☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 23-1274455 | |||||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $1.00 per share | APD | New York Stock Exchange | ||||||
0.375% Euro Notes due 2021 | APD21B | New York Stock Exchange | ||||||
1.000% Euro Notes due 2025 | APD25 | New York Stock Exchange | ||||||
0.500% Euro Notes due 2028 | APD28 | New York Stock Exchange | ||||||
0.800% Euro Notes due 2032 | APD32 | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
Three Months Ended | ||||||||||||||
31 December | ||||||||||||||
(Millions of dollars, except for share and per share data) | 2020 | 2019 | ||||||||||||
Sales | $2,375.2 | $2,254.7 | ||||||||||||
Cost of sales | 1,632.4 | 1,486.6 | ||||||||||||
Selling and administrative | 202.7 | 201.7 | ||||||||||||
Research and development | 23.5 | 17.7 | ||||||||||||
Other income (expense), net | 22.5 | 12.3 | ||||||||||||
Operating Income | 539.1 | 561.0 | ||||||||||||
Equity affiliates' income | 69.3 | 58.2 | ||||||||||||
Interest expense | 36.7 | 18.7 | ||||||||||||
Other non-operating income (expense), net | 18.6 | 9.1 | ||||||||||||
Income From Continuing Operations Before Taxes | 590.3 | 609.6 | ||||||||||||
Income tax provision | 113.9 | 120.7 | ||||||||||||
Income From Continuing Operations | 476.4 | 488.9 | ||||||||||||
Income from discontinued operations, net of tax | 10.3 | — | ||||||||||||
Net Income | 486.7 | 488.9 | ||||||||||||
Net income attributable to noncontrolling interests of continuing operations | 4.7 | 13.3 | ||||||||||||
Net Income Attributable to Air Products | $482.0 | $475.6 | ||||||||||||
Net Income Attributable to Air Products | ||||||||||||||
Net income from continuing operations | $471.7 | $475.6 | ||||||||||||
Net income from discontinued operations | 10.3 | — | ||||||||||||
Net Income Attributable to Air Products | $482.0 | $475.6 | ||||||||||||
Per Share Data* | ||||||||||||||
Basic EPS from continuing operations | $2.13 | $2.15 | ||||||||||||
Basic EPS from discontinued operations | 0.05 | — | ||||||||||||
Basic EPS Attributable to Air Products | $2.18 | $2.15 | ||||||||||||
Diluted EPS from continuing operations | $2.12 | $2.14 | ||||||||||||
Diluted EPS from discontinued operations | 0.05 | — | ||||||||||||
Diluted EPS Attributable to Air Products | $2.17 | $2.14 | ||||||||||||
Weighted Average Common Shares (in millions)
|
||||||||||||||
Basic | 221.5 | 220.9 | ||||||||||||
Diluted
|
222.6 | 222.2 | ||||||||||||
Three Months Ended | |||||||||||
31 December | |||||||||||
(Millions of dollars) | 2020 | 2019 | |||||||||
Net Income | $486.7 | $488.9 | |||||||||
Other Comprehensive Income, net of tax: | |||||||||||
Translation adjustments, net of tax of ($24.2) and ($10.8)
|
415.7 | 264.0 | |||||||||
Net gain (loss) on derivatives, net of tax of $2.7 and $2.6
|
13.8 | 22.1 | |||||||||
Reclassification adjustments: | |||||||||||
Derivatives, net of tax of ($0.8) and ($0.8)
|
(1.3) | (3.6) | |||||||||
Pension and postretirement benefits, net of tax of $5.9 and $6.5
|
18.3 | 19.7 | |||||||||
Total Other Comprehensive Income | 446.5 | 302.2 | |||||||||
Comprehensive Income | 933.2 | 791.1 | |||||||||
Net Income Attributable to Noncontrolling Interests | 4.7 | 13.3 | |||||||||
Other Comprehensive Income Attributable to Noncontrolling Interests | 19.7 | 15.2 | |||||||||
Comprehensive Income Attributable to Air Products | $908.8 | $762.6 |
31 December | 30 September | ||||||||||
(Millions of dollars, except for share and per share data) | 2020 | 2020 | |||||||||
Assets | |||||||||||
Current Assets | |||||||||||
Cash and cash items | $5,788.0 | $5,253.0 | |||||||||
Short-term investments | 412.0 | 1,104.9 | |||||||||
Trade receivables, net | 1,419.7 | 1,274.8 | |||||||||
Inventories | 422.9 | 404.8 | |||||||||
Prepaid expenses | 178.5 | 164.5 | |||||||||
Other receivables and current assets | 588.7 | 482.9 | |||||||||
Total Current Assets | 8,809.8 | 8,684.9 | |||||||||
Investment in net assets of and advances to equity affiliates | 1,520.4 | 1,432.2 | |||||||||
Plant and equipment, at cost | 26,308.1 | 25,176.2 | |||||||||
Less: accumulated depreciation | 13,791.0 | 13,211.5 | |||||||||
Plant and equipment, net | 12,517.1 | 11,964.7 | |||||||||
Goodwill, net | 923.9 | 891.5 | |||||||||
Intangible assets, net | 452.5 | 435.8 | |||||||||
Noncurrent lease receivables | 816.2 | 816.3 | |||||||||
Other noncurrent assets | 1,048.2 | 943.1 | |||||||||
Total Noncurrent Assets | 17,278.3 | 16,483.6 | |||||||||
Total Assets | $26,088.1 | $25,168.5 | |||||||||
Liabilities and Equity | |||||||||||
Current Liabilities | |||||||||||
Payables and accrued liabilities | $1,962.2 | $1,833.2 | |||||||||
Accrued income taxes | 108.4 | 105.8 | |||||||||
Short-term borrowings | 9.2 | 7.7 | |||||||||
Current portion of long-term debt | 906.1 | 470.0 | |||||||||
Total Current Liabilities | 2,985.9 | 2,416.7 | |||||||||
Long-term debt | 6,779.1 | 7,132.9 | |||||||||
Long-term debt – related party | 312.5 | 297.2 | |||||||||
Other noncurrent liabilities | 1,935.7 | 1,916.0 | |||||||||
