognized ratably over the vesting period and is adjusted for subsequent changes in JHI plc’s common stock price at each balance sheet date adjusted for the fair value of estimated dividends as the restricted stock unit holder is not entitled to dividends over the vesting period. For RSUs subject to a market vesting condition, the vesting of these units is based on James Hardie’s performance against its Peer Group for the 20 trading days preceding the test date. The fair value of each of these units is estimated using a binomial lattice model that incorporates a Monte Carlo simulation (the “Monte Carlo” method). For cash settled units ("CSUs"), compensation expense is recognized based upon an estimate of the number of awards that are expected to vest and the fair market value of JHI plc’s common stock on the date of the grant. The expense is recognized ratably over the vesting period and the liability is adjusted for subsequent changes in JHI plc’s common stock price at each balance sheet date adjusted for the fair value of estimated dividends as the restricted stock unit holder is not entitled to dividends over the vesting period. Stock options have a 3-year cliff vesting schedule from the date of grant. The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option-pricing model. Loss Contingencies The Company recognizes a liability for asserted and unasserted claims in the period in which a loss becomes probable and estimable. The amount of a reasonably probable loss is dependent on a number of factors including, without limitation, the specific facts and circumstances unique to each claim, the existence of any co-defendants involved in defending the claim, the solvency of such co-defendants (including the ability of such co-defendants to remain solvent until the related claim is ultimately resolved), and the availability of claimant compensation under a government compensation scheme. To the extent that it is probable and estimable, the estimated loss for these matters, incorporates assumptions that are subject to the foregoing uncertainties and are principally derived from, but not exclusively based on, historical claims experience together with facts and circumstances unique to each claim. If the nature and extent of claims in future periods differ from historical claims experience, the Company's assessment of probable and estimable liability with respect to current asserted claims changes and/or actual liability is different to the estimates, then the actual amount of loss may be materially higher or lower than estimated losses accrued. Asbestos-related Accounting Policies Asbestos Liability The amount of the asbestos liability has been recognized by reference to (but not exclusively based upon) the most recent actuarial estimate of projected future cash flows as calculated by KPMG, who are engaged and appointed by AICF under the terms of the AFFA. Based on their assumptions, KPMG arrived at a range of possible total future cash flows and calculated a central estimate, which is intended to reflect a probability-weighted expected outcome of those actuarially estimated future cash flows projected by KPMG to occur through 2071. The Company recognizes the asbestos liability in the consolidated financial statements by reference to (but not exclusively based upon) the undiscounted and uninflated central estimate. The Company considered discounting when determining the best estimate under US GAAP. The Company has recognized the asbestos liability by reference to (but not exclusively based upon) the central estimate as undiscounted on the basis that the timing and amounts of such cash flows are not fixed or readily determinable. The Company considered inflation when determining the best estimate under US GAAP. It is the Company’s view that there are material uncertainties in estimating an appropriate rate of inflation over the extended period of the AFFA. The Company views the undiscounted and uninflated central estimate as the best estimate under US GAAP. Adjustments in the asbestos liability due to changes in the actuarial estimate of projected future cash flows and changes in the estimate of future operating costs of AICF are reflected in the consolidated statements of operations and comprehensive income during the period in which they occur. Claims paid by AICF and claims-handling costs incurred by AICF are treated as reductions in the Asbestos liability balances. Insurance Receivable The insurance receivable recorded by the Company has been recognized by reference to (but not exclusively based upon) the most recent actuarial estimate of recoveries expected from insurance policies and insurance companies with exposure to the asbestos claims, as calculated by KPMG. The assessment of recoveries is based on the expected pattern of claims against such policies less an allowance for credit risk based on credit agency ratings. The insurance receivable generally includes these cash flows as undiscounted and uninflated, however, where the timing of recoveries has been agreed with the insurer, the receivables are recorded on a discounted basis. The Company records insurance receivables that are deemed probable of being realized. Adjustments in the insurance receivable due to changes in the actuarial estimate, or changes in the Company’s assessment of recoverability are reflected in the consolidated statements of operations and comprehensive income during the period in which they occur. Insurance recoveries are treated as a reduction in the insurance receivable balance. Workers’ Compensation An estimate of the liability related to workers’ compensation claims is prepared by KPMG as part of the annual actuarial assessment. This estimate contains two components - amounts that will be met by a workers’ compensation scheme or policy and amounts that will be met by the Former James Hardie Companies. The estimated liability is included as part of the asbestos liability and adjustments to the estimate are reflected in the consolidated statements of operations and comprehensive income during the period in which they occur. Amounts that are expected to be paid by the workers’ compensation schemes or policies are recorded as workers’ compensation receivable. Adjustments to the workers’ compensation liability result in an equal adjustment in the workers’ compensation receivable recorded by the Company and have no effect on the consolidated statements of operations and comprehensive income. Restricted Cash and Cash Equivalents Cash and cash equivalents of AICF are reflected as restricted assets, as the use of these assets is restricted to the settlement of asbestos claims and payment of the operating costs of AICF. Since cash and cash equivalents are highly liquid, the Company classifies these amounts as a current asset on the consolidated balance sheets. Restricted Investments Restricted investments of AICF consist of highly liquid investments held in the custody of major financial institutions and are classified as held to maturity ("HTM") due to AICF's ability and intent to hold these securities to maturity. These restricted investments are carried at amortized cost. Deferred Income Taxes The Performing Subsidiary can claim a tax deduction for its contributions to AICF over a five-year period commencing in the year the contribution is incurred. Consequently, a deferred tax asset has been recognized equivalent to the anticipated tax benefit over the life of the AFFA. Adjustments are made to the deferred income tax asset as adjustments to the asbestos-related assets and liabilities are recorded. Asbestos Adjustments loss The Asbestos adjustments loss reflected in the consolidated statements of operations and comprehensive income reflect the net change in the actuarial estimate of the asbestos liability and insurance receivables, and the change in the estimate of AICF claims handling costs. Additionally, as the asbestos-related assets and liabilities are denominated in Australian dollars, the reported values of these asbestos-related assets and liabilities in the Company’s consolidated balance sheets in US dollars are subject to adjustment depending on the closing exchange rate between the two currencies at the balance sheet dates, the effect of which is also included in Asbestos adjustments loss in the consolidated statements of operations and comprehensive income. Further, changes in the fair value of forward exchange contracts entered into to reduce exposure to the change in foreign currency exchange rates associated with AICF payments are recorded in Asbestos adjustments loss . Accounting Pronouncements Adopted in Fiscal Year 2023 In November 2021, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2021-10, Government Assistance (Topic 832). The amendments in the standard were issued to require annual disclosures about transactions with a government that are accounting for by analogizing to a grant on contribution model. The new guidance requires disclosure of the nature of the transactions and related accounting policy used, the line items on the balance sheets or consolidated statements of operations and comprehensive income and the amounts applicable to each financial statement line item, and significant terms of the transactions. The Company adopted ASU No. 2021-10 on 31 March 2023 with no impact to our financial statements or related disclosures as the transactions in scope of this guidance were immaterial. Earnings Per Share Basic earnings per share ("EPS") is calculated using net income divided by the weight |
Revenues
Revenues | 12 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues The following represents the Company's disaggregated revenues: Year Ended 31 March 2023 (Millions of US dollars) North America Asia Pacific Europe Building Consolidated Fiber cement revenues $ 2,787.6 $ 539.2 $ 68.6 $ 3,395.4 Fiber gypsum revenues — — 381.7 381.7 Total revenues $ 2,787.6 $ 539.2 $ 450.3 $ 3,777.1 Year Ended 31 March 2022 (Millions of US dollars) North America Asia Pacific Europe Building Consolidated Fiber cement revenues $ 2,551.3 $ 574.9 $ 76.3 $ 3,202.5 Fiber gypsum revenues — — 412.2 412.2 Total revenues $ 2,551.3 $ 574.9 $ 488.5 $ 3,614.7 Year Ended 31 March 2021 (Millions of US dollars) North America Asia Pacific Europe Building Consolidated Fiber cement revenues $ 2,040.2 $ 458.2 $ 55.3 $ 2,553.7 Fiber gypsum revenues — — 355.0 355.0 Total revenues $ 2,040.2 $ 458.2 $ 410.3 $ 2,908.7 The process by which the Company recognizes revenues is similar across each of the Company's reportable segments. Fiber cement and fiber gypsum revenues are primarily generated from the sale of siding and various boards used in external and internal applications, as well as accessories. Fiber gypsum revenues also includes the sale of cement-bonded boards in the Europe Building Products segment. The Company recognizes revenues when the requisite performance obligation has been met, that is, when the Company transfers control of its products to customers, which depending on the terms of the underlying contract, is generally upon delivery. The Company considers shipping and handling activities that it performs as activities to fulfill the sales of its products, with amounts billed for such costs included in net sales and the associated costs incurred for such services recorded in cost of sales, in accordance with the practical expedient provided by Accounting Standards Codification ("ASC") 606. Certain of the Company's customers receive discounts and rebates as sales incentives, amounts which are recorded as a reduction to revenue at the time the revenue is recognized. These amounts are an estimate recorded by the Company based on historical experience and contractual obligations, the underlying assumptions of which are periodically reviewed and adjusted by the Company, as necessary. |
Cash and Cash Equivalents, Rest
Cash and Cash Equivalents, Restricted Cash and Restricted Cash - Asbestos | 12 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents, Restricted Cash and Restricted Cash - Asbestos [Abstract] | |
Cash and Cash Equivalents, Restricted Cash and Restricted Cash - Asbestos | Cash and Cash Equivalents, Restricted Cash and Restricted Cash - Asbestos The following table provides a reconciliation of Cash and cash equivalents, Restricted cash and Restricted cash - Asbestos reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: 31 March (Millions of US dollars) 2023 2022 Cash and cash equivalents $ 113.0 $ 125.0 Restricted cash 5.0 5.0 Restricted cash - Asbestos 67.6 141.9 Total cash and cash equivalents, restricted cash and restricted cash - Asbestos $ 185.6 $ 271.9 |
Accounts and Other Receivables
Accounts and Other Receivables | 12 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Accounts and Other Receivables | Accounts and Other Receivables Accounts and other receivables consist of the following components: 31 March (Millions of US dollars) 2023 2022 Trade receivables $ 301.2 $ 336.4 Income taxes receivable 29.6 29.8 Other receivables and advances 26.6 35.6 Provision for doubtful trade receivables (2.6) (3.4) Total accounts and other receivables $ 354.8 $ 398.4 The following are changes in the provision for doubtful trade receivables: 31 March (Millions of US dollars) 2023 2022 2021 Balance at beginning of period $ 3.4 $ 6.1 $ 4.4 Adjustment to provision (0.6) (2.2) 3.1 Write-offs, net of recoveries (0.2) (0.5) (1.4) Balance at end of period $ 2.6 $ 3.4 $ 6.1 |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following components: 31 March (Millions of US dollars) 2023 2022 Finished goods $ 237.8 $ 187.3 Work-in-process 23.0 16.2 Raw materials and supplies 93.9 82.1 Provision for obsolete finished goods and raw materials (10.5) (5.9) Total inventories $ 344.2 $ 279.7 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The following are the changes in the carrying value of goodwill: (Millions of US dollars) Europe Building Products Balance - 31 March 2021 $ 209.3 Foreign exchange impact (9.8) Balance - 31 March 2022 $ 199.5 Foreign exchange impact (4.6) Balance - 31 March 2023 $ 194.9 Intangible Assets The following are the net carrying amount of indefinite lived intangible assets other than goodwill: 31 March (Millions of US dollars) 2023 2022 Tradenames $ 112.3 $ 115.0 Other 7.4 7.4 Total $ 119.7 $ 122.4 The following are the net carrying amount of amortizable intangible assets: Year Ended 31 March 2023 (Millions of US dollars) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer Relationships $ 47.9 $ (12.4) $ 35.5 Total $ 47.9 $ (12.4) $ 35.5 Year Ended 31 March 2022 (Millions of US dollars) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer Relationships $ 52.9 $ (12.5) $ 40.4 Total $ 52.9 $ (12.5) $ 40.4 The amortization of intangible assets was US$3.8 million, US$3.5 million and US$2.6 million for the fiscal years ended 31 March 2023, 2022 and 2021, respectively. At 31 March 2023, the estimated future amortization of intangible assets is as follows: Years ended 31 March (Millions of US dollars): 2024 $ 4.3 2025 4.5 2026 4.6 2027 4.9 2028 5.0 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consist of the following components: 31 March (Millions of US dollars) 2023 2022 Land $ 79.8 $ 83.6 Buildings 568.1 530.6 Machinery and equipment 2,044.2 1,880.0 Construction in progress 502.6 167.9 Property, plant and equipment, at cost 3,194.7 2,662.1 Less accumulated depreciation (1,355.1) (1,205.1) Property, plant and equipment, net $ 1,839.6 $ 1,457.0 Depreciation expense for the fiscal years ended 31 March 2023, 2022 and 2021 was US$166.8 million, US$155.6 million and US$129.6 million, respectively. The amount of capitalized interest was US$8.5 million and US$1.9 million for the years ended 31 March 2023 and 2022, respectively. |
Leases
Leases | 12 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | LeasesThe Company's lease portfolio consists primarily of real estate, forklifts at its manufacturing facilities and a fleet of vehicles primarily for sales representatives. The lease term for all of its leases includes the non-cancellable period of the lease plus any additional periods covered by either an option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. The following table represents the Company's ROU assets and lease liabilities: 31 March (Millions of US dollars) 2023 2022 Assets: Operating leases, net $ 59.4 $ 57.8 Finance leases, net 2.0 2.3 Total right-of-use assets $ 61.4 $ 60.1 Liabilities: Operating leases: Current $ 18.1 $ 12.5 Non-Current 61.1 63.1 Total operating lease liabilities $ 79.2 $ 75.6 Finance leases: Current $ 0.8 $ 1.1 Non-Current 1.4 1.5 Total finance lease liabilities $ 2.2 $ 2.6 Total lease liabilities $ 81.4 $ 78.2 The following table represents the Company's lease expense: Years Ended 31 March (Millions of US dollars) 2023 2022 2021 Operating leases $ 20.2 $ 21.6 $ 17.0 Short-term leases 3.2 1.7 2.1 Finance leases 1.4 1.0 0.9 Interest on lease liabilities 0.2 0.1 0.1 Total lease expense $ 25.0 $ 24.4 $ 20.1 The weighted-average remaining lease term of the Company's leases is as follows: 31 March (In Years) 2023 2022 Operating leases 7.9 8.0 Finance leases 3.1 3.2 The weighted-average discount rate of the Company's leases is as follows: 31 March 2023 2022 Operating leases 4.6 % 4.3 % Finance leases 4.3 % 4.1 % The following are future lease payments for non-cancellable leases at 31 March 2023: Years ended 31 March (Millions of US dollars): Operating Finance Total 2024 $ 20.2 $ 0.8 $ 21.0 2025 15.4 0.7 16.1 2026 11.8 0.5 12.3 2027 7.4 0.1 7.5 2028 6.7 — 6.7 Thereafter 35.9 — 35.9 Total $ 97.4 $ 2.1 $ 99.5 Less: imputed interest 18.1 Total lease liabilities $ 81.4 Supplemental cash flow and other information related to leases were as follows: Years Ended 31 March (Millions of US dollars) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 20.9 $ 23.8 Operating cash flows used for finance leases 0.2 0.1 Financing cash flows used for finance leases 1.5 1.0 Non-cash ROU assets obtained in exchange for new lease liabilities 16.8 31.8 Non-cash remeasurements increasing ROU assets and lease liabilities 5.7 1.3 |
