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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 | |
---|---|---|---|---|---|---|---|---|
2.78 | 1.07% | 263.28 | 263.42 | 260.08 | 260.08 | 465,808 | 19:11:03 |
☒ | 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 | |||||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $1.00 per share | APD | New York Stock Exchange | ||||||
0.375% Euro Notes due 2021 | APD21B | New York Stock Exchange | ||||||
1.000% Euro Notes due 2025 | APD25 | New York Stock Exchange | ||||||
0.500% Euro Notes due 2028 | APD28 | New York Stock Exchange | ||||||
0.800% Euro Notes due 2032 | APD32 | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
Three Months Ended | Six Months Ended | |||||||||||||
31 March | 31 March | |||||||||||||
(Millions of dollars, except for share and per share data) | 2021 | 2020 | 2021 | 2020 | ||||||||||
Sales | $2,502.0 | $2,216.3 | $4,877.2 | $4,471.0 | ||||||||||
Cost of sales | 1,745.5 | 1,460.1 | 3,377.9 | 2,946.7 | ||||||||||
Facility closure | 23.2 | — | 23.2 | — | ||||||||||
Selling and administrative | 210.3 | 201.7 | 413.0 | 403.4 | ||||||||||
Research and development | 21.1 | 19.2 | 44.6 | 36.9 | ||||||||||
Gain on exchange with joint venture partner | 36.8 | — | 36.8 | — | ||||||||||
Company headquarters relocation income (expense) | — | 33.8 | — | 33.8 | ||||||||||
Other income (expense), net | 9.8 | 8.1 | 32.3 | 20.4 | ||||||||||
Operating Income | 548.5 | 577.2 | 1,087.6 | 1,138.2 | ||||||||||
Equity affiliates' income | 69.8 | 88.2 | 139.1 | 146.4 | ||||||||||
Interest expense | 36.1 | 19.3 | 72.8 | 38.0 | ||||||||||
Other non-operating income (expense), net | 16.8 | 7.1 | 35.4 | 16.2 | ||||||||||
Income From Continuing Operations Before Taxes | 599.0 | 653.2 | 1,189.3 | 1,262.8 | ||||||||||
Income tax provision | 121.9 | 148.5 | 235.8 | 269.2 | ||||||||||
Income From Continuing Operations | 477.1 | 504.7 | 953.5 | 993.6 | ||||||||||
Income (Loss) from discontinued operations, net of tax | — | (14.3) | 10.3 | (14.3) | ||||||||||
Net Income | 477.1 | 490.4 | 963.8 | 979.3 | ||||||||||
Net income attributable to noncontrolling interests of continuing operations | 4.0 | 12.6 | 8.7 | 25.9 | ||||||||||
Net Income Attributable to Air Products | $473.1 | $477.8 | $955.1 | $953.4 | ||||||||||
Net Income Attributable to Air Products | ||||||||||||||
Net income from continuing operations | $473.1 | $492.1 | $944.8 | $967.7 | ||||||||||
Net income (loss) from discontinued operations | — | (14.3) | 10.3 | (14.3) | ||||||||||
Net Income Attributable to Air Products | $473.1 | $477.8 | $955.1 | $953.4 | ||||||||||
Per Share Data* | ||||||||||||||
Basic EPS from continuing operations | $2.13 | $2.22 | $4.26 | $4.38 | ||||||||||
Basic EPS from discontinued operations | — | (0.06) | 0.05 | (0.06) | ||||||||||
Basic EPS Attributable to Air Products | $2.13 | $2.16 | $4.31 | $4.31 | ||||||||||
Diluted EPS from continuing operations | $2.13 | $2.21 | $4.25 | $4.36 | ||||||||||
Diluted EPS from discontinued operations | — | (0.06) | 0.05 | (0.06) | ||||||||||
Diluted EPS Attributable to Air Products | $2.13 | $2.15 | $4.29 | $4.29 | ||||||||||
Weighted Average Common Shares (in millions)
|
||||||||||||||
Basic | 221.6 | 221.2 | 221.6 | 221.0 | ||||||||||
Diluted
|
222.5 | 222.3 | 222.5 | 222.2 | ||||||||||
Three Months Ended | |||||||||||
31 March | |||||||||||
(Millions of dollars) | 2021 | 2020 | |||||||||
Net Income | $477.1 | $490.4 | |||||||||
Other Comprehensive Loss, net of tax: | |||||||||||
Translation adjustments, net of tax of $22.6 and $11.3
|
(144.6) | (398.2) | |||||||||
Net gain (loss) on derivatives, net of tax of ($13.2) and $6.0
|
(5.2) | (27.4) | |||||||||
Reclassification adjustments: | |||||||||||
Derivatives, net of tax of $12.0 and ($5.0)
|
36.0 | (17.0) | |||||||||
Pension and postretirement benefits, net of tax of $5.9 and $6.5
|
18.3 | 21.2 | |||||||||
Total Other Comprehensive Loss | (95.5) | (421.4) | |||||||||
Comprehensive Income | 381.6 | 69.0 | |||||||||
Net Income Attributable to Noncontrolling Interests | 4.0 | 12.6 | |||||||||
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 15.6 | (31.8) | |||||||||
Comprehensive Income Attributable to Air Products | $362.0 | $88.2 |
Six Months Ended | |||||||||||
31 March | |||||||||||
(Millions of dollars) | 2021 | 2020 | |||||||||
Net Income | $963.8 | $979.3 | |||||||||
Other Comprehensive Income (Loss), net of tax: | |||||||||||
Translation adjustments, net of tax of ($1.6) and $0.5
|
271.1 | (134.2) | |||||||||
Net gain (loss) on derivatives, net of tax of ($10.5) and $8.6
|
8.6 | (5.3) | |||||||||
Reclassification adjustments: | |||||||||||
Derivatives, net of tax of $11.2 and ($5.8)
|
34.7 | (20.6) | |||||||||
Pension and postretirement benefits, net of tax of $11.8 and $13.0
|
36.6 | 40.9 | |||||||||
Total Other Comprehensive Income (Loss) | 351.0 | (119.2) | |||||||||
Comprehensive Income | 1,314.8 | 860.1 | |||||||||
Net Income Attributable to Noncontrolling Interests | 8.7 | 25.9 | |||||||||
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 35.3 | (16.6) | |||||||||
Comprehensive Income Attributable to Air Products | $1,270.8 | $850.8 |
31 March | 30 September | ||||||||||
(Millions of dollars, except for share and per share data) | 2021 | 2020 | |||||||||
Assets | |||||||||||
Current Assets | |||||||||||
Cash and cash items | $5,786.3 | $5,253.0 | |||||||||
Short-term investments | 409.2 | 1,104.9 | |||||||||
Trade receivables, net | 1,388.9 | 1,274.8 | |||||||||
Inventories | 430.3 | 404.8 | |||||||||
Prepaid expenses | 206.8 | 164.5 | |||||||||
Other receivables and current assets | 545.1 | 482.9 | |||||||||
Total Current Assets | 8,766.6 | 8,684.9 | |||||||||
Investment in net assets of and advances to equity affiliates | 1,538.2 | 1,432.2 | |||||||||
Plant and equipment, at cost | 26,438.5 | 25,176.2 | |||||||||
Less: accumulated depreciation | 13,810.2 | 13,211.5 | |||||||||
Plant and equipment, net | 12,628.3 | 11,964.7 | |||||||||
Goodwill, net | 914.7 | 891.5 | |||||||||
Intangible assets, net | 449.1 | 435.8 | |||||||||
Noncurrent lease receivables | 789.2 | 816.3 | |||||||||
Other noncurrent assets | 1,072.8 | 943.1 | |||||||||
Total Noncurrent Assets | 17,392.3 | 16,483.6 | |||||||||
Total Assets | $26,158.9 | $25,168.5 | |||||||||
Liabilities and Equity | |||||||||||
Current Liabilities | |||||||||||
Payables and accrued liabilities | $2,042.2 | $1,833.2 | |||||||||
Accrued income taxes | 86.7 | 105.8 | |||||||||
Short-term borrowings | 15.4 | 7.7 | |||||||||
Current portion of long-term debt | 873.1 | 470.0 | |||||||||
Total Current Liabilities | 3,017.4 | 2,416.7 | |||||||||
Long-term debt | 6,804.6 | 7,132.9 | |||||||||
Long-term debt – related party | 311.3 | 297.2 | |||||||||
Other noncurrent liabilities | 1,840.0 | 1,916.0 | |||||||||
Deferred income taxes | 1,050.8 | 962.6 | |||||||||
Total Noncurrent Liabilities | 10,006.7 | 10,308.7 | |||||||||
Total Liabilities | 13,024.1 | 12,725.4 | |||||||||
Commitments and Contingencies - See Note 12 | |||||||||||
Air Products Shareholders’ Equity | |||||||||||
Common stock (par value $1 per share; issued 2021 and 2020 - 249,455,584 shares)
|
249.4 | 249.4 | |||||||||
Capital in excess of par value | 1,094.4 | 1,094.8 | |||||||||
Retained earnings | 15,200.0 | 14,875.7 | |||||||||
Accumulated other comprehensive loss | (1,824.4) | (2,140.1) | |||||||||
Treasury stock, at cost (2021 - 28,141,326 shares; 2020 - 28,438,125 shares)
|
(1,993.2) | (2,000.0) | |||||||||
Total Air Products Shareholders’ Equity | 12,726.2 | 12,079.8 | |||||||||
Noncontrolling Interests | 408.6 | 363.3 | |||||||||
Total Equity | 13,134.8 | 12,443.1 | |||||||||
Total Liabilities and Equity | $26,158.9 | $25,168.5 |
Six Months Ended | ||||||||
31 March | ||||||||
(Millions of dollars) | 2021 | 2020 | ||||||
Operating Activities | ||||||||
Net income | $963.8 | $979.3 | ||||||
Less: Net income attributable to noncontrolling interest of continuing operations | 8.7 | 25.9 | ||||||
Net income attributable to Air Products | 955.1 | 953.4 | ||||||
(Income) Loss from discontinued operations | (10.3) | 14.3 | ||||||