Deferred income taxes | 1,003.0 | 962.6 | |||||||||
Total Noncurrent Liabilities | 10,030.3 | 10,308.7 | |||||||||
Total Liabilities | 13,016.2 | 12,725.4 | |||||||||
Commitments and Contingencies - See Note 10 | |||||||||||
Air Products Shareholders’ Equity | |||||||||||
Common stock (par value $1 per share; issued 2021 and 2020 - 249,455,584 shares)
|
249.4 | 249.4 | |||||||||
Capital in excess of par value | 1,083.0 | 1,094.8 | |||||||||
Retained earnings | 15,060.5 | 14,875.7 | |||||||||
Accumulated other comprehensive loss | (1,713.3) | (2,140.1) | |||||||||
Treasury stock, at cost (2021 - 28,178,694 shares; 2020 - 28,438,125 shares)
|
(1,996.0) | (2,000.0) | |||||||||
Total Air Products Shareholders’ Equity | 12,683.6 | 12,079.8 | |||||||||
Noncontrolling Interests | 388.3 | 363.3 | |||||||||
Total Equity | 13,071.9 | 12,443.1 | |||||||||
Total Liabilities and Equity | $26,088.1 | $25,168.5 |
Three Months Ended | ||||||||
31 December | ||||||||
(Millions of dollars) | 2020 | 2019 | ||||||
Operating Activities | ||||||||
Net income | $486.7 | $488.9 | ||||||
Less: Net income attributable to noncontrolling interest of continuing operations | 4.7 | 13.3 | ||||||
Net income attributable to Air Products | 482.0 | 475.6 | ||||||
Income from discontinued operations | (10.3) | — | ||||||
Income from continuing operations attributable to Air Products | 471.7 | 475.6 | ||||||
Adjustments to reconcile income to cash provided by operating activities: | ||||||||
Depreciation and amortization | 323.7 | 289.2 | ||||||
Deferred income taxes | 47.6 | 24.4 | ||||||
Undistributed earnings of equity method investments | (10.8) | (26.2) | ||||||
Gain on sale of assets and investments | (1.1) | (1.1) | ||||||
Share-based compensation | 9.8 | 13.9 | ||||||
Noncurrent lease receivables | 21.9 | 23.5 | ||||||
Other adjustments | 19.3 | 30.8 | ||||||
Working capital changes that provided (used) cash, excluding effects of acquisitions: | ||||||||
Trade receivables | (44.1) | 0.9 | ||||||
Inventories | (9.9) | (8.4) | ||||||
Other receivables | (30.1) | 1.4 | ||||||
Payables and accrued liabilities | 24.2 | (115.4) | ||||||
Other working capital | (47.5) | (41.6) | ||||||
Cash Provided by Operating Activities | 774.7 | 667.0 | ||||||
Investing Activities | ||||||||
Additions to plant and equipment, including long-term deposits | (664.2) | (447.7) | ||||||
Investment in and advances to equity method investments | (20.0) | (7.1) | ||||||
Proceeds from sale of assets and investments | 2.6 | 15.2 | ||||||
Purchases of investments | (158.5) | — | ||||||
Proceeds from investments | 855.0 | 177.0 | ||||||
Other investing activities | 3.3 | 1.9 | ||||||
Cash Provided by (Used for) Investing Activities | 18.2 | (260.7) | ||||||
Financing Activities | ||||||||
Payments on long-term debt | (1.1) | (2.8) | ||||||
Net increase (decrease) in commercial paper and short-term borrowings | 4.5 | (10.4) | ||||||
Dividends paid to shareholders | (296.2) | (255.7) | ||||||
Proceeds from stock option exercises | 1.6 | 5.5 | ||||||
Other financing activities | (15.9) | (6.9) | ||||||
Cash Used for Financing Activities | (307.1) | (270.3) | ||||||
Effect of Exchange Rate Changes on Cash | 49.2 | 21.4 | ||||||
Increase in cash and cash items | 535.0 | 157.4 | ||||||
Cash and Cash items – Beginning of Year | 5,253.0 | 2,248.7 | ||||||
Cash and Cash Items – End of Period | $5,788.0 | $2,406.1 | ||||||
Three Months Ended | ||||||||||||||||||||||||||
31 December 2020 | ||||||||||||||||||||||||||
(Millions of dollars, except for per share data) |
Common
Stock |
Capital in
Excess of Par Value |
Retained
Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Treasury
Stock |
Air
Products Shareholders' Equity |
Non-
controlling Interests |
Total
Equity |
||||||||||||||||||
Balance at 30 September 2020 | $249.4 | $1,094.8 | $14,875.7 | ($2,140.1) | ($2,000.0) | $12,079.8 | $363.3 | $12,443.1 | ||||||||||||||||||
Net income | — | — | 482.0 | — | — | 482.0 | 4.7 | 486.7 | ||||||||||||||||||
Other comprehensive income (loss) | — | — | — | 426.8 | — | 426.8 | 19.7 | 446.5 | ||||||||||||||||||
Dividends on common stock (per share $1.34)
|
— | — | (296.5) | — | — | (296.5) | — | (296.5) | ||||||||||||||||||
Share-based compensation | — | 10.3 | — | — | — | 10.3 | — | 10.3 | ||||||||||||||||||
Issuance of treasury shares for stock option and award plans | — | (21.0) | — | — | 4.0 | (17.0) | — | (17.0) | ||||||||||||||||||
Investments by noncontrolling interests | — | — | — | — | — | — | 0.6 | 0.6 | ||||||||||||||||||
Other equity transactions | — | (1.1) | (0.7) | — | — | (1.8) | — | (1.8) | ||||||||||||||||||
Balance at 31 December 2020 | $249.4 | $1,083.0 | $15,060.5 | ($1,713.3) | ($1,996.0) | $12,683.6 | $388.3 | $13,071.9 |
Three Months Ended | ||||||||||||||||||||||||||
31 December 2019 | ||||||||||||||||||||||||||
(Millions of dollars, except for per share data) |
Common
Stock |
Capital in
Excess of Par Value |
Retained
Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Treasury
