UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Air Products and Chemicals, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware		1-4534		23-1274455
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

7201 Hamilton Boulevard, Allentown, Pennsylvania		18195-1501
(Address of Principal Executive Offices)		(Zip Code)

(610) 481-4911

not applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 8.01. Other Events.

Air Products and Chemicals, Inc. (the “Company”) is reporting its U.S. healthcare business as discontinued operations beginning in the fourth quarter of fiscal 2008. On October 10, 2008, the unaudited restated historical financial information was posted to the Company’s website at http://www.airproducts.com/Invest/financialnews/segment.htm. A copy is attached as Exhibit 99.1 to this Form 8-K. The exhibit contains a presentation of certain unaudited financial information excluding discontinued operations which is being furnished in accordance with Rule 101(e)(1) under Regulation FD and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Act of 1934, as amended, and will not be incorporated by reference into any registration statement filed under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1

Unaudited Historical Financial Information — Continuing Operations.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Exhibit Index

Exhibit No.		Description
99.1		Unaudited Historical Financial Information — Continuing Operations.

Exhibit 99.1

Unaudited Consolidated Summary Financial Information

		FY 2008												FY 2007																				FY 2006
(Millions of dollars, except per share data)		Q1				Q2				Q3				Q1				Q2				Q3				Q4				Total				Total
Sales			2,407.4				2,542.7				2,749.7				2,198.3				2,229.7				2,348.9				2,371.3				9,148.2				7,885.0
Selling and administrative			258.5				272.1				284.4				237.9				246.9				257.5				257.5				999.8				891.5
Operating Income			380.4				348.6				393.7				321.6				313.6				360.0				380.4				1,375.6				1,041.9
Income from Continuing Operations			262.3				259.8				295.0				223.6				220.0				280.4				295.6				1,019.6				734.1
Discontinued Operations			1.4				54.5				(224.9	)			6.7				7.6				4.5				(2.8	)			16.0				(4.5	)
Cumulative Effect of Accounting Change																																			(6.2	)
Net Income			263.7				314.3				70.1				230.3				227.6				284.9				292.8				1,035.6				723.4
Basic Earnings per Common Share
Income from Continuing Operations		$	1.22			$	1.22			$	1.40			$	1.03			$	1.02			$	1.30			$	1.37			$	4.72			$	3.31
Discontinued Operations		$	0.01			$	0.26			$	(1.07	)		$	0.03			$	0.03			$	0.02			$	(0.01	)		$	0.07			$	(0.02	)
Cumulative Effect of Accounting Change																																		$	(0.03	)
Net Income		$	1.23			$	1.48			$	0.33			$	1.06			$	1.05			$	1.32			$	1.36			$	4.79			$	3.26
Diluted Earnings per Common Share
Income from Continuing Operations		$	1.18			$	1.18			$	1.35			$	1.00			$	0.99			$	1.26			$	1.32			$	4.57			$	3.23
Discontinued Operations		$	0.01			$	0.25			$	(1.03	)		$	0.03			$	0.03			$	0.02			$	(0.01	)		$	0.07			$	(0.02	)
Cumulative Effect of Accounting Change																																		$	(0.03	)
Net Income		$	1.19			$	1.43			$	0.32			$	1.03			$	1.02			$	1.28			$	1.31			$	4.64			$	3.18

Business Segments

Previously, the Company reported results for a Healthcare segment. Beginning with the fourth quarter of 2008, the U.S. Healthcare business is accounted for as discontinued operations. The results of operations and asset information for this business have been removed from continuing operations for the periods presented below. Also beginning with the fourth quarter of 2008, the European Healthcare business is reported as part of the Merchant Gases segment. Prior period information presented below has been restated to reflect this business reorganization.