Income from continuing operations attributable to Air Products | 944.8 | 967.7 | ||||||
Adjustments to reconcile income to cash provided by operating activities: | ||||||||
Depreciation and amortization | 653.0 | 583.9 | ||||||
Deferred income taxes | 76.1 | 55.0 | ||||||
Facility closure | 23.2 | — | ||||||
Undistributed earnings of equity method investments | (58.7) | (101.6) | ||||||
Gain on sale of assets and investments | (26.2) | (40.5) | ||||||
Share-based compensation | 22.4 | 26.9 | ||||||
Noncurrent lease receivables | 43.4 | 47.1 | ||||||
Other adjustments | (6.5) | 54.0 | ||||||
Working capital changes that provided (used) cash, excluding effects of acquisitions: | ||||||||
Trade receivables | (74.8) | (111.9) | ||||||
Inventories | (25.4) | (16.5) | ||||||
Other receivables | 15.7 | (0.7) | ||||||
Payables and accrued liabilities | 135.7 | (111.8) | ||||||
Other working capital | (142.4) | (113.1) | ||||||
Cash Provided by Operating Activities | 1,580.3 | 1,238.5 | ||||||
Investing Activities | ||||||||
Additions to plant and equipment, including long-term deposits | (1,227.8) | (930.6) | ||||||
Investment in and advances to unconsolidated affiliates | (69.8) | (22.7) | ||||||
Proceeds from sale of assets and investments | 14.8 | 68.0 | ||||||
Purchases of investments | (569.0) | — | ||||||
Proceeds from investments | 1,265.5 | 177.0 | ||||||
Other investing activities | 3.1 | 1.9 | ||||||
Cash Used for Investing Activities | (583.2) | (706.4) | ||||||
Financing Activities | ||||||||
Long-term debt proceeds | 92.8 | — | ||||||
Payments on long-term debt | (15.9) | (3.4) | ||||||
Net increase (decrease) in commercial paper and short-term borrowings | 33.6 | (33.3) | ||||||
Dividends paid to shareholders | (592.7) | (511.7) | ||||||
Proceeds from stock option exercises | 4.7 | 20.2 | ||||||
Other financing activities | (25.7) | (9.6) | ||||||
Cash Used for Financing Activities | (503.2) | (537.8) | ||||||
Discontinued Operations | ||||||||
Cash provided by operating activities | 6.7 | — | ||||||
Cash provided by investing activities | — | — | ||||||
Cash provided by financing activities | — | — | ||||||
Cash Provided by Discontinued Operations | 6.7 | — | ||||||
Effect of Exchange Rate Changes on Cash | 32.7 | (22.9) | ||||||
Increase (Decrease) in cash and cash items | 533.3 | (28.6) | ||||||
Cash and Cash items – Beginning of Year | 5,253.0 | 2,248.7 | ||||||
Cash and Cash Items – End of Period | $5,786.3 | $2,220.1 | ||||||
Six Months Ended | ||||||||||||||||||||||||||
31 March 2021 | ||||||||||||||||||||||||||
(Millions of dollars, except for per share data) |
Common
Stock |
Capital in
Excess of Par Value |
Retained
Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Treasury
Stock |
Air
Products Shareholders' Equity |
Non-
controlling Interests |
Total
Equity |
||||||||||||||||||
Balance at 30 September 2020 | $249.4 | $1,094.8 | $14,875.7 | ($2,140.1) | ($2,000.0) | $12,079.8 | $363.3 | $12,443.1 | ||||||||||||||||||
Net income | — | — | 955.1 | — | — | 955.1 | 8.7 | 963.8 | ||||||||||||||||||
Other comprehensive income (loss) | — | — | — | 315.7 | — | 315.7 | 35.3 | 351.0 | ||||||||||||||||||
Dividends on common stock (per share $2.84)
|
— | — | (628.5) | — | — | (628.5) | — | (628.5) | ||||||||||||||||||
Dividends to noncontrolling interests | — | — | — | — | — | — | (3.4) | (3.4) | ||||||||||||||||||
Share-based compensation | — | 22.3 | — | — | — | 22.3 | — | 22.3 | ||||||||||||||||||
Issuance of treasury shares for stock option and award plans | — | (21.7) | — | — | 6.8 | (14.9) | — | (14.9) | ||||||||||||||||||
Investments by noncontrolling interests | — | — | — | — | — | — | 8.7 | 8.7 | ||||||||||||||||||
Purchase of noncontrolling interests | — | (1.2) | — | — | — | (1.2) | (4.1) | (5.3) | ||||||||||||||||||
Other equity transactions | — | 0.2 | (2.3) | — | — | (2.1) | 0.1 | (2.0) | ||||||||||||||||||
Balance at 31 March 2021 | $249.4 | $1,094.4 | $15,200.0 | ($1,824.4) | ($1,993.2) | $12,726.2 | $408.6 | $13,134.8 |
Six Months Ended | ||||||||||||||||||||||||||
31 March 2020 | ||||||||||||||||||||||||||
(Millions of dollars, except for per share data) |
Common
Stock |
Capital in
Excess of Par Value |
Retained
Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Treasury
Stock |
Air
Products Shareholders' Equity |
Non-
controlling Interests |
Total
Equity |
||||||||||||||||||
Balance at 30 September 2019 | $249.4 | $1,070.9 | $14,138.4 | ($2,375.6) | ($2,029.5) | $11,053.6 | $334.7 | $11,388.3 | ||||||||||||||||||
Net income | — | — | 953.4 | — | — | 953.4 | 25.9 | 979.3 | ||||||||||||||||||
Other comprehensive income (loss) | — | — | — | (102.6) | — | (102.6) | (16.6) | (119.2) | ||||||||||||||||||
Dividends on common stock (per share $2.50)
|
— | — | (551.9) | — | — | (551.9) | — | (551.9) | ||||||||||||||||||
Dividends to noncontrolling interests | — | — | — | — | — | — | (4.4) | (4.4) | ||||||||||||||||||
Share-based compensation | — | 24.6 | — | — | — | 24.6 | — | 24.6 | ||||||||||||||||||
Issuance of treasury shares for stock option and award plans | — | (16.2) | — | — | 18.4 | 2.2 | — | 2.2 | ||||||||||||||||||
Investments by noncontrolling interests | — | — | — | — | — | — | 11.9 | 11.9 | ||||||||||||||||||
Other equity transactions | — | (4.7) | (2.7) | — | — | (7.4) | 0.3 | (7.1) | ||||||||||||||||||
Balance at 31 March 2020 | $249.4 | $1,074.6 | $14,537.2 | ($2,478.2) | ($2,011.1) | $11,371.9 | $351.8 | $11,723.7 | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
31 March 2021 | ||||||||||||||||||||||||||
(Millions of dollars, except for per share data) |
Common
Stock |
Capital in
Excess of Par Value |
Retained
Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Treasury
Stock |
Air
Products Shareholders' Equity |
Non-
controlling Interests |
Total
Equity |
||||||||||||||||||
Balance at 31 December 2020 | $249.4 | $1,083.0 | $15,060.5 | ($1,713.3) | ($1,996.0) | $12,683.6 | $388.3 | $13,071.9 | ||||||||||||||||||
Net income | — | — | 473.1 | — | — | 473.1 | 4.0 | 477.1 | ||||||||||||||||||
Other comprehensive income (loss) | — | — | — | (111.1) | — | (111.1) | 15.6 | (95.5) | ||||||||||||||||||
Dividends on common stock (per share $1.50)
|
— | — | (332.0) | — | — | (332.0) | — | (332.0) | ||||||||||||||||||
Dividends to noncontrolling interests | — | — | — | — | — | — | (3.4) | (3.4) | ||||||||||||||||||
Share-based compensation | — | 12.0 | — | — | — | 12.0 | — | 12.0 | ||||||||||||||||||
Issuance of treasury shares for stock option and award plans | — | (0.7) | — | — | 2.8 | 2.1 | — | 2.1 | ||||||||||||||||||
Investment by noncontrolling interests | — | — | — | — | — | — | 4.0 | 4.0 | ||||||||||||||||||
Other equity transactions | — | 0.1 | (1.6) | — | — | (1.5) | 0.1 | (1.4) | ||||||||||||||||||
Balance at 31 March 2021 | $249.4 | $1,094.4 | $15,200.0 | ($1,824.4) | ($1,993.2) | $12,726.2 | $408.6 | $13,134.8 |
Three Months Ended | ||||||||||||||||||||||||||
31 March 2020 | ||||||||||||||||||||||||||
(Millions of dollars, except for per share data) |
Common
Stock |
Capital in
Excess of Par Value |
Retained
Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Treasury
Stock |
Air
Products Shareholders' Equity |
Non-
controlling Interests |
Total
Equity |
||||||||||||||||||
Balance at 31 December 2019 | $249.4 | $1,061.7 | $14,356.9 | ($2,088.6) | ($2,023.4) | $11,556.0 | $373.8 | $11,929.8 | ||||||||||||||||||
Net income | — | — | 477.8 | — | — | 477.8 | 12.6 | 490.4 | ||||||||||||||||||
Other comprehensive income (loss) | — | — | — | (389.6) | — | (389.6) | (31.8) | (421.4) | ||||||||||||||||||
Dividends on common stock (per share $1.34)
|
— | — | (295.9) | — | — | (295.9) | — | (295.9) | ||||||||||||||||||
Dividends to noncontrolling interests | — | — | — | — | — | — | (3.1) | (3.1) | ||||||||||||||||||
Share-based compensation | — | 10.7 | — | — | — | 10.7 | — | 10.7 | ||||||||||||||||||
Issuance of treasury shares for stock option and award plans | — | 2.3 | — | — | 12.3 | 14.6 | — | 14.6 | ||||||||||||||||||
Other equity transactions | — | (0.1) | (1.6) | — | — | (1.7) | 0.3 | (1.4) | ||||||||||||||||||