Stock |
Air
Products Shareholders' Equity |
Non-
controlling Interests |
Total
Equity |
||||||||||||||||||
Balance at 30 September 2019 | $249.4 | $1,070.9 | $14,138.4 | ($2,375.6) | ($2,029.5) | $11,053.6 | $334.7 | $11,388.3 | ||||||||||||||||||
Net income | — | — | 475.6 | — | — | 475.6 | 13.3 | 488.9 | ||||||||||||||||||
Other comprehensive income (loss) | — | — | — | 287.0 | — | 287.0 | 15.2 | 302.2 | ||||||||||||||||||
Dividends on common stock (per share $1.16)
|
— | — | (256.0) | — | — | (256.0) | — | (256.0) | ||||||||||||||||||
Dividends to noncontrolling interests | — | — | — | — | — | — | (1.3) | (1.3) | ||||||||||||||||||
Share-based compensation | — | 13.9 | — | — | — | 13.9 | — | 13.9 | ||||||||||||||||||
Issuance of treasury shares for stock option and award plans | — | (18.5) | — | — | 6.1 | (12.4) | — | (12.4) | ||||||||||||||||||
Investments by noncontrolling interests | — | — | — | — | — | — | 11.9 | 11.9 | ||||||||||||||||||
Other equity transactions | — | (4.6) | (1.1) | — | — | (5.7) | — | (5.7) | ||||||||||||||||||
Balance at 31 December 2019 | $249.4 | $1,061.7 | $14,356.9 | ($2,088.6) | ($2,023.4) | $11,556.0 | $373.8 | $11,929.8 | ||||||||||||||||||
1. | ||||||||
2. | ||||||||
3. | ||||||||
4. | ||||||||
5. | ||||||||
6. | ||||||||
7. | ||||||||
8. | ||||||||
9. | ||||||||
10. | ||||||||
11. | ||||||||
12. | ||||||||
13. | ||||||||
14. | ||||||||
15. | ||||||||
16. | ||||||||
Balance at 30 September 2020 | $23.9 | ||||
Adoption of new credit losses standard | 0.5 | ||||
Provision for credit losses | 1.0 | ||||
Write-offs charged against the allowance | (0.8) | ||||
Currency translation and other | 1.6 | ||||
Balance at 31 December 2020 | $26.2 |
Industrial
Gases– Americas |
Industrial
Gases– EMEA |
Industrial
Gases– Asia |
Industrial
Gases– Global |
Corporate
and other |
Total | % | |||||||||||||||||
Three Months Ended 31 December 2020 | |||||||||||||||||||||||
On-site | $541.3 | $188.7 | $414.9 | $— | $— | $1,144.9 | 48 | % | |||||||||||||||
Merchant | 391.7 | 374.3 | 302.6 | — | — | 1,068.6 | 45 | % | |||||||||||||||
Sale of Equipment | — | — | — | 104.5 | 57.2 | 161.7 | 7 | % | |||||||||||||||
Total | $933.0 | $563.0 | $717.5 | $104.5 | $57.2 | $2,375.2 | 100 | % | |||||||||||||||
Three Months Ended 31 December 2019 | |||||||||||||||||||||||
On-site | $534.5 | $171.4 | $418.3 | $— | $— | $1,124.2 | 50 | % | |||||||||||||||
Merchant | 401.7 | 327.3 | 274.5 | — | — | 1,003.5 | 44 | % | |||||||||||||||
Sale of Equipment | — | — | — | 92.6 | 34.4 | 127.0 | 6 | % | |||||||||||||||
Total | $936.2 | $498.7 | $692.8 | $92.6 | $34.4 | $2,254.7 | 100 | % |
Balance Sheet Location | 31 December 2020 | 30 September 2020 | ||||||||||||
Assets | ||||||||||||||
Contract assets – current | Other receivables and current assets | $64.9 | $55.9 | |||||||||||
Contract fulfillment costs – current | Other receivables and current assets | 140.9 | 109.9 | |||||||||||
Liabilities | ||||||||||||||
Contract liabilities – current | Payables and accrued liabilities | 434.0 | 313.8 | |||||||||||
Contract liabilities – noncurrent | Other noncurrent liabilities | 58.8 | 57.9 |
31 December | 30 September | |||||||||||||
2020 | 2020 | |||||||||||||
Finished goods | $147.7 | $134.5 | ||||||||||||
Work in process | 23.3 | 21.3 | ||||||||||||
Raw materials, supplies and other | 251.9 | 249.0 | ||||||||||||
Inventories | $422.9 | $404.8 | ||||||||||||
Industrial
Gases– Americas |
Industrial
Gases– EMEA |
Industrial
Gases– Asia |
Industrial
Gases– Global |
Corporate
and other |
Total | |||||||||||||||||||||||||||||||||
Goodwill, net at 30 September 2020 | $152.6 | $524.1 | $180.4 | $19.5 | $14.9 | $891.5 | ||||||||||||||||||||||||||||||||
Currency translation and other | 5.1 | 22.8 | 4.1 | 0.4 | — | 32.4 | ||||||||||||||||||||||||||||||||
Goodwill, net at 31 December 2020 | $157.7 | $546.9 | $184.5 | $19.9 | $14.9 | $923.9 |
31 December | 30 September | |||||||||||||
2020 | 2020 | |||||||||||||
Goodwill, gross | $1,298.5 | $1,230.2 | ||||||||||||
Accumulated impairment losses(A)
|
(374.6) | (338.7) | ||||||||||||
Goodwill, net | $923.9 | $891.5 |
31 December 2020 | 30 September 2020 | |||||||||||||||||||||||||
US$
Notional |
Years
Average Maturity |
US$
Notional |
Years
Average Maturity |
|||||||||||||||||||||||
Forward Exchange Contracts: | ||||||||||||||||||||||||||
Cash flow hedges | $2,752.9 | 0.4 | $2,842.1 | 0.5 | ||||||||||||||||||||||
Net investment hedges | 694.9 | 3.5 | 636.6 | 3.8 | ||||||||||||||||||||||
Not designated | 947.8 | 0.3 | 1,685.2 | 0.3 | ||||||||||||||||||||||
Total Forward Exchange Contracts | $4,395.6 | 0.9 | $5,163.9 | 0.8 |
31 December 2020 | 30 September 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
US$
Notional |
Average
Pay % |
Average
Receive % |
Years
Average Maturity |
US$
Notional |
Average
Pay % |
Average
Receive % |
Years
Average Maturity |
|||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps
(fair value hedge) |
$200.0 | LIBOR | 2.76 | % | 0.8 | $200.0 | LIBOR | 2.76 | % | 1.1 | ||||||||||||||||||||||||||||||||||||||||
