Document Entity Information
Document Entity Information | 3 Months Ended |
Dec. 31, 2015shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2015 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q1 |
Current Fiscal Year End Date | --09-30 |
Entity Registrant Name | AIR PRODUCTS & CHEMICALS INC /DE/ |
Entity Central Index Key | 2,969 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 215,650,358 |
Consolidated Income Statements
Consolidated Income Statements - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Income Statements [Abstract] | ||
Sales | $ 2,355.8 | $ 2,560.8 |
Cost of sales | 1,598 | 1,831 |
Selling and administrative | 212 | 258.2 |
Research and development | 32.4 | 35.4 |
Business separation costs | 12 | 0 |
Project suspension costs | 14.3 | 0 |
Business restructuring and cost reduction actions | 0 | 32.4 |
Gain on previously held equity interest | 0 | 17.9 |
Other income (expense), net | 5.9 | 8.3 |
Operating Income | 493 | 430 |
Equity affiliates' income | 33.7 | 43.1 |
Interest expense | 22.2 | 29.1 |
Income from Continuing Operations before Taxes | 504.5 | 444 |
Income tax provision | 132.5 | 106.5 |
Income from Continuing Operations | 372 | 337.5 |
Income (loss) from Discontinued Operations, net of tax | 0 | 0 |
Net Income | 372 | 337.5 |
Less: Net Income Attributable to Noncontrolling Interests | 8.4 | 12.9 |
Net Income Attributable to Air Products | 363.6 | 324.6 |
Net Income Attributable to Air Products | ||
Income from continuing operations | 363.6 | 324.6 |
Income (loss) from discontinued operations | 0 | 0 |
Net Income Attributable to Air Products | $ 363.6 | $ 324.6 |
Basic Earnings Per Common Share Attributable to Air Products | ||
Income from continuing operations | $ 1.68 | $ 1.52 |
Income (loss) from discontinued operations | 0 | 0 |
Net Income Attributable to Air Products | 1.68 | 1.52 |
Diluted Earnings Per Common Share Attributable to Air Products | ||
Income from continuing operations | 1.67 | 1.5 |
Income (loss) from discontinued operations | 0 | 0 |
Net Income Attributable to Air Products | $ 1.67 | $ 1.5 |
Weighted Average Common Shares Outstanding - Basic (in millions) | 215.8 | 214.2 |
Weighted Average Common Shares Outstanding - Diluted (in millions) | 217.6 | 216.6 |
Dividends Declared Per Common Share - Cash | $ 0.81 | $ 0.77 |
Consolidated Comprehensive Inco
Consolidated Comprehensive Income Statement - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Other Comprehensive Income (Loss), net of tax [Abstract] | ||
Net Income | $ 372 | $ 337.5 |
Translation adjustments, net of tax | (102.9) | (244.4) |
Net gain (loss) on derivatives, net of tax | 16 | (23.8) |
Pension and postretirement benefits, net of tax | 0 | 0 |
Reclassification Adjustments [Abstract] | ||
Currency translation adjustment | 2.4 | 0 |
Derivatives, net of tax | (19.3) | 13.5 |
Pension and postretirement benefits, net of tax | 21.1 | 20.9 |
Total Other Comprehensive Income (Loss) | (82.7) | (233.8) |
Comprehensive Income | 289.3 | 103.7 |
Net income attributable to noncontrolling interests | 8.4 | 12.9 |
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 0 | (5.1) |
Comprehensive Income Attributable to Air Products | $ 280.9 | $ 95.9 |
Consolidated Comprehensive Inc4
Consolidated Comprehensive Income Statements (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Comprehensive Income Statements [Abstract] | ||
Tax effect on translation adjustments | $ (6.7) | $ 16.1 |
Tax effect on net gain (loss) on derivatives | 4.8 | (11.4) |
Tax effect on pension and postretirement benefits | 0 | 0 |
Tax effect on derivatives reclassification adjustments | (8) | 5.4 |
Tax effect on pension and post retirement benefits reclassification adjustments | $ 10.1 | $ 10.1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Sep. 30, 2015 |
Current Assets | ||
Cash and cash items | $ 279.1 | $ 206.4 |
Trade receivables, net | 1,288.5 | 1,406.2 |
Inventories | 665.6 | 657.8 |
Contracts in progress, less progress billings | 129.1 | 110.8 |
Prepaid expenses | 59.2 | 67.3 |
Other receivables and current assets | 357.5 | 345 |
Total Current Assets | 2,779 | 2,793.5 |
Investment in net assets of and advances to equity affiliates | 1,262.4 | 1,265.7 |
Plant and Equipment, at cost | 20,443.2 | 20,354.6 |
Less: accumulated depreciation | 10,824.2 | 10,717.7 |
Plant and equipment, net | 9,619 | 9,636.9 |
Goodwill, net | 1,115.4 | 1,131.3 |
Intangible assets, net | 491 | 508.3 |
Noncurrent capital lease receivables | 1,319.4 | 1,350.2 |
Other noncurrent assets | 674.1 | 648.6 |
Total Noncurrent Assets | 14,481.3 | 14,541 |
Total Assets | 17,260.3 | 17,334.5 |
Current Liabilities | ||
Payables and accrued liabilities | 1,533.5 | 1,658.7 |
Accrued income taxes | 91.6 | 55.8 |
Short-term borrowings | 1,539.4 | 1,494.3 |
Current portion of long-term debt | 407.9 | 435.6 |
Total Current Liabilities | 3,572.4 | 3,644.4 |
Long-term debt | 3,870.5 | 3,949.1 |
Other noncurrent liabilities | 1,487.2 | 1,556.5 |
Deferred income taxes | 831.2 | 803.4 |
Total Noncurrent Liabilities | 6,188.9 | 6,309 |
Total Liabilities | $ 9,761.3 | $ 9,953.4 |
Commitments and Contingencies - See Note 13 | ||
Air Products Shareholders' Equity | ||
Common stock | $ 249.4 | $ 249.4 |
Capital in excess of par value | 901.9 | 904.7 |
Retained earnings | 10,768.7 | 10,580.4 |
Accumulated other comprehensive loss | (2,208.6) | (2,125.9) |
Treasury stock, at cost | (2,344.3) | (2,359.6) |
Total Air Products Shareholders' Equity | 7,367.1 | 7,249 |
Noncontrolling Interests | 131.9 | 132.1 |
Total Equity | 7,499 | 7,381.1 |
Total Liabilities and Equity | $ 17,260.3 | $ 17,334.5 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Sep. 30, 2015 |
Air Products Shareholder's Equity [Abstract] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, issued shares | 249,455,584 | 249,455,584 |
Treasury stock, shares | 33,805,226 | 34,096,471 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities | ||
Net Income | $ 372 | $ 337.5 |
Less: Net income attributable to noncontrolling interests | 8.4 | 12.9 |
Net Income Attributable to Air Products | 363.6 | 324.6 |
(Income) loss from discontinued operations | 0 | 0 |
Income from continuing operations attributable to Air Products | 363.6 | 324.6 |
Adjustments to reconcile income to cash provided by operating activities: | ||
Depreciation and amortization | 232.7 | 235.5 |
Deferred income taxes | 42.9 | 26.2 |
Gain on previously held equity interest | 0 | (17.9) |
Undistributed earnings of unconsolidated affiliates | 7 | (31.3) |
Share-based compensation | 10.2 | 11.9 |
Noncurrent capital lease receivables | 12.5 | (8.1) |
Other adjustments | (42) | (60.5) |
Working capital changes that provided (used) cash, excluding effects of acquisitions and divestitures: | ||
Trade receivables | 97.1 | 22.3 |
Inventories | (14) | (16) |
Contracts in progress, less progress billings | (20) | 6.8 |
Other receivables | (23.7) | (27.3) |
Payables and accrued liabilities | (113.4) | 5 |
Other working capital | 20.6 | 15.4 |
Cash Provided by Operating Activities | 573.5 | 486.6 |
Investing Activities | ||
Additions to plant and equipment | (350.6) | (446.5) |
Acquisitions, less cash acquired | 0 | (22.6) |
Proceeds from sale of assets and investments | 47.2 | 3.7 |
Other investing activities | 2 | 2.2 |
Cash Used for Investing Activities | (301.4) | (463.2) |
Financing Activities | ||
Long-term debt proceeds | 0 | 0.9 |
Payments on long-term debt | (65.5) | (38.5) |
Net increase (decrease) in commercial paper and short-term borrowings | 45.5 | 54 |
Dividends paid to shareholders | (174.4) | (164.4) |
Proceeds from stock option exercises | 10.3 | 42.1 |
Excess tax benefit from share-based compensation | 4.9 | 13.4 |
Other financing activities | (18.8) | (19.4) |
Cash Provided By (Used for) Financing Activities | (198) | (111.9) |
Discontinued Operations | ||
Cash provided by operating activities | 0 | 0 |
Cash provided by (used for) investing activities | 0 | 0 |
Cash provided by (used for) financing activities | 0 | 0 |
Cash Provided by (Used for) Discontinued Operations | 0 | 0 |
Effect of Exchange Rate Changes on Cash | (1.4) | (9.3) |
Increase (Decrease) in Cash and Cash Items | 72.7 | (97.8) |
Cash and Cash Items - Beginning of Year | 206.4 | 336.6 |
Cash and Cash Items - End of Period | 279.1 | 238.8 |
Less: Cash and Cash Items - Discontinued Operations | 0 | 0 |
Cash and Cash Items - Continuing Operations | $ 279.1 | $ 238.8 |
Major Accounting Policies
Major Accounting Policies | 3 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Major Accounting Policies | 1. BASIS OF PRESENTATION AND MAJOR ACCOUNTING POLICIES Refer to our 2015 Form 10-K for a description of major accounting policies. T here have been no significant changes to these accounting policies during the first three months of fiscal year 2016 other than those detailed in Note 2, New Account ing Guidance. Certain prior year information has been reclassified to conform to the fiscal year 2016 presentation. The consolidated financial statements of Air Products and Chemicals, Inc. and its subsidiaries (“we , ” “our , ” “us , ” the “Company , ” “Air Products , ” or “registrant”) included herein have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. In our opinion, the accompanying statements reflect adjustments necessary to present fairly the financial posi tion, results of operations, and cash flows for those periods indicated, and contain adequate disclosure to make the information presented not misleading. Adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the Notes . The interim results for the periods indicated herein, however, do not reflect certain adjustments, such as the valuation of inventories on the last-in, first-out (LIFO) cost basis, which are only finally determined on an annual basis. The consolidated fi nancial statements and related Notes included herein should be read in conjunction with the financial statements and Notes ther eto included in our latest Form 10-K in order to fully understand the basis of presentation. Results of operations for interim pe riods are not necessarily indicative of the results of operations for a full year . |
New Accounting Guidance
New Accounting Guidance | 3 Months Ended |
Dec. 31, 2015 | |
New Accounting Guidance [Abstract] | |
New Accounting Guidance | 2. NEW ACCOUNTING GUIDANCE Accounting Guidance Implemented in 2016 Balance Sheet Classification of Deferred Taxes In November 2015, the Financial Accounting Standards Board (FASB) issued guidance to simplify the presentation of deferred income taxes by requiring that all deferred tax liabilities and assets be classified as noncurrent on the balance sheet. As of the first quarter of fiscal year 2016, we adopted this guidance on a retrospective basis. Accordingly, prior year amounts have be en reclassified to conform to the current year presentation. The guidance, which did not change the existing requirement to net deferred tax assets and liabilities within a jurisdiction, resulted in a reclassification adjustment that increased noncurrent d eferred tax assets by $ 13.7 and decreased noncurrent deferred tax liabilities by $ 99.9 as of 30 September 2015. Discontinued Operations In April 2014, the FASB issued an update to change the criteria for determining which disposals qualify as a discontinue d operation and to expand related disclosure requirements. Under the new guidance, a disposal is required to be reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on operations and financia l results. We adopted this guidance prospectively for new disposals and new disposal groups classified as held for sale beginning in the first quarter of fiscal year 2016. This guidance had no impact on our consolidated financial statements upon adoption. New Accounting Guidance to be Implemented Revenue Recognition In May 2014, the FASB issued guidance based on the principle that revenue is recognized in an amount expected to be collected and to which the entity expects to be entitled in exchange for the t ransfer of goods or services. As originally issued, this guidance was effective for us beginning in fiscal year 2018. In August 2015, the FASB deferred the effective date by one year, while providing the option to early adopt the standard on the original e ffective date. Accordingly, we will have the option to adopt the standard in either fiscal year 2018 or 2019. The guidance can be adopted either retrospectively or as a cumulative-effect adjustment as of the date of adoption. We are currently evaluating the ad option alternatives and impact that this update will have on our consolidated financial statements. Consolidation Analysis In February 2015, the FASB issued an update to amend current consolidation guidance. The guidance impacts the analysis an entity mu st perform in determining if it should consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures. The guidance is effective beginning fiscal year 2017, with early adoption permitted. The guidance may be applied retrospectively or using a modified retrospective approach, by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. We are currently evaluating the impact this update will have on ou r consolidated financial statements. Debt Issuance Costs In April 2015, the FASB issued guidance requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt instead of as a separate deferred asset. In August 2015, the FASB issued an update to incorporate t he U.S. Securities and Exchange Commission (SEC) Staff guidance which allows debt issuance costs associated with a line-of - credit arrangement to be presented as a deferred asset that is subsequently amortized over the term of the arrangement, regardless of whether there are any outstanding borrowings. This change in accounting principle will be effective beginning in fiscal year 2017 with early adoption permitted and must be applied retrospectively. This guidance will not have a significant impact on our co nsolidated financial statements . |
Business Separation
