View Filing Data

$ 8,187.6

$ 7,503.7

$ 7,824.3

5,753.4

5,176.6

5,598.2

715.6

685.0

773.0

Business separation costs

57.8

71.6

76.4

30.2

^[1]

50.6

^[1]

7.5

151.4

^[2]

34.5

^[2]

180.1

Goodwill and intangible asset impairment charge

10.5

^[3]

5.1

^[3]

19.3

162.1

^[4]

0.0

Gain on previously held equity interest

0.0

17.9

121.0

49.4

45.5

Operating Income

1,427.6

^[5]

1,529.7

^[5]

1,233.2

80.1

^[6]

147.0

152.3

Other non-operating income (expense), net

120.6

115.2

102.8

29.0

0.0

Income From Continuing Operations Before Taxes

0.0

6.9

^[7]

16.6

1,416.1

1,554.6

1,266.1

Income tax provision

260.9

^[8]

432.6

^[9]

300.2

Income From Continuing Operations

1,155.2

1,122.0

965.9

Income (Loss) From Discontinued Operations, net of tax

1,866.0

(460.5)

351.7

Net Income

3,021.2

661.5

1,317.6

Net Income Attributable to Noncontrolling Interests of Continuing Operations

20.8

22.5

32.6

Net Income Attributable to Noncontrolling Interests of Discontinued Operations

0.0

7.9

7.1

Net Income Attributable to Air Products

3,000.4

631.1

1,277.9

Net Income Attributable to Air Products

Income from continuing operations

1,134.4

1,099.5

933.3

Income (Loss) from discontinued operations

1,866.0

^[10]

(468.4)

344.6

Net Income Attributable to Air Products

$ 3,000.4

$ 631.1

$ 1,277.9

Basic Earnings Per Common Share Attributable to Air Products

Income from continuing operations (in dollars per share)

$ 5.20

$ 5.08

$ 4.34

Income (Loss) from discontinued operations (in dollars per share)

8.56

(2.16)

1.61

Net Income Attributable to Air Products (in dollars per share)

13.76

2.92

5.95

Diluted Earnings Per Common Share Attributable to Air Products

Income from continuing operations (in dollars per share)

5.16

5.04

4.29

Income (Loss) from discontinued operations (in dollars per share)

8.49

(2.15)

1.59

Net Income Attributable to Air Products (in dollars per share)

$ 13.65

$ 2.89

$ 5.88

Weighted Average Common Shares - Basic (in millions)

218.0

216.4

214.9

Weighted Average Common Shares - Diluted (in millions)

219.8

218.3

217.3

[1]	For additional information, see Note 4, Materials Technologies Separation.
[2]	For additional information, see Note 5, Business Restructuring and Cost Reduction Actions.
[3]	For additional information, see Note 16, Retirement Benefits.
[4]	For additional information, see Note 10, Goodwill, and Note 11, Intangible Assets.
[5]	Changes in estimates on projects accounted for under the percentage of completion method favorably impacted income by approximately $27 in fiscal year 2017 and $20 in fiscal year 2016, primarily during the fourth quarter. For additional information, see Note 1, Major Accounting Policies (Revenue Recognition).
[6]	Includes the impact of an other-than-temporary impairment of an investment in an equity affiliate. For additional information, see Note 8, Summarized Financial Information of Equity Affiliates.
[7]	For additional information, see Note 15, Debt.
[8]	Includes the impact of a tax election benefit related to a non-U.S. subsidiary. For additional information, see Note 22, Income Taxes.
[9]	Includes income tax expense for tax costs associated with business separation. For additional information, see Note 4, Materials Technologies Separation.
[10]	Includes the after-tax gain on the sale of PMD. For additional information, see Note 3, Discontinued Operations.

Consolidated Comprehensive Income Statements - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net Income	$ 3,021.2	$ 661.5	$ 1,317.6
Other Comprehensive Income (Loss), net of tax:
Translation adjustments, net of tax of ($19.3), ($19.8), and $45.2	101.9	9.9	(699.3)
Net gain (loss) on derivatives, net of tax of ($11.0), $9.1, and ($16.0)	(12.6)	13.7	(35.0)
Pension and postretirement benefits, net of tax of $109.0, ($157.4), and ($148.5)	251.6	(335.1)	(278.5)
Reclassification adjustments:
Currency translation adjustment	57.3	2.7	0.0
Derivatives, net of tax of $11.7, ($9.4), and $7.0	24.2	(36.0)	20.8
Pension and postretirement benefits, net of tax of $50.7, $43.0, and $47.7	110.7	87.2	97.0
Total Other Comprehensive Income (Loss)	533.1	(257.6)	(895.0)
Comprehensive Income	3,554.3	403.9	422.6
Net Income Attributable to Noncontrolling Interests	20.8	30.4	39.7
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interests	3.7	4.8	(11.0)
Comprehensive Income Attributable to Air Products	$ 3,529.8	$ 368.7	$ 393.9

Consolidated Comprehensive Income Statements (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Tax effect on translation adjustments	$ (19.3)	$ (19.8)	$ 45.2
Tax effect on net gain (loss) on derivatives	(11.0)	9.1	(16.0)
Tax effect on pension and postretirement benefits	109.0	(157.4)	(148.5)
Tax effect on derivatives reclassification adjustments	11.7	(9.4)	7.0
Tax effect on pension and postretirement benefits reclassification adjustments	$ 50.7	$ 43.0	$ 47.7

Consolidated Balance Sheets - USD ($)
$ in Millions

Sep. 30, 2017

Sep. 30, 2016

Current Assets

Cash and cash items

$ 3,273.6

$ 1,293.2

Short-term investments

404.0

0.0

Trade receivables, net

1,174.0

1,146.2

Inventories

335.4

255.0

Contracts in progress, less progress billings

84.8

64.6

Prepaid expenses

191.4

93.9

Other receivables and current assets

403.3

538.2

Current assets of discontinued operations

10.2

926.2

Total Current Assets

5,876.7

4,317.3

Investment in net assets of and advances to equity affiliates

1,286.9

1,283.6

Plant and equipment, net

^[1]

8,440.2

8,259.7

Goodwill, net

721.5

845.1

Intangible assets, net

368.3

387.9

Noncurrent capital lease receivables

1,131.8

1,221.7

Other noncurrent assets

641.8

671.0

Noncurrent assets of discontinued operations

0.0

1,042.3

Total Noncurrent Assets

12,590.5

13,711.3

Total Assets

18,467.2

18,028.6

Current Liabilities

Payables and accrued liabilities

1,814.3

1,652.2

Accrued income taxes

98.6

117.9

Short-term borrowings

144.0

935.8

Current portion of long-term debt

416.4

365.4

Current liabilities of discontinued operations

15.7

211.8

Total Current Liabilities

2,489.0

3,283.1

Long-term debt

3,402.4

3,909.7

Other noncurrent liabilities

1,611.9

1,816.5

Deferred income taxes

778.4

710.4

Noncurrent liabilities of discontinued operations

0.0

1,095.5

Total Noncurrent Liabilities

5,792.7

7,532.1

Total Liabilities

8,281.7

10,815.2

Commitments and Contingencies – See Note 17

Air Products Shareholders’ Equity

Common stock (par value $1 per share; issued 2017 and 2016 - 249,455,584 shares)

249.4

Capital in excess of par value

1,001.1

970.0

Retained earnings

12,846.6

10,475.5

Accumulated other comprehensive loss

(1,847.4)

(2,388.3)

Treasury stock, at cost (2017 - 31,109,510 shares; 2016 - 32,104,759 shares)

(2,163.5)

(2,227.0)

Total Air Products Shareholders' Equity

10,086.2

7,079.6

Noncontrolling Interests

99.3

133.8

Total Equity

10,185.5

7,213.4

Total Liabilities and Equity

$ 18,467.2

$ 18,028.6

[1]	Long-lived assets include plant and equipment, net.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Sep. 30, 2016
Air Products Shareholders’ Equity
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares issued	249,455,584	249,455,584
Treasury stock, shares	31,109,510	32,104,759

Consolidated Statements of Cash Flows - USD ($)
$ in Millions

12 Months Ended

Sep. 30, 2017

Sep. 30, 2016

Sep. 30, 2015

Operating Activities

Net Income

$ 3,021.2

$ 661.5

$ 1,317.6

Less: Net income attributable to noncontrolling interests of continuing operations

20.8

22.5

32.6

Less: Net income attributable to noncontrolling interests of discontinued operations

0.0

7.9

7.1

Net Income Attributable to Air Products

3,000.4

631.1

1,277.9

(Income) Loss from discontinued operations attributable to Air Products

(1,866.0)

^[1]

468.4

(344.6)

Income from continuing operations attributable to Air Products

1,134.4

1,099.5

933.3

Adjustments to reconcile income to cash provided by operating activities:

Depreciation and amortization

865.8

854.6

858.5

Deferred income taxes

(38.0)

61.8

9.4

Gain on previously held equity interest

0.0

6.9

^[2]

16.6

0.0

(17.9)

Undistributed earnings of unconsolidated affiliates

(60.1)

(51.1)

(101.8)

Gain on sale of assets and investments

(24.3)

(7.3)

(29.7)

Share-based compensation

39.9

31.0

39.5

Noncurrent capital lease receivables

92.2

85.5

(10.1)

Goodwill and intangible asset impairment charge

162.1

^[3]

0.0

Write-down of long-lived assets associated with restructuring

79.5

0.0

69.2

0.0

40.2

Other adjustments

165.4

156.7

53.0

Working capital changes that provided (used) cash, excluding effects of acquisitions and divestitures:

Trade receivables

(73.6)

(44.8)

(40.7)

Inventories

6.4

32.2

38.0

Contracts in progress, less progress billings

(19.3)

28.2

16.9

Other receivables

124.7

(6.7)

48.9

Payables and accrued liabilities

163.8

60.1

134.9

Other working capital

(154.0)

(47.8)

58.0

Cash Provided by Operating Activities

2,534.1

2,258.8

2,047.0

Investing Activities

Additions to plant and equipment

(1,039.7)

(907.7)

(1,162.4)

Acquisitions, less cash acquired

(8.2)

0.0

(34.5)

Investment in and advances to unconsolidated affiliates

(8.1)

0.0

(4.3)

Proceeds from sale of assets and investments

42.5

44.6

55.3

Purchases of investments

(2,692.6)

0.0

Proceeds from investments

2,290.7

0.0

Other investing activities

(2.3)

(1.7)

(0.8)

Cash Used for Investing Activities

(1,417.7)

(864.8)

(1,146.7)

Financing Activities

Long-term debt proceeds

2.4

386.9

340.3

Payments on long-term debt

(483.9)

(480.4)

(699.4)

Net (decrease) increase in commercial paper and short-term borrowings

(798.6)

(144.2)

285.2

Dividends paid to shareholders

(787.9)

(721.2)

(677.5)

Proceeds from stock option exercises

68.4

141.3

121.3

Payment for subsidiary shares to noncontrolling interests

0.0

(278.4)

Other financing activities

(41.3)

(42.6)

(51.9)

Cash Used for Financing Activities

(2,040.9)

(860.2)

(960.4)

Discontinued Operations

Cash (used for) provided by operating activities

(966.2)

401.9

422.7

Cash provided by (used for) investing activities

3,750.6

(204.2)

(453.0)

Cash provided by (used for) financing activities

69.5

555.9

(16.9)

Cash (Used for) Provided by Discontinued Operations

2,853.9

753.6

(47.2)

Effect of Exchange Rate Changes on Cash

13.4

7.5

(22.9)

Increase (Decrease) in cash and cash items

1,942.8

1,294.9

(130.2)

Cash and Cash items – Beginning of Year

1,330.8

206.4

336.6

Cash and Cash Items – End of Period

3,273.6

1,330.8

206.4

Cash and Cash Items – End of Period

1,501.3

Less: Cash and Cash Items – Discontinued Operations

0.0

208.1

23.3

Cash and Cash Items – Continuing Operations

$ 3,273.6

$ 1,293.2

$ 183.1

[1]	Includes the after-tax gain on the sale of PMD. For additional information, see Note 3, Discontinued Operations.
[2]	For additional information, see Note 15, Debt.
[3]	For additional information, see Note 10, Goodwill, and Note 11, Intangible Assets.

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Air Products Shareholders’ Equity	Non- controlling Interests
Beginning balance at Sep. 30, 2014	$ 7,521.4	$ 249.4	$ 842.0	$ 9,993.2	$ (1,241.9)	$ (2,476.9)	$ 7,365.8	$ 155.6
Stockholders' Equity [Roll Forward]
Net income	1,306.1			1,277.9			1,277.9	28.2
Other comprehensive income (loss)	(895.0)				(884.0)		(884.0)	(11.0)
Cash dividends	(687.9)			(687.9)			(687.9)
Share-based compensation expense	43.7		43.7				43.7
Issuance of treasury shares for stock option and award plans	102.2		(15.1)			117.3	102.2
Tax benefit of stock option and award plans	32.0		32.0				32.0
Dividends to noncontrolling interests	(38.0)							(38.0)
Purchase of noncontrolling interests	(0.5)		(0.3)				(0.3)	(0.2)
Other	(2.9)		2.4	(2.8)			(0.4)	(2.5)
Ending Balance at Sep. 30, 2015	7,381.1	249.4	904.7	10,580.4	(2,125.9)	(2,359.6)	7,249.0	132.1
Stockholders' Equity [Roll Forward]
Net income	661.5			631.1			631.1	30.4
Other comprehensive income (loss)	(257.6)				(262.4)		(262.4)	4.8
Cash dividends	(733.7)			(733.7)			(733.7)
Share-based compensation expense	37.6		37.6				37.6
Issuance of treasury shares for stock option and award plans	127.1		(5.5)			132.6	127.1
Tax benefit of stock option and award plans	33.2		33.2				33.2
Dividends to noncontrolling interests	(33.6)							(33.6)
Other	(2.2)			(2.3)			(2.3)	0.1
Ending Balance at Sep. 30, 2016	7,213.4	249.4	970.0	10,475.5	(2,388.3)	(2,227.0)	7,079.6	133.8
Stockholders' Equity [Roll Forward]
Net income	3,021.2			3,000.4			3,000.4	20.8
Other comprehensive income (loss)	533.1				529.4		529.4	3.7
Cash dividends	(808.5)			(808.5)			(808.5)
Share-based compensation expense	40.7		40.7				40.7
Issuance of treasury shares for stock option and award plans	53.9		(9.6)			63.5	53.9
Dividends to noncontrolling interests	(28.0)							(28.0)
Spin-off of Versum	152.6			175.0	11.5		186.5	(33.9)
Cumulative change in accounting principle	8.8			8.8			8.8
Other	(1.7)			(4.6)			(4.6)	2.9
Ending Balance at Sep. 30, 2017	$ 10,185.5	$ 249.4	$ 1,001.1	$ 12,846.6	$ (1,847.4)	$ (2,163.5)	$ 10,086.2	$ 99.3

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended								12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Statement of Stockholders' Equity [Abstract]
Dividends per share	$ 0.95	$ 0.95	$ 0.95	$ 0.86	$ 0.86	$ 0.86	$ 0.86	$ 0.81	$ 3.71	$ 3.39	$ 3.20

Major Accounting Policies

12 Months Ended

Sep. 30, 2017

Accounting Policies [Abstract]

Major Accounting Policies

1. MAJOR ACCOUNTING POLICIES

Basis of Presentation and Consolidation Principles

The accompanying consolidated financial statements of Air Products and Chemicals, Inc. were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Air Products and Chemicals, Inc. and those of its controlled subsidiaries (“we,” “our,” “us,” the “Company,” “Air Products,” or “registrant”), which are generally majority owned. Intercompany transactions and balances are eliminated in consolidation.

We consolidate all entities that we control. The general condition for control is ownership of a majority of the voting interests of an entity. Control may also exist in arrangements where we are the primary beneficiary of a variable interest entity (VIE). An entity that has both the power to direct the activities that most significantly impact the economic performance of a VIE and the obligation to absorb the losses or receive the benefits significant to the VIE is considered the primary beneficiary of that entity. We have determined that we are not a primary beneficiary in any material VIE.

Reclassifications

The results of the divisions comprising the former Materials Technologies segment and the former Energy‑from‑Waste segment have been presented as discontinued operations. Refer to Note 3, Discontinued Operations, for additional details. The results of operations and cash flows of these businesses have been removed from the results of continuing operations and segment results for all periods presented. The assets and liabilities of the discontinued operations have been reclassified and are segregated in the consolidated balance sheets. The comprehensive income related to these businesses has not been segregated and is included in the consolidated comprehensive income statement for all periods presented. The notes to the consolidated financial statements, unless otherwise indicated, are on a continuing operations basis. The term "total company" includes both continuing and discontinued operations.

The consolidated financial statements and accompanying notes reflect accounting guidance that was adopted during fiscal year 2017. Refer to Note 2, New Accounting Guidance, for additional information. Certain prior year information has been reclassified to conform to the fiscal year 2017 presentation.

Estimates and Assumptions

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Revenue Recognition

Revenue from product sales is recognized as risk and title to the product transfer to the customer (which generally occurs at the time shipment is made), the sales price is fixed or determinable, and collectability is reasonably assured. Sales returns and allowances are not a business practice in the industry.

Revenue from equipment sale contracts is recorded primarily using the percentage-of-completion method. Under this method, revenue from the sale of major equipment, such as liquefied natural gas (LNG) heat exchangers and large air separation units, is recognized based on costs or labor hours incurred to date compared with total estimated costs or labor hours to be incurred. When adjustments in estimated total contract revenues or estimated total costs or labor hours are required, any changes in the estimated profit from prior estimates are recognized in the current period for the inception-to-date effect of such change. Changes in estimates on projects accounted for under the percentage-of-completion method favorably impacted operating income by approximately $27 in fiscal year 2017 and approximately $20 in fiscal year 2016. Our changes in estimates would not have significantly impacted amounts recorded in prior years. Changes in estimates during fiscal year 2015 were not significant.