Cross currency interest rate swaps
(net investment hedge) |
$205.6 | 4.30 | % | 3.13 | % | 3.0 | $201.6 | 4.27 | % | 3.12 | % | 3.2 | ||||||||||||||||||||||||||||||||||||||
Cross currency interest rate swaps
(cash flow hedge) |
$1,099.6 | 4.85 | % | 2.94 | % | 2.5 | $1,057.9 | 4.83 | % | 2.98 | % | 2.5 | ||||||||||||||||||||||||||||||||||||||
Cross currency interest rate swaps
(not designated) |
$8.8 | 5.39 | % | 3.54 | % | 2.9 | $12.8 | 5.39 | % | 3.54 | % | 3.2 |
Carrying amounts of hedged item | Cumulative hedging adjustment, included in carrying amount | ||||||||||||||||
Balance Sheet Location | 31 December 2020 | 30 September 2020 | 31 December 2020 | 30 September 2020 | |||||||||||||
Current portion of long-term debt | $404.2 | $— | $4.4 | $— | |||||||||||||
Long-term debt | — | 405.4 | — | 5.7 |
Balance Sheet
Location |
31 December 2020 | 30 September 2020 |
Balance Sheet
Location |
31 December 2020 | 30 September 2020 | |||||||||||||||
Derivatives Designated as Hedging Instruments: | ||||||||||||||||||||
Forward exchange contracts | Other receivables and current assets | $97.2 | $51.1 | Payables and accrued liabilities | $42.8 | $22.5 | ||||||||||||||
Interest rate management contracts | Other receivables and current assets | 13.1 | 14.7 | Payables and accrued liabilities | 7.2 | 0.4 | ||||||||||||||
Forward exchange contracts | Other noncurrent assets | 3.3 | 0.8 | Other noncurrent liabilities | 53.9 | 33.0 | ||||||||||||||
Interest rate management contracts |
Other noncurrent
assets |
14.6 | 44.3 | Other noncurrent liabilities | 32.7 | 1.7 | ||||||||||||||
Total Derivatives Designated as Hedging Instruments | $128.2 | $110.9 | $136.6 | $57.6 | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | ||||||||||||||||||||
Forward exchange contracts | Other receivables and current assets | $18.4 | $31.7 | Payables and accrued liabilities | $17.2 | $28.0 | ||||||||||||||
Forward exchange contracts | Other noncurrent assets | — | — | Other noncurrent liabilities | 0.2 | — | ||||||||||||||
Interest rate management contracts | Other noncurrent assets | — | 0.7 | Other noncurrent liabilities | 0.1 | — | ||||||||||||||
Total Derivatives Not Designated as Hedging Instruments | $18.4 | $32.4 | $17.5 | $28.0 | ||||||||||||||||
Total Derivatives | $146.6 | $143.3 | $154.1 | $85.6 |
Three Months Ended 31 December | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
Net Investment Hedging Relationships | |||||||||||||||||
Forward exchange contracts | ($35.9) | ($9.1) | |||||||||||||||
Foreign currency debt | (64.2) | (29.9) | |||||||||||||||
Cross currency interest rate swaps | (14.2) | (3.5) | |||||||||||||||
Total Amount Recognized in OCI | (114.3) | (42.5) | |||||||||||||||
Tax effects | 28.6 | 10.2 | |||||||||||||||
Net Amount Recognized in OCI | ($85.7) | ($32.3) |
Three Months Ended 31 December | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | |||||||||||||||||
Forward exchange contracts | $64.7 | $26.3 | |||||||||||||||
Forward exchange contracts, excluded components | (2.7) | (4.5) | |||||||||||||||
Other(A)
|
(45.5) | 2.9 | |||||||||||||||
Total Amount Recognized in OCI | 16.5 | 24.7 | |||||||||||||||
Tax effects | (2.7) | (2.6) | |||||||||||||||
Net Amount Recognized in OCI | $13.8 | $22.1 |
Three Months Ended 31 December | ||||||||||||||||||||||||||||||||||||||||||||
Sales | Cost of Sales | Other Income (Expense), Net | Interest Expense | Other Non-Operating Income (Expense), Net | ||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||
Total Amounts Presented in the Consolidated Income Statement in which the Effects of Cash Flow and Fair Value Hedges are Recorded | $2,375.2 | $2,254.7 | $1,632.4 | $1,486.6 | $22.5 | $12.3 | $36.7 | $18.7 | $18.6 | $9.1 | ||||||||||||||||||||||||||||||||||
(Gain) Loss Effects of Cash Flow Hedging: | ||||||||||||||||||||||||||||||||||||||||||||
Forward Exchange Contracts: | ||||||||||||||||||||||||||||||||||||||||||||
Amount reclassified from OCI into income | $0.1 | $0.1 | ($0.1) | ($0.2) | $— | $— | $— | $— | ($51.6) | ($23.4) | ||||||||||||||||||||||||||||||||||
Amount excluded from effectiveness testing recognized in earnings based on amortization approach | — | — | — | — | — | — | — | — | 2.8 | 4.5 | ||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||||||||
Amount reclassified from OCI into income(A)
|
— | — | — | — | — | — | 1.4 | 1.0 | 45.3 | 13.6 | ||||||||||||||||||||||||||||||||||
Total (Gain) Loss Reclassified from OCI to Income | 0.1 | 0.1 | (0.1) | (0.2) | — | — | 1.4 | 1.0 | (3.5) | (5.3) | ||||||||||||||||||||||||||||||||||
Tax effects | — | — | 0.2 | 0.1 | — | — | (0.5) | (0.3) | 1.1 | 1.0 | ||||||||||||||||||||||||||||||||||
Net (Gain) Loss Reclassified from OCI to Income | $0.1 | $0.1 | $0.1 | ($0.1) | $— | $— | $0.9 | $0.7 | ($2.4) | ($4.3) | ||||||||||||||||||||||||||||||||||
(Gain) Loss Effects of Fair Value Hedging: | ||||||||||||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||||||||