Leases | LeasesThe Company's lease portfolio consists primarily of real estate, forklifts at its manufacturing facilities and a fleet of vehicles primarily for sales representatives. The lease term for all of its leases includes the non-cancellable period of the lease plus any additional periods covered by either an option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. The following table represents the Company's ROU assets and lease liabilities: 31 March (Millions of US dollars) 2023 2022 Assets: Operating leases, net $ 59.4 $ 57.8 Finance leases, net 2.0 2.3 Total right-of-use assets $ 61.4 $ 60.1 Liabilities: Operating leases: Current $ 18.1 $ 12.5 Non-Current 61.1 63.1 Total operating lease liabilities $ 79.2 $ 75.6 Finance leases: Current $ 0.8 $ 1.1 Non-Current 1.4 1.5 Total finance lease liabilities $ 2.2 $ 2.6 Total lease liabilities $ 81.4 $ 78.2 The following table represents the Company's lease expense: Years Ended 31 March (Millions of US dollars) 2023 2022 2021 Operating leases $ 20.2 $ 21.6 $ 17.0 Short-term leases 3.2 1.7 2.1 Finance leases 1.4 1.0 0.9 Interest on lease liabilities 0.2 0.1 0.1 Total lease expense $ 25.0 $ 24.4 $ 20.1 The weighted-average remaining lease term of the Company's leases is as follows: 31 March (In Years) 2023 2022 Operating leases 7.9 8.0 Finance leases 3.1 3.2 The weighted-average discount rate of the Company's leases is as follows: 31 March 2023 2022 Operating leases 4.6 % 4.3 % Finance leases 4.3 % 4.1 % The following are future lease payments for non-cancellable leases at 31 March 2023: Years ended 31 March (Millions of US dollars): Operating Finance Total 2024 $ 20.2 $ 0.8 $ 21.0 2025 15.4 0.7 16.1 2026 11.8 0.5 12.3 2027 7.4 0.1 7.5 2028 6.7 — 6.7 Thereafter 35.9 — 35.9 Total $ 97.4 $ 2.1 $ 99.5 Less: imputed interest 18.1 Total lease liabilities $ 81.4 Supplemental cash flow and other information related to leases were as follows: Years Ended 31 March (Millions of US dollars) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 20.9 $ 23.8 Operating cash flows used for finance leases 0.2 0.1 Financing cash flows used for finance leases 1.5 1.0 Non-cash ROU assets obtained in exchange for new lease liabilities 16.8 31.8 Non-cash remeasurements increasing ROU assets and lease liabilities 5.7 1.3 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of the following components: 31 March (Millions of US dollars) 2023 2022 Trade creditors $ 198.2 $ 273.6 Accrued interest 4.7 4.6 Accrued customer rebates 126.2 126.2 Other creditors and accruals 58.6 53.6 Total accounts payable and accrued liabilities $ 387.7 $ 458.0 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt 31 March (Millions of US dollars) 2023 2022 Senior unsecured notes: Principal amount 3.625% notes due 2026 (€400.0 million) $ 436.1 $ 446.4 Principal amount 5.000% notes due 2028 400.0 400.0 Total 836.1 846.4 Unsecured revolving credit facility 230.0 40.0 Unamortized debt issuance costs: (7.1) (9.1) Total Long-term debt $ 1,059.0 $ 877.3 Weighted average interest rate of Long-term debt 4.7 % 4.2 % Weighted average term of available Long-term debt 4.0 years 5.0 years Fair value of Senior unsecured notes (Level 1) $ 785.2 $ 845.1 Unsecured Revolving Credit Facility In December 2021, James Hardie International Finance Designated Activity Company (“JHIF”) and James Hardie Building Products Inc. (“JHBP”), each a wholly-owned subsidiary of JHI plc, entered into a new US$600.0 million revolving credit facility with certain commercial banks and HSBC Bank USA, National Association, as administrative agent. The size of the revolving credit facility may be increased by up to US$250.0 million through the exercise of an accordion option. The revolving credit facility, which will mature in December 2026 and may be extended for two additional one year terms, replaces the prior credit facility agreement of US$500.0 million which was scheduled to mature in December 2022. Debt issuance costs in connection with the revolving credit facility will be amortized as interest expense over the stated term of five years. Borrowings under the revolving credit facility bear interest at per annum rates equal to, at the borrower’s option, either: (i) the London Interbank Offered Rate (“LIBOR”) plus an applicable margin for LIBOR loans; or (ii) a base rate plus an applicable margin for base rate loans. For LIBOR Loans, the applicable margin ranges from 1.25% to 2.00%, and for base rate loans it ranges from 0.25% to 1.00%. Included in the revolving credit facility is a benchmark provision for the migration from LIBOR, which will be in effect no later than June 2023. The Company also pays a commitment fee of between 0.20% and 0.35% on the actual daily amount of the unutilized revolving loans. Guarantees and Compliance The indenture governing the senior unsecured notes contain covenants that, among other things, limit the ability of the guarantors and their restricted subsidiaries to incur liens on assets, make certain restricted payments, engage in certain sale and leaseback transactions and merge or consolidate with or into other companies. These covenants are subject to certain exceptions and qualifications as described in the indenture. At 31 March 2023, the Company was in compliance with all of its requirements under the indenture related to the senior unsecured notes. The senior unsecured notes are guaranteed by James Hardie International Group Limited ("JHIGL"), JHBP and James Hardie Technology Limited ("JHTL"), each of which are wholly-owned subsidiaries of JHI plc. The revolving credit facility agreement contains certain covenants that, among other things, restrict JHIGL and its restricted subsidiaries’ ability to incur indebtedness and grant liens other than certain types of permitted indebtedness and permitted liens, make certain restricted payments, and undertake certain types of mergers or consolidations actions. At 31 March 2023, the Company was in compliance with all covenants contained in the revolving credit facility agreement. The revolving credit facility is guaranteed by each of JHIGL and JHTL, each of which are wholly-owned subsidiaries of JHI plc. Off Balance Sheet Arrangements As of 31 March 2023, the Company had a total borrowing base capacity under the revolving credit facility of US$600.0 million with outstanding borrowings of US$230.0 million, and US$7.2 million of issued but undrawn letters of credit and bank guarantees. These letters of credit and bank guarantees relate to various operational matters including insurance, performance bonds and other items, leaving the Company with US$362.8 million of available borrowing capacity under the revolving credit facility. |
Product Warranties
Product Warranties | 12 Months Ended |
Mar. 31, 2023 | |
Guarantees [Abstract] | |
Product Warranties | Product Warranties The Company offers various warranties on its products, including a 30-year limited warranty on certain fiber cement siding products in the United States. A typical warranty program requires the Company to replace defective products within a specified time period from the date of sale. It is possible that future warranty costs could differ from those estimates. The following are the changes in the product warranty provision: 31 March (Millions of US dollars) 2023 2022 2021 Balance at beginning of period $ 37.7 $ 39.6 $ 42.4 Increase in accrual 1.2 1.9 2.4 Settlements made in cash or in kind (3.3) (3.8) (5.2) Balance at end of period $ 35.6 $ 37.7 $ 39.6 |
Asbestos
Asbestos | 12 Months Ended |
Mar. 31, 2023 | |
Asbestos [Abstract] | |
Asbestos | AsbestosThe AFFA was approved by shareholders in February 2007 to provide long-term funding to AICF. For a discussion of the AFFA and the accounting policies utilized by the Company related to the AFFA and AICF, see Note 1. Asbestos Adjustments loss The Asbestos adjustments loss included in the consolidated statements of operations and comprehensive income comprise the following: Years Ended 31 March (Millions of US dollars) 2023 2022 2021 Change in estimates: Change in actuarial estimate - asbestos liability $ 56.0 $ 145.6 $ 33.0 Change in actuarial estimate - insurance receivable (0.1) (5.3) (2.0) Change in estimate - AICF claims-handling costs 1.2 0.6 1.5 Subtotal - Change in estimates 57.1 140.9 32.5 Effect of foreign exchange on Asbestos net liabilities (45.9) (13.2) 123.0 Loss (gain) on foreign currency forward contracts 24.5 5.3 (11.7) Other 1.3 (1.3) 0.1 Asbestos adjustments loss $ 37.0 $ 131.7 $ 143.9 Actuarial Study; Claims Estimate AICF commissioned an updated actuarial study of potential asbestos-related liabilities as of 31 March 2023. Based on KPMG’s assumptions, KPMG arrived at a range of possible total cash flows and calculated a central estimate, which is intended to reflect a probability-weighted expected outcome of those actuarial estimated future cash flows. The following table sets forth the central estimates, net of insurance recoveries, calculated by KPMG as of 31 March 2023: As of 31 March 2023 (Millions of US and Australian dollars, respectively) US$ A$ Central Estimate – Discounted and Inflated 1,012.0 1,508.0 Central Estimate – Undiscounted but Inflated 1,289.0 1,920.8 Central Estimate – Undiscounted and Uninflated 895.6 1,334.6 The asbestos liability has been revised to reflect the most recent undiscounted and uninflated actuarial estimate prepared by KPMG as of 31 March 2023. In estimating the potential financial exposure, KPMG has made a number of assumptions, including, but not limited to, assumptions related to the peak period of claims, total number of claims that are reasonably estimated to be asserted through 2071, the typical cost of settlement (which is sensitive to, among other factors, the industry in which a plaintiff claims exposure, the alleged disease type, the age of the claimant and the jurisdiction in which the action is brought), the legal costs incurred in the litigation of such claims, the rate of receipt of claims, the settlement strategy in dealing with outstanding claims and the timing of settlements. Changes to the assumptions may be necessary in future periods should mesothelioma claims reporting escalate or decline. Due to inherent uncertainties in the legal and medical environment, the number and timing of future claim notifications and settlements, the recoverability of claims against insurance contracts, and estimates of future trends in average claim awards, as well as the extent to which the above named entities will contribute to the overall settlements, the actual liability could differ materially from that which is currently recorded. The potential range of costs as estimated by KPMG is affected by a number of variables such as nil settlement rates, peak year of claims, past history of claims numbers, average settlement rates, past history of Australian asbestos-related medical injuries, current number of claims, average defense and plaintiff legal costs, base wage inflation and superimposed inflation. The potential range of losses disclosed includes both asserted and unasserted claims. A sensitivity analysis was performed by KPMG to determine how the actuarial estimates would change if certain assumptions (i.e., the rate of inflation and superimposed inflation, the average costs of claims and legal fees, and the projected numbers of claims) were different from the assumptions used to determine the central estimates. The sensitivity analysis performed in the actuarial report is directly related to the discounted but inflated central estimate and the undiscounted but inflated central estimate. The actual cost of the liabilities could be outside of that range depending on the results of actual experience relative to the assumptions made. The following table summarizes the results of the analysis: As of 31 March 2023 (Millions of US and Australian dollars, respectively) US$ A$ Discounted (but inflated) - Low 783.5 1,167.5 Discounted (but inflated) - High 1,581.8 2,357.0 Undiscounted (but inflated) - Low 978.3 1,457.8 Undiscounted (but inflated) - High 2,114.9 3,151.4 Potential variation in the estimated peak period of claims has an impact much greater than the other assumptions used to derive the discounted central estimate. In performing the sensitivity assessment of the estimated incidence pattern reporting for mesothelioma, if the pattern of incidence was shifted by two years, the central estimate could increase by approximately 21% on a discounted basis. Claims Data The following table shows the activity related to the numbers of open claims, new claims and closed claims during each of the past five years and the average settlement per settled claim and case closed: For the Years Ended 31 March 2023 2022 2021 2020 2019 Number of open claims at beginning of period 365 360 393 332 336 Number of new claims Direct claims 403 411 392 449 430 Cross claims 152 144 153 208 138 Number of closed claims 561 550 578 596 572 Number of open claims at end of period 359 365 360 393 332 Average settlement amount per settled claim A$303,000 A$314,000 A$248,000 A$277,000 A$262,000 Average settlement amount per case closed 1 A$271,000 A$282,000 A$225,000 A$245,000 A$234,000 Average settlement amount per settled claim US$208,000 US$232,000 US$178,000 US$189,000 US$191,000 Average settlement amount per case closed 1 US$186,000 US$208,000 US$162,000 US$167,000 US$171,000 1 The average settlement amount per case closed includes nil settlements. Under the terms of the AFFA, the Company has rights of access to actuarial information produced for AICF by the actuary appointed by AICF, which is currently KPMG. The Company’s disclosures with respect to claims statistics are subject to it obtaining such information, however, the AFFA does not provide the Company an express right to audit or otherwise require independent verification of such information or the methodologies to be adopted by the approved actuary. As such, the Company relies on the accuracy and completeness of the information provided by AICF to the approved actuary and the resulting information and analysis of the approved actuary when making disclosures with respect to claims statistics. The following is a detailed rollforward of the Net Unfunded AFFA liability, net of tax, for the fiscal year ended 31 March 2023: (Millions of US dollars) Asbestos Insurance Restricted Other Net Deferred Income Net Opening Balance - 31 March 2022 $ (1,143.7) $ 45.7 $ 261.6 $ (1.1) $ (837.5) $ 360.1 $ 43.9 $ (433.5) Asbestos claims paid 106.8 — (106.8) — — — — — Payment received in accordance with AFFA — — 109.6 — 109.6 — — 109.6 AICF claims-handling costs incurred (paid) 1.1 — (1.1) — — — — — AICF operating costs paid - non claims-handling — — (1.5) — (1.5) — — (1.5) Change in actuarial estimate (56.0) 0.1 — — (55.9) — — (55.9) Change in claims handling cost estimate (1.2) — — — (1.2) — — (1.2) Impact on deferred income tax due to change in actuarial estimate — — — — — 17.1 — 17.1 Insurance recoveries — (6.2) 6.2 — — — — — Movement in income tax payable — — — — — (41.1) 1.0 (40.1) Other movements — — 1.8 — 1.8 (1.2) 0.3 0.9 Effect of foreign exchange 115.9 (4.6) (25.1) 0.5 86.7 (36.3) (4.5) 45.9 Closing Balance - 31 March 2023 $ (977.1) $ 35.0 $ 244.7 $ (0.6) $ (698.0) $ 298.6 $ 40.7 $ (358.7) AICF Funding During the fiscal years ended 31 March 2023, 2022 and 2021, the Company contributed US$109.6 million (A$158.8 million), US$248.5 million (A$328.2 million) and US$153.3 million (A$220.9 million), respectively, to AICF. Restricted Investments AICF invests its excess cash in time deposits, which are classified as HTM investments and the carrying value materially approximates the fair value for each investment. The following table represents the investments outstanding as of 31 March 2023: Date Invested Maturity Date Interest Rate A$ Millions February 2023 13 July 2023 4.74% 70.0 February 2023 13 October 2023 4.74% 40.0 February 2023 13 January 2024 4.74% 39.0 February 2023 13 February 2024 4.74% 1.0 April 2022 5 April 2024 2.75% 54.0 January 2022 25 January 2024 1.41% 30.0 October 2021 6 October 2023 0.60% 30.0 AICF – NSW Government Secured Loan Facility AICF may borrow, subject to certain conditions, up to an aggregate amount of A$320.0 million (US$214.8 million, based on the exchange rate at 31 March 2023). The AICF Loan Facility is guaranteed by the Former James Hardie Companies and is available to be drawn for the payment of claims through 1 November 2030, at which point, all outstanding borrowings must be repaid. At 31 March 2023 and 2022, AICF had no amounts outstanding under the AICF Loan Facility. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Foreign Currency Forward Contracts The Company’s foreign currency forward contracts are valued using models that maximize the use of market observable inputs including interest rate curves and both forward and spot prices for currencies and are categorized as Level 2 within the fair value hierarchy. Derivative Balances The following table sets forth the total outstanding notional amount and the fair value of the Company’s derivative instruments held at 31 March 2023 and 2022: Fair Value as of (Millions of US dollars) Notional Amount 31 March 2023 31 March 2022 Derivatives not accounted for as hedges 31 March 2023 31 March 2022 Assets Liabilities Assets Liabilities Foreign currency forward contracts $ 269.0 $ 251.0 $ 2.2 $ 11.4 $ 2.0 $ 1.9 The following table sets forth the gain and loss on the Company’s foreign currency forward contracts recorded in the Company's consolidated statements of operations and comprehensive income as follows: 31 March (Millions of US dollars) 2023 2022 2021 Asbestos adjustments loss (gain) $ 24.5 $ 5.3 $ (11.7) Selling, general and administrative expenses 4.0 (2.1) 7.2 Total loss (gain) $ 28.5 $ 3.2 $ (4.5) |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Matters The Company is involved from time to time in various legal proceedings and administrative actions related to the normal conduct of its business, including general liability claims, putative class action lawsuits and litigation concerning its products. Although it is impossible to predict the outcome of any pending legal proceeding, management believes that such proceedings and actions should not, individually or in the aggregate, have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows, except as they relate to asbestos and New Zealand weathertightness ("NZWT") claims as described in these consolidated financial statements. New Zealand Weathertightness Claims Since fiscal year 2002, the Company’s New Zealand subsidiaries have been joined in a number of weathertightness claims in New Zealand that relate to residential buildings (single dwellings and apartment complexes) and a small number of non-residential buildings, primarily constructed from 1998 to 2004. The claims often involve multiple parties and allege that losses were incurred due to excessive moisture penetration of the buildings’ structures. The claims typically include allegations of poor building design, inadequate certification of plans, inadequate construction review and compliance certification and deficient work by sub-contractors. Historically, the Company’s New Zealand subsidiaries have been joined to these claims as one of several co-defendants, including local government entities responsible for enforcing building codes and practices, resulting in the Company’s New Zealand subsidiaries becoming liable for only a portion of each claim. In addition, the Company’s New Zealand subsidiaries have had access to third-party recoveries to defray a portion of the costs incurred in resolving such claims. The resolution of one or more NZWT litigation matters by way of a court decision or settlement has the potential to impact the accounting treatment regarding the probability of a potential loss and the Company’s ability to reasonably estimate a reserve with regards to other NZWT litigation matters. Furthermore, an adverse judgement in one or more NZWT litigation matters could have a material adverse impact on our consolidated financial position, results of operations or cash flows. There remains one claim filed in 2015 on behalf of multiple plaintiffs against the Company and/or its subsidiaries as the sole defendants, which alleges that the New Zealand subsidiaries’ products were inherently defective. The Company believes it has substantial factual and legal defenses to the claim and is defending the claim vigorously. Cridge, et al. (Case Nos. CIV-2015-485-594 and CIV-2015-485-773), In the High Court of New Zealand, Wellington Registry (hereinafter the “Cridge litigation”). From August to December 2020, the trial of phase one of the Cridge litigation was held in Wellington, New Zealand solely to determine whether the Company’s New Zealand subsidiaries had a duty to the plaintiffs and breached that duty. In August 2021, the Wellington High Court issued its decision finding in favor of the Company on all claims (the “Cridge Decision”). In September 2021, plaintiffs filed a notice of appeal of the trial court’s decision, and subsequently the appellate court held a hearing in August 2022. The Company anticipates the appellate court will issue its decision during calendar year 2023. As of 31 March 2023, the Company has not recorded a reserve related to the Cridge litigation as the chance of loss remains not probable following the Cridge Decision. Waitakere, et al. (Case No. CIV-2015-404-3080), In the High Court of New Zealand, Auckland Registry was settled on 24 April 2023 via a negotiated commercial agreement, the terms of which are confidential. As of 31 March 2023, under the applicable accounting guidance, the Company has accrued all costs associated with this agreement. Readers are referred to Note 1 for further information related to our policies related to asserted and unasserted claims. Australia Class Action Securities Claim On 8 May 2023, a group proceeding (class action) was filed in The Supreme Court of Victoria, Australia by Raeken Pty Ltd against James Hardie Industries plc on behalf of persons who purchased certain James Hardie equity securities from 7 February 2022, through 7 November 2022. The litigation is being funded by a litigation funder in Australia, CASL Funder Pty Ltd. The proceeding includes allegations that James Hardie breached relevant provisions of the Corporations Act 2001 (Cth) and the Australian and Securities Investment Act 2001 (Cth), including with respect to certain forward-looking statements James Hardie made about forecasted financial performance measures during the period specified above. The Company is reviewing this matter and will defend the allegations vigorously. As of 31 March 2023, the Company has not recorded a reserve related to this matter as the chance of loss is not probable and the amount of loss, if any, cannot be reasonably estimated. Environmental The operations of the Company, like those of other companies engaged in similar businesses, are subject to a number of laws and regulations on air, soil and water quality, waste handling and disposal. The Company’s policy is to accrue for environmental costs when it is determined that it is probable that an obligation exists and the amount can be reasonably estimated. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense includes income taxes currently payable and those deferred because of temporary differences between the financial statement and tax bases of assets and liabilities. Income tax expense consists of the following components: Years Ended 31 March (Millions of US dollars) 2023 2022 2021 Income before income taxes: Domestic $ 270.0 $ 295.0 $ 241.9 Foreign 453.5 348.1 170.1 Income before income taxes: $ 723.5 $ 643.1 $ 412.0 Income tax expense: Current: Domestic $ 42.9 $ 44.4 $ 38.5 Foreign 81.4 53.9 (8.6) Current income tax expense 124.3 98.3 29.9 Deferred: Domestic 11.8 9.4 1.4 Foreign 75.4 76.3 117.9 Deferred income tax expense 87.2 85.7 119.3 Total income tax expense $ 211.5 $ 184.0 $ 149.2 Income tax expense computed at the statutory rates represents taxes on income applicable to all jurisdictions in which the Company conducts business, calculated at the statutory income tax rate in each jurisdiction multiplied by the pre-tax income attributable to that jurisdiction. Income tax expense is reconciled to the tax at the statutory rates as follows: Years Ended 31 March (Millions of US dollars) 2023 2022 2021 Income tax expense computed at the statutory tax rates $ 135.1 $ 109.7 $ 58.1 US state income taxes, net of the federal benefit 10.6 9.2 8.0 Asbestos - effect of foreign exchange (13.3) (3.5) 36.8 Expenses not deductible 3.3 1.9 2.0 Stock and executive compensation 1.9 (0.8) 5.5 Foreign taxes on domestic income 61.2 55.2 49.8 Prior year tax adjustments (0.1) (1.2) (5.9) Taxes on foreign income 12.0 9.9 1.6 US net operating loss carryback — — (4.9) Other items 0.8 3.6 (1.8) Total income tax expense $ 211.5 $ 184.0 $ 149.2 Effective tax rate 29.2 % 28.6 % 36.2 % The tax effects of significant temporary differences creating deferred tax assets and liabilities were: 31 March (Millions of US dollars) 2023 2022 Deferred tax assets: Intangible assets $ 879.0 $ 958.2 Asbestos liability 298.6 360.1 Tax credit carryforwards 115.0 118.7 Other provisions and accruals 85.3 73.3 Net operating loss carryforwards 75.4 66.2 Total deferred tax assets 1,453.3 1,576.5 Valuation allowance (258.0) (261.2) Total deferred tax assets net of valuation allowance 1,195.3 1,315.3 Deferred tax liabilities: Depreciable and amortizable assets (167.3) (164.0) Other (67.4) (59.0) Total deferred tax liabilities (234.7) (223.0) Total deferred taxes, net $ 960.6 $ 1,092.3 At 31 March 2023, the Company had tax loss carry-forwards in Australia, New Zealand, Europe and the US of US$75.4 million, that are available to offset future taxable income in the respective jurisdiction. Carry-forwards in Australia, New Zealand and Europe are not subject to expiration. The Australian net operating loss carry-forwards primarily result from current and prior year tax deductions for contributions to AICF. James Hardie 117 Pty Limited, the performing subsidiary under the AFFA, is able to claim a tax deduction for its contributions to AICF over a five-year period commencing in the year the contribution is incurred. At 31 March 2023, the Company recognized a tax deduction of US$137.4 million (A$200.6 million) for the current year relating to total contributions to AICF of US$722.5 million (A$1,002.8 million) incurred in tax years 2019 through 2023. The Company establishes a valuation allowance against a deferred tax asset if it is more likely than not that some portion or all of the deferred tax asset will not be realized. At 31 March 2023, the Company had foreign tax credit carry-forwards of US$111.3 million that are available to offset future taxes payable and against which there is a 100% valuation allowance. The Company also had US tax credit carry-forwards of US$3.7 million that are available to offset future taxes payable which expire between tax years 2023 through 2026, and against which there is a partial valuation allowance of US$2.1 million. In determining the need for and the amount of a valuation allowance in respect of the Company’s asbestos related deferred tax asset, management reviewed the relevant empirical evidence, including the current and past core earnings of the Australian business and forecast earnings of the Australian business considering current trends. Although realization of the deferred tax asset will occur over the life of the AFFA, which extends beyond the forecast period for the Australian business, Australia provides an unlimited carry-forward period for tax losses. Based upon managements’ review, the Company believes that it is more likely than not that the Company will realize its asbestos related deferred tax asset and that no valuation allowance is necessary as of 31 March 2023. In the future, based on review of the empirical evidence by management at that time, if management determines that realization of its asbestos related deferred tax asset is not more likely than not, the Company may need to provide a valuation allowance to reduce the carrying value of the asbestos related deferred tax asset to its realizable value. During the fiscal year ended 31 March 2023, total income tax and withholding tax paid, net of refunds received, was US$117.1 million. The US Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was enacted in March 2020 providing wide ranging economic relief for individuals and businesses. One component of the CARES Act provides the Company with an opportunity to carryback US net operating losses (“NOLs”) arising during the years ended 31 March 2021 and 2020 to the prior five tax years. The Company has utilized and intends to further utilize these carryback provisions to obtain tax refunds. At 31 March 2023, the Company recorded current taxes receivable of US$29.6 million. The Company or its subsidiaries files income tax returns in various jurisdictions including Ireland, the United States, Australia and various jurisdictions in Europe and Asia Pacific. Due to the size and nature of its business, the Company is subject to ongoing audits and reviews by taxing jurisdictions on various tax matters, including by the Australian Taxation Office in Australia and the Internal Revenue Service ("IRS") in the US. The Company is no longer subject to general tax examinations in Ireland for the tax years prior to tax year 2019, Australia for tax years prior to tax year 2016 and in the US for tax years prior to tax year 2014. Unrecognized Tax Benefits For the fiscal years ended 31 March 2023, 2022, and 2021, the total amount of penalties and interest recorded in Income tax expense related to unrecognized tax benefits were immaterial. The liabilities associated with uncertain tax benefits are included in Other liabilities on the Company’s consolidated balance sheets. At 31 March 2023, the total amount of unrecognized tax benefits and the total amount of interest and penalties accrued by the Company that, if recognized, would affect the effective tax rate were US$0.9 million. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Total stock-based compensation expense consists of the following: Years Ended 31 March (Millions of US dollars) 2023 2022 2021 Liability Awards $ 2.7 $ 3.2 $ 21.7 Equity Awards 15.7 9.0 18.0 Total stock-based compensation expense $ 18.4 $ 12.2 $ 39.7 As of 31 March 2023, the unrecorded future stock-based compensation expense related to outstanding equity awards was US$30.6 million and will be recognized over an estimated weighted average amortization period of 1.9 years. 2001 Equity Incentive Plan Under the Company’s 2001 Equity Incentive Plan (the “2001 Plan”), which was amended and restated in August 2021 and approved by shareholders, the Company can grant equity awards in the form of nonqualified stock options, performance awards, restricted stock grants, stock appreciation rights, dividend equivalent rights, phantom stock or other stock-based benefits such as restricted stock units. Long-Term Incentive Plan 2006 The Company’s shareholders approved the establishment of a Long-Term Incentive Plan in 2006 (the “LTIP”) to provide incentives to certain members of senior management (“Executives”). The Company determines the conditions or restrictions of any awards, which may include requirements of continued employment, individual performance or the Company’s financial performance or other criteria. Currently, the plan only allows for RSUs to be granted under the LTIP. The following table summarizes the Company’s shares available for grant as options, RSUs or other equity instruments under the LTIP and 2001 Plan: Shares Balance at 31 March 2021 22,087,623 Granted (597,927) Balance at 31 March 2022 21,489,696 Granted (2,540,893) Balance at 31 March 2023 18,948,803 Stock Options There were no stock options granted during the years ended 31 March 2022 or 2021. The following table summarizes the Company's stock options activity during the noted period: Outstanding Options Number of Options Weighted Average Balance at 31 March 2022 — — Granted 269,221 33.05 Balance at 31 March 2023 269,221 33.05 Options exercisable at 31 March 2023 — — Stock options vest on the third anniversary of the date of grant provided continuous employment at the applicable vesting date. Vested stock options can be exercised for shares for the exercise price at any time. As of 31 March 2023, the weighted-average remaining contractual term is 4.6 years and the aggregate intrinsic value is nil. RSUs The Company estimates the fair value of RSUs on the date of grant and recognizes this estimated fair value as compensation expense over the periods in which the RSU vests. The following table summarizes the Company’s RSU activity: (Units) Service Performance Market Total Weighted Outstanding at 31 March 2021 593,486 726,288 1,286,922 2,606,696 19.01 Granted 233,443 141,015 223,469 597,927 41.73 Vested (313,641) (248,202) (565,878) (1,127,721) 14.96 Forfeited (98,613) (327,397) (450,480) (876,490) 27.73 Outstanding at 31 March 2022 414,675 291,704 494,033 1,200,412 27.83 Granted 1,279,127 268,009 724,536 2,271,672 26.12 Vested (449,458) (87,307) (256,787) (793,552) 25.17 Forfeited (107,818) (100,377) (91,738) (299,933) 28.46 Outstanding at 31 March 2023 1,136,526 372,029 870,044 2,378,599 26.97 The following table includes the assumptions used for RSU grants (market condition) valued: Vesting Condition: Market Market Market Market Market Market Market Market FY23 FY23 FY23 FY23 FY23 FY23 FY22 FY22 Date of grant 31-Aug-22 31-Aug-22 3-Nov-22 3-Nov-22 3-Nov-22 13-Mar-23 27-Aug-21 9-Sep-21 Dividend yield (per annum) 1.5 % 1.5 % — % — % — % — % 2.0 % 2.0 % Expected volatility 41.9 % 33.4 % 42.5 % 35.1 % 43.8 % 36.3 % 40.0 % 40.2 % Risk free interest rate 3.5 % 3.5 % 4.7 % 4.7 % 4.7 % 4.0 % 0.4 % 0.4 % Expected life in years 3.0 2.0 0.8 1.8 2.8 2.4 3.0 2.9 JHX stock price at grant date (A$) 33.51 33.51 33.05 33.05 33.05 30.98 52.66 52.12 Number of restricted stock units 387,360 102,250 38,387 39,450 115,688 41,401 130,513 92,956 The following table presents the total fair value of all of our restricted stock units vested : Years ended 31 March (Millions of US dollars) 2023 2022 2021 Total fair value vested $ 18.4 $ 42.6 $ 27.8 Scorecard LTI – CSUs Under the terms of the LTIP, the Company grants scorecard LTI CSUs to executives and the vesting of awards is based on the individual's performance measured over a three year period against certain performance targets. These awards provide recipients a cash incentive based on an average 20 trading-day closing price of JHI plc’s common stock price and each executive’s scorecard rating. The following represents the activity related to the CSUs: FY23 FY22 Granted 751,569 423,051 Vested 237,600 433,872 Cancelled 325,459 1,292,934 For the fiscal years ending 31 March 2023, 2022 and 2021, US$5.9 million, US$15.2 million and US$8.2 million, respectively, was paid in cash upon vesting of CSU units. |
Capital Management
Capital Management | 12 Months Ended |
Mar. 31, 2023 | |
Dividends [Abstract] | |
Capital Management | Capital Management The following table summarizes the dividends declared or paid during the fiscal years 2023, 2022 and 2021: (Millions of US dollars) US US$ Millions Announcement Date Record Date Payment Date FY 2022 second half dividend 0.30 129.6 17 May 2022 27 May 2022 29 July 2022 FY 2022 first half dividend 0.40 174.1 9 November 2021 19 November 2021 17 December 2021 FY 2021 special dividend 0.70 309.9 10 February 2021 19 February 2021 30 April 2021 On 8 November 2022, the Company announced a share buyback program to acquire up to US$200 million of its outstanding shares through October 2023. Below is the activity under this program: In Millions, except price per share Total Number Average Price Total Number of Maximum Dollar 1 December 2022 - 31 December 2022 1.6 $19.34 1.6 $168.8 1 January 2023 - 31 January 2023 — $— — $168.8 1 February 2023 - 28 February 2023 1.1 $21.72 1.1 $144.3 1 March 2023 - 31 March 2023 1.1 $20.78 1.1 $121.6 Total as of 31 March 2023 3.8 3.8 $121.6 |
Operating Segment Information a
Operating Segment Information and Concentrations of Risk | 12 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Operating Segment Information and Concentrations of Risk | Operating Segment Information and Concentrations of Risk The Company reports its operating segment information in the format that the operating segment information is available to and evaluated by the Chief Operating Decision Maker. The North America Fiber Cement segment manufactures fiber cement interior linings, exterior siding products and related accessories in the United States; these products are sold in the United States and Canada. The Asia Pacific Fiber Cement segment includes all fiber cement products manufactured in Australia and the Philippines, and sold in Australia, New Zealand, Asia, the Middle East and various Pacific Islands. The Europe Building Products segment includes fiber gypsum product manufactured in Europe, and fiber cement product manufactured in the United States that is sold in Europe. The Research and Development segment represents the cost incurred by the research and development centers. General Corporate primarily consist of Asbestos adjustments loss , officer and employee compensation and related benefits, professional and legal fees, administrative costs and rental expense on the Company’s corporate offices. The Company does not report net interest expense for each segment as the segments are not held directly accountable for interest expense. Operating Segments The following is the Company’s operating segment information: Net Sales Years Ended 31 March (Millions of US dollars) 2023 2022 2021 North America Fiber Cement $ 2,787.6 $ 2,551.3 $ 2,040.2 Asia Pacific Fiber Cement 539.2 574.9 458.2 Europe Building Products 450.3 488.5 410.3 Worldwide total $ 3,777.1 $ 3,614.7 $ 2,908.7 Operating Income Years Ended 31 March (Millions of US dollars) 2023 2022 2021 North America Fiber Cement $ 767.5 $ 741.2 $ 585.5 Asia Pacific Fiber Cement 142.8 160.8 124.8 Europe Building Products 26.5 62.9 37.6 Research and Development (33.3) (34.4) (28.9) Segments total 903.5 930.5 719.0 General Corporate (162.1) (247.9) (246.2) Total operating income 741.4 682.6 472.8 Depreciation and Amortization Years ended 31 March (Millions of US dollars) 2023 2022 2021 North America Fiber Cement $ 126.1 $ 114.4 $ 89.1 Asia Pacific Fiber Cement 14.7 13.6 13.9 Europe Building Products 28.0 29.8 28.0 General Corporate 1.8 2.8 2.8 Research and Development 2.0 1.2 1.2 Total $ 172.6 $ 161.8 $ 135.0 Total Identifiable Assets 31 March (Millions of US dollars) 2023 2022 North America Fiber Cement $ 1,672.9 $ 1,434.8 Asia Pacific Fiber Cement 509.7 429.1 Europe Building Products 781.5 745.2 Research and Development 15.6 13.5 Segments total 2,979.7 2,622.6 General Corporate 1 1,499.4 1,620.6 Worldwide total $ 4,479.1 $ 4,243.2 The following is the Company’s geographical information: Net Sales Years Ended 31 March (Millions of US dollars) 2023 2022 2021 North America 2 $ 2,787.6 $ 2,551.3 $ 2,040.2 Australia 380.9 391.7 321.9 Germany 137.8 165.0 143.0 New Zealand 88.1 115.9 81.9 Other Countries 3 382.7 390.8 321.7 Worldwide total $ 3,777.1 $ 3,614.7 $ 2,908.7 Total Identifiable Assets 31 March (Millions of US dollars) 2023 2022 North America 2 $ 1,679.8 $ 1,442.7 Australia 398.8 314.4 Germany 490.9 503.7 New Zealand 41.2 48.9 Other Countries 3 369.0 312.9 Segments total 2,979.7 2,622.6 General Corporate 1 1,499.4 1,620.6 Worldwide total $ 4,479.1 $ 4,243.2 ____________ 1 Included in General Corporate are deferred tax assets for each operating segment that are not held directly accountable for deferred income taxes and Asbestos-related assets. 2 The amounts disclosed for North America are substantially all related to the USA. 3 Included are all other countries that account for less than 5% of net sales and total identifiable assets individually, primarily in the Philippines, Spain and other European countries. Research and development expenditures are expensed as incurred and are summarized by segment in the following table. Research and development segment operating income also includes Selling, general and administrative expenses of US$2.2 million, US$4.1 million and US$2.9 million in fiscal years 2023, 2022 and 2021, respectively. Years Ended 31 March (Millions of US dollars) 2023 2022 2021 North America Fiber Cement $ 5.5 $ 5.3 $ 5.6 Asia Pacific Fiber Cement 1.3 1.5 1.1 Europe Building Products 1.7 0.9 1.6 Research and Development 31.1 30.3 26.0 $ 39.6 $ 38.0 $ 34.3 Concentrations of Risk The distribution channels for the Company’s fiber cement products are concentrated. The Company has one customer who has contributed greater than 10% of net sales in each of the past three fiscal years. The following represents net sales generated by this customer, which is from the North America Fiber Cement segment: Years Ended 31 March (Millions of US dollars) 2023 2022 2021 Customer A $ 450.1 12.0 % $ 418.3 12.0 % $ 347.3 12.0 % Approximately 30%, 33% and 33% of the Company’s net sales in fiscal year 2023, 2022 and 2021, respectively, were from outside the United States. Consequently, changes in the value of foreign currencies could significantly affect the consolidated financial position, results of operations and cash flows of the Company’s non-US operations on translation into US dollars. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss is comprised of the following at 31 March 2023: (Millions of US dollars) Cash Flow Pension Foreign Total Balance at 31 March 2022 $ 0.2 $ (0.3) $ (21.9) $ (22.0) Other comprehensive gain (loss) — 2.1 (33.4) (31.3) Balance at 31 March 2023 $ 0.2 $ 1.8 $ (55.3) $ (53.3) |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Employee Benefit Plan In the United States, the Company sponsors a defined contribution plan, the James Hardie Retirement and Profit Sharing Plan (the “401(k) Plan”) which is a tax-qualified retirement and savings plan covering all US employees, including the Senior Executive Officers, subject to certain eligibility requirements. In addition, the Company matches employee's contributions dollar for dollar up to a maximum of the first 6% of an employee’s eligible compensation. For the fiscal years ended 31 March 2023, 2022 and 2021, the Company made matching contributions of US$16.3 million, US$14.1 million and US$11.1 million, respectively. In January 2021, the Company established a deferred compensation plan for its executives whereby the plan assets are held in a rabbi trust. The deferred compensation is funded to the rabbi trust which holds investments directed by the participants and are accounted for as held for sale. The Company will match up to a maximum of the first 6% of an employee's eligible compensation that would not be eligible in the 401(k) Plan due to IRS contribution limits so long as the participant defers eligible compensation to the deferred compensation plan. As of 31 March 2023, the assets held in trust and related deferred compensation liability recorded in the accompanying consolidated balance sheets are immaterial. |
