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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Air Products and Chemicals Inc | NYSE:APD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-3.22 | -1.35% | 234.905 | 235.78 | 228.81 | 232.58 | 1,695,220 | 19:45:13 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
23-1274455
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(State or Other Jurisdiction of Incorporation or Organization)
|
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(I.R.S. Employer Identification No.)
|
|
|
|
7201 Hamilton Boulevard, Allentown, Pennsylvania
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18195-1501
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(Address of Principal Executive Offices)
|
|
(Zip Code)
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Large accelerated
filer
x
|
|
Accelerated
filer
¨
|
|
Non-accelerated
filer
¨
|
|
Smaller reporting
company
¨
|
|
Emerging
growth company
¨
|
|
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(Do not check if a smaller reporting company)
|
|
|
|
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Class
|
|
Outstanding at 30 June 2018
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Common Stock, $1 par value
|
|
219,272,496
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Three Months Ended
|
Nine Months Ended
|
||||||||||
|
30 June
|
30 June
|
||||||||||
(Millions of dollars, except for share and per share data)
|
2018
|
2017
|
2018
|
2017
|
||||||||
Sales
|
|
$2,259.0
|
|
|
$2,121.9
|
|
|
$6,631.3
|
|
|
$5,984.5
|
|
Cost of sales
|
1,545.4
|
|
1,486.0
|
|
4,623.7
|
|
4,206.5
|
|
||||
Selling and administrative
|
188.6
|
|
184.1
|
|
574.8
|
|
526.4
|
|
||||
Research and development
|
15.0
|
|
14.6
|
|
44.1
|
|
44.4
|
|
||||
Business separation costs
|
—
|
|
—
|
|
—
|
|
32.5
|
|
||||
Cost reduction and asset actions
|
—
|
|
42.7
|
|
—
|
|
103.0
|
|
||||
Goodwill and intangible asset impairment charge
|
—
|
|
162.1
|
|
—
|
|
162.1
|
|
||||
Other income (expense), net
|
5.8
|
|
26.3
|
|
43.2
|
|
73.0
|
|
||||
Operating Income
|
515.8
|
|
258.7
|
|
1,431.9
|
|
982.6
|
|
||||
Equity affiliates' income (loss)
|
58.1
|
|
(36.9
|
)
|
115.6
|
|
35.3
|
|
||||
Interest expense
|
34.9
|
|
29.8
|
|
95.1
|
|
89.8
|
|
||||
Other non-operating income (expense), net
|
12.8
|
|
3.7
|
|
33.7
|
|
8.8
|
|
||||
Income From Continuing Operations Before Taxes
|
551.8
|
|
195.7
|
|
1,486.1
|
|
936.9
|
|
||||
Income tax provision
|
107.1
|
|
89.3
|
|
455.1
|
|
262.2
|
|
||||
Income From Continuing Operations
|
444.7
|
|
106.4
|
|
1,031.0
|
|
674.7
|
|
||||
Income (Loss) From Discontinued Operations, net of tax
|
43.2
|
|
(2.3
|
)
|
42.2
|
|
1,871.5
|
|
||||
Net Income
|
487.9
|
|
104.1
|
|
1,073.2
|
|
2,546.2
|
|
||||
Net Income Attributable to Noncontrolling Interests of Continuing Operations
|
14.0
|
|
2.2
|
|
28.3
|
|
14.5
|
|
||||
Net Income Attributable to Air Products
|
|
$473.9
|
|
|
$101.9
|
|
|
$1,044.9
|
|
|
$2,531.7
|
|
Net Income Attributable to Air Products
|
|
|
|
|
||||||||
Income from continuing operations
|
|
$430.7
|
|
|
$104.2
|
|
|
$1,002.7
|
|
|
$660.2
|
|
Income (Loss) from discontinued operations
|
43.2
|
|
(2.3
|
)
|
42.2
|
|
1,871.5
|
|
||||
Net Income Attributable to Air Products
|
|
$473.9
|
|
|
$101.9
|
|
|
$1,044.9
|
|
|
$2,531.7
|
|
Basic Earnings Per Common Share Attributable to Air Products
|
|
|
|
|
||||||||
Income from continuing operations
|
|
$1.96
|
|
|
$.48
|
|
|
$4.57
|
|
|
$3.03
|
|
Income (Loss) from discontinued operations
|
.20
|
|
(.01
|
)
|
.19
|
|
8.59
|
|
||||
Net Income Attributable to Air Products
|
|
$2.16
|
|
|
$.47
|
|
|
$4.76
|
|
|
$11.62
|
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Diluted Earnings Per Common Share Attributable to Air Products
|
|
|
|
|
||||||||
Income from continuing operations
|
|
$1.95
|
|
|
$.47
|
|
|
$4.54
|
|
|
$3.00
|
|
Income (Loss) from discontinued operations
|
.20
|
|
(.01
|
)
|
.19
|
|
8.52
|
|
||||
Net Income Attributable to Air Products
|
|
$2.15
|
|
|
$.46
|
|
|
$4.73
|
|
|
$11.52
|
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Weighted Average Common Shares – Basic
(in millions)
|
219.5
|
|
218.1
|
|
219.3
|
|
217.9
|
|
||||
Weighted Average Common Shares – Diluted
(in millions)
|
220.9
|
|
219.8
|
|
220.7
|
|
219.8
|
|
||||
Dividends Declared Per Common Share – Cash
|
|
$1.10
|
|
|
$.95
|
|
|
$3.15
|
|
|
$2.76
|
|
|
|
Three Months Ended
|
||||||
|
|
30 June
|
||||||
(Millions of dollars)
|
|
2018
|
|
2017
|
||||
Net Income
|
|
|
$487.9
|
|
|
|
$104.1
|
|
Other Comprehensive Income (Loss), net of tax:
|
|
|
|
|
||||
Translation adjustments, net of tax of $5.2 and ($33.1)
|
|
(392.4
|
)
|
|
141.4
|
|
||
Net gain on derivatives, net of tax of $8.8 and $9.6
|
|
27.1
|
|
|
23.0
|
|
||
Pension and postretirement benefits
|
|
—
|
|
|
.1
|
|
||
Reclassification adjustments:
|
|
|
|
|
||||
Currency translation adjustment
|
|
—
|
|
|
8.2
|
|
||
Derivatives, net of tax of ($5.5) and ($7.9)
|
|
(17.7
|
)
|
|
(23.6
|
)
|
||
Pension and postretirement benefits, net of tax of $7.8 and $12.8
|
|
26.0
|
|
|
27.7
|
|
||
Total Other Comprehensive Income (Loss)
|
|
(357.0
|
)
|
|
176.8
|
|
||
Comprehensive Income
|
|
130.9
|
|
|
280.9
|
|
||
Net Income Attributable to Noncontrolling Interests
|
|
14.0
|
|
|
2.2
|
|
||
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interests
|
|
(14.5
|
)
|
|
.2
|
|
||
Comprehensive Income Attributable to Air Products
|
|
|
$131.4
|
|
|
|
$278.5
|
|
|
|
|
|
|
||||
|
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Nine Months Ended
|
||||||
|
|
30 June
|
||||||
(Millions of dollars)
|
|
2018
|
|
2017
|
||||
Net Income
|
|
|
$1,073.2
|
|
|
|
$2,546.2
|
|
Other Comprehensive Income (Loss), net of tax:
|
|
|
|
|
||||
Translation adjustments, net of tax of ($14.6) and ($8.8)
|
|
(130.4
|
)
|
|
9.8
|
|
||
Net gain (loss) on derivatives, net of tax of $7.5 and ($6.8)
|
|
35.4
|
|
|
(2.2
|
)
|
||
Pension and postretirement benefits, net of tax of $– and $1.2
|
|
—
|
|
|
3.9
|
|
||
Reclassification adjustments:
|
|
|
|
|
||||
Currency translation adjustment
|
|
3.1
|
|
|
57.3
|
|
||
Derivatives, net of tax of ($7.1) and $5.4
|
|
(24.4
|
)
|
|
7.8
|
|
||
Pension and postretirement benefits, net of tax of $26.7 and $39.4
|
|
75.5
|
|
|
85.2
|
|
||
Total Other Comprehensive Income (Loss)
|
|
(40.8
|
)
|
|
161.8
|
|
||
Comprehensive Income
|
|
1,032.4
|
|
|
2,708.0
|
|
||
Net Income Attributable to Noncontrolling Interests
|
|
28.3
|
|
|
14.5
|
|
||
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interests
|
|
(10.4
|
)
|
|
2.1
|
|
||
Comprehensive Income Attributable to Air Products
|
|
|
$1,014.5
|
|
|
|
$2,691.4
|
|
|
|
30 June
|
|
30 September
|
||||
(Millions of dollars, except for share data)
|
|
2018
|
|
2017
|
||||
Assets
|
|
|
|
|
||||
Current Assets
|
|
|
|
|
||||
Cash and cash items
|
|
|
$2,986.5
|
|
|
|
$3,273.6
|
|
Short-term investments
|
|
7.3
|
|
|
404.0
|
|
||
Trade receivables, net
|
|
1,227.6
|
|
|
1,174.0
|
|
||
Inventories
|
|
322.1
|
|
|
335.4
|
|
||
Contracts in progress, less progress billings
|
|
93.9
|
|
|
84.8
|
|
||
Prepaid expenses
|
|
104.1
|
|
|
191.4
|
|
||
Other receivables and current assets
|
|
314.0
|
|
|
403.3
|
|
||
Current assets of discontinued operations
|
|
—
|
|
|
10.2
|
|
||
Total Current Assets
|
|
5,055.5
|
|
|
5,876.7
|
|
||
Investment in net assets of and advances to equity affiliates
|
|
1,259.3
|
|
|
1,286.9
|
|
||
Plant and equipment, at cost
|
|
21,387.5
|
|
|
19,547.8
|
|
||
Less: accumulated depreciation
|
|
11,485.5
|
|
|
11,107.6
|
|
||
Plant and equipment, net
|
|
9,902.0
|
|
|
8,440.2
|
|
||
Goodwill, net
|
|
794.1
|
|
|
721.5
|
|
||
Intangible assets, net
|
|
449.0
|
|
|
368.3
|
|
||
Noncurrent capital lease receivables
|
|
1,058.2
|
|
|
1,131.8
|
|
||
Other noncurrent assets
|
|
687.9
|
|
|
641.8
|
|
||
Total Noncurrent Assets
|
|
14,150.5
|
|
|
12,590.5
|
|
||
Total Assets
|
|
|
$19,206.0
|
|
|
|
$18,467.2
|
|
Liabilities and Equity
|
|
|
|
|
||||
Current Liabilities
|
|
|
|
|
||||
Payables and accrued liabilities
|
|
|
$1,968.4
|
|
|
|
$1,814.3
|
|
Accrued income taxes
|
|
46.0
|
|
|
98.6
|
|
||
Short-term borrowings
|