Certain contracts associated with facilities that are built to provide product to a specific customer are required to be accounted for as leases. In cases where operating lease treatment is appropriate, there is no difference in revenue recognition over the life of the contract as compared to accounting for the contract as product sales. In cases where capital lease treatment is appropriate, the timing of revenue and expense recognition is impacted. Revenue and expense are recognized up front for the sale of equipment component of the contract as compared to revenue recognition over the life of the arrangement under contracts not qualifying as capital leases. Additionally, a portion of the revenue representing interest income from the financing component of the lease receivable is reflected as sales over the life of the contract. Allowances for credit losses associated with capital lease receivables are recorded using the specific identification method. As of 30 September 2017 and 2016, the credit quality of capital lease receivables did not require a material allowance for credit losses.

If an arrangement involves multiple deliverables, the delivered items are considered separate units of accounting if the items have value on a stand-alone basis. Revenues are allocated to each deliverable based upon relative selling prices derived from company specific evidence.

Amounts billed for shipping and handling fees are classified as sales in the consolidated income statements.

Amounts billed for sales and use taxes, value-added taxes, and certain excise and other specific transactional taxes imposed on revenue-producing transactions are presented on a net basis and excluded from sales in the consolidated income statements. We record a liability until remitted to the respective taxing authority.

Cost of Sales

Cost of sales predominantly represents the cost of tangible products sold. These costs include labor, raw materials, plant engineering, power, depreciation, production supplies and materials packaging costs, and maintenance costs. Costs incurred for shipping and handling are also included in cost of sales.

Depreciation

Depreciation is recorded using the straight-line method, which deducts equal amounts of the cost of each asset from earnings every year over its expected economic useful life. The principal lives for major classes of plant and equipment are summarized in Note 9, Plant and Equipment, net.

Selling and Administrative

The principal components of selling and administrative expenses are compensation, advertising, and promotional costs. Selling and administrative expenses also include costs for functional support previously provided to EMD and PMD and in support of transition services agreements with Versum and with Evonik, for which the reimbursement is reflected in "Other income (expense), net" on our consolidated income statements.

Postemployment Benefits

We provide termination benefits to employees as part of ongoing benefit arrangements and record a liability for termination benefits when probable and estimable. These criteria are met when management, with the appropriate level of authority, approves and commits to its plan of action for termination; the plan identifies the employees to be terminated and their related benefits; and the plan is to be completed within one year. We do not provide material one-time benefit arrangements.

Fair Value Measurements

We are required to measure certain assets and liabilities at fair value, either upon initial measurement or for subsequent accounting or reporting. For example, fair value is used in the initial measurement of net assets acquired in a business combination; on a recurring basis in the measurement of derivative financial instruments; and on a nonrecurring basis when long-lived assets are written down to fair value when held for sale or determined to be impaired. Refer to Note 14, Fair Value Measurements, for information on the methods and assumptions used in our fair value measurements.

Financial Instruments

We address certain financial exposures through a controlled program of risk management that includes the use of derivative financial instruments. The types of derivative financial instruments permitted for such risk management programs are specified in policies set by management. Refer to Note 13, Financial Instruments, for further detail on the types and use of derivative instruments into which we enter.

Major financial institutions are counterparties to all of these derivative contracts. We have established counterparty credit guidelines and generally enter into transactions with financial institutions of investment grade or better. Management believes the risk of incurring losses related to credit risk is remote, and any losses would be immaterial to the consolidated financial results, financial condition, or liquidity.

We recognize derivatives on the balance sheet at fair value. On the date the derivative instrument is entered into, we generally designate the derivative as either (1) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge), (2) a hedge of a net investment in a foreign operation (net investment hedge), or (3) a hedge of the fair value of a recognized asset or liability (fair value hedge).

The following details the accounting treatment of our cash flow, fair value, net investment, and non-designated hedges:


•	Changes in the fair value of a derivative that is designated as and meets the cash flow hedge criteria are recorded in accumulated other comprehensive loss (AOCL) to the extent effective and then recognized in earnings when the hedged items affect earnings.


•	Changes in the fair value of a derivative that is designated as and meets all the required criteria for a fair value hedge, along with the gain or loss on the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings.


•	Changes in the fair value of a derivative and foreign currency debt that are designated as and meet all the required criteria for a hedge of a net investment are recorded as translation adjustments in AOCL.


•	Changes in the fair value of a derivative that is not designated as a hedge are recorded immediately in earnings.

We formally document the relationships between hedging instruments and hedged items, as well as our risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also formally assess, at the inception of the hedge and on an ongoing basis, whether derivatives are highly effective in offsetting changes in fair values or cash flows of the hedged item. If it is determined that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we will discontinue hedge accounting with respect to that derivative prospectively.

Foreign Currency

Since we do business in many foreign countries, fluctuations in currency exchange rates affect our financial position and results of operations.

In most of our foreign operations, the local currency is considered the functional currency. Foreign subsidiaries translate their assets and liabilities into U.S. dollars at current exchange rates in effect at the end of the fiscal period. The gains or losses that result from this process are shown as translation adjustments in AOCL in the equity section of the balance sheet.

The revenue and expense accounts of foreign subsidiaries are translated into U.S. dollars at the average exchange rates that prevail during the period. Therefore, the U.S. dollar value of these items on the income statement fluctuates from period to period, depending on the value of the dollar against foreign currencies. Some transactions are made in currencies different from an entity’s functional currency. Gains and losses from these foreign currency transactions are generally reflected in "Other income (expense), net" on our consolidated income statements as they occur.

Environmental Expenditures

Accruals for environmental loss contingencies are recorded when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Remediation costs are capitalized if the costs improve the Company’s property as compared with the condition of the property when originally constructed or acquired, or if the costs prevent environmental contamination from future operations. We expense environmental costs related to existing conditions resulting from past or current operations and from which no current or future benefit is discernible. The amounts charged to income from continuing operations related to environmental matters totaled $11.4, $12.2, and $11.8 in 2017, 2016, and 2015, respectively.

The measurement of environmental liabilities is based on an evaluation of currently available information with respect to each individual site and considers factors such as existing technology, presently enacted laws and regulations, and prior experience in remediation of contaminated sites. An environmental liability related to cleanup of a contaminated site might include, for example, a provision for one or more of the following types of costs: site investigation and testing costs, cleanup costs, costs related to soil and water contamination resulting from tank ruptures, post-remediation monitoring costs, and outside legal fees. These liabilities include costs related to other potentially responsible parties to the extent that we have reason to believe such parties will not fully pay their proportionate share. They do not take into account any claims for recoveries from insurance or other parties and are not discounted.

As assessments and remediation progress at individual sites, the amount of projected cost is reviewed, and the liability is adjusted to reflect additional technical and legal information that becomes available. Management has an established process in place to identify and monitor the Company’s environmental exposures. An environmental accrual analysis is prepared and maintained that lists all environmental loss contingencies, even where an accrual has not been established. This analysis assists in monitoring the Company’s overall environmental exposure and serves as a tool to facilitate ongoing communication among the Company’s technical experts, environmental managers, environmental lawyers, and financial management to ensure that required accruals are recorded and potential exposures disclosed.

Given inherent uncertainties in evaluating environmental exposures, actual costs to be incurred at identified sites in future periods may vary from the estimates. Refer to Note 17, Commitments and Contingencies, for additional information on the Company’s environmental loss contingencies.

The accruals for environmental liabilities are reflected in the consolidated balance sheets, primarily as part of other noncurrent liabilities.

Litigation

In the normal course of business, we are involved in legal proceedings. We accrue a liability for such matters when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. The accrual for a litigation loss contingency includes estimates of potential damages and other directly related costs expected to be incurred. Refer to Note 17, Commitments and Contingencies, for additional information on our current legal proceedings.

Share-Based Compensation

We have various share-based compensation programs, which include deferred stock units, stock options, and restricted stock. We expense the grant-date fair value of these awards over the vesting period during which employees perform related services. Expense recognition is accelerated for retirement-eligible individuals who would meet the requirements for vesting of awards upon their retirement. Refer to Note 19, Share-Based Compensation, for information on the models and assumptions used to determine the grant-date fair value of our awards.

Income Taxes

We account for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to be recovered or settled. A principal temporary difference results from the excess of tax depreciation over book depreciation because accelerated methods of depreciation and shorter useful lives are used for income tax purposes. The cumulative impact of a change in tax rates or regulations is included in income tax expense in the period that includes the enactment date. We recognize deferred tax assets net of existing valuation allowance to the extent we believe that these assets are more likely than not to be realized considering all available evidence.

A tax benefit for an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination based on its technical merits. This position is measured as the largest amount of tax benefit that is greater than 50% likely of being realized. Interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense. For additional information regarding our income taxes, refer to Note 22, Income Taxes.

Other Non-Operating Income (Expense), net

Beginning in the second quarter of fiscal year 2017, other non-operating income (expense), net includes interest income associated with our cash and cash items and short-term investments. Interest income was included in "Other income (expense), net" in 2016 and 2015. Interest income in previous periods was not material.

Cash and Cash Items

Cash and cash items include cash, time deposits, treasury securities, and certificates of deposit acquired with an original maturity of three months or less.

Short-term investments

Short-term investments include time deposits with original maturities greater than three months and less than one year.

Trade Receivables, net

Trade receivables comprise amounts owed to us through our operating activities and are presented net of allowances for doubtful accounts. The allowances for doubtful accounts represent estimated uncollectible receivables associated with potential customer defaults on contractual obligations. A provision for customer defaults is made on a general formula basis when it is determined that the risk of some default is probable and estimable but cannot yet be associated with specific customers. The assessment of the likelihood of customer defaults is based on various factors, including the length of time the receivables are past due, historical experience, and existing economic conditions. The allowance also includes amounts for certain customers where a risk of default has been specifically identified, considering factors such as the financial condition of the customer and customer disputes over contractual terms and conditions. Allowance for doubtful accounts were $93.5 and $55.3 as of fiscal year end 30 September 2017 and 2016, respectively. Provisions to the allowance for doubtful accounts charged against income were $45.8, $21.8 and $25.9 in 2017, 2016, and 2015, respectively.

Inventories

Inventories are stated at the lower of cost or market. We write down our inventories for estimated obsolescence or unmarketable inventory based upon assumptions about future demand and market conditions.

We utilize the last-in, first-out (LIFO) method for determining the cost of inventories in the United States for the Industrial Gases regional and global segments. Inventories for these segments outside of the United States are accounted for on the first-in, first-out (FIFO) method, as the LIFO method is generally not permitted in the foreign jurisdictions where these segments operate. At the business segment level, inventories are recorded at FIFO and the LIFO pool adjustments are not allocated to the business segments.

Equity Investments

The equity method of accounting is used when we exercise significant influence but do not have operating control, generally assumed to be 20% – 50% ownership. Under the equity method, original investments are recorded at cost and adjusted by our share of undistributed earnings or losses of these companies. Equity investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable.

Plant and Equipment

Plant and equipment is stated at cost less accumulated depreciation. Construction costs, labor, and applicable overhead related to installations are capitalized. Expenditures for additions and improvements that extend the lives or increase the capacity of plant assets are capitalized. The costs of maintenance and repairs of plant and equipment are charged to expense as incurred.

Fully depreciated assets are retained in the gross plant and equipment and accumulated depreciation accounts until they are removed from service. In the case of disposals, assets and related depreciation are removed from the accounts, and the net amounts, less proceeds from disposal, are included in income. Refer to Note 9, Plant and Equipment, net, for further detail.

Computer Software

We capitalize costs incurred to purchase or develop software for internal use. Capitalized costs include purchased computer software packages, payments to vendors/consultants for development and implementation or modification to a purchased package to meet our requirements, payroll and related costs for employees directly involved in development, and interest incurred while software is being developed. Capitalized computer software costs are reflected in "Plant and equipment, net" on the consolidated balance sheets and are depreciated over the estimated useful life of the software, generally a period of three to ten years.

Capitalized Interest

As we build new plant and equipment, we include in the cost of these assets a portion of the interest payments we make during the year. The amount of capitalized interest was $19.0, $32.7, and $49.1 in 2017, 2016, and 2015, respectively.

Impairment of Long-Lived Assets

Long-lived assets are grouped for impairment testing at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other assets and liabilities and are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. We assess recoverability by comparing the carrying amount of the asset group to estimated undiscounted future cash flows expected to be generated by the asset group. If an asset group is considered impaired, the impairment loss to be recognized is measured as the amount by which the asset group’s carrying amount exceeds its fair value. Long-lived assets to be sold are reported at the lower of carrying amount or fair value less cost to sell.

Asset Retirement Obligations

The fair value of a liability for an asset retirement obligation is recognized in the period in which it is incurred. The fair value of the liability is measured using discounted estimated cash flows and is adjusted to its present value in subsequent periods as accretion expense is recorded. The corresponding asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset and depreciated over the asset’s useful life. Our asset retirement obligations are primarily associated with on-site long-term supply contracts, under which we have built a facility on land owned by the customer and are obligated to remove the facility at the end of the contract term. Our asset retirement obligations totaled $144.7 and $119.9 at 30 September 2017 and 2016, respectively.

Goodwill

Business combinations are accounted for using the acquisition method. The purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair market values. Any excess purchase price over the fair market value of the net assets acquired, including identified intangibles, is recorded as goodwill. Preliminary purchase price allocations are made at the date of acquisition and finalized when information needed to affirm underlying estimates is obtained, within a maximum allocation period of one year.

Goodwill is subject to impairment testing at least annually. In addition, goodwill is tested more frequently if a change in circumstances or the occurrence of events indicates that potential impairment exists. Refer to Note 10, Goodwill, for further detail.

Intangible Assets

Intangible assets with determinable lives primarily consist of customer relationships, purchased patents and technology, and land use rights. The cost of intangible assets with determinable lives is amortized on a straight-line basis over the estimated period of economic benefit. No residual value is estimated for these intangible assets. Indefinite-lived intangible assets consist of trade names and trademarks. Indefinite-lived intangibles are subject to impairment testing at least annually. In addition, intangible assets are tested more frequently if a change in circumstances or the occurrence of events indicates that potential impairment exists.

Customer relationships are generally amortized over periods of five to twenty-five years. Purchased patents and technology and other are generally amortized over periods of five to fifteen years. Land use rights, which are included in other intangibles, are generally amortized over a period of fifty years. Amortizable lives are adjusted whenever there is a change in the estimated period of economic benefit. Refer to Note 11, Intangible Assets, for further detail.

Retirement Benefits

The cost of pension benefits is recognized over the employees’ service period. We use actuarial methods and assumptions in the valuation of defined benefit obligations and the determination of expense. Differences between actual and expected results or changes in the value of obligations and plan assets are not recognized in earnings as they occur but, rather, systematically and gradually over subsequent periods. Refer to Note 16, Retirement Benefits, for disclosures related to our pension and other postretirement benefits.