Balance at 31 March 2020 | $249.4 | $1,074.6 | $14,537.2 | ($2,478.2) | ($2,011.1) | $11,371.9 | $351.8 | $11,723.7 |
1. | ||||||||
2. | ||||||||
3. | ||||||||
4. | ||||||||
5. | ||||||||
6. | ||||||||
7. | ||||||||
8. | ||||||||
9. | ||||||||
10. | ||||||||
11. | ||||||||
12. | ||||||||
13. | ||||||||
14. | ||||||||
15. | ||||||||
16. | ||||||||
17. | ||||||||
18. | ||||||||
Balance at 30 September 2020 | $23.9 | ||||
Adoption of new credit losses standard | 0.5 | ||||
Provision for credit losses | 1.2 | ||||
Write-offs charged against the allowance | (1.6) | ||||
Currency translation and other | 2.6 | ||||
Balance at 31 March 2021 | $26.6 |
Industrial
Gases– Americas |
Industrial
Gases– EMEA |
Industrial
Gases– Asia |
Industrial
Gases– Global |
Corporate
and other |
Total | % | |||||||||||||||||
Three Months Ended 31 March 2021 | |||||||||||||||||||||||
On-site | $636.7 | $202.3 | $416.0 | $— | $— | $1,255.0 | 50 | % | |||||||||||||||
Merchant | 419.4 | 382.3 | 281.5 | — | — | 1,083.2 | 43 | % | |||||||||||||||
Sale of Equipment | — | — | — | 97.9 | 65.9 | 163.8 | 7 | % | |||||||||||||||
Total | $1,056.1 | $584.6 | $697.5 | $97.9 | $65.9 | $2,502.0 | 100 | % | |||||||||||||||
Three Months Ended 31 March 2020 | |||||||||||||||||||||||
On-site | $516.2 | $160.3 | $425.6 | $— | $— | $1,102.1 | 50 | % | |||||||||||||||
Merchant | 416.2 | 332.4 | 232.5 | — | — | 981.1 | 44 | % | |||||||||||||||
Sale of Equipment | — | — | — | 79.3 | 53.8 | 133.1 | 6 | % | |||||||||||||||
Total | $932.4 | $492.7 | $658.1 | $79.3 | $53.8 | $2,216.3 | 100 | % |
Industrial
Gases– Americas |
Industrial
Gases– EMEA |
Industrial
Gases– Asia |
Industrial
Gases– Global |
Corporate
and other |
Total | % | |||||||||||||||||
Six Months Ended 31 March 2021 | |||||||||||||||||||||||
On-site | $1,178.0 | $391.0 | $830.9 | $— | $— | $2,399.9 | 49 | % | |||||||||||||||
Merchant | 811.1 | 756.6 | 584.1 | — | — | 2,151.8 | 44 | % | |||||||||||||||
Sale of Equipment | — | — | — | 202.4 | 123.1 | 325.5 | 7 | % | |||||||||||||||
Total | $1,989.1 | $1,147.6 | $1,415.0 | $202.4 | $123.1 | $4,877.2 | 100 | % | |||||||||||||||
Six Months Ended 31 March 2020 | |||||||||||||||||||||||
On-site | $1,050.7 | $331.7 | $843.9 | $— | $— | $2,226.3 | 50 | % | |||||||||||||||
Merchant | 817.9 | 659.7 | 507.0 | — | — | 1,984.6 | 44 | % | |||||||||||||||
Sale of Equipment | — | — | — | 171.9 | 88.2 | 260.1 | 6 | % | |||||||||||||||
Total | $1,868.6 | $991.4 | $1,350.9 | $171.9 | $88.2 | $4,471.0 | 100 | % |
Balance Sheet Location | 31 March 2021 | 30 September 2020 | ||||||||||||
Assets | ||||||||||||||
Contract assets – current | Other receivables and current assets | $68.8 | $55.9 | |||||||||||
Contract fulfillment costs – current | Other receivables and current assets | 154.5 | 109.9 | |||||||||||
Liabilities | ||||||||||||||
Contract liabilities – current | Payables and accrued liabilities | 413.0 | 313.8 | |||||||||||
Contract liabilities – noncurrent | Other noncurrent liabilities | 59.4 | 57.9 |
31 March | 30 September | |||||||||||||
2021 | 2020 | |||||||||||||
Finished goods | $143.7 | $134.5 | ||||||||||||
Work in process | 25.0 | 21.3 | ||||||||||||
Raw materials, supplies and other | 261.6 | 249.0 | ||||||||||||
Inventories | $430.3 | $404.8 | ||||||||||||
Industrial
Gases– Americas |
Industrial
Gases– EMEA |
Industrial
Gases– Asia |
Industrial
Gases– Global |
Corporate
and other |
Total | ||||||||||||||||||||||||||||||
Goodwill, net at 30 September 2020 | $152.6 | $524.1 | $180.4 | $19.5 | $14.9 | $891.5 | |||||||||||||||||||||||||||||
Acquisitions(A)
|
— | 14.5 | — | — | — | 14.5 | |||||||||||||||||||||||||||||
Currency translation and other | 4.4 | 0.9 | 3.0 | 0.4 | — | 8.7 | |||||||||||||||||||||||||||||
Goodwill, net at 31 March 2021 | $157.0 | $539.5 | $183.4 | $19.9 | $14.9 | $914.7 | |||||||||||||||||||||||||||||
31 March | 30 September | |||||||||||||
2021 | 2020 | |||||||||||||
Goodwill, gross | $1,284.8 | $1,230.2 | ||||||||||||
Accumulated impairment losses(B)
|
(370.1) | (338.7) | ||||||||||||
Goodwill, net | $914.7 | $891.5 |
31 March 2021 | 30 September 2020 | |||||||||||||||||||||||||
US$
Notional |
Years
Average Maturity |
US$
Notional |
Years
Average Maturity |
|||||||||||||||||||||||
Forward Exchange Contracts: | ||||||||||||||||||||||||||
Cash flow hedges | $2,985.0 | 0.4 | $2,842.1 | 0.5 | ||||||||||||||||||||||
Net investment hedges | 656.4 | 3.3 | 636.6 | 3.8 | ||||||||||||||||||||||
Not designated | 775.7 | 0.2 | 1,685.2 | 0.3 | ||||||||||||||||||||||
Total Forward Exchange Contracts | $4,417.1 | 0.8 | $5,163.9 | 0.8 |
31 March 2021 | 30 September 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
US$
Notional |
Average
Pay % |
Average
Receive % |
Years
Average Maturity |
US$
Notional |
Average
Pay % |
Average
Receive % |
Years
Average Maturity |
|||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps
(fair value hedge) |
$200.0 | LIBOR | 2.76 | % | 0.6 | $200.0 | LIBOR | 2.76 | % | 1.1 | ||||||||||||||||||||||||||||||||||||||||
Cross currency interest rate swaps
(net investment hedge) |
$199.3 | 4.26 | % | 3.12 | % | 2.7 | $201.6 | 4.27 | % | 3.12 | % | 3.2 | ||||||||||||||||||||||||||||||||||||||
Cross currency interest rate swaps
(cash flow hedge) |
$1,145.9 | 4.79 | % | 2.93 | % | 2.4 | $1,057.9 | 4.83 | % | 2.98 | % | 2.5 | ||||||||||||||||||||||||||||||||||||||
Cross currency interest rate swaps
(not designated) |
$15.1 | 5.39 | % | 3.54 | % | 2.7 | $12.8 | 5.39 | % | 3.54 | % | 3.2 |
Carrying amounts of hedged item | Cumulative hedging adjustment, included in carrying amount | ||||||||||||||||
Balance Sheet Location | 31 March 2021 | 30 September 2020 | 31 March 2021 | 30 September 2020 | |||||||||||||
Current portion of long-term debt | $402.8 | $— | $3.0 | $— | |||||||||||||
Long-term debt | — | 405.4 | — | 5.7 |
Balance Sheet
Location |
31 March 2021 | 30 September 2020 |
Balance Sheet
Location |
31 March 2021 | 30 September 2020 | |||||||||||||||
Derivatives Designated as Hedging Instruments: | ||||||||||||||||||||
Forward exchange contracts | Other receivables and current assets | $45.4 | $51.1 | Payables and accrued liabilities | $55.5 | $22.5 | ||||||||||||||
Interest rate management contracts | Other receivables and current assets | 10.3 | 14.7 | Payables and accrued liabilities | 6.5 | 0.4 | ||||||||||||||
Forward exchange contracts | Other noncurrent assets | 2.0 | 0.8 | Other noncurrent liabilities | 37.2 | 33.0 | ||||||||||||||
Interest rate management contracts |
Other noncurrent
assets |
18.5 | 44.3 | Other noncurrent liabilities | 26.4 | 1.7 | ||||||||||||||
Total Derivatives Designated as Hedging Instruments | $76.2 | $110.9 | $125.6 | $57.6 | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | ||||||||||||||||||||
Forward exchange contracts | Other receivables and current assets | $19.6 | $31.7 | Payables and accrued liabilities | $17.1 | $28.0 | ||||||||||||||
Forward exchange contracts | Other noncurrent assets | 0.1 | — | Other noncurrent liabilities | — | — | ||||||||||||||
Interest rate management contracts | Other noncurrent assets | 0.1 | 0.7 | Other noncurrent liabilities | — | — | ||||||||||||||
Total Derivatives Not Designated as Hedging Instruments | $19.8 | $32.4 | $17.1 | $28.0 | ||||||||||||||||
Total Derivatives | $96.0 | $143.3 | $142.7 | $85.6 |
Three Months Ended | Six Months Ended | ||||||||||||||||
31 March | 31 March | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Net Investment Hedging Relationships | |||||||||||||||||
Forward exchange contracts | $18.6 | $40.5 | ($17.3) | $31.4 | |||||||||||||
Foreign currency debt | 63.5 | 16.7 | (0.7) | (13.2) | |||||||||||||
Cross currency interest rate swaps | 1.9 | 12.4 | (12.3) | 8.9 | |||||||||||||
Total Amount Recognized in OCI | 84.0 | 69.6 | (30.3) | 27.1 | |||||||||||||
Tax effects | (21.2) | (16.8) | 7.4 | (6.6) | |||||||||||||
Net Amount Recognized in OCI | $62.8 | $52.8 | ($22.9) | $20.5 |
Three Months Ended | Six Months Ended | ||||||||||||||||
31 March | 31 March | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Derivatives in Cash Flow Hedging Relationships | |||||||||||||||||