Business Separation | 3 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Business Separation [Text Block] | 3 . MATERIALS TECHNOLOGIES SEPARATION On 16 September 2015, the Company announced its intention to separate its Materials Technologies business into an independent publicly traded company. Subsequent to the satisfaction of specific conditions, the separation will be accomplished by distribution to Air Products shareholders of all of the shares of common stock of Versum Materials, LLC, or Versum , a newly formed company which will hold the Materials Technologies business. Versum is currentl y a wholly owned subsidiary of the Company and will be converted from a limited liability company to a Delaware corporation ( Versum Materials, Inc.) prior to the distribution. During the first quarter of 2016, we incurred legal and other advisory fees of $ 12.0 ($ .0 6 per share) related to the intended separation. Since the announcement, we have incurred $ 19.5 in separation fees. These fees are reflected on the consolidated income statements as “Business separation costs.” The results of operations, financial condition, and cash flows of the Materials Technologies business will continue to be presented within our consolidated financial statements as continuing operations until the Board of Directors approves the final separation and the separ ation occurs, at which time we expect the financial presentation of the historical results of this busi ness will be reflected as a discontinued operation. |
Business Restructuring and Cost
Business Restructuring and Cost Reduction Actions | 3 Months Ended |
Dec. 31, 2015 | |
Business Restructuring and Cost Reduction Actions [Abstract] | |
Business Restructuring and Cost Reduction Actions | 4. BUSINESS RESTRUCTURING AND COST REDUCTION ACTIONS The charges we record for business restructuring and cost reduction actions have been excluded from segment operating income . Business Realignment and Reorganization On 18 September 2014, we announced plans to reorganize the Company, including realignment of our businesses in new reporting segments and other organizational changes, effective as of 1 October 2014. As a result of this reorganization, we incurred severance and other charges throughout fiscal year 2015 . In fiscal year 2015, we recognized an expense of $ 207.7 . Severance and other benefits totaled $ 151.9 and related to the elimination of approximately 2,000 positions. Asset and associated contract actions totaled $ 55.8 and related primarily to a plant s hutdown in the Corporate and other segment and the exit of product lines within the Industrial Gases – Global and Materials Technologies segments. The 2015 charges related to the segment s as follows: $ 31.7 in Industrial Gases – Americas , $ 52.2 in Industrial Gases – EMEA , $ 10.3 in Industrial Gases – Asia , $ 37.0 in Industrial Gases – Global , $ 27.6 in Materials Technologies , and $ 48.9 in Corporate and other . For the three months ended 31 December 2014, we recognized an expense of $ 32.4 ($ 21.7 after-tax, or $ .10 per share). The following table summarizes the carrying amount of the accrual for the business realignment and reorganization at 31 December 2015: Severance and Asset Other Benefits Actions/Other Total 30 September 2014 $ 10.5 $ - $ 10.5 2015 Charge 151.9 55.8 207.7 Amount reflected in pension liability (14.0) - (14.0) Noncash expenses - (47.4) (47.4) Cash expenditures (113.5) (1.2) (114.7) Currency translation adjustment (.4) - (.4) 30 September 2015 $ 34.5 $ 7.2 $ 41.7 Cash expenditures (11.3) (1.8) (13.1) Currency translation adjustment (.5) - (.5) 31 December 2015 $ 22.7 $ 5.4 $ 28.1 |
Business Combinations
Business Combinations | 3 Months Ended |
Dec. 31, 2015 | |
Business Combinations | |
Business Combinations | 5. BUSINESS COMBINATION On 30 December 2014, we acquired our partner’s equity ownership interest in a liquefied atmospheric industrial gases production joint venture in North America for $ 22.6 , which increased our ownership from 50 % to 100 %. The transaction was accounted for as a business combination, and subsequent to the acquisition, the results are consolidated within our Industrial Gases – Americas segment. The assets acquired, primarily plant and equipment, were recorded at their fair market values as of the acquisition date. The acquisition date fair value of the previously held equity interest was determined using a discounted cash flow analysis under the income approach. The three months ended 31 December 2014 include a gain of $ 17.9 ($ 11.2 after -tax, or $ .05 per share) as a result of revaluing our previously held equity interest to fair value as of the acquisition date. This gain is reflected on the consolidated income statements as “Gain on previously held equity interest.” |
Inventories
Inventories | 3 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. INVENTORIES The components of inventories are as follows: 31 December 30 September 2015 2015 Finished goods $ 483.9 $ 494.9 Work in process 31.3 34.4 Raw materials, supplies and other 244.6 229.3 $ 759.8 $ 758.6 Less: Excess of FIFO cost over LIFO cost (94.2) (100.8) Inventories $ 665.6 $ 657.8 First-in, first-out (FIFO) cost approximates replacement cost. |
Equity Affiliates
Equity Affiliates | 3 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 7. EQUITY AFFILIATES On 19 April 2015, a joint venture between Air Products and ACWA Holding entered into a 20-year oxygen and nitrogen supply agreement to supply Saudi Aramco’s oil refinery and power plant being built in Jazan , Saudi Arabia. Air Products owns 25 % of the joint venture and guarantee s the repayment of its share of an equity bridge loan. ACWA also guarantees their share of the loan. As of 31 December 2015, we have a noncurrent liability of $ 94.3 for our obligation to make future equit y contributions based on our proportionate share of the advances received by the joint venture under the loan. In the first quarter of 2016, we recorded a noncash transaction which resulted in an increase of $ 26.8 to our investment in net assets of and adv ances to equity affil iates, which has been excluded from the consolidated statements of cash flows. In total, we expect to invest approximately $ 100 in this joint venture. We determined that the joint venture is a variable interest entity, for which we are not the primary beneficiary. Air Products has also entered into a long -term sale of equipment contract with the joint venture to engineer, procure, and construct the industrial gas facilities that will su pply the gases to Saudi Aramco . In December 2015, we sold our investment in Daido Air Products Electronics, Inc. for $ 15.9 , which resulted in a g ain of $ .7 . The carrying value at time of sale included a $ 12.8 investment in net assets of and advances to equity affiliates and a $ 2.4 foreign currency translation loss t hat had been deferred in accumu lated other comprehensive loss. There have been no other significant changes to our investments in equity affiliates during the first three months of fiscal year 2016. |
Plant and Equipment, Net
Plant and Equipment, Net | 3 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 8 . PLANT AND EQUIPMENT, NET Energy-from-Waste Projects Our Energy-from-Waste segment consists of two projects under construction in Tees Valley, United Kingdom, designed to process municipal solid waste to generate renewable power. Due to technical challenges, on-stream delays, and capital commitments for these projects, we continue to evaluate whether impairment for this asset group exists. Factors specific to the impairment assessment for this asse t group include estimating long - term effi ciency, output, and on-stream reliability of the projects. Our evaluation as of 31 December 2015 indicated that the probability weighted undiscounted cash flows of the asset group exceed the carrying value; therefore, no impairment was indicated. The carry ing value of this asset group as of 31 December 2015 was $ 938.9 . It is reasonably possible that key assumptions or actual conditions may change and result in a future impairment charge . In November 2015, the Company suspended construction of the second pro ject until certain design issues of the first project are understood, remediated, and can be efficiently integrated into the design of the second project. During the three months ended 31 December 2015, we incurred incremental costs of $ 14.3 ($ 11.4 after-t ax, or $ .05 per share) to safely suspend construction activities of the second project. These costs are reflected on the consolidated income statements as “Project suspension costs .” |
Goodwill
Goodwill | 3 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 9. GOODWILL Changes to the carrying amount of consolidated goodwill by segment fo r the three months ended 31 December 2015 are as follows: Industrial Industrial Industrial Industrial Gases– Gases– Gases– Gases– Materials Americas EMEA Asia Global Technologies Total Goodwill, net at 30 September 2015 $ 297.6 $ 386.5 $ 133.1 $ 19.9 $ 294.2 $ 1,131.3 Currency translation (3.3) (12.2) .1 (.2) (.3) (15.9) Goodwill, net at 31 December 2015 $ 294.3 $ 374.3 $ 133.2 $ 19.7 $ 293.9 $ 1,115.4 31 December 30 September 2015 2015 Goodwill, gross $ 1,354.8 $ 1,375.0 Accumulated impairment losses (A) (239.4) (243.7) Goodwill, net $ 1,115.4 $ 1,131.3 (A) Amount is attributable to the Industrial Gases – Americas segment and includes currency translation of $65.8 and $61.5 as of 31 December 2015 and 30 September 2015, respectively. We conduct goodwill impairment testing in the fourth quarter of each fiscal year and whenever events and changes in circumstances indicate that the carrying value of goodwill might not be recoverable . |
Financial Instruments
Financial Instruments | 3 Months Ended |
Dec. 31, 2015 | |
Financial Instruments [Abstract] | |
Financial Instruments | 10. FINANCIAL INSTRUMENTS Currency Price Risk Management Our earnings, cash flows, and financial position are exposed to foreign currency risk from foreign currency-denominated transactions and net investments in foreign operations. It is our policy to minimize our cash flow volatility from changes in currency exchange rates. This is accomplished by identifying and evaluating the risk that our cash flows will change in value due to changes in exchange rates and by executing the appropriate strategies necessary to manage such exposures. Our objective is to maintain economically balanced currency risk management strategies that provide adequate downside protection. Forward Exchange Contracts We enter into forward exchange contracts to reduce the cash flo w exposure to foreign currency fluctuations associated with highly anticipated cash flows and certain firm commitments, such as the purchase of plant and equipment. We also enter into forward exchange contracts to hedge the cash flow exposure on intercompa ny loans. This portfolio of forward exchange contracts consists primarily of Euros and U.S. dollars, Euros and British Pound Sterling, as well as British Pound Sterling and U.S. dollars . The maximum remaining term of any forward exchange contract currently outstanding and designated as a cash flow hedge at 31 December 2015 is 3.0 years . Forward exchange contracts are also used to hedge the value of investments in certain foreign subsidiaries and affiliates by creating a liability in a currency in which we have a net equity position. The p rimary currency pair in this portfolio of forward exchange contracts is Euros and U.S. dollars. In addition to the forward exchange contracts that are designated as hedges, we utilize forward exchange contracts that are not designated as hedges. These contracts are used to economically hedge foreign currency-denominated monetary assets and liabilities, primarily working capital. The primary objective of these forward exchange contracts is to protect the value of foreign currency - denominated monetary ass ets and liabilities from the effects of volatility in foreign exchange rates that might occur prior to their receipt or settlement. This portfolio of forward exchange contracts comprises many different foreign currency pairs, with a profile that changes fr om time to time depending on business activity and sourcing decisions. The table below summarizes our outstanding currency price risk management instruments: 31 December 2015 30 September 2015 Years Years US$ Average US$ Average Notional Maturity Notional Maturity Forward Exchange Contracts: Cash flow hedges $ 4,801.6 .6 $ 4,543.8 .5 Net investment hedges 447.1 3.9 491.3 4.0 Not designated 855.6 .6 863.3 .7 Total Forward Exchange Contracts $ 6,104.3 .8 $ 5,898.4 .9 In addition to the above, we use foreign currency - denominated debt to hedge the foreign currency exposures of our net investment in certain foreign subsidiaries. The designated foreign currency - denominated deb t and related accrued interest include d € 606.5 million ($ 658.4 ) at 31 December 2015 and € 687.7 million ($ 768.4 ) at 30 September 2015 . The designated foreign currency - denominated debt is located on the balance sheet in the long -term debt line item . Debt Portfolio Man agement It is our policy to identify on a continuing basis the need for debt capital and evaluate the financial risks inherent in funding the Company with debt capital. Reflecting the result of this ongoing review, the debt portfolio and hedging program ar e managed with the objectives and intent to (1) reduce funding risk with respect to borrowings made by us to preserve our access to debt capital and provide debt capital as required for funding and liquidity purposes, and (2) manage the aggregate interest rate risk and the debt portfolio in accordance with certain debt management parameters . Interest Rate Management Contracts We enter into interest rate swaps to change the fixed/variable interest rate mix of our debt portfolio in order to maintain the percentage of fixed- and variable-rate debt within the parameters set by management. In accordance with these parameters, the agreements are used to manage interest rate risks and costs inherent in our debt portfolio. Our interest rate management portfolio generally consists of fixed-to-floating interest rate swaps (which are designated