Organization and Significant _2
Organization and Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of PresentationThe consolidated financial statements represent the financial position, results of operations and cash flows of JHI plc and its wholly-owned subsidiaries and variable interest entity (“VIE”). Unless the context indicates otherwise, JHI plc and its direct and indirect wholly-owned subsidiaries and VIE (as of the time relevant to the applicable reference) are collectively referred to as “James Hardie”, the “James Hardie Group” or the “Company”. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). All intercompany balances and transactions have been eliminated in consolidation. |
Variable Interest Entities | Variable Interest Entities A VIE is an entity that is evaluated for consolidation using more than a simple analysis of voting control. The analysis is based on: (i) what party has the power to direct the most significant activities of the VIE that impact its economic performance; and (ii) what party has rights to receive benefits or is obligated to absorb losses that are significant to the VIE. The analysis of the party that consolidates a VIE is a continual assessment. In February 2007, the Company’s shareholders approved the Amended and Restated Final Funding Agreement (the “AFFA”), an agreement pursuant to which the Company provides long-term funding to Asbestos Injuries Compensation Fund (“AICF”), a special purpose fund that provides compensation for the Australian-related personal injuries for which certain former subsidiary companies of James Hardie in Australia (being Amaca Pty Ltd (“Amaca”), Amaba Pty Ltd (“Amaba”) and ABN 60 Pty Limited (“ABN 60”) (collectively, the “Former James Hardie Companies”)) are found liable. JHI plc owns 100% of James Hardie 117 Pty Ltd (the “Performing Subsidiary”), which, under the terms of the AFFA, has an obligation to make payments to AICF on an annual basis subject to the provisions of the AFFA. JHI plc guarantees the Performing Subsidiary’s obligation. Additionally, the Company appoints three AICF directors and the New South Wales (“NSW”) Government appoints two AICF directors. Although the Company has no ownership interest in AICF, for financial reporting purposes, the Company consolidates AICF, which is a VIE as defined under US GAAP, due to its pecuniary and contractual interests in AICF as a result of the funding arrangements outlined in the AFFA. The Company’s consolidation of AICF results in AICF’s assets and liabilities being recorded on its consolidated balance sheets and AICF’s income and expense transactions being recorded in the consolidated statements of operations and comprehensive income. These items are Australian dollar-denominated and are subject to remeasurement into US dollars at each reporting date. For the fiscal years ended 31 March 2023, 2022 and 2021, the Company did not provide financial or other support to AICF that it was not previously contractually required to provide. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Foreign Currency Translation/Remeasurement | Foreign Currency Translation/Remeasurement All assets and liabilities are translated or remeasured into US dollars at current exchange rates while revenues and expenses are translated or remeasured at average exchange rates in effect for the period. The effects of foreign currency translation adjustments are included directly in other comprehensive income in shareholders’ equity. Gains and losses arising from foreign currency transactions are recognized in income. The Company has recorded on its consolidated balance sheet certain foreign assets and liabilities, including asbestos-related assets and liabilities under the terms of the AFFA, that are denominated in foreign currencies and subject to translation (foreign entities) or remeasurement (AICF entity and Euro denominated debt) into US dollars at each reporting date. Unless otherwise noted, the Company converts foreign currency denominated assets and liabilities into US dollars at the spot rate at the end of the reporting period; while revenues and expenses are converted using an average exchange rate for the period. The Company records gains and losses on its Euro denominated debt which are economically offset by foreign exchange gains and losses on loans between subsidiaries, resulting in a net immaterial translation gain or loss which is recorded in the Selling, general and administrative expenses |
Restricted Cash and Cash Equivalents | Restricted Cash and Cash Equivalents Restricted cash and cash equivalents, other than those amounts directly related to the AICF, generally relate to amounts subject to letters of credit with insurance companies, which restrict the cash from use for general corporate purposes. |
Accounts Receivable | Accounts Receivable The Company evaluates the collectability of accounts receivable on an ongoing basis based on historical bad debts, customer credit-worthiness, current economic trends and changes in the Company's customer payment activity. An allowance for doubtful accounts is provided for known and estimated bad debts. Although credit losses have historically been within expectations, the Company cannot guarantee that it will continue to experience the same credit loss rates that it has had in the past. |
Inventories | Inventories Inventories are valued at the lower of cost or net realizable value. Cost is generally determined under the first-in, first-out method, except that the cost of raw materials and supplies is determined using actual or average costs. Cost includes the costs of materials, labor and applied factory overhead. On a regular basis, the Company evaluates its inventory balances for excess quantities and obsolescence by analyzing demand, inventory on hand, sales levels and other information. Based on these evaluations, inventory costs are adjusted to net realizable value, if necessary. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost. Property, plant and equipment of businesses acquired are recorded at their estimated fair value at the date of acquisition. 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 1 to 27 Leasehold Improvements 1 to 40 Machinery and Equipment 1 to 39 |
Leases | Leases At lease commencement, which is generally when the Company takes possession of the asset, the Company records a lease liability and a corresponding right-of-use ("ROU") asset. Lease liabilities represent the present value of minimum lease payments over the expected lease term, which includes options to extend the lease when it is reasonably certain those options will be exercised. Determining the lease term and amount of lease payments to include in the calculation of the ROU asset and lease liability for leases containing options requires the use of judgment to determine whether the exercise of an option is reasonably certain, and if the option period and payments should be included in the calculation of the associated ROU asset and liability. In making this determination, the Company considers all relevant economic factors that would compel the Company to exercise an option. The Company’s leases generally do not provide a readily determinable implicit borrowing rate. As such, the discount rate used to calculate present value is the lessee’s incremental borrowing rate, which is primarily based upon the periodic risk-adjusted interest margin and the term of the lease. Minimum lease payments include base rent as well as fixed escalation of rental payments. In determining minimum lease payments, the Company separates non-lease components such as common area maintenance or other miscellaneous expenses that are updated based on landlord estimates for real estate leases. Additionally, many of the Company’s transportation and equipment leases require additional payments based on the underlying usage of the assets such as mileage and maintenance costs. Due to the variable nature of these costs, the cash flows associated with these costs are expensed as incurred and not included in the lease payments used to determine the ROU asset and associated lease liability. ROU assets represent the right to control the use of the leased asset during the lease term and are initially recognized as an amount equal to the lease liability. In addition, prepaid rent, initial direct costs, and adjustments for lease incentives are components of the ROU asset. Over the lease term, the lease expense is amortized on a straight-line basis beginning on the lease commencement date. ROU assets are assessed for impairment as part of the impairment of long-lived assets, which is performed whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. |
Depreciation and Amortization | Depreciation and Amortization The Company records depreciation and amortization under both Cost of goods sold and Selling, general and administrative expenses, depending on the asset’s business use. All depreciation and amortization related to plant building, machinery and equipment is recorded in Cost of goods sold . |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is the excess of purchase price over the fair value of tangible and identifiable intangible net assets acquired in various business combinations. Goodwill is not amortized but is tested at the reporting unit level for impairment annually, or more often if indicators of impairment exist. Factors that could cause an impairment in the future could include, but are not limited to, adverse macroeconomic conditions, deterioration in industry or market conditions, decline in revenue and cash flows or increases in costs and capital expenditures compared to projected results. A goodwill impairment charge is recorded for the amount by which the carrying value of the reporting unit exceeds the fair value of the reporting unit. Intangible assets from acquired businesses are recognized at their estimated fair values at the date of acquisition and consist of trademarks, customer relationships and other intangible assets. Finite-lived intangibles are amortized to expense over the applicable useful lives, ranging from 2 to 13 years, based on the nature of the asset and the underlying pattern of economic benefit as reflected by future net cash inflows. The Company performs an impairment test of goodwill and intangibles annually, or whenever events or changes in circumstances indicate their carrying value may be impaired. During the third quarter of fiscal year 2023, the Company performed its annual test noting no impairment. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets, such as property, plant and equipment, are evaluated each quarter for events or changes in circumstances that indicate that an asset might be impaired because the carrying amount of the asset may not be recoverable. These include, without limitation, a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used, a current period operating or cash flow loss combined with a history of operating or cash flow losses, a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group and/or a current expectation that it is more likely than not that a long lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. When such indicators of potential impairment are identified, recoverability is tested by grouping long-lived assets that are used together and represent the lowest level for which cash flows are identifiable and distinct from the cash flows of other long-lived assets, which is typically at the production line or plant facility level, depending on the type of long-lived asset subject to an impairment review. Recoverability is measured by a comparison of the carrying amount of the asset group to the estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying amount exceeds the estimated undiscounted future cash flows, an impairment charge is recognized at the amount by which the carrying amount exceeds the estimated fair value of the asset group. |
Accrued Product Warranties | Accrued Product Warranties An accrual for estimated future warranty costs is recorded based on an analysis by the Company, which includes the historical relationship of warranty costs to installed product at an estimated remediation cost per standard foot. Based on this analysis and other factors, the adequacy of the Company’s warranty provision is adjusted as necessary. |
Debt | Debt The Company’s debt consists of senior unsecured notes and an unsecured revolving credit facility. Each of the Company's debt instruments is recorded at cost, net of any original issue discount or premium, where applicable. The related original issue discount, premium and debt issuance costs are amortized over the term of each respective borrowing using the straight line method. Debt is presented as current if the liability is due to be settled within 12 months after the balance sheet date, unless the Company has the ability and intention to refinance on a long-term basis in accordance with US GAAP. See Fair Value Measurements below and Note 10 for the Company’s fair value considerations. In addition, the Company consolidates AICF which has a loan facility, which is included in Asbestos-related Accounting Policies below. |
Revenue Recognition | Revenue Recognition The Company recognizes revenues when the requisite performance obligation has been met, that is, when the Company transfers control of its products to customers, which depending on the terms of the underlying contract, is generally upon delivery. The Company records estimated reductions in sales for customer rebates and discounts including volume, promotional, cash and other discounts. Rebates and discounts are recorded based on management’s best estimate when products are sold. The estimates are based on historical experience for similar programs and products. Management reviews these rebates and discounts on an ongoing basis and the related accruals are adjusted, if necessary, as additional information becomes available. A portion of the Company’s revenue is made through distributors under vendor managed inventory agreements whereby revenue is recognized upon the transfer of title and risk of loss to the distributors. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred and were US$83.1 million, US$53.7 million and US$27.2 million for the fiscal years ended 31 March 2023, 2022 and 2021, respectively. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred income taxes are recognized by applying enacted statutory rates applicable to future years to differences between the tax bases and financial reporting amounts of existing assets and liabilities. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. The realization of the US deferred tax assets is affected primarily by the continued profitability of the US business. A valuation allowance is provided when it is more likely than not that all or some portion of deferred tax assets will not be realized. Income taxes payable represents taxes currently payable which are computed at statutory income tax rates applicable to taxable income derived in each jurisdiction in which the Company conducts business. Interest and penalties related to uncertain tax positions are recognized in Income tax expense on the consolidated statements of operations and comprehensive income. The Company accrues for tax contingencies based upon its best estimate of the taxes ultimately expected to be paid, which it updates over time as more information becomes available. Such amounts are included in taxes payable or other non-current liabilities, as appropriate. If the Company ultimately determines that payment of these amounts is unnecessary, the Company reverses the liability and recognizes a tax benefit during the period in which the Company determines that the liability is no longer necessary. The Company records additional tax expense in the period in which it determines that the recorded tax liability is less than the ultimate assessment it expects. Taxing authorities from various jurisdictions in which the Company operates are in the process of reviewing and auditing the Company’s respective jurisdictional tax returns for various ranges of years. The Company accrues tax liabilities in connection with ongoing audits and reviews based on knowledge of all relevant facts and circumstances, taking into account existing tax laws, its experience with previous audits and settlements, the status of current tax examinations and how the tax authorities view certain issues. |
Financial Instruments | Financial Instruments The Company calculates the fair value of financial instruments and includes this additional information in the notes to the consolidated financial statements. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Periodically, forward exchange contracts are used to manage market risks and reduce exposure resulting from fluctuations in foreign currency exchange rates. Changes in the fair value of financial instruments that are not designated as hedges are recorded in earnings within Asbestos adjustments loss, Other expense, net and Selling, general and administrative expenses |
Fair Value Measurements | Fair Value Measurements Assets and liabilities of the Company that are carried or disclosed at fair value are classified in one of the following three categories: Level 1 Quoted market prices in active markets for identical assets and liabilities that the Company has the ability to access at the measurement date; Level 2 Observable market-based inputs or unobservable inputs that are corroborated by market data for the asset or liability at the measurement date; Level 3 Unobservable inputs that are not corroborated by market data used when there is minimal market activity for the asset or liability at the measurement date. Fair value measurements of assets and liabilities are assigned a level within the fair value hierarchy based on the lowest level of any input that is significant to the fair value measurement in its entirety. The carrying amounts of Cash and cash equivalents, Restricted cash and cash equivalents, Trade receivables, Trade payables and the Revolving Credit Facility approximates their respective fair values due to the short-term nature of these instruments. |