Forward exchange contracts | ($57.3) | ($10.1) | $7.4 | $16.2 | |||||||||||||
Forward exchange contracts, excluded components | (4.3) | (2.8) | (7.0) | (7.3) | |||||||||||||
Other(A)
|
43.2 | (8.5) | (2.3) | (5.6) | |||||||||||||
Total Amount Recognized in OCI | (18.4) | (21.4) | (1.9) | 3.3 | |||||||||||||
Tax effects | 13.2 | (6.0) | 10.5 | (8.6) | |||||||||||||
Net Amount Recognized in OCI | ($5.2) | ($27.4) | $8.6 | ($5.3) |
Three Months Ended 31 March | ||||||||||||||||||||||||||||||||||||||||||||
Sales | Cost of Sales | Interest Expense | Other Non-Operating Income (Expense), Net | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||
Total presented in consolidated income statements that includes effects of hedging below | $2,502.0 | $2,216.3 | $1,745.5 | $1,460.1 | $36.1 | $19.3 | $16.8 | $7.1 | ||||||||||||||||||||||||||||||||||||
(Gain) Loss Effects of Cash Flow Hedging: | ||||||||||||||||||||||||||||||||||||||||||||
Forward Exchange Contracts: | ||||||||||||||||||||||||||||||||||||||||||||
Amount reclassified from OCI into income | $0.1 | ($0.2) | ($1.8) | ($0.6) | $— | $— | $54.0 | $5.9 | ||||||||||||||||||||||||||||||||||||
Amount excluded from effectiveness testing recognized in earnings based on amortization approach | — | — | — | — | — | — | 2.6 | 4.1 | ||||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||||||||
Amount reclassified from OCI into income | — | — | — | — | 1.4 | 1.0 | (8.3) | (32.2) | ||||||||||||||||||||||||||||||||||||
Total (Gain) Loss Reclassified from OCI to Income | 0.1 | (0.2) | (1.8) | (0.6) | 1.4 | 1.0 | 48.3 | (22.2) | ||||||||||||||||||||||||||||||||||||
Tax effects | — | — | 0.4 | 0.1 | (0.5) | (0.3) | (11.9) | 5.2 | ||||||||||||||||||||||||||||||||||||
Net (Gain) Loss Reclassified from OCI to Income | $0.1 | ($0.2) | ($1.4) | ($0.5) | $0.9 | $0.7 | $36.4 | ($17.0) | ||||||||||||||||||||||||||||||||||||
(Gain) Loss Effects of Fair Value Hedging: | ||||||||||||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||||||||
Hedged items | $— | $— | $— | $— | ($1.4) | $3.5 | $— | $— | ||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | — | — | — | — | 1.4 | (3.5) | — | — | ||||||||||||||||||||||||||||||||||||
Total (Gain) Loss Recognized in Income | $— | $— | $— | $— | $— | $— | $— | $— |
Six Months Ended 31 March | ||||||||||||||||||||||||||||||||||||||||||||
Sales | Cost of Sales | Interest Expense | Other Non-Operating Income (Expense), Net | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||
Total presented in consolidated income statements that includes effects of hedging below | $4,877.2 | $4,471.0 | $3,377.9 | $2,946.7 | $72.8 | $38.0 | $35.4 | $16.2 | ||||||||||||||||||||||||||||||||||||
(Gain) Loss Effects of Cash Flow Hedging: | ||||||||||||||||||||||||||||||||||||||||||||
Forward Exchange Contracts: | ||||||||||||||||||||||||||||||||||||||||||||
Amount reclassified from OCI into income | $0.2 | ($0.1) | ($1.9) | ($0.8) | $— | $— | $2.4 | ($17.5) | ||||||||||||||||||||||||||||||||||||
Amount excluded from effectiveness testing recognized in earnings based on amortization approach | — | — | — | — | — | — | 5.4 | 8.6 | ||||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||||||||
Amount reclassified from OCI into income | — | — | — | — | 2.8 | 2.0 | 37.0 | (18.6) | ||||||||||||||||||||||||||||||||||||
Total (Gain) Loss Reclassified from OCI to Income | 0.2 | (0.1) | (1.9) | (0.8) | 2.8 | 2.0 | 44.8 | (27.5) | ||||||||||||||||||||||||||||||||||||
Tax effects | — | — | 0.6 | 0.2 | (1.0) | (0.6) | (10.8) | 6.2 | ||||||||||||||||||||||||||||||||||||
Net (Gain) Loss Reclassified from OCI to Income | $0.2 | ($0.1) | ($1.3) | ($0.6) | $1.8 | $1.4 | $34.0 | ($21.3) | ||||||||||||||||||||||||||||||||||||
(Gain) Loss Effects of Fair Value Hedging: | ||||||||||||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||||||||
Hedged items | $— | $— | $— | $— | ($2.7) | $2.6 | $— | $— | ||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | — | — | — | — | 2.7 | (2.6) | — | — | ||||||||||||||||||||||||||||||||||||
Total (Gain) Loss Recognized in Income | $— | $— | $— | $— | $— | $— | $— | $— |
Six Months Ended 31 March | |||||||||||||||||||||||
Other Income (Expense), Net | Other Non-Operating Income (Expense), Net | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
The Effects of Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||||||||
Forward Exchange Contracts | $2.5 | ($2.2) | ($1.6) | $0.6 | |||||||||||||||||||
Other | — | — | 0.4 | 0.4 | |||||||||||||||||||
Total (Gain) Loss Recognized in Income | $2.5 | ($2.2) | ($1.2) | $1.0 |
31 March 2021 | 30 September 2020 | |||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||
Forward exchange contracts | $67.1 | $67.1 | $83.6 | $83.6 | ||||||||||||||||||||||
Interest rate management contracts | 28.9 | 28.9 | 59.7 | 59.7 | ||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||
Forward exchange contracts | $109.8 | $109.8 | $83.5 | $83.5 | ||||||||||||||||||||||
Interest rate management contracts | 32.9 | 32.9 | 2.1 | 2.1 | ||||||||||||||||||||||
Long-term debt, including current portion and related party | 7,989.0 | 7,966.0 | 7,900.1 | 8,278.4 |
31 March 2021 | 30 September 2020 | ||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Assets at Fair Value | |||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||
Forward exchange contracts | $67.1 | $— | $67.1 | $— | $83.6 | $— | $83.6 | $— | |||||||||||||||||||||
Interest rate management contracts | 28.9 | — | 28.9 | — | 59.7 | — | 59.7 | — | |||||||||||||||||||||
Total Assets at Fair Value | $96.0 | $— | $96.0 | $— | $143.3 | $— | $143.3 | $— | |||||||||||||||||||||
Liabilities at Fair Value | |||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||
Forward exchange contracts | $109.8 | $— | $109.8 | $— | $83.5 | $— | $83.5 | $— | |||||||||||||||||||||
Interest rate management contracts | 32.9 | — | 32.9 | — | 2.1 | — | 2.1 | — | |||||||||||||||||||||
Total Liabilities at Fair Value | $142.7 | $— | $142.7 | $— | $85.6 | $— | $85.6 | $— |
Pension Benefits | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Three Months Ended 31 March | U.S. | International | U.S. | International | |||||||||||||||||||||||||||||||
Service cost | $5.3 | $5.9 | $5.8 | $5.8 | |||||||||||||||||||||||||||||||
Interest cost | 17.3 | 6.3 | 22.8 | 6.2 | |||||||||||||||||||||||||||||||
Expected return on plan assets | (48.7) | (21.0) | (47.2) | (19.4) | |||||||||||||||||||||||||||||||
Prior service cost amortization | 0.3 | — | 0.3 | — | |||||||||||||||||||||||||||||||
Actuarial loss amortization | 19.6 | 4.8 | 21.0 | 4.9 | |||||||||||||||||||||||||||||||
Settlements | — | — | 1.5 | — | |||||||||||||||||||||||||||||||
Other | — | 0.2 | — | 0.2 | |||||||||||||||||||||||||||||||
Net Periodic (Benefit) Cost | ($6.2) | ($3.8) | $4.2 | ($2.3) | |||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Six Months Ended 31 March | U.S. | International | U.S. | International | |||||||||||||||||||||||||||||||
Service cost | $10.7 | $11.6 | $11.6 | $11.7 | |||||||||||||||||||||||||||||||
Interest cost | 34.5 | 12.4 | 45.6 | 12.4 | |||||||||||||||||||||||||||||||
Expected return on plan assets | (97.3) | (41.2) | (94.4) | (38.9) | |||||||||||||||||||||||||||||||
Prior service cost amortization | 0.6 | — | 0.6 | — | |||||||||||||||||||||||||||||||
Actuarial loss amortization | 39.3 | 9.4 | 42.0 | 9.8 | |||||||||||||||||||||||||||||||
Settlements | — | — | 1.5 | — | |||||||||||||||||||||||||||||||
Other | — | 0.5 | — | 0.4 | |||||||||||||||||||||||||||||||
Net Periodic (Benefit) Cost | ($12.2) | ($7.3) | $6.9 | ($4.6) | |||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
31 March | 31 March | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Before-tax share-based compensation cost | $12.9 | $13.5 | $22.4 | $28.9 | ||||||||||||||||||||||
Income tax benefit | (3.1) | (3.1) | (5.4) | (6.8) | ||||||||||||||||||||||
After-tax share-based compensation cost | $9.8 | $10.4 | $17.0 | $22.1 |
Expected volatility | 29.9 | % | ||||||
Risk-free interest rate | 0.2 | % | ||||||
Expected dividend yield | 2.1 | % |
Derivatives
qualifying as hedges |
Foreign