|
90.4
|
|
|
144.0
|
|
||
Current portion of long-term debt
|
|
5.0
|
|
|
416.4
|
|
||
Current liabilities of discontinued operations
|
|
—
|
|
|
15.7
|
|
||
Total Current Liabilities
|
|
2,109.8
|
|
|
2,489.0
|
|
||
Long-term debt
|
|
3,377.1
|
|
|
3,402.4
|
|
||
Long-term debt – related party
|
|
398.7
|
|
|
—
|
|
||
Other noncurrent liabilities
|
|
1,831.8
|
|
|
1,611.9
|
|
||
Deferred income taxes
|
|
678.6
|
|
|
778.4
|
|
||
Total Noncurrent Liabilities
|
|
6,286.2
|
|
|
5,792.7
|
|
||
Total Liabilities
|
|
8,396.0
|
|
|
8,281.7
|
|
||
Commitments and Contingencies - See Note 14
|
|
|
|
|
||||
Air Products Shareholders’ Equity
|
|
|
|
|
||||
Common stock (par value $1 per share; issued 2018 and 2017 - 249,455,584 shares)
|
|
249.4
|
|
|
249.4
|
|
||
Capital in excess of par value
|
|
1,020.0
|
|
|
1,001.1
|
|
||
Retained earnings
|
|
13,200.2
|
|
|
12,846.6
|
|
||
Accumulated other comprehensive loss
|
|
(1,877.8
|
)
|
|
(1,847.4
|
)
|
||
Treasury stock, at cost (2018 - 30,183,088 shares; 2017 - 31,109,510 shares)
|
|
(2,105.8
|
)
|
|
(2,163.5
|
)
|
||
Total Air Products Shareholders’ Equity
|
|
10,486.0
|
|
|
10,086.2
|
|
||
Noncontrolling Interests
|
|
324.0
|
|
|
99.3
|
|
||
Total Equity
|
|
10,810.0
|
|
|
10,185.5
|
|
||
Total Liabilities and Equity
|
|
|
$19,206.0
|
|
|
|
$18,467.2
|
|
|
Nine Months Ended
|
|||||
|
30 June
|
|||||
(Millions of dollars)
|
2018
|
2017
|
||||
Operating Activities
|
|
|
||||
Net income
|
|
$1,073.2
|
|
|
$2,546.2
|
|
Less: Net income attributable to noncontrolling interests of continuing operations
|
28.3
|
|
14.5
|
|
||
Net income attributable to Air Products
|
1,044.9
|
|
2,531.7
|
|
||
Income from discontinued operations
|
(42.2
|
)
|
(1,871.5
|
)
|
||
Income from continuing operations attributable to Air Products
|
1,002.7
|
|
660.2
|
|
||
Adjustments to reconcile income to cash provided by operating activities:
|
|
|
||||
Depreciation and amortization
|
713.5
|
|
634.8
|
|
||
Deferred income taxes
|
(86.9
|
)
|
(78.1
|
)
|
||
Tax reform repatriation
|
310.3
|
|
—
|
|
||
Undistributed earnings of unconsolidated affiliates
|
(27.7
|
)
|
(34.4
|
)
|
||
Gain on sale of assets and investments
|
(5.2
|
)
|
(7.9
|
)
|
||
Share-based compensation
|
30.4
|
|
27.4
|
|
||
Noncurrent capital lease receivables
|
73.7
|
|
69.4
|
|
||
Goodwill and intangible asset impairment charge
|
—
|
|
162.1
|
|
||
Equity method investment impairment charge
|
—
|
|
79.5
|
|
||
Write-down of long-lived assets associated with cost reduction actions
|
—
|
|
59.1
|
|
||
Other adjustments
|
(23.2
|
)
|
110.7
|
|
||
Working capital changes that provided (used) cash, excluding effects of acquisitions and divestitures:
|
|
|
||||
Trade receivables
|
(50.5
|
)
|
(25.7
|
)
|
||
Inventories
|
16.0
|
|
44.8
|
|
||
Contracts in progress, less progress billings
|
(10.4
|
)
|
(18.6
|
)
|
||
Other receivables
|
95.9
|
|
80.0
|
|
||
Payables and accrued liabilities
|
(164.9
|
)
|
(99.9
|
)
|
||
Other working capital
|
(10.4
|
)
|
(50.0
|
)
|
||
Cash Provided by Operating Activities
|
1,863.3
|
|
1,613.4
|
|
||
Investing Activities
|
|
|
||||
Additions to plant and equipment
|
(1,158.1
|
)
|
(806.8
|
)
|
||
Acquisitions, less cash acquired
|
(320.2
|
)
|
—
|
|
||
Investment in and advances to unconsolidated affiliates
|
—
|
|
(8.1
|
)
|
||
Proceeds from sale of assets and investments
|
45.8
|
|
20.7
|
|
||
Purchases of investments
|
(349.8
|
)
|
(2,488.6
|
)
|
||
Proceeds from investments
|
745.2
|
|
1,473.5
|
|
||
Other investing activities
|
(1.8
|
)
|
(1.5
|
)
|
||
Cash Used for Investing Activities
|
(1,038.9
|
)
|
(1,810.8
|
)
|
||
Financing Activities
|
|
|
||||
Long-term debt proceeds
|
.5
|
|
2.2
|
|
||
Payments on long-term debt
|
(418.2
|
)
|
(483.5
|
)
|
||
Net decrease in commercial paper and short-term borrowings
|
(46.1
|
)
|
(799.2
|
)
|
||
Dividends paid to shareholders
|
(656.6
|
)
|
(580.9
|
)
|
||
Proceeds from stock option exercises
|
58.2
|
|
38.2
|
|
||
Other financing activities
|
(35.6
|
)
|
(31.2
|
)
|
||
Cash Used for Financing Activities
|
(1,097.8
|
)
|
(1,854.4
|
)
|
||
Discontinued Operations
|
|
|
||||
Cash used for operating activities
|
(12.8
|
)
|
(768.0
|
)
|
||
Cash provided by investing activities
|
18.6
|
|
3,750.6
|
|
||
Cash provided by financing activities
|
—
|
|
69.5
|
|
||
Cash Provided by Discontinued Operations
|
5.8
|
|
3,052.1
|
|
||
Effect of Exchange Rate Changes on Cash
|
(19.5
|
)
|
1.5
|
|
||
(Decrease) Increase in cash and cash items
|
(287.1
|
)
|
1,001.8
|
|
||
Cash and Cash items – Beginning of Year
|
3,273.6
|
|
1,330.8
|
|
||
Cash and Cash Items
–
End of Period
|
|
$2,986.5
|
|
|
$2,332.6
|
|
|
|
|
|
||||||
|
Nine Months Ended
|
||||||||
|
30 June 2017
|
||||||||
|
|
|
Total
|
||||||
|
Performance
|
Energy-
|
Discontinued
|
||||||
|
Materials
|
from-Waste
|
Operations
|
||||||
Sales
|
|
$254.8
|
|
|
$—
|
|
|
$254.8
|
|
Cost of sales
|
182.3
|
|
11.9
|
|
194.2
|
|
|||
Selling and administrative
|
22.5
|
|
.5
|
|
23.0
|
|
|||
Research and development
|
5.1
|
|
—
|
|
5.1
|
|
|||
Other income (expense), net
|
.3
|
|
(.9
|
)
|
(.6
|
)
|
|||
Operating Income (Loss)
|
45.2
|
|
(13.3
|
)
|
31.9
|
|
|||
Equity affiliates’ income
|
.3
|
|
—
|
|
.3
|
|
|||
Income (Loss) Before Taxes
|
45.5
|
|
(13.3
|
)
|
32.2
|
|
|||
Income tax benefit
(A)
|
(50.8
|
)
|
(3.1
|
)
|
(53.9
|
)
|
|||
Income (Loss) From Operations of Discontinued Operations, net of tax
|
96.3
|
|
(10.2
|
)
|
86.1
|
|
|||
Gain (Loss) on Disposal, net of tax
|
1,832.5
|
|
(47.1
|
)
|
1,785.4
|
|
|||
Income (Loss) From Discontinued Operations, net of tax
|
|
$1,928.8
|
|
|
($57.3
|
)
|
|
$1,871.5
|
|
(A)
|
As a result of the expected gain on the sale of PMD, we released valuation allowances related to capital loss and net operating loss carryforwards during the first quarter of 2017 that favorably impacted our income tax provision within discontinued operations by approximately
$66
.
|
|
|
Severance and
Other Benefits
|
|
Asset
Actions/Other
|
|
Total
|
||||||
30 September 2016
|
|
|
$12.3
|
|
|
|
$—
|
|
|
|
$12.3
|
|
2017 Charge
|
|
66.3
|
|
|
88.5
|
|
|
154.8
|
|
|||
Noncash expenses
|
|
—
|
|
|
(84.2
|
)
|
|
(84.2
|
)
|
|||
Cash expenditures
|
|
(35.7
|
)
|
|
(1.2
|
)
|
|
(36.9
|
)
|
|||
Amount reflected in pension liability
|
|
(2.0
|
)
|
|
—
|
|
|
(2.0
|
)
|
|||
Amount reflected in other noncurrent liabilities
|
|
—
|
|
|
(2.2
|
)
|
|
(2.2
|
)
|
|||
Currency translation adjustment
|
|
(.3
|
)
|
|
—
|
|
|
(.3
|
)
|
|||
30 September 2017
|
|
|
$40.6
|
|
|
|
$.9
|
|
|
|
$41.5
|
|
Cash expenditures
|
|
(24.8
|
)
|
|
(.2
|
)
|
|
(25.0
|
)
|
|||
Amount reflected in pension liability
|
|
(.4
|
)
|
|
—
|
|
|
(.4
|
)
|
|||
30 June 2018
|
|
|
$15.4
|
|
|
|
$.7
|
|
|
|
$16.1
|
|
|
|
30 June
|
|
30 September
|
||||
|
|
2018
|
|
2017
|
||||
Finished goods
|
|
|
$126.7
|
|
|
|
$120.0
|
|
Work in process
|
|
18.5
|
|
|
15.7
|
|
||
Raw materials, supplies and other
|
|
201.0
|
|
|
223.0
|
|
||
Total FIFO cost
|
|
|
$346.2
|
|
|
|
$358.7
|
|
Less: Excess of FIFO cost over LIFO cost
|
|
(24.1
|
)
|
|
(23.3
|
)
|
||
Inventories
|
|
|
$322.1
|
|
|
|
$335.4
|
|
|
|
Industrial
Gases–
Americas
|
|
Industrial
Gases–
EMEA
|
|
Industrial
Gases–
Asia
|
|
Industrial
Gases–
Global
|
|
Corporate and other
|
|
Total
|
||||||||||||
Goodwill, net at 30 September 2017
|
|
|
$163.7
|
|
|
|
$402.4
|
|
|
|
$135.2
|
|
|
|
$20.2
|
|
|
|
$—
|
|
|
|
$721.5
|
|
Acquisitions
|
|
—
|
|
|
30.8
|
|
|
39.8
|
|
|
—
|
|
|
10.8
|
|
|
81.4
|
|
||||||
Currency translation
|
|
(1.4
|
)
|
|
(7.7
|
)
|
|
.3
|
|
|
—
|
|
|
—
|
|
|
(8.8
|
)
|
||||||
Goodwill, net at 30 June 2018
|
|
|
$162.3
|
|
|
|
$425.5
|
|
|
|
$175.3
|
|
|
|
$20.2
|
|
|
|
$10.8
|
|
|
|
$794.1
|
|
|
|
30 June
|
|
30 September
|
||||
|
|
2018
|
|
2017
|
||||
Goodwill, gross
|
|
|
$1,201.8
|
|
|
|
$1,138.7
|
|
Accumulated impairment losses
(A)
|
|
(407.7
|
)
|
|
(417.2
|
)
|
||
Goodwill, net
|
|
|
$794.1
|
|
|
|
$721.5
|
|
(A)
|
Accumulated impairment losses are attributable to our Latin America reporting unit (LASA) within the Industrial Gases – Americas segment and include impairment charges recorded in previous years as well as the impacts of currency translation on the losses.