Unaudited Historical Financial Information — Continuing Operations

		FY 2008												FY 2007																				FY 2006				FY 2005				FY 2004
(Millions of dollars)		Q1				Q2				Q3				Q1				Q2				Q3				Q4				Total				Total				Total				Total
SALES
Merchant Gases			1,001.7				1,008.7				1,087.3				826.3				873.3				908.4				948.9				3,556.9				3,002.8				2,716.0				2,445.4
Tonnage Gases			791.1				867.2				975.8				689.5				695.8				775.7				775.7				2,936.7				2,544.7				2,130.8				1,868.0
Electronics and Performance Materials			514.3				562.1				579.7				486.9				528.8				530.5				522.5				2,068.7				1,801.0				1,605.7				1,504.2
Equipment and Energy			100.3				104.7				106.9				195.6				131.8				134.3				124.2				585.9				536.5				369.4				345.6
Total			2,407.4				2,542.7				2,749.7				2,198.3				2,229.7				2,348.9				2,371.3				9,148.2				7,885.0				6,821.9				6,163.2
Operating Income
Merchant Gases			199.8				189.2				204.3				155.5				155.6				165.7				179.6				656.4				517.3
Tonnage Gases			111.1				111.1				125.5				95.4				92.2				120.6				155.0				463.2				371.7
Electronics and Performance Materials			66.0				67.6				70.4				49.8				56.5				62.1				60.8				229.2				190.0
Equipment and Energy			9.3				10.0				4.0				26.8				16.4				15.8				17.8				76.8				68.9
Other			(4.4	)			(3.0	)			(9.5	)			(5.9	)			(7.1	)			(4.2	)			(8.8	)			(26.0	)			(35.0	)
Global Cost Reduction Plan																											(13.7	)			(13.7	)			(71.0	)
Pension Settlement			(1.4	)			(26.3	)			(1.0	)															(10.3	)			(10.3	)			0.0
Total			380.4				348.6				393.7				321.6				313.6				360.0				380.4				1,375.6				1,041.9
Identifiable Assets
Merchant Gases			4,652.5				4,900.9				5,071.5				3,827.9				3,894.2				4,388.7				4,439.4								3,658.5
Tonnage Gases			3,391.4				3,448.7				3,494.6				2,988.0				3,031.3				3,221.9				3,328.4								3,028.6
Electronics and Performance Materials			2,425.0				2,515.4				2,466.1				2,271.6				2,340.7				2,381.7				2,435.3								2,245.7
Equipment and Energy			376.2				368.3				344.8				345.7				316.9				299.0				362.6								304.4
Other			535.6				654.6				704.7				435.2				635.5				597.4				402.5								339.8
Total			11,380.7				11,887.9				12,081.7				9,868.4				10,218.6				10,888.7				10,968.2								9,577.0