Hedged items | $— | $— | $— | $— | $— | $— | ($1.3) | ($0.9) | $— | $— | ||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | — | — | — | — | — | — | 1.3 | 0.9 | — | — | ||||||||||||||||||||||||||||||||||
Total (Gain) Loss Recognized in Income | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
31 December 2020 | 30 September 2020 | |||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||
Forward exchange contracts | $118.9 | $118.9 | $83.6 | $83.6 | ||||||||||||||||||||||
Interest rate management contracts | 27.7 | 27.7 | 59.7 | 59.7 | ||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||
Forward exchange contracts | $114.1 | $114.1 | $83.5 | $83.5 | ||||||||||||||||||||||
Interest rate management contracts | 40.0 | 40.0 | 2.1 | 2.1 | ||||||||||||||||||||||
Long-term debt, including current portion and related party | 7,997.7 | 8,477.4 | 7,900.1 | 8,278.4 |
31 December 2020 | 30 September 2020 | ||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Assets at Fair Value | |||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||
Forward exchange contracts | $118.9 | $— | $118.9 | $— | $83.6 | $— | $83.6 | $— | |||||||||||||||||||||
Interest rate management contracts | 27.7 | — | 27.7 | — | 59.7 | — | 59.7 | — | |||||||||||||||||||||
Total Assets at Fair Value | $146.6 | $— | $146.6 | $— | $143.3 | $— | $143.3 | $— | |||||||||||||||||||||
Liabilities at Fair Value | |||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||
Forward exchange contracts | $114.1 | $— | $114.1 | $— | $83.5 | $— | $83.5 | $— | |||||||||||||||||||||
Interest rate management contracts | 40.0 | — | 40.0 | — | 2.1 | — | 2.1 | — | |||||||||||||||||||||
Total Liabilities at Fair Value | $154.1 | $— | $154.1 | $— | $85.6 | $— | $85.6 | $— |
Pension Benefits | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Three Months Ended 31 December | U.S. | International | U.S. | International | |||||||||||||||||||||||||||||||
Service cost | $5.4 | $5.7 | $5.8 | $5.9 | |||||||||||||||||||||||||||||||
Interest cost | 17.2 | 6.1 | 22.8 | 6.2 | |||||||||||||||||||||||||||||||
Expected return on plan assets | (48.6) | (20.2) | (47.2) | (19.5) | |||||||||||||||||||||||||||||||
Prior service cost amortization | 0.3 | — | 0.3 | — | |||||||||||||||||||||||||||||||
Actuarial loss amortization | 19.7 | 4.6 | 21.0 | 4.9 | |||||||||||||||||||||||||||||||
Other | — | 0.3 | — | 0.2 | |||||||||||||||||||||||||||||||
Net Periodic (Benefit) Cost | ($6.0) | ($3.5) | $2.7 | ($2.3) | |||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
31 December | ||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
Before-tax share-based compensation cost | $9.5 | $15.4 | ||||||||||||||||||||||||
Income tax benefit | (2.3) | (3.7) | ||||||||||||||||||||||||
After-tax share-based compensation cost | $7.2 | $11.7 |
Expected volatility | 29.9 % | |||||||
Risk-free interest rate | 0.2 % | |||||||
Expected dividend yield | 2.1 % |
Derivatives
qualifying as hedges |
Foreign
currency translation adjustments |
Pension and
postretirement benefits |
Total | |||||||||||
Balance at 30 September 2020 | ($54.5) | ($1,142.8) | ($942.8) | ($2,140.1) | ||||||||||
Other comprehensive income before reclassifications | 13.8 | 415.7 | — | 429.5 | ||||||||||
Amounts reclassified from AOCL | (1.3) | — | 18.3 | 17.0 | ||||||||||
Net current period other comprehensive income | 12.5 | 415.7 | 18.3 | 446.5 | ||||||||||
Amount attributable to noncontrolling interests | 4.7 | 15.0 | — | 19.7 | ||||||||||
Balance at 31 December 2020 | ($46.7) | ($742.1) | ($924.5) | ($1,713.3) |
Three Months Ended | ||||||||||||||
31 December | ||||||||||||||
2020 | 2019 | |||||||||||||
(Gain) Loss on Cash Flow Hedges, net of tax | ||||||||||||||
Sales/Cost of sales | $0.2 | $— | ||||||||||||
Interest expense | 0.9 | 0.7 | ||||||||||||
Other non-operating income (expense), net | (2.4) | (4.3) | ||||||||||||
Total (Gain) Loss on Cash Flow Hedges, net of tax | ($1.3) | ($3.6) | ||||||||||||
Pension and Postretirement Benefits, net of tax(A)
|
$18.3 | $19.7 |
Three Months Ended | |||||||||||||||||||||||
31 December | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Numerator | |||||||||||||||||||||||
Net income from continuing operations | $471.7 | $475.6 | |||||||||||||||||||||
Net income from discontinued operations | 10.3 | — | |||||||||||||||||||||
Net Income Attributable to Air Products | $482.0 | $475.6 | |||||||||||||||||||||
Denominator (in millions)
|
|||||||||||||||||||||||
Weighted average common shares — Basic | 221.5 | 220.9 | |||||||||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||
Employee stock option and other award plans | 1.1 | 1.3 | |||||||||||||||||||||
Weighted average common shares — Diluted | 222.6 | 222.2 | |||||||||||||||||||||
Per Share Data* | |||||||||||||||||||||||
Basic EPS from continuing operations | $2.13 | $2.15 | |||||||||||||||||||||
Basic EPS from discontinued operations | 0.05 | — | |||||||||||||||||||||
Basic EPS Attributable to Air Products | $2.18 | $2.15 | |||||||||||||||||||||