as fair value hedges), pre-issuance interest rate swaps and treasury locks (which hedge the interest rate risk associated with anticipated fixed-rate debt issuances and are designated as cash flow hedges), and floating-to-fixed interest rate swaps (which are designated as cash flow hedges ) . At 31 December 2015 , the outstanding interest rat e swaps were denominated in U.S. dollars. The notional amount of the interest rate swap agreements is equal to or less than the designated debt being hedged. When interest rate swaps are used to hedge variable-rate debt, the indices of the swaps and the de bt to which they are designated are the same. It is our policy not to enter into any interest rate management contracts which lever a move in interest rates on a greater than one-to-one basis. Cross Currency Interest Rate Swap Contracts We enter into cross currency interest rate swap contracts when our risk management function deems necessary. These contracts may entail both the exchange of fixed- and floating-rate interest payments periodically over the life of the agreement and the exchange of one currenc y for another currency at inception and at a specified future date. These contracts effectively convert the currency denomination of a debt instrument into another currency in which we have a net equity position while changing the interest rate characteris tics of the instrument. The contracts are used to hedge either certain net investments in foreign operations or nonfunctional currency cash flows related to intercompany loans. The current cross currency interest rate swap portfolio consists of fixed - to - fi xed swaps primarily between U.S. dollars and offshore Chinese Renminbi, U.S. dollars and Chilean Pesos, and U.S. dollars and British Pound Sterling. The following table summarizes our outstanding interest rate management contracts and cross currency intere st rate swaps: 31 December 2015 30 September 2015 Average Years Average Years US$ Average Receive Average US$ Average Receive Average Notional Pay % % Maturity Notional Pay % % Maturity Interest rate swaps (fair value hedge) $ 600.0 LIBOR 2.77 % 3.0 $ 600.0 LIBOR 2.77 % 3.3 Cross currency interest rate swaps (net investment hedge) $ 613.5 3.34 % 2.11 % 3.0 $ 609.9 4.06 % 2.61 % 3.2 Cross currency interest rate swaps (cash flow hedge) $ 1,093.6 4.46 % 2.66 % 3.8 $ 1,055.2 4.29 % 2.63 % 3.9 Cross currency interest rate swaps (not designated) $ 9.3 3.62 % .81 % 2.6 $ 12.9 3.12 % 3.08 % 4.1 The table below summarizes the fair value and balance sheet location of our outstanding derivatives: Balance Sheet 31 December 30 September Balance Sheet 31 December 30 September Location 2015 2015 Location 2015 2015 Derivatives Designated as Hedging Instruments: Forward exchange contracts Other receivables $ 66.0 $ 52.1 Accrued liabilities $ 69.2 $ 110.7 Interest rate management contracts Other receivables 19.0 17.6 Accrued liabilities - - Other noncurrent Other noncurrent Forward exchange contracts assets 64.0 68.5 liabilities 16.0 9.2 Other noncurrent Other noncurrent Interest rate management contracts assets 170.1 153.4 liabilities - .8 Total Derivatives Designated as Hedging Instruments $ 319.1 $ 291.6 $ 85.2 $ 120.7 Derivatives Not Designated as Hedging Instruments: Forward exchange contracts Other receivables $ 2.6 $ 3.2 Accrued liabilities $ 2.4 $ 3.9 Other noncurrent Other noncurrent Forward exchange contracts assets 30.4 23.3 liabilities 2.5 .6 Other noncurrent Other noncurrent Interest rate management contracts assets .5 .8 liabilities - - Total Derivatives Not Designated as Hedging Instruments $ 33.5 $ 27.3 $ 4.9 $ 4.5 Total Derivatives $ 352.6 $ 318.9 $ 90.1 $ 125.2 Refer to Note 11 , Fair Value Measurements, which defines fair value, describes the method for measuring fair value, and provides additional disclosures regarding fair value measurements. The table below summarizes the gain or loss related to our cash flow hedges, fair value hedges, net investment hedges, and derivatives not designated as hedging instrument s: Three Months Ended 31 December Forward Foreign Currency Exchange Contracts Debt Other (A) Total 2015 2014 2015 2014 2015 2014 2015 2014 Cash Flow Hedges, net of tax: Net gain (loss) recognized in OCI (effective portion) $ (4.7) $ (24.0) $ - $ - $ 20.7 $ .2 $ 16.0 $ (23.8) Net (gain) loss reclassified from OCI to sales/cost of sales (effective portion) .9 (.6) - - - - .9 (.6) Net (gain) loss reclassified from OCI to other income (expense), net (effective portion) (1.8) 18.8 - - (20.2) (5.2) (22.0) 13.6 Net (gain) loss reclassified from OCI to interest expense (effective portion) 1.4 (.3) - - .8 .3 2.2 - Net (gain) loss reclassified from OCI to other income (expense), net (ineffective portion) (.4) .5 - - - - (.4) .5 Fair Value Hedges: Net gain (loss) recognized in interest expense (B) $ - $ - $ - $ - $ (9.0) $ 3.5 $ (9.0) $ 3.5 Net Investment Hedges, net of tax: Net gain (loss) recognized in OCI $ 3.0 $ 20.1 $ 7.6 $ 31.1 $ 6.5 $ 10.1 $ 17.1 $ 61.3 Derivatives Not Designated as Hedging Instruments: Net gain (loss) recognized in other income (expense), net (C) $ 1.7 $ .2 $ - $ - $ - $ - $ 1.7 $ .2 (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 gains and losses resulting from the impact of changes in related interest rates on recognized outstanding debt. (C) The impact of the non-designated hedges noted above was largely offset by gains and losses resulting from the impact of changes in exchange rates on recognized assets and liabilities denominated in nonfunctional currencies. The amount of cash flow hedges’ unrealized gains and losses at 31 December 2015 that are expected to be reclassified to earnings in the next twelve months is not material. The cash flows related to all derivative contracts are reported in the operating activities section of the consolidated statements of cash flows . Credit Risk-Related Contingent Features Certain derivative instruments are executed under agreements that require us to maintain a minimum credit rating with both Standard & Poor’s and Moody’ s. If our credit rating falls below this threshold, the counterparty to the derivative instruments has the right to request full collateralization on the derivatives’ net liability position. The net liability position of derivatives with credit risk-relate d contingent features was $ 1.1 as of 31 December 2015 and $ 0.2 as of 30 September 2015 . Because our current credit rating is above the various pre-established thresholds, no collateral has been posted on these liability positions . Counterparty Cre dit Risk Management We execute financial derivative transactions with counterparties that are highly rated financial institutions, all of which are investment grade at this time . Some of our underlying derivative agreement s give us the right to require the institution to post collateral if its credit rating falls below the pre-established thresholds with Standard & Poor’s or Moody’s. The collateral that the counterparties would be required to post was $ 250.7 as of 31 December 2015 and $ 226.9 as of 30 September 2015 . No financial institution is required to post collateral at this time, as all have credit ratings at or above threshold . |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 11 . FAIR VALUE MEASUREMENTS Fair value is defined as an exit price, i.e., the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as follows: Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 — Inputs that are o bservable 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 (a b out the assumptions market participants would use in pricing the asset or liability). The methods and assumptions used to measure the fair value of financial instruments are as follows : Derivatives The fair value of our interest rate management contracts and forward exchange contracts are quantified using the income approach and are based on estimates using standard pricing models. These models take into account the value of future cash flows as of the balance sheet date, discounted to a present value usin g discount factors that match both the time to maturity and currency of the underlying instruments. The computation of the fair values of these instruments is generally performed by the Company. These standard pricing models utilize inputs which are derive d from or corroborated by observable market data such as interest rate yield curves and currency spot and forward rates. Therefore, the fair value of our derivatives is classified as a level 2 measurement. On an ongoing basis, we randomly test a subset of our valuations against valuations received from the transaction’s counterparty to validate the accuracy of our standard pricing models. Counterparties to these derivative contracts are highly rated financial institutions. Refer to Note 10, Financial I nstruments, for a description of derivative instruments, including details on the balance sheet line classifications. Long-term Debt The fair value of our debt is based on estimates using standard pricing models that take into account the value of future c ash flows as of the balance sheet date, discounted to a present value using discount factors that match both the time to maturity and currency of the underlying instruments. These standard valuation models utilize observable market data such as interest ra te yield curves and currency spot rates. Therefore, the fair value of our debt is classified as a level 2 measurement. We generally perform the computation of the fair value of these instruments. The carrying values and fair values of financial instruments were as follows: 31 December 2015 30 September 2015 Carrying Value Fair Value Carrying Value Fair Value Assets Derivatives Forward exchange contracts $ 163.0 $ 163.0 $ 147.1 $ 147.1 Interest rate management contracts 189.6 189.6 171.8 171.8 Liabilities Derivatives Forward exchange contracts $ 90.1 $ 90.1 $ 124.4 $ 124.4 Interest rate management contracts - - .8 .8 Long-term debt, including current portion 4,278.4 4,570.1 4,384.7 4,645.7 The carrying amounts reported in the balance sheet for cash and cash items, trade receivables, payables and accrued liabilities, accrued income taxes, and short-term borrowings approximate fair value due to the short-term nature of these instruments. According ly, these items have been excluded from the above table. The following table summarizes assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheets: 31 December 2015 30 September 2015 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets at Fair Value Derivatives Forward exchange contracts $ 163.0 $ - $ 163.0 $ - $ 147.1 $ - $ 147.1 $ - Interest rate management contracts 189.6 - 189.6 - 171.8 - 171.8 - Total Assets at Fair Value $ 352.6 $ - $ 352.6 $ - $ 318.9 $ - $ 318.9 $ - Liabilities at Fair Value Derivatives Forward exchange contracts $ 90.1 $ - $ 90.1 $ - $ 124.4 $ - $ 124.4 $ - Interest rate management contracts - - - - .8 - .8 - Total Liabilities at Fair Value $ 90.1 $ - $ 90.1 $ - $ 125.2 $ - $ 125.2 $ - |
Retirement Benefits
Retirement Benefits | 3 Months Ended |
Dec. 31, 2015 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | 12. RETIREMENT BENEFITS The components of net periodic benefit cos t for the defined benefit pension and other postretirement benefit plans for the three months ended 31 December 2015 and 2014 were as follows: Pension Benefits Other Benefits 2015 2014 2015 2014 Three Months Ended 31 December U.S. International U.S. International Service cost $ 9.0 $ 6.2 $ 10.6 $ 8.2 $ .5 $ .7 Interest cost 27.7 11.6 31.2 15.0 .5 .6 Expected return on plan assets (50.5) (20.7) (50.5) (21.1) - - Actuarial loss amortization 21.1 9.2 19.8 10.5 .2 .2 Prior service cost amortization .7 - .7 - - - Settlements - - (.1) (.1) - - Special termination benefits - - 2.7 - - - Other - .5 1.1 .5 - - Net periodic benefit cost $ 8.0 $ 6.8 $ 15.5 $ 13.0 $ 1.2 $ 1.5 Net periodic benefit cost is primarily included in cost of sales and selling and administrative expense on our consolidated income statements. The amount of net periodic benefit cost capitalized in 2016 and 2015 was not material. In fiscal 2016, we changed our method to estimate the service cost and interest cost components of net periodic benefit costs for our major defined benefit pension plans. Historically, we estimated the service cost and interest cost components using a sing le weighted average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. We have elected to use a spot rate approach in the estimation of these components of benefit cost by applying the specific spot rates along the yield curve to the relevant projected cash flows, as we believe this provides a better estimate of service and interest costs. We consider this change in rate assumption to be a change in estimate and, accordingly, are accounting for it prospectively starting in 2016. We expect that adoption of the spot rate approach will reduce our fiscal 2016 net periodic benefit cost by approximately $ 30 . This change does not affect the measurement of our total benefit obligation. The decrease in pension expense primarily resulted from the adoption of the spot rate approach to estimate service cost and interest cost and reduced plan participation due to severance actions, partially offset by the adoption of new mortality tables for our major plans. For the three months ended 31 December 2015 and 2014 , our cash contributions to funded pension plans and benefit payments under unfunded pension plans were $ 51.8 and $ 76.4 , respectively. Total contri butions for fiscal 2016 are expected to be approximately $ 100 to $ 120 . During fiscal 2015 , total contributions were $ 137.5 . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments and Contingencies | 13. COMMITMENTS AND CONTINGENCIES Litigation We are involved in various legal proceedings, including commercial, competition, environmental, health, safety, product liability, and insurance matters. In September 2010, the Brazilian Administrative Council for Economic Defense (CADE) issued a decision against our Brazilian subsidiary, Air Products Brasil Ltda., and sev eral other Brazilian industrial gas companies for alleged anticompetitive activities. CADE imposed a civil fine of R$ 179.2 million (approxima tely $ 45 at 31 December 2015 ) on Air Products Brasil Ltda. This fine was based on a recommendation by a unit of the Brazilian Ministry of Justice , whose investigation began in 2003 , alleging violation of competition laws with respect to the sale of industrial and medical gases. The fines are based on a percentage of our total revenue in Brazil in 2003. We ha ve denied the allegations made by the authorities and filed an appeal in October 2010 with the Brazilian courts. On 6 May 2014, our appeal was granted and the fine against Air Products Brasil Ltda. was dismissed. CADE has appealed that ruling and the matte r remains pending. We, with advice of our outside legal counsel, have assessed the status of this matter and have concluded that , although an adverse final judgment a fter exhausting all appeals is possible, such a judgment is not probable. As a result , no provision has been made in the consolidated financial statements. We estimate the maximum possible loss to be the full amount of the fine of R$179.2 million ( approximately $ 45 at 31 December 2015 ) plus interest accrued thereon until final dispositio n of the proceedings. While we do not expect that any sums we may have to pay in connection with this or any other legal p roceeding would have a material adverse effect on our consolidated financial position or net cash flows, a future charge for regulator y fines or damage awards could have a significant impact on our net income in the period in which it is recorded. Environmental In the normal course of business, we are involved in legal proceedings under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA: the federal Superfund law); Resource Conservation and Recovery Act (RCRA); and similar state and foreign environmental laws relating to the designation of certain sites for investigation or remediation. Presently, t here are approximately 37 sites on which a final settlement has not been reached where we, along with others, have been designated a potentially responsible party by the Environmental Protection Agency or are otherwise engaged in investigation or r emediation, including cleanup activity at certain of our current and former manufacturing sites. We continually monitor these sites for which we have environmental exposure. Accruals for environmental loss contingencies are recorded when it is probable tha t a liability has been incurred and the amount of loss can be reasonably estimated . The consolidated balance sheets at 31 December 2015 and 30 September 2015 included an accrual of $ 78.6 and $ 80.6 , respectively, primarily as part of other noncurrent liabilities. The environmental liabilities will be paid over a period of up to 3 0 years. We estimate the exposure for environmental loss contingencies to range from $ 78 to a reasonably possible upper exposure of $ 92 as of 31 December 2015 . Actual costs to be incurred at identified sites in future periods may vary from the estimates, given inherent uncertainties in evaluating environmental exposures. Using reasonably possible alternative assumptions of the exposure lev el could result in an increase to the environmental accrual. Due to the inherent uncertainties related to environmental exposures, a significant increase to the reasonably possible upper exposure level could occur if a new site is designated, the scope of remediation is increased, a different remediation alternative is identified, or a significant increase in our proportionate share occurs. We do not expect that any sum we may have to pay in connection with environmental matters in excess of the amounts rec orded or disclosed above would have a material adverse impact on our financial position or results of operations in any one year. PACE At 31 December 2015 , $ 30.7 of the environmental accrual was related to the Pace facility. In 2006, we sold our A mines business, which included operations at Pace, Florida , and recognized a liability for retained environmental obligations associated with remediation activities at Pace. We are required by the Florida Department of Environmental Protection (FDEP) and t he United States Environmental Protection Agency (USEPA) to continue our remediation efforts. We estimated that it would take 20 years to complete the groundwater remediation, and the costs through completio n were estimated to range from $ 42 to $ 52 . As no amount within the range was a better estimate than another, we recognized a pretax expense in fiscal 2006 of $ 42 as a component of income from discontinued operations and recorded an environmental accrual of $ 42 in continuing operat ions on the consolidated balance sheets. There has been no change to the estimated exposure range related to the Pace facility. We have implemented many of the remedial correcti ve measures at the Pace facility required under 1995 Consent Orders issued by t he FDEP and the USEPA. Contaminated soils have been bioremediated , and the treated soils have been secured in a lined on-site disposal cell. Several groundwater recovery systems have been installed to contain and remove contamination from groundwater. We c ompleted an extensive assessment of the site to determine how well existing measures are working, what additional corrective measures may be needed, and whether newer remediation technologies that were not available in the 1990s might be suitable to more q uickly and effectively remove groundwater contaminants. Based on assessment results, we completed a focused feasibility study that has identified alternative approaches that may more effectively remove contaminants . We continue to review alternative remedi al approaches with the FDEP. In the first quarter of 2015, we entered into a new Consent Order with the FDEP requiring us to continue our remediation efforts at the Pace facility. We expect the costs we will incur under the new Consent Order to be consistent with our previous estimates. PIEDMONT At 31 December 2015 , $ 18.1 of the environmental accrual was related to the Piedmont site. On 30 June 2008, we sold our Elkton, Maryland , and Piedmont, South Carolina , production facilities and the r elated North American atmospheric emulsions and global pressure sensitive adhesives businesses. In connection with the sale, we recognized a liability for retained environmental obligations associated with remediation activities at the Piedmont site. This site is under active remediation for contamination caused by an insolvent prior owner. We are required by the South Carolina Department of Health and Environmental Control to address both contaminated soil and groundwater. Numerous areas of soil contaminat ion have been addressed, and contaminated groundwater is being recovered and treated. We estimat e that it will take until 2019 to complete source area remediation with groundwater recovery and treatment, continuing through 2029 . Thereafter, we are expectin g this site to go into a state of monitored natural attenuation through 2047. We recognized a pretax expense in 2008 of $ 24 as a component of income from discontinued operations and recorded an environmental liability of $ 24 in continuing operations on th e consolidated balance sheets. There ha ve been no significant change s to the estimated exposure. PA SADENA At 31 December 2015 , $ 10.7 of the environmental accrual was related to the Pasadena site. During the fourth quarter of 2012, management committed to permanently shutting down our polyurethane intermediates (PUI) production facility in Pasadena, Texas. In shutting down and dismantling the facility, we have undertaken certain obligations related to soil and groundwater contaminants. We have been pumping and treating groundwater to control off -site contaminant migration in compliance with regulatory requirements and under the approval of the Texas Commission on Environmental Quality (TCEQ). We estimate that the pump and treat system will conti nue to operate until 2042. We plan to perform additional work to address other environmental obligations at the site. This additional work includes remediating, as required, impacted soils, investigating groundwater west of the former PUI facility, performin g post closure care for two closed RCRA surface impoundment units, and establishing engineering controls. In 2012, we estimated the total exposure at this site to be $13. There has been no change to the estimated exposure . |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Dec. 31, 2015 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation | 14. SHARE-BASED COMPENSATION We have various share-based compensation programs, which include de ferred stock units, stock options, and restricted stock. During the three months ended 31 December 2015, we primarily granted deferred stock units and restricted stock . Under all programs, the terms of the awards are fixed at the grant date. We issue shares from treasury stock upon the payout of deferred stock units, the exercise of stock options, and the issuance of restricted stock awards. As of 31 December 2015 , there were 4,756,589 shares available for future grant under our Long-Term Incentive Plan, which is shareholder approved. Share-based compensation cost recognized in the consolidated income statement is summarized below: Three Months Ended 31 December 2015 2014 Before-Tax Share-Based Compensation Cost $ 10.2 $ 11.9 Income Tax Benefit (3.5) (4.0) After-Tax Share-Based Compensation Cost $ 6.7 $ 7.9 Before-tax s hare-based compensation cost is primarily included in selling and administrative expense on our consolidated income statement s . T he amount of share-based compensation cost capitalized in 2016 and 2015 was not material. Deferred Stock Units During the three months ended 31 December 2015 , we granted 127,262 market-based deferred stock units. The market-based deferred stock units are earned out at the end of a performance period beginning 1 October 2015 and ending 30 September 2018, conditioned on the level of the Company’s total shareholder return in relation to a defined peer group over the three year performance period. The market-based deferred stock units had an estimated grant-da te fair value of $ 134.58 per unit, which was estimated using a Monte Carlo simulation model. The model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the grant and cal culates the fair value of the awards. We generally expense the grant-date fair value of these awards on a straight line basis over the vesting period. The calculation of the fair value of market-based deferred stock units used the following assumptions: Expected volatility 20.5 % Risk-free interest rate 1.2 % Expected dividend yield 2.2 % In addition, during the three months ended 31 December 2015 , we granted 136,685 time - based deferred stock units at a weighted-a verage grant-date fair value of $ 137.88 . Restricted Stock During the three mont hs ended 31 December 2015 , we issu ed 32,920 restricted stock units at a grant-date fair value of $ 138.00 . |
Equity
Equity | 3 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Equity | 15 . EQUITY The following is a summary of the changes in total equity: Three Months Ended 31 December 2015 2014 Non- Non- Air controlling Total Air controlling Total Products Interests Equity Products Interests Equity Balance at 30 September $ 7,249.0 $ 132.1 $ 7,381.1 $ 7,365.8 $ 155.6 $ 7,521.4 Net income (A) 363.6 8.4 372.0 324.6 7.5 332.1 Other comprehensive loss (82.7) - (82.7) (228.7) (5.1) (233.8) Dividends on common stock (per share $.81, $.77) (174.7) - (174.7) (165.4) - (165.4) Dividends to noncontrolling interests - (8.5) (8.5) - (6.2) (6.2) Share-based compensation 10.2 - 10.2 11.9 - 11.9 Treasury shares for stock option and award plans (2.0) - (2.0) 30.1 - 30.1 Tax benefit of stock option and award plans 4.9 - 4.9 13.5 - 13.5 Other equity transactions (1.2) (.1) (1.3) (.3) - (.3) Balance at 31 December $ 7,367.1 $ 131.9 $ 7,499.0 $ 7,351.5 $ 151.8 $ 7,503.3 (A) Net income attributable to noncontrolling interests for the three months ended 31 December 2014 excludes net income of $5.4 related to redeemable noncontrolling interests, which were not part of total equity. There was no net income related to redeemable noncontrolling interests for the three months ended 31 December 2015. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Loss Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | 16. ACCUMULATED OTHER COMPREHENSIVE LOSS The table below summarizes changes in accumulated other comprehensive loss (AOCL), net of tax, attributable to Air Products for the three months ended 31 December 2015: Net loss on derivatives qualifying as hedges Foreign currency translation adjustments Pension and postretirement benefits Total Balance at 30 September 2015 $ (42.9) $ (956.5) $ (1,126.5) $ (2,125.9) Other comprehensive income (loss) before reclassifications 16.0 (102.9) - (86.9) Amounts reclassified from AOCL (19.3) 2.4 21.1 4.2 Net current period other comprehensive income (loss) $ (3.3) $ (100.5) $ 21.1 $ (82.7) Balance at 31 December 2015 $ (46.2) $ (1,057.0) $ (1,105.4) $ (2,208.6) The table below summarizes the reclassifications out of AOCL and the affected line item on the consolidated income statements: Three Months Ended 31 December 2015 2014 (Gain) Loss on Cash Flow Hedges, net of tax Sales/Cost of sales $ .9 $ (.6) Other income (expense), net (22.4) 14.1 Interest expense 2.2 ― Total (Gain) Loss on Cash Flow Hedges, net of tax $ (19.3) $ 13.5 Currency Translation Adjustment (A) $ 2.4 $ ― Pension and Postretirement Benefits, net of tax (B) $ 21.1 $ 20.9 (A) The impact is reflected in Other income (expense), net and relates to the sale of an equity affiliate. Refer to Note 7, Equity Affiliates. (B) The components include items such as prior service cost amortization, actuarial loss amortization, and settlements and are reflected in net periodic benefit cost. Refer to Note 12, Retirement Benefits. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share | |