|
|
30 June 2018
|
|
30 September 2017
|
||||||||||||||||
|
Gross
|
|
Accumulated
Amortization/
Impairment
|
|
Net
|
|
|
Gross
|
|
Accumulated
Amortization/ Impairment |
|
Net
|
|
||||||
Customer relationships
|
|
$497.6
|
|
|
($158.2
|
)
|
|
$339.4
|
|
|
|
$424.1
|
|
|
($142.3
|
)
|
|
$281.8
|
|
Patents and technology
|
34.1
|
|
(11.3
|
)
|
22.8
|
|
|
13.4
|
|
(10.6
|
)
|
2.8
|
|
||||||
Other
|
71.5
|
|
(33.8
|
)
|
37.7
|
|
|
73.4
|
|
(36.6
|
)
|
36.8
|
|
||||||
Total finite-lived intangible assets
|
603.2
|
|
(203.3
|
)
|
399.9
|
|
|
510.9
|
|
(189.5
|
)
|
321.4
|
|
||||||
Trade names and trademarks, indefinite-lived
|
62.7
|
|
(13.6
|
)
|
49.1
|
|
|
67.8
|
|
(20.9
|
)
|
46.9
|
|
||||||
Total Intangible Assets
|
|
$665.9
|
|
|
($216.9
|
)
|
|
$449.0
|
|
|
|
$578.7
|
|
|
($210.4
|
)
|
|
$368.3
|
|
|
|
30 June 2018
|
|
30 September 2017
|
||||||||
|
|
US$
Notional
|
|
Years
Average
Maturity
|
|
US$
Notional
|
|
Years
Average
Maturity
|
||||
Forward Exchange Contracts:
|
|
|
|
|
|
|
|
|
||||
Cash flow hedges
|
|
|
$2,905.0
|
|
|
0.4
|
|
|
$3,150.2
|
|
|
0.4
|
Net investment hedges
|
|
359.8
|
|
|
2.2
|
|
675.5
|
|
|
3.0
|
||
Not designated
|
|
1,121.0
|
|
|
1.4
|
|
273.8
|
|
|
0.1
|
||
Total Forward Exchange Contracts
|
|
|
$4,385.8
|
|
|
0.8
|
|
|
$4,099.5
|
|
|
0.8
|
|
|
30 June 2018
|
|
30 September 2017
|
||||||||||||||||||||
|
|
US$
Notional
|
|
Average
Pay %
|
|
Average
Receive
%
|
|
Years
Average
Maturity
|
|
US$
Notional
|
|
Average
Pay %
|
|
Average
Receive
%
|
|
Years
Average
Maturity
|
||||||||
Interest rate swaps
(fair value hedge)
|
|
|
$600.0
|
|
|
LIBOR
|
|
|
2.60
|
%
|
|
1.9
|
|
|
$600.0
|
|
|
LIBOR
|
|
|
2.28
|
%
|
|
1.3
|
Cross currency interest rate swaps
(net investment hedge)
|
|
|
$692.6
|
|
|
3.72
|
%
|
|
2.76
|
%
|
|
2.1
|
|
|
$539.7
|
|
|
3.27
|
%
|
|
2.59
|
%
|
|
1.9
|
Cross currency interest rate swaps
(cash flow hedge)
|
|
|
$916.6
|
|
|
5.33
|
%
|
|
2.73
|
%
|
|
2.3
|
|
|
$1,095.7
|
|
|
4.96
|
%
|
|
2.78
|
%
|
|
2.4
|
Cross currency interest rate swaps
(not designated)
|
|
|
$35.6
|
|
|
3.16
|
%
|
|
2.86
|
%
|
|
1.2
|
|
|
$41.6
|
|
|
3.28
|
%
|
|
2.32
|
%
|
|
1.7
|
|
Balance Sheet
Location
|
30 June 2018
|
30 September 2017
|
Balance Sheet
Location
|
30 June 2018
|
30 September 2017
|
||||||||
Derivatives Designated as Hedging Instruments:
|
|
|
|
|
|
|
||||||||
Forward exchange contracts
|
Other receivables
|
|
$25.1
|
|
|
$81.7
|
|
Accrued liabilities
|
|
$47.4
|
|
|
$82.0
|
|
Interest rate management contracts
|
Other receivables
|
16.0
|
|
11.1
|
|
Accrued liabilities
|
5.5
|
|
10.7
|
|
||||
Forward exchange contracts
|
Other noncurrent
assets
|
17.4
|
|
27.1
|
|
Other noncurrent
liabilities
|
5.6
|
|
13.8
|
|
||||
Interest rate management contracts
|
Other noncurrent
assets
|
73.8
|
|
102.6
|
|
Other noncurrent
liabilities
|
20.6
|
|
22.2
|
|
||||
Total Derivatives Designated as Hedging Instruments
|
|
|
$132.3
|
|
|
$222.5
|
|
|
|
$79.1
|
|
|
$128.7
|
|
Derivatives Not Designated as Hedging Instruments:
|
|
|
|
|
|
|
||||||||
Forward exchange contracts
|
Other receivables
|
|
$5.6
|
|
|
$1.1
|
|
Accrued liabilities
|
|
$5.3
|
|
|
$2.2
|
|
Interest rate management contracts
|
Other receivables
|
—
|
|
—
|
|
Accrued liabilities
|
.1
|
|
1.0
|
|
||||
Forward exchange contracts
|
Other noncurrent
assets
|
14.2
|
|
—
|
|
Other noncurrent
liabilities
|
21.8
|
|
—
|
|
||||
Interest rate management contracts
|
Other noncurrent
assets
|
5.0
|
|
4.2
|
|
Other noncurrent
liabilities
|
—
|
|
—
|
|
||||
Total Derivatives Not Designated as Hedging Instruments
|
|
|
$24.8
|
|
|
$5.3
|
|
|
|
$27.2
|
|
|
$3.2
|
|
Total Derivatives
|
|
|
$157.1
|
|
|
$227.8
|
|
|
|
$106.3
|
|
|
$131.9
|
|
|
Three Months Ended 30 June
|
|||||||||||||||||||||||
|
Forward
Exchange Contracts
|
Foreign Currency
Debt
|
Other
(A)
|
Total
|
||||||||||||||||||||
|
2018
|
2017
|
2018
|
2017
|
2018
|
2017
|
2018
|
2017
|
||||||||||||||||
Cash Flow Hedges, net of tax:
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net gain (loss) recognized in OCI (effective portion)
|
|
($34.4
|
)
|
|
$41.2
|
|
|
$—
|
|
|
$—
|
|
|
$61.5
|
|
|
($18.2
|
)
|
|
$27.1
|
|
|
$23.0
|
|
Net (gain) loss reclassified from OCI to sales/cost of sales (effective portion)
|
1.9
|
|
4.3
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1.9
|
|
4.3
|
|
||||||||
Net (gain) loss reclassified from OCI to other income (expense), net (effective portion)
|
33.7
|
|
(37.9
|
)
|
—
|
|
—
|
|
(55.6
|
)
|
10.7
|
|
(21.9
|
)
|
(27.2
|
)
|
||||||||
Net (gain) loss reclassified from OCI to interest expense (effective portion)
|
.8
|
|
.4
|
|
—
|
|
—
|
|
2.0
|
|
.7
|
|
2.8
|
|
1.1
|
|
||||||||
Net (gain) loss reclassified from OCI to other income (expense), net (ineffective portion)
|
—
|
|
(1.8
|
)
|
—
|
|
—
|
|
(.5
|
)
|
—
|
|
(.5
|
)
|
(1.8
|
)
|
||||||||
Fair Value Hedges:
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net gain (loss) recognized in interest expense
(B)
|
|
$—
|
|
|
$—
|
|
|
$—
|
|
|
$—
|
|
|
($2.1
|
)
|
|
($.6
|
)
|
|
($2.1
|
)
|
|
($.6
|
)
|
Net Investment Hedges, net of tax:
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net gain (loss) recognized in OCI
|
|
$16.2
|
|
|
($23.2
|
)
|
|
$44.2
|
|
|
($44.4
|
)
|
|
$36.9
|
|
|
($9.8
|
)
|
|
$97.3
|
|
|
($77.4
|
)
|
Derivatives Not Designated as Hedging Instruments:
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net gain (loss) recognized in other income (expense), net
(C)
|
|
($.3
|
)
|
|
$3.7
|
|
|
$—
|
|
|
$—
|
|
|
$2.2
|
|
|
($.7
|
)
|
|
$1.9
|
|
|
$3.0
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Nine Months Ended 30 June
|
|||||||||||||||||||||||
|
Forward
Exchange Contracts
|
Foreign Currency
Debt
|
Other
(A)
|
Total
|
||||||||||||||||||||
|
2018
|
2017
|
2018
|
2017
|
2018
|
2017
|
2018
|
2017
|
||||||||||||||||
Cash Flow Hedges, net of tax:
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net gain (loss) recognized in OCI (effective portion)
|
|
$5.0
|
|
|
($7.1
|
)
|
|
$—
|
|
|
$—
|
|
|
$30.4
|
|
|
$4.9
|
|
|
$35.4
|
|
|
($2.2
|
)
|
Net (gain) loss reclassified from OCI to sales/cost of sales (effective portion)
|
6.9
|
|
10.1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6.9
|
|
10.1
|
|
||||||||
Net (gain) loss reclassified from OCI to other income (expense), net (effective portion)
|
(13.2
|
)
|
.8
|
|
—
|
|
—
|
|
(23.4
|
)
|
(1.7
|
)
|
(36.6
|
)
|
(.9
|
)
|
||||||||
Net (gain) loss reclassified from OCI to interest expense (effective portion)
|
3.0
|
|
(2.0
|
)
|
—
|
|
—
|
|
3.3
|
|
2.1
|
|
6.3
|
|
.1
|
|
||||||||
Net (gain) loss reclassified from OCI to other income (expense), net (ineffective portion)
|
(.5
|
)
|
(1.5
|
)
|
—
|
|
—
|
|
(.5
|
)
|
—
|
|
(1.0
|
)
|
(1.5
|
)
|
||||||||
Fair Value Hedges:
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net gain (loss) recognized in interest expense
(B)
|
|
$—
|
|
|
$—
|
|
|
$—
|
|
|
$—
|
|
|
($8.9
|
)
|
|
($12.5
|
)
|
|
($8.9
|
)
|
|
($12.5
|
)
|
Net Investment Hedges, net of tax:
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net gain (loss) recognized in OCI
|
|
($6.5
|
)
|
|
$3.9
|
|
|
$4.7
|
|
|
($10.4
|
)
|
|
$2.4
|
|
|
($3.2
|
)
|
|
$.6
|
|
|
($9.7
|
)
|
Derivatives Not Designated as Hedging Instruments:
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net gain (loss) recognized in other income (expense), net
(C)
|
|
($.2
|
)
|
|
$3.3
|
|
|
$—
|
|
|
$—
|
|
|
($1.3
|
)
|
|
($.5
|
)
|
|
($1.5
|
)
|
|
$2.8
|
|
(A)
|
Other includes the impact on other comprehensive income (OCI) and earnings primarily related to interest rate and cross currency interest rate swaps.
|
(B)
|
The impact of fair value hedges noted above was largely offset by recognized gains and losses resulting from the impact of changes in related interest rates on outstanding debt.
|
(C)
|
The impact of the non-designated hedges noted above was largely offset by recognized gains and losses resulting from the impact of changes in exchange rates on assets and liabilities denominated in non-functional currencies.
|
Level 1
|
— Quoted prices (unadjusted) in active markets for identical assets or liabilities.
|
Level 2
|
— Inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the asset or liability.
|
Level 3
|
— Inputs that are unobservable for the asset or liability based on our own assumptions (about the assumptions market participants would use in pricing the asset or liability).
|
|
|
30 June 2018
|
|
30 September 2017
|
||||||||||||
|
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Derivatives
|
|
|
|
|
|
|
|
|
||||||||
Forward exchange contracts
|
|
|
$62.3
|
|
|
|
$62.3
|
|
|
|
$109.9
|
|
|
|
$109.9
|
|
Interest rate management contracts
|
|
94.8
|
|
|
94.8
|
|
|
117.9
|
|
|
117.9
|
|
||||
Liabilities
|
|
|
|
|
|
|
|
|
||||||||
Derivatives
|
|
|
|
|
|
|
|
|
||||||||
Forward exchange contracts
|
|
|
$80.1
|
|
|
|
$80.1
|
|
|
|
$98.0
|
|
|
|
$98.0
|
|
Interest rate management contracts
|
|
26.2
|
|
|
26.2
|
|
|
33.9
|
|
|
33.9
|
|
||||
Long-term debt, including current portion and related party
|
|
3,780.8
|
|
|
3,822.3
|
|
|
3,818.8
|
|
|
3,928.2
|
|
|
30 June 2018
|
|
30 September 2017
|
||||||||||||||||||||||
|
Total
|
Level 1
|
Level 2
|
Level 3
|
|
Total
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||||||
Assets at Fair Value
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Derivatives
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Forward exchange contracts
|
|
$62.3
|
|
|
$—
|
|
|
$62.3
|
|
|
$—
|
|
|
|
$109.9
|
|
|
$—
|
|
|
$109.9
|
|
|
$—
|
|
Interest rate management contracts
|
94.8
|
|
—
|
|
94.8
|
|
—
|
|
|
117.9
|
|
—
|
|
117.9
|
|
—
|
|
||||||||
Total Assets at Fair Value
|
|
$157.1
|
|
|
$—
|
|
|
$157.1
|
|
|
$—
|
|
|
|
$227.8
|
|
|
$—
|
|
|
$227.8
|
|
|
$—
|
|
Liabilities at Fair Value
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Derivatives
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Forward exchange contracts
|
|
$80.1
|
|
|
$—
|
|
|
$80.1
|
|
|
$—
|
|
|
|
$98.0
|
|
|
$—
|
|
|
$98.0
|
|
|
$—
|
|
Interest rate management contracts
|
26.2
|
|
—
|
|
26.2
|
|
—
|
|
|
33.9
|
|
—
|
|
33.9
|
|
—
|
|
||||||||
Total Liabilities at Fair Value
|
|
$106.3
|
|
|
$—
|
|
|
$106.3
|
|
|
$—
|
|
|
|
$131.9
|
|
|
$—
|
|
|
$131.9
|
|
|
$—
|
|
|
Pension Benefits
|
||||||||||||||
|
2018
|
|
2017
|
||||||||||||
Three Months Ended 30 June
|
U.S.
|
|
International
|
|
U.S.