New Accounting Guidance	12 Months Ended
New Accounting Guidance	Sep. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Guidance	2. NEW ACCOUNTING GUIDANCE Accounting Guidance Implemented in 2017 Simplifying Goodwill Impairment Test In January 2017, the Financial Accounting Standards Board (FASB) issued guidance to simplify the test for goodwill impairment by eliminating Step 2, which measured the impairment loss based on the fair value of goodwill. Under the new guidance, an impairment loss will be recognized for the amount by which the carrying amount of the reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The guidance is effective for annual or interim goodwill impairments tests conducted in fiscal year 2021, with early adoption permitted, and should be applied prospectively. We elected to early adopt this guidance during the third quarter of fiscal year 2017. Share-Based Compensation In March 2016, the FASB issued an update to simplify the accounting for employee share-based payments, including the income tax impacts, the classification on the statement of cash flows, and forfeitures. We elected to early adopt this guidance in the first quarter of fiscal year 2017. The new guidance requires excess tax benefits and deficiencies to be recognized in the income statement rather than in additional paid-in capital on the balance sheet. As a result of applying this change prospectively, we recognized $17.6 of excess tax benefits in our provision for income taxes during fiscal year 2017. In addition, adoption of the new guidance resulted in an $8.8 cumulative-effect adjustment to retained earnings as of 1 October 2016 to recognize deferred taxes for U.S. state net operating loss and other carryforwards attributable to excess tax benefits. We retrospectively applied the guidance on cash flow presentation, which requires excess tax benefits to be presented as an operating activity rather than as a financing activity. Cash paid on employees’ behalf related to shares withheld for tax purposes continues to be classified as a financing activity. Forfeitures have not been significant historically. We have elected to account for forfeitures as they occur, rather than to estimate them. Share-Based Compensation Modification Accounting In May 2017, the FASB issued an update to amend the scope of modification accounting associated with share-based payment awards. The guidance limits the use of modification accounting to instances where the fair value, vesting conditions, or award classification are different immediately before and after the modification. This guidance is effective in fiscal year 2019, with early adoption permitted, and should be applied prospectively. We adopted this guidance during the fourth quarter of fiscal year 2017. This guidance did not have a significant impact on our consolidated financial statements upon adoption. Consolidation Analysis In February 2015, the FASB issued an update to amend current consolidation guidance. The guidance impacts the analysis an entity must perform in determining if it should consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures. We adopted this guidance in the first quarter of fiscal year 2017. This guidance did not have a significant impact on our consolidated financial statements upon adoption. 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 addition, guidance was issued to allow for a policy election on the presentation of debt issuance costs associated with a line-of-credit arrangement, regardless of whether there are any outstanding borrowings. We adopted the guidance during the first quarter of fiscal year 2017 on a retrospective basis. The guidance resulted in a reclassification adjustment that decreased other noncurrent assets by $17.0 with a corresponding decrease to long-term debt as of 30 September 2016. We will continue to present debt issuance costs associated with a line-of-credit arrangement as a deferred asset, regardless of whether there are any outstanding borrowings. Adoption of this guidance also impacted the presentation of debt issuance costs related to our discontinued operations. As of 30 September 2016, noncurrent assets and noncurrent liabilities of discontinued operations were both reduced by $9.6. Definition of a Business In January 2017, the FASB issued guidance that clarifies the definition of a business to assist in determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the new guidance, fewer transactions are expected to be accounted for as business combinations. We elected to early adopt this guidance prospectively beginning in the first quarter of fiscal year 2017. This guidance did not have a significant 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 transfer of goods or services. We have the option to adopt the standard in either fiscal year 2018 or 2019, either retrospectively or as a cumulative-effect adjustment as of the date of adoption under the modified retrospective approach. We expect to adopt this guidance in fiscal year 2019 under the modified retrospective approach, which will result in a cumulative-effect adjustment as of 1 October 2018. To date, we have focused on identifying potential impacts on our onsite gases and sale of equipment businesses and on efforts needed to meet the expanded disclosure requirements. Our evaluation of the effect of the new standard will extend over future periods. Leases In February 2016, the FASB issued guidance which requires lessees to recognize a right-of-use asset and lease liability on the balance sheet for all leases, including operating leases, with a term in excess of 12 months. The guidance also expands the quantitative and qualitative disclosure requirements. The guidance is effective in fiscal year 2020, with early adoption permitted, and must be applied using a modified retrospective approach. We are currently evaluating the impact of adopting this new guidance on the consolidated financial statements, including the assessment of our current lease population under the revised definition of what qualifies as a leased asset. The Company is the lessee under various agreements for real estate, distribution equipment, aircraft, and vehicles that are currently accounted for as operating leases as discussed in Note 12, Leases. The new guidance will require the Company to record operating leases on the balance sheet with a right-of-use asset and corresponding liability for future payment obligations. The Company is currently considered the lessor under certain agreements associated with facilities that are built to provide product to a specific customer. Derivative Contract Novations In March 2016, the FASB issued guidance to clarify that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require re-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. This guidance is effective in fiscal year 2018, with early adoption permitted. We do not expect adoption of this guidance to have a significant impact on our consolidated financial statements. Credit Losses on Financial Instruments In June 2016, the FASB issued an update on the measurement of credit losses, which requires measurement and recognition of expected credit losses for financial assets, including trade receivables and capital lease receivables, held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The method to determine a loss is different from the existing guidance, which requires a credit loss to be recognized when it is probable. The guidance is effective beginning in fiscal year 2021, with early adoption permitted beginning in fiscal year 2020. We are currently evaluating the impact this update will have on our consolidated financial statements. Cash Flow Statement Classification In August 2016, the FASB issued guidance to reduce diversity in practice on how certain cash receipts and cash payments are classified in the statement of cash flows. The guidance is effective beginning fiscal year 2019, with early adoption permitted, and should be applied retrospectively. We are currently evaluating the impact of adopting this new guidance on the consolidated financial statements Intra-Entity Asset Transfers In October 2016, the FASB issued guidance on the accounting for the income tax effects of intra-entity transfers of assets other than inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. Under the new guidance, the income tax consequences of an intra-entity asset transfer are recognized when the transfer occurs. The guidance is effective beginning in fiscal year 2019, with early adoption permitted as of the beginning of an annual reporting period. The guidance must be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the date of adoption. We are currently evaluating the impact this guidance will have on our consolidated financial statements and plan to adopt the guidance in fiscal year 2019. Derecognition of Nonfinancial Assets In February 2017, the FASB issued an update to clarify the scope of guidance on gains and losses from the derecognition of nonfinancial assets and to add guidance for partial sales of nonfinancial assets. The update must be adopted at the same time as the new guidance on revenue recognition discussed above, which we intend to adopt in fiscal year 2019. The guidance may be applied retrospectively or with a cumulative-effect adjustment to retained earnings at the date of adoption. We are currently evaluating the impact this update will have on our consolidated financial statements. Presentation of Net Periodic Pension and Postretirement Benefit Cost In March 2017, the FASB issued guidance for improving the presentation of net periodic pension cost and net periodic postretirement benefit cost. The amendments require that the service cost component of the net periodic benefit cost be presented in the same line items as other compensation costs arising from services rendered by employees during the period. The other components of net periodic benefit cost (e.g., interest cost, expected return on plan assets, and amortization of actuarial gains/losses) should be presented in the income statement separately from the service cost component and outside of operating income. The amendments also allow only the service cost component to be eligible for capitalization when applicable. The guidance is effective beginning in fiscal year 2019, with early adoption permitted as of the beginning of fiscal year 2018. The amendments should be applied retrospectively for the presentation requirements and prospectively for the capitalization of the service cost component requirements. We expect to early adopt this guidance beginning fiscal year 2018. We currently classify all net periodic pension costs within operating costs, primarily within cost of sales and selling and administrative expense. The line item classification changes required by the new guidance will not impact the Company's pretax earnings or net income; however, operating income and other non-operating income (expense), net will change by offsetting amounts that are not expected to be material to the Company's consolidated financial statements. Hedging Activities In August 2017, the FASB issued guidance on hedging activities to expand the related presentation and disclosure requirements, change how companies assess effectiveness, and eliminate the separate measurement and reporting of hedge ineffectiveness. The guidance also enables more financial and nonfinancial hedging strategies to become eligible for hedge accounting. The guidance is effective in fiscal year 2020, with early adoption permitted. For cash flow and net investment hedges existing at the date of adoption, an entity should apply a cumulative-effect adjustment to eliminate the separate measurement of ineffectiveness within equity as of the beginning of the fiscal year the guidance is adopted. The amended presentation and disclosure guidance is applied prospectively. We are currently evaluating the impact this guidance will have on our consolidated financial statements.

Discontinued Operations

12 Months Ended

Sep. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

3. DISCONTINUED OPERATIONS

Materials Technologies

On 16 September 2015, we announced plans to separate our Materials Technologies segment, which contained two divisions, the Electronic Materials Division (EMD) and the Performance Materials Division (PMD). As further discussed below, we completed the separation of EMD through the spin-off of Versum Materials, Inc. (Versum) and the sale of PMD to Evonik Industries AG (Evonik) in fiscal year 2017. As a result, these divisions are reflected in our consolidated financial statements as discontinued operations for all periods presented.

Spin-off of EMD

On 1 October 2016 (the distribution date), Air Products completed the spin-off of Versum into a separate and independent public company. The spin-off was completed by way of a distribution to Air Products’ stockholders of all of the then issued and outstanding shares of common stock of Versum on the basis of one share of Versum common stock for every two shares of Air Products’ common stock held as of the close of business on 21 September 2016 (the record date for the distribution). Fractional shares of Versum common stock were not distributed to Air Products' common stockholders. Air Products’ stockholders received cash in lieu of fractional shares. As a result of the distribution, Versum is now an independent public company, and its common stock is listed under the symbol “VSM” on the New York Stock Exchange. The spin-off of Versum was treated as a noncash transaction in the consolidated statements of cash flows in fiscal year 2017.

Sale of PMD

On 3 January 2017, we completed the sale of PMD to Evonik for $3.8 billion in cash. A gain of $2,870 ($1,828 after‑tax, or $8.32 per share) was recognized on the sale. A portion of the proceeds from the sale have been included in "Short-term investments" on the consolidated balance sheets. Interest income earned on the sale proceeds has been reflected on the consolidated income statements within “Other non-operating income (expense), net."

Energy-from-Waste

On 29 March 2016, the Board of Directors approved the Company’s exit of its Energy‑from‑Waste (EfW) business and efforts to start up and operate the two EfW projects located in Tees Valley, United Kingdom, were discontinued. Since that time, the EfW segment has been presented as a discontinued operation.

During the second quarter of fiscal year 2016, we recorded a loss of $945.7 ($846.6 after-tax) to write down plant assets to their estimated net realizable value and record a liability for plant disposition and other costs. Income tax benefits related only to one of the projects as the other did not qualify for a local tax deduction. We estimated the net realizable value of the projects assuming an orderly liquidation of assets capable of being marketed on a secondary equipment market based on market quotes and our experience with selling similar equipment. An asset’s orderly liquidation value is the amount that could be realized from a liquidation sale, given a reasonable period of time to find a buyer, selling the asset in the existing condition where it is located, and assuming the highest and best use of the asset by market participants. A valuation allowance of $58.0 and unrecognized tax benefits of $7.9 were recorded relating to deferred tax assets on capital assets generated from the loss.

During the first quarter of fiscal year 2017, we determined that it is unlikely for a buyer to assume the remaining assets and contract obligations, including land lease obligations. As a result, we recorded an additional loss of $59.3 ($47.1 after-tax) in results of discontinued operations, of which $53.0 was recorded primarily for land lease obligations and $6.3 was recorded to update our estimate of the net realizable value of the plant assets as of 31 December 2016. There have been no changes to our estimates during the remainder of fiscal year 2017. We may incur additional exit costs in future periods related to other outstanding commitments.

The following table summarizes the carrying amount of the accrual for our actions to dispose of the EfW business at 30 September 2017:



	Asset Actions			Contract Actions/ Other			Total
Loss on disposal of business	$	913.5		$	32.2		$	945.7
Noncash expenses	(913.5		)	—			(913.5		)
Cash expenditures	—			(18.6		)	(18.6		)
Currency translation adjustment	—			(1.4		)	(1.4		)
30 September 2016	$	—		$	12.2		$	12.2
Loss on disposal of business	6.3			53.0			59.3
Noncash expenses	(6.3		)	—			(6.3		)
Cash expenditures	—			(1.4		)	(1.4		)
Currency translation adjustment	—			7.3			7.3
Amount reflected in other noncurrent liabilities	—			(65.3		)	(65.3		)
30 September 2017	$	—		$	5.8		$	5.8

The loss on disposal was recorded as a component of discontinued operations. The amount reflected in other noncurrent liabilities primarily relates to land lease obligations and is recorded in continuing operations. The remaining accrual is reflected in current liabilities of discontinued operations.

Summarized Financial Information of Discontinued Operations

The following tables detail the businesses and major line items that comprise income from discontinued operations, net of tax, on the consolidated income statements:



							Total
	Performance			Energy-from-			Discontinued
Year Ended 30 September 2017	Materials			Waste^(A)			Operations
Sales	$	254.8		$	—		$	254.8
Cost of sales	182.3			13.8			196.1
Selling and administrative	22.5			.7			23.2
Research and development	5.1			—			5.1
Other income (expense), net	.3			(2.0		)	(1.7		)
Operating Income (Loss)	45.2			(16.5		)	28.7
Equity affiliates’ income	.3			—			.3
Income (Loss) Before Taxes	45.5			(16.5		)	29.0
Income tax benefit^(B)	(50.8		)	(5.7		)	(56.5		)
Income (Loss) From Operations of Discontinued Operations, net of tax	96.3			(10.8		)	85.5
Gain (Loss) on Disposal, net of tax^(C)	1,827.6			(47.1		)	1,780.5
Income (Loss) From Discontinued Operations, net of tax	$	1,923.9		$	(57.9	)	$	1,866.0


^(A)	The loss from operations of discontinued operations for EfW primarily relates to costs incurred for ongoing project exit activities, administrative costs, and land lease obligations.


^(B)	As a result of the expected gain on sale of PMD, we released valuation allowances related to capital loss and net operating loss carryforwards primarily during the first quarter of 2017 that favorably impacted our income tax provision within discontinued operations by approximately $69.


^(C)	After-tax gain on sale of $1,827.6 includes expense for income tax reserves for uncertain tax positions of $28.0 gross ($21.0 net) in various jurisdictions.



								Total
	Electronic		Performance		Energy-from-			Discontinued
Year Ended 30 September 2016	Materials		Materials		Waste^(A)			Operations
Sales	$	961.6	$	1,059.1	$	—		$	2,020.7
Cost of sales	521.6		704.5		24.6			1,250.7
Selling and administrative	87.7		76.6		2.8			167.1
Research and development	40.8		19.6		.9			61.3
Other income (expense), net	2.2		4.2		(12.7		)	(6.3		)
Operating Income (Loss)	313.7		262.6		(41.0		)	535.3
Equity affiliates’ income	.2		1.4		—			1.6
Interest expense	.3		—		—			.3
Income (Loss) Before Taxes^(B)	313.6		264.0		(41.0		)	536.6
Income tax provision (benefit)	73.4		80.5		(3.4		)	150.5
Income (Loss) From Operations of Discontinued Operations, net of tax	240.2		183.5		(37.6		)	386.1
Loss on Disposal, net of tax	—		—		(846.6		)	(846.6		)
Income (Loss) From Discontinued Operations, net of tax	240.2		183.5		(884.2		)	(460.5		)
Net Income Attributable to Noncontrolling Interests of Discontinued Operations	7.9		—		—			7.9
Net Income (Loss) From Discontinued Operations	$	232.3	$	183.5	$	(884.2	)	$	(468.4	)


^(A)	The loss from operations of discontinued operations for EfW primarily relates to project suspension costs, land lease obligations, and administrative costs.


^(B)	In fiscal year 2016, income before taxes from operations of discontinued operations attributable to Air Products was $527.1.



										Total
	Electronic			Performance			Energy-from-			Discontinued
Year Ended 30 September 2015	Materials			Materials			Waste^(A)			Operations
Sales	$	984.1		$	1,086.5		$	—		$	2,070.6
Cost of sales	586.8			754.0			5.1			1,345.9
Selling and administrative	86.4			79.9			2.4			168.7
Research and development	37.5			23.2			1.7			62.4
Other income (expense), net^(B)	(18.5		)	(9.2		)	—			(27.7		)
Operating Income (Loss)	254.9			220.2			(9.2		)	465.9
Equity affiliates’ income	1.0			1.2			—			2.2
Interest expense	.1			.6			—			.7
Income (Loss) Before Taxes^(C)	255.8			220.8			(9.2		)	467.4
Income tax provision (benefit)	49.7			68.4			(2.4		)	115.7
Income (Loss) From Discontinued Operations, net of tax	206.1			152.4			(6.8		)	351.7
Net Income Attributable to Noncontrolling Interests of Discontinued Operations	7.1			—			—			7.1
Net Income (Loss) From Discontinued Operations	$	199.0		$	152.4		$	(6.8	)	$	344.6


^(A)	The loss from operations of discontinued operations for EfW primarily relates to land lease obligations and administrative costs.


^(B)	Primarily includes business restructuring and cost reduction actions.


^(C)	In fiscal year 2015, income before taxes from operations of discontinued operations attributable to Air Products was $458.9.

The following tables detail the businesses and major line items that comprise assets and liabilities of discontinued operations on the consolidated balance sheets:



					Total
	Performance		Energy-from-		Discontinued
30 September 2017	Materials		Waste		Operations
Assets
Current Assets
Plant and equipment, net	$	—	$	10.2	$	10.2
Total Current Assets	—		10.2		10.2
Total Assets	$	—	$	10.2	$	10.2
Liabilities
Current Liabilities
Payables and accrued liabilities	$	9.2	$	6.5	$	15.7
Total Current Liabilities	9.2		6.5		15.7
Total Liabilities	$	9.2	$	6.5	$	15.7



							Total
	Electronic		Performance		Energy-from-		Discontinued
30 September 2016	Materials		Materials		Waste		Operations
Assets
Current Assets
Cash and cash items	$	170.6	$	37.5	$	—	$	208.1
Trade receivables, net	134.7		159.0		—		293.7
Inventories	138.1		226.8		—		364.9
Plant and equipment, net	—		—		18.2		18.2
Other receivables and current assets	34.5		5.6		1.2		41.3
Total Current Assets	477.9		428.9		19.4		926.2
Plant and equipment, net	296.5		296.5		—		593.0
Goodwill, net	180.0		125.0		—		305.0
Intangible assets, net	75.1		25.0		—		100.1
Other noncurrent assets	37.5		6.7		—		44.2
Total Noncurrent Assets	589.1		453.2		—		1,042.3
Total Assets	$	1,067.0	$	882.1	$	19.4	$	1,968.5
Liabilities
Current Liabilities
Payables and accrued liabilities	$	85.8	$	72.5	$	19.0	$	177.3
Accrued income taxes	22.7		6.0		—		28.7
Current portion of long-term debt	5.8		—		—		5.8
Total Current Liabilities	114.3		78.5		19.0		211.8
Long-term debt	981.8		—		—		981.8
Deferred income taxes	50.3		6.4		—		56.7
Other noncurrent liabilities	47.4		9.6		—		57.0
Total Noncurrent Liabilities	1,079.5		16.0		—		1,095.5
Total Liabilities	$	1,193.8	$	94.5	$	19.0	$	1,307.3

Materials Technologies Separation	12 Months Ended
Materials Technologies Separation	Sep. 30, 2017
Restructuring and Related Activities [Abstract]
Materials Technologies Separation	4. MATERIALS TECHNOLOGIES SEPARATION Business Separation Costs In connection with the disposition of the divisions comprising the former Materials Technologies segment, we incurred separation costs of $30.2, $50.6, and $7.5 in 2017, 2016, and 2015, respectively. These costs are reflected on the consolidated income statements as “Business separation costs” and include legal, advisory, and pension related costs. Our fiscal year 2017 income tax provision includes net tax benefits of $5.5 primarily related to changes in tax positions on business separation activities. Our fiscal year 2016 income tax provision includes additional tax expense related to the separation of $51.8, of which $45.7 resulted from a dividend that was declared in June 2016 to repatriate $443.8 from a subsidiary in South Korea to the U.S. in anticipation of the separation of EMD from the industrial gases business in South Korea. Transition Services Agreements In connection with the spin-off of Versum, we entered into various agreements necessary to effect the spin-off and to govern the ongoing relationships between Air Products and Versum after the separation, including a transition services agreement by which we provide certain transition services to Versum. We expect all transition services to end in 2018. Seifi Ghasemi, chairman, president and chief executive officer of Air Products, is serving as non‑executive chairman of the Versum Board of Directors. In connection with the sale of PMD, we entered into a transition services agreement by which we provide certain transition services to Evonik for no longer than 12 months from the date of sale of 3 January 2017. The reimbursement for costs in support of the transition services agreements with Versum and Evonik has been reflected on the consolidated income statements within “Other income (expense), net.” Loss on Extinguishment of Debt On 30 September 2016, in anticipation of the spin-off, Versum entered into certain financing transactions to allow for a cash distribution of $550.0 and a distribution in-kind of senior unsecured notes (the "Notes") issued by Versum with an aggregate principal amount of $425.0 to Air Products. Air Products then exchanged these Notes with certain financial institutions for $418.3 of Air Products’ outstanding commercial paper. This noncash exchange, which was excluded from the consolidated statements of cash flows, resulted in a loss of $6.9 that has been reflected on the consolidated income statements as “Loss on extinguishment of debt.” This loss was deductible for tax purposes.