currency translation adjustments |
Pension and
postretirement benefits |
Total | |||||||||||
Balance at 31 December 2020 | ($46.7) | ($742.1) | ($924.5) | ($1,713.3) | ||||||||||
Other comprehensive loss before reclassifications | (5.2) | (144.6) | — | (149.8) | ||||||||||
Amounts reclassified from AOCL | 36.0 | — | 18.3 | 54.3 | ||||||||||
Net current period other comprehensive income (loss) | 30.8 | (144.6) | 18.3 | (95.5) | ||||||||||
Amount attributable to noncontrolling interests | 18.8 | (3.2) | — | 15.6 | ||||||||||
Balance at 31 March 2021 | ($34.7) | ($883.5) | ($906.2) | ($1,824.4) |
Derivatives
qualifying as hedges |
Foreign
currency translation adjustments |
Pension and
postretirement benefits |
Total | |||||||||||
Balance at 30 September 2020 | ($54.5) | ($1,142.8) | ($942.8) | ($2,140.1) | ||||||||||
Other comprehensive income before reclassifications | 8.6 | 271.1 | — | 279.7 | ||||||||||
Amounts reclassified from AOCL | 34.7 | — | 36.6 | 71.3 | ||||||||||
Net current period other comprehensive income | 43.3 | 271.1 | 36.6 | 351.0 | ||||||||||
Amount attributable to noncontrolling interests | 23.5 | 11.8 | — | 35.3 | ||||||||||
Balance at 31 March 2021 | ($34.7) | ($883.5) | ($906.2) | ($1,824.4) |
Three Months Ended | Six Months Ended | |||||||||||||
31 March | 31 March | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
(Gain) Loss on Cash Flow Hedges, net of tax | ||||||||||||||
Sales | $0.1 | ($0.2) | $0.2 | ($0.1) | ||||||||||
Cost of sales | (1.4) | (0.5) | (1.3) | (0.6) | ||||||||||
Interest expense | 0.9 | 0.7 | 1.8 | 1.4 | ||||||||||
Other non-operating income (expense), net | 36.4 | (17.0) | 34.0 | (21.3) | ||||||||||
Total (Gain) Loss on Cash Flow Hedges, net of tax | $36.0 | ($17.0) | $34.7 | ($20.6) | ||||||||||
Pension and Postretirement Benefits, net of tax(A)
|
$18.3 | $21.2 | $36.6 | $40.9 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
31 March | 31 March | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Numerator | |||||||||||||||||||||||
Net income from continuing operations | $473.1 | $492.1 | $944.8 | $967.7 | |||||||||||||||||||
Net income (loss) from discontinued operations | — | (14.3) | 10.3 | (14.3) | |||||||||||||||||||
Net Income Attributable to Air Products | $473.1 | $477.8 | $955.1 | $953.4 | |||||||||||||||||||
Denominator (in millions)
|
|||||||||||||||||||||||
Weighted average common shares — Basic | 221.6 | 221.2 | 221.6 | 221.0 | |||||||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||
Employee stock option and other award plans | 0.9 | 1.1 | 0.9 | 1.2 | |||||||||||||||||||
Weighted average common shares — Diluted | 222.5 | 222.3 | 222.5 | 222.2 | |||||||||||||||||||
Per Share Data* | |||||||||||||||||||||||
Basic EPS from continuing operations | $2.13 | $2.22 | $4.26 | $4.38 | |||||||||||||||||||
Basic EPS from discontinued operations | — | (0.06) | 0.05 | (0.06) | |||||||||||||||||||
Basic EPS Attributable to Air Products | $2.13 | $2.16 | $4.31 | $4.31 | |||||||||||||||||||
Diluted EPS from continuing operations | $2.13 | $2.21 | $4.25 | $4.36 | |||||||||||||||||||
Diluted EPS from discontinued operations | — | (0.06) | 0.05 | (0.06) | |||||||||||||||||||
Diluted EPS Attributable to Air Products | $2.13 | $2.15 | $4.29 | $4.29 |
Industrial
Gases – Americas |
Industrial
Gases – EMEA |
Industrial
Gases – Asia |
Industrial
Gases – Global |
Corporate
and other |
Total | ||||||||||||||||||
Three Months Ended 31 March 2021 | |||||||||||||||||||||||
Sales | $1,056.1 | $584.6 | $697.5 | $97.9 | $65.9 | $2,502.0 |
(A)
|
||||||||||||||||
Operating income (loss) | 263.4 | 139.6 | 198.5 | (26.1) | (40.5) | 534.9 |
(B)
|
||||||||||||||||
Depreciation and amortization | 153.3 | 57.6 | 109.7 | 2.6 | 6.1 | 329.3 | |||||||||||||||||
Equity affiliates' income | 32.3 | 20.3 | 15.5 | 1.7 | — | 69.8 |
(B)
|
||||||||||||||||
Three Months Ended 31 March 2020 | |||||||||||||||||||||||
Sales | $932.4 | $492.7 | $658.1 | $79.3 | $53.8 | $2,216.3 |
(A)
|
||||||||||||||||
Operating income (loss) | 268.0 | 124.6 | 209.1 | (19.8) | (38.5) | 543.4 |
(B)
|
||||||||||||||||
Depreciation and amortization | 135.5 | 47.6 | 104.1 | 2.4 | 5.1 | 294.7 | |||||||||||||||||
Equity affiliates' income | 21.6 | 13.5 | 13.8 | 5.5 | — | 54.4 |
(B)
|
||||||||||||||||
Industrial
Gases – Americas |
Industrial
Gases – EMEA |
Industrial
Gases – Asia |
Industrial
Gases – Global |
Corporate
and other |
Total | ||||||||||||||||||
Six Months Ended 31 March 2021 | |||||||||||||||||||||||
Sales | $1,989.1 | $1,147.6 | $1,415.0 | $202.4 | $123.1 | $4,877.2 |
(A)
|
||||||||||||||||
Operating income (loss) | 489.2 | 281.1 | 413.3 | (30.7) | (78.9) | 1,074.0 |
(B)
|
||||||||||||||||
Depreciation and amortization | 305.1 | 113.0 | 217.6 | 5.2 | 12.1 | 653.0 | |||||||||||||||||
Equity affiliates' income | 54.6 | 45.3 | 35.4 | 3.8 | — | 139.1 |
(B)
|
||||||||||||||||
Six Months Ended 31 March 2020 | |||||||||||||||||||||||
Sales | $1,868.6 | $991.4 | $1,350.9 | $171.9 | $88.2 | $4,471.0 |
(A)
|
||||||||||||||||
Operating income (loss) | 525.2 | 245.1 | 437.6 | (16.2) | (87.3) | 1,104.4 |
(B)
|
||||||||||||||||
Depreciation and amortization | 267.3 | 96.0 | 205.7 | 4.8 | 10.1 | 583.9 | |||||||||||||||||
Equity affiliates' income | 42.2 | 32.8 | 30.7 | 6.9 | — | 112.6 |
(B)
|
||||||||||||||||
Total Assets | |||||||||||||||||||||||
31 March 2021 | $6,916.3 | $4,176.4 | $7,279.9 | $451.8 | $7,334.5 | $26,158.9 | |||||||||||||||||
30 September 2020 | 6,610.1 | 3,917.0 | 6,842.9 | 397.8 | 7,400.7 | 25,168.5 |
Three Months Ended | Six Months Ended | |||||||||||||
31 March | 31 March | |||||||||||||
Operating Income | 2021 | 2020 | 2021 | 2020 | ||||||||||
Total | $534.9 | $543.4 | $1,074.0 | $1,104.4 | ||||||||||
Facility closure | (23.2) | — | (23.2) | — | ||||||||||
Gain on exchange with joint venture partner | 36.8 | — | 36.8 | — | ||||||||||
Company headquarters relocation income (expense) | — | 33.8 | — | 33.8 | ||||||||||
Consolidated Operating Income | $548.5 | $577.2 | $1,087.6 | $1,138.2 |
Three Months Ended | Six Months Ended | |||||||||||||
31 March | 31 March | |||||||||||||
Equity Affiliates' Income | 2021 | 2020 | 2021 | 2020 | ||||||||||
Total | $69.8 | $54.4 | $139.1 | $112.6 | ||||||||||
India Finance Act 2020 | — | 33.8 | — | 33.8 | ||||||||||
Consolidated Equity Affiliates' Income | $69.8 | $88.2 | $139.1 | $146.4 |
Three Months Ended | |||||||||||
31 March | Increase | ||||||||||
2021 | 2020 | (Decrease) | |||||||||
Total Diluted EPS | $2.13 | $2.15 | ($0.02) | ||||||||
Less: Diluted EPS from loss from discontinued operations | — | (0.06) | 0.06 | ||||||||
Diluted EPS from continuing operations(A)
|
$2.13 | $2.21 | ($0.08) | ||||||||
Operating Impacts | |||||||||||
Underlying business | |||||||||||
Volume(B)
|
($0.19) | ||||||||||
Price, net of variable costs | 0.09 | ||||||||||
Other costs | (0.03) | ||||||||||
Currency | 0.10 | ||||||||||
Facility closure | (0.08) | ||||||||||
Company headquarters relocation income | (0.12) | ||||||||||
Gain on exchange with joint venture partner | 0.12 | ||||||||||
Total Operating Impacts | ($0.11) | ||||||||||
Other Impacts | |||||||||||
Equity affiliates' income | $0.05 | ||||||||||
Interest expense | (0.06) | ||||||||||
Other non-operating income (expense), net | 0.03 | ||||||||||
Change in effective tax rate, excluding discrete item below | 0.01 | ||||||||||
India Finance Act 2020 | (0.06) | ||||||||||
Noncontrolling interests(B)
|
0.04 | ||||||||||
Total Other Impacts | $0.01 | ||||||||||
Total Change in Diluted EPS From Continuing Operations | ($0.08) |
Three Months Ended | |||||||||||
31 March | Increase | ||||||||||
2021 | 2020 | (Decrease) | |||||||||
Diluted EPS From Continuing Operations | $2.13 | $2.21 | ($0.08) | ||||||||
Facility closure | 0.08 | — | 0.08 | ||||||||
Gain on exchange with joint venture partner | (0.12) | — | (0.12) | ||||||||
Company headquarters relocation income | — | (0.12) | 0.12 | ||||||||
India Finance Act 2020 | — | (0.06) | 0.06 | ||||||||
Adjusted Diluted EPS From Continuing Operations | $2.08 | $2.04 | $0.04 |
Three Months Ended | ||||||||||||||||||||||||||
31 March | ||||||||||||||||||||||||||