Stock-based Compensation | Stock-based Compensation Stock-based compensation expense represents the estimated fair value of equity-based and liability-classified awards granted to employees and is recognized as an expense over the vesting period. Forfeitures of stock-based awards are accounted for as they occur. Stock-based compensation expense is included in the line item Selling, general and administrative expenses on the consolidated statements of operations and comprehensive income. Equity awards with vesting based solely on a service condition are typically subject to graded vesting, in that the awards outstanding generally vest as follows: 25% at the first anniversary date of the grant; 25% at the second anniversary date of the grant; and 50% at the third anniversary date of the grant. For equity awards subject to graded vesting, the Company has elected to use the accelerated recognition method. Accordingly, each vesting tranche is valued separately, and the recognition of stock-based compensation expense is more heavily weighted earlier in the vesting period. Stock-based compensation expense for equity awards that are subject to performance or market vesting conditions are based upon an estimate of the number of awards that are expected to vest and typically recognized ratably over the vesting period. The Company issues new shares to award recipients when the vesting condition for restricted stock units (“RSUs”) has been satisfied or when a stock option is exercised. For RSUs subject to a service vesting condition, the fair value is equal to the market value of the Company’s common stock on the date of grant, adjusted for the fair value of estimated dividends as the restricted stock holder is not entitled to dividends over the vesting period. For RSUs subject to a performance vesting condition, the vesting of these units is subject to a return on capital employed (“ROCE”) performance hurdle being met and is subject to negative discretion by the Board. The Board’s discretion will reflect the Board’s judgment of the quality of the returns balanced against management’s delivery of market share growth and a scorecard of key qualitative and quantitative performance objectives. The expense is recognized ratably over the vesting period and is adjusted for subsequent changes in JHI plc’s common stock price at each balance sheet date adjusted for the fair value of estimated dividends as the restricted stock unit holder is not entitled to dividends over the vesting period. For RSUs subject to a market vesting condition, the vesting of these units is based on James Hardie’s performance against its Peer Group for the 20 trading days preceding the test date. The fair value of each of these units is estimated using a binomial lattice model that incorporates a Monte Carlo simulation (the “Monte Carlo” method). For cash settled units ("CSUs"), compensation expense is recognized based upon an estimate of the number of awards that are expected to vest and the fair market value of JHI plc’s common stock on the date of the grant. The expense is recognized ratably over the vesting period and the liability is adjusted for subsequent changes in JHI plc’s common stock price at each balance sheet date adjusted for the fair value of estimated dividends as the restricted stock unit holder is not entitled to dividends over the vesting period. Stock options have a 3-year cliff vesting schedule from the date of grant. The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option-pricing model. |
Loss Contingencies | Loss Contingencies The Company recognizes a liability for asserted and unasserted claims in the period in which a loss becomes probable and estimable. The amount of a reasonably probable loss is dependent on a number of factors including, without limitation, the specific facts and circumstances unique to each claim, the existence of any co-defendants involved in defending the claim, the solvency of such co-defendants (including the ability of such co-defendants to remain solvent until the related claim is ultimately resolved), and the availability of claimant compensation under a government compensation scheme. To the extent that it is probable and estimable, the estimated loss for these matters, incorporates assumptions that are subject to the foregoing uncertainties and are principally derived from, but not exclusively based on, historical claims experience together with facts and circumstances unique to each claim. If the nature and extent of claims in future periods differ from historical claims experience, the Company's assessment of probable and estimable liability with respect to current asserted claims changes and/or actual liability is different to the estimates, then the actual amount of loss may be materially higher or lower than estimated losses accrued. |
Asbestos-related Accounting Policies | Asbestos-related Accounting Policies Asbestos Liability The amount of the asbestos liability has been recognized by reference to (but not exclusively based upon) the most recent actuarial estimate of projected future cash flows as calculated by KPMG, who are engaged and appointed by AICF under the terms of the AFFA. Based on their assumptions, KPMG arrived at a range of possible total future cash flows and calculated a central estimate, which is intended to reflect a probability-weighted expected outcome of those actuarially estimated future cash flows projected by KPMG to occur through 2071. The Company recognizes the asbestos liability in the consolidated financial statements by reference to (but not exclusively based upon) the undiscounted and uninflated central estimate. The Company considered discounting when determining the best estimate under US GAAP. The Company has recognized the asbestos liability by reference to (but not exclusively based upon) the central estimate as undiscounted on the basis that the timing and amounts of such cash flows are not fixed or readily determinable. The Company considered inflation when determining the best estimate under US GAAP. It is the Company’s view that there are material uncertainties in estimating an appropriate rate of inflation over the extended period of the AFFA. The Company views the undiscounted and uninflated central estimate as the best estimate under US GAAP. Adjustments in the asbestos liability due to changes in the actuarial estimate of projected future cash flows and changes in the estimate of future operating costs of AICF are reflected in the consolidated statements of operations and comprehensive income during the period in which they occur. Claims paid by AICF and claims-handling costs incurred by AICF are treated as reductions in the Asbestos liability balances. Insurance Receivable The insurance receivable recorded by the Company has been recognized by reference to (but not exclusively based upon) the most recent actuarial estimate of recoveries expected from insurance policies and insurance companies with exposure to the asbestos claims, as calculated by KPMG. The assessment of recoveries is based on the expected pattern of claims against such policies less an allowance for credit risk based on credit agency ratings. The insurance receivable generally includes these cash flows as undiscounted and uninflated, however, where the timing of recoveries has been agreed with the insurer, the receivables are recorded on a discounted basis. The Company records insurance receivables that are deemed probable of being realized. Adjustments in the insurance receivable due to changes in the actuarial estimate, or changes in the Company’s assessment of recoverability are reflected in the consolidated statements of operations and comprehensive income during the period in which they occur. Insurance recoveries are treated as a reduction in the insurance receivable balance. Workers’ Compensation An estimate of the liability related to workers’ compensation claims is prepared by KPMG as part of the annual actuarial assessment. This estimate contains two components - amounts that will be met by a workers’ compensation scheme or policy and amounts that will be met by the Former James Hardie Companies. The estimated liability is included as part of the asbestos liability and adjustments to the estimate are reflected in the consolidated statements of operations and comprehensive income during the period in which they occur. Amounts that are expected to be paid by the workers’ compensation schemes or policies are recorded as workers’ compensation receivable. Adjustments to the workers’ compensation liability result in an equal adjustment in the workers’ compensation receivable recorded by the Company and have no effect on the consolidated statements of operations and comprehensive income. Restricted Cash and Cash Equivalents Cash and cash equivalents of AICF are reflected as restricted assets, as the use of these assets is restricted to the settlement of asbestos claims and payment of the operating costs of AICF. Since cash and cash equivalents are highly liquid, the Company classifies these amounts as a current asset on the consolidated balance sheets. Restricted Investments Restricted investments of AICF consist of highly liquid investments held in the custody of major financial institutions and are classified as held to maturity ("HTM") due to AICF's ability and intent to hold these securities to maturity. These restricted investments are carried at amortized cost. Deferred Income Taxes The Performing Subsidiary can claim a tax deduction for its contributions to AICF over a five-year period commencing in the year the contribution is incurred. Consequently, a deferred tax asset has been recognized equivalent to the anticipated tax benefit over the life of the AFFA. Adjustments are made to the deferred income tax asset as adjustments to the asbestos-related assets and liabilities are recorded. Asbestos Adjustments loss The Asbestos adjustments loss reflected in the consolidated statements of operations and comprehensive income reflect the net change in the actuarial estimate of the asbestos liability and insurance receivables, and the change in the estimate of AICF claims handling costs. Additionally, as the asbestos-related assets and liabilities are denominated in Australian dollars, the reported values of these asbestos-related assets and liabilities in the Company’s consolidated balance sheets in US dollars are subject to adjustment depending on the closing exchange rate between the two currencies at the balance sheet dates, the effect of which is also included in Asbestos adjustments loss in the consolidated statements of operations and comprehensive income. Further, changes in the fair value of forward exchange contracts entered into to reduce exposure to the change in foreign currency exchange rates associated with AICF payments are recorded in Asbestos adjustments loss . |
Accounting Pronouncements | Accounting Pronouncements Adopted in Fiscal Year 2023 In November 2021, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2021-10, Government Assistance (Topic 832). The amendments in the standard were issued to require annual disclosures about transactions with a government that are accounting for by analogizing to a grant on contribution model. The new guidance requires disclosure of the nature of the transactions and related accounting policy used, the line items on the balance sheets or consolidated statements of operations and comprehensive income and the amounts applicable to each financial statement line item, and significant terms of the transactions. The Company adopted ASU No. 2021-10 on 31 March 2023 with no impact to our financial statements or related disclosures as the transactions in scope of this guidance were immaterial. |
Earnings Per Share | Earnings Per Share Basic earnings per share ("EPS") is calculated using net income divided by the weighted average number of common shares outstanding during the period. Diluted EPS is similar to basic EPS except that the weighted average number of common shares outstanding is increased to include the number of additional common shares calculated using the treasury method that would have been outstanding if the dilutive potential common shares, such as stock options and RSUs, had been issued. Basic and dilutive common shares outstanding used in determining net income per share are as follows: Years Ended 31 March (Millions of shares) 2023 2022 2021 Basic common shares outstanding 445.1 444.9 443.7 Dilutive effect of stock awards 0.5 1.0 1.7 Diluted common shares outstanding 445.6 445.9 445.4 There were no potential common shares which would be considered anti-dilutive for the fiscal years ended 31 March 2023, 2022 and 2021. Unless they are anti-dilutive, RSUs which vest solely based on continued employment are considered to be outstanding as of their issuance date for purposes of computing diluted EPS and are included in the calculation of diluted EPS using the Treasury Method. Once these RSUs vest, they are included in the basic EPS calculation on a weighted-average basis. RSUs which vest based on performance or market conditions are considered contingent shares. At each reporting date prior to the end of the contingency period, the Company determines the number of contingently issuable shares to include in the diluted EPS calculation, as the number of shares that would be issuable under the terms of the RSU arrangement, if the end of the reporting period were the end of the contingency period. Once these RSUs vest, they are included in the basic EPS calculation on a weighted-average basis. |
Organization and Significant _3
Organization and Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
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 1 to 27 Leasehold Improvements 1 to 40 Machinery and Equipment 1 to 39 |
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) 2023 2022 2021 Basic common shares outstanding 445.1 444.9 443.7 Dilutive effect of stock awards 0.5 1.0 1.7 Diluted common shares outstanding 445.6 445.9 445.4 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following represents the Company's disaggregated revenues: Year Ended 31 March 2023 (Millions of US dollars) North America Asia Pacific Europe Building Consolidated Fiber cement revenues $ 2,787.6 $ 539.2 $ 68.6 $ 3,395.4 Fiber gypsum revenues — — 381.7 381.7 Total revenues $ 2,787.6 $ 539.2 $ 450.3 $ 3,777.1 Year Ended 31 March 2022 (Millions of US dollars) North America Asia Pacific Europe Building Consolidated Fiber cement revenues $ 2,551.3 $ 574.9 $ 76.3 $ 3,202.5 Fiber gypsum revenues — — 412.2 412.2 Total revenues $ 2,551.3 $ 574.9 $ 488.5 $ 3,614.7 Year Ended 31 March 2021 (Millions of US dollars) North America Asia Pacific Europe Building Consolidated Fiber cement revenues $ 2,040.2 $ 458.2 $ 55.3 $ 2,553.7 Fiber gypsum revenues — — 355.0 355.0 Total revenues $ 2,040.2 $ 458.2 $ 410.3 $ 2,908.7 |
Cash and Cash Equivalents, Re_2
Cash and Cash Equivalents, Restricted Cash and Restricted Cash - Asbestos (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents, Restricted Cash and Restricted Cash - Asbestos [Abstract] | |
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Restricted Cash - Asbestos | The following table provides a reconciliation of Cash and cash equivalents, Restricted cash and Restricted cash - Asbestos reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: 31 March (Millions of US dollars) 2023 2022 Cash and cash equivalents $ 113.0 $ 125.0 Restricted cash 5.0 5.0 Restricted cash - Asbestos 67.6 141.9 Total cash and cash equivalents, restricted cash and restricted cash - Asbestos $ 185.6 $ 271.9 |
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Restricted Cash - Asbestos | The following table provides a reconciliation of Cash and cash equivalents, Restricted cash and Restricted cash - Asbestos reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: 31 March (Millions of US dollars) 2023 2022 Cash and cash equivalents $ 113.0 $ 125.0 Restricted cash 5.0 5.0 Restricted cash - Asbestos 67.6 141.9 Total cash and cash equivalents, restricted cash and restricted cash - Asbestos $ 185.6 $ 271.9 |
Accounts and Other Receivables
Accounts and Other Receivables (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Components of Accounts and Other Receivables | Accounts and other receivables consist of the following components: 31 March (Millions of US dollars) 2023 2022 Trade receivables $ 301.2 $ 336.4 Income taxes receivable 29.6 29.8 Other receivables and advances 26.6 35.6 Provision for doubtful trade receivables (2.6) (3.4) Total accounts and other receivables $ 354.8 $ 398.4 |
Provision for Doubtful Trade Debts | The following are changes in the provision for doubtful trade receivables: 31 March (Millions of US dollars) 2023 2022 2021 Balance at beginning of period $ 3.4 $ 6.1 $ 4.4 Adjustment to provision (0.6) (2.2) 3.1 Write-offs, net of recoveries (0.2) (0.5) (1.4) Balance at end of period $ 2.6 $ 3.4 $ 6.1 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories consist of the following components: 31 March (Millions of US dollars) 2023 2022 Finished goods $ 237.8 $ 187.3 Work-in-process 23.0 16.2 Raw materials and supplies 93.9 82.1 Provision for obsolete finished goods and raw materials (10.5) (5.9) Total inventories $ 344.2 $ 279.7 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Rollforward of Goodwill | The following are the changes in the carrying value of goodwill: (Millions of US dollars) Europe Building Products Balance - 31 March 2021 $ 209.3 Foreign exchange impact (9.8) Balance - 31 March 2022 $ 199.5 Foreign exchange impact (4.6) Balance - 31 March 2023 $ 194.9 |
Schedule of Indefinite-Lived Intangible Assets | The following are the net carrying amount of indefinite lived intangible assets other than goodwill: 31 March (Millions of US dollars) 2023 2022 Tradenames $ 112.3 $ 115.0 Other 7.4 7.4 Total $ 119.7 $ 122.4 |
Schedule of Finite-Lived Intangible Assets | The following are the net carrying amount of amortizable intangible assets: Year Ended 31 March 2023 (Millions of US dollars) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer Relationships $ 47.9 $ (12.4) $ 35.5 Total $ 47.9 $ (12.4) $ 35.5 Year Ended 31 March 2022 (Millions of US dollars) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer Relationships $ 52.9 $ (12.5) $ 40.4 Total $ 52.9 $ (12.5) $ 40.4 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | At 31 March 2023, the estimated future amortization of intangible assets is as follows: Years ended 31 March (Millions of US dollars): 2024 $ 4.3 2025 4.5 2026 4.6 2027 4.9 2028 5.0 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment | Property, plant and equipment consist of the following components: 31 March (Millions of US dollars) 2023 2022 Land $ 79.8 $ 83.6 Buildings 568.1 530.6 Machinery and equipment 2,044.2 1,880.0 Construction in progress 502.6 167.9 Property, plant and equipment, at cost 3,194.7 2,662.1 Less accumulated depreciation (1,355.1) (1,205.1) Property, plant and equipment, net $ 1,839.6 $ 1,457.0 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Schedule of ROU Assets and Lease Liabilities | The following table represents the Company's ROU assets and lease liabilities: 31 March (Millions of US dollars) 2023 2022 Assets: Operating leases, net $ 59.4 $ 57.8 Finance leases, net 2.0 2.3 Total right-of-use assets $ 61.4 $ 60.1 Liabilities: Operating leases: Current $ 18.1 $ 12.5 Non-Current 61.1 63.1 Total operating lease liabilities $ 79.2 $ 75.6 Finance leases: Current $ 0.8 $ 1.1 Non-Current 1.4 1.5 Total finance lease liabilities $ 2.2 $ 2.6 Total lease liabilities $ 81.4 $ 78.2 |