Business Restructuring and Cost Reduction Actions

12 Months Ended

Sep. 30, 2017

Restructuring Charges [Abstract]

Business Restructuring and Cost Reduction Actions

5. BUSINESS RESTRUCTURING AND COST REDUCTION ACTIONS

The charges we record for business restructuring and cost reduction actions have been excluded from segment operating income.

Cost Reduction Actions

In fiscal year 2017, we recognized a net expense of $151.4. The year-to-date net expense included a charge of $154.8 for actions taken during fiscal year 2017, partially offset by the favorable settlement of the remaining $3.4 accrued balance associated with business restructuring actions taken in 2015. Asset actions of $88.5 included charges resulting from the write-down of an air separation unit in the Industrial Gases – EMEA segment that was constructed mainly to provide oxygen to one of the Energy-from-Waste plants, the planned sale of a non-industrial gas hardgoods business in the Industrial Gases – Americas segment, and the closure of a facility in the Corporate and other segment that manufactured liquefied natural gas (LNG) heat exchangers. During fiscal year 2017, severance and other benefits totaled $66.3 and related to the elimination or planned elimination of approximately 625 positions, primarily in the Corporate and other segment and in the Industrial Gases – EMEA segment. The actions in the Corporate and other segment were driven by the reorganization of our engineering, manufacturing, and technology functions.

The 2017 charge related to the segments as follows: $39.3 in Industrial Gases – Americas, $77.9 in Industrial Gases – EMEA, $.9 in Industrial Gases – Asia, $2.5 in Industrial Gases – Global, and $34.2 in Corporate and other.

In fiscal year 2016, we recognized an expense of $34.5 for severance and other benefits related to cost reduction actions which resulted in the elimination of approximately 610 positions. The expenses related primarily to the Industrial Gases – Americas segment and the Industrial Gases – EMEA segment.

The following table summarizes the carrying amount of the accrual for cost reduction actions at 30 September 2017:



	Severance and Other Benefits			Asset Actions/Other			Total
2016 Charge	$	34.5		$	—		$	34.5
Amount reflected in pension liability	(.9		)	—			(.9		)
Cash expenditures	(21.6		)	—			(21.6		)
Currency translation adjustment	.3			—			.3
30 September 2016	$	12.3		$	—		$	12.3
2017 Charge	66.3			88.5			154.8
Noncash expenses	—			(84.2		)	(84.2		)
Amount reflected in pension liability	(2.0		)	—			(2.0		)
Amount reflected in other noncurrent liabilities	—			(2.2		)	(2.2		)
Cash expenditures	(35.7		)	(1.2		)	(36.9		)
Currency translation adjustment	(.3		)	—			(.3		)
30 September 2017	$	40.6		$	.9		$	41.5

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.

In fiscal year 2015, we recognized an expense of $180.1. Severance and other benefits totaled $131.5 and related to the elimination of approximately 1,700 positions. Asset and associated contract actions totaled $48.6 and related primarily to a plant shutdown in the Corporate and other segment and the exit of a product line within the Industrial Gases – Global segment. The 2015 charges related to the segments 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, and $48.9 in Corporate and other.

During the fourth quarter of 2014, an expense of $11.1 was incurred relating to the elimination of approximately 40 positions.

The following table summarizes the carrying amount of the accrual for the business realignment and reorganization at 30 September 2017:



	Severance and Other Benefits			Asset Actions/Other			Total
2014 Charge	$	11.1		$	—		$	11.1
Cash expenditures	(1.7		)	—			(1.7		)
30 September 2014	$	9.4		$	—		$	9.4
2015 Charge	131.5			48.6			180.1
Amount reflected in pension liability	(11.2		)	—			(11.2		)
Noncash expenses	—			(40.2		)	(40.2		)
Cash expenditures	(100.3		)	(1.2		)	(101.5		)
Currency translation adjustment	(.4		)	—			(.4		)
30 September 2015	$	29.0		$	7.2		$	36.2
Cash expenditures	(28.6		)	(3.8		)	(32.4		)
Currency translation adjustment	(.4		)	—			(.4		)
30 September 2016	$	—		$	3.4		$	3.4
Accrual settlement	—			(3.4		)	(3.4		)
30 September 2017	$	—		$	—		$	—

Business Combination	12 Months Ended
Business Combination	Sep. 30, 2017
Business Combinations [Abstract]
Business Combination	6. 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 twelve months ended 30 September 2015 include a gain of $17.9 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

12 Months Ended

Sep. 30, 2017

Inventory Disclosure [Abstract]

Inventories

7. INVENTORIES

The components of inventories are as follows:



30 September	2017			2016
Finished goods	$	120.0		$	131.3
Work in process	15.7			18.3
Raw materials, supplies and other	223.0			117.1
Total FIFO Cost	358.7			266.7
Less: Excess of FIFO cost over LIFO cost	(23.3		)	(11.7		)
Inventories	$	335.4		$	255.0

Inventories valued using the LIFO method comprised 48.7% and 22.9% of consolidated inventories before LIFO adjustment at 30 September 2017 and 2016, respectively. Liquidation of LIFO inventory layers in 2017, 2016, and 2015 did not materially affect the results of operations.

FIFO cost approximates replacement cost.

Summarized Financial Information of Equity Affiliates

12 Months Ended

Sep. 30, 2017

Equity Method Investments and Joint Ventures [Abstract]

Summarized Financial Information of Equity Affiliates

8. SUMMARIZED FINANCIAL INFORMATION OF EQUITY AFFILIATES

The summarized financial information below is on a combined 100% basis and has been compiled based on financial statements of the companies accounted for by the equity method. The amounts presented include the accounts of the following equity affiliates:



Abdullah Hashim Industrial Gases & Equipment Co., Ltd. (25%);		INOX Air Products Limited (50%);
Air Products South Africa (Proprietary) Limited (50%);		Jazan Gas Projects Company (25%);
Bangkok Cogeneration Company Limited (49%);		Kulim Industrial Gases Sdn. Bhd. (50%);
Bangkok Industrial Gases Co., Ltd. (49%);		Sapio Produzione Idrogeno Ossigeno S.r.l. (49%);
Chengdu Air & Gas Products Ltd. (50%);		Tecnologia en Nitrogeno S. de R.L. de C.V. (50%);
Helios S.p.A. (49%);		Tyczka Industrie-Gases GmbH (50%);
High-Tech Gases (Beijing) Co., Ltd. (50%);		WuXi Hi-Tech Gas Co., Ltd. (50%);
INFRA Group (40%);		and principally, other industrial gas producers.



30 September			2017		2016
Current assets			$	1,333.2	$	1,436.7
Noncurrent assets			4,026.9		3,063.3
Current liabilities			666.8		694.8
Noncurrent liabilities			2,194.3		1,540.4

Year Ended 30 September	2017		2016		2015
Net sales	$	2,343.3	$	2,271.6	$	2,460.5
Sales less cost of sales	878.6		871.5		922.7
Operating income	509.5		482.1		512.4
Net income	343.5		334.1		343.5

The increase in noncurrent assets and noncurrent liabilities is primarily related to Jazan Gas Projects Company.

Dividends received from equity affiliates were $99.5, $95.9, and $50.5 in 2017, 2016, and 2015, respectively.

The investment in net assets of and advances to equity affiliates as of 30 September 2017 and 2016 included investment in foreign affiliates of $1,285.1 and $1,281.5, respectively.

As of 30 September 2017 and 2016, the amount of investment in companies accounted for by the equity method included equity method goodwill in the amount of $45.8 and $109.5, respectively. The decrease was primarily driven by an other-than-temporary impairment of our investment in an equity affiliate in Saudi Arabia discussed below.

Equity Affiliate Impairment Charge

During the third quarter of fiscal year 2017, Abdullah Hashim Industrial Gases & Equipment Co., Ltd. (AHG), a 25%‑owned equity affiliate in our Industrial Gases – EMEA segment, completed a review of its business plan and outlook. As a result of the revised business plan, we determined there was an other-than-temporary impairment of our investment in AHG and, therefore, recorded a noncash impairment charge of $79.5 to reduce the carrying value of our investment. This charge is reflected on our consolidated income statements within “Equity affiliates' income” and was not deductible for tax purposes. This charge has been excluded from segment results.

The decline in value results from expectations for lower future cash flows to be generated by AHG, primarily due to challenging economic conditions in Saudi Arabia, including the impacts of lower prices in the oil and gas industry, increased competition, and capital project growth opportunities not materializing as anticipated. The AHG investment was valued based on the results of the income and market valuation approaches.

The income approach utilized a discount rate based on a market-participant, risk-adjusted weighted average cost of capital, which considers industry required rates of return on debt and equity capital for a target industry capital structure adjusted for risks associated with size and geography. Other significant estimates and assumptions that drive our updated valuation of AHG include revenue growth rates and profit margins that were lower than those upon acquisition and our assessment of AHG's business improvement plan effectiveness.

Under the market approach, we estimated fair value based on market multiples of revenue and earnings derived from publicly-traded industrial gases companies engaged in similar lines of business, adjusted to reflect differences in size and growth prospects.

As of 30 September 2017, the carrying value of our investment in AHG is $66.7 and is reflected in our Industrial Gases – EMEA segment. The investment is reported in “Investment in net assets of and advances to equity affiliates” on our consolidated balance sheets.

There have been no other significant changes to our investments in equity affiliates during fiscal year 2017.

Jazan

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 guarantees the repayment of its share of an equity bridge loan. ACWA also guarantees their share of the loan. We determined that the joint venture is a variable interest entity, for which we are not the primary beneficiary.

As of 30 September 2017 and 2016, other noncurrent liabilities included $94.4 for our obligation to make future equity contributions based on our proportionate share of the advances received by the joint venture under the loan. During fiscal year 2016 and 2015, we recorded noncash transactions that resulted in an increase of $26.9 and $67.5, respectively, to our investment in net assets of and advances to equity affiliates. These noncash transactions have been excluded from the consolidated statement of cash flows. In total, we expect to invest approximately $100 in this joint venture. There has been no change to our investment during fiscal year 2017.

Air Products has a long-term sale of equipment contract with the joint venture to engineer, procure, and construct the industrial gas facilities that will supply the gases to Saudi Aramco. Sales related to this contract are included in the results of our Industrial Gases – Global segment and were approximately $540 and $300 during fiscal year 2017 and 2016, respectively. Sales related to this contract were not material during fiscal year 2015.

Plant and Equipment, Net

12 Months Ended

Sep. 30, 2017

Property, Plant and Equipment [Abstract]

Plant and Equipment, Net

9. PLANT AND EQUIPMENT, NET

The major classes of plant and equipment are as follows:



30 September	Useful Life in years	2017		2016
Land		$	231.0	$	202.9
Buildings	30	977.8		918.6
Production facilities^(A)	10 to 20	13,577.1		12,391.9
Distribution and other machinery and equipment^(B)	5 to 25	3,944.0		3,821.0
Construction in progress		817.9		1,325.8
Plant and equipment, at cost		19,547.8		18,660.2
Less: accumulated depreciation		11,107.6		10,400.5
Plant and equipment, net		$	8,440.2	$	8,259.7


^(A)	Depreciable lives of production facilities related to long-term customer supply contracts are matched to the contract lives.


^(B)	The depreciable lives for various types of distribution equipment are 10 to 25 years for cylinders, depending on the nature and properties of the product; 20 years for tanks; 7.5 years for customer stations; and 5 to 15 years for tractors and trailers.

Depreciation expense was $843.2, $832.3, and $834.5 in 2017, 2016, and 2015, respectively.

Goodwill

12 Months Ended

Sep. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

10. GOODWILL

Changes to the carrying amount of consolidated goodwill by segment are as follows:



	Industrial Gases– Americas			Industrial Gases– EMEA			Industrial Gases– Asia		Industrial Gases– Global		Total
Goodwill, net at 30 September 2015	$	297.6		$	386.5		$	133.1	$	19.9	$	837.1
Currency translation	11.5			(5.9		)	2.1		.3		8.0
Goodwill, net at 30 September 2016	$	309.1		$	380.6		$	135.2	$	20.2	$	845.1
Impairment loss	(145.3		)	—			—		—		(145.3		)
Acquisitions	—			3.5			—		—		3.5
Currency translation	(.1		)	18.3			—		—		18.2
Goodwill, net at 30 September 2017	$	163.7		$	402.4		$	135.2	$	20.2	$	721.5



30 September	2017			2016			2015
Goodwill, gross	$	1,138.7		$	1,103.7		$	1,080.8
Accumulated impairment losses	(417.2		)	(258.6		)	(243.7		)
Goodwill, net	$	721.5		$	845.1		$	837.1

We review goodwill for impairment annually in the fourth quarter of the fiscal year and whenever events or changes in circumstances indicate that the carrying value of goodwill might not be recoverable. As described in Note 2, New Accounting Guidance, we elected to early adopt new accounting guidance that simplifies the test for goodwill impairment during the third quarter of fiscal year 2017.

For the first nine months of fiscal year 2017, volumes declined in our Latin America reporting unit (LASA), and overall revenue growth did not meet expectations. Due to weak economic conditions in Latin America and expectations for continued volume weakness in the Latin American countries and markets in which we operate, we lowered our long-term growth projections. We conducted an interim impairment test of the goodwill associated with LASA within the Industrial Gases – Americas segment as of 30 June 2017. As a result, we recorded a noncash goodwill impairment charge of $145.3, which has been reflected on our consolidated income statements within “Goodwill and intangible asset impairment charge.” This charge was not deductible for tax purposes and has been excluded from segment operating income.

LASA includes assets and goodwill associated with operations in Chile and other Latin American countries. We estimated the fair value of LASA based on two valuation approaches, the income approach and the market approach. We reviewed relevant facts and circumstances in determining the weighting of the approaches.

Under the income approach, we estimated the fair value of LASA based on the present value of estimated future cash flows. Cash flow projections were based on management’s estimates of revenue growth rates and EBITDA margins, taking into consideration business and market conditions for the Latin American countries and markets in which we operate. We calculated the discount rate based on a market-participant, risk-adjusted weighted average cost of capital, which considers industry‑specific rates of return on debt and equity capital for a target industry capital structure, adjusted for risks associated with business size and geography.

Under the market approach, we estimated fair value based on market multiples of revenue and earnings derived from publicly-traded industrial gases companies and regional manufacturing companies, adjusted to reflect differences in size and growth prospects.

Management judgment is required in the determination of each assumption utilized in the valuation model, and actual results could differ from our estimates.

The accumulated impairment losses of $417.2 as of 30 September 2017 are attributable to LASA within the Industrial Gases– Americas segment and include the LASA impairment charge recorded in fiscal year 2014 as well as the impacts of currency translation on the losses.

Prior to completing the LASA goodwill impairment test, we tested the recoverability of LASA’s long-lived assets and other indefinite-lived intangible assets. Refer to Note 11, Intangible Assets, for additional information.

During the fourth quarter of 2017, we conducted our annual goodwill impairment test. We determined that the fair value of all our reporting units exceeded their carrying value except LASA, for which the fair value equaled the carrying value.

Intangible Assets

12 Months Ended

Sep. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

11. INTANGIBLE ASSETS

The table below provides details of acquired intangible assets:



	30 September 2017							30 September 2016
	Gross		Accumulated Amortization/ Impairment			Net		Gross		Accumulated Amortization/ Impairment			Net
Customer relationships	$	424.1	$	(142.3	)	$	281.8	$	400.6	$	(118.2	)	$	282.4
Patents and technology	13.4		(10.6		)	2.8		13.6		(10.1		)	3.5
Other	73.4		(36.6		)	36.8		73.0		(33.7		)	39.3
Total finite-lived intangibles	510.9		(189.5		)	321.4		487.2		(162.0		)	325.2
Trade names and trademarks, indefinite-lived	67.8		(20.9		)	46.9		66.2		(3.5		)	62.7
Total Intangible Assets	$	578.7	$	(210.4	)	$	368.3	$	553.4	$	(165.5	)	$	387.9

The decrease in net intangible assets from 2016 to 2017 is primarily due to amortization and an impairment charge recorded during the third quarter of fiscal year 2017. Amortization expense for intangible assets was $22.6, $22.3, and $24.0 in 2017, 2016, and 2015, respectively. Refer to Note 1, Major Accounting Policies, for amortization periods associated with our intangible assets.

Indefinite-lived intangible assets are subject to impairment testing at least annually or more frequently if events or changes in circumstances indicate that potential impairment exists. The impairment test for indefinite-lived intangible assets involves calculating the fair value of the indefinite-lived intangible assets and comparing the fair value to their carrying value. If the fair value is less than the carrying value, the difference is recorded as an impairment loss.

As discussed in Note 10, Goodwill, in response to weak Latin America economic conditions and expectations for continued volume weakness in the Latin American countries and markets in which we operate, we lowered our long-term growth projections. An interim impairment test of indefinite-lived intangibles associated with LASA was conducted as of 30 June 2017 utilizing the royalty savings method, a form of the income approach. We determined that the carrying value of trade names and trademarks was in excess of fair value, and as a result, we recorded a noncash impairment charge of $16.8 to reduce these indefinite-lived intangible assets to their fair value. This charge is reflected within “Goodwill and intangible asset impairment charge” on our consolidated income statements. These trade names and trademarks are included in our Industrial Gases – Americas segment. This charge has been excluded from segment operating income. We tested the recoverability of LASA long-lived assets, including finite-lived intangible assets subject to amortization, and concluded that they were recoverable from expected future undiscounted cash flows.

In the fourth quarter of 2017, we conducted our annual impairment test of indefinite-lived intangibles and found no indications of impairment.

Projected annual amortization expense for intangible assets as of 30 September 2017 is as follows:



2018	$	22.1
2019	21.8
2020	21.6
2021	20.1
2022	17.4
Thereafter	218.4
Total	$	321.4

Leases

12 Months Ended

Sep. 30, 2017

Leases [Abstract]

Leases

12. LEASES

Lessee Accounting

Capital leases, primarily for the right to use machinery and equipment, are included with owned plant and equipment on the consolidated balance sheet in the amount of $22.3 and $22.4 at 30 September 2017 and 2016, respectively. Related amounts of accumulated depreciation are $5.3 and $4.5, respectively.