Earnings per Share | 17. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share : Three Months Ended 31 December 2015 2014 Numerator Net Income Attributable to Air Products $ 363.6 $ 324.6 Denominator (in millions) Weighted average number of common shares — Basic 215.8 214.2 Effect of dilutive securities Employee stock option and other award plans 1.8 2.4 Weighted average number of common shares — Diluted 217.6 216.6 Earnings Per Common Share Attributable to Air Products Net Income Attributable to Air Products — Basic $ 1.68 $ 1.52 Net Income Attributable to Air Products — Diluted 1.67 1.50 F or the three months ended 31 December 2015 and 2014 , outstanding share-based awards of .3 million and .4 million shares were antidilutive and therefore excluded from the computation of diluted earnings per share. |
Supplemental Information
Supplemental Information | 3 Months Ended |
Dec. 31, 2015 | |
Supplemental Information [Abstract] | |
Supplemental Information | 18. SUPPLEMENTAL INFORMATION Cash Paid for Taxes (Net of Cash Refunds) Income tax payments, net of refunds, were $ 66.9 and $ 62.5 for the three months ended 31 December 2015 and 31 December 2014 , respectively . |
Business Segment Information
Business Segment Information | 3 Months Ended |
Dec. 31, 2015 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Business Segment Information | 19. BUSINESS SEGMENT INFORMATION Our reporting segments reflect the manner in which our chief operating decision maker reviews results and allocates resources. Except in the Corporate and other segment, each reporting segment meets the definition of an operating segment and does not include the aggregation o f multiple operating segments. Our liquefied natural gas ( LNG ) and helium storage and distribution sale of equipment businesses are aggregat ed within the Corporate and other segment . Our report ing segments are: Industrial Gases – Americas Industrial Gases – EMEA (Europe, Middle East , and Africa) Industrial Gases – Asia Industrial Gases – Global Materials Technologies Energy-from-Waste Corporate and other Business Segment Industrial Industrial Industrial Industrial Energy- Gases– Gases– Gases– Gases– Materials from- Corporate Segment Americas EMEA Asia Global Technologies Waste and other Total Three Months Ended 31 December 2015 Sales $ 836.1 $ 438.3 $ 413.2 $ 104.3 $ 490.0 $ - $ 73.9 $ 2,355.8 Operating income (loss) 211.8 91.7 116.7 (19.3) 127.2 (3.6) (5.2) 519.3 Depreciation and amortization 108.8 46.7 51.7 2.1 19.6 - 3.8 232.7 Equity affiliates' income (loss) 14.5 7.6 11.7 (.5) .4 - - 33.7 Three Months Ended 31 December 2014 Sales $ 1,003.0 $ 500.8 $ 398.7 $ 59.0 $ 524.0 $ - $ 75.3 $ 2,560.8 Operating income (loss) 211.2 81.3 90.5 (17.9) 104.6 (2.5) (22.7) 444.5 Depreciation and amortization 103.6 51.1 49.6 4.3 24.0 - 2.9 235.5 Equity affiliates' income 17.2 10.3 14.6 .4 .6 - - 43.1 Total Assets 31 December 2015 $ 5,674.3 $ 3,224.5 $ 4,155.4 $ 383.3 $ 1,705.8 $ 938.9 $ 1,178.1 $ 17,260.3 30 September 2015 5,774.9 3,323.9 4,154.0 370.5 1,741.9 894.4 1,074.9 17,334.5 The sales information noted above relates to external customers only. All intersegment sales are eliminated in consolidation. For the three months ended 31 December 2015 and 2014 , the Industrial Gases – Global segment had intersegment sales of $ 54.6 and $ 59.6 , respectively. These sales are generally transacted at market pricing. For all other segments, intersegment sales are not material for all periods presented. Equipment manufactured for our industrial gases segments are generally transferred at cost and not reflected as an intersegment sale . Below is a reconciliation of segment total operating income to consolidated operating income: Three Months Ended 31 December Operating Income 2015 2014 Segment total $ 519.3 $ 444.5 Business separation costs (12.0) - Project suspension costs (14.3) - Business restructuring and cost reduction actions - (32.4) Gain on previously held equity interest - 17.9 Consolidated Total $ 493.0 $ 430.0 |
Business Restructuring and Co27
Business Restructuring and Cost Reduction Actions (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Business Restructuring and Cost Reduction Actions [Abstract] | |
Summary of Carrying Amount of Accrual for Business Restructuring and Cost Reduction Plans [Table Text Block] | The following table summarizes the carrying amount of the accrual for the business realignment and reorganization at 31 December 2015: Severance and Asset Other Benefits Actions/Other Total 30 September 2014 $ 10.5 $ - $ 10.5 2015 Charge 151.9 55.8 207.7 Amount reflected in pension liability (14.0) - (14.0) Noncash expenses - (47.4) (47.4) Cash expenditures (113.5) (1.2) (114.7) Currency translation adjustment (.4) - (.4) 30 September 2015 $ 34.5 $ 7.2 $ 41.7 Cash expenditures (11.3) (1.8) (13.1) Currency translation adjustment (.5) - (.5) 31 December 2015 $ 22.7 $ 5.4 $ 28.1 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Inventories [Abstract] | |
Schedule of Inventory | 31 December 30 September 2015 2015 Finished goods $ 483.9 $ 494.9 Work in process 31.3 34.4 Raw materials, supplies and other 244.6 229.3 $ 759.8 $ 758.6 Less: Excess of FIFO cost over LIFO cost (94.2) (100.8) Inventories $ 665.6 $ 657.8 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Industrial Industrial Industrial Industrial Gases– Gases– Gases– Gases– Materials Americas EMEA Asia Global Technologies Total Goodwill, net at 30 September 2015 $ 297.6 $ 386.5 $ 133.1 $ 19.9 $ 294.2 $ 1,131.3 Currency translation (3.3) (12.2) .1 (.2) (.3) (15.9) Goodwill, net at 31 December 2015 $ 294.3 $ 374.3 $ 133.2 $ 19.7 $ 293.9 $ 1,115.4 31 December 30 September 2015 2015 Goodwill, gross $ 1,354.8 $ 1,375.0 Accumulated impairment losses (A) (239.4) (243.7) Goodwill, net $ 1,115.4 $ 1,131.3 (A) Amount is attributable to the Industrial Gases – Americas segment and includes currency translation of $65.8 and $61.5 as of 31 December 2015 and 30 September 2015, respectively. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Financial Instruments [Abstract] | |
Schedule of Outstanding Currency Price Risk Management Instruments | 31 December 2015 30 September 2015 Years Years US$ Average US$ Average Notional Maturity Notional Maturity Forward Exchange Contracts: Cash flow hedges $ 4,801.6 .6 $ 4,543.8 .5 Net investment hedges 447.1 3.9 491.3 4.0 Not designated 855.6 .6 863.3 .7 Total Forward Exchange Contracts $ 6,104.3 .8 $ 5,898.4 .9 |
Schedule of Interest Rate Swaps and Cross Currency Interest Rate Swaps | 31 December 2015 30 September 2015 Average Years Average Years US$ Average Receive Average US$ Average Receive Average Notional Pay % % Maturity Notional Pay % % Maturity Interest rate swaps (fair value hedge) $ 600.0 LIBOR 2.77 % 3.0 $ 600.0 LIBOR 2.77 % 3.3 Cross currency interest rate swaps (net investment hedge) $ 613.5 3.34 % 2.11 % 3.0 $ 609.9 4.06 % 2.61 % 3.2 Cross currency interest rate swaps (cash flow hedge) $ 1,093.6 4.46 % 2.66 % 3.8 $ 1,055.2 4.29 % 2.63 % 3.9 Cross currency interest rate swaps (not designated) $ 9.3 3.62 % .81 % 2.6 $ 12.9 3.12 % 3.08 % 4.1 |
Fair Value of Derivative Instruments | Balance Sheet 31 December 30 September Balance Sheet 31 December 30 September Location 2015 2015 Location 2015 2015 Derivatives Designated as Hedging Instruments: Forward exchange contracts Other receivables $ 66.0 $ 52.1 Accrued liabilities $ 69.2 $ 110.7 Interest rate management contracts Other receivables 19.0 17.6 Accrued liabilities - - Other noncurrent Other noncurrent Forward exchange contracts assets 64.0 68.5 liabilities 16.0 9.2 Other noncurrent Other noncurrent Interest rate management contracts assets 170.1 153.4 liabilities - .8 Total Derivatives Designated as Hedging Instruments $ 319.1 $ 291.6 $ 85.2 $ 120.7 Derivatives Not Designated as Hedging Instruments: Forward exchange contracts Other receivables $ 2.6 $ 3.2 Accrued liabilities $ 2.4 $ 3.9 Other noncurrent Other noncurrent Forward exchange contracts assets 30.4 23.3 liabilities 2.5 .6 Other noncurrent Other noncurrent Interest rate management contracts assets .5 .8 liabilities - - Total Derivatives Not Designated as Hedging Instruments $ 33.5 $ 27.3 $ 4.9 $ 4.5 Total Derivatives $ 352.6 $ 318.9 $ 90.1 $ 125.2 |
Schedule of Gain/Loss Related to Derivative Instruments | Three Months Ended 31 December Forward Foreign Currency Exchange Contracts Debt Other (A) Total 2015 2014 2015 2014 2015 2014 2015 2014 Cash Flow Hedges, net of tax: Net gain (loss) recognized in OCI (effective portion) $ (4.7) $ (24.0) $ - $ - $ 20.7 $ .2 $ 16.0 $ (23.8) Net (gain) loss reclassified from OCI to sales/cost of sales (effective portion) .9 (.6) - - - - .9 (.6) Net (gain) loss reclassified from OCI to other income (expense), net (effective portion) (1.8) 18.8 - - (20.2) (5.2) (22.0) 13.6 Net (gain) loss reclassified from OCI to interest expense (effective portion) 1.4 (.3) - - .8 .3 2.2 - Net (gain) loss reclassified from OCI to other income (expense), net (ineffective portion) (.4) .5 - - - - (.4) .5 Fair Value Hedges: Net gain (loss) recognized in interest expense (B) $ - $ - $ - $ - $ (9.0) $ 3.5 $ (9.0) $ 3.5 Net Investment Hedges, net of tax: Net gain (loss) recognized in OCI $ 3.0 $ 20.1 $ 7.6 $ 31.1 $ 6.5 $ 10.1 $ 17.1 $ 61.3 Derivatives Not Designated as Hedging Instruments: Net gain (loss) recognized in other income (expense), net (C) $ 1.7 $ .2 $ - $ - $ - $ - $ 1.7 $ .2 (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 gains and losses resulting from the impact of changes in related interest rates on recognized outstanding debt. (C) The impact of the non-designated hedges noted above was largely offset by gains and losses resulting from the impact of changes in exchange rates on recognized assets and liabilities denominated in nonfunctional currencies. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Schedule of Carrying Value and Fair Values of Financial Instruments | 31 December 2015 30 September 2015 Carrying Value Fair Value Carrying Value Fair Value Assets Derivatives Forward exchange contracts $ 163.0 $ 163.0 $ 147.1 $ 147.1 Interest rate management contracts 189.6 189.6 171.8 171.8 Liabilities Derivatives Forward exchange contracts $ 90.1 $ 90.1 $ 124.4 $ 124.4 Interest rate management contracts - - .8 .8 Long-term debt, including current portion 4,278.4 4,570.1 4,384.7 4,645.7 |
Schedule of Fair Value of Assets and Liabilities | The following table summarizes assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheets: 31 December 2015 30 September 2015 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets at Fair Value Derivatives Forward exchange contracts $ 163.0 $ - $ 163.0 $ - $ 147.1 $ - $ 147.1 $ - Interest rate management contracts 189.6 - 189.6 - 171.8 - 171.8 - Total Assets at Fair Value $ 352.6 $ - $ 352.6 $ - $ 318.9 $ - $ 318.9 $ - Liabilities at Fair Value Derivatives Forward exchange contracts $ 90.1 $ - $ 90.1 $ - $ 124.4 $ - $ 124.4 $ - Interest rate management contracts - - - - .8 - .8 - Total Liabilities at Fair Value $ 90.1 $ - $ 90.1 $ - $ 125.2 $ - $ 125.2 $ - |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Schedule of Net Periodic Benefit Cost | Pension Benefits Other Benefits 2015 2014 2015 2014 Three Months Ended 31 December U.S. International U.S. International Service cost $ 9.0 $ 6.2 $ 10.6 $ 8.2 $ .5 $ .7 Interest cost 27.7 11.6 31.2 15.0 .5 .6 Expected return on plan assets (50.5) (20.7) (50.5) (21.1) - - Actuarial loss amortization 21.1 9.2 19.8 10.5 .2 .2 Prior service cost amortization .7 - .7 - - - Settlements - - (.1) (.1) - - Special termination benefits - - 2.7 - - - Other - .5 1.1 .5 - - Net periodic benefit cost $ 8.0 $ 6.8 $ 15.5 $ 13.0 $ 1.2 $ 1.5 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Share-Based Compensation [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Share-based compensation cost recognized in the consolidated income statement is summarized below: Three Months Ended 31 December 2015 2014 Before-Tax Share-Based Compensation Cost $ 10.2 $ 11.9 Income Tax Benefit (3.5) (4.0) After-Tax Share-Based Compensation Cost $ 6.7 $ 7.9 |
Schedule of Share-based Payment Award, Market-Based Deferred Stock Units, Valuation Assumptions [Table Text Block] | Expected volatility 20.5 % Risk-free interest rate 1.2 % Expected dividend yield 2.2 % |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Equity [Table Text Block] | Three Months Ended 31 December 2015 2014 Non- Non- Air controlling Total Air controlling Total Products Interests Equity Products Interests Equity Balance at 30 September $ 7,249.0 $ 132.1 $ 7,381.1 $ 7,365.8 $ 155.6 $ 7,521.4 Net income (A) 363.6 8.4 372.0 324.6 7.5 332.1 Other comprehensive loss (82.7) - (82.7) (228.7) (5.1) (233.8) Dividends on common stock (per share $.81, $.77) (174.7) - (174.7) (165.4) - (165.4) Dividends to noncontrolling interests - (8.5) (8.5) - (6.2) (6.2) Share-based compensation 10.2 - 10.2 11.9 - 11.9 Treasury shares for stock option and award plans (2.0) - (2.0) 30.1 - 30.1 Tax benefit of stock option and award plans 4.9 - 4.9 13.5 - 13.5 Other equity transactions (1.2) (.1) (1.3) (.3) - (.3) Balance at 31 December $ 7,367.1 $ 131.9 $ 7,499.0 $ 7,351.5 $ 151.8 $ 7,503.3 (A) Net income attributable to noncontrolling interests for the three months ended 31 December 2014 excludes net income of $5.4 related to redeemable noncontrolling interests, which were not part of total equity. There was no net income related to redeemable noncontrolling interests for the three months ended 31 December 2015. |
Accumulated Other Comprehensi35
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Loss Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The table below summarizes changes in accumulated other comprehensive loss (AOCL), net of tax, attributable to Air Products for the three months ended 31 December 2015: Net loss on derivatives qualifying as hedges Foreign currency translation adjustments Pension and postretirement benefits Total Balance at 30 September 2015 $ (42.9) $ (956.5) $ (1,126.5) $ (2,125.9) Other comprehensive income (loss) before reclassifications 16.0 (102.9) - (86.9) Amounts reclassified from AOCL (19.3) 2.4 21.1 4.2 Net current period other comprehensive income (loss) $ (3.3) $ (100.5) $ 21.1 $ (82.7) Balance at 31 December 2015 $ (46.2) $ (1,057.0) $ (1,105.4) $ (2,208.6) |