Schedule of Lease Expense | The following table represents the Company's lease expense: Years Ended 31 March (Millions of US dollars) 2023 2022 2021 Operating leases $ 20.2 $ 21.6 $ 17.0 Short-term leases 3.2 1.7 2.1 Finance leases 1.4 1.0 0.9 Interest on lease liabilities 0.2 0.1 0.1 Total lease expense $ 25.0 $ 24.4 $ 20.1 Supplemental cash flow and other information related to leases were as follows: Years Ended 31 March (Millions of US dollars) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 20.9 $ 23.8 Operating cash flows used for finance leases 0.2 0.1 Financing cash flows used for finance leases 1.5 1.0 Non-cash ROU assets obtained in exchange for new lease liabilities 16.8 31.8 Non-cash remeasurements increasing ROU assets and lease liabilities 5.7 1.3 |
Schedule of Lease Expense | The weighted-average remaining lease term of the Company's leases is as follows: 31 March (In Years) 2023 2022 Operating leases 7.9 8.0 Finance leases 3.1 3.2 The weighted-average discount rate of the Company's leases is as follows: 31 March 2023 2022 Operating leases 4.6 % 4.3 % Finance leases 4.3 % 4.1 % |
Operating Lease, Future Lease Payments | The following are future lease payments for non-cancellable leases at 31 March 2023: Years ended 31 March (Millions of US dollars): Operating Finance Total 2024 $ 20.2 $ 0.8 $ 21.0 2025 15.4 0.7 16.1 2026 11.8 0.5 12.3 2027 7.4 0.1 7.5 2028 6.7 — 6.7 Thereafter 35.9 — 35.9 Total $ 97.4 $ 2.1 $ 99.5 Less: imputed interest 18.1 Total lease liabilities $ 81.4 |
Finance Lease, Future Lease Payments | The following are future lease payments for non-cancellable leases at 31 March 2023: Years ended 31 March (Millions of US dollars): Operating Finance Total 2024 $ 20.2 $ 0.8 $ 21.0 2025 15.4 0.7 16.1 2026 11.8 0.5 12.3 2027 7.4 0.1 7.5 2028 6.7 — 6.7 Thereafter 35.9 — 35.9 Total $ 97.4 $ 2.1 $ 99.5 Less: imputed interest 18.1 Total lease liabilities $ 81.4 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Components of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consist of the following components: 31 March (Millions of US dollars) 2023 2022 Trade creditors $ 198.2 $ 273.6 Accrued interest 4.7 4.6 Accrued customer rebates 126.2 126.2 Other creditors and accruals 58.6 53.6 Total accounts payable and accrued liabilities $ 387.7 $ 458.0 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | 31 March (Millions of US dollars) 2023 2022 Senior unsecured notes: Principal amount 3.625% notes due 2026 (€400.0 million) $ 436.1 $ 446.4 Principal amount 5.000% notes due 2028 400.0 400.0 Total 836.1 846.4 Unsecured revolving credit facility 230.0 40.0 Unamortized debt issuance costs: (7.1) (9.1) Total Long-term debt $ 1,059.0 $ 877.3 Weighted average interest rate of Long-term debt 4.7 % 4.2 % Weighted average term of available Long-term debt 4.0 years 5.0 years Fair value of Senior unsecured notes (Level 1) $ 785.2 $ 845.1 |
Product Warranties (Tables)
Product Warranties (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Guarantees [Abstract] | |
Summary of Changes in Product Warranty Provision | The following are the changes in the product warranty provision: 31 March (Millions of US dollars) 2023 2022 2021 Balance at beginning of period $ 37.7 $ 39.6 $ 42.4 Increase in accrual 1.2 1.9 2.4 Settlements made in cash or in kind (3.3) (3.8) (5.2) Balance at end of period $ 35.6 $ 37.7 $ 39.6 |
Asbestos (Tables)
Asbestos (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Asbestos [Abstract] | |
Asbestos Adjustments | The Asbestos adjustments loss included in the consolidated statements of operations and comprehensive income comprise the following: Years Ended 31 March (Millions of US dollars) 2023 2022 2021 Change in estimates: Change in actuarial estimate - asbestos liability $ 56.0 $ 145.6 $ 33.0 Change in actuarial estimate - insurance receivable (0.1) (5.3) (2.0) Change in estimate - AICF claims-handling costs 1.2 0.6 1.5 Subtotal - Change in estimates 57.1 140.9 32.5 Effect of foreign exchange on Asbestos net liabilities (45.9) (13.2) 123.0 Loss (gain) on foreign currency forward contracts 24.5 5.3 (11.7) Other 1.3 (1.3) 0.1 Asbestos adjustments loss $ 37.0 $ 131.7 $ 143.9 |
Central Estimates, Net of Insurance Recoveries | The following table sets forth the central estimates, net of insurance recoveries, calculated by KPMG as of 31 March 2023: As of 31 March 2023 (Millions of US and Australian dollars, respectively) US$ A$ Central Estimate – Discounted and Inflated 1,012.0 1,508.0 Central Estimate – Undiscounted but Inflated 1,289.0 1,920.8 Central Estimate – Undiscounted and Uninflated 895.6 1,334.6 The following table summarizes the results of the analysis: As of 31 March 2023 (Millions of US and Australian dollars, respectively) US$ A$ Discounted (but inflated) - Low 783.5 1,167.5 Discounted (but inflated) - High 1,581.8 2,357.0 Undiscounted (but inflated) - Low 978.3 1,457.8 Undiscounted (but inflated) - High 2,114.9 3,151.4 |
Numbers of Open Claims, New Claims and Closed Claims and Average Settlement Per Settled Claim and Case Closed | The following table shows the activity related to the numbers of open claims, new claims and closed claims during each of the past five years and the average settlement per settled claim and case closed: For the Years Ended 31 March 2023 2022 2021 2020 2019 Number of open claims at beginning of period 365 360 393 332 336 Number of new claims Direct claims 403 411 392 449 430 Cross claims 152 144 153 208 138 Number of closed claims 561 550 578 596 572 Number of open claims at end of period 359 365 360 393 332 Average settlement amount per settled claim A$303,000 A$314,000 A$248,000 A$277,000 A$262,000 Average settlement amount per case closed 1 A$271,000 A$282,000 A$225,000 A$245,000 A$234,000 Average settlement amount per settled claim US$208,000 US$232,000 US$178,000 US$189,000 US$191,000 Average settlement amount per case closed 1 US$186,000 US$208,000 US$162,000 US$167,000 US$171,000 1 The average settlement amount per case closed includes nil settlements. |
Summary of Net Unfunded AFFA Liability, Net of Tax | The following is a detailed rollforward of the Net Unfunded AFFA liability, net of tax, for the fiscal year ended 31 March 2023: (Millions of US dollars) Asbestos Insurance Restricted Other Net Deferred Income Net Opening Balance - 31 March 2022 $ (1,143.7) $ 45.7 $ 261.6 $ (1.1) $ (837.5) $ 360.1 $ 43.9 $ (433.5) Asbestos claims paid 106.8 — (106.8) — — — — — Payment received in accordance with AFFA — — 109.6 — 109.6 — — 109.6 AICF claims-handling costs incurred (paid) 1.1 — (1.1) — — — — — AICF operating costs paid - non claims-handling — — (1.5) — (1.5) — — (1.5) Change in actuarial estimate (56.0) 0.1 — — (55.9) — — (55.9) Change in claims handling cost estimate (1.2) — — — (1.2) — — (1.2) Impact on deferred income tax due to change in actuarial estimate — — — — — 17.1 — 17.1 Insurance recoveries — (6.2) 6.2 — — — — — Movement in income tax payable — — — — — (41.1) 1.0 (40.1) Other movements — — 1.8 — 1.8 (1.2) 0.3 0.9 Effect of foreign exchange 115.9 (4.6) (25.1) 0.5 86.7 (36.3) (4.5) 45.9 Closing Balance - 31 March 2023 $ (977.1) $ 35.0 $ 244.7 $ (0.6) $ (698.0) $ 298.6 $ 40.7 $ (358.7) |
Schedule of Remaining Time Deposits | The following table represents the investments outstanding as of 31 March 2023: Date Invested Maturity Date Interest Rate A$ Millions February 2023 13 July 2023 4.74% 70.0 February 2023 13 October 2023 4.74% 40.0 February 2023 13 January 2024 4.74% 39.0 February 2023 13 February 2024 4.74% 1.0 April 2022 5 April 2024 2.75% 54.0 January 2022 25 January 2024 1.41% 30.0 October 2021 6 October 2023 0.60% 30.0 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following table sets forth the total outstanding notional amount and the fair value of the Company’s derivative instruments held at 31 March 2023 and 2022: Fair Value as of (Millions of US dollars) Notional Amount 31 March 2023 31 March 2022 Derivatives not accounted for as hedges 31 March 2023 31 March 2022 Assets Liabilities Assets Liabilities Foreign currency forward contracts $ 269.0 $ 251.0 $ 2.2 $ 11.4 $ 2.0 $ 1.9 |
Gain (Loss) on the Company's Foreign Currency Forward Contracts Recorded in the Consolidated Statements of Operations and Comprehensive Income | The following table sets forth the gain and loss on the Company’s foreign currency forward contracts recorded in the Company's consolidated statements of operations and comprehensive income as follows: 31 March (Millions of US dollars) 2023 2022 2021 Asbestos adjustments loss (gain) $ 24.5 $ 5.3 $ (11.7) Selling, general and administrative expenses 4.0 (2.1) 7.2 Total loss (gain) $ 28.5 $ 3.2 $ (4.5) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | Income tax expense consists of the following components: Years Ended 31 March (Millions of US dollars) 2023 2022 2021 Income before income taxes: Domestic $ 270.0 $ 295.0 $ 241.9 Foreign 453.5 348.1 170.1 Income before income taxes: $ 723.5 $ 643.1 $ 412.0 Income tax expense: Current: Domestic $ 42.9 $ 44.4 $ 38.5 Foreign 81.4 53.9 (8.6) Current income tax expense 124.3 98.3 29.9 Deferred: Domestic 11.8 9.4 1.4 Foreign 75.4 76.3 117.9 Deferred income tax expense 87.2 85.7 119.3 Total income tax expense $ 211.5 $ 184.0 $ 149.2 |
Reconciled Tax at Statutory Rates | Income tax expense is reconciled to the tax at the statutory rates as follows: Years Ended 31 March (Millions of US dollars) 2023 2022 2021 Income tax expense computed at the statutory tax rates $ 135.1 $ 109.7 $ 58.1 US state income taxes, net of the federal benefit 10.6 9.2 8.0 Asbestos - effect of foreign exchange (13.3) (3.5) 36.8 Expenses not deductible 3.3 1.9 2.0 Stock and executive compensation 1.9 (0.8) 5.5 Foreign taxes on domestic income 61.2 55.2 49.8 Prior year tax adjustments (0.1) (1.2) (5.9) Taxes on foreign income 12.0 9.9 1.6 US net operating loss carryback — — (4.9) Other items 0.8 3.6 (1.8) Total income tax expense $ 211.5 $ 184.0 $ 149.2 Effective tax rate 29.2 % 28.6 % 36.2 % |
Deferred Tax Assets and Liabilities | The tax effects of significant temporary differences creating deferred tax assets and liabilities were: 31 March (Millions of US dollars) 2023 2022 Deferred tax assets: Intangible assets $ 879.0 $ 958.2 Asbestos liability 298.6 360.1 Tax credit carryforwards 115.0 118.7 Other provisions and accruals 85.3 73.3 Net operating loss carryforwards 75.4 66.2 Total deferred tax assets 1,453.3 1,576.5 Valuation allowance (258.0) (261.2) Total deferred tax assets net of valuation allowance 1,195.3 1,315.3 Deferred tax liabilities: Depreciable and amortizable assets (167.3) (164.0) Other (67.4) (59.0) Total deferred tax liabilities (234.7) (223.0) Total deferred taxes, net $ 960.6 $ 1,092.3 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Expense | Total stock-based compensation expense consists of the following: Years Ended 31 March (Millions of US dollars) 2023 2022 2021 Liability Awards $ 2.7 $ 3.2 $ 21.7 Equity Awards 15.7 9.0 18.0 Total stock-based compensation expense $ 18.4 $ 12.2 $ 39.7 |
Summary of Stock Options Available for Grant | The following table summarizes the Company’s shares available for grant as options, RSUs or other equity instruments under the LTIP and 2001 Plan: Shares Balance at 31 March 2021 22,087,623 Granted (597,927) Balance at 31 March 2022 21,489,696 Granted (2,540,893) Balance at 31 March 2023 18,948,803 |
Schedule of Stock Options Roll Forward | The following table summarizes the Company's stock options activity during the noted period: Outstanding Options Number of Options Weighted Average Balance at 31 March 2022 — — Granted 269,221 33.05 Balance at 31 March 2023 269,221 33.05 Options exercisable at 31 March 2023 — — |
Restricted Stock Unit Activity | The following table summarizes the Company’s RSU activity: (Units) Service Performance Market Total Weighted Outstanding at 31 March 2021 593,486 726,288 1,286,922 2,606,696 19.01 Granted 233,443 141,015 223,469 597,927 41.73 Vested (313,641) (248,202) (565,878) (1,127,721) 14.96 Forfeited (98,613) (327,397) (450,480) (876,490) 27.73 Outstanding at 31 March 2022 414,675 291,704 494,033 1,200,412 27.83 Granted 1,279,127 268,009 724,536 2,271,672 26.12 Vested (449,458) (87,307) (256,787) (793,552) 25.17 Forfeited (107,818) (100,377) (91,738) (299,933) 28.46 Outstanding at 31 March 2023 1,136,526 372,029 870,044 2,378,599 26.97 |
Assumptions Used for Restricted Stock Grants | The following table includes the assumptions used for RSU grants (market condition) valued: Vesting Condition: Market Market Market Market Market Market Market Market FY23 FY23 FY23 FY23 FY23 FY23 FY22 FY22 Date of grant 31-Aug-22 31-Aug-22 3-Nov-22 3-Nov-22 3-Nov-22 13-Mar-23 27-Aug-21 9-Sep-21 Dividend yield (per annum) 1.5 % 1.5 % — % — % — % — % 2.0 % 2.0 % Expected volatility 41.9 % 33.4 % 42.5 % 35.1 % 43.8 % 36.3 % 40.0 % 40.2 % Risk free interest rate 3.5 % 3.5 % 4.7 % 4.7 % 4.7 % 4.0 % 0.4 % 0.4 % Expected life in years 3.0 2.0 0.8 1.8 2.8 2.4 3.0 2.9 JHX stock price at grant date (A$) 33.51 33.51 33.05 33.05 33.05 30.98 52.66 52.12 Number of restricted stock units 387,360 102,250 38,387 39,450 115,688 41,401 130,513 92,956 |
Schedule Of Fair Value Of Restricted Stock Units Vested | The following table presents the total fair value of all of our restricted stock units vested : Years ended 31 March (Millions of US dollars) 2023 2022 2021 Total fair value vested $ 18.4 $ 42.6 $ 27.8 |
Cash Settled Units Activity | The following represents the activity related to the CSUs: FY23 FY22 Granted 751,569 423,051 Vested 237,600 433,872 Cancelled 325,459 1,292,934 |
Capital Management (Tables)
Capital Management (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Dividends [Abstract] | |
Summary of Dividends Declared or Paid | The following table summarizes the dividends declared or paid during the fiscal years 2023, 2022 and 2021: (Millions of US dollars) US US$ Millions Announcement Date Record Date Payment Date FY 2022 second half dividend 0.30 129.6 17 May 2022 27 May 2022 29 July 2022 FY 2022 first half dividend 0.40 174.1 9 November 2021 19 November 2021 17 December 2021 FY 2021 special dividend 0.70 309.9 10 February 2021 19 February 2021 30 April 2021 |
Schedule of Stock Activity | Below is the activity under this program: In Millions, except price per share Total Number Average Price Total Number of Maximum Dollar 1 December 2022 - 31 December 2022 1.6 $19.34 1.6 $168.8 1 January 2023 - 31 January 2023 — $— — $168.8 1 February 2023 - 28 February 2023 1.1 $21.72 1.1 $144.3 1 March 2023 - 31 March 2023 1.1 $20.78 1.1 $121.6 Total as of 31 March 2023 3.8 3.8 $121.6 |
Operating Segment Information_2
Operating Segment Information and Concentrations of Risk (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Summary of Operating Segments | The following is the Company’s operating segment information: Net Sales Years Ended 31 March (Millions of US dollars) 2023 2022 2021 North America Fiber Cement $ 2,787.6 $ 2,551.3 $ 2,040.2 Asia Pacific Fiber Cement 539.2 574.9 458.2 Europe Building Products 450.3 488.5 410.3 Worldwide total $ 3,777.1 $ 3,614.7 $ 2,908.7 Operating Income Years Ended 31 March (Millions of US dollars) 2023 2022 2021 North America Fiber Cement $ 767.5 $ 741.2 $ 585.5 Asia Pacific Fiber Cement 142.8 160.8 124.8 Europe Building Products 26.5 62.9 37.6 Research and Development (33.3) (34.4) (28.9) Segments total 903.5 930.5 719.0 General Corporate (162.1) (247.9) (246.2) Total operating income 741.4 682.6 472.8 Depreciation and Amortization Years ended 31 March (Millions of US dollars) 2023 2022 2021 North America Fiber Cement $ 126.1 $ 114.4 $ 89.1 Asia Pacific Fiber Cement 14.7 13.6 13.9 Europe Building Products 28.0 29.8 28.0 General Corporate 1.8 2.8 2.8 Research and Development 2.0 1.2 1.2 Total $ 172.6 $ 161.8 $ 135.0 Total Identifiable Assets 31 March (Millions of US dollars) 2023 2022 North America Fiber Cement $ 1,672.9 $ 1,434.8 Asia Pacific Fiber Cement 509.7 429.1 Europe Building Products 781.5 745.2 Research and Development 15.6 13.5 Segments total 2,979.7 2,622.6 General Corporate 1 1,499.4 1,620.6 Worldwide total $ 4,479.1 $ 4,243.2 |
Summary of Geographical Information | The following is the Company’s geographical information: Net Sales Years Ended 31 March (Millions of US dollars) 2023 2022 2021 North America 2 $ 2,787.6 $ 2,551.3 $ 2,040.2 Australia 380.9 391.7 321.9 Germany 137.8 165.0 143.0 New Zealand 88.1 115.9 81.9 Other Countries 3 382.7 390.8 321.7 Worldwide total $ 3,777.1 $ 3,614.7 $ 2,908.7 Total Identifiable Assets 31 March (Millions of US dollars) 2023 2022 North America 2 $ 1,679.8 $ 1,442.7 Australia 398.8 314.4 Germany 490.9 503.7 New Zealand 41.2 48.9 Other Countries 3 369.0 312.9 Segments total 2,979.7 2,622.6 General Corporate 1 1,499.4 1,620.6 Worldwide total $ 4,479.1 $ 4,243.2 ____________ 1 Included in General Corporate are deferred tax assets for each operating segment that are not held directly accountable for deferred income taxes and Asbestos-related assets. 2 The amounts disclosed for North America are substantially all related to the USA. 3 Included are all other countries that account for less than 5% of net sales and total identifiable assets individually, primarily in the Philippines, Spain and other European countries. Research and development expenditures are expensed as incurred and are summarized by segment in the following table. Research and development segment operating income also includes Selling, general and administrative expenses of US$2.2 million, US$4.1 million and US$2.9 million in fiscal years 2023, 2022 and 2021, respectively. Years Ended 31 March (Millions of US dollars) 2023 2022 2021 North America Fiber Cement $ 5.5 $ 5.3 $ 5.6 Asia Pacific Fiber Cement 1.3 1.5 1.1 Europe Building Products 1.7 0.9 1.6 Research and Development 31.1 30.3 26.0 $ 39.6 $ 38.0 $ 34.3 |
Summary of Gross Sales by Major Customers | The following represents net sales generated by this customer, which is from the North America Fiber Cement segment: Years Ended 31 March (Millions of US dollars) 2023 2022 2021 Customer A $ 450.1 12.0 % $ 418.3 12.0 % $ 347.3 12.0 % |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss is comprised of the following at 31 March 2023: (Millions of US dollars) Cash Flow Pension Foreign Total Balance at 31 March 2022 $ 0.2 $ (0.3) $ (21.9) $ (22.0) Other comprehensive gain (loss) — 2.1 (33.4) (31.3) Balance at 31 March 2023 $ 0.2 $ 1.8 $ (55.3) $ (53.3) |
Organization and Significant _4
Organization and Significant Accounting Policies - Narrative (Details) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) director | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Ownership interest rate percentage (as percent) | 100% | |||
Goodwill and intangible asset impairment | $ | $ 0 | |||
Advertising costs | $ | $ 83,100,000 | $ 53,700,000 | $ 27,200,000 | |
Equity awards vested percentage after first year | 25% | |||
Equity awards vested percentage after second year | 25% | |||
Equity awards vested percentage after third year | 50% | |||
Number of trading days | 20 days | |||
Share-Based Payment Arrangement, Option | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Vesting period | 3 years | |||
Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Weighted average useful life of finite-lived intangible assets | 2 years | |||
Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Weighted average useful life of finite-lived intangible assets | 13 years | |||
AICF Funding | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Ownership interest rate percentage (as percent) | 0% | |||
AICF Funding | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of directors appointed by Company | director | 3 | |||