Diluted EPS from continuing operations | $2.12 | $2.14 | |||||||||||||||||||||
Diluted EPS from discontinued operations | 0.05 | — | |||||||||||||||||||||
Diluted EPS Attributable to Air Products | $2.17 | $2.14 |
Industrial
Gases – Americas |
Industrial
Gases – EMEA |
Industrial
Gases – Asia |
Industrial
Gases – Global |
Corporate
and other |
Total | ||||||||||||||||||
Three Months Ended 31 December 2020 | |||||||||||||||||||||||
Sales | $933.0 | $563.0 | $717.5 | $104.5 | $57.2 | $2,375.2 |
(A)
|
||||||||||||||||
Operating income (loss) | 225.8 | 141.5 | 214.8 | (4.6) | (38.4) | 539.1 | |||||||||||||||||
Depreciation and amortization | 151.8 | 55.4 | 107.9 | 2.6 | 6.0 | 323.7 | |||||||||||||||||
Equity affiliates' income | 22.3 | 25.0 | 19.9 | 2.1 | — | 69.3 | |||||||||||||||||
Three Months Ended 31 December 2019 | |||||||||||||||||||||||
Sales | $936.2 | $498.7 | $692.8 | $92.6 | $34.4 | $2,254.7 |
(A)
|
||||||||||||||||
Operating income (loss) | 257.2 | 120.5 | 228.5 | 3.6 | (48.8) | 561.0 | |||||||||||||||||
Depreciation and amortization | 131.8 | 48.4 | 101.6 | 2.4 | 5.0 | 289.2 | |||||||||||||||||
Equity affiliates' income | 20.6 | 19.3 | 16.9 | 1.4 | — | 58.2 | |||||||||||||||||
Total Assets | |||||||||||||||||||||||
31 December 2020 | $6,749.8 | $4,249.2 | $7,274.7 | $485.3 | $7,329.1 | $26,088.1 | |||||||||||||||||
30 September 2020 | 6,610.1 | 3,917.0 | 6,842.9 | 397.8 | 7,400.7 | 25,168.5 |
Three Months Ended | |||||||||||
31 December | Increase | ||||||||||
2020 | 2019 | (Decrease) | |||||||||
Diluted EPS | |||||||||||
Total Diluted EPS | $2.17 | $2.14 | $0.03 | ||||||||
Less: Diluted EPS from income from discontinued operations | 0.05 | — | 0.05 | ||||||||
Diluted EPS From Continuing Operations
|
$2.12 | $2.14 | ($0.02) | ||||||||
Operating Impacts | |||||||||||
Underlying business | |||||||||||
Volume | ($0.25) | ||||||||||
Price, net of variable costs | 0.17 | ||||||||||
Other costs | (0.06) | ||||||||||
Currency | 0.06 | ||||||||||
Total Operating Impacts | ($0.08) | ||||||||||
Other Impacts | |||||||||||
Equity affiliates' income | $0.04 | ||||||||||
Interest expense | (0.07) | ||||||||||
Other non-operating income (expense), net | 0.04 | ||||||||||
Change in effective tax rate | 0.01 | ||||||||||
Noncontrolling interests | 0.04 | ||||||||||
Total Other Impacts | $0.06 | ||||||||||
Total Change in Diluted EPS From Continuing Operations(A)
|
($0.02) |
Three Months Ended | ||||||||||||||||||||||||||
31 December | ||||||||||||||||||||||||||
2020 | 2019 | $ Change | Change | |||||||||||||||||||||||
GAAP Measures | ||||||||||||||||||||||||||
Sales | $2,375.2 | $2,254.7 | $120.5 | 5 | % | |||||||||||||||||||||
Operating income | 539.1 | 561.0 | (21.9) | (4 | %) | |||||||||||||||||||||
Operating margin | 22.7 | % | 24.9 | % | (220 | bp) | ||||||||||||||||||||
Equity affiliates’ income | 69.3 | 58.2 | 11.1 | 19 | % | |||||||||||||||||||||
Net income | 486.7 | 488.9 | (2.2) | — | % | |||||||||||||||||||||
Net income margin | 20.5 | % | 21.7 | % | (120 | bp) | ||||||||||||||||||||
Non-GAAP Measures | ||||||||||||||||||||||||||
Adjusted EBITDA | $932.1 | $908.4 | $23.7 | 3 | % | |||||||||||||||||||||
Adjusted EBITDA margin | 39.2 | % | 40.3 | % | (110 | bp) |
Sales % Change from Prior Year | |||||
Volume | (1) | % | |||
Price | 2 | % | |||
Energy and natural gas cost pass-through | 1 | % | |||
Currency | 3 | % | |||
Total Consolidated Sales Change | 5 | % |
Three Months Ended | |||||||||||||||||
31 December | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
Interest incurred | $42.3 | $22.4 | |||||||||||||||
Less: Capitalized interest | 5.6 | 3.7 | |||||||||||||||
Interest expense | $36.7 | $18.7 | |||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
31 December | ||||||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||||||||||||
Sales | $933.0 | $936.2 | ($3.2) | — | % | |||||||||||||||||||||
Operating income | 225.8 | 257.2 | (31.4) | (12 | %) | |||||||||||||||||||||
Operating margin | 24.2 | % | 27.5 | % | (330) bp | |||||||||||||||||||||
Equity affiliates’ income | 22.3 | 20.6 | 1.7 | 8 | % | |||||||||||||||||||||
Adjusted EBITDA | 399.9 | 409.6 | (9.7) | (2 | %) | |||||||||||||||||||||
Adjusted EBITDA margin | 42.9 | % | 43.8 | % | (90) bp |
Sales % Change from Prior Year | |||||
Volume | (5) | % | |||
Price | 3 | % | |||
Energy and natural gas cost pass-through | 2 | % | |||
Currency | — | % | |||
Total Industrial Gases – Americas Sales Change | — | % |
Three Months Ended | ||||||||||||||||||||||||||
31 December | ||||||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||||||||||||
Sales | $563.0 | $498.7 | $64.3 | 13 | % | |||||||||||||||||||||
Operating income | 141.5 | 120.5 | 21.0 | 17 | % | |||||||||||||||||||||
Operating margin | 25.1 | % | 24.2 | % | 90 bp | |||||||||||||||||||||
Equity affiliates’ income | 25.0 | 19.3 | 5.7 | 30 | % | |||||||||||||||||||||
Adjusted EBITDA | 221.9 | 188.2 | 33.7 | 18 | % | |||||||||||||||||||||
Adjusted EBITDA margin | 39.4 | % | 37.7 | % | 170 bp |
Sales % Change from Prior Year | |||||