Schedule Of Reclassification Out Of Accumulated Other Comprehensive Income [Table Text Block] | The table below summarizes the reclassifications out of AOCL and the affected line item on the consolidated income statements: Three Months Ended 31 December 2015 2014 (Gain) Loss on Cash Flow Hedges, net of tax Sales/Cost of sales $ .9 $ (.6) Other income (expense), net (22.4) 14.1 Interest expense 2.2 ― Total (Gain) Loss on Cash Flow Hedges, net of tax $ (19.3) $ 13.5 Currency Translation Adjustment (A) $ 2.4 $ ― Pension and Postretirement Benefits, net of tax (B) $ 21.1 $ 20.9 (A) The impact is reflected in Other income (expense), net and relates to the sale of an equity affiliate. Refer to Note 7, Equity Affiliates. (B) The components include items such as prior service cost amortization, actuarial loss amortization, and settlements and are reflected in net periodic benefit cost. Refer to Note 12, Retirement Benefits. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended 31 December 2015 2014 Numerator Net Income Attributable to Air Products $ 363.6 $ 324.6 Denominator (in millions) Weighted average number of common shares — Basic 215.8 214.2 Effect of dilutive securities Employee stock option and other award plans 1.8 2.4 Weighted average number of common shares — Diluted 217.6 216.6 Earnings Per Common Share Attributable to Air Products Net Income Attributable to Air Products — Basic $ 1.68 $ 1.52 Net Income Attributable to Air Products — Diluted 1.67 1.50 |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Business Segment Industrial Industrial Industrial Industrial Energy- Gases– Gases– Gases– Gases– Materials from- Corporate Segment Americas EMEA Asia Global Technologies Waste and other Total Three Months Ended 31 December 2015 Sales $ 836.1 $ 438.3 $ 413.2 $ 104.3 $ 490.0 $ - $ 73.9 $ 2,355.8 Operating income (loss) 211.8 91.7 116.7 (19.3) 127.2 (3.6) (5.2) 519.3 Depreciation and amortization 108.8 46.7 51.7 2.1 19.6 - 3.8 232.7 Equity affiliates' income (loss) 14.5 7.6 11.7 (.5) .4 - - 33.7 Three Months Ended 31 December 2014 Sales $ 1,003.0 $ 500.8 $ 398.7 $ 59.0 $ 524.0 $ - $ 75.3 $ 2,560.8 Operating income (loss) 211.2 81.3 90.5 (17.9) 104.6 (2.5) (22.7) 444.5 Depreciation and amortization 103.6 51.1 49.6 4.3 24.0 - 2.9 235.5 Equity affiliates' income 17.2 10.3 14.6 .4 .6 - - 43.1 Total Assets 31 December 2015 $ 5,674.3 $ 3,224.5 $ 4,155.4 $ 383.3 $ 1,705.8 $ 938.9 $ 1,178.1 $ 17,260.3 30 September 2015 5,774.9 3,323.9 4,154.0 370.5 1,741.9 894.4 1,074.9 17,334.5 |
Reconciliation of Segments to Consolidated Operating Income [Table Text Block] | Below is a reconciliation of segment total operating income to consolidated operating income: Three Months Ended 31 December Operating Income 2015 2014 Segment total $ 519.3 $ 444.5 Business separation costs (12.0) - Project suspension costs (14.3) - Business restructuring and cost reduction actions - (32.4) Gain on previously held equity interest - 17.9 Consolidated Total $ 493.0 $ 430.0 |
New Accounting Guidance (Narrat
New Accounting Guidance (Narratives) (Details) - Accounting Standards Update 2015-17 [Member] $ in Millions | 3 Months Ended |
Dec. 31, 2015USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Increase in noncurrent deferred tax assets | $ 13.7 |
Decrease in noncurrent deferred tax liabilities | $ 99.9 |
Business Separation (Narrative)
Business Separation (Narrative)(Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 4 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |||
Business separation costs | $ 12 | $ 0 | $ 19.5 |
Business separation costs per share | $ 0.06 |
Discontinued Operations (Schedu
Discontinued Operations (Schedule of Operating Results) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income (loss) from Discontinued Operations, net of tax | $ 0 | $ 0 |
Business Restructuring and Co41
Business Restructuring and Cost Reduction Actions (Narrative) (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)$ / shares | Sep. 30, 2015USD ($)Employees | |
Restructuring and Related Cost [Line Items] | |||
Business restructuring and cost reduction actions | $ 0 | $ 32.4 | |
Business Realignment and Reorganization [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Business restructuring and cost reduction actions | 32.4 | $ 207.7 | |
Business restructuring and cost reduction actions, after-tax | $ 21.7 | ||
Business restructuring and cost reduction actions, per share | $ / shares | $ 0.1 | ||
Number of positions to be eliminated | Employees | 2,000 | ||
Business Realignment and Reorganization [Member] | Industrial Gases Americas [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Business restructuring and cost reduction actions | $ 31.7 | ||
Business Realignment and Reorganization [Member] | Industrial Gases EMEA [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Business restructuring and cost reduction actions | 52.2 | ||
Business Realignment and Reorganization [Member] | Industrial Gases Asia [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Business restructuring and cost reduction actions | 10.3 | ||
Business Realignment and Reorganization [Member] | Industrial Gases Global [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Business restructuring and cost reduction actions | 37 | ||
Business Realignment and Reorganization [Member] | Materials Technologies [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Business restructuring and cost reduction actions | 27.6 | ||
Business Realignment and Reorganization [Member] | Corporate and Other [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Business restructuring and cost reduction actions | 48.9 | ||
Business Realignment and Reorganization [Member] | Asset Actions [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Business restructuring and cost reduction actions | 55.8 | ||
Business Realignment and Reorganization [Member] | Severance And Other Benefits [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Business restructuring and cost reduction actions | $ 151.9 |
Business Restructuring and Co42
Business Restructuring and Cost Reduction Actions (Carrying Amount of Accrual) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
Business restructuring and cost reduction actions | $ 0 | $ 32.4 | ||
Business Realignment and Reorganization [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Business restructuring and cost reduction actions | $ 32.4 | $ 207.7 | ||
Amount reflected in pension liability | (14) | |||
Noncash expenses | (47.4) | |||
Cash expenditures | (13.1) | (114.7) | ||
Currency translation adjustment | (0.5) | (0.4) | ||
Accrued Balance | 28.1 | 41.7 | $ 10.5 | |
Business Realignment and Reorganization [Member] | Severance And Other Benefits [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Business restructuring and cost reduction actions | 151.9 | |||
Amount reflected in pension liability | (14) | |||
Noncash expenses | 0 | |||
Cash expenditures | (11.3) | (113.5) | ||
Currency translation adjustment | (0.5) | (0.4) | ||
Accrued Balance | 22.7 | 34.5 | 10.5 | |
Business Realignment and Reorganization [Member] | Asset Actions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Business restructuring and cost reduction actions | 55.8 | |||
Amount reflected in pension liability | 0 | |||
Noncash expenses | (47.4) | |||
Cash expenditures | (1.8) | (1.2) | ||
Currency translation adjustment | 0 | 0 | ||
Accrued Balance | $ 5.4 | $ 7.2 | $ 0 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | ||
Acquisitions, less cash acquired | $ 0 | $ 22.6 |
Gain on previously held equity interest | $ 0 | 17.9 |
Production Joint Venture [Member] | ||
Business Acquisition [Line Items] | ||
Acquisitions, less cash acquired | $ 22.6 | |
Percent ownership before acquisition | 50.00% | |
Percent ownership after acquisition | 100.00% | |
Gain on previously held equity interest | $ 17.9 | |
Gain on previously held equity interest, after tax | $ 11.2 | |
Gain on previously held equity interest, per share | $ 0.05 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventory) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Sep. 30, 2015 |
Inventories [Abstract] | ||
Finished goods | $ 483.9 | $ 494.9 |
Work in process | 31.3 | 34.4 |
Raw materials, supplies and other | 244.6 | 229.3 |
Total FIFO value | 759.8 | 758.6 |
Less: Excess of FIFO cost over LIFO cost | (94.2) | (100.8) |
Inventories | $ 665.6 | $ 657.8 |
Equity Affiliates (Narratives)
Equity Affiliates (Narratives) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Schedule of Equity Method Investment [Line Items] | |||
Other income (expense), net | $ 5.9 | $ 8.3 | |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Currency Translation Adjustment [Member] | |||
Schedule of Equity Method Investment [Line Items] | |||
Other income (expense), net | [1] | (2.4) | $ 0 |
Daido Air Products Electronics, Inc. [Member] | |||
Schedule of Equity Method Investment [Line Items] | |||
Equity method investment, sale proceeds | 15.9 | ||
Equity method investment, gain on sale | 0.7 | ||
Equity method investment, carrying value at time of sale | 12.8 | ||
Daido Air Products Electronics, Inc. [Member] | Equity Method Investments [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Currency Translation Adjustment [Member] | |||
Schedule of Equity Method Investment [Line Items] | |||
Other income (expense), net | $ (2.4) | ||
Jazan Gas Projects Company [Member] | |||
Schedule of Equity Method Investment [Line Items] | |||
Ownership interest percentage acquired | 25.00% | ||
Obligation for future contribution to equity affiliate | $ 94.3 | ||
Noncash transaction, increase to investment | 26.8 | ||
Future payments to acquire equity method investments | $ 100 | ||
[1] | The impact is reflected in Other income (expense), net and relates to the sale of an equity affiliate. Refer to Note 7, Equity Affiliates. |
Plant and Equipment, Net (Narra
Plant and Equipment, Net (Narratives) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Plant and equipment, net | $ 9,619 | $ 9,636.9 | |
Project suspension costs | 14.3 | $ 0 | |
Energy From Waste [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Plant and equipment, net | 938.9 | ||
Project suspension costs | 14.3 | ||
Project suspension costs, after-tax | $ 11.4 | ||
Project suspension costs, per share | $ 0.05 |
Goodwill (Schedule of Goodwill
Goodwill (Schedule of Goodwill by Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | ||
Goodwill [Roll Forward] | |||||
Goodwill, net, Beginning Balance | $ 1,131.3 | ||||
Goodwill, Currency Translation | (15.9) | ||||
Goodwill, net, Ending Balance | 1,115.4 | $ 1,131.3 | |||
Goodwill Impaired Accumulated Impairment Loss Abstract | |||||
Goodwill, gross | $ 1,354.8 | $ 1,375 | |||
Goodwill, Accumulated impairment losses | [1] | (239.4) | (243.7) | ||
Goodwill, net | 1,131.3 | 1,131.3 | 1,115.4 | 1,131.3 | |
Industrial Gases - Americas [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill, net, Beginning Balance | 297.6 | ||||
Goodwill, Currency Translation | (3.3) | ||||
Goodwill, net, Ending Balance | 294.3 | 297.6 | |||
Goodwill Impaired Accumulated Impairment Loss Abstract | |||||
Goodwill, Accumulated impairment losses | [1] | (239.4) | (243.7) | ||
Goodwill, net | 294.3 | 297.6 | 294.3 | 297.6 | |
Goodwill, Accumulated impairment losses currency translation | 65.8 | 61.5 | |||
Industrial Gases - EMEA [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill, net, Beginning Balance | 386.5 | ||||
Goodwill, Currency Translation | (12.2) | ||||
Goodwill, net, Ending Balance | 374.3 | 386.5 | |||
Goodwill Impaired Accumulated Impairment Loss Abstract | |||||
Goodwill, net | 386.5 | 386.5 | 374.3 | 386.5 | |
Industrial Gases - Asia [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill, net, Beginning Balance | 133.1 | ||||
Goodwill, Currency Translation | 0.1 | ||||
Goodwill, net, Ending Balance | 133.2 | 133.1 | |||
Goodwill Impaired Accumulated Impairment Loss Abstract | |||||
Goodwill, net | 133.1 | 133.1 | 133.2 | 133.1 | |
Industrial Gases - Global [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill, net, Beginning Balance | 19.9 | ||||
Goodwill, Currency Translation | (0.2) | ||||
Goodwill, net, Ending Balance | 19.7 | 19.9 | |||
Goodwill Impaired Accumulated Impairment Loss Abstract | |||||
Goodwill, net | 19.9 | 19.9 | 19.7 | 19.9 | |
Materials Technologies [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill, net, Beginning Balance | 294.2 | ||||
Goodwill, Currency Translation | (0.3) | ||||
Goodwill, net, Ending Balance | 293.9 | 294.2 | |||
Goodwill Impaired Accumulated Impairment Loss Abstract | |||||
Goodwill, net | $ 294.2 | $ 294.2 | $ 293.9 | $ 294.2 | |
[1] | Amount is attributable to the Industrial Gases – Americas segment and includes currency translation of $65.8 and $61.5 as of 31 December 2015 and 30 September 2015, respectively. |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) € in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015EUR (€) | Dec. 31, 2015USD ($) | Sep. 30, 2015EUR (€) | Sep. 30, 2015USD ($) | |
Derivative [Line Items] | ||||
Net liability position of derivatives with credit risk-related contingent features | $ 1.1 | $ 0.2 | ||
Collateral amount that counterparties would be required to post | 250.7 | 226.9 | ||
Foreign Currency Debt [Member] | Euro Denominated Member [Member] | ||||
Derivative [Line Items] | ||||
Notional Amount included in designated foreign currency denominated debt | € 606.5 | $ 658.4 | € 687.7 | $ 768.4 |
Forward Exchange Contracts [Member] | ||||
Derivative [Line Items] | ||||
Maximum Remaining Maturity of Foreign Currency Derivatives | 3 years | 3 years |
Financial Instruments (Schedule
Financial Instruments (Schedule of Outstanding Currency Price Risk Management Instruments) (Details) - Forward Exchange Contracts [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Sep. 30, 2015 | |
Derivative [Line Items] | ||
US$ Notional | $ 6,104.3 | $ 5,898.4 |
Years Average Maturity | 10 months | 11 months |
Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