Operating leases principally relate to real estate and also include aircraft, distribution equipment, and vehicles. Certain leases include escalation clauses, renewal, and/or purchase options. Rent expense is recognized on a straight-line basis over the minimum lease term. Rent expense under operating leases, including month-to-month agreements, was $65.8 in 2017, $67.6 in 2016, and $70.4 in 2015.

At 30 September 2017, minimum payments due under leases associated with continuing operations are as follows:



	Capital Leases		Operating Leases
2018	$	2.2	$	56.6
2019	1.8		45.8
2020	1.6		35.2
2021	3.0		27.1
2022	1.5		22.9
Thereafter	19.9		126.6
Total	$	30.0	$	314.2

The present value of the above future capital lease payments totaled $10.8. Refer to Note 15, Debt.

Included in the operating lease payments disclosed above are future minimum payments due under leases related to the Energy-from-Waste discontinued operations (i.e., Tees Valley, United Kingdom ) of approximately $2 in each of the next five years and $40 thereafter, for a total lease commitment of approximately $50. As discussed in Note 3, Discontinued Operations, during the first quarter of 2017, we recorded an accrual for these lease obligations to other noncurrent liabilities in continuing operations.

Lessor Accounting

As discussed under Revenue Recognition in Note 1, Major Accounting Policies, certain contracts associated with facilities that are built to provide product to a specific customer are required to be accounted for as leases. Lease receivables, net, are primarily included in noncurrent capital lease receivables on our consolidated balance sheets, with the remaining balance in other receivables and current assets.

The components of lease receivables were as follows:



30 September	2017			2016
Gross minimum lease payments receivable	$	1,897.0		$	2,072.6
Unearned interest income	(671.9		)	(762.7		)
Lease Receivables, net	$	1,225.1		$	1,309.9

Lease payments collected in 2017, 2016, and 2015 were $183.6, $186.0, and $146.6, respectively. These payments reduced the lease receivable balance by $92.2, $85.5, and $68.8 in 2017, 2016, and 2015, respectively.

At 30 September 2017, minimum lease payments expected to be collected are as follows:



2018	$	182.0
2019	176.4
2020	171.4
2021	165.5
2022	154.1
Thereafter	1,047.6
Total	$	1,897.0

Financial Instruments

12 Months Ended

Sep. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

13. 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 flow 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 intercompany loans. This portfolio of forward exchange contracts consists primarily of Euros and U.S. Dollars. The maximum remaining term of any forward exchange contract currently outstanding and designated as a cash flow hedge at 30 September 2017 is 1.8 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 primary 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 assets 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 consists of many different foreign currency pairs, with a profile that changes from time to time depending on business activity and sourcing decisions.

The table below summarizes our outstanding currency price risk management instruments:



	30 September 2017			30 September 2016
	US$ Notional		Years Average Maturity	US$ Notional		Years Average Maturity
Forward Exchange Contracts
Cash flow hedges	$	3,150.2	.4	$	4,130.3	.5
Net investment hedges	675.5		3.0	968.2		2.7
Not designated	273.8		.1	2,648.3		.4
Total Forward Exchange Contracts	$	4,099.5	.8	$	7,746.8	.7

The notional value of forward exchange contracts not designated in the table above includes forward contracts which were hedging intercompany loans that were repaid prior to their original maturity dates in anticipation of the spin-off of Versum. The forward exchange contracts no longer qualified as cash flow hedges due to the early repayment of the loans. We entered into additional forward exchange contracts to offset these outstanding positions to eliminate any future earnings impact. The decrease in notional value from 30 September 2016 to 30 September 2017 is primarily due to the maturity of the aforementioned intercompany loan hedges and their offsetting positions.

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 debt and related accrued interest included €912.2 million ($1,077.7) at 30 September 2017 and €920.7 million ($1,034.4) at 30 September 2016. The designated foreign currency-denominated debt is located on the balance sheet in the long-term debt line item.

Debt Portfolio Management

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 are 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 30 September 2017, the outstanding interest rate 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 debt 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 currency for another currency at inception and at a specified future date. 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-fixed 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 interest rate swaps:



	30 September 2017							30 September 2016
	US$ Notional		Average Pay %		Average Receive %		Years Average Maturity	US$ Notional		Average Pay %		Average Receive %		Years Average Maturity
Interest rate swaps (fair value hedge)	$	600.0	LIBOR		2.28	%	1.3	$	600.0	LIBOR		2.28	%	2.3
Cross currency interest rate swaps (net investment hedge)	$	539.7	3.27	%	2.59	%	1.9	$	517.7	3.24	%	2.43	%	2.6
Cross currency interest rate swaps (cash flow hedge)	$	1,095.7	4.96	%	2.78	%	2.4	$	1,088.9	4.77	%	2.72	%	3.3
Cross currency interest rate swaps (not designated)	$	41.6	3.28	%	2.32	%	1.7	$	27.4	3.62	%	.81	%	1.8

The table below summarizes the fair value and balance sheet location of our outstanding derivatives:



	Balance Sheet	30 September				Balance Sheet	30 September
	Location	2017		2016		Location	2017		2016
Derivatives Designated as Hedging Instruments:
Forward exchange contracts	Other receivables	$	81.7	$	72.3	Accrued liabilities	$	82.0	$	44.0
Interest rate management contracts	Other receivables	11.1		19.9		Accrued liabilities	10.7		—
Forward exchange contracts	Other noncurrent assets	27.1		44.4		Other noncurrent liabilities	13.8		9.1
Interest rate management contracts	Other noncurrent assets	102.6		160.0		Other noncurrent liabilities	22.2		12.0
Total Derivatives Designated as Hedging Instruments		$	222.5	$	296.6		$	128.7	$	65.1
Derivatives Not Designated as Hedging Instruments:
Forward exchange contracts	Other receivables	1.1		77.1		Accrued liabilities	$	2.2	$	29.5
Interest rate management contracts	Other receivables	—		—		Accrued liabilities	1.0		—
Interest rate management contracts	Other noncurrent assets	4.2		—		Other noncurrent liabilities	—		.7
Total Derivatives Not Designated as Hedging Instruments		$	5.3	$	77.1		$	3.2	$	30.2
Total Derivatives		$	227.8	$	373.7		$	131.9	$	95.3

Refer to Note 14, 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 instruments:



	Year Ended 30 September
	Forward Exchange Contracts						Foreign Currency Debt						Other^(A)						Total
	2017			2016			2017			2016			2017			2016			2017			2016
Cash Flow Hedges, net of tax:
Net gain (loss) recognized in OCI (effective portion)	$	.3		$	10.5		$	—		$	—		$	(12.9	)	$	3.2		$	(12.6	)	$	13.7
Net (gain) loss reclassified from OCI to sales/cost of sales (effective portion)	18.3			.2			—			—			—			—			18.3			.2
Net (gain) loss reclassified from OCI to other income (expense), net (effective portion)	(3.8		)	(25.7		)	—			—			10.5			(20.3		)	6.7			(46.0		)
Net (gain) loss reclassified from OCI to interest expense (effective portion)	(2.1		)	6.7			—			—			2.9			3.3			.8			10.0
Net (gain) loss reclassified from OCI to other income (expense), net (ineffective portion)	(1.6		)	(.2		)	—			—			—			—			(1.6		)	(.2		)
Fair Value Hedges:
Net gain (loss) recognized in interest expense^(B)	$	—		$	—		$	—		$	—		$	(14.7	)	$	(8.8	)	$	(14.7	)	$	(8.8	)
Net Investment Hedges, net of tax:
Net gain (loss) recognized in OCI	$	(11.1	)	$	17.4		$	(32.8	)	$	(9.6	)	$	(15.6	)	$	35.0		$	(59.5	)	$	42.8
Derivatives Not Designated as Hedging Instruments:
Net gain (loss) recognized in other income (expense), net^(C)	$	4.1		$	(1.8	)	$	—		$	—		$	(2.4	)	$	(1.6	)	$	1.7		$	(3.4	)


^(A)	Other includes the impact on other comprehensive income (OCI) and earnings primarily related to interest rate and cross currency interest rate swaps.


^(B)	The impact of fair value hedges noted above was largely offset by recognized gains and losses resulting from the impact of changes in related interest rates on outstanding debt.


^(C)	The impact of the non-designated hedges noted above was largely offset by recognized gains and losses resulting from the impact of changes in exchange rates on assets and liabilities denominated in nonfunctional currencies.

The amount of cash flow hedges’ unrealized gains and losses at 30 September 2017 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-related contingent features was $34.6 as of 30 September 2017 and $11.2 as of 30 September 2016. Because our current credit rating is above the various pre-established thresholds, no collateral has been posted on these liability positions.

Counterparty Credit 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 agreements 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 $138.5 as of 30 September 2017 and $267.6 as of 30 September 2016. No financial institution is required to post collateral at this time, as all have credit ratings at or above the threshold.

Fair Value Measurements

12 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

14. 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 observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the asset or liability.

Level 3—		Inputs that are unobservable for the asset or liability based on our own assumptions (about the assumptions market participants would use in pricing the asset or liability).

The methods and assumptions used to measure the fair value of financial instruments are as follows:

Short-term Investments

Short-term investments include time deposits with original maturities greater than three months and less than one year. The estimated fair value of the short-term investments, which approximates carrying value as of 30 September 2017 and 2016, was determined using level 2 inputs within the fair value hierarchy. Level 2 measurements were based on current interest rates for similar investments with comparable credit risk and time to maturity.

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 using 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 derived from or corroborated by observable market data such as interest rate yield curves as well as 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 13, Financial Instruments, 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 cash 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 rate 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:



	30 September 2017				30 September 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets
Derivatives
Forward exchange contracts	$	109.9	$	109.9	$	193.8	$	193.8
Interest rate management contracts	117.9		117.9		179.9		179.9
Liabilities
Derivatives
Forward exchange contracts	$	98.0	$	98.0	$	82.6	$	82.6
Interest rate management contracts	33.9		33.9		12.7		12.7
Long-term debt, including current portion	3,818.8		3,928.2		4,275.1		4,474.0

The carrying amounts reported in the balance sheet for cash and cash items, short-term investments, 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. Accordingly, 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:



	30 September 2017								30 September 2016
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets at Fair Value
Derivatives
Forward exchange contracts	$	109.9	$	—	$	109.9	$	—	$	193.8	$	—	$	193.8	$	—
Interest rate management contracts	117.9		—		117.9		—		179.9		—		179.9		—
Total Assets at Fair Value	$	227.8	$	—	$	227.8	$	—	$	373.7	$	—	$	373.7	$	—
Liabilities at Fair Value
Derivatives
Forward exchange contracts	$	98.0	$	—	$	98.0	$	—	$	82.6	$	—	$	82.6	$	—
Interest rate management contracts	33.9		—		33.9		—		12.7		—		12.7		—
Total Liabilities at Fair Value	$	131.9	$	—	$	131.9	$	—	$	95.3	$	—	$	95.3	$	—

The following is a tabular presentation of nonrecurring fair value measurements along with the level within the fair value hierarchy in which the fair value measurement in its entirety falls:



	31 December 2016
	Total		Level 1		Level 2		Level 3		2017 Loss		2016 Loss
Plant and Equipment – Continuing operations ^(A)	$	1.4	$	—	$	—	$	1.4	$	45.7	$	—
Plant and Equipment—Discontinued operations^(A)	$	11.0	$	—	$	—	$	11.0	$	6.3	$	913.5

^(A)

We assessed the recoverability of the carrying value of assets associated with the EfW discontinued operation, including the air separation unit within continuing operations of our Industrial Gases – EMEA segment. We based our estimates primarily on an orderly liquidation valuation which resulted in losses for the difference between the orderly liquidation value and net book value of the assets as of 31 December 2016 during fiscal year 2017. There have been no significant updates to our estimates as of 30 September 2017. For additional information, see Note 3, Discontinued Operations, and Note 5, Business Restructuring and Cost Reduction Actions.



	30 June 2017								2017 Loss
	Total		Level 1		Level 2		Level 3		2017 Loss
Investment in Equity Affiliate^(A)	$	68.5	$	—	$	—	$	68.5	$	79.5

^(A)

We assessed the recoverability of the carrying value of our equity investment in AHG. We estimated the fair value of our investment using weighting of the results of the income and market approaches. An impairment loss was recognized for the difference between the carrying amount and the fair value of the investment as of 30 June 2017. There have been no updates to our estimates as of 30 September 2017. For additional information, see Note 8, Summarized Financial Information of Equity Affiliates.

During the third quarter ended 30 June 2017, we recognized a goodwill impairment charge of $145.3 and an intangible asset impairment charge of $16.8 associated with our LASA reporting unit. Refer to Note 10, Goodwill, and Note 11, Intangible Assets, for more information related to these charges and the associated fair value measurement methods and significant inputs/assumptions, which were classified as Level 3 since unobservable inputs were utilized in the fair value measurements.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Debt

12 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Debt

15. DEBT

The tables below summarize our outstanding debt at 30 September 2017 and 2016:

Total Debt



30 September	2017		2016
Short-term borrowings	$	144.0	$	935.8
Current portion of long-term debt	416.4		365.4
Long-term debt	3,402.4		3,909.7
Total Debt	$	3,962.8	$	5,210.9

Short-term Borrowings



30 September	2017		2016
Bank obligations	$	144.0	$	133.1
Commercial paper	—		802.7
Total Short-term Borrowings	$	144.0	$	935.8

The weighted average interest rate of short-term borrowings outstanding at 30 September 2017 and 2016 was 4.6% and 1.1%, respectively.

Cash paid for interest, net of amounts capitalized, was $125.9 in 2017, $120.6 in 2016, and $96.8 in 2015.

Long-term Debt



30 September	Fiscal Year Maturities	2017			2016
Payable in U.S. Dollars
Debentures
8.75%	2021	$	18.4		$	18.4
Medium-term Notes (weighted average rate)
Series E 7.6%	2026	17.2			17.2
Senior Notes
Note 1.2%	2018	400.0			400.0
Note 4.375%	2019	400.0			400.0
Note 3.0%	2022	400.0			400.0
Note 2.75%	2023	400.0			400.0
Note 3.35%	2024	400.0			400.0
Other (weighted average rate)
Variable-rate industrial revenue bonds .87%	2035 to 2050	631.9			769.9
Other .89%	2018 to 2019	10.9			25.7
Payable in Other Currencies
Eurobonds 4.625%	2017	—			337.0
Eurobonds 2.0%	2020	354.4			337.0
Eurobonds 1.0%	2025	354.4			337.0
Eurobonds .375%	2021	413.5			393.2
Other 4.3%	2018 to 2022	25.8			52.9
Capital Lease Obligations
United States 5.0%	2018	.2			.5
Foreign 10.7%	2018 to 2036	10.6			9.7
Total Principal Amount		3,837.3			4,298.5
Less: Unamortized Discount and Debt Issuance Costs		(18.5		)	(23.4		)
Total Long-term Debt		3,818.8			4,275.1
Less: Current portion of long-term debt		(416.4		)	(365.4		)
Long-term Debt		$	3,402.4		$	3,909.7

Maturities of long-term debt in each of the next five years and beyond are as follows:



2018	$	416.4
2019	409.0
2020	356.1
2021	433.3
2022	401.0
Thereafter	1,821.5
Total	$	3,837.3

Various debt agreements to which we are a party include financial covenants and other restrictions, including restrictions pertaining to the ability to create property liens and enter into certain sale and leaseback transactions. As of 30 September 2017, we are in compliance with all the financial and other covenants under our debt agreements.

Additional commitments totaling $23.4 are maintained by our foreign subsidiaries, all of which were borrowed and outstanding at 30 September 2017.

2017 Credit Agreement

On 31 March 2017, we entered into a five-year $2,500.0 revolving credit agreement with a syndicate of banks (the “2017 Credit Agreement”), under which senior unsecured debt is available to both the Company and certain of its subsidiaries. The 2017 Credit Agreement provides a source of liquidity for the Company and supports its commercial paper program. The Company’s only financial covenant is a maximum ratio of total debt to total capitalization (total debt plus total equity) no greater than 70%. No borrowings were outstanding under the 2017 Credit Agreement as of 30 September 2017.

The 2017 Credit Agreement terminates and replaces our previous $2,690.0 revolving credit agreement (the “2013 Credit Agreement”), which was to mature 30 April 2018. No borrowings were outstanding under the previous agreement at the time of its termination, and no early termination penalties were incurred.

Loss on Extinguishment of Debt

In September 2016, we exchanged notes issued to us by Versum in anticipation of the spin-off. The exchange resulted in a loss of $6.9. Refer to Note 4, Materials Technologies Separation, for additional information. In September 2015, we made a payment of $146.6 to redeem 3,000,000 Unidades de Fomento (“UF”) Series E 6.30% Bonds due 22 January 2030 that had a carrying value of $130.0 and resulted in a net loss of $16.6. The fiscal year 2016 and 2015 losses are reflected on the consolidated income statements as “Loss on extinguishment of debt.”

Retirement Benefits

12 Months Ended

Sep. 30, 2017

Retirement Benefits [Abstract]

Retirement Benefits

16. RETIREMENT BENEFITS

The Company and certain of its subsidiaries sponsor defined benefit pension plans and defined contribution plans that cover a substantial portion of its worldwide employees. The principal defined benefit pension plans are the U.S. salaried pension plan and the U.K. pension plan. These plans were closed to new participants in 2005 and were replaced with defined contribution plans. The principal defined contribution plan is the Retirement Savings Plan, in which a substantial portion of the U.S. employees participate; a similar plan is offered to U.K. employees. We also provide other postretirement benefits consisting primarily of healthcare benefits to U.S. retirees who meet age and service requirements.