|
|
International
|
||||||||
Service cost
|
|
$6.4
|
|
|
|
$6.5
|
|
|
|
$7.0
|
|
|
|
$6.5
|
|
Interest cost
|
26.8
|
|
|
9.4
|
|
|
27.5
|
|
|
8.2
|
|
||||
Expected return on plan assets
|
(50.4
|
)
|
|
(20.6
|
)
|
|
(51.6
|
)
|
|
(18.9
|
)
|
||||
Prior service cost amortization
|
.4
|
|
|
—
|
|
|
.6
|
|
|
—
|
|
||||
Actuarial loss amortization
|
21.8
|
|
|
10.2
|
|
|
20.9
|
|
|
13.5
|
|
||||
Settlements
|
1.5
|
|
|
—
|
|
|
5.5
|
|
|
—
|
|
||||
Special termination benefits
|
—
|
|
|
—
|
|
|
.8
|
|
|
—
|
|
||||
Other
|
—
|
|
|
.3
|
|
|
—
|
|
|
.2
|
|
||||
Net Periodic Benefit Cost (Total)
|
|
$6.5
|
|
|
|
$5.8
|
|
|
|
$10.7
|
|
|
|
$9.5
|
|
Less: Discontinued Operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net Periodic Benefit Cost (Continuing Operations)
|
|
$6.5
|
|
|
|
$5.8
|
|
|
|
$10.7
|
|
|
|
$9.5
|
|
|
|
|
|
|
|
|
|
||||||||
|
Pension Benefits
|
||||||||||||||
|
2018
|
|
2017
|
||||||||||||
Nine Months Ended 30 June
|
U.S.
|
|
International
|
|
U.S.
|
|
International
|
||||||||
Service cost
(A)
|
|
$19.2
|
|
|
|
$19.4
|
|
|
|
$22.2
|
|
|
|
$19.5
|
|
Interest cost
|
80.3
|
|
|
28.2
|
|
|
80.0
|
|
|
23.7
|
|
||||
Expected return on plan assets
|
(151.2
|
)
|
|
(61.9
|
)
|
|
(156.0
|
)
|
|
(55.7
|
)
|
||||
Prior service cost amortization
|
1.2
|
|
|
—
|
|
|
1.8
|
|
|
(.1
|
)
|
||||
Actuarial loss amortization
|
65.7
|
|
|
30.5
|
|
|
67.9
|
|
|
40.6
|
|
||||
Settlements
|
4.8
|
|
|
—
|
|
|
9.6
|
|
|
1.7
|
|
||||
Curtailment
|
—
|
|
|
—
|
|
|
4.3
|
|
|
(1.3
|
)
|
||||
Special termination benefits
|
.4
|
|
|
—
|
|
|
1.8
|
|
|
.5
|
|
||||
Other
|
—
|
|
|
.9
|
|
|
—
|
|
|
.7
|
|
||||
Net Periodic Benefit Cost (Total)
|
|
$20.4
|
|
|
|
$17.1
|
|
|
|
$31.6
|
|
|
|
$29.6
|
|
Less: Discontinued Operations
|
—
|
|
|
—
|
|
|
(.7
|
)
|
|
(4.1
|
)
|
||||
Net Periodic Benefit Cost (Continuing Operations)
|
|
$20.4
|
|
|
|
$17.1
|
|
|
|
$30.9
|
|
|
|
$25.5
|
|
(A)
|
Includes total service costs from discontinued operations of
$1.3
for the
nine
months ended
30 June 2017
.
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
30 June
|
|
30 June
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Before-tax share-based compensation cost
|
|
|
$7.9
|
|
|
|
$8.9
|
|
|
|
$30.4
|
|
|
|
$27.4
|
|
Income tax benefit
|
|
(1.9
|
)
|
|
(3.2
|
)
|
|
(7.2
|
)
|
|
(9.5
|
)
|
||||
After-tax share-based compensation cost
|
|
|
$6.0
|
|
|
|
$5.7
|
|
|
|
$23.2
|
|
|
|
$17.9
|
|
Expected volatility
|
|
18.7
|
%
|
Risk-free interest rate
|
|
1.9
|
%
|
Expected dividend yield
|
|
2.6
|
%
|
|
Three Months Ended 30 June
|
||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||
|
Air
Products
|
Non-
controlling
Interests
|
Total
Equity
|
|
Air
Products
|
Non-
controlling
Interests
|
Total
Equity
|
||||||||||||
Balance at 31 March
|
|
$10,580.8
|
|
|
$112.4
|
|
|
$10,693.2
|
|
|
|
$9,317.4
|
|
|
$102.8
|
|
|
$9,420.2
|
|
Net income
|
473.9
|
|
14.0
|
|
487.9
|
|
|
101.9
|
|
2.2
|
|
104.1
|
|
||||||
Other comprehensive income (loss)
|
(342.5
|
)
|
(14.5
|
)
|
(357.0
|
)
|
|
176.6
|
|
.2
|
|
176.8
|
|
||||||
Dividends on common stock (per share $1.10, $0.95)
|
(241.2
|
)
|
—
|
|
(241.2
|
)
|
|
(207.0
|
)
|
—
|
|
(207.0
|
)
|
||||||
Dividends to noncontrolling interests
|
—
|
|
(15.4
|
)
|
(15.4
|
)
|
|
—
|
|
(7.9
|
)
|
(7.9
|
)
|
||||||
Share-based compensation
|
7.9
|
|
—
|
|
7.9
|
|
|
8.9
|
|
—
|
|
8.9
|
|
||||||
Treasury shares for stock option and award plans
|
5.4
|
|
—
|
|
5.4
|
|
|
17.8
|
|
—
|
|
17.8
|
|
||||||
Lu'An joint venture
|
—
|
|
227.4
|
|
227.4
|
|
|
—
|
|
—
|
|
—
|
|
||||||
Other equity transactions
|
1.7
|
|
.1
|
|
1.8
|
|
|
(3.2
|
)
|
.2
|
|
(3.0
|
)
|
||||||
Balance at 30 June
|
|
$10,486.0
|
|
|
$324.0
|
|
|
$10,810.0
|
|
|
|
$9,412.4
|
|
|
$97.5
|
|
|
$9,509.9
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Nine Months Ended 30 June
|
||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||
|
Air
Products
|
Non-
controlling
Interests
|
Total
Equity
|
|
Air
Products
|
Non-
controlling
Interests
|
Total
Equity
|
||||||||||||
Balance at 30 September
|
|
$10,086.2
|
|
|
$99.3
|
|
|
$10,185.5
|
|
|
|
$7,079.6
|
|
|
$133.8
|
|
|
$7,213.4
|
|
Net income
|
1,044.9
|
|
28.3
|
|
1,073.2
|
|
|
2,531.7
|
|
14.5
|
|
2,546.2
|
|
||||||
Other comprehensive income (loss)
|
(30.4
|
)
|
(10.4
|
)
|
(40.8
|
)
|
|
159.7
|
|
2.1
|
|
161.8
|
|
||||||
Dividends on common stock (per share $3.15, $2.76)
|
(690.3
|
)
|
—
|
|
(690.3
|
)
|
|
(601.0
|
)
|
—
|
|
(601.0
|
)
|
||||||
Dividends to noncontrolling interests
|
—
|
|
(26.0
|
)
|
(26.0
|
)
|
|
—
|
|
(19.5
|
)
|
(19.5
|
)
|
||||||
Share-based compensation
|
29.7
|
|
—
|
|
29.7
|
|
|
27.4
|
|
—
|
|
27.4
|
|
||||||
Treasury shares for stock option and award plans
|
45.5
|
|
—
|
|
45.5
|
|
|
25.5
|
|
—
|
|
25.5
|
|
||||||
Spin-off of Versum
|
—
|
|
—
|
|
—
|
|
|
186.5
|
|
(33.9
|
)
|
152.6
|
|
||||||
Cumulative change in accounting principle
|
—
|
|
—
|
|
—
|
|
|
8.8
|
|
—
|
|
8.8
|
|
||||||
Lu'An joint venture
|
—
|
|
227.4
|
|
227.4
|
|
|
—
|
|
—
|
|
—
|
|
||||||
Other equity transactions
|
.4
|
|
5.4
|
|
5.8
|
|
|
(5.8
|
)
|
.5
|
|
(5.3
|
)
|
||||||
Balance at 30 June
|
|
$10,486.0
|
|
|
$324.0
|
|
|
$10,810.0
|
|
|
|
$9,412.4
|
|
|
$97.5
|
|
|
$9,509.9
|
|
|
Derivatives
qualifying as
hedges
|
|
Foreign
currency
translation
adjustments
|
|
Pension and
postretirement
benefits
|
|
Total
|
|
||||
Balance at 31 March 2018
|
|
($51.4
|
)
|
|
($526.2
|
)
|
|
($957.7
|
)
|
|
($1,535.3
|
)
|
Other comprehensive income (loss) before reclassifications
|
27.1
|
|
(392.4
|
)
|
—
|
|
(365.3
|
)
|
||||
Amounts reclassified from AOCL
|
(17.7
|
)
|
—
|
|
26.0
|
|
8.3
|
|
||||
Net current period other comprehensive income (loss)
|
9.4
|
|
(392.4
|
)
|
26.0
|
|
(357.0
|
)
|
||||
Amount attributable to noncontrolling interests
|
.1
|
|
(14.6
|
)
|
—
|
|
(14.5
|
)
|
||||
Balance at 30 June 2018
|
|
($42.1
|
)
|
|
($904.0
|
)
|
|
($931.7
|
)
|
|
($1,877.8
|
)
|
|
|
|
|
|
||||||||
|
Derivatives
qualifying
as hedges
|
|
Foreign
currency
translation
adjustments
|
|
Pension and
postretirement
benefits
|
|
Total
|
|
||||
Balance at 30 September 2017
|
|
($53.1
|
)
|
|
($787.1
|
)
|
|
($1,007.2
|
)
|
|
($1,847.4
|
)
|
Other comprehensive income (loss) before reclassifications
|
35.4
|
|
(130.4
|
)
|
—
|
|
(95.0
|
)
|
||||
Amounts reclassified from AOCL
|
(24.4
|
)
|
3.1
|
|
75.5
|
|
54.2
|
|
||||
Net current period other comprehensive income (loss)
|
11.0
|
|
(127.3
|
)
|
75.5
|
|
(40.8
|
)
|
||||
Amount attributable to noncontrolling interests
|
—
|
|
(10.4
|
)
|
—
|
|
(10.4
|
)
|
||||
Balance at 30 June 2018
|
|
($42.1
|
)
|
|
($904.0
|
)
|
|
($931.7
|
)
|
|
($1,877.8
|
)
|
|
Three Months Ended
|
Nine Months Ended
|
||||||||||
|
30 June
|
30 June
|
||||||||||
|
2018
|
2017
|
2018
|
2017
|
||||||||
(Gain) Loss on Cash Flow Hedges, net of tax
|
|
|
|
|
||||||||
Sales/Cost of sales
|
|
$1.9
|
|
|
$4.3
|
|
|
$6.9
|
|
|
$10.1
|
|
Other income/expense, net
|
(22.4
|
)
|
(29.0
|
)
|
(37.6
|
)
|
(2.4
|
)
|
||||
Interest expense
|
2.8
|
|
1.1
|
|
6.3
|
|
.1
|
|
||||
Total (Gain) Loss on Cash Flow Hedges, net of tax
|
|
($17.7
|
)
|
|
($23.6
|
)
|
|
($24.4
|
)
|
|
$7.8
|
|
|
|
|
|
|
||||||||
Currency Translation Adjustment
|
|
|
|
|
||||||||
Cost of sales
(A)
|
|
$—
|
|
|
$—
|
|
|
$3.1
|
|
|
$—
|
|
Cost reduction and assets actions
(B)
|
—
|
|
8.2
|
|
—
|
|
8.2
|
|
||||
Loss from discontinued operations, net of tax
(C)
|
—
|
|
—
|
|
—
|
|
49.1
|
|
||||
Total Currency Translation Adjustment
|
|
$—
|
|
|
$8.2
|
|
|
$3.1
|
|
|
$57.3
|
|
|
|
|
|
|
||||||||
Pension and Postretirement Benefits, net of tax
(D)
|
|
$26.0
|
|
|
$27.7
|
|
|
$75.5
|
|
|
$85.2
|
|
(A)
|
The fiscal year 2018 impact relates to an equipment sale resulting from the termination of a contract in the Industrial Gases – Asia segment during the first quarter.
|
(B)
|
The fiscal year 2017 impact relates to the planned sale of a non-industrial gas hardgoods business in the Industrial Gases – Americas segment.
|
(C)
|
The fiscal year 2017 impact relates to the sale of PMD during the second quarter.
|
(D)
|
The components of net periodic benefit cost reclassified out of accumulated other comprehensive loss include items such as prior service cost amortization, actuarial loss amortization, and settlements and are included in “Other non-operating income (expense), net” on the consolidated income statements. Refer to Note
13
,
Retirement Benefits
, for additional information.