2021 | 2020 | $ Change | Change | |||||||||||||||||||||||
GAAP Measures | ||||||||||||||||||||||||||
Sales | $2,502.0 | $2,216.3 | $285.7 | 13 | % | |||||||||||||||||||||
Operating income | 548.5 | 577.2 | (28.7) | (5 | %) | |||||||||||||||||||||
Operating margin | 21.9 | % | 26.0 | % | (410) | bp | ||||||||||||||||||||
Equity affiliates’ income | 69.8 | 88.2 | (18.4) | (21 | %) | |||||||||||||||||||||
Net income | 477.1 | 490.4 | (13.3) | (3 | %) | |||||||||||||||||||||
Net income margin | 19.1 | % | 22.1 | % | (300) | bp | ||||||||||||||||||||
Non-GAAP Measures | ||||||||||||||||||||||||||
Adjusted EBITDA | $934.0 | $892.5 | $41.5 | 5 | % | |||||||||||||||||||||
Adjusted EBITDA margin | 37.3 | % | 40.3 | % | (300) | bp |
Sales % Change from Prior Year | |||||
Volume | — | % | |||
Price | 2 | % | |||
Energy and natural gas cost pass-through | 7 | % | |||
Currency | 4 | % | |||
Total Consolidated Sales Change | 13 | % |
Three Months Ended | |||||||||||||||||
31 March | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Interest incurred | $42.6 | $23.2 | |||||||||||||||
Less: Capitalized interest | 6.5 | 3.9 | |||||||||||||||
Interest expense | $36.1 | $19.3 | |||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
31 March | ||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||
Sales | $1,056.1 | $932.4 | $123.7 | 13 | % | |||||||||||||||||||||
Operating income | 263.4 | 268.0 | (4.6) | (2 | %) | |||||||||||||||||||||
Operating margin | 24.9 | % | 28.7 | % | (380) bp | |||||||||||||||||||||
Equity affiliates’ income | 32.3 | 21.6 | 10.7 | 50 | % | |||||||||||||||||||||
Adjusted EBITDA | 449.0 | 425.1 | 23.9 | 6 | % | |||||||||||||||||||||
Adjusted EBITDA margin | 42.5 | % | 45.6 | % | (310) bp |
Sales % Change from Prior Year | |||||
Volume | (6 | %) | |||
Price | 3 | % | |||
Energy and natural gas cost pass-through | 15 | % | |||
Currency | 1 | % | |||
Total Industrial Gases – Americas Sales Change | 13 | % |
Three Months Ended | ||||||||||||||||||||||||||
31 March | ||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||
Sales | $584.6 | $492.7 | $91.9 | 19 | % | |||||||||||||||||||||
Operating income | 139.6 | 124.6 | 15.0 | 12 | % | |||||||||||||||||||||
Operating margin | 23.9 | % | 25.3 | % | (140) bp | |||||||||||||||||||||
Equity affiliates’ income | 20.3 | 13.5 | 6.8 | 50 | % | |||||||||||||||||||||
Adjusted EBITDA | 217.5 | 185.7 | 31.8 | 17 | % | |||||||||||||||||||||
Adjusted EBITDA margin | 37.2 | % | 37.7 | % | (50) bp |
Sales % Change from Prior Year | |||||
Volume | 5 | % | |||
Price | 2 | % | |||
Energy and natural gas cost pass-through | 3 | % | |||
Currency | 9 | % | |||
Total Industrial Gases – EMEA Sales Change | 19 | % |
Three Months Ended | ||||||||||||||||||||||||||
31 March | ||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||
Sales | $697.5 | $658.1 | $39.4 | 6 | % | |||||||||||||||||||||
Operating income | 198.5 | 209.1 | (10.6) | (5 | %) | |||||||||||||||||||||
Operating margin | 28.5 | % | 31.8 | % | (330) bp | |||||||||||||||||||||
Equity affiliates’ income | 15.5 | 13.8 | 1.7 | 12 | % | |||||||||||||||||||||
Adjusted EBITDA | 323.7 | 327.0 | (3.3) | (1 | %) | |||||||||||||||||||||
Adjusted EBITDA margin | 46.4 | % | 49.7 | % | (330) bp |
Sales % Change from Prior Year | |||||
Volume | (2 | %) | |||
Price | 1 | % | |||
Energy and natural gas cost pass-through | — | % | |||
Currency | 7 | % | |||
Total Industrial Gases – Asia Sales Change | 6 | % |
Three Months Ended | ||||||||||||||||||||||||||
31 March | ||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||
Sales | $97.9 | $79.3 | $18.6 | 23 | % | |||||||||||||||||||||
Operating loss | (26.1) | (19.8) | (6.3) | (32 | %) | |||||||||||||||||||||
Adjusted EBITDA | (21.8) | (11.9) | (9.9) | (83 | %) |
Three Months Ended | ||||||||||||||||||||||||||
31 March | ||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||
Sales | $65.9 | $53.8 | $12.1 | 22 | % | |||||||||||||||||||||
Operating loss | (40.5) | (38.5) | (2.0) | (5 | %) | |||||||||||||||||||||
Adjusted EBITDA | (34.4) | (33.4) | (1.0) | (3 | %) |
Six Months Ended | |||||||||||
31 March | Increase | ||||||||||
2021 | 2020 | (Decrease) | |||||||||
Total Diluted EPS | $4.29 | $4.29 | $— | ||||||||
Less: Diluted EPS from income (loss) from discontinued operations | 0.05 | (0.06) | 0.11 | ||||||||
Diluted EPS From Continuing Operations(A)
|
$4.25 | $4.36 | ($0.11) | ||||||||
Operating Impacts | |||||||||||
Underlying business | |||||||||||
Volume(B)
|
($0.44) | ||||||||||
Price, net of variable costs | 0.26 | ||||||||||
Other costs | (0.09) | ||||||||||
Currency | 0.16 | ||||||||||
Facility closure | (0.08) | ||||||||||
Company headquarters relocation income | (0.12) | ||||||||||
Gain on exchange with joint venture partner | 0.12 | ||||||||||
Total Operating Impacts | ($0.19) | ||||||||||
Other Impacts | |||||||||||
Equity affiliates' income | 0.10 | ||||||||||
Interest expense | (0.13) | ||||||||||
Other non-operating income (expense), net | 0.07 | ||||||||||
Change in effective tax rate, excluding discrete item below | 0.02 | ||||||||||
India Finance Act 2020 | (0.06) | ||||||||||
Noncontrolling interests(B)
|
0.08 | ||||||||||
Weighted average diluted shares | (0.01) | ||||||||||
Total Other Impacts | $0.07 | ||||||||||
Total Change in Diluted EPS From Continuing Operations | ($0.11) |
Six Months Ended | |||||||||||
31 March | Increase | ||||||||||
2021 | 2020 | (Decrease) | |||||||||
Diluted EPS From Continuing Operations | $4.25 | $4.36 | ($0.11) | ||||||||
Facility closure | 0.08 | — | 0.08 | ||||||||
Gain on exchange with joint venture partner | (0.12) | — | (0.12) | ||||||||
Company headquarters relocation income | — | (0.12) | 0.12 | ||||||||
India Finance Act 2020 | — | (0.06) | 0.06 | ||||||||
Adjusted Diluted EPS From Continuing Operations | $4.20 | $4.18 | $0.02 |
Six Months Ended | ||||||||||||||||||||||||||
31 March | ||||||||||||||||||||||||||
2021 | 2020 | $ Change | Change | |||||||||||||||||||||||
GAAP Measures | ||||||||||||||||||||||||||
Sales | $4,877.2 | $4,471.0 | $406.2 | 9 | % | |||||||||||||||||||||
Operating income | 1,087.6 | 1,138.2 | (50.6) | (4 | %) | |||||||||||||||||||||
Operating margin | 22.3 | % | 25.5 | % | (320) | bp | ||||||||||||||||||||
Equity affiliates’ income | 139.1 | 146.4 | (7.3) | (5 | %) | |||||||||||||||||||||
Net income | 963.8 | 979.3 | (15.5) | (2 | %) | |||||||||||||||||||||
Net income margin | 19.8 | % | 21.9 | % | (210) | bp | ||||||||||||||||||||
Non-GAAP Measures | ||||||||||||||||||||||||||
Adjusted EBITDA | 1,866.1 | 1,800.9 | 65.2 | 4 | % | |||||||||||||||||||||
Adjusted EBITDA margin | 38.3 | % | 40.3 | % | (200) bp | |||||||||||||||||||||
Sales % Change from Prior Year | |||||
Volume | (1 | %) | |||
Price | 2 | % | |||
Energy and natural gas cost pass-through | 4 | % | |||
Currency | 4 | % | |||
Total Consolidated Sales Change | 9 | % |
Six Months Ended | |||||||||||||||||
31 March | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Interest incurred | $84.9 | $45.6 | |||||||||||||||
Less: capitalized interest | 12.1 | 7.6 | |||||||||||||||
Interest expense | $72.8 | $38.0 | |||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||
31 March | ||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||
Sales | $1,989.1 | $1,868.6 | $120.5 | 6 | % | |||||||||||||||||||||
Operating income | 489.2 | 525.2 | (36.0) | (7 | %) | |||||||||||||||||||||
Operating margin | 24.6 | % | 28.1 | % | (350) bp | |||||||||||||||||||||
Equity affiliates’ income | 54.6 | 42.2 | 12.4 | 29 | % | |||||||||||||||||||||
Adjusted EBITDA | 848.9 | 834.7 | 14.2 | 2 | % | |||||||||||||||||||||
Adjusted EBITDA margin | 42.7 | % | 44.7 | % | (200) bp |
Sales % Change from Prior Year | |||||
Volume | (6 | %) | |||
Price | 3 | % | |||
Energy and natural gas cost pass-through | 9 | % | |||
Currency | — | % | |||
Total Industrial Gases – Americas Sales Change | 6 | % |
Six Months Ended | ||||||||||||||||||||||||||
31 March | ||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||
Sales | $1,147.6 | $991.4 | $156.2 | 16 | % | |||||||||||||||||||||
Operating income | 281.1 | 245.1 | 36.0 | 15 | % | |||||||||||||||||||||