Defined Benefit Pension Plans

Pension benefits earned are generally based on years of service and compensation during active employment. The cost of our defined benefit pension plans included the following components:



	2017						2016						2015
	U.S.			International			U.S.			International			U.S.			International
Service cost	$	29.0		$	25.9		$	36.5		$	24.3		$	42.2		$	31.3
Interest cost	107.5			32.2			110.7			44.3			124.7			57.8
Expected return on plan assets	(207.7		)	(75.2		)	(202.0		)	(78.3		)	(202.0		)	(79.8		)
Amortization
Net actuarial loss	88.7			54.7			85.3			35.6			78.9			41.4
Prior service cost	2.3			(.1		)	2.8			(.2		)	2.8			—
Settlements	10.5			1.7			5.1			1.3			18.9			2.3
Curtailments	4.3			(1.3		)	—			(1.1		)	5.3			—
Special termination benefits	2.8			.4			2.0			—			7.2			1.5
Other	—			1.1			(.3		)	2.1			1.0			2.1
Net Periodic Benefit Cost – Total	$	37.4		$	39.4		$	40.1		$	28.0		$	79.0		$	56.6
Less: Discontinued Operations	(.7		)	(4.1		)	(7.9		)	(4.4		)	(12.9		)	(7.7		)
Net Periodic Benefit Cost – Continuing Operations	$	36.7		$	35.3		$	32.2		$	23.6		$	66.1		$	48.9

Net periodic benefit cost is primarily included in cost of sales, selling and administrative expense, and pension settlement loss on our consolidated income statements. The amount of net periodic benefit cost capitalized in 2017, 2016, and 2015 was not material.

Certain of our pension plans provide for a lump sum benefit payment option at the time of retirement, or for corporate officers, six months after their retirement date. A participant’s vested benefit is considered settled upon cash payment of the lump sum. We recognize pension settlement losses when cash payments exceed the sum of the service and interest cost components of net periodic benefit cost of the plan for the fiscal year. In 2017, 2016, and 2015, we recognized pension settlement losses of $10.5, $5.1 and $19.3 in results from continuing operations, respectively, to accelerate recognition of a portion of actuarial losses deferred in accumulated other comprehensive loss, primarily associated with the U.S. Supplementary Pension Plan. Special termination benefits are primarily related to the business restructuring and cost reduction actions initiated in their respective years.

In connection with the disposition of the two divisions comprising the former Materials Technologies segment, we incurred settlement, curtailment, and special termination benefits totaling $6.0 for the year ended 30 September 2017, of which $2.5 was reflected in "Business separation costs" and $3.5 was reflected in the results of discontinued operations on the consolidated income statements.

We calculate net periodic benefit cost for a given fiscal year based on assumptions developed at the end of the previous fiscal year. The following table sets forth the weighted average assumptions used in the calculation of net periodic benefit cost:



	2017				2016				2015
	U.S.		International		U.S.		International		U.S.		International
Discount rate^(A)	3.5	%	2.0	%	4.3	%	3.3	%	4.3	%	3.6	%
Expected return on plan assets	8.0	%	6.1	%	8.0	%	6.3	%	8.3	%	6.1	%
Rate of compensation increase	3.5	%	3.5	%	3.5	%	3.5	%	3.5	%	3.6	%

^(A)

Effective in 2016, the Company began to measure the service cost and interest cost components of pension expense by applying spot rates along the yield curve to the relevant projected cash flows, as we believe this provides a better measurement of these costs. The Company accounted for this in 2016 as a change in accounting estimate and, accordingly, accounted for it on a prospective basis. This change did not affect the measurement of the total benefit obligation. The 2017 discount rates used to measure the service cost and interest cost of our U.S. pension plans were 3.6% and 3.0%, respectively. The rates used to measure the service cost and interest cost of our major International pension plans were 2.1% and 1.8%, respectively. The previous method would have used a single discount rate for both service and interest costs.

The projected benefit obligation (PBO) is the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated future salary increases. The following table sets forth the weighted average assumptions used in the calculation of the PBO:



	2017				2016
	U.S.		International		U.S.		International
Discount rate	3.8	%	2.4	%	3.5	%	2.0	%
Rate of compensation increase	3.5	%	3.6	%	3.5	%	3.5	%

The following tables reflect the change in the PBO and the change in the fair value of plan assets based on the plan year measurement date, as well as the amounts recognized in the consolidated balance sheets:



	2017						2016
	U.S.			International			U.S.			International
Change in Projected Benefit Obligation
Obligation at beginning of year	$	3,477.7		$	1,849.6		$	3,139.9		$	1,647.9
Service cost	29.0			25.9			36.5			24.3
Interest cost	107.5			32.2			110.7			44.3
Amendments	1.9			—			1.2			—
Actuarial (gain) loss	(68.0		)	(132.4		)	380.2			376.4
Divestitures	—			(34.1		)	—			—
Curtailments	(17.3		)	(4.2		)	(.4		)	(1.2		)
Settlement (gain) loss	7.0			—			5.4			(3.4		)
Special termination benefits	2.8			—			2.0			—
Participant contributions	—			1.4			—			1.6
Benefits paid	(182.9		)	(46.5		)	(197.4		)	(46.6		)
Currency translation/other	—			57.6			(.4		)	(193.7		)
Obligation at End of Year	$	3,357.7		$	1,749.5		$	3,477.7		$	1,849.6



	2017						2016
	U.S.			International			U.S.			International
Change in Plan Assets
Fair value at beginning of year	$	2,705.3		$	1,411.1		$	2,613.6		$	1,302.8
Actual return on plan assets	319.6			87.9			275.2			273.2
Company contributions	27.2			42.2			13.9			65.4
Participant contributions	—			1.4			—			1.6
Divestitures	—			(3.0		)	—			—
Benefits paid	(182.9		)	(46.5		)	(197.4		)	(46.6		)
Settlements	—			(5.3		)	—			(3.4		)
Currency translation/other	—			52.2			—			(181.9		)
Fair Value at End of Year	$	2,869.2		$	1,540.0		$	2,705.3		$	1,411.1
Funded Status at End of Year	$	(488.5	)	$	(209.5	)	$	(772.4	)	$	(438.5	)



Amounts Recognized
Noncurrent assets	$	5.3		$	13.1		$	—		$	—
Accrued liabilities	(12.6		)	—			(24.1		)	—
Noncurrent liabilities	(481.2		)	(222.6		)	(748.3		)	(438.5		)
Net Amount Recognized	$	(488.5	)	$	(209.5	)	$	(772.4	)	$	(438.5	)

The above table in 2016 includes the projected benefit obligation and plan assets associated with discontinued businesses. Upon completion of the spin-off of Versum on 1 October 2016, the Company transferred defined benefit pension assets and obligations that resulted in a net decrease in the underfunded status of the Company's sponsored pension plans of $24. Additionally, as a result of the transfer of unrecognized losses to Versum, accumulated other comprehensive loss, net of tax, decreased by approximately $5. In connection with the sale of PMD to Evonik on 3 January 2017, the Company transferred defined benefit pension obligations that resulted in a net decrease in the underfunded status of the Company's sponsored pension plans of $7.

Certain U.S. plans offered terminated vested participants an election to receive their accrued pension benefit as a one-time lump sum payment in 2016. Benefits paid in 2016 include $52.9 of lump sum cash payments in connection with this offering.

The changes in plan assets and benefit obligation that have been recognized in other comprehensive income on a pretax basis during 2017 and 2016 consist of the following:



	2017						2016
	U.S.			International			U.S.			International
Net actuarial (gain) loss arising during the period	$	(189.8	)	$	(162.0	)	$	311.8		$	172.1
Amortization of net actuarial loss	(103.3		)	(55.7		)	(90.4		)	(36.5		)
Prior service cost (credit) arising during the period	1.9			—			1.2			(.1		)
Amortization of prior service cost	(2.3		)	.1			(2.8		)	.2
Total	$	(293.5	)	$	(217.6	)	$	219.8		$	135.7

The net actuarial (gain) loss represents the actual changes in the estimated obligation and plan assets that have not yet been recognized in the consolidated income statements and are included in accumulated other comprehensive loss. Actuarial gains arising during 2017 are primarily attributable to higher discount rates and higher than expected return on plan assets. Accumulated actuarial gains and losses that exceed a corridor are amortized over the average remaining service period of participants, which was approximately 9 years as of 30 September 2017.

The components recognized in accumulated other comprehensive loss on a pretax basis at 30 September consisted of:



	2017					2016
	U.S.		International			U.S.		International
Net actuarial loss	$	980.5	$	551.9		$	1,273.6	$	769.6
Prior service cost (credit)	8.1		(1.8		)	8.5		(1.9		)
Net transition liability	—		.4			—		.4
Total	$	988.6	$	550.5		$	1,282.1	$	768.1

The amount of accumulated other comprehensive loss at 30 September 2017 that is expected to be recognized as a component of net periodic pension cost during fiscal year 2018, excluding discontinued operations and amounts that may be recognized through settlement losses, is as follows:



	U.S.		International
Net actuarial loss	$	88.5	$	39.9
Prior service cost (credit)	1.5		(.1		)

The accumulated benefit obligation (ABO) is the actuarial present value of benefits attributed to employee service rendered to a particular date, based on current salaries. The ABO for all defined benefit pension plans was $4,842.8 and $4,954.9 as of 30 September 2017 and 2016, respectively.

The following table provides information on pension plans where the benefit liability exceeds the value of plan assets:



	30 September 2017				30 September 2016
	U.S.		International		U.S.		International
Pension Plans with PBO in Excess of Plan Assets:
PBO	$	3,116.7	$	465.7	$	3,477.7	$	1,849.6
Fair value of plan assets	2,623.0		243.1		2,705.3		1,411.1
Pension Plans with ABO in Excess of Plan Assets:
ABO	$	2,951.0	$	365.6	$	3,242.5	$	1,673.6
Fair value of plan assets	2,623.0		197.1		2,705.3		1,370.1

Included in the tables above are several pension arrangements that are not funded because of jurisdictional practice. The ABO and PBO related to these plans as of 30 September 2017 were $99.0 and $107.8, respectively.

Pension Plan Assets

Our pension plan investment strategy is to invest in diversified portfolios to earn a long-term return consistent with acceptable risk in order to pay retirement benefits and meet regulatory funding requirements while minimizing company cash contributions over time. De-risking strategies are also employed for closed plans as funding improves, generally resulting in higher allocations to long duration bonds. The plans invest primarily in passive and actively managed equity and debt securities. Equity investments are diversified geographically and by investment style and market capitalization. Fixed income investments include sovereign, corporate and asset-backed securities generally denominated in the currency of the plan.

Asset allocation targets are established based on the long-term return, volatility and correlation characteristics of the asset classes, the profiles of the plans’ liabilities, and acceptable levels of risk. Actual allocations vary from target due to market changes and are reviewed regularly. Assets are routinely rebalanced through contributions, benefit payments, and otherwise as deemed appropriate. The actual and target allocations at the measurement date are as follows:



	2017 Target Allocation		2017 Actual Allocation				2016 Actual Allocation
	U.S.	International	U.S.		International		U.S.		International
Asset Category
Equity securities	46-66%	46-57%	58	%	53	%	65	%	60	%
Debt securities	32-42%	41-53%	34	%	46	%	28	%	38	%
Real estate/other	0-10%	0-2%	7	%	1	%	7	%	1	%
Cash	—	—	1	%	—	%	—	%	1	%
Total			100	%	100	%	100	%	100	%

In 2017, the 8.0% expected return for U.S. plan assets was based on a weighted average of estimated long-term returns of major asset classes and the historical performance of plan assets. The estimated long-term return for equity, debt securities, and real estate is 8.2%, 5.0%, and 7.0%, respectively. In determining asset class returns, we take into account historical long-term returns and the value of active management, as well as other economic and market factors.

In 2017, the 6.1% expected rate of return for international plan assets was based on a weighted average return for plans outside the U.S., which vary significantly in size, asset structure and expected returns. The expected asset return for the U.K. plan, which represents over 80% of the assets of our International plans, is 6.6% and was derived from expected equity and debt security returns of 7.3% and 3.5%, respectively.

The following table summarizes pension plan assets measured at fair value by asset class (see Note 14, Fair Value Measurements, for definition of the levels):



	30 September 2017								30 September 2016
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
U.S. Qualified Pension Plans
Cash and cash equivalents	$	13.6	$	13.6	$	—	$	—	$	12.7	$	12.7	$	—	$	—
Equity securities	598.6		598.6		—		—		637.0		637.0		—		—
Equity mutual funds	276.5		276.5		—		—		300.2		300.2		—		—
Equity pooled funds	787.0		—		787.0		—		815.5		—		815.5		—
Fixed income:
Bonds (government and corporate)	985.7		—		985.7		—		747.8		—		747.8		—
Real estate pooled funds	207.8		—		—		207.8		192.1		—		—		192.1
Total U.S. Qualified Pension Plans	$	2,869.2	$	888.7	$	1,772.7	$	207.8	$	2,705.3	$	949.9	$	1,563.3	$	192.1
International Pension Plans
Cash and cash equivalents	$	7.3	$	7.3	$	—	$	—	$	6.6	$	6.6	$	—	$	—
Equity pooled funds	821.4		—		821.4		—		854.8		—		854.8		—
Fixed income pooled funds	651.3		—		651.3		—		486.9		—		486.9		—
Other pooled funds	18.6		—		10.8		7.8		17.0		—		9.7		7.3
Insurance contracts	41.4		—		—		41.4		45.8		—		—		45.8
Total International Pension Plans	$	1,540.0	$	7.3	$	1,483.5	$	49.2	$	1,411.1	$	6.6	$	1,351.4	$	53.1

The above table in 2016 includes plan assets associated with discontinued businesses. Upon completion of the spin-off of Versum on 1 October 2016, the Company transferred approximately $3 of international plan assets.

The following table summarizes changes in fair value of the pension plan assets classified as Level 3, by asset class:



	Real Estate Pooled Funds		Other Pooled Funds			Insurance Contracts			Total
30 September 2015	$	174.2	$	6.6		$	45.3		$	226.1
Actual return on plan assets:
Assets held at end of year	17.9		.1			3.2			21.2
Assets sold during the period	—		.3			—			.3
Purchases, sales, and settlements, net	—		.3			(2.7		)	(2.4		)
30 September 2016	$	192.1	$	7.3		$	45.8		$	245.2
Actual return on plan assets:
Assets held at end of year	15.7		1.2			(1.0		)	15.9
Assets sold during the period	—		.3			—			.3
Purchases, sales, and settlements, net	—		(1.0		)	(3.4		)	(4.4		)
30 September 2017	$	207.8	$	7.8		$	41.4		$	257.0

The descriptions and fair value methodologies for the U.S. and International pension plan assets are as follows:

Cash and Cash Equivalents

The carrying amounts of cash and cash equivalents approximate fair value due to the short-term maturity.

Equity Securities

Equity securities are valued at the closing market price reported on a U.S. or international exchange where the security is actively traded and are therefore classified as Level 1 assets.

Mutual and Pooled Funds

Shares of mutual funds are valued at the net asset value (NAV) of the fund and are classified as Level 1 assets. Units of pooled funds are valued at the per unit NAV determined by the fund manager and are classified as Level 2 assets.

Corporate and Government Bonds

Corporate and government bonds are classified as Level 2 assets, as they are either valued at quoted market prices from observable pricing sources at the reporting date or valued based upon comparable securities with similar yields and credit ratings.

Real Estate Pooled Funds

Real estate pooled funds are classified as Level 3 assets, as they are carried at the estimated fair value of the underlying properties. Estimated fair value is calculated utilizing a combination of key inputs, such as revenue and expense growth rates, terminal capitalization rates, and discount rates. These key inputs are consistent with practices prevailing within the real estate investment management industry.

Other Pooled Funds

Other pooled funds classified as Level 2 assets are valued at the NAV of the shares held at year end, which is based on the fair value of the underlying investments. Securities and interests classified as Level 3 are carried at the estimated fair value. The estimated fair value is based on the fair value of the underlying investment values, which includes estimated bids from brokers or other third-party vendor sources that utilize expected cash flow streams and other uncorroborated data including counterparty credit quality, default risk, discount rates, and the overall capital market liquidity.

Insurance Contracts

Insurance contracts are classified as Level 3 assets, as they are carried at contract value, which approximates the estimated fair value. The estimated fair value is based on the fair value of the underlying investment of the insurance company.

Contributions and Projected Benefit Payments

Pension contributions to funded plans and benefit payments for unfunded plans for fiscal year 2017 were $64.1. Contributions for funded plans resulted primarily from contractual and regulatory requirements. Benefit payments to unfunded plans were due primarily to the timing of retirements and cost reduction actions. We anticipate contributing $50 to $70 to the defined benefit pension plans in 2018. These contributions are anticipated to be driven primarily by contractual and regulatory requirements for funded plans and benefit payments for unfunded plans, which are dependent upon timing of retirements.

Projected benefit payments, which reflect expected future service, are as follows:



	U.S.		International
2018	$	158.5	$	50.9
2019	163.4		53.4
2020	167.3		53.8
2021	171.4		56.8
2022	177.2		59.3
2023-2027	938.5		333.3

These estimated benefit payments are based on assumptions about future events. Actual benefit payments may vary significantly from these estimates.

Defined Contribution Plans

We maintain a nonleveraged employee stock ownership plan (ESOP) which forms part of the Air Products and Chemicals, Inc. Retirement Savings Plan (RSP). The ESOP was established in May of 2002. The balance of the RSP is a qualified defined contribution plan including a 401(k) elective deferral component. A substantial portion of U.S. employees are eligible and participate.

We treat dividends paid on ESOP shares as ordinary dividends. Under existing tax law, we may deduct dividends which are paid with respect to shares held by the plan. Shares of the Company’s common stock in the ESOP totaled 2,483,225 as of 30 September 2017.

Our contributions to the RSP include a Company core contribution for certain eligible employees who do not receive their primary retirement benefit from the defined benefit pension plans, with the core contribution based on a percentage of pay that is dependent on years of service. For the RSP, we also make matching contributions on overall employee contributions as a percentage of the employee contribution and include an enhanced contribution for certain eligible employees that do not participate in the defined benefit pension plans. Worldwide contributions, excluding discontinued operations, expensed to income in 2017, 2016, and 2015 were $33.7, $34.6, and $36.8, respectively.

Other Postretirement Benefits

We provide other postretirement benefits consisting primarily of healthcare benefits to certain U.S. retirees who meet age and service requirements. The healthcare benefit is a continued medical benefit until the retiree reaches age 65. Healthcare benefits are contributory, with contributions adjusted periodically. The retiree medical costs are capped at a specified dollar amount, with the retiree contributing the remainder.