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
30 June
|
|
30 June
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Numerator
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
|
|
$430.7
|
|
|
|
$104.2
|
|
|
|
$1,002.7
|
|
|
|
$660.2
|
|
Income (Loss) from discontinued operations
|
|
43.2
|
|
|
(2.3
|
)
|
|
42.2
|
|
|
1,871.5
|
|
||||
Net Income Attributable to Air Products
|
|
|
$473.9
|
|
|
|
$101.9
|
|
|
|
$1,044.9
|
|
|
|
$2,531.7
|
|
Denominator
(in millions)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares — Basic
|
|
219.5
|
|
|
218.1
|
|
|
219.3
|
|
|
217.9
|
|
||||
Effect of dilutive securities
|
|
|
|
|
|
|
|
|
||||||||
Employee stock option and other award plans
|
|
1.4
|
|
|
1.7
|
|
|
1.4
|
|
|
1.9
|
|
||||
Weighted average common shares — Diluted
|
|
220.9
|
|
|
219.8
|
|
|
220.7
|
|
|
219.8
|
|
||||
Basic Earnings Per Common Share Attributable to Air Products
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
|
|
$1.96
|
|
|
|
$.48
|
|
|
|
$4.57
|
|
|
|
$3.03
|
|
Income (Loss) from discontinued operations
|
|
.20
|
|
|
(.01
|
)
|
|
.19
|
|
|
8.59
|
|
||||
Net Income Attributable to Air Products
|
|
|
$2.16
|
|
|
|
$.47
|
|
|
|
$4.76
|
|
|
|
$11.62
|
|
Diluted Earnings Per Common Share Attributable to Air Products
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
|
|
$1.95
|
|
|
|
$.47
|
|
|
|
$4.54
|
|
|
|
$3.00
|
|
Income (Loss) from discontinued operations
|
|
.20
|
|
|
(.01
|
)
|
|
.19
|
|
|
8.52
|
|
||||
Net Income Attributable to Air Products
|
|
|
$2.15
|
|
|
|
$.46
|
|
|
|
$4.73
|
|
|
|
$11.52
|
|
•
|
Industrial Gases – Americas
|
•
|
Industrial Gases – EMEA (Europe, Middle East, and Africa)
|
•
|
Industrial Gases – Asia
|
•
|
Industrial Gases – Global
|
•
|
Corporate and other
|
|
Industrial
Gases –
Americas
|
Industrial
Gases –
EMEA
|
Industrial
Gases –
Asia
|
Industrial
Gases –
Global
|
Corporate
and other
|
Segment
Total
|
||||||||||||
Three Months Ended 30 June 2018
|
||||||||||||||||||
Sales
|
|
$948.7
|
|
|
$561.1
|
|
|
$623.8
|
|
|
$101.1
|
|
|
$24.3
|
|
|
$2,259.0
|
|
Operating income (loss)
|
237.1
|
|
118.8
|
|
185.5
|
|
19.8
|
|
(45.4
|
)
|
515.8
|
|
||||||
Depreciation and amortization
|
120.5
|
|
49.8
|
|
69.5
|
|
2.3
|
|
3.5
|
|
245.6
|
|
||||||
Equity affiliates' income
|
24.1
|
|
17.5
|
|
15.1
|
|
1.4
|
|
—
|
|
58.1
|
|
||||||
Three Months Ended 30 June 2017
|
||||||||||||||||||
Sales
|
|
$930.1
|
|
|
$451.7
|
|
|
$538.3
|
|
|
$187.4
|
|
|
$14.4
|
|
|
$2,121.9
|
|
Operating income (loss)
|
234.9
|
|
96.2
|
|
149.5
|
|
27.8
|
|
(44.9
|
)
|
463.5
|
|
||||||
Depreciation and amortization
|
117.0
|
|
45.1
|
|
49.6
|
|
2.3
|
|
2.9
|
|
216.9
|
|
||||||
Equity affiliates' income
|
14.1
|
|
15.7
|
|
12.5
|
|
.3
|
|
—
|
|
42.6
|
|
|
|
|
|
|
|
|
||||||||||||
|
Industrial
Gases –
Americas
|
Industrial
Gases –
EMEA
|
Industrial
Gases –
Asia
|
Industrial
Gases –
Global
|
Corporate
and other
|
Segment
Total
|
||||||||||||
Nine Months Ended 30 June 2018
|
||||||||||||||||||
Sales
|
|
$2,771.7
|
|
|
$1,638.6
|
|
|
$1,825.0
|
|
|
$335.8
|
|
|
$60.2
|
|
|
$6,631.3
|
|
Operating income (loss)
|
676.6
|
|
340.0
|
|
509.7
|
|
41.4
|
|
(135.8
|
)
|
1,431.9
|
|
||||||
Depreciation and amortization
|
360.6
|
|
149.6
|
|
188.9
|
|
5.8
|
|
8.6
|
|
713.5
|
|
||||||
Equity affiliates' income
|
59.6
|
|
41.7
|
|
44.7
|
|
2.1
|
|
—
|
|
148.1
|
|
||||||
Nine Months Ended 30 June 2017
|
||||||||||||||||||
Sales
|
|
$2,684.1
|
|
|
$1,265.6
|
|
|
$1,412.5
|
|
|
$551.8
|
|
|
$70.5
|
|
|
$5,984.5
|
|
Operating income (loss)
|
681.4
|
|
274.8
|
|
380.2
|
|
58.7
|
|
(114.9
|
)
|
1,280.2
|
|
||||||
Depreciation and amortization
|
344.8
|
|
128.9
|
|
145.6
|
|
6.0
|
|
9.5
|
|
634.8
|
|
||||||
Equity affiliates' income
|
41.8
|
|
33.5
|
|
38.9
|
|
.6
|
|
—
|
|
114.8
|
|
||||||
Total Assets
|
||||||||||||||||||
30 June 2018
|
|
$5,857.7
|
|
|
$3,311.8
|
|
|
$5,880.0
|
|
|
$267.9
|
|
|
$3,888.6
|
|
|
$19,206.0
|
|
30 September 2017
|
5,840.8
|
|
3,276.1
|
|
4,412.1
|
|
279.6
|
|
4,648.4
|
|
18,457.0
|
|
|
Three Months Ended
|
Nine Months Ended
|
||||||||||
|
30 June
|
30 June
|
||||||||||
Operating Income
|
2018
|
2017
|
2018
|
2017
|
||||||||
Segment total
|
|
$515.8
|
|
|
$463.5
|
|
|
$1,431.9
|
|
|
$1,280.2
|
|
Business separation costs
|
—
|
|
—
|
|
—
|
|
(32.5
|
)
|
||||
Cost reduction and asset actions
|
—
|
|
(42.7
|
)
|
—
|
|
(103.0
|
)
|
||||
Goodwill and intangible asset impairment charge
|
—
|
|
(162.1
|
)
|
—
|
|
(162.1
|
)
|
||||
Consolidated Total
|
|
$515.8
|
|
|
$258.7
|
|
|
$1,431.9
|
|
|
$982.6
|
|
|
Three Months Ended
|
Nine Months Ended
|
||||||||||
|
30 June
|
30 June
|
||||||||||
Equity Affiliates' Income (Loss)
|
2018
|
2017
|
2018
|
2017
|
||||||||
Segment total
|
|
$58.1
|
|
|
$42.6
|
|
|
$148.1
|
|
|
$114.8
|
|
Equity method investment impairment charge
|
—
|
|
(79.5
|
)
|
—
|
|
(79.5
|
)
|
||||
Tax reform repatriation - equity method investment
|
—
|
|
—
|
|
(32.5
|
)
|
—
|
|
||||
Consolidated Total
|
|
$58.1
|
|
|
($36.9
|
)
|
|
$115.6
|
|
|
$35.3
|
|
|
30 June
|
30 September
|
||||
Total Assets
|
2018
|
2017
|
||||
Segment total
|
|
$19,206.0
|
|
|
$18,457.0
|
|
Discontinued operations
|
—
|
|
10.2
|
|
||
Consolidated Total
|
|
$19,206.0
|
|
|
$18,467.2
|
|
•
|
Sales of
$2,259.0
increased
6%
, or
$137.1
, from higher volumes of
3%
across the regional industrial gases segments and favorable currency impacts of
3%
. Favorable pricing of
1%
was offset by lower energy and natural gas cost pass-through to customers.
|
•
|
Operating income of
$515.8
increased
99%
, or
$257.1
, and operating margin of
22.8%
increased
1,060
basis points (bp). On a non-GAAP basis, adjusted operating income of
$515.8
increased
11%
, or
$52.3
, and adjusted operating margin of
22.8%
increased
100 bp
.
|
•
|
Income from continuing operations of
$430.7
increased
313%
, or
$326.5
, and diluted earnings per share of
$1.95
increased
315%
, or
$1.48
. On a non-GAAP basis, adjusted income from continuing operations of
$430.7
increased
19%
, or
$67.7
, and adjusted diluted earnings per share of
$1.95
increased
18%
, or
$.30
. A summary table of changes in diluted earnings per share is presented below.
|
•
|
Adjusted EBITDA of
$819.5
increased
13%
, or
$96.5
. Adjusted EBITDA margin of
36.3%
increased
220
bp.
|
•
|
We completed the formation of a syngas supply joint venture with Lu'An, including the acquisition of their gasification and syngas clean-up assets.