Volume | 5 | % | |||
Price | 3 | % | |||
Energy and natural gas cost pass-through | (1) | % | |||
Currency | 6 | % | |||
Total Industrial Gases – EMEA Sales Change | 13 | % |
Three Months Ended | ||||||||||||||||||||||||||
31 December | ||||||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||||||||||||
Sales | $717.5 | $692.8 | $24.7 | 4 | % | |||||||||||||||||||||
Operating income | 214.8 | 228.5 | (13.7) | (6 | %) | |||||||||||||||||||||
Operating margin | 29.9 | % | 33.0 | % | (310) bp | |||||||||||||||||||||
Equity affiliates’ income | 19.9 | 16.9 | 3.0 | 18 | % | |||||||||||||||||||||
Adjusted EBITDA | 342.6 | 347.0 | (4.4) | (1 | %) | |||||||||||||||||||||
Adjusted EBITDA margin | 47.7 | % | 50.1 | % | (240) bp |
Sales % Change from Prior Year | |||||
Volume | (4) | % | |||
Price | 1 | % | |||
Energy and natural gas cost pass-through | 1 | % | |||
Currency | 6 | % | |||
Total Industrial Gases – Asia Sales Change | 4 | % |
Three Months Ended | ||||||||||||||||||||||||||
31 December | ||||||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||||||||||||
Sales | $104.5 | $92.6 | $11.9 | 13 | % | |||||||||||||||||||||
Operating (loss) income | (4.6) | 3.6 | (8.2) | (228 | %) | |||||||||||||||||||||
Adjusted EBITDA | 0.1 | 7.4 | (7.3) | (99 | %) |
Three Months Ended | ||||||||||||||||||||||||||
31 December | ||||||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||||||||||||
Sales | $57.2 | $34.4 | $22.8 | 66 | % | |||||||||||||||||||||
Operating loss | (38.4) | (48.8) | 10.4 | 21 | % | |||||||||||||||||||||
Adjusted EBITDA | (32.4) | (43.8) | 11.4 | 26 | % |
Q1 2021 vs. Q1 2020 |
Operating
Income |
Equity
Affiliates' Income |
Income Tax
Provision |
Net Income
Attributable to Air Products |
Diluted
EPS |
|||||||||||||||
2021 GAAP | $539.1 | $69.3 | $113.9 | $471.7 | $2.12 | |||||||||||||||
No non-GAAP adjustments | — | — | — | — | — | |||||||||||||||
2021 Non-GAAP Measure ("Adjusted")
|
$539.1 | $69.3 | $113.9 | $471.7 | $2.12 | |||||||||||||||
2020 GAAP | $561.0 | $58.2 | $120.7 | $475.6 | $2.14 | |||||||||||||||
No non-GAAP adjustments | — | — | — | — | — | |||||||||||||||
2020 Non-GAAP Measure ("Adjusted")
|
$561.0 | $58.2 | $120.7 | $475.6 | $2.14 | |||||||||||||||
Change GAAP and Non-GAAP Measure ("Adjusted") | ($0.02) | |||||||||||||||||||
% Change GAAP and Non-GAAP Measure ("Adjusted") | (1 | %) |
Three Months Ended | |||||||||||||||||||||||||||||||||||
31 December | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
$ | Margin | $ | Margin | ||||||||||||||||||||||||||||||||
Sales | $2,375.2 | $2,254.7 | |||||||||||||||||||||||||||||||||
Net income and net income margin | $486.7 | 20.5 | % | $488.9 | 21.7 | % | |||||||||||||||||||||||||||||
Less: Income from discontinued operations, net of tax | 10.3 | 0.4 | % | — | — | % | |||||||||||||||||||||||||||||
Add: Interest expense | 36.7 | 1.5 | % | 18.7 | 0.8 | % | |||||||||||||||||||||||||||||
Less: Other non-operating income (expense), net | 18.6 | 0.8 | % | 9.1 | 0.4 | % | |||||||||||||||||||||||||||||
Add: Income tax provision | 113.9 | 4.8 | % | 120.7 | 5.4 | % | |||||||||||||||||||||||||||||
Add: Depreciation and amortization | 323.7 | 13.6 | % | 289.2 | 12.8 | % | |||||||||||||||||||||||||||||
Adjusted EBITDA and adjusted EBITDA margin | $932.1 | 39.2 | % | $908.4 | 40.3 | % |
Q1 2021 vs. Q1 2020 | |||||||||||||||||||||||||||||||||||
Change GAAP | |||||||||||||||||||||||||||||||||||
Net income $ change | ($2.2) | ||||||||||||||||||||||||||||||||||
Net income % change | — | % | |||||||||||||||||||||||||||||||||
Net income margin change | (120) | bp | |||||||||||||||||||||||||||||||||
Change Non-GAAP | |||||||||||||||||||||||||||||||||||
Adjusted EBITDA $ change | $23.7 | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA % change | 3 | % | |||||||||||||||||||||||||||||||||
Adjusted EBITDA margin change | (110) | bp |
Sales |
Industrial
Gases– Americas |
Industrial
Gases– EMEA |
Industrial
Gases– Asia |
Industrial
Gases– Global |
Corporate
and other |
Total | ||||||||||||||
Q1 2021
|
$933.0 | $563.0 | $717.5 | $104.5 | $57.2 | $2,375.2 | ||||||||||||||
Q1 2020
|
936.2 | 498.7 | 692.8 | 92.6 | 34.4 | 2,254.7 |
Industrial
Gases– Americas |
Industrial
Gases– EMEA |
Industrial
Gases– Asia |
Industrial
Gases– Global |
Corporate
and other |
Total | ||||||||||||||||||
Q1 2021 GAAP Measures
|
|||||||||||||||||||||||
Operating income (loss) | $225.8 | $141.5 | $214.8 | ($4.6) | ($38.4) | $539.1 | |||||||||||||||||
Operating margin | 24.2 | % | 25.1 | % | 29.9 | % | |||||||||||||||||
Q1 2020 GAAP Measures
|
|||||||||||||||||||||||
Operating income (loss) | $257.2 | $120.5 | $228.5 | $3.6 | ($48.8) | $561.0 | |||||||||||||||||
Operating margin | 27.5 | % | 24.2 | % | 33.0 | % | |||||||||||||||||
Q1 2021 vs. Q1 2020 Change GAAP
|
|||||||||||||||||||||||
Operating income/loss $ change | ($31.4) | $21.0 | ($13.7) | ($8.2) | $10.4 | ||||||||||||||||||
Operating income/loss % change | (12 | %) | 17 | % | (6 | %) | (228 | %) | 21 | % | |||||||||||||