Operating margin | 24.5 | % | 24.7 | % | (20) bp | |||||||||||||||||||||
Equity affiliates’ income | 45.3 | 32.8 | 12.5 | 38 | % | |||||||||||||||||||||
Adjusted EBITDA | 439.4 | 373.9 | 65.5 | 18 | % | |||||||||||||||||||||
Adjusted EBITDA margin | 38.3 | % | 37.7 | % | 60 bp |
Sales % Change from Prior Year | |||||
Volume | 5 | % | |||
Price | 3 | % | |||
Energy and natural gas cost pass-through | 1 | % | |||
Currency | 7 | % | |||
Total Industrial Gases – EMEA Sales Change | 16 | % |
Six Months Ended | ||||||||||||||||||||||||||
31 March | ||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||
Sales | $1,415.0 | $1,350.9 | $64.1 | 5 | % | |||||||||||||||||||||
Operating income | 413.3 | 437.6 | (24.3) | (6 | %) | |||||||||||||||||||||
Operating margin | 29.2 | % | 32.4 | % | (320) bp | |||||||||||||||||||||
Equity affiliates’ income | 35.4 | 30.7 | 4.7 | 15 | % | |||||||||||||||||||||
Adjusted EBITDA | 666.3 | 674.0 | (7.7) | (1 | %) | |||||||||||||||||||||
Adjusted EBITDA margin | 47.1 | % | 49.9 | % | (280) bp |
Sales % Change from Prior Year | |||||
Volume | (3 | %) | |||
Price | 1 | % | |||
Energy and natural gas cost pass-through | — | % | |||
Currency | 7 | % | |||
Total Industrial Gases – Asia Sales Change | 5 | % |
Six Months Ended | ||||||||||||||||||||||||||
31 March | ||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||
Sales | $202.4 | $171.9 | $30.5 | 18 | % | |||||||||||||||||||||
Operating loss | (30.7) | (16.2) | (14.5) | (90 | %) | |||||||||||||||||||||
Adjusted EBITDA | (21.7) | (4.5) | (17.2) | (382 | %) |
Six Months Ended | ||||||||||||||||||||||||||
31 March | ||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||
Sales | $123.1 | $88.2 | $34.9 | 40 | % | |||||||||||||||||||||
Operating loss | (78.9) | (87.3) | 8.4 | 10 | % | |||||||||||||||||||||
Adjusted EBITDA | (66.8) | (77.2) | 10.4 | 13 | % |
Three Months Ended 31 March | ||||||||||||||||||||
Q2 2021 vs. Q2 2020 |
Operating
Income |
Equity
Affiliates' Income |
Income Tax
Provision |
Net Income
Attributable to Air Products |
Diluted
EPS |
|||||||||||||||
2021 GAAP | $548.5 | $69.8 | $121.9 | $473.1 | $2.13 | |||||||||||||||
2020 GAAP | 577.2 | 88.2 | 148.5 | 492.1 | 2.21 | |||||||||||||||
Change GAAP | ($0.08) | |||||||||||||||||||
% Change GAAP | (4 | %) | ||||||||||||||||||
2021 GAAP | $548.5 | $69.8 | $121.9 | $473.1 | $2.13 | |||||||||||||||
Facility closure | 23.2 | — | 5.8 | 17.4 | 0.08 | |||||||||||||||
Gain on exchange with joint venture partner | (36.8) | — | (9.5) | (27.3) | (0.12) | |||||||||||||||
2021 Non-GAAP ("Adjusted")
|
$534.9 | $69.8 | $118.2 | $463.2 | $2.08 | |||||||||||||||
2020 GAAP | $577.2 | $88.2 | $148.5 | $492.1 | $2.21 | |||||||||||||||
Company headquarters relocation (income) expense | (33.8) | — | (8.2) | (25.6) | (0.12) | |||||||||||||||
India Finance Act 2020 | — | (33.8) | (20.3) | (13.5) | (0.06) | |||||||||||||||
2020 Non-GAAP ("Adjusted")
|
$543.4 | $54.4 | $120.0 | $453.0 | $2.04 | |||||||||||||||
Change Non-GAAP ("Adjusted") | $0.04 | |||||||||||||||||||
% Change Non-GAAP ("Adjusted") | 2 | % |
Six Months Ended 31 March | ||||||||||||||||||||
2021 vs. 2020 |
Operating
Income |
Equity
Affiliates' Income |
Income Tax
Provision |
Net Income
Attributable to Air Products |
Diluted
EPS |
|||||||||||||||
2021 GAAP | $1,087.6 | $139.1 | $235.8 | $944.8 | $4.25 | |||||||||||||||
2020 GAAP | 1,138.2 | 146.4 | 269.2 | 967.7 | 4.36 | |||||||||||||||
Change GAAP | ($0.11) | |||||||||||||||||||
% Change GAAP | (3 | %) | ||||||||||||||||||
2021 GAAP | $1,087.6 | $139.1 | $235.8 | $944.8 | $4.25 | |||||||||||||||
Facility closure | 23.2 | — | 5.8 | 17.4 | 0.08 | |||||||||||||||
Gain on exchange with joint venture partner | (36.8) | — | (9.5) | (27.3) | (0.12) | |||||||||||||||
2021 Non-GAAP ("Adjusted")
|
$1,074.0 | $139.1 | $232.1 | $934.9 | $4.20 | |||||||||||||||
2020 GAAP | $1,138.2 | $146.4 | $269.2 | $967.7 | $4.36 | |||||||||||||||
Company headquarters relocation (income) expense | (33.8) | — | (8.2) | (25.6) | (0.12) | |||||||||||||||
India Finance Act 2020 | — | (33.8) | (20.3) | (13.5) | (0.06) | |||||||||||||||
2020 Non-GAAP ("Adjusted")
|
$1,104.4 | $112.6 | $240.7 | $928.6 | $4.18 | |||||||||||||||
Change Non-GAAP ("Adjusted") | $0.02 | |||||||||||||||||||
% Change Non-GAAP ("Adjusted") | — | % | ||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
31 March | 31 March | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
$ | Margin | $ | Margin | $ | Margin | $ | Margin | ||||||||||||||||||||||||||||
Sales | $2,502.0 | $2,216.3 | $4,877.2 | $4,471.0 | |||||||||||||||||||||||||||||||
Net income and Net income margin | $477.1 | 19.1 | % | $490.4 | 22.1 | % | $963.8 | 19.8 | % | $979.3 | 21.9 | % | |||||||||||||||||||||||
Less: Income (Loss) from discontinued operations, net of tax | — | — | % | (14.3) | (0.6 | %) | 10.3 | 0.2 | % | (14.3) | (0.3 | %) | |||||||||||||||||||||||
Add: Interest expense | 36.1 | 1.4 | % | 19.3 | 0.9 | % | 72.8 | 1.5 | % | 38.0 | 0.9 | % | |||||||||||||||||||||||
Less: Other non-operating income (expense), net | 16.8 | 0.7 | % | 7.1 | 0.3 | % | 35.4 | 0.7 | % | 16.2 | 0.4 | % | |||||||||||||||||||||||
Add: Income tax provision | 121.9 | 4.9 | % | 148.5 | 6.7 | % | 235.8 | 4.8 | % | 269.2 | 6.0 | % | |||||||||||||||||||||||
Add: Depreciation and amortization | 329.3 | 13.2 | % | 294.7 | 13.3 | % | 653.0 | 13.4 | % | 583.9 | 13.1 | % | |||||||||||||||||||||||
Add: Facility closure | 23.2 | 0.9 | % | — | — | % | 23.2 | 0.5 | % | — | — | % | |||||||||||||||||||||||
Less: Gain on exchange with joint venture partner | 36.8 | 1.5 | % | — | — | % | 36.8 | 0.8 | % | — | — | % | |||||||||||||||||||||||
Less: Company headquarters relocation income (expense) | — | — | % | 33.8 | 1.5 | % | — | — | % | 33.8 | 0.8 | % | |||||||||||||||||||||||
Less: India Finance Act 2020 - equity affiliate income impact | — | — | % | 33.8 | 1.5 | % | — | — | % | 33.8 | 0.8 | % | |||||||||||||||||||||||
Adjusted EBITDA and Adjusted EBITDA margin | $934.0 | 37.3 | % | $892.5 | 40.3 | % | $1,866.1 | 38.3 | % | $1,800.9 | 40.3 | % | |||||||||||||||||||||||
Q2 2021
vs. Q2 2020 |
2021
vs. 2020 |
||||||||||||||||||||||||||||||||||
Change GAAP | |||||||||||||||||||||||||||||||||||
Net income $ change | ($13.3) | ($15.5) | |||||||||||||||||||||||||||||||||
Net income % change | (3 | %) | (2 | %) | |||||||||||||||||||||||||||||||
Net income margin change | (300) | bp | (210) | bp | |||||||||||||||||||||||||||||||
Change Non-GAAP | |||||||||||||||||||||||||||||||||||
Adjusted EBITDA $ change | $41.5 | $65.2 | |||||||||||||||||||||||||||||||||
Adjusted EBITDA % change | 5 | % | 4 | % | |||||||||||||||||||||||||||||||
Adjusted EBITDA margin change | (300) | bp | (200) | bp |
Sales |
Industrial
Gases– Americas |
Industrial
Gases– EMEA |
Industrial
Gases– Asia |
Industrial
Gases– Global |
Corporate
and other |
Total | |||||||||||||||||
Q2 2021
|
$1,056.1 | $584.6 | $697.5 | $97.9 | $65.9 | $2,502.0 | |||||||||||||||||
Q2 2020
|
932.4 | 492.7 | 658.1 | 79.3 | 53.8 | 2,216.3 |
Industrial
Gases– Americas |
Industrial
Gases– EMEA |
Industrial
Gases– Asia |
Industrial
Gases– Global |
Corporate
and other |
Total | ||||||||||||||||||
Q2 2021 GAAP
|
|||||||||||||||||||||||
Operating income (loss) | $263.4 | $139.6 | $198.5 | ($26.1) | ($40.5) | $534.9 |
(A)
|
||||||||||||||||
Operating margin | 24.9 | % | 23.9 | % | 28.5 | % | |||||||||||||||||
Q2 2020 GAAP
|
|||||||||||||||||||||||
Operating income (loss) | $268.0 | $124.6 | $209.1 | ($19.8) | ($38.5) | $543.4 |
(A)
|
||||||||||||||||
Operating margin | 28.7 | % | 25.3 | % | 31.8 | % | |||||||||||||||||
Q2 2021 vs. Q2 2020 Change GAAP
|
|||||||||||||||||||||||
Operating income/loss $ change | ($4.6) | $15.0 | ($10.6) | ($6.3) | ($2.0) | ||||||||||||||||||
Operating income/loss % change | (2 | %) | 12 | % | (5 | %) | (32 | %) | (5 | %) | |||||||||||||
Operating margin change | (380) | bp | (140) | bp | (330) | bp | |||||||||||||||||
Q2 2021 Non-GAAP
|
|||||||||||||||||||||||
Operating income (loss) | $263.4 | $139.6 | $198.5 | ($26.1) | ($40.5) | $534.9 |
(A)
|
||||||||||||||||