|
Changes in Diluted Earnings per Share Attributable to Air Products
|
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended
|
|
|
||||||||
|
|
30 June
|
|
Increase
|
||||||||
|
|
2018
|
|
2017
|
|
(Decrease)
|
||||||
Diluted Earnings per Share
|
|
|
|
|
|
|
||||||
Net income
|
|
|
$2.15
|
|
|
|
$.46
|
|
|
|
$1.69
|
|
Income (Loss) from discontinued operations
|
|
.20
|
|
|
(.01
|
)
|
|
.21
|
|
|||
Income from Continuing Operations – GAAP Basis
|
|
|
$1.95
|
|
|
|
$.47
|
|
|
|
$1.48
|
|
Operating Income Impact (after-tax)
|
|
|
|
|
|
|
||||||
Underlying business
|
|
|
|
|
|
|
||||||
Volume
|
|
|
|
|
|
|
$.18
|
|
||||
Price/raw materials
|
|
|
|
|
|
.04
|
|
|||||
Costs
|
|
|
|
|
|
(.08
|
)
|
|||||
Currency
|
|
|
|
|
|
.05
|
|
|||||
Cost reduction and asset actions
|
|
|
|
|
|
.14
|
|
|||||
Goodwill and intangible asset impairment charge
|
|
|
|
|
|
.70
|
|
|||||
Total Operating Income Impact (after-tax)
|
|
|
|
|
|
|
$1.03
|
|
||||
Other Impact (after-tax)
|
|
|
|
|
|
|
||||||
Equity affiliates' income
|
|
|
|
|
|
|
$.05
|
|
||||
Equity method investment impairment charge
|
|
|
|
|
|
.36
|
|
|||||
Interest expense
|
|
|
|
|
|
(.02
|
)
|
|||||
Other non-operating income (expense), net
|
|
|
|
|
|
.03
|
|
|||||
Noncontrolling interests
|
|
|
|
|
|
(.04
|
)
|
|||||
Income tax
|
|
|
|
|
|
.12
|
|
|||||
Tax benefit associated with business separation
|
|
|
|
|
|
(.04
|
)
|
|||||
Weighted average diluted shares
|
|
|
|
|
|
(.01
|
)
|
|||||
Total Other Impact (after-tax)
|
|
|
|
|
|
|
$.45
|
|
||||
Total Change in Diluted Earnings per Share from Continuing Operations – GAAP Basis
|
|
|
|
|
|
|
$1.48
|
|
|
|
Three Months Ended
|
|
|
||||||||
|
|
30 June
|
|
Increase
|
|
|||||||
|
|
2018
|
|
2017
|
|
(Decrease)
|
|
|||||
Income from Continuing Operations – GAAP Basis
|
|
|
$1.95
|
|
|
|
$.47
|
|
|
|
$1.48
|
|
Tax benefit associated with business separation
|
|
—
|
|
|
(.04
|
)
|
|
.04
|
|
|||
Cost reduction and asset actions
|
|
—
|
|
|
.14
|
|
|
(.14
|
)
|
|||
Goodwill and intangible asset impairment charge
|
|
—
|
|
|
.70
|
|
|
(.70
|
)
|
|||
Equity method investment impairment charge
|
|
—
|
|
|
.36
|
|
|
(.36
|
)
|
|||
Pension settlement loss
|
|
—
|
|
|
.02
|
|
|
(.02
|
)
|
|||
Income from Continuing Operations – Non-GAAP Basis
|
|
|
$1.95
|
|
|
|
$1.65
|
|
|
|
$.30
|
|
|
|
Three Months Ended
|
|
|
|
|
|||||||||
|
|
30 June
|
|
|
|
|
|||||||||
|
|
2018
|
|
2017
|
|
$ Change
|
|
Change
|
|||||||
Sales
|
|
|
$2,259.0
|
|
|
|
$2,121.9
|
|
|
|
$137.1
|
|
|
6
|
%
|
Operating income
|
|
515.8
|
|
|
258.7
|
|
|
257.1
|
|
|
99
|
%
|
|||
Operating margin
|
|
22.8
|
%
|
|
12.2
|
%
|
|
|
|
|
1,060
|
bp
|
|||
Equity affiliates’ income
|
|
58.1
|
|
|
(36.9
|
)
|
|
95.0
|
|
|
257
|
%
|
|||
Income from continuing operations
|
|
430.7
|
|
|
104.2
|
|
|
326.5
|
|
|
313
|
%
|
|||
Non-GAAP Basis
|
|
|
|
|
|
|
|
|
|||||||
Adjusted EBITDA
|
|
|
$819.5
|
|
|
|
$723.0
|
|
|
|
$96.5
|
|
|
13
|
%
|
Adjusted EBITDA margin
|
|
36.3
|
%
|
|
34.1
|
%
|
|
|
|
220 bp
|
|
||||
Adjusted operating income
|
|
515.8
|
|
|
463.5
|
|
|
52.3
|
|
|
11
|
%
|
|||
Adjusted operating margin
|
|
22.8
|
%
|
|
21.8
|
%
|
|
|
|
100 bp
|
|
||||
Adjusted equity affiliates' income
|
|
58.1
|
|
|
42.6
|
|
|
15.5
|
|
|
36
|
%
|
|
% Change from
Prior Year
|
|
Underlying business
|
|
|
Volume
|
3
|
%
|
Price
|
1
|
%
|
Energy and natural gas cost pass-through
|
(1
|
)%
|
Currency
|
3
|
%
|
Total Consolidated Change
|
6
|
%
|
|
Three Months Ended
|
||||||
|
30 June
|
||||||
|
2018
|
|
2017
|
||||
Interest incurred
|
|
$42.4
|
|
|
|
$32.9
|
|
Less: capitalized interest
|
7.5
|
|
|
3.1
|
|
||
Interest expense
|
|
$34.9
|
|
|
|
$29.8
|
|
|
|
Three Months Ended
|
|
|
|
|
||||||||
|
|
30 June
|
|
|
|
|
||||||||
|
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
||||||
Sales
|
|
|
$948.7
|
|
|
|
$930.1
|
|
|
|
$18.6
|
|
|
2%
|
Operating income
|
|
237.1
|
|
|
234.9
|
|
|
2.2
|
|
|
1%
|
|||
Operating margin
|
|
25.0
|
%
|
|
25.3
|
%
|
|
|
|
(30 bp)
|
||||
Equity affiliates’ income
|
|
24.1
|
|
|
14.1
|
|
|
10.0
|
|
|
71%
|
|||
Adjusted EBITDA
|
|
381.7
|
|
|
366.0
|
|
|
15.7
|
|
|
4%
|
|||
Adjusted EBITDA margin
|
|
40.2
|
%
|
|
39.4
|
%
|
|
|
|
80 bp
|
|
% Change from
Prior Year
|
|
Underlying business
|
|
|
Volume
|
6
|
%
|
Price
|
—
|
%
|
Energy and natural gas cost pass-through
|
(4
|
)%
|
Currency
|
—
|
%
|
Total Industrial Gases – Americas Sales Change
|
2
|
%
|
|
|
Three Months Ended
|
|
|
|
|
||||||||
|
|
30 June
|
|
|
|
|
||||||||
|
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
||||||
Sales
|
|
|
$561.1
|
|
|
|
$451.7
|
|
|
|
$109.4
|
|
|
24%
|
Operating income
|
|
118.8
|
|
|
96.2
|
|
|
22.6
|
|
|
23%
|
|||
Operating margin
|
|
21.2
|
%
|
|
21.3
|
%
|
|
|
|
(10 bp)
|
||||
Equity affiliates’ income
|
|
17.5
|
|
|
15.7
|
|
|
1.8
|
|
|
11%
|
|||
Adjusted EBITDA
|
|
186.1
|
|
|
157.0
|
|
|
29.1
|
|
|
19%
|
|||
Adjusted EBITDA margin
|
|
33.2
|
%
|
|
34.8
|
%
|
|
|
|
(160 bp)
|
|
% Change from
Prior Year
|
|
Underlying business
|
|
|
Volume
|
12
|
%
|
Price
|
3
|
%
|
Energy and natural gas cost pass-through
|
2
|
%
|
Currency
|
7
|
%
|
Total Industrial Gases – EMEA Sales Change
|
24
|
%
|
|
|
Three Months Ended
|
|
|
|
|
||||||||
|
|
30 June
|
|
|
|
|
||||||||
|
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
||||||
Sales
|
|
|
$623.8
|
|
|
|
$538.3
|
|
|
|
$85.5
|
|
|
16%
|
Operating income
|
|
185.5
|
|
|
149.5
|
|
|
36.0
|
|
|
24%
|
|||
Operating margin
|
|
29.7
|
%
|
|
27.8
|
%
|
|
|
|
190 bp
|
||||
Equity affiliates’ income
|
|
15.1
|
|
|
12.5
|
|
|
2.6
|
|
|
21%
|
|||
Adjusted EBITDA
|
|
270.1
|
|
|
211.6
|
|
|
58.5
|
|
|
28%
|
|||
Adjusted EBITDA margin
|
|
43.3
|
%
|
|
39.3
|
%
|
|
|
|
400 bp
|
|
% Change from
Prior Year
|
|
Underlying business
|
|
|
Volume
|
6
|
%
|
Price
|
4
|
%
|
Energy and natural gas cost pass-through
|
—
|
%
|
Currency
|
6
|
%
|
Total Industrial Gases – Asia Sales Change
|
16
|
%
|
•
|
Sales of
$6,631.3
increased
11%
, or
$646.8
from underlying sales growth of
8%
and favorable currency impacts of
4%
. The underlying sales growth was primarily driven by higher volumes across the regional industrial gases segments.
|
•
|
Operating income of
$1,431.9
increased
46%
, or
$449.3
, and operating margin of
21.6%
increased
520
bp. On a non-GAAP basis, adjusted operating income of
$1,431.9
increased
12%
, or
$151.7
, and adjusted operating margin of
21.6%
increased
20
bp.
|
•
|
Income from continuing operations of
$1,002.7
increased
52%
, or
$342.5
, and diluted earnings per share of
$4.54
increased
51%
, or
$1.54
. On a non-GAAP basis, adjusted income from continuing operations of
$1,202.9
increased
20%
, or
$203.7
, and adjusted diluted earnings per share of
$5.45
increased
20%
, or
$.90
. A summary table of changes in diluted earnings per share is presented below.
|
•
|
Adjusted EBITDA of
$2,293.5
increased
13%
, or
$263.7
. Adjusted EBITDA margin of
34.6%
increased
70
bp.
|
•
|
We completed the formation of a syngas supply joint venture with Lu'An, including the acquisition of their gasification and syngas clean-up assets.
|
|
|
Nine Months Ended
|
|
|
||||||||
|
|
30 June
|
|
Increase
|
||||||||
|
|
2018
|
|
2017
|
|
(Decrease)
|
||||||
Diluted Earnings per Share
|
|
|
|
|
|
|
||||||
Net income
|
|
|
$4.73
|
|
|
|
$11.52
|
|
|
|
($6.79
|
)
|
Income from discontinued operations
|
|
.19
|
|
|
8.52
|
|
|
(8.33
|
)
|
|||
Income from Continuing Operations – GAAP Basis
|
|
|
$4.54
|
|
|
|
$3.00
|
|
|
|
$1.54
|
|
Operating Income Impact (after-tax)
|
|
|
|
|
|
|
||||||
Underlying business
|
|
|
|
|
|
|
||||||
Volume
|
|
|
|
|
|
|
$.49
|
|
||||
Price/raw materials
|
|
|
|
|
|
.14
|
|
|||||
Costs
|
|
|
|
|
|
(.29
|
)
|
|||||
Currency
|
|
|
|
|
|
.19
|
|
|||||
Business separation costs
|
|
|
|
|
|
.12
|
|
|||||
Cost reduction and asset actions
|
|
|
|
|
|
.36
|
|
|||||
Goodwill and intangible asset impairment charge
|
|
|
|
|
|
.70
|
|
|||||
Operating Income
|
|
|
|
|
|
|
$1.71
|
|
||||
Other (after-tax)
|
|
|
|
|
|
|
||||||
Equity affiliates' income
|
|
|
|
|
|
.12
|
|
|||||
Equity method investment impairment charge
|
|
|
|
|
|
.36
|
|
|||||
Interest expense
|
|
|
|
|
|
(.02
|
)
|
|||||
Other non-operating income (expense), net
|
|
|
|
|
|
.09
|
|
|||||
Income tax
|
|
|
|
|
|
.28
|
|
|||||
Tax reform repatriation
|
|
|
|
|
|
(2.06
|
)
|
|||||
Tax reform rate change and other