The cost of our other postretirement benefit plans includes the following components:



	2017		2016			2015
Service cost	$	1.1	$	2.2		$	2.8
Interest cost	1.6		2.0			2.2
Amortization of net actuarial loss	.2		.7			.8
Net Periodic Postretirement Cost	$	2.9	$	4.9		$	5.8
Less: Discontinued Operations	$	—	$	(.4	)	$	(.7	)
Net Periodic Postretirement Cost – Continuing Operations	$	2.9	$	4.5		$	5.1

We calculate net periodic postretirement cost for a given fiscal year based on assumptions developed at the end of the previous fiscal year. The discount rate assumption used in the calculation of net periodic postretirement cost for 2017, 2016, and 2015 was 1.9%, 2.4%, and 2.6%, respectively.

We measure the other postretirement benefits as of 30 September. The discount rate assumption used in the calculation of the accumulated postretirement benefit obligation was 2.4% and 1.9% for 2017 and 2016, respectively.

The following table reflects the change in the accumulated postretirement benefit obligation and the amounts recognized in the consolidated balance sheets:



	2017			2016
Obligation at beginning of year	$	86.3		$	86.9
Service cost	1.1			2.2
Interest cost	1.6			2.0
Actuarial loss (gain)	(7.2		)	7.5
Curtailment gain	(3.5		)	—
Benefits paid	(11.3		)	(12.3		)
Obligation at End of Year	$	67.0		$	86.3



Amounts Recognized
Accrued liabilities	$	10.0	$	11.4
Noncurrent liabilities	57.0		74.9

In 2016, the above table included the projected benefit obligations associated with discontinued businesses.

The changes in benefit obligation that have been recognized in other comprehensive income on a pretax basis during 2017 and 2016 for our other postretirement benefit plans consist of the following:



	2017			2016
Net actuarial loss (gain) arising during the period	$	(10.7	)	$	7.5
Amortization of net actuarial loss	(.2		)	(.7		)
Total	$	(10.9	)	$	6.8

The net actuarial loss recognized in accumulated other comprehensive loss on a pretax basis was $7.8 at 30 September 2017 and $18.7 at 30 September 2016. Of the 30 September 2017 net actuarial loss, it is estimated that $.3, which excludes discontinued operations, will be amortized into net periodic postretirement cost during fiscal year 2018.

The effect of a change in the healthcare trend rate is tempered by a cap on the average retiree medical cost. The expected per capita claims costs are currently assumed to be greater than the annual cap; therefore, the assumed healthcare cost trend rate, ultimate trend rate, and the year the ultimate trend rate is reached in 2017 and 2016 does not apply as it has no impact on plan obligations.

Projected benefit payments are as follows:



2018	$	10.1
2019	9.5
2020	9.0
2021	8.4
2022	7.7
2023-2027	24.2

These estimated benefit payments are based on assumptions about future events. Actual benefit payments may vary significantly from these estimates.

Commitments and Contingencies

12 Months Ended

Sep. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

17. 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 several other Brazilian industrial gas companies for alleged anticompetitive activities. CADE imposed a civil fine of R$179.2 million (approximately $57 at 30 September 2017) 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 have 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 matter 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 after 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 $57 at 30 September 2017) plus interest accrued thereon until final disposition of the proceedings.

Other than this matter, we do not currently believe there are any legal proceedings, individually or in the aggregate, that are reasonably possible to have a material impact on our financial condition, results of operations, or cash flows.

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, there are approximately 32 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 remediation, 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 that a liability has been incurred and the amount of loss can be reasonably estimated. The consolidated balance sheets at 30 September 2017 and 2016 included an accrual of $83.6 and $81.4, respectively, primarily as part of other noncurrent liabilities. The environmental liabilities will be paid over a period of up to 30 years. We estimate the exposure for environmental loss contingencies to range from $83 to a reasonably possible upper exposure of $97 as of 30 September 2017.

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 level 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 recorded or disclosed above would have a material adverse impact on our financial position or results of operations in any one year.

Pace

At 30 September 2017, $28.9 of the environmental accrual was related to the Pace facility.

In 2006, we sold our Amines 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 the United States Environmental Protection Agency (USEPA) to continue our remediation efforts. We estimated that it would take a substantial period of time to complete the groundwater remediation, and the costs through completion 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 operations 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 corrective measures at the Pace facility required under 1995 Consent Orders issued by the 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 completed 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 quickly 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 remedial approaches with the FDEP and recently started additional field work to support the design of an improved groundwater recovery network with the objective of targeting areas of higher contaminant concentration and avoiding areas of high groundwater iron which has proven to be a significant operability issue for the project. 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. The costs we are incurring under the new Consent Order are expected to be consistent with our previous estimates.

Piedmont

At 30 September 2017, $16.7 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 related 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 (SCDHEC) to address both contaminated soil and groundwater. Numerous areas of soil contamination have been addressed, and contaminated groundwater is being recovered and treated. On 13 June 2017, the SCDHEC issued its final approval to the site-wide feasibility study, and with that we will be moving towards a record of decision for the Piedmont site and into the final remedial design phase of this project. We estimate that it will take until 2019 to complete source area remediation, with groundwater recovery and treatment continuing through 2029. Thereafter, we are expecting 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 the consolidated balance sheets. There have been no significant changes to the estimated exposure.

Pasadena

At 30 September 2017, $12.1 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 continue 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, performing 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 have been no significant changes to the estimated exposure.

ASSET RETIREMENT OBLIGATIONS

Our asset retirement obligations are primarily associated with on-site long-term supply contracts under which we have built a facility on land owned by the customer and are obligated to remove the facility at the end of the contract term. The retirement of assets includes the contractually required removal of a long-lived asset from service and encompasses the sale, removal, abandonment, recycling, or disposal of the assets as required at the end of the contract terms. The timing and/or method of settlement of these obligations are conditional on a future event that may or may not be within our control.

Changes to the carrying amount of our asset retirement obligations are as follows:



Balance at 30 September 2015	$	109.4
Additional accruals	10.4
Liabilities settled	(4.4		)
Accretion expense	5.4
Currency translation adjustment	(.9		)
Balance at 30 September 2016	$	119.9
Additional accruals	22.7
Liabilities settled	(4.1		)
Accretion expense	5.8
Currency translation adjustment	.4
Balance at 30 September 2017	$	144.7

These obligations are primarily reflected in "Other noncurrent liabilities" on the consolidated balance sheets.

GUARANTEES AND WARRANTIES

In April 2015, we entered into joint venture arrangements in Saudi Arabia. An equity bridge loan has been provided to the joint venture until 2020 to fund equity commitments. We guaranteed the repayment of our 25% share of this loan, and our venture partner guaranteed repayment of its share. Our maximum exposure under the guarantee is approximately $100. As of 30 September 2017 and 2016, we recorded a noncurrent liability of $94.4 for our obligation to make future equity contributions based on our proportionate share of the advances received by the joint venture under the loan.

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 supply gases to Saudi Aramco. We have provided bank guarantees to the joint venture of up to $262 to support our performance under the contract. Exposures under the guarantees decline over time and will be completely extinguished after completion of the project.

We are party to an equity support agreement and operations guarantee related to an air separation facility constructed in Trinidad for a venture in which we own 50%. At 30 September 2017, maximum potential payments under joint and several guarantees were $28.0. Exposures under the guarantees decline over time and will be completely extinguished by 2024.

During the first quarter of 2014, we sold the remaining portion of our Homecare business and entered into an operations guarantee related to obligations under certain homecare contracts assigned in connection with the transaction. Our maximum potential payment under the guarantee is £20 million (approximately $25 at 30 September 2017), and our exposure will be extinguished by 2020.

To date, no equity contributions or payments have been made since the inception of these guarantees. The fair value of the above guarantees is not material.

We, in the normal course of business operations, have issued product warranties related to equipment sales. Also, contracts often contain standard terms and conditions which typically include a warranty and indemnification to the buyer that the goods and services purchased do not infringe on third-party intellectual property rights. The provision for estimated future costs relating to warranties is not material to the consolidated financial statements.

We do not expect that any sum we may have to pay in connection with guarantees and warranties will have a material adverse effect on our consolidated financial condition, liquidity, or results of operations.

UNCONDITIONAL PURCHASE OBLIGATIONS

We are obligated to make future payments under unconditional purchase obligations as summarized below:



2018	$	822
2019	234
2020	275
2021	309
2022	285
Thereafter	4,608
Total	$	6,533

Approximately $5,600 of our unconditional purchase obligations relate to helium purchases, which include crude feedstock supply to multiple helium refining plants in North America as well as refined helium purchases from sources around the world. As a rare byproduct of natural gas production in the energy sector, these helium sourcing agreements are medium- to long-term and contain take-or-pay provisions. The refined helium is distributed globally and sold as a merchant gas, primarily under medium-term requirements contracts. While contract terms in the energy sector are longer than those in merchant, helium is a rare gas used in applications with few or no substitutions because of its unique physical and chemical properties.

Approximately $280 of our long-term unconditional purchase obligations relate to feedstock supply for numerous HyCO (hydrogen, carbon monoxide, and syngas) facilities. The price of feedstock supply is principally related to the price of natural gas. However, long-term take-or-pay sales contracts to HyCO customers are generally matched to the term of the feedstock supply obligations and provide recovery of price increases in the feedstock supply. Due to the matching of most long-term feedstock supply obligations to customer sales contracts, we do not believe these purchase obligations would have a material effect on our financial condition or results of operations.

The unconditional purchase obligations also include other product supply and purchase commitments and electric power and natural gas supply purchase obligations, which are primarily pass-through contracts with our customers.

Purchase commitments to spend approximately $300 for additional plant and equipment are included in the unconditional purchase obligations in 2018. In addition, we have purchase commitments totaling approximately $180 in 2018 relating to our long-term sale of equipment project for Saudi Aramco’s Jazan oil refinery.

Capital Stock

12 Months Ended

Sep. 30, 2017

Equity [Abstract]

Capital Stock

18. CAPITAL STOCK

Common Stock

Authorized common stock consists of 300 million shares with a par value of $1 per share. As of 30 September 2017, 249 million shares were issued, with 218 million outstanding.

On 15 September 2011, the Board of Directors authorized the repurchase of up to $1,000 of our outstanding common stock. We repurchase shares pursuant to Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended, through repurchase agreements established with several brokers. We did not purchase any of our outstanding shares during fiscal year 2017. At 30 September 2017, $485.3 in share repurchase authorization remains.

The following table reflects the changes in common shares:



Year ended 30 September	2017	2016	2015
Number of Common Shares Outstanding
Balance, beginning of year	217,350,825	215,359,113	213,538,144
Issuance of treasury shares for stock option and award plans	995,249	1,991,712	1,820,969
Balance, end of year	218,346,074	217,350,825	215,359,113

Preferred Stock

Authorized preferred stock consists of 25 million shares with a par value of $1 per share, of which 2.5 million were designated as Series A Junior Participating Preferred Stock. There were no shares issued or outstanding as of 30 September 2017 and 2016.

Share-Based Compensation

12 Months Ended

Sep. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

19. SHARE-BASED COMPENSATION

We have various share-based compensation programs, which include deferred stock units, stock options, 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. Share information presented is on a total company basis. As of 30 September 2017, there were 4,922,382 shares available for future grant under our Long-Term Incentive Plan (LTIP), which is shareholder approved.

In connection with the spin-off of Versum, the Company adjusted the number of deferred stock units and stock options pursuant to existing anti-dilution provisions in the LTIP to preserve the intrinsic value of the awards immediately before and after the separation. The outstanding awards will continue to vest over the original vesting period defined at the grant date. Outstanding awards at the time of spin-off were primarily converted into awards of the holders' employer following the separation.

Stock awards held upon separation were adjusted based upon the conversion ratio of Air Products' New York Stock Exchange (“NYSE”) volume weighted-average closing stock price on 30 September 2016 ($150.35) to the NYSE volume weighted-average opening stock price on 3 October 2016 ($140.38), or 1.071. The adjustment to the awards did not result in incremental fair value, and no incremental compensation expense was recorded related to the conversion of these awards.

Share-based compensation cost recognized in the consolidated income statements is summarized below:



	2017			2016			2015
Before-Tax Share-Based Compensation Cost – Total	$	40.7		$	37.6		$	45.7
Before-Tax Share-Based Compensation Cost – Discontinued Operations	.8			6.6			6.2
Before-Tax Share-Based Compensation Cost – Continuing Operations	$	39.9		$	31.0		$	39.5
Income tax benefit – Continuing Operations	(14.0		)	(10.8		)	(13.8		)
After-Tax Share-Based Compensation Cost – Continuing Operations	$	25.9		$	20.2		$	25.7

Before-tax share-based compensation cost is primarily included in selling and administrative expense on our consolidated income statements. The amount of share-based compensation cost capitalized in 2017, 2016, and 2015 was not material.

On a total company basis, before-tax share-based compensation cost by type of program was as follows:



	2017		2016		2015
Deferred stock units	$	34.5	$	29.9	$	28.8
Stock options	1.4		4.2		12.6
Restricted stock	4.8		3.5		4.3
Before-Tax Share-Based Compensation Cost – Total	$	40.7	$	37.6	$	45.7

Deferred Stock Units

We have granted deferred stock units to executives, selected employees, and outside directors. These deferred stock units entitle the recipient to one share of common stock upon vesting, which is conditioned, for employee recipients, on continued employment during the deferral period and may be conditioned on achieving certain performance targets. We grant deferred stock unit awards with a two- to five-year deferral period that is subject to payout upon death, disability, or retirement. Deferred stock units issued to outside directors are paid after service on the Board of Directors ends at the time elected by the director (not to exceed 10 years after service ends). We generally expense the grant-date fair value of these awards on a straight-line basis over the vesting period; however, expense recognition is accelerated for retirement eligible individuals who meet the requirements for vesting upon retirement.

Market-based deferred stock units vest as long as the employee continues to be employed by the Company and upon the achievement of the performance target. The performance target, which is approved by the Compensation Committee, is the Company’s total shareholder return (share price appreciation and dividends paid) in relation to a defined peer group over a three‑year performance period. In 2017, we granted 117,692 market-based deferred stock units that are earned out at the end of the three-year performance period beginning 1 October 2016 and ending 30 September 2019. In 2016, we granted 130,167 market-based deferred stock units that are earned out at the end of the three-year performance period beginning 1 October 2015 and ending 30 September 2018.

The fair value of market-based deferred stock units was estimated using a Monte Carlo simulation model as these equity awards are tied to a market condition. The model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the grant and calculates 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:



	2017		2016
Expected volatility	20.6	%	20.5	%
Risk-free interest rate	1.4	%	1.2	%
Expected dividend yield	2.5	%	2.2	%

The estimated grant-date fair value of market-based deferred stock units was $156.87 and $135.49 per unit in 2017 and 2016, respectively.

In addition, during 2017, we granted 165,121 time-based deferred stock units at a weighted average grant-date fair value of $143.75.



Deferred Stock Units	Shares (000)		Weighted Average Grant-Date Fair Value
Outstanding at 30 September 2016	1,001		$	119.44
Equitable adjustment upon separation^(A)	65		—
Surrender upon separation^(B)	(89	)	132.88
Granted	283		148.89
Paid out	(235	)	83.65
Forfeited/adjustments	(50	)	121.99
Outstanding at 30 September 2017	975		$	127.29


^(A)	Applicable deferred stock units have been adjusted by the conversion ratio of 1.071 to preserve the intrinsic value immediately before and after the spin-off of Versum.


^(B)	In connection with the spin-off of Versum, EMD employees surrendered their outstanding Air Products equity awards, which were converted into Versum equity awards of equivalent fair value.

Cash payments made for deferred stock units were $2.1, $2.9, and $9.6 in 2017, 2016, and 2015, respectively. As of 30 September 2017, there was $39.0 of unrecognized compensation cost related to deferred stock units. The cost is expected to be recognized over a weighted average period of 2.0 years. The total fair value of deferred stock units paid out during 2017, 2016, and 2015, including shares vested in prior periods, was $36.6, $41.6, and $35.5, respectively.

Stock Options

We have granted awards of options to purchase common stock to executives and selected employees. The exercise price of stock options equals the market price of our stock on the date of the grant. Options generally vest incrementally over three years, and remain exercisable for ten years from the date of grant. In 2017 and 2016, no stock options were awarded.

Fair values of stock options were estimated using a Black Scholes model that used the assumptions noted in the table below. Expected volatility and expected dividend yield are based on actual historical experience of our stock and dividends over the historical period equal to the expected life. The expected life represents the period of time that options granted are expected to be outstanding based on an analysis of Company-specific historical exercise data. Ranges are used when certain groups of employees exhibit different behavior, such as timing of exercise. The risk-free rate is based on the U.S. Treasury Strips with terms equal to the expected time of exercise as of the grant date.



	2015
Expected volatility	30.3	%
Expected dividend yield	2.6	%
Expected life (in years)	7.5
Risk-free interest rate	2.2	%

The weighted average grant-date fair value of options granted during 2015 was $37.19 per option.

A summary of stock option activity is presented below:



Stock Options	Shares (000)		Weighted Average Exercise Price
Outstanding at 30 September 2016	3,916		$	90.28
Equitable adjustment upon separation^(A)	277		—
Surrender upon separation^(B)	(102	)	97.63
Exercised	(886	)	80.76
Forfeited	(3	)	105.28
Outstanding at 30 September 2017	3,202		$	84.85
Exercisable at 30 September 2017	3,149		$	84.00



Stock Options	Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at 30 September 2017	4.3	$	213
Exercisable at 30 September 2017	4.3	$	212


^(A)	Applicable deferred stock units have been adjusted by the conversion ratio of 1.071 to preserve the intrinsic value immediately before and after the spin-off of Versum.


^(B)	In connection with the spin-off of Versum, EMD employees surrendered their outstanding Air Products equity awards, which were converted into Versum equity awards of equivalent fair value.

The aggregate intrinsic value represents the amount by which our closing stock price of $151.22 as of 30 September 2017 exceeds the exercise price multiplied by the number of in-the-money options outstanding or exercisable.