Add: Depreciation and amortization | 153.3 | 57.6 | 109.7 | 2.6 | 6.1 | 329.3 | |||||||||||||||||
Add: Equity affiliates' income | 32.3 | 20.3 | 15.5 | 1.7 | — | 69.8 |
(A)
|
||||||||||||||||
Adjusted EBITDA | $449.0 | $217.5 | $323.7 | ($21.8) | ($34.4) | $934.0 | |||||||||||||||||
Adjusted EBITDA margin | 42.5 | % | 37.2 | % | 46.4 | % | |||||||||||||||||
Q2 2020 Non-GAAP
|
|||||||||||||||||||||||
Operating income (loss) | $268.0 | $124.6 | $209.1 | ($19.8) | ($38.5) | $543.4 |
(A)
|
||||||||||||||||
Add: Depreciation and amortization | 135.5 | 47.6 | 104.1 | 2.4 | 5.1 | 294.7 | |||||||||||||||||
Add: Equity affiliates' income | 21.6 | 13.5 | 13.8 | 5.5 | — | 54.4 |
(A)
|
||||||||||||||||
Adjusted EBITDA | $425.1 | $185.7 | $327.0 | ($11.9) | ($33.4) | $892.5 | |||||||||||||||||
Adjusted EBITDA margin | 45.6 | % | 37.7 | % | 49.7 | % | |||||||||||||||||
Q2 2021 vs. Q2 2020 Change Non-GAAP
|
|||||||||||||||||||||||
Adjusted EBITDA $ change | $23.9 | $31.8 | ($3.3) | ($9.9) | ($1.0) | ||||||||||||||||||
Adjusted EBITDA % change | 6 | % | 17 | % | (1 | %) | (83 | %) | (3 | %) | |||||||||||||
Adjusted EBITDA margin change | (310) | bp | (50) | bp | (330) | bp |
Sales |
Industrial
Gases– Americas |
Industrial
Gases– EMEA |
Industrial
Gases– Asia |
Industrial
Gases– Global |
Corporate
and other |
Total | |||||||||||||||||
Q2 2021 | $1,989.1 | $1,147.6 | $1,415.0 | $202.4 | $123.1 | $4,877.2 | |||||||||||||||||
Q2 2020 | 1,868.6 | 991.4 | 1,350.9 | 171.9 | 88.2 | 4,471.0 |
Industrial
Gases– Americas |
Industrial
Gases– EMEA |
Industrial
Gases– Asia |
Industrial
Gases– Global |
Corporate
and other |
Total | ||||||||||||||||||
Q2 2021 GAAP | |||||||||||||||||||||||
Operating income (loss) | $489.2 | $281.1 | $413.3 | ($30.7) | ($78.9) | $1,074.0 |
(A)
|
||||||||||||||||
Operating margin | 24.6 | % | 24.5 | % | 29.2 | % | |||||||||||||||||
Q2 2020 GAAP | |||||||||||||||||||||||
Operating income (loss) | $525.2 | $245.1 | $437.6 | ($16.2) | ($87.3) | $1,104.4 |
(A)
|
||||||||||||||||
Operating margin | 28.1 | % | 24.7 | % | 32.4 | % | |||||||||||||||||
Q2 2021 vs. Q2 2020 Change GAAP | |||||||||||||||||||||||
Operating income/loss $ change | ($36.0) | $36.0 | ($24.3) | ($14.5) | $8.4 | ||||||||||||||||||
Operating income/loss % change | (7 | %) | 15 | % | (6 | %) | (90 | %) | 10 | % | |||||||||||||
Operating margin change | (350) | bp | (20) | bp | (320) | bp | |||||||||||||||||
Q2 2021 Non-GAAP | |||||||||||||||||||||||
Operating income (loss) | $489.2 | $281.1 | $413.3 | ($30.7) | ($78.9) | $1,074.0 |
(A)
|
||||||||||||||||
Add: Depreciation and amortization | 305.1 | 113.0 | 217.6 | 5.2 | 12.1 | 653.0 | |||||||||||||||||
Add: Equity affiliates' income | 54.6 | 45.3 | 35.4 | 3.8 | — | 139.1 |
(A)
|
||||||||||||||||
Adjusted EBITDA | $848.9 | $439.4 | $666.3 | ($21.7) | ($66.8) | $1,866.1 | |||||||||||||||||
Adjusted EBITDA margin | 42.7 | % | 38.3 | % | 47.1 | % | |||||||||||||||||
Q2 2020 Non-GAAP | |||||||||||||||||||||||
Operating income (loss) | $525.2 | $245.1 | $437.6 | ($16.2) | ($87.3) | $1,104.4 |
(A)
|
||||||||||||||||
Add: Depreciation and amortization | 267.3 | 96.0 | 205.7 | 4.8 | 10.1 | 583.9 | |||||||||||||||||
Add: Equity affiliates' income | 42.2 | 32.8 | 30.7 | 6.9 | — | 112.6 |
(A)
|
||||||||||||||||
Adjusted EBITDA | $834.7 | $373.9 | $674.0 | ($4.5) | ($77.2) | $1,800.9 | |||||||||||||||||
Adjusted EBITDA margin | 44.7 | % | 37.7 | % | 49.9 | % | |||||||||||||||||
Q2 2021 vs. Q2 2020 Change Non-GAAP | |||||||||||||||||||||||
Adjusted EBITDA $ change | $14.2 | $65.5 | ($7.7) | ($17.2) | $10.4 | ||||||||||||||||||
Adjusted EBITDA % change | 2 | % | 18 | % | (1 | %) | (382 | %) | 13 | % | |||||||||||||
Adjusted EBITDA margin change | (200) | bp | 60 | bp | (280) | bp |
Three Months Ended | Six Months Ended | |||||||||||||
31 March | 31 March | |||||||||||||
Operating Income | 2021 | 2020 | 2021 | 2020 | ||||||||||
Consolidated operating income | $548.5 | $577.2 | $1,087.6 | $1,138.2 | ||||||||||
Facility closure | 23.2 | — | 23.2 | — | ||||||||||
Gain on exchange with joint venture partner | (36.8) | — | (36.8) | — | ||||||||||
Company headquarters relocation (income) expense | — | (33.8) | — | (33.8) | ||||||||||
Total | $534.9 | $543.4 | $1,074.0 | $1,104.4 |
Three Months Ended | Six Months Ended | |||||||||||||
31 March | 31 March | |||||||||||||
Equity Affiliates' Income | 2021 | 2020 | 2021 | 2020 | ||||||||||
Consolidated equity affiliates' income | $69.8 | $88.2 | $139.1 | $146.4 | ||||||||||
India Finance Act 2020 | — | (33.8) | — | (33.8) | ||||||||||
Total | $69.8 | $54.4 | $139.1 | $112.6 |
Three Months Ended
31 March |
Six Months Ended
31 March |
|||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
Income Tax Provision | $121.9 | $148.5 | $235.8 | $269.2 | ||||||||||
Income From Continuing Operations Before Taxes | $599.0 | $653.2 | $1,189.3 | $1,262.8 | ||||||||||
Effective Tax Rate | 20.4 | % | 22.7 | % | 19.8 | % | 21.3 | % | ||||||
Income Tax Provision | $121.9 | $148.5 | $235.8 | $269.2 | ||||||||||
Facility closure | 5.8 | — | 5.8 | — | ||||||||||
Gain on exchange with joint venture partner | (9.5) | — | (9.5) | — | ||||||||||
Company headquarters relocation | — | (8.2) | — | (8.2) | ||||||||||
India Finance Act 2020 | — | (20.3) | — | (20.3) | ||||||||||
Adjusted Income Tax Provision | $118.2 | $120.0 | $232.1 | $240.7 | ||||||||||
Income From Continuing Operations Before Taxes | $599.0 | $653.2 | $1,189.3 | $1,262.8 | ||||||||||
Facility closure | 23.2 | — | 23.2 | — | ||||||||||
Gain on exchange with joint venture partner | (36.8) | — | (36.8) | — | ||||||||||
Company headquarters relocation (income) expense | — | (33.8) | — | (33.8) | ||||||||||
India Finance Act 2020 - equity affiliate income impact | — | (33.8) | — | (33.8) | ||||||||||
Adjusted Income From Continuing Operations Before Taxes | $585.4 | $585.6 | $1,175.7 | $1,195.2 | ||||||||||
Adjusted Effective Tax Rate | 20.2 | % | 20.5 | % | 19.7 | % | 20.1 | % |
Six Months Ended | |||||||||||
31 March | |||||||||||
2021 | 2020 | ||||||||||
Cash used for investing activities | $583.2 | $706.4 | |||||||||
Proceeds from sale of assets and investments | 14.8 | 68.0 | |||||||||
Purchases of investments | (569.0) | — | |||||||||
Proceeds from investments | 1,265.5 | 177.0 | |||||||||
Other investing activities | 3.1 | 1.9 | |||||||||
Capital Expenditures | $1,297.6 | $953.3 |
Six Months Ended | ||||||||
31 March | ||||||||
Cash Provided By (Used For) | 2021 | 2020 | ||||||
Operating activities | $1,580.3 | $1,238.5 | ||||||
Investing activities | (583.2) | (706.4) | ||||||
Financing activities | (503.2) | (537.8) |
Six Months Ended | ||||||||||||||
31 March | ||||||||||||||
2021 | 2020 | |||||||||||||
Additions to plant and equipment, including long-term deposits | $1,227.8 | $930.6 | ||||||||||||
Investment in and advances to unconsolidated affiliates | 69.8 | 22.7 | ||||||||||||
Capital Expenditures | $1,297.6 | $953.3 | ||||||||||||
Exhibit No. | Description | |||||||
(10) | Material Contracts | |||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
(31) | Rule 13a-14(a)/15d-14(a) Certifications | |||||||
31.1 | ||||||||
31.2 | ||||||||
(32) | Section 1350 Certifications | |||||||
32.1 | ||||||||
(101) | Interactive Data Files | |||||||
101.INS | Inline XBRL Instance Document. The XBRL Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
104 | Cover Page Interactive Data File, formatted in Inline XBRL (included in Exhibit 101). | |||||||
†
|
The certification attached as Exhibit 32 that accompanies this Quarterly Report on Form 10-Q is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Air Products and Chemicals, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Form 10-Q, irrespective of any general incorporation language contained in such filing.
|
Air Products and Chemicals, Inc. | ||||||||
(Registrant) | ||||||||
By: | /s/ M. Scott Crocco | |||||||
M. Scott Crocco | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial Officer) | ||||||||
Date: | 10 May 2021 |
1 Year Air Products and Chemicals Chart |
1 Month Air Products and Chemicals Chart |
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