|
|
|
|
|
|
.97
|
|
|||||
Tax restructuring benefit
|
|
|
|
|
|
.18
|
|
|||||
Tax benefit associated with business separation
|
|
|
|
|
|
(.02
|
)
|
|||||
Noncontrolling interests
|
|
|
|
|
|
(.05
|
)
|
|||||
Weighted average diluted shares
|
|
|
|
|
|
(.02
|
)
|
|||||
Other
|
|
|
|
|
|
|
($.17
|
)
|
||||
Total Change in Diluted Earnings per Share from Continuing Operations – GAAP Basis
|
|
|
|
|
|
|
$1.54
|
|
|
|
Nine Months Ended
|
|
|
||||||||
|
|
30 June
|
|
Increase
|
||||||||
|
|
2018
|
|
2017
|
|
(Decrease)
|
||||||
Income from Continuing Operations – GAAP Basis
|
|
|
$4.54
|
|
|
|
$3.00
|
|
|
|
$1.54
|
|
Business separation costs
|
|
—
|
|
|
.12
|
|
|
(.12
|
)
|
|||
Tax benefit associated with business separation
|
|
—
|
|
|
(.02
|
)
|
|
.02
|
|
|||
Cost reduction and asset actions
|
|
—
|
|
|
.36
|
|
|
(.36
|
)
|
|||
Goodwill and intangible asset impairment charge
|
|
—
|
|
|
.70
|
|
|
(.70
|
)
|
|||
Equity method investment impairment charge
|
|
—
|
|
|
.36
|
|
|
(.36
|
)
|
|||
Pension settlement loss
|
|
—
|
|
|
.03
|
|
|
(.03
|
)
|
|||
Tax reform repatriation
|
|
2.06
|
|
|
—
|
|
|
2.06
|
|
|||
Tax reform rate change and other
|
|
(.97
|
)
|
|
—
|
|
|
(.97
|
)
|
|||
Tax restructuring benefit
|
|
(.18
|
)
|
|
—
|
|
|
(.18
|
)
|
|||
Income from Continuing Operations – Non-GAAP Basis
|
|
|
$5.45
|
|
|
|
$4.55
|
|
|
|
$.90
|
|
|
|
Nine Months Ended
|
|
|
|
|
|||||||||
|
|
30 June
|
|
|
|
|
|||||||||
|
|
2018
|
|
2017
|
|
$ Change
|
|
Change
|
|||||||
Sales
|
|
|
$6,631.3
|
|
|
|
$5,984.5
|
|
|
|
$646.8
|
|
|
11
|
%
|
Operating income
|
|
1,431.9
|
|
|
982.6
|
|
|
449.3
|
|
|
46
|
%
|
|||
Operating margin
|
|
21.6
|
%
|
|
16.4
|
%
|
|
|
|
520 bp
|
|
||||
Equity affiliates’ income
|
|
115.6
|
|
|
35.3
|
|
|
80.3
|
|
|
227
|
%
|
|||
Income from continuing operations
|
|
1,002.7
|
|
|
660.2
|
|
|
342.5
|
|
|
52
|
%
|
|||
Non-GAAP Basis
|
|
|
|
|
|
|
|
|
|||||||
Adjusted EBITDA
|
|
2,293.5
|
|
|
2,029.8
|
|
|
263.7
|
|
|
13
|
%
|
|||
Adjusted EBITDA margin
|
|
34.6
|
%
|
|
33.9
|
%
|
|
|
|
70 bp
|
|
||||
Adjusted operating income
|
|
1,431.9
|
|
|
1,280.2
|
|
|
151.7
|
|
|
12
|
%
|
|||
Adjusted operating margin
|
|
21.6
|
%
|
|
21.4
|
%
|
|
|
|
20 bp
|
|
||||
Adjusted equity affiliates' income
|
|
148.1
|
|
|
114.8
|
|
|
33.3
|
|
|
29
|
%
|
|
% Change from
Prior Year
|
|
Underlying business
|
|
|
Volume
|
7
|
%
|
Price
|
1
|
%
|
Energy and natural gas cost pass-through
|
(1
|
)%
|
Currency
|
4
|
%
|
Total Consolidated Change
|
11
|
%
|
|
Nine Months Ended
|
||||||
|
30 June
|
||||||
|
2018
|
|
2017
|
||||
Interest incurred
|
|
$109.4
|
|
|
|
$105.1
|
|
Less: capitalized interest
|
14.3
|
|
|
15.3
|
|
||
Interest expense
|
|
$95.1
|
|
|
|
$89.8
|
|
|
|
Nine Months Ended
|
|
|
|
|
|||||||||
|
|
30 June
|
|
|
|
|
|||||||||
|
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
Sales
|
|
|
$2,771.7
|
|
|
|
$2,684.1
|
|
|
|
$87.6
|
|
|
3
|
%
|
Operating income
|
|
676.6
|
|
|
681.4
|
|
|
(4.8
|
)
|
|
(1
|
)%
|
|||
Operating margin
|
|
24.4
|
%
|
|
25.4
|
%
|
|
|
|
(100 bp)
|
|
||||
Equity affiliates’ income
|
|
59.6
|
|
|
41.8
|
|
|
17.8
|
|
|
43
|
%
|
|||
Adjusted EBITDA
|
|
1,096.8
|
|
|
1,068.0
|
|
|
28.8
|
|
|
3
|
%
|
|||
Adjusted EBITDA margin
|
|
39.6
|
%
|
|
39.8
|
%
|
|
|
|
(20 bp)
|
|
|
% Change from
Prior Year
|
|
Underlying business
|
|
|
Volume
|
4
|
%
|
Price
|
—
|
%
|
Currency
|
1
|
%
|
Energy and natural gas cost pass-through
|
(2
|
)%
|
Total Industrial Gases – Americas Sales Change
|
3
|
%
|
|
|
Nine Months Ended
|
|
|
|
|
|||||||||
|
|
30 June
|
|
|
|
|
|||||||||
|
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
Sales
|
|
|
$1,638.6
|
|
|
|
$1,265.6
|
|
|
|
$373.0
|
|
|
29
|
%
|
Operating income
|
|
340.0
|
|
|
274.8
|
|
|
65.2
|
|
|
24
|
%
|
|||
Operating margin
|
|
20.7
|
%
|
|
21.7
|
%
|
|
|
|
(100 bp)
|
|
||||
Equity affiliates’ income
|
|
41.7
|
|
|
33.5
|
|
|
8.2
|
|
|
24
|
%
|
|||
Adjusted EBITDA
|
|
531.3
|
|
|
437.2
|
|
|
94.1
|
|
|
22
|
%
|
|||
Adjusted EBITDA margin
|
|
32.4
|
%
|
|
34.5
|
%
|
|
|
|
(210 bp)
|
|
|
% Change from
Prior Year
|
|
Underlying business
|
|
|
Volume
|
16
|
%
|
Price
|
2
|
%
|
Energy and natural gas cost pass-through
|
1
|
%
|
Currency
|
10
|
%
|
Total Industrial Gases – EMEA Sales Change
|
29
|
%
|
|
|
Nine Months Ended
|
|
|
|
|
|||||||||
|
|
30 June
|
|
|
|
|
|||||||||
|
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
Sales
|
|
|
$1,825.0
|
|
|
|
$1,412.5
|
|
|
|
$412.5
|
|
|
29
|
%
|
Operating income
|
|
509.7
|
|
|
380.2
|
|
|
129.5
|
|
|
34
|
%
|
|||
Operating margin
|
|
27.9
|
%
|
|
26.9
|
%
|
|
|
|
100 bp
|
|
||||
Equity affiliates’ income
|
|
44.7
|
|
|
38.9
|
|
|
5.8
|
|
|
15
|
%
|
|||
Adjusted EBITDA
|
|
743.3
|
|
|
564.7
|
|
|
178.6
|
|
|
32
|
%
|
|||
Adjusted EBITDA margin
|
|
40.7
|
%
|
|
40.0
|
%
|
|
|
|
70 bp
|
|
|
% Change from
Prior Year
|
|
Underlying business
|
|
|
Volume
|
19
|
%
|
Price
|
4
|
%
|
Energy and natural gas cost pass-through
|
—
|
|
Currency
|
6
|
%
|
Total Industrial Gases – Asia Sales Change
|
29
|
%
|
|
Continuing Operations
|
||||||||||||||||
|
Three Months Ended 30 June
|
||||||||||||||||
Q3 2018 vs. Q3 2017
|
Operating
Income |
Operating
Margin (A) |
Equity Affiliates' Income (Loss)
|
Income Tax
Provision |
Net
Income |
Diluted
EPS |
|||||||||||
2018 GAAP
|
|
$515.8
|
|
22.8
|
%
|
|
$58.1
|
|
|
$107.1
|
|
|
$430.7
|
|
|
$1.95
|
|
2017 GAAP
|
258.7
|
|
12.2
|
%
|
(36.9
|
)
|
89.3
|
|
104.2
|
|
.47
|
|
|||||
Change GAAP
|
|
$257.1
|
|
1,060
|
bp
|
|
$95.0
|
|
|
$17.8
|
|
|
$326.5
|
|
|
$1.48
|
|
% Change GAAP
|
99
|
%
|
|
257
|
%
|
20
|
%
|
313
|
%
|
315
|
%
|
||||||
2018 GAAP
|
|
$515.8
|
|
22.8
|
%
|
|
$58.1
|
|
|
$107.1
|
|
|
$430.7
|
|
|
$1.95
|
|
2018 Non-GAAP Measure
|
|
$515.8
|
|
22.8
|
%
|
|
$58.1
|
|
|
$107.1
|
|
|
$430.7
|
|
|
$1.95
|
|
2017 GAAP
|
|
$258.7
|
|
12.2
|
%
|
|
($36.9
|
)
|
|
$89.3
|
|
|
$104.2
|
|
|
$.47
|
|
Tax benefit associated with business separation
|
—
|
|
—
|
%
|
—
|
|
8.2
|
|
(8.2
|
)
|
(.04
|
)
|
|||||
Cost reduction and assets actions
(B)
|
42.7
|
|
2.0
|
%
|
—
|
|
12.2
|
|
30.0
|
|
.14
|
|
|||||
Goodwill and intangible asset impairment charge
(C)
|
162.1
|
|
7.6
|
%
|
—
|
|
4.6
|
|
154.1
|
|
.70
|
|
|||||
Equity method investment impairment charge
|
—
|
|
—
|
%
|
79.5
|
|
—
|
|
79.5
|
|
.36
|
|
|||||
Pension settlement loss
|
—
|
|
—
|
%
|
—
|
|
2.1
|
|
3.4
|
|
.02
|
|
|||||
2017 Non-GAAP Measure
|
|
$463.5
|
|
21.8
|
%
|
|
$42.6
|
|
|
$116.4
|
|
|
$363.0
|
|
|
$1.65
|
|
Change Non-GAAP Measure
|
|
$52.3
|
|
100
|
bp
|
|
$15.5
|
|
|
($9.3
|
)
|
|
$67.7
|
|
|
$.30
|
|
% Change Non-GAAP Measure
|
11
|
%
|
|
36
|
%
|
(8
|
)%
|
19
|
%
|
18
|
%
|
(A)
|
Operating margin is calculated by dividing operating income by sales.
|
(B)
|
Noncontrolling interests impact of $.5 for the three and nine months ended 30 June 2017.
|
(C)
|
Noncontrolling interests impact of $3.4 for the three and nine months ended 30 June 2017.
|
|
Three Months Ended
|
Nine Months Ended
|
||||||||||
|
30 June
|
30 June
|
||||||||||
|
2018
|
2017
|
2018
|
2017
|
||||||||
Income from Continuing Operations
(A)
|
|
$444.7
|
|
|
$106.4
|
|
|
$1,031.0
|
|
|
$674.7
|
|
Add: Interest expense
|
34.9
|
|
29.8
|
|
95.1
|
|
89.8
|
|
||||
Less: Other non-operating income (expense), net
|
12.8
|
|
3.7
|
|
33.7
|
|
8.8
|
|
||||
Add: Income tax provision
|
107.1
|
|
89.3
|
|
455.1
|
|
262.2
|
|
||||
Add: Depreciation and amortization
|
245.6
|
|
216.9
|
|
713.5
|
|
634.8
|
|
||||
Add: Business separation costs
|
—
|
|
—
|
|
—
|
|
32.5
|
|
||||
Add: Cost reduction and asset actions
|
—
|
|
42.7
|
|
—
|
|
103.0
|
|
||||
Add: Goodwill and intangible asset impairment charge
|
—
|
|
162.1
|
|
—
|
|
162.1
|
|
||||
Add: Equity method investment impairment charge
|
—
|
|
79.5
|
|
—
|
|
79.5
|
|
||||
Add: Tax reform repatriation - equity method investment
|
—
|
|
—
|
|
32.5
|
|
—
|
|
||||
Adjusted EBITDA
|
|
$819.5
|
|
|
$723.0
|
|
|
$2,293.5
|
|
|
$2,029.8
|
|
Change GAAP
|
|
|
|
|
||||||||
Income from continuing operations change
|
|
$338.3
|
|
|
|
$356.3
|
|
|
||||
Income from continuing operations % change
|
318
|
%
|
|
53
|
%
|
|
||||||
Change Non-GAAP
|
|
|
|
|
||||||||
Adjusted EBITDA change
|
|
$96.5
|
|
|
|
$263.7
|
|
|
||||
Adjusted EBITDA % change
|
13
|
%
|
|
13
|
%
|
|
(A)
|
Includes net income attributable to noncontrolling interests.