AICF Funding | New South Wales, Australia | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of directors appointed by NSW government | director | 2 |
Organization and Significant _5
Organization and Significant Accounting Policies - Property, Plant and Equipment Estimated Useful Lives (Details) | Mar. 31, 2023 |
Minimum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life | 10 years |
Minimum | Buildings Improvements | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life | 1 year |
Minimum | Leasehold Improvements | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life | 1 year |
Minimum | Machinery and Equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life | 1 year |
Maximum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life | 50 years |
Maximum | Buildings Improvements | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life | 27 years |
Maximum | Leasehold Improvements | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life | 40 years |
Maximum | Machinery and Equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life | 39 years |
Organization and Significant _6
Organization and Significant Accounting Policies - Basic and Dilutive Common Shares Outstanding Used in Determining Net Income Per Share (Details) - shares shares in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Basic common shares outstanding (in shares) | 445.1 | 444.9 | 443.7 |
Dilutive effect of stock awards (in shares) | 0.5 | 1 | 1.7 |
Diluted common shares outstanding (in shares) | 445.6 | 445.9 | 445.4 |
Contingent Shares Not Expected To Vest | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potential diluted common shares outstanding (in shares) | 0.4 | 0.7 | 0.9 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 3,777.1 | $ 3,614.7 | $ 2,908.7 |
Fiber cement revenues | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 3,395.4 | 3,202.5 | 2,553.7 |
Fiber gypsum revenues | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 381.7 | 412.2 | 355 |
North America Fiber Cement | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 2,787.6 | 2,551.3 | 2,040.2 |
North America Fiber Cement | Fiber cement revenues | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 2,787.6 | 2,551.3 | 2,040.2 |
North America Fiber Cement | Fiber gypsum revenues | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Asia Pacific Fiber Cement | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 539.2 | 574.9 | 458.2 |
Asia Pacific Fiber Cement | Fiber cement revenues | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 539.2 | 574.9 | 458.2 |
Asia Pacific Fiber Cement | Fiber gypsum revenues | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Europe Building Products | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 450.3 | 488.5 | 410.3 |
Europe Building Products | Fiber cement revenues | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 68.6 | 76.3 | 55.3 |
Europe Building Products | Fiber gypsum revenues | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 381.7 | $ 412.2 | $ 355 |
Cash and Cash Equivalents, Re_3
Cash and Cash Equivalents, Restricted Cash and Restricted Cash - Asbestos (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Cash and Cash Equivalents, Restricted Cash and Restricted Cash - Asbestos [Abstract] | ||||
Cash and cash equivalents | $ 113 | $ 125 | ||
Restricted cash | 5 | 5 | ||
Restricted cash - Asbestos | 67.6 | 141.9 | ||
Total cash and cash equivalents, restricted cash and restricted cash - Asbestos | $ 185.6 | $ 271.9 | $ 318.4 | $ 185.8 |
Accounts and Other Receivable_2
Accounts and Other Receivables - Components of Accounts and Other Receivables (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Receivables [Abstract] | ||||
Trade receivables | $ 301.2 | $ 336.4 | ||
Income taxes receivable | 29.6 | 29.8 | ||
Other receivables and advances | 26.6 | 35.6 | ||
Provision for doubtful trade receivables | (2.6) | (3.4) | $ (6.1) | $ (4.4) |
Total accounts and other receivables | $ 354.8 | $ 398.4 |
Accounts and Other Receivable_3
Accounts and Other Receivables - Provision for Doubtful Trade Debts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at beginning of period | $ 3.4 | $ 6.1 | $ 4.4 |
Adjustment to provision | (0.6) | (2.2) | 3.1 |
Write-offs, net of recoveries | (0.2) | (0.5) | (1.4) |
Balance at end of period | $ 2.6 | $ 3.4 | $ 6.1 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 237.8 | $ 187.3 |
Work-in-process | 23 | 16.2 |
Raw materials and supplies | 93.9 | 82.1 |
Provision for obsolete finished goods and raw materials | (10.5) | (5.9) |
Total inventories | $ 344.2 | $ 279.7 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Rollforward of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill [Roll Forward] | ||
Balance, beginning | $ 199.5 | |
Balance, ending | 194.9 | $ 199.5 |
Europe Building Products | ||
Goodwill [Roll Forward] | ||
Balance, beginning | 199.5 | 209.3 |
Foreign exchange impact | $ (4.6) | (9.8) |
Balance, ending | $ 199.5 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite lived intangible assets other than goodwill | $ 119.7 | $ 122.4 |
Tradenames | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite lived intangible assets other than goodwill | 112.3 | 115 |
Other | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite lived intangible assets other than goodwill | $ 7.4 | $ 7.4 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Finite-Lived Assets (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 47.9 | $ 52.9 |
Accumulated Amortization | (12.4) | (12.5) |
Net Carrying Amount | 35.5 | 40.4 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 47.9 | 52.9 |
Accumulated Amortization | (12.4) | (12.5) |
Net Carrying Amount | $ 35.5 | $ 40.4 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization | $ 3.8 | $ 3.5 | $ 2.6 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 4.3 |
2025 | 4.5 |
2026 | 4.6 |
2027 | 4.9 |
2028 | $ 5 |
Property, Plant and Equipment -
Property, Plant and Equipment - Components of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 3,194.7 | $ 2,662.1 |
Less accumulated depreciation | (1,355.1) | (1,205.1) |
Property, plant and equipment, net | 1,839.6 | 1,457 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 79.8 | 83.6 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 568.1 | 530.6 |
Machinery and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 2,044.2 | 1,880 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 502.6 | $ 167.9 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 166.8 | $ 155.6 | $ 129.6 |
Capitalized interest | $ 8.5 | $ 1.9 |
Leases - ROU Assets and Lease L
Leases - ROU Assets and Lease Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Assets: | ||
Operating leases, net | $ 59.4 | $ 57.8 |
Finance leases, net | 2 | 2.3 |
Total right-of-use assets | 61.4 | 60.1 |
Operating leases: | ||
Current | 18.1 | 12.5 |
Non-Current | 61.1 | 63.1 |
Total operating lease liabilities | 79.2 | 75.6 |
Finance leases: | ||
Current | 0.8 | 1.1 |
Non-Current | 1.4 | 1.5 |
Total finance lease liabilities | 2.2 | 2.6 |
Total lease liabilities | $ 81.4 | $ 78.2 |
Leases - Schedule of Lease Expe
Leases - Schedule of Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | |||
Operating leases | $ 20.2 | $ 21.6 | $ 17 |
Short-term leases | 3.2 | 1.7 | 2.1 |
Finance leases | 1.4 | 1 | 0.9 |
Interest on lease liabilities | 0.2 | 0.1 | 0.1 |
Total lease expense | $ 25 | $ 24.4 | $ 20.1 |
Leases - Schedule of Weighted-A
Leases - Schedule of Weighted-Average Remaining Lease Term and Discount Rate (Details) | Mar. 31, 2023 | Mar. 31, 2022 |
Leases [Abstract] | ||
Operating leases, weighted-average remaining lease term | 7 years 10 months 24 days | 8 years |
Finance leases, weighted-average remaining lease term | 3 years 1 month 6 days | 3 years 2 months 12 days |
Operating leases, weighted-average discount rate | 4.60% | 4.30% |
Finance leases, weighted-average discount rate | 4.30% | 4.10% |
Leases - Future Lease Payments
Leases - Future Lease Payments (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Operating Leases | ||
2024 | $ 20.2 | |
2025 | 15.4 | |
2026 | 11.8 | |
2027 | 7.4 | |
2028 | 6.7 | |
Thereafter | 35.9 | |
Total | 97.4 | |
Finance Leases | ||
2024 | 0.8 | |
2025 | 0.7 | |
2026 | 0.5 | |
2027 | 0.1 | |
2028 | 0 | |
Thereafter | 0 | |
Total | 2.1 | |
Total | ||
2024 | 21 | |
2025 | 16.1 | |
2026 | 12.3 | |
2027 | 7.5 | |
2028 | 6.7 | |
Thereafter | 35.9 | |
Total | 99.5 | |
Less: imputed interest | 18.1 | |
Total lease liabilities | $ 81.4 | $ 78.2 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow and Other Lease Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | |||
Operating cash flows used for operating leases | $ 20.9 | $ 23.8 | |
Operating cash flows used for finance leases | 0.2 | 0.1 | |
Financing cash flows used for finance leases | 1.5 | 1 | $ 0.8 |
Non-cash ROU assets obtained in exchange for new lease liabilities | 16.8 | 31.8 | |
Non-cash remeasurements increasing lease liabilities | 5.7 | 1.3 | |
Non-cash remeasurements increasing ROU assets | $ 5.7 | $ 1.3 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Payables and Accruals [Abstract] | ||
Trade creditors | $ 198.2 | $ 273.6 |
Accrued interest | 4.7 | 4.6 |
Accrued customer rebates | 126.2 | 126.2 |
Other creditors and accruals | 58.6 | 53.6 |
Total accounts payable and accrued liabilities | $ 387.7 | $ 458 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-term Debt Instruments (Details) € in Millions, $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2023 EUR (€) | |
Debt Instrument [Line Items] | |||
Unamortized debt issuance costs: | $ (7.1) | $ (9.1) | |
Total Long-term debt | $ 1,059 | $ 877.3 | |
Weighted average interest rate of Long-term debt | 4.70% | 4.20% | 4.70% |
Weighted average term of available Long-term debt | 4 years | 5 years | |
Senior Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 836.1 | $ 846.4 | |
Senior Notes | Level 1 | |||
Debt Instrument [Line Items] | |||
Fair value of Senior unsecured notes (Level 1) | 785.2 | 845.1 | |
Line of Credit | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 230 | 40 | |
3.625% Senior Unsecured Notes Due 2026 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate (as percent) | 3.625% | 3.625% | |
Long-term debt, gross | $ 436.1 | 446.4 | € 400 |
5.000% Senior Unsecured Notes Due 2028 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate (as percent) | 5% | 5% | |
Long-term debt, gross | $ 400 | $ 400 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2021 USD ($) term | Mar. 31, 2023 USD ($) | Nov. 30, 2021 USD ($) | |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 600,000,000 | $ 500,000,000 | |
Accordion option, increase limit (up to) | $ 250,000,000 | ||
Number of options to extend | term | 2 | ||
Extension period | 1 year | ||
Debt instrument, term | 5 years | ||
Line of credit facility, current borrowing capacity | $ 600,000,000 | ||
Remaining borrowing capacity | 362,800,000 | ||
Line of Credit | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Amount drawn under line of credit | 230,000,000 | ||
Line of Credit | Bank Guarantee | |||
Debt Instrument [Line Items] | |||
Amount drawn under line of credit | $ 7,200,000 | ||
Minimum | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Commitment fee percentage (as percent) | 0.20% | ||
Minimum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Credit facility interest rate applicable margins (as percent) | 1.25% | ||
Minimum | Base rate | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Credit facility interest rate applicable margins (as percent) | 0.25% | ||
Maximum | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Commitment fee percentage (as percent) | 0.35% | ||
Maximum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Credit facility interest rate applicable margins (as percent) | 2% | ||
Maximum | Base rate | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Credit facility interest rate applicable margins (as percent) | 1% |
Product Warranties - Narrative
Product Warranties - Narrative (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Guarantees [Abstract] | |
Limited warranty period | 30 years |
Product Warranties - Summary of
Product Warranties - Summary of Changes in Product Warranty Provision (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | |||
Balance at beginning of period | $ 37.7 | $ 39.6 | $ 42.4 |
Increase in accrual | 1.2 | 1.9 | 2.4 |
Settlements made in cash or in kind | (3.3) | (3.8) | (5.2) |
Balance at end of period | $ 35.6 | $ 37.7 | $ 39.6 |
Asbestos - Asbestos Adjustments
Asbestos - Asbestos Adjustments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Change in estimates: | |||
Change in actuarial estimate - asbestos liability | $ 56 | $ 145.6 | $ 33 |
Change in actuarial estimate - insurance receivable | (0.1) | (5.3) | (2) |
Change in estimate - AICF claims-handling costs | 1.2 | 0.6 | 1.5 |
Subtotal - Change in estimates | 57.1 | 140.9 | 32.5 |
Effect of foreign exchange on Asbestos net liabilities | (45.9) | (13.2) | 123 |
Loss (gain) on foreign currency forward contracts | 24.5 | 5.3 | (11.7) |
Other | 1.3 | (1.3) | 0.1 |
Asbestos adjustments loss | $ 37 | $ 131.7 | $ 143.9 |
Asbestos - Central Estimates, N
Asbestos - Central Estimates, Net of Insurance Recoveries (Details) - Mar. 31, 2023 $ in Millions, $ in Millions | USD ($) | AUD ($) |
Central Estimate – Discounted and Inflated | ||
Asbestos Claims [Line Items] | ||
Asbestos liability actuarial estimate | $ 1,012 | $ 1,508 |
Discounted (but inflated) - Low | 783.5 | 1,167.5 |
Discounted (but inflated) - High | 1,581.8 | 2,357 |
Central Estimate – Undiscounted but Inflated | ||
Asbestos Claims [Line Items] | ||
Asbestos liability actuarial estimate | 1,289 | 1,920.8 |
Undiscounted (but inflated) - Low | 978.3 | 1,457.8 |
Undiscounted (but inflated) - High | 2,114.9 | 3,151.4 |
Central Estimate – Undiscounted and Uninflated | ||
Asbestos Claims [Line Items] | ||
Asbestos liability actuarial estimate | $ 895.6 | $ 1,334.6 |
Asbestos - Narrative (Details)
Asbestos - Narrative (Details) $ in Millions, $ in Millions | 12 Months Ended | ||||||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 AUD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2022 AUD ($) | Mar. 31, 2021 USD ($) | Mar. 31, 2021 AUD ($) | Mar. 31, 2023 AUD ($) | |
Schedule Of Asbestos Claims [Line Items] | |||||||
Secured standby loan facility maximum borrowing capacity | $ 214.8 | $ 320 | |||||
Restricted Cash and Investments | |||||||
Schedule Of Asbestos Claims [Line Items] | |||||||
Payment received in accordance with AFFA | $ 109.6 | $ 158.8 | $ 248.5 | $ 328.2 | $ 153.3 | $ 220.9 | |
Central Estimate – Discounted and Inflated | |||||||
Schedule Of Asbestos Claims [Line Items] | |||||||
Discounted actuarial estimate, potential period shift | 2 years | 2 years | |||||
Discounted actuarial estimate, potential percent increase | 21% | 21% |
Asbestos - Numbers of Open Clai
Asbestos - Numbers of Open Claims, New Claims and Closed Claims and Average Settlement Per Settled Claim and Case Closed (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||||||||
Mar. 31, 2023 AUD ($) claim | Mar. 31, 2022 AUD ($) claim | Mar. 31, 2021 AUD ($) claim | Mar. 31, 2020 AUD ($) claim | Mar. 31, 2019 AUD ($) claim | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | Mar. 31, 2020 USD ($) | Mar. 31, 2019 USD ($) | |
Loss Contingency, Pending Claims, Number [Roll Forward] | ||||||||||
Number of open claims at beginning of period | 365 | 360 | 393 | 332 | 336 | |||||
Number of new claims, direct claims | 403 | 411 | 392 | 449 | 430 | |||||
Number of new claims, cross claims | 152 | 144 | 153 | 208 | 138 | |||||
Number of closed claims | 561 | 550 | 578 | 596 | 572 | |||||
Number of open claims at end of period | 359 | 365 | 360 | 393 | 332 | |||||
Average settlement amount per settled claim | $ 303 | $ 314 | $ 248 | $ 277 | $ 262 | $ 208 | $ 232 | $ 178 | $ 189 | $ 191 |
Average settlement amount per case closed 1 | $ 271 | $ 282 | $ 225 | $ 245 | $ 234 | $ 186 | $ 208 | $ 162 | $ 167 | $ 171 |
Asbestos - Summary of Net Unfun
Asbestos - Summary of Net Unfunded AFFA Liability, Net of Tax (Details) $ in Millions, $ in Millions | 12 Months Ended | |||||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 AUD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2022 AUD ($) | Mar. 31, 2021 USD ($) | Mar. 31, 2021 AUD ($) | |
Asbestos Net Liability [Roll Forward] | ||||||
Change in claims handling cost estimate | $ (1.2) | $ (0.6) | $ (1.5) | |||
Net Unfunded AFFA Liability, net of tax | ||||||
Asbestos Net Liability [Roll Forward] | ||||||
Net Unfunded AFFA liability, net of tax, Beginning Balance | (433.5) | |||||
Asbestos claims paid | 0 | |||||
Payment received in accordance with AFFA | 109.6 | |||||
AICF claims-handling costs incurred (paid) | 0 | |||||
AICF operating costs paid - non claims-handling | (1.5) | |||||
Change in actuarial estimate | (55.9) | |||||
Change in claims handling cost estimate | (1.2) | |||||
Impact on deferred income tax due to change in actuarial estimate | 17.1 | |||||
Insurance recoveries | 0 | |||||
Movement in income tax payable | (40.1) | |||||
Other movements | 0.9 | |||||
Effect of foreign exchange | 45.9 | |||||
Net Unfunded AFFA liability, net of tax, Ending Balance | (358.7) | (433.5) | ||||
Deferred Tax Assets | ||||||
Asbestos Net Liability [Roll Forward] | ||||||
Asbestos, deferred tax assets, beginning balance | 298.6 | 360.1 | ||||
Impact on deferred income tax due to change in actuarial estimate | 17.1 | |||||
Movement in income tax payable | (41.1) | |||||
Other movements | (1.2) | |||||
Effect of foreign exchange | (36.3) | |||||
Asbestos, deferred tax assets, beginning balance | 298.6 | 360.1 | ||||
Income Tax Payable | ||||||
Asbestos Net Liability [Roll Forward] | ||||||
Asbestos, income tax payable, beginning balance | 43.9 | |||||
Movement in income tax payable | 1 | |||||
Other movements | 0.3 | |||||
Effect of foreign exchange | (4.5) | |||||
Asbestos, income tax payable, ending balance | 40.7 | 43.9 | ||||
Net Unfunded AFFA Liability | ||||||
Asbestos Net Liability [Roll Forward] | ||||||
Asbestos, net liability, beginning balance | (837.5) | |||||
Payment received in accordance with AFFA | 109.6 | |||||
AICF operating costs paid - non claims-handling | (1.5) | |||||
Change in actuarial estimate | (55.9) | |||||
Change in claims handling cost estimate | (1.2) | |||||
Other movements | 1.8 | |||||
Effect of foreign exchange | 86.7 | |||||
Asbestos net liability, ending balance | (698) | (837.5) | ||||
Asbestos Liability | ||||||
Asbestos Net Liability [Roll Forward] | ||||||
Asbestos, net liability, beginning balance | (1,143.7) | |||||
Asbestos claims paid | 106.8 | |||||
AICF claims-handling costs incurred (paid) | 1.1 | |||||
Change in actuarial estimate | (56) | |||||
Change in claims handling cost estimate | (1.2) | |||||
Effect of foreign exchange | 115.9 | |||||
Asbestos net liability, ending balance | (977.1) | (1,143.7) | ||||
Insurance Receivables | ||||||
Asbestos Net Liability [Roll Forward] | ||||||
Asbestos, net liability, beginning balance | 45.7 | |||||
Change in actuarial estimate | 0.1 | |||||
Insurance recoveries | (6.2) | |||||
Effect of foreign exchange | (4.6) | |||||
Asbestos net liability, ending balance | 35 | 45.7 | ||||
Restricted Cash and Investments | ||||||
Asbestos Net Liability [Roll Forward] | ||||||
Asbestos, net liability, beginning balance | 261.6 | |||||
Asbestos claims paid | (106.8) | |||||
Payment received in accordance with AFFA | 109.6 | $ 158.8 | 248.5 | $ 328.2 | $ 153.3 | $ 220.9 |
AICF claims-handling costs incurred (paid) | (1.1) | |||||
AICF operating costs paid - non claims-handling | (1.5) | |||||