Business Segments

BEFORE HEALTHCARE RESTATEMENT FOR REFERENCE

						FY 2008																FY 2007												FY 2006				FY 2005				FY 2004
(Millions of dollars)		Q1				Q2				Q3				Q1				Q2				Q3				Q4				Total				Total				Total				Total
SALES
Merchant Gases			897.0				901.6				973.4				740.0				784.5				817.1				854.8				3,196.4				2,712.8				2,468.0				2,230.3
Tonnage Gases			791.1				867.2				975.8				689.5				695.8				775.7				775.7				2,936.7				2,544.7				2,130.8				1,868.0
Electronics and Performance Materials			514.3				562.1				579.7				486.9				528.8				530.5				522.5				2,068.7				1,801.0				1,605.7				1,504.2
Equipment and Energy			100.3				104.7				106.9				195.6				131.8				134.3				124.2				585.9				536.5				369.4				345.6
Healthcare			170.9				169.7				172.2				155.8				157.1				158.6				160.1				631.6				570.8				544.7				438.2
Total			2,473.6				2,605.3				2,808.0				2,267.8				2,298.0				2,416.2				2,437.3				9,419.3				8,165.8				7,118.6				6,386.3
Operating Income
Merchant Gases			175.4				166.9				177.2				139.2				141.2				147.4				159.5				587.3				470.0
Tonnage Gases			111.1				111.1				125.5				95.4				92.2				120.6				155.0				463.2				371.7
Electronics and Performance Materials			66.0				67.6				70.4				49.8				56.5				62.1				60.8				229.2				190.0
Equipment and Energy			9.3				10.0				4.0				26.8				16.4				15.8				17.8				76.8				68.9
Healthcare			13.6				9.4				(301.7	)			9.4				7.0				8.5				8.8				33.7				8.4
Other			(2.0	)			(0.5	)			(6.8	)			(3.2	)			(4.7	)			(2.0	)			(4.8	)			(14.7	)			(25.4	)
Global Cost Reduction Plan																											(13.7	)			(13.7	)			(72.1	)
Pension Settlement			(1.4	)			(26.3	)			(1.0	)															(10.3	)			(10.3	)			0.0
Total			372.0				338.2				67.6				317.4				308.6				352.4				373.1				1,351.5				1,011.5
Identifiable Assets
Merchant Gases			4,175.6				4,387.4				4,555.1				3,429.7				3,477.7				3,943.8				3,984.4								3,283.2
Tonnage Gases			3,391.4				3,448.7				3,494.6				2,988.0				3,031.3				3,221.9				3,328.4								3,028.6
Electronics and Performance Materials			2,425.0				2,515.4				2,466.1				2,271.6				2,340.7				2,381.7				2,435.3								2,245.7
Equipment and Energy			376.2				368.3				344.8				345.7				316.9				299.0				362.6								304.4
Healthcare			938.1				968.5				642.9				878.0				895.0				914.3				918.9								856.5
Other			535.3				654.4				704.4				426.5				627.0				597.0				402.3								332.3
Total			11,841.6				12,342.7				12,207.9				10,339.5				10,688.6				11,357.7				11,431.9								10,050.7

Business Segments

CHANGES DUE TO HEALTHCARE RESTATEMENT

		FY 2008												FY 2007																				FY 2006				FY 2005				FY 2004
(Millions of dollars)		Q1				Q2				Q3				Q1				Q2				Q3				Q4				Total				Total				Total				Total
SALES
Merchant Gases			104.7				107.1				113.9				86.3				88.8				91.3				94.1				360.5				290.0				248.0				215.1
Tonnage Gases			0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0
Electronics and Performance Materials			0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0
Equipment and Energy			0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0
Healthcare			(170.9	)			(169.7	)			(172.2	)			(155.8	)			(157.1	)			(158.6	)			(160.1	)			(631.6	)			(570.8	)			(544.7	)			(438.2	)
Total			(66.2	)			(62.6	)			(58.3	)			(69.5	)			(68.3	)			(67.3	)			(66.0	)			(271.1	)			(280.8	)			(296.7	)			(223.1	)
Operating Income
Merchant Gases			24.4				22.3				27.1				16.3				14.4				18.3				20.1				69.1				47.3
Tonnage Gases			0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0
Electronics and Performance Materials			0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0
Equipment and Energy			0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0
Healthcare			(13.6	)			(9.4	)			301.7				(9.4	)			(7.0	)			(8.5	)			(8.8	)			(33.7	)			(8.4	)
Other			(2.4	)			(2.5	)			(2.7	)			(2.7	)			(2.4	)			(2.2	)			(4.0	)			(11.3	)			(9.6	)
Global Cost Reduction Plan			0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				1.1
Pension Settlement			0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0
Total			8.4				10.4				326.1				4.2				5.0				7.6				7.3				24.1				30.4
Identifiable Assets
Merchant Gases			476.9				513.5				516.4				398.2				416.5				444.9				455.0								375.3
Tonnage Gases			0.0				0.0				0.0				0.0				0.0				0.0				0.0								0.0
Electronics and Performance Materials			0.0				0.0				0.0				0.0				0.0				0.0				0.0								0.0
Equipment and Energy			0.0				0.0				0.0				0.0				0.0				0.0				0.0								0.0
Healthcare			(938.1	)			(968.5	)			(642.9	)			(878.0	)			(895.0	)			(914.3	)			(918.9	)							(856.5	)
Other			0.3				0.2				0.3				8.7				8.5				0.4				0.2								7.5
Total			(460.9	)			(454.8	)			(126.2	)			(471.1	)			(470.0	)			(469.0	)			(463.7	)							(473.7	)