|
|
Industrial
Gases– Americas |
Industrial
Gases– EMEA |
Industrial
Gases– Asia |
Industrial
Gases– Global |
Corporate
and other |
Segment
Total |
||||||||||||
GAAP MEASURE
|
|
|
|
|
|
|
||||||||||||
Three Months Ended 30 June 2018
|
||||||||||||||||||
Operating income (loss)
|
|
$237.1
|
|
|
$118.8
|
|
|
$185.5
|
|
|
$19.8
|
|
|
($45.4
|
)
|
|
$515.8
|
|
Operating margin
|
25.0
|
%
|
21.2
|
%
|
29.7
|
%
|
|
|
22.8
|
%
|
||||||||
Three Months Ended 30 June 2017
|
||||||||||||||||||
Operating income (loss)
|
|
$234.9
|
|
|
$96.2
|
|
|
$149.5
|
|
|
$27.8
|
|
|
($44.9
|
)
|
|
$463.5
|
|
Operating margin
|
25.3
|
%
|
21.3
|
%
|
27.8
|
%
|
|
|
21.8
|
%
|
||||||||
Operating income (loss) change
|
|
$2.2
|
|
|
$22.6
|
|
|
$36.0
|
|
|
($8.0
|
)
|
|
($.5
|
)
|
|
$52.3
|
|
Operating income (loss) % change
|
1
|
%
|
23
|
%
|
24
|
%
|
(29
|
)%
|
(1
|
)%
|
11
|
%
|
||||||
Operating margin change
|
(30
|
) bp
|
(10
|
) bp
|
190
|
bp
|
|
|
100
|
bp
|
||||||||
NON-GAAP MEASURE
|
|
|
|
|
|
|
||||||||||||
Three Months Ended 30 June 2018
|
||||||||||||||||||
Operating income (loss)
|
|
$237.1
|
|
|
$118.8
|
|
|
$185.5
|
|
|
$19.8
|
|
|
($45.4
|
)
|
|
$515.8
|
|
Add: Depreciation and amortization
|
120.5
|
|
49.8
|
|
69.5
|
|
2.3
|
|
3.5
|
|
245.6
|
|
||||||
Add: Equity affiliates' income
|
24.1
|
|
17.5
|
|
15.1
|
|
1.4
|
|
—
|
|
58.1
|
|
||||||
Adjusted EBITDA
|
|
$381.7
|
|
|
$186.1
|
|
|
$270.1
|
|
|
$23.5
|
|
|
($41.9
|
)
|
|
$819.5
|
|
Adjusted EBITDA margin
|
40.2
|
%
|
33.2
|
%
|
43.3
|
%
|
|
|
36.3
|
%
|
||||||||
Three Months Ended 30 June 2017
|
||||||||||||||||||
Operating income (loss)
|
|
$234.9
|
|
|
$96.2
|
|
|
$149.5
|
|
|
$27.8
|
|
|
($44.9
|
)
|
|
$463.5
|
|
Add: Depreciation and amortization
|
117.0
|
|
45.1
|
|
49.6
|
|
2.3
|
|
2.9
|
|
216.9
|
|
||||||
Add: Equity affiliates' income
|
14.1
|
|
15.7
|
|
12.5
|
|
.3
|
|
—
|
|
42.6
|
|
||||||
Adjusted EBITDA
|
|
$366.0
|
|
|
$157.0
|
|
|
$211.6
|
|
|
$30.4
|
|
|
($42.0
|
)
|
|
$723.0
|
|
Adjusted EBITDA margin
|
39.4
|
%
|
34.8
|
%
|
39.3
|
%
|
|
|
34.1
|
%
|
||||||||
Adjusted EBITDA change
|
|
$15.7
|
|
|
$29.1
|
|
|
$58.5
|
|
|
($6.9
|
)
|
|
$.1
|
|
|
$96.5
|
|
Adjusted EBITDA % change
|
4
|
%
|
19
|
%
|
28
|
%
|
(23
|
)%
|
—
|
%
|
13
|
%
|
||||||
Adjusted EBITDA margin change
|
80
|
bp
|
(160
|
) bp
|
400
|
bp
|
|
|
220
|
bp
|
|
|
|
|
|
|
|
||||||||||||
|
Industrial
Gases– Americas |
Industrial
Gases– EMEA |
Industrial
Gases– Asia |
Industrial
Gases– Global |
Corporate
and other |
Segment
Total |
||||||||||||
GAAP MEASURE
|
|
|
|
|
|
|
||||||||||||
Nine Months Ended 30 June 2018
|
||||||||||||||||||
Operating income (loss)
|
|
$676.6
|
|
|
$340.0
|
|
|
$509.7
|
|
|
$41.4
|
|
|
($135.8
|
)
|
|
$1,431.9
|
|
Operating margin
|
24.4
|
%
|
20.7
|
%
|
27.9
|
%
|
|
|
21.6
|
%
|
||||||||
Nine Months Ended 30 June 2017
|
||||||||||||||||||
Operating income (loss)
|
|
$681.4
|
|
|
$274.8
|
|
|
$380.2
|
|
|
$58.7
|
|
|
($114.9
|
)
|
|
$1,280.2
|
|
Operating margin
|
25.4
|
%
|
21.7
|
%
|
26.9
|
%
|
|
|
21.4
|
%
|
||||||||
Operating income (loss) change
|
|
($4.8
|
)
|
|
$65.2
|
|
|
$129.5
|
|
|
($17.3
|
)
|
|
($20.9
|
)
|
|
$151.7
|
|
Operating income (loss) % change
|
(1
|
)%
|
24
|
%
|
34
|
%
|
(29
|
)%
|
(18
|
)%
|
12
|
%
|
||||||
Operating margin change
|
(100
|
) bp
|
(100
|
) bp
|
100
|
bp
|
|
|
20
|
bp
|
||||||||
NON-GAAP MEASURE
|
|
|
|
|
|
|
||||||||||||
Nine Months Ended 30 June 2018
|
||||||||||||||||||
Operating income (loss)
|
|
$676.6
|
|
|
$340.0
|
|
|
$509.7
|
|
|
$41.4
|
|
|
($135.8
|
)
|
|
$1,431.9
|
|
Add: Depreciation and amortization
|
360.6
|
|
149.6
|
|
188.9
|
|
5.8
|
|
8.6
|
|
713.5
|
|
||||||
Add: Equity affiliates' income
|
59.6
|
|
41.7
|
|
44.7
|
|
2.1
|
|
—
|
|
148.1
|
|
||||||
Adjusted EBITDA
|
|
$1,096.8
|
|
|
$531.3
|
|
|
$743.3
|
|
|
$49.3
|
|
|
($127.2
|
)
|
|
$2,293.5
|
|
Adjusted EBITDA margin
|
39.6
|
%
|
32.4
|
%
|
40.7
|
%
|
|
|
34.6
|
%
|
||||||||
Nine Months Ended 30 June 2017
|
||||||||||||||||||
Operating income (loss)
|
|
$681.4
|
|
|
$274.8
|
|
|
$380.2
|
|
|
$58.7
|
|
|
($114.9
|
)
|
|
$1,280.2
|
|
Add: Depreciation and amortization
|
344.8
|
|
128.9
|
|
145.6
|
|
6.0
|
|
9.5
|
|
634.8
|
|
||||||
Add: Equity affiliates' income
|
41.8
|
|
33.5
|
|
38.9
|
|
.6
|
|
—
|
|
114.8
|
|
||||||
Adjusted EBITDA
|
|
$1,068.0
|
|
|
$437.2
|
|
|
$564.7
|
|
|
$65.3
|
|
|
($105.4
|
)
|
|
$2,029.8
|
|
Adjusted EBITDA margin
|
39.8
|
%
|
34.5
|
%
|
40.0
|
%
|
|
|
33.9
|
%
|
||||||||
Adjusted EBITDA change
|
|
$28.8
|
|
|
$94.1
|
|
|
$178.6
|
|
|
($16.0
|
)
|
|
($21.8
|
)
|
|
$263.7
|
|
Adjusted EBITDA % change
|
3
|
%
|
22
|
%
|
32
|
%
|
(25
|
)%
|
(21
|
)%
|
13
|
%
|
||||||
Adjusted EBITDA margin change
|
(20
|
) bp
|
(210
|
) bp
|
70
|
bp
|
|
|
70
|
bp
|
|
Three Months Ended
|
Nine Months Ended
|
||||||||||
|
30 June
|
30 June
|
||||||||||
Operating Income
|
2018
|
2017
|
2018
|
2017
|
||||||||
Segment total
|
|
$515.8
|
|
|
$463.5
|
|
|
$1,431.9
|
|
|
$1,280.2
|
|
Business separation costs
|
—
|
|
—
|
|
—
|
|
(32.5
|
)
|
||||
Cost reduction and asset actions
|
—
|
|
(42.7
|
)
|
—
|
|
(103.0
|
)
|
||||
Goodwill and intangible asset impairment charge
|
—
|
|
(162.1
|
)
|
—
|
|
(162.1
|
)
|
||||
Consolidated Total
|
|
$515.8
|
|
|
$258.7
|
|
|
$1,431.9
|
|
|
$982.6
|
|
|
Three Months Ended
|
Nine Months Ended
|
||||||||||
|
30 June
|
30 June
|
||||||||||
Equity Affiliates' Income (Loss)
|
2018
|
2017
|
2018
|
2017
|
||||||||
Segment total
|
|
$58.1
|
|
|
$42.6
|
|
|
$148.1
|
|
|
$114.8
|
|
Equity method investment impairment charge
|
—
|
|
(79.5
|
)
|
—
|
|
(79.5
|
)
|
||||
Tax reform repatriation - equity method investment
|
—
|
|
—
|
|
(32.5
|
)
|
—
|
|
||||
Consolidated Total
|
|
$58.1
|
|
|
($36.9
|
)
|
|
$115.6
|
|
|
$35.3
|
|
|
Effective Tax Rate
|
||||||||||||
|
Three Months Ended
30 June |
|
Nine Months Ended
30 June |
||||||||||
|
2018
|
2017
|
|
2018
|
2017
|
||||||||
Income Tax Provision—GAAP
|
|
$107.1
|
|
|
$89.3
|
|
|
|
$455.1
|
|
|
$262.2
|
|
Income From Continuing Operations Before Taxes—GAAP
|
|
$551.8
|
|
|
$195.7
|
|
|
|
$1,486.1
|
|
|
$936.9
|
|
Effective Tax Rate—GAAP
|
19.4
|
%
|
45.6
|
%
|
|
30.6
|
%
|
28.0
|
%
|
||||
Income Tax Provision—GAAP
|
|
$107.1
|
|
|
$89.3
|
|
|
|
$455.1
|
|
|
$262.2
|
|
Business separation costs
|
—
|
|
—
|
|
|
—
|
|
3.7
|
|
||||
Tax benefit associated with business separation
|
—
|
|
8.2
|
|
|
—
|
|
5.5
|
|
||||
Cost reduction and asset actions
|
—
|
|
12.2
|
|
|
—
|
|
24.1
|
|
||||
Pension settlement loss
|
—
|
|
2.1
|
|
|
—
|
|
3.6
|
|
||||
Goodwill and intangible asset impairment charge
|
—
|
|
4.6
|
|
|
—
|
|
4.6
|
|
||||
Equity method investment impairment charge
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||
Tax reform repatriation
|
—
|
|
—
|
|
|
(420.5
|
)
|
—
|
|
||||
Tax reform rate change and other
|
—
|
|
—
|
|
|
214.0
|
|
—
|
|
||||
Tax restructuring benefit
|
—
|
|
—
|
|
|
38.8
|
|
—
|
|
||||
Income Tax Provision—Non-GAAP Measure
|
|
$107.1
|
|
|
$116.4
|
|
|
|
$287.4
|
|
|
$303.7
|
|
Income From Continuing Operations Before Taxes—GAAP
|
|
$551.8
|
|
|
$195.7
|
|
|
|
$1,486.1
|
|
|
$936.9
|
|
Business separation costs
|
—
|
|
—
|
|
|
—
|
|
30.2
|
|
||||
Cost reduction and asset actions
|
—
|
|
42.7
|
|
|
—
|
|
103.0
|
|
||||
Pension settlement loss
|
—
|
|
5.5
|
|
|
—
|
|
9.6
|
|
||||
Goodwill and intangible asset impairment charge
|
—
|
|
162.1
|
|
|
—
|
|
162.1
|
|
||||
Equity method investment impairment charge
|
—
|
|
79.5
|
|
|
—
|
|
79.5
|
|
||||
Tax reform repatriation - equity method investment
|
—
|
|
—
|
|
|
32.5
|
|
—
|
|
||||
Income From Continuing Operations Before Taxes—Non-GAAP Measure
|
|
$551.8
|
|
|
$485.5
|
|
|
|
$1,518.6
|
|
|
$1,321.3
|
|
Effective Tax Rate—Non-GAAP Measure
|
19.4
|
%
|
24.0
|
%
|
|
18.9
|
%
|
23.0
|
%
|
|
|
Nine Months Ended
|
||||||
|
|
30 June
|
||||||
|
|
2018
|
|
2017
|
||||
Additions to plant and equipment
|
|
|
$1,158.1
|
|
|
|
$806.8
|
|
Acquisitions, less cash acquired
|
|
320.2
|
|
|
—
|
|
||
Investment in and advances to unconsolidated affiliates
|
|
—
|
|
|
8.1
|
|
||
Capital expenditures on a GAAP basis
|
|
|
$1,478.3
|
|
|
|
$814.9
|
|
Capital lease expenditures
(A)
|
|
15.3
|
|
|
6.8
|
|
||
Capital expenditures on a Non-GAAP basis
|
|
|
$1,493.6
|
|
|
|
$821.7
|
|
(A)
|
We utilize a non-GAAP measure in the computation of capital expenditures and include spending associated with facilities accounted for as capital leases. Certain contracts associated with facilities that are built to provide product to a specific customer are required to be accounted for as leases, and such spending is reflected as a use of cash within cash provided by operating activities if the arrangement qualifies as a capital lease. The presentation of this non-GAAP measure is intended to enhance the usefulness of information by providing a measure that our management uses internally to evaluate and manage our expenditures.
|
|
Air Products and Chemicals, Inc.
|
|
|
(Registrant)
|
|
|
|
|
Date: 26 July 2018
|
By:
|
/s/ M. Scott Crocco
|
|
|
M. Scott Crocco
|
|
|
Executive Vice President and Chief Financial Officer
|
1 Year Air Products and Chemicals Chart |
1 Month Air Products and Chemicals Chart |
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