Insurance recoveries | 6.2 | |||||
Other movements | 1.8 | |||||
Effect of foreign exchange | (25.1) | |||||
Asbestos net liability, ending balance | 244.7 | 261.6 | ||||
Other Assets and Liabilities | ||||||
Asbestos Net Liability [Roll Forward] | ||||||
Asbestos, net liability, beginning balance | (1.1) | |||||
Effect of foreign exchange | 0.5 | |||||
Asbestos net liability, ending balance | $ (0.6) | $ (1.1) |
Asbestos - Schedule of Time Dep
Asbestos - Schedule of Time Deposits (Details) $ in Millions | Mar. 31, 2023 AUD ($) |
Time Deposits, 13 July 2023 Maturity Date | |
Net Investment Income [Line Items] | |
Interest Rate | 4.74% |
Time Deposits | $ 70 |
Time Deposits, 13 October 2023 Maturity Date | |
Net Investment Income [Line Items] | |
Interest Rate | 4.74% |
Time Deposits | $ 40 |
Time Deposits, 13 January 2024 Maturity Date | |
Net Investment Income [Line Items] | |
Interest Rate | 4.74% |
Time Deposits | $ 39 |
Time Deposits, 13 February 2024 Maturity Date | |
Net Investment Income [Line Items] | |
Interest Rate | 4.74% |
Time Deposits | $ 1 |
Time Deposits, 5 April 2024 Maturity Date | |
Net Investment Income [Line Items] | |
Interest Rate | 2.75% |
Time Deposits | $ 54 |
Time Deposits, 25 January 2024 Maturity Date | |
Net Investment Income [Line Items] | |
Interest Rate | 1.41% |
Time Deposits | $ 30 |
Time Deposits, 6 October 2023 Maturity Date | |
Net Investment Income [Line Items] | |
Interest Rate | 0.60% |
Time Deposits | $ 30 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Derivative Instruments (Details) - Foreign currency forward contracts - Derivatives not accounted for as hedges - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Derivative [Line Items] | ||
Notional Amount | $ 269 | $ 251 |
Derivative assets, fair value, gross | 2.2 | 2 |
Derivative liabilities, fair value, gross | $ 11.4 | $ 1.9 |
Derivative Instruments - Gain (
Derivative Instruments - Gain (Loss) on the Company's Foreign Currency Forward Contracts Recorded in the Consolidated Statements of Operations and Comprehensive Income (Details) - Foreign currency forward contracts - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative [Line Items] | |||
Total loss (gain) | $ 28.5 | $ 3.2 | $ (4.5) |
Asbestos adjustments loss (gain) | |||
Derivative [Line Items] | |||
Total loss (gain) | 24.5 | 5.3 | (11.7) |
Selling, general and administrative expenses | |||
Derivative [Line Items] | |||
Total loss (gain) | $ 4 | $ (2.1) | $ 7.2 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - claim | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Loss Contingencies [Line Items] | ||||||
Number of pending claims | 359 | 365 | 360 | 393 | 332 | 336 |
New Zealand | Subsidiaries | New Zealand Weathertightness | ||||||
Loss Contingencies [Line Items] | ||||||
Number of pending claims | 1 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income before income taxes: | |||
Domestic | $ 270 | $ 295 | $ 241.9 |
Foreign | 453.5 | 348.1 | 170.1 |
Income before income taxes | 723.5 | 643.1 | 412 |
Current: | |||
Domestic | 42.9 | 44.4 | 38.5 |
Foreign | 81.4 | 53.9 | (8.6) |
Current income tax expense | 124.3 | 98.3 | 29.9 |
Deferred: | |||
Domestic | 11.8 | 9.4 | 1.4 |
Foreign | 75.4 | 76.3 | 117.9 |
Deferred income tax expense | 87.2 | 85.7 | 119.3 |
Total income tax expense | $ 211.5 | $ 184 | $ 149.2 |
Income Taxes - Reconciled Tax a
Income Taxes - Reconciled Tax at Statutory Rates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense computed at the statutory tax rates | $ 135.1 | $ 109.7 | $ 58.1 |
US state income taxes, net of the federal benefit | 10.6 | 9.2 | 8 |
Asbestos - effect of foreign exchange | (13.3) | (3.5) | 36.8 |
Expenses not deductible | 3.3 | 1.9 | 2 |
Stock and executive compensation | 1.9 | (0.8) | 5.5 |
Foreign taxes on domestic income | 61.2 | 55.2 | 49.8 |
Prior year tax adjustments | (0.1) | (1.2) | (5.9) |
Taxes on foreign income | 12 | 9.9 | 1.6 |
US net operating loss carryback | 0 | 0 | (4.9) |
Other items | 0.8 | 3.6 | (1.8) |
Total income tax expense | $ 211.5 | $ 184 | $ 149.2 |
Effective tax rate (as percent) | 29.20% | 28.60% | 36.20% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Deferred tax assets: | ||
Intangible assets | $ 879 | $ 958.2 |
Asbestos liability | 298.6 | 360.1 |
Tax credit carryforwards | 115 | 118.7 |
Other provisions and accruals | 85.3 | 73.3 |
Net operating loss carryforwards | 75.4 | 66.2 |
Total deferred tax assets | 1,453.3 | 1,576.5 |
Valuation allowance | (258) | (261.2) |
Total deferred tax assets net of valuation allowance | 1,195.3 | 1,315.3 |
Deferred tax liabilities: | ||
Depreciable and amortizable assets | (167.3) | (164) |
Other | (67.4) | (59) |
Total deferred tax liabilities | (234.7) | (223) |
Total deferred taxes, net | $ 960.6 | $ 1,092.3 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) $ in Millions, $ in Millions | 12 Months Ended | 48 Months Ended | ||||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 AUD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2023 AUD ($) | |
Tax Credit Carryforward [Line Items] | ||||||
Tax loss carry-forwards | $ 75.4 | $ 75.4 | ||||
Recognized tax deduction | 137.4 | $ 200.6 | ||||
Contribution to AICF | 109.6 | $ 248.5 | $ 153.3 | 722.5 | $ 1,002.8 | |
Foreign tax credit carry-forwards | 115 | 118.7 | 115 | |||
Valuation allowance | 258 | $ 261.2 | 258 | |||
Income tax paid, net of refunds | 117.1 | |||||
Current taxes receivable, CARES Act | 29.6 | 29.6 | ||||
Total amount of unrecognized tax benefits | 0.9 | 0.9 | ||||
Interest and penalties recognized income tax expense | 0.9 | |||||
Foreign Tax Credit Carry-Forwards | ||||||
Tax Credit Carryforward [Line Items] | ||||||
Foreign tax credit carry-forwards | $ 111.3 | $ 111.3 | ||||
Percentage of valuation allowance against foreign tax credit carry-forwards (as percent) | 100% | 100% | ||||
Foreign tax credit carry-forwards, subject to expiration | $ 3.7 | $ 3.7 | ||||
Valuation allowance | $ 2.1 | $ 2.1 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | $ 18.4 | $ 12.2 | $ 39.7 |
Liability Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | 2.7 | 3.2 | 21.7 |
Equity Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | $ 15.7 | $ 9 | $ 18 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost related to stock-based compensation cost | $ 30.6 | ||
Estimated weighted average amortization, period of recognition | 1 year 10 months 24 days | ||
Weighted-average remaining contractual term | 4 years 7 months 6 days | ||
Average closing price period | 20 days | ||
Cash Settled Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Share-based compensation expense | $ 5.9 | $ 15.2 | $ 8.2 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Options Available for Grant (Details) - shares | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant [Roll Forward] | ||
Shares Available for Grant, Beginning balance (in shares) | 21,489,696 | 22,087,623 |
Granted (in shares) | (2,540,893) | (597,927) |
Shares Available for Grant, Ending balance (in shares) | 18,948,803 | 21,489,696 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Number of Options | |||
Beginning Balance (in shares) | 0 | ||
Granted (in shares) | 269,221 | 0 | 0 |
Ending Balance (in shares) | 269,221 | 0 | |
Options exercisable (in shares) | 0 | ||
Weighted Average Exercise Price | |||
Beginning Balance (in dollars per share) | $ 0 | ||
Granted (in dollars per share) | 33.05 | ||
Ending Balance (in dollars per share) | 33.05 | $ 0 | |
Options exercisable (in dollars per share) | $ 0 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Unit Activity (Details) - $ / shares | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Restricted Stock Units (RSUs) | ||
Restricted Stock Unit Activity | ||
Beginning balance (in shares) | 1,200,412 | 2,606,696 |
Granted (in shares) | 2,271,672 | 597,927 |
Vested (in shares) | (793,552) | (1,127,721) |
Forfeited (in shares) | (299,933) | (876,490) |
Ending balance (in shares) | 2,378,599 | 1,200,412 |
Weighted Average Fair Value at Grant Date (A$) | ||
Beginning balance (in dollars per share) | $ 27.83 | $ 19.01 |
Granted (in dollars per share) | 26.12 | 41.73 |
Vested (in dollars per share) | 25.17 | 14.96 |
Forfeited (in dollars per share) | 28.46 | 27.73 |
Ending balance (in dollars per share) | $ 26.97 | $ 27.83 |
Restricted Stock Units Service Vesting | ||
Restricted Stock Unit Activity | ||
Beginning balance (in shares) | 414,675 | 593,486 |
Granted (in shares) | 1,279,127 | 233,443 |
Vested (in shares) | (449,458) | (313,641) |
Forfeited (in shares) | (107,818) | (98,613) |
Ending balance (in shares) | 1,136,526 | 414,675 |
Restricted Stock Units Performance Vesting | ||
Restricted Stock Unit Activity | ||
Beginning balance (in shares) | 291,704 | 726,288 |
Granted (in shares) | 268,009 | 141,015 |
Vested (in shares) | (87,307) | (248,202) |
Forfeited (in shares) | (100,377) | (327,397) |
Ending balance (in shares) | 372,029 | 291,704 |
Restricted Stock Units (Market Condition) | ||
Restricted Stock Unit Activity | ||
Beginning balance (in shares) | 494,033 | 1,286,922 |
Granted (in shares) | 724,536 | 223,469 |
Vested (in shares) | (256,787) | (565,878) |
Forfeited (in shares) | (91,738) | (450,480) |
Ending balance (in shares) | 870,044 | 494,033 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used for Restricted Stock Grants (Details) - Restricted Stock Units (Market Condition) - $ / shares | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
August 2022 Grant | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield (per annum) | 1.50% | |
Expected volatility | 41.90% | |
Risk free interest rate | 3.50% | |
Expected life in years | 3 years | |
JHX stock price at grant date (A$ per share) | $ 33.51 | |
Number of restricted stock units (in shares) | 387,360 | |
August 2022 Grant | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield (per annum) | 1.50% | |
Expected volatility | 33.40% | |
Risk free interest rate | 3.50% | |
Expected life in years | 2 years | |
JHX stock price at grant date (A$ per share) | $ 33.51 | |
Number of restricted stock units (in shares) | 102,250 | |
November 2022 Grant | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield (per annum) | 0% | |
Expected volatility | 42.50% | |
Risk free interest rate | 4.70% | |
Expected life in years | 9 months 18 days | |
JHX stock price at grant date (A$ per share) | $ 33.05 | |
Number of restricted stock units (in shares) | 38,387 | |
November 2022 Grant | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield (per annum) | 0% | |
Expected volatility | 35.10% | |
Risk free interest rate | 4.70% | |
Expected life in years | 1 year 9 months 18 days | |
JHX stock price at grant date (A$ per share) | $ 33.05 | |
Number of restricted stock units (in shares) | 39,450 | |
November 2022 Grant | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield (per annum) | 0% | |
Expected volatility | 43.80% | |
Risk free interest rate | 4.70% | |
Expected life in years | 2 years 9 months 18 days | |
JHX stock price at grant date (A$ per share) | $ 33.05 | |
Number of restricted stock units (in shares) | 115,688 | |
March 2023 Grant | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield (per annum) | 0% | |
Expected volatility | 36.30% | |
Risk free interest rate | 4% | |
Expected life in years | 2 years 4 months 24 days | |
JHX stock price at grant date (A$ per share) | $ 30.98 | |
Number of restricted stock units (in shares) | 41,401 | |
August 2021 Grant | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield (per annum) | 2% | |
Expected volatility | 40% | |
Risk free interest rate | 0.40% | |
Expected life in years | 3 years | |
JHX stock price at grant date (A$ per share) | $ 52.66 | |
Number of restricted stock units (in shares) | 130,513 | |
September 2021 Grant | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield (per annum) | 2% | |
Expected volatility | 40.20% | |
Risk free interest rate | 0.40% | |
Expected life in years | 2 years 10 months 24 days | |
JHX stock price at grant date (A$ per share) | $ 52.12 | |
Number of restricted stock units (in shares) | 92,956 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule Of Fair Value Of Restricted Stock Units Vested (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total fair value vested | $ 18.4 | $ 42.6 | $ 27.8 |
Stock-Based Compensation - Cash
Stock-Based Compensation - Cash Settled Units Activity (Details) - Cash Settled Units - shares | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Settled Units Activity | ||
Granted (in shares) | 751,569 | 423,051 |
Vested (in shares) | 237,600 | 433,872 |
Cancelled (in shares) | 325,459 | 1,292,934 |
Capital Management - Summary of
Capital Management - Summary of Dividends Declared or Paid (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Jul. 29, 2022 | Dec. 17, 2021 | Apr. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Dividends [Abstract] | ||||||
Interim ordinary dividend to shareholders (in dollars per share) | $ 0.30 | $ 0.40 | $ 0.70 | |||
Dividends | $ 129.6 | $ 174.1 | $ 309.9 | $ 129.6 | $ 484 | $ 0 |
Capital Management - Schedule o
Capital Management - Schedule of Stock Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 4 Months Ended | ||||
Mar. 31, 2023 | Feb. 28, 2023 | Jan. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Nov. 08, 2022 | |
Dividends [Abstract] | ||||||
Buyback program to acquire outstanding amount | $ 200 | |||||
Total Number of Shares Purchased (in shares) | 1.1 | 1.1 | 0 | 1.6 | 3.8 | |
Average Price Paid per Share (in dollars per share) | $ 20.78 | $ 21.72 | $ 0 | $ 19.34 | ||
Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (US$) | $ 121.6 | $ 144.3 | $ 168.8 | $ 168.8 | $ 121.6 |
Operating Segment Information_3
Operating Segment Information and Concentrations of Risk - Summary of Operating Segments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 3,777.1 | $ 3,614.7 | $ 2,908.7 |
Operating income | 741.4 | 682.6 | 472.8 |
Depreciation and amortization | 172.6 | 161.8 | 135 |
Total Identifiable Assets | 4,479.1 | 4,243.2 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating income | 903.5 | 930.5 | 719 |
Total Identifiable Assets | 2,979.7 | 2,622.6 | |
General Corporate | |||
Segment Reporting Information [Line Items] | |||
Operating income | (162.1) | (247.9) | (246.2) |
Depreciation and amortization | 1.8 | 2.8 | 2.8 |
Total Identifiable Assets | 1,499.4 | 1,620.6 | |
North America Fiber Cement | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,787.6 | 2,551.3 | 2,040.2 |
North America Fiber Cement | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating income | 767.5 | 741.2 | 585.5 |
Depreciation and amortization | 126.1 | 114.4 | 89.1 |
Total Identifiable Assets | 1,672.9 | 1,434.8 | |
Asia Pacific Fiber Cement | |||
Segment Reporting Information [Line Items] | |||
Net sales | 539.2 | 574.9 | 458.2 |
Asia Pacific Fiber Cement | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating income | 142.8 | 160.8 | 124.8 |
Depreciation and amortization | 14.7 | 13.6 | 13.9 |
Total Identifiable Assets | 509.7 | 429.1 | |
Europe Building Products | |||
Segment Reporting Information [Line Items] | |||
Net sales | 450.3 | 488.5 | 410.3 |
Europe Building Products | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating income | 26.5 | 62.9 | 37.6 |
Depreciation and amortization | 28 | 29.8 | 28 |
Total Identifiable Assets | 781.5 | 745.2 | |
Research and Development | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating income | (33.3) | (34.4) | (28.9) |
Depreciation and amortization | 2 | 1.2 | $ 1.2 |
Total Identifiable Assets | $ 15.6 | $ 13.5 |
Operating Segment Information_4
Operating Segment Information and Concentrations of Risk - Summary of Geographical Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 3,777.1 | $ 3,614.7 | $ 2,908.7 |
Total Identifiable Assets | 4,479.1 | 4,243.2 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total Identifiable Assets | 2,979.7 | 2,622.6 | |
General Corporate | |||
Segment Reporting Information [Line Items] | |||
Total Identifiable Assets | 1,499.4 | 1,620.6 | |
North America | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,787.6 | 2,551.3 | 2,040.2 |
North America | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total Identifiable Assets | 1,679.8 | 1,442.7 | |
Australia | |||
Segment Reporting Information [Line Items] | |||
Net sales | 380.9 | 391.7 | 321.9 |
Australia | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total Identifiable Assets | 398.8 | 314.4 | |
Germany | |||
Segment Reporting Information [Line Items] | |||
Net sales | 137.8 | 165 | 143 |
Germany | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total Identifiable Assets | 490.9 | 503.7 | |
New Zealand | |||
Segment Reporting Information [Line Items] | |||
Net sales | 88.1 | 115.9 | 81.9 |
New Zealand | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total Identifiable Assets | 41.2 | 48.9 | |
Other Countries | |||
Segment Reporting Information [Line Items] | |||
Net sales | 382.7 | 390.8 | $ 321.7 |
Other Countries | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total Identifiable Assets | $ 369 | $ 312.9 |
Operating Segment Information_5
Operating Segment Information and Concentrations of Risk - Summary of Additional Geographical Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Selling, general and administrative expenses | $ 494 | $ 461.2 | $ 389.6 |
Research and development costs | 39.6 | 38 | 34.3 |
North America Fiber Cement | |||
Segment Reporting Information [Line Items] | |||
Research and development costs | 5.5 | 5.3 | 5.6 |
Asia Pacific Fiber Cement | |||
Segment Reporting Information [Line Items] | |||
Research and development costs | 1.3 | 1.5 | 1.1 |
Europe Building Products | |||
Segment Reporting Information [Line Items] | |||
Research and development costs | 1.7 | 0.9 | 1.6 |
Research and Development | |||
Segment Reporting Information [Line Items] | |||
Selling, general and administrative expenses | 2.2 | 4.1 | 2.9 |
Research and development costs | $ 31.1 | $ 30.3 | $ 26 |
Operating Segment Information_6
Operating Segment Information and Concentrations of Risk - Summary of Gross Sales by Major Customers (Details) - Sales Revenue, Net - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Geographic Concentration Risk | Non-US | |||
Segment Reporting Information [Line Items] | |||
Gross sales percentage (as percent) | 30% | 33% | 33% |
Customer A | North America Fiber Cement | Customer Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 450.1 | $ 418.3 | $ 347.3 |
Gross sales percentage (as percent) | 12% | 12% | 12% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) $ in Millions | 12 Months Ended |
Mar. 31, 2023 USD ($) | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning balance | $ 1,332.9 |
Other comprehensive gain (loss) | (31.3) |
Ending balance | 1,611.4 |
Accumulated Other Comprehensive (Loss) Gain | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning balance | (22) |
Ending balance | (53.3) |
Cash Flow Hedges | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning balance | 0.2 |
Other comprehensive gain (loss) | 0 |
Ending balance | 0.2 |
Pension Actuarial (Loss) Gain | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning balance | (0.3) |
Other comprehensive gain (loss) | 2.1 |
Ending balance | 1.8 |
Foreign Currency Translation Adjustments | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning balance | (21.9) |
Other comprehensive gain (loss) | (33.4) |
Ending balance | $ (55.3) |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Employer matching contribution for 401(k) defined compensation plan, percent of match (up to) | 6% | ||
Employer matching contributions | $ 16.3 | $ 14.1 | $ 11.1 |
Employer matching contribution for deferred compensation plan, percent of match (up to) | 6% |