Operating margin change | (330) | bp | 90 | bp | (310) | bp | |||||||||||||||||
Q1 2021 Non-GAAP Measures
|
|||||||||||||||||||||||
Operating income (loss) | $225.8 | $141.5 | $214.8 | ($4.6) | ($38.4) | $539.1 | |||||||||||||||||
Add: Depreciation and amortization | 151.8 | 55.4 | 107.9 | 2.6 | 6.0 | 323.7 | |||||||||||||||||
Add: Equity affiliates' income | 22.3 | 25.0 | 19.9 | 2.1 | — | 69.3 | |||||||||||||||||
Adjusted EBITDA | $399.9 | $221.9 | $342.6 | $0.1 | ($32.4) | $932.1 | |||||||||||||||||
Adjusted EBITDA margin | 42.9 | % | 39.4 | % | 47.7 | % | |||||||||||||||||
Q1 2020 Non-GAAP Measures
|
|||||||||||||||||||||||
Operating income (loss) | $257.2 | $120.5 | $228.5 | $3.6 | ($48.8) | $561.0 | |||||||||||||||||
Add: Depreciation and amortization | 131.8 | 48.4 | 101.6 | 2.4 | 5.0 | 289.2 | |||||||||||||||||
Add: Equity affiliates' income | 20.6 | 19.3 | 16.9 | 1.4 | — | 58.2 | |||||||||||||||||
Adjusted EBITDA | $409.6 | $188.2 | $347.0 | $7.4 | ($43.8) | $908.4 | |||||||||||||||||
Adjusted EBITDA margin | 43.8 | % | 37.7 | % | 50.1 | % | |||||||||||||||||
Q1 2021 vs. Q1 2020 Change Non-GAAP
|
|||||||||||||||||||||||
Adjusted EBITDA $ change | ($9.7) | $33.7 | ($4.4) | ($7.3) | $11.4 | ||||||||||||||||||
Adjusted EBITDA % change | (2 | %) | 18 | % | (1 | %) | (99 | %) | 26 | % | |||||||||||||
Adjusted EBITDA margin change | (90) | bp | 170 | bp | (240) | bp |
Three Months Ended
31 December |
|||||||||||||||||
2020 | 2019 | ||||||||||||||||
Income Tax Provision | $113.9 | $120.7 | |||||||||||||||
No non-GAAP adjustments | — | — | |||||||||||||||
Adjusted Income Tax Provision | $113.9 | $120.7 | |||||||||||||||
Income From Continuing Operations Before Taxes | $590.3 | $609.6 | |||||||||||||||
No non-GAAP adjustments | — | — | |||||||||||||||
Adjusted Income From Continuing Operations Before Taxes | $590.3 | $609.6 | |||||||||||||||
Effective and Adjusted Effective Tax Rate | 19.3 | % | 19.8 | % |
Three Months Ended | ||||||||
31 December | ||||||||
Cash Provided By (Used For) | 2020 | 2019 | ||||||
Operating activities | $774.7 | $667.0 | ||||||
Investing activities | 18.2 | (260.7) | ||||||
Financing activities | (307.1) | (270.3) |
Three Months Ended | |||||||||||
31 December | |||||||||||
2020 | 2019 | ||||||||||
Cash (provided by) used for investing activities | ($18.2) | $260.7 | |||||||||
Proceeds from sale of assets and investments | 2.6 | 15.2 | |||||||||
Purchases of investments | (158.5) | — | |||||||||
Proceeds from investments | 855.0 | 177.0 | |||||||||
Other investing activities | 3.3 | 1.9 | |||||||||
Capital Expenditures | $684.2 | $454.8 |
Three Months Ended | ||||||||||||||
31 December | ||||||||||||||
2020 | 2019 | |||||||||||||
Additions to plant and equipment, including long-term deposits | $664.2 | $447.7 | ||||||||||||
Investment in and advances to unconsolidated affiliates | 20.0 | 7.1 | ||||||||||||
Capital Expenditures | $684.2 | $454.8 | ||||||||||||
Exhibit No. | Description | |||||||
(10) | Material Contracts | |||||||
10.1 | ||||||||
10.2 | ||||||||
(31) | Rule 13a-14(a)/15d-14(a) Certifications | |||||||
31.1 | ||||||||
31.2 | ||||||||
(32) | Section 1350 Certifications | |||||||
32.1 | ||||||||
(101) | Interactive Data Files | |||||||
101.INS | Inline XBRL Instance Document. The XBRL Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
104 | Cover Page Interactive Data File, formatted in Inline XBRL (included in Exhibit 101). | |||||||
†
|
The certification attached as Exhibit 32 that accompanies this Quarterly Report on Form 10-Q is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Air Products and Chemicals, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Form 10-Q, irrespective of any general incorporation language contained in such filing.
|
Air Products and Chemicals, Inc. | ||||||||
(Registrant) | ||||||||
By: | /s/ M. Scott Crocco | |||||||
M. Scott Crocco | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial Officer) | ||||||||
Date: | 4 February 2021 |
(PERFORMANCE SHARES AWARDED) x (PAYOUT FACTOR) =
(PERFORMANCE SHARES EARNED)
|
Company’s TSR Percentile Rank | Initial Payout Factor | ||||
> 75th %ile
|
200% | ||||
> 50th %ile
|
100% | ||||
> 30th %ile
|
30% | ||||
< 30th %ile
|
0% |
Company Name | Company Name | ||||
Celanese Corporation | Illinois Tool Works Inc | ||||
The Chemours Company | Ingersoll-Rand | ||||
Dover Corporation | Linde plc | ||||
DuPont | Olin Corp | ||||
Eastman Chemical | Parker-Hannifin Corp | ||||
Ecolab | PPG Industries, Inc. | ||||
Huntsman Corporation | Westlake Chemical Corp |
TSR Percentile Rank =
|
(N — n)
(N — 1)
|
||||
/s/ Seifi Ghasemi | ||
Seifi Ghasemi | ||
Chairman, President and Chief Executive Officer |
/s/ M. Scott Crocco | ||
M. Scott Crocco | ||
Executive Vice President and Chief Financial Officer |
Date: 4 February 2021 | /s/ Seifi Ghasemi | |||||||
Seifi Ghasemi | ||||||||
Chairman, President, and Chief Executive Officer | ||||||||
|
/s/ M. Scott Crocco | |||||||
M. Scott Crocco | ||||||||
Executive Vice President and Chief Financial Officer |