US$ Notional | $ 4,801.6 | $ 4,543.8 |
Years Average Maturity | 7 months | 6 months |
Net Investment Hedges [Member] | ||
Derivative [Line Items] | ||
US$ Notional | $ 447.1 | $ 491.3 |
Years Average Maturity | 3 years 11 months | 4 years |
Hedges Not Designated [Member] | ||
Derivative [Line Items] | ||
US$ Notional | $ 855.6 | $ 863.3 |
Years Average Maturity | 7 months | 8 months |
Financial Instruments (Schedu50
Financial Instruments (Schedule of Interest Rate Swaps and Cross Currency Interest Rate Swaps) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Sep. 30, 2015 | |
Interest Rate Swaps Contracts [Member] | Fair Value Hedges [Member] | ||
Derivative [Line Items] | ||
US$ Notional | $ 600 | $ 600 |
Pay % | LIBOR | LIBOR |
Average Receive % | 2.77% | 2.77% |
Years Average Maturity | 3 years | 3 years 4 months |
Interest Rate Swaps Contracts [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
US$ Notional | $ 0 | $ 0 |
Pay % | 0.00% | 0.00% |
Average Receive % | 0.00% | 0.00% |
Years Average Maturity | 0 years | 0 years |
Cross Currency Interest Rate Swaps [Member] | Net Investment Hedges [Member] | ||
Derivative [Line Items] | ||
US$ Notional | $ 613.5 | $ 609.9 |
Pay % | 3.34% | 4.06% |
Average Receive % | 2.11% | 2.61% |
Years Average Maturity | 3 years | 3 years 2 months |
Cross Currency Interest Rate Swaps [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
US$ Notional | $ 1,093.6 | $ 1,055.2 |
Pay % | 4.46% | 4.29% |
Average Receive % | 2.66% | 2.63% |
Years Average Maturity | 3 years 10 months | 3 years 11 months |
Cross Currency Interest Rate Swaps [Member] | Hedges Not Designated [Member] | ||
Derivative [Line Items] | ||
US$ Notional | $ 9.3 | $ 12.9 |
Pay % | 3.62% | 3.12% |
Average Receive % | 0.81% | 3.08% |
Years Average Maturity | 2 years 7 months | 4 years 1 month |
Financial Instruments (Fair Val
Financial Instruments (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Sep. 30, 2015 |
Derivative [Line Items] | ||
Total Derivatives, Assets | $ 352.6 | $ 318.9 |
Total Derivatives, Liabilities | 90.1 | 125.2 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Total Derivatives, Assets | 319.1 | 291.6 |
Total Derivatives, Liabilities | 85.2 | 120.7 |
Designated as Hedging Instrument [Member] | Other Receivables [Member] | Interest rate management contract [Member] | ||
Derivative [Line Items] | ||
Total Derivatives, Assets | 19 | 17.6 |
Designated as Hedging Instrument [Member] | Other Receivables [Member] | Forward Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Total Derivatives, Assets | 66 | 52.1 |
Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Interest rate management contract [Member] | ||
Derivative [Line Items] | ||
Total Derivatives, Assets | 170.1 | 153.4 |
Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Forward Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Total Derivatives, Assets | 64 | 68.5 |
Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | Interest rate management contract [Member] | ||
Derivative [Line Items] | ||
Total Derivatives, Liabilities | 0 | 0 |
Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | Forward Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Total Derivatives, Liabilities | 69.2 | 110.7 |
Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | Interest rate management contract [Member] | ||
Derivative [Line Items] | ||
Total Derivatives, Liabilities | 0 | 0.8 |
Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | Forward Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Total Derivatives, Liabilities | 16 | 9.2 |
Hedges Not Designated [Member] | ||
Derivative [Line Items] | ||
Total Derivatives, Assets | 33.5 | 27.3 |
Total Derivatives, Liabilities | 4.9 | 4.5 |
Hedges Not Designated [Member] | Other Receivables [Member] | Interest rate management contract [Member] | ||
Derivative [Line Items] | ||
Total Derivatives, Assets | 0 | 0 |
Hedges Not Designated [Member] | Other Receivables [Member] | Forward Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Total Derivatives, Assets | 2.6 | 3.2 |
Hedges Not Designated [Member] | Other Noncurrent Assets [Member] | Interest rate management contract [Member] | ||
Derivative [Line Items] | ||
Total Derivatives, Assets | 0.5 | 0.8 |
Hedges Not Designated [Member] | Other Noncurrent Assets [Member] | Forward Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Total Derivatives, Assets | 30.4 | 23.3 |
Hedges Not Designated [Member] | Accrued Liabilities [Member] | Interest rate management contract [Member] | ||
Derivative [Line Items] | ||
Total Derivatives, Liabilities | 0 | 0 |
Hedges Not Designated [Member] | Accrued Liabilities [Member] | Forward Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Total Derivatives, Liabilities | 2.4 | 3.9 |
Hedges Not Designated [Member] | Other Noncurrent Liabilities [Member] | Interest rate management contract [Member] | ||
Derivative [Line Items] | ||
Total Derivatives, Liabilities | 0 | 0 |
Hedges Not Designated [Member] | Other Noncurrent Liabilities [Member] | Forward Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Total Derivatives, Liabilities | $ 2.5 | $ 0.6 |
Financial Instruments (Schedu52
Financial Instruments (Schedule of Gain/Loss Related to Derivative Instruments) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Derivative [Line Items] | |||
Interest expense | $ 22.2 | $ 29.1 | |
Other (income) expense, net | (5.9) | (8.3) | |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Interest expense | 2.2 | 0 | |
Other (income) expense, net | (22.4) | 14.1 | |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Accumulated Translation Adjustment [Member] | |||
Derivative [Line Items] | |||
Other (income) expense, net | [1] | 2.4 | 0 |
Forward Exchange Contracts [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Interest expense | 1.4 | (0.3) | |
Other Contracts [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Interest expense | 0.8 | 0.3 | |
Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Net gain (loss) recognized in OCI (effective portion) | 16 | (23.8) | |
Net (gain) loss reclassified from OCI to sales/cost of sales (effective portion) | 0.9 | (0.6) | |
Net (gain) loss reclassified from OCI to other income (expense), net (effective portion) | (22) | 13.6 | |
Net (gain) loss reclassified from OCI to interest expense (effective portion) | 2.2 | 0 | |
Net (gain) loss reclassified from OCI to other income (expense), net (ineffective portion) | (0.4) | 0.5 | |
Cash Flow Hedges [Member] | Forward Exchange Contracts [Member] | |||
Derivative [Line Items] | |||
Net gain (loss) recognized in OCI (effective portion) | (4.7) | (24) | |
Net (gain) loss reclassified from OCI to sales/cost of sales (effective portion) | 0.9 | (0.6) | |
Net (gain) loss reclassified from OCI to other income (expense), net (effective portion) | (1.8) | 18.8 | |
Net (gain) loss reclassified from OCI to interest expense (effective portion) | 1.4 | (0.3) | |
Net (gain) loss reclassified from OCI to other income (expense), net (ineffective portion) | (0.4) | 0.5 | |
Cash Flow Hedges [Member] | Other Contracts [Member] | |||
Derivative [Line Items] | |||
Net gain (loss) recognized in OCI (effective portion) | [2] | 20.7 | 0.2 |
Net (gain) loss reclassified from OCI to sales/cost of sales (effective portion) | [2] | 0 | 0 |
Net (gain) loss reclassified from OCI to other income (expense), net (effective portion) | [2] | (20.2) | (5.2) |
Net (gain) loss reclassified from OCI to interest expense (effective portion) | [2] | 0.8 | 0.3 |
Net (gain) loss reclassified from OCI to other income (expense), net (ineffective portion) | [2] | 0 | 0 |
Fair Value Hedges [Member] | |||
Derivative [Line Items] | |||
Net (gain) loss recognized in interest expense | [3] | (9) | 3.5 |
Fair Value Hedges [Member] | Other Contracts [Member] | |||
Derivative [Line Items] | |||
Net (gain) loss recognized in interest expense | [2],[3] | (9) | 3.5 |
Net Investment Hedges [Member] | |||
Derivative [Line Items] | |||
Net gain (loss) recognized in OCI | 17.1 | 61.3 | |
Net Investment Hedges [Member] | Forward Exchange Contracts [Member] | |||
Derivative [Line Items] | |||
Net gain (loss) recognized in OCI | 3 | 20.1 | |
Net Investment Hedges [Member] | Foreign Currency Debt [Member] | |||
Derivative [Line Items] | |||
Net gain (loss) recognized in OCI | 7.6 | 31.1 | |
Net Investment Hedges [Member] | Other Contracts [Member] | |||
Derivative [Line Items] | |||
Net gain (loss) recognized in OCI | [2] | 6.5 | 10.1 |
Hedges Not Designated [Member] | |||
Derivative [Line Items] | |||
Net gain (loss) recognized in net income (loss) | [4] | 1.7 | 0.2 |
Hedges Not Designated [Member] | Forward Exchange Contracts [Member] | |||
Derivative [Line Items] | |||
Net gain (loss) recognized in net income (loss) | [4] | 1.7 | 0.2 |
Hedges Not Designated [Member] | Other Contracts [Member] | |||
Derivative [Line Items] | |||
Net gain (loss) recognized in net income (loss) | [2],[4] | $ 0 | $ 0 |
[1] | The impact is reflected in Other income (expense), net and relates to the sale of an equity affiliate. Refer to Note 7, Equity Affiliates. | ||
[2] | Other includes the impact on other comprehensive income (OCI) and earnings related to interest rate and cross currency interest rate swaps. | ||
[3] | The impact of the fair value hedges noted above was largely offset by gains and losses resulting from the impact of changes in related interest rates on recognized outstanding debt. | ||
[4] | The impact of the non-designated hedges noted above was largely offset by gains and losses resulting from the impact of changes in exchange rates on recognized assets and liabilities denominated in nonfunctional currencies. |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of the Carrying Values and Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Sep. 30, 2015 |
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion carrying value | $ 4,278.4 | $ 4,384.7 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion fair value | 4,570.1 | 4,645.7 |
Interest rate management contract [Member] | Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 189.6 | 171.8 |
Derivative liabilities | 0 | 0.8 |
Interest rate management contract [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 189.6 | 171.8 |
Derivative liabilities | 0 | 0.8 |
Forward Exchange Contracts [Member] | Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 163 | 147.1 |
Derivative liabilities | 90.1 | 124.4 |
Forward Exchange Contracts [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 163 | 147.1 |
Derivative liabilities | $ 90.1 | $ 124.4 |
Fair Value Measurements (Sche54
Fair Value Measurements (Schedule of Fair Value of Assets and Liabilities) (Details) - Fair Value [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Sep. 30, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Assets at Fair Value | $ 352.6 | $ 318.9 |
Total Liabilities at Fair Value | 90.1 | 125.2 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Assets at Fair Value | 0 | 0 |
Total Liabilities at Fair Value | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Assets at Fair Value | 352.6 | 318.9 |
Total Liabilities at Fair Value | 90.1 | 125.2 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Assets at Fair Value | 0 | 0 |
Total Liabilities at Fair Value | 0 | 0 |
Interest rate management contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 189.6 | 171.8 |
Derivative liabilities | 0 | 0.8 |
Interest rate management contract [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Interest rate management contract [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 189.6 | 171.8 |
Derivative liabilities | 0 | 0.8 |
Interest rate management contract [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Forward Exchange Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 163 | 147.1 |
Derivative liabilities | 90.1 | 124.4 |
Forward Exchange Contracts [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Forward Exchange Contracts [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 163 | 147.1 |
Derivative liabilities | 90.1 | 124.4 |
Forward Exchange Contracts [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | $ 0 | $ 0 |
Retirement Benefits (Narrative)
Retirement Benefits (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | $ 51.8 | $ 76.4 | $ 137.5 |
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total expected contributions for current fiscal year | 100 | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total expected contributions for current fiscal year | 120 | ||
Change in Assumptions for Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated impact of change in accounting estimate on net periodic benefit cost in the current fiscal year | (30) | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Recognized settlement losses | $ 0 | $ 0 |
Retirement Benefits (Schedule o
Retirement Benefits (Schedule of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
US [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 9 | $ 10.6 |
Interest cost | 27.7 | 31.2 |
Expected return on plan assets | (50.5) | (50.5) |
Actuarial loss amortization | 21.1 | 19.8 |
Prior service cost amortization | 0.7 | 0.7 |
Settlements | 0 | (0.1) |
Special termination benefits | 0 | 2.7 |
Other | 0 | 1.1 |
Net periodic benefit cost | 8 | 15.5 |
International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 6.2 | 8.2 |
Interest cost | 11.6 | 15 |
Expected return on plan assets | (20.7) | (21.1) |
Actuarial loss amortization | 9.2 | 10.5 |
Prior service cost amortization | 0 | 0 |
Settlements | 0 | (0.1) |
Special termination benefits | 0 | 0 |
Other | 0.5 | 0.5 |
Net periodic benefit cost | 6.8 | 13 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0.5 | 0.7 |
Interest cost | 0.5 | 0.6 |
Expected return on plan assets | 0 | 0 |
Actuarial loss amortization | 0.2 | 0.2 |
Prior service cost amortization | 0 | 0 |
Settlements | 0 | 0 |
Special termination benefits | 0 | 0 |
Other | 0 | 0 |
Net periodic benefit cost | $ 1.2 | $ 1.5 |
Commitments and Contingencies (
Commitments and Contingencies (Litigation and Environmental) (Narrative) (Details) BRL in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | |||
Sep. 30, 2010BRL | Dec. 31, 2015USD ($) | Dec. 31, 2015BRLSites | Dec. 31, 2015USD ($)Sites | Sep. 30, 2015USD ($) | |
Environmental [Member] | |||||
Loss Contingencies [Line Items] | |||||
Accrual for environmental loss contingencies | $ 78.6 | $ 80.6 | |||
Approximate number of sites on which settlement has not been reached | Sites | 37 | 37 | |||
Accrual for environmental loss contingencies, Maximum payout period | 30 years | ||||
Accrual for environmental loss contingencies, Minimum exposure | $ 78 | ||||
Accrual for environmental loss contingencies, Maximum exposure | 92 | ||||
Alleged Anticompete Litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Civil fines imposed | BRL 179.2 | $ 45 | |||
Provision for litigation | $ 0 | ||||
Maximum of loss contingency range subject to interest | BRL 179.2 | $ 45 |
Commitments and Contingencies58
Commitments and Contingencies (Pace) (Narrative) (Details) - Pace, Florida [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Sep. 30, 2006 | |
Loss Contingencies [Line Items] | ||
Accrual for environmental loss contingencies | $ 30.7 | $ 42 |
Years to complete environmental remediation | 20 years beginning in 2006 | |
Change in estimated exposure | $ 0 | |
Environmental loss contingencies estimated costs through completion, maximum | 52 | |
Environmental loss contingencies estimated costs through completion, minimum | 42 | |
Segment Discontinued Operations Member | ||
Loss Contingencies [Line Items] | ||
Pretax environmental expense | $ 42 |
Commitments and Contingencies59
Commitments and Contingencies (Piedmont) (Narrative) (Details) - Piedmont, Florida [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Sep. 30, 2008 | |
Loss Contingencies [Line Items] | ||
Accrual for environmental loss contingencies | $ 18.1 | $ 24 |
Years to complete environmental remediation | until 2019 to complete source area remediation with groundwater recovery and treatment, continuing through 2029 | |
Change in estimated exposure | $ 0 | |
Segment Discontinued Operations Member | ||
Loss Contingencies [Line Items] | ||
Pretax environmental expense | $ 24 |
Commitments and Contingencies60
Commitments and Contingencies (Pasadena) (Narrative) (Details) - Pasadena Texas Member [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Sep. 30, 2012 | |
Loss Contingencies [Line Items] | ||
Accrual for environmental loss contingencies | $ 10.7 | |
Years to complete environmental remediation | until 2,042 | |
Total anticipated exposure at this site | $ 13 | |
Change in estimated exposure | $ 0 |
Share-Based Compensation (Narra
Share-Based Compensation (Narratives) (Details) | 3 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Award [Line Items] | |
Shares available for future grant | 4,756,589 |
Market-Based Deferred Stock Unit [Member] | |
Share-based Compensation Arrangement by Share-based Award [Line Items] | |
Number of units/shares granted | 127,262 |
Weighted-average grant date fair value of units/shares | $ / shares | $ 134.58 |
Time-Based Deferred Stock Unit [Member] | |
Share-based Compensation Arrangement by Share-based Award [Line Items] | |
Number of units/shares granted | 136,685 |
Weighted-average grant date fair value of units/shares | $ / shares | $ 137.88 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Award [Line Items] | |
Number of units/shares granted | 32,920 |
Weighted-average grant date fair value of units/shares | $ / shares | $ 138 |
Share-Based Compensation (Compe
Share-Based Compensation (Compensation Cost Recognized in Income Statement) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Before-Tax Share-Based Compensation | $ 10.2 | $ 11.9 |
Income Tax Benefit | (3.5) | (4) |
After-Tax Share-Based Compensation | $ 6.7 | $ 7.9 |
Share-Based Compensation (Marke
Share-Based Compensation (Market-Based Deferred Stock Unit Valuation Assumptions)(Details) - Market-Based Deferred Stock Unit [Member] | 3 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Award [Line Items] | |
Expected volatility | 20.50% |
Risk-free interest rate | 1.20% |
Expected dividend yield | 2.20% |
Equity (Changes in Equity) (Det
Equity (Changes in Equity) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Balance, beginning of period | $ 7,381.1 | $ 7,521.4 | |
Net income | 372 | 332.1 | |
Other comprehensive income (loss) | (82.7) | (233.8) | |
Dividends on common stock | (174.7) | (165.4) | |
Dividends to noncontrolling interests | (8.5) | (6.2) | |
Share-based compensation expense | 10.2 | 11.9 | |
Treasury shares for stock option and award plans | (2) | 30.1 | |
Tax benefit of stock option and award plans | 4.9 | 13.5 | |
Other | (1.3) | (0.3) | |
Balance, end of period | 7,499 | 7,503.3 | |
Net income related to redeemable noncontrolling interests | 0 | 5.4 | |
Air Products Shareholders' Equity [Member] | |||
Balance, beginning of period | 7,249 | 7,365.8 | |
Net income | 363.6 | 324.6 | |
Other comprehensive income (loss) | (82.7) | (228.7) | |
Dividends on common stock | (174.7) | (165.4) | |
Dividends to noncontrolling interests | 0 | 0 | |
Share-based compensation expense | 10.2 | 11.9 | |
Treasury shares for stock option and award plans | (2) | 30.1 | |
Tax benefit of stock option and award plans | 4.9 | 13.5 | |
Other | (1.2) | (0.3) | |
Balance, end of period | 7,367.1 | 7,351.5 | |
Noncontrolling Interests [Member] | |||
Balance, beginning of period | 132.1 | 155.6 | |
Net income | [1] | 8.4 | 7.5 |
Other comprehensive income (loss) | 0 | (5.1) | |
Dividends on common stock | 0 | 0 | |
Dividends to noncontrolling interests | (8.5) | (6.2) | |
Share-based compensation expense | 0 | 0 | |
Treasury shares for stock option and award plans | 0 | 0 | |
Tax benefit of stock option and award plans | 0 | 0 | |
Other | (0.1) | 0 | |
Balance, end of period | $ 131.9 | $ 151.8 | |
[1] | Net income attributable to noncontrolling interests for the three months ended 31 December 2014 excludes net income of $5.4 related to redeemable noncontrolling interests, which were not part of total equity. There was no net income related to redeemable noncontrolling interests for the three months ended 31 December 2015. |
Equity (Changes in Equity) (Par
Equity (Changes in Equity) (Parenthetical) (Details) - $ / shares | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends per share | $ 0.81 | $ 0.77 |
Accumulated Other Comprehensi66
Accumulated Other Comprehensive Loss (Rollforward) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | $ (2,125.9) | |
Other comprehensive income (loss) before reclassifications | (86.9) | |
Amounts reclassified from AOCL | 4.2 | |
Net current period other comprehensive income (loss) | (82.7) | $ (233.8) |
Amount attributable to noncontrolling interest | 0 | $ (5.1) |
Ending Balance | (2,208.6) | |
Net loss on derivatives qualifying as hedges [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | (42.9) | |
Other comprehensive income (loss) before reclassifications | 16 | |
Amounts reclassified from AOCL | (19.3) | |
Net current period other comprehensive income (loss) | (3.3) | |
Amount attributable to noncontrolling interest | 0 | |
Ending Balance | (46.2) | |
Foreign currency translation adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | (956.5) | |
Other comprehensive income (loss) before reclassifications | (102.9) | |
Amounts reclassified from AOCL | 2.4 | |
Net current period other comprehensive income (loss) | (100.5) | |
Amount attributable to noncontrolling interest | 0 | |
Ending Balance | (1,057) | |
Pension and postretirement benefits [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | (1,126.5) | |
Other comprehensive income (loss) before reclassifications | 0 | |
Amounts reclassified from AOCL | 21.1 | |
Net current period other comprehensive income (loss) | 21.1 | |
Amount attributable to noncontrolling interest | 0 | |
Ending Balance | $ (1,105.4) |
Accumulated Other Comprehensi67
Accumulated Other Comprehensive Loss (Reclassification) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Other (income) expense, net | $ (5.9) | $ (8.3) | |
Interest expense | 22.2 | 29.1 | |
Net Income Attributable to Air Products | (363.6) | (324.6) | |
Income (Loss) from discontinued operations, net of tax | 0 | 0 | |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | (Gain) Loss on Cash Flow Hedges, net of tax [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Sales/cost of sales | 0.9 | (0.6) | |
Other (income) expense, net | (22.4) | 14.1 | |
Interest expense | 2.2 | 0 | |
Net Income Attributable to Air Products | (19.3) | 13.5 | |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Currency Translation Adjustment [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Other (income) expense, net | [1] | 2.4 | 0 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Pension and Postretirement Benefits, net of tax [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Net Income Attributable to Air Products | [2] | $ 21.1 | $ 20.9 |
[1] | The impact is reflected in Other income (expense), net and relates to the sale of an equity affiliate. Refer to Note 7, Equity Affiliates. | ||
[2] | The components include items such as prior service cost amortization, actuarial loss amortization, and settlements and are reflected in net periodic benefit cost. Refer to Note 12, Retirement Benefits. |
Earnings per Share (Schedule of
Earnings per Share (Schedule of Earnings per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share | ||
Income from continuing operations | $ 363.6 | $ 324.6 |
Income from discontinued operations | 0 | 0 |
Net Income Attributable to Air Products | $ 363.6 | $ 324.6 |
Weighted average number of common shares outstanding | 215.8 | 214.2 |
Employee stock option and other award plans | 1.8 | 2.4 |
Weighted average number of common shares outstanding assuming dilution | 217.6 | 216.6 |
Income from Continuing Operations, Basic | $ 1.68 | $ 1.52 |
Income (loss) from Discontinued Operations, Basic | 0 | 0 |
Net Income Attributable to Air Products | 1.68 | 1.52 |
Income from Continuing Operations, Diluted | 1.67 | 1.5 |
Income from Discontinued Operations, Diluted | 0 | 0 |
Net Income Attributable to Air Products | $ 1.67 | $ 1.5 |
Earnings per Share (Narrative)
Earnings per Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share | ||
Antidilutive options excluded from computation of diluted earnings per share | 0.3 | 0.4 |
Supplemental Information (Narra
Supplemental Information (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Information [Line Items] | ||
Income tax payments, net of refunds | $ 66.9 | $ 62.5 |
Business Segment Information (N
Business Segment Information (Narratives) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | ||
Sales | $ 2,355.8 | $ 2,560.8 |
Industrial Gases - Global [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales | 104.3 | 59 |
Industrial Gases - Global [Member] | Intersegment Elimination [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales | $ 54.6 | $ 59.6 |
Business Segment Information (S
Business Segment Information (Schedule of Segment Reporting Information) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | |||
Sales | $ 2,355.8 | $ 2,560.8 | |
Operating income (loss) | 493 | 430 | |
Depreciation and amortization | 232.7 | 235.5 | |
Equity affiliates' income | 33.7 | 43.1 | |
Total assets | 17,260.3 | $ 17,334.5 | |
Segment Total [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 2,355.8 | 2,560.8 | |
Operating income (loss) | 519.3 | 444.5 | |
Depreciation and amortization | 232.7 | 235.5 | |
Equity affiliates' income | 33.7 | 43.1 | |
Total assets | 17,260.3 | 17,334.5 | |
Industrial Gases - Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 836.1 | 1,003 | |
Operating income (loss) | 211.8 | 211.2 | |
Depreciation and amortization | 108.8 | 103.6 | |
Equity affiliates' income | 14.5 | 17.2 | |
Total assets | 5,674.3 | 5,774.9 | |
Industrial Gases - EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 438.3 | 500.8 | |
Operating income (loss) | 91.7 | 81.3 | |
Depreciation and amortization | 46.7 | 51.1 | |
Equity affiliates' income | 7.6 | 10.3 | |
Total assets | 3,224.5 | 3,323.9 | |
Industrial Gases - Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 413.2 | 398.7 | |
Operating income (loss) | 116.7 | 90.5 | |
Depreciation and amortization | 51.7 | 49.6 | |
Equity affiliates' income | 11.7 | 14.6 | |
Total assets | 4,155.4 | 4,154 | |
Industrial Gases - Global [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 104.3 | 59 | |
Operating income (loss) | (19.3) | (17.9) | |
Depreciation and amortization | 2.1 | 4.3 | |
Equity affiliates' income | (0.5) | 0.4 | |
Total assets | 383.3 | 370.5 | |
Materials Technologies [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 490 | 524 | |
Operating income (loss) | 127.2 | 104.6 | |
Depreciation and amortization | 19.6 | 24 | |
Equity affiliates' income | 0.4 | 0.6 | |
Total assets | 1,705.8 | 1,741.9 | |
Energy-from-Waste [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 0 | 0 | |
Operating income (loss) | (3.6) | (2.5) | |
Depreciation and amortization | 0 | 0 | |
Equity affiliates' income | 0 | 0 | |
Total assets | 938.9 | 894.4 | |
Corporate and other [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 73.9 | 75.3 | |
Operating income (loss) | (5.2) | (22.7) | |
Depreciation and amortization | 3.8 | 2.9 | |
Equity affiliates' income | 0 | $ 0 | |
Total assets | $ 1,178.1 | $ 1,074.9 |
Business Segment Information (R
Business Segment Information (Reconciliation of Operating Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Business separation costs | $ (12) | $ 0 | $ (19.5) |
Project suspension costs | (14.3) | 0 | |
Business restructuring and cost reduction actions | 0 | (32.4) | |
Gain on previously held equity interest | 0 | 17.9 | |
Operating Income | 493 | 430 | |
Segment Total [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Income | 519.3 | 444.5 | |
Segment Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Business separation costs | (12) | 0 | |
Business restructuring and cost reduction actions | 0 | (32.4) | |
Gain on previously held equity interest | $ 0 | $ 17.9 |