On a total company basis, the intrinsic value of stock options exercised during 2017, 2016, and 2015 was $57.3, $115.3, and $115.5, respectively.

Compensation cost is generally recognized over the stated vesting period consistent with the terms of the arrangement (i.e., either on a straight-line or graded-vesting basis). Expense recognition is accelerated for retirement-eligible individuals who would meet the requirements for vesting of awards upon their retirement. As of 30 September 2017, there was $.1 of unrecognized compensation cost related to nonvested stock options, which is expected to be recognized over a weighted average period of 0.2 years.

Cash received from option exercises during 2017 was $68.4. The total tax benefit realized from stock option exercises in 2017 was $19.9, of which $13.9 was the excess tax benefit.

Restricted Stock

The grant-date fair value of restricted stock is estimated on the date of grant based on the closing price of the stock, and compensation cost is generally amortized to expense on a straight-line basis over the vesting period during which employees perform related services. Expense recognition is accelerated for retirement-eligible individuals who would meet the requirements for vesting of awards upon their retirement.

We have issued shares of restricted stock to certain officers. Participants are entitled to cash dividends and to vote their respective shares. Restrictions on shares lift in one to four years or upon the earlier of retirement, death, or disability. The shares are nontransferable while subject to forfeiture.

A summary of restricted stock activity is presented below:



Restricted Stock	Shares (000)		Weighted Average Grant-Date Fair Value
Outstanding at 30 September 2016	85		$	128.16
Vested	(29	)	113.50
Outstanding at 30 September 2017	56		$	135.74

As of 30 September 2017, there was $.4 of unrecognized compensation cost related to restricted stock awards. The cost is expected to be recognized over a weighted average period of 1.4 years. The total fair value of restricted stock vested during 2017, 2016, and 2015 was $4.1, $4.3, and $1.4, respectively.

Accumulated Other Comprehensive Loss

12 Months Ended

Sep. 30, 2017

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

20. ACCUMULATED OTHER COMPREHENSIVE LOSS

The table below summarizes changes in AOCL, net of tax, attributable to Air Products:



	Derivatives qualifying as hedges			Foreign currency translation adjustments			Pension and postretirement benefits			Total
Balance at 30 September 2014	$	(28.5	)	$	(268.7	)	$	(944.7	)	$	(1,241.9	)
Other comprehensive loss before reclassifications	(35.0		)	(699.3		)	(278.5		)	(1,012.8		)
Amounts reclassified from AOCL	20.8			—			97.0			117.8
Net current period other comprehensive loss	$	(14.2	)	$	(699.3	)	$	(181.5	)	$	(895.0	)
Amount attributable to noncontrolling interest	.2			(11.5		)	.3			(11.0		)
Balance at 30 September 2015	$	(42.9	)	$	(956.5	)	$	(1,126.5	)	$	(2,125.9	)
Other comprehensive income (loss) before reclassifications	13.7			9.9			(335.1		)	(311.5		)
Amounts reclassified from AOCL	(36.0		)	2.7			87.2			53.9
Net current period other comprehensive income (loss)	$	(22.3	)	$	12.6		$	(247.9	)	$	(257.6	)
Amount attributable to noncontrolling interest	(.2		)	5.4			(.4		)	4.8
Balance at 30 September 2016	$	(65.0	)	$	(949.3	)	$	(1,374.0	)	$	(2,388.3	)
Other comprehensive income (loss) before reclassifications	(12.6		)	101.9			251.6			340.9
Amounts reclassified from AOCL	24.2			57.3			110.7			192.2
Net current period other comprehensive income	$	11.6		$	159.2		$	362.3		$	533.1
Spin-off of Versum	.2			6.0			5.3			11.5
Amount attributable to noncontrolling interest	(.1		)	3.0			.8			3.7
Balance at 30 September 2017	$	(53.1	)	$	(787.1	)	$	(1,007.2	)	$	(1,847.4	)

The table below summarizes the reclassifications out of accumulated other comprehensive loss and the affected line item on the consolidated income statements:



	2017		2016			2015
(Gain) Loss on Cash Flow Hedges, net of tax
Sales/Cost of sales	$	18.3	$	.2		$	.6
Other income (expense), net	5.1		(46.2		)	16.9
Interest expense	.8		10.0			3.3
Total (Gain) Loss on Cash Flow Hedges, net of tax	$	24.2	$	(36.0	)	$	20.8

Currency Translation Adjustment
Business restructuring and cost reduction actions^(A)	$	8.2	$	—		$	—
Income from discontinued operations, net of tax^(B)	49.1		2.7			—
Total Currency Translation Adjustment	$	57.3	$	2.7		$	—

Pension and Postretirement Benefits, net of tax^(C)	$	110.7	$	87.2		$	97.0


^(A)	The fiscal year 2017 impact relates to the planned sale of a non-industrial gas hardgoods business in the Industrial Gases – Americas segment recorded in the third quarter.


^(B)	The fiscal year 2017 impact relates to the sale of PMD during the second quarter. The fiscal year 2016 impact primarily relates to the sale of an equity affiliate in the first quarter.


^(C)	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 16, Retirement Benefits.

Earnings per Share

12 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Earnings per Share

21. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share (EPS):



30 September	2017		2016			2015
Numerator
Income from continuing operations	$	1,134.4	$	1,099.5		$	933.3
Income (Loss) from discontinued operations	1,866.0		(468.4		)	344.6
Net Income Attributable to Air Products	$	3,000.4	$	631.1		$	1,277.9
Denominator (in millions)
Weighted average common shares — Basic	218.0		216.4			214.9
Effect of dilutive securities
Employee stock option and other award plans	1.8		1.9			2.4
Weighted average common shares — Diluted	219.8		218.3			217.3
Basic EPS Attributable to Air Products
Income from continuing operations	$	5.20	$	5.08		$	4.34
Income (Loss) from discontinued operations	8.56		(2.16		)	1.61
Net Income Attributable to Air Products	$	13.76	$	2.92		$	5.95
Diluted EPS Attributable to Air Products
Income from continuing operations	$	5.16	$	5.04		$	4.29
Income (Loss) from discontinued operations	8.49		(2.15		)	1.59
Net Income Attributable to Air Products	$	13.65	$	2.89		$	5.88

Diluted EPS attributable to Air Products reflects the potential dilution that could occur if stock options or other share-based awards were exercised or converted into common stock. The dilutive effect is computed using the treasury stock method, which assumes all share-based awards are exercised and the hypothetical proceeds from exercise are used by the Company to purchase common stock at the average market price during the period. The incremental shares (difference between shares assumed to be issued versus purchased), to the extent they would have been dilutive, are included in the denominator of the diluted EPS calculation. There were no antidilutive outstanding share-based awards in fiscal year 2017. Outstanding share-based awards of .2 million shares were antidilutive and therefore excluded from the computation of diluted EPS for 2016 and 2015.

Income Taxes

12 Months Ended

Sep. 30, 2017

Income Tax Disclosure [Abstract]

Income Taxes

22. INCOME TAXES

The following table summarizes the income of U.S. and foreign operations before taxes:



	2017		2016		2015
Income from Continuing Operations before Taxes
United States	$	669.8	$	631.7	$	507.5
Foreign	666.2		775.9		606.3
Income from equity affiliates	80.1		147.0		152.3
Total	$	1,416.1	$	1,554.6	$	1,266.1

The following table shows the components of the provision for income taxes:



	2017			2016		2015
Current Tax Provision
Federal	$	62.8		$	171.0	$	117.0
State	7.0			21.2		8.1
Foreign	229.1			178.6		165.7
	298.9			370.8		290.8
Deferred Tax Provision
Federal	1.4			45.0		1.5
State	6.0			2.8		17.8
Foreign	(45.4		)	14.0		(9.9		)
	(38.0		)	61.8		9.4
Income Tax Provision	$	260.9		$	432.6	$	300.2

The effective tax rate equals the income tax provision divided by income from continuing operations before taxes. A reconciliation of the differences between the United States federal statutory tax rate and the effective tax rate is as follows:



(Percent of income before taxes)	2017		2016		2015
U.S. federal statutory tax rate	35.0	%	35.0	%	35.0	%
State taxes, net of federal benefit	1.0		1.2		1.1
Income from equity affiliates	(2.0	)	(3.3	)	(4.0	)
Foreign tax differentials	(7.9	)	(6.6	)	(5.9	)
U.S. taxes on foreign earnings	(2.2	)	(3.1	)	(2.1	)
Domestic production activities	(.8	)	(.8	)	(1.0	)
Non-deductible goodwill impairment charge	3.6		—		—
Non-U.S. subsidiary tax election	(7.7	)	—		—
Business separation costs	.2		4.2		.2
Share-based compensation	(1.2	)	—		—
Other	.4		1.2		.4
Effective Tax Rate	18.4	%	27.8	%	23.7	%

Total company income tax payments, net of refunds, were $1,348.8 in 2017, $440.8 in 2016, and $392.9 in 2015.

Foreign tax differentials represent the differences between foreign earnings subject to foreign tax rates lower than the U.S. federal statutory tax rate of 35.0%. Foreign earnings are subject to local country tax rates that are generally below the 35.0% U.S. federal statutory rate and include tax holidays and incentives. As a result, our effective non-U.S. tax rate is typically lower than the U.S. statutory rate. If foreign pre-tax earnings increase relative to U.S. pre-tax earnings, this rate difference could increase. The jurisdictions in which we earn pre-tax earnings subject to lower foreign taxes than the U.S. statutory rate include South Korea, Taiwan, the United Kingdom, China, Canada, Spain and Belgium. As approximately 80% of the undistributed earnings are in countries with a statutory tax rate of 24% or higher, we do not generate a disproportionate amount of taxable income in countries with very low tax rates. U.S. taxes on foreign earnings are a tax benefit primarily due to foreign tax credits on the repatriation of foreign earnings to the U.S.

In 2017, the effective tax rate was impacted by a tax election made with respect to a Chilean holding company resulting in an income tax benefit of $111.4 on tax losses related to investments in Chile. The effective tax rate was also impacted by a goodwill impairment charge of $145.3 for which no tax benefits were available. See Note 10, Goodwill, for additional information regarding the impairment charge.

During the first quarter of fiscal year 2017, we adopted new accounting guidance that requires excess tax benefits and deficiencies from share-based compensation to be recognized in the income statement rather than in additional paid-in capital on the balance sheet. As a result of applying this change prospectively, we recognized $17.6 of excess tax benefits in our provision for income taxes during fiscal year 2017. See Note 2, New Accounting Guidance, for additional information.

In 2016, the effective tax rate was impacted by tax costs of $51.8 incurred in anticipation of the tax-free spin-off of Versum, primarily for a dividend declared during the third quarter of 2016 to repatriate $443.8 from a subsidiary in South Korea to the U.S. Previously, most of these foreign earnings were considered to be indefinitely reinvested. In addition, a tax benefit was not available on a significant portion of the business separation costs. See Note 4, Materials Technologies Separation, for additional information.

The significant components of deferred tax assets and liabilities are as follows:



30 September	2017			2016
Gross Deferred Tax Assets
Retirement benefits and compensation accruals	$	370.1		$	527.6
Tax loss carryforwards	64.5			101.1
Tax credits and other tax carryforwards	76.1			56.0
Reserves and accruals	88.2			74.9
Partnership and other investments	—			5.8
Currency losses	20.7			—
Other	37.2			19.3
Valuation allowance	(107.7		)	(165.1		)
Deferred Tax Assets	549.1			619.6
Gross Deferred Tax Liabilities
Plant and equipment	1,035.6			985.1
Currency gains	—			46.8
Unremitted earnings of foreign entities	20.9			5.4
Partnership and other investments	5.4			—
Intangible assets	81.9			91.0
Other	9.2			16.7
Deferred Tax Liabilities	1,153.0			1,145.0
Net Deferred Income Tax Liability	$	603.9		$	525.4

Deferred tax assets and liabilities are included within the consolidated financial statements as follows:



	2017		2016
Deferred Tax Assets
Other noncurrent assets	$	174.5	$	185.0
Deferred Tax Liabilities
Deferred income taxes	778.4		710.4
Net Deferred Income Tax Liability	$	603.9	$	525.4

Gross federal tax credit carryforwards as of 30 September 2017 were $53.9. The federal tax carryforwards have expiration periods between 2025 and 2027. Gross state loss and tax credit carryforwards as of 30 September 2017 were $75.2 and $1.2, respectively. The state tax carryforwards have expiration periods between 2024 and 2034. Gross foreign loss and tax credit carryforwards as of 30 September 2017 were $247.3 and $21.0, respectively. Foreign tax carryforwards of $221.7 have expiration periods between 2018 and 2027; the remainder have unlimited carryforward periods.

The valuation allowance as of 30 September 2017 of $107.7, primarily related to the tax benefit of foreign loss carryforwards of $52.4 as well as foreign capital assets of $49.1 that were generated from the loss recorded on the exit from the Energy-from-Waste business in 2016. If events warrant the reversal of the valuation allowance, it would result in a reduction of tax expense. We believe it is more likely than not that future earnings and reversal of deferred tax liabilities will be sufficient to utilize our deferred tax assets, net of existing valuation allowance, at 30 September 2017. The reduction in the valuation allowances and tax loss carryforwards in 2017 was primarily due to the gain on sale of the PMD business, which resulted in the utilization of federal capital loss carryforwards as well as certain state loss carryforward balances from the prior year. See Note 3, Discontinued Operations, for additional information. This reduction was offset in part by an increase in foreign tax loss carryforwards. Retirement benefits and compensation accruals are impacted significantly by the changes in plan assets and benefit obligation that have been recognized in other comprehensive income. See Note 16, Retirement Benefits, for additional information. The repayment of a Eurobond of €300 million ($317.2) that matured on 15 March 2017, resulted in a significant reduction of the deferred tax liabilities related to currency gains.

We record U.S. income taxes on the undistributed earnings of our foreign subsidiaries and corporate joint ventures unless those earnings are indefinitely reinvested outside of the U.S. These cumulative undistributed earnings that are considered to be indefinitely reinvested in foreign subsidiaries and corporate joint ventures are included in retained earnings on the consolidated balance sheets and amounted to $6,032.5 as of 30 September 2017. An estimated $1,443.9 in U.S. income and foreign withholding taxes would be due if these earnings were remitted as dividends after payment of all deferred taxes.

A reconciliation of the beginning and ending amount of the unrecognized tax benefits is as follows:



Unrecognized Tax Benefits	2017			2016			2015
Balance at beginning of year	$	90.2		$	83.8		$	93.1
Additions for tax positions of the current year	47.5			12.5			4.7
Additions for tax positions of prior years	16.1			2.9			3.0
Reductions for tax positions of prior years	(4.0		)	—			(2.2		)
Settlements	(2.0		)	(5.6		)	(.6		)
Statute of limitations expiration	(3.2		)	(2.9		)	(8.3		)
Foreign currency translation	1.8			(.5		)	(5.9		)
Balance at End of Year	$	146.4		$	90.2		$	83.8

At 30 September 2017 and 2016, we had $146.4 and $90.2 of unrecognized tax benefits, excluding interest and penalties, of which $73.8 and $46.5, respectively, would impact the effective tax rate if recognized.

Interest and penalties related to unrecognized tax benefits are recorded as a component of income tax expense and totaled $3.7 in 2017, $1.8 in 2016, and $(1.9) in 2015. Our accrued balance for interest and penalties was $12.1 and $8.4 as of 30 September 2017 and 2016, respectively. The additions to unrecognized tax benefits in 2017 include unrecognized tax positions of $34.1 in various jurisdictions related to the sale of the PMD business and the spin-off of the EMD business. See Note 3, Discontinued Operations, and Note 4, Materials Technologies Separation, for additional information.

We are currently under examination in a number of tax jurisdictions, some of which may be resolved in the next twelve months. As a result, it is reasonably possible that a change in the unrecognized tax benefits may occur during the next twelve months. However, quantification of an estimated range cannot be made at this time.

We generally remain subject to examination in the following major tax jurisdictions for the years indicated below:



Major Tax Jurisdiction	Open Tax Years
North America
United States	2011-2017
Canada	2013-2017
Europe
France	2014-2017
Germany	2012-2017
Netherlands	2012-2017
Spain	2011-2017
United Kingdom	2014-2017
Asia
China	2012-2017
South Korea	2010-2017
Taiwan	2012-2017
Latin America
Chile	2013-2017

Supplemental Information

12 Months Ended

Sep. 30, 2017

Supplemental Information [Abstract]

Supplemental Information

23. SUPPLEMENTAL INFORMATION



Other Receivables and Current Assets 30 September	2017		2016
Derivative instruments	$	93.9	$	169.3
Other receivables	188.0		181.7
Current capital lease receivables	93.3		88.2
Prepaid inventory	—		92.8
Other	28.1		6.2
Other receivables and current assets	$	403.3	$	538.2



Other Noncurrent Assets 30 September	2017		2016
Derivative instruments	$	133.9	$	204.4
Other long-term receivables	82.1		16.9
Prepaid tax	5.1		37.0
Deferred tax assets	174.5		185.0
Pension benefits	18.4		—
Deposits	34.8		36.5
Other	193.0		191.2
Other noncurrent assets	$	641.8	$	671.0



Payables and Accrued Liabilities 30 September	2017		2016
Trade creditors	$	659.5	$	578.8
Customer advances	438.9		371.2
Accrued payroll and employee benefits	187.1		217.1
Pension and postretirement benefits	22.6		35.5
Dividends payable	207.5		186.9
Outstanding payments in excess of certain cash balances	4.5		11.9
Accrued interest expense	42.2		47.9
Derivative instruments	95.9		73.5
Severance and other costs associated with business restructuring and cost reduction actions	41.5		15.7
Other	114.6		113.7
Payables and accrued liabilities	$	1,814.3	$	1,652.2



Other Noncurrent Liabilities 30 September	2017		2016
Pension benefits	$	703.8	$	1,155.1
Postretirement benefits	57.0		74.9
Other employee benefits	99.3		104.1
Contingencies related to uncertain tax positions	130.6		78.0
Advance payments	39.0		43.8
Environmental liabilities	72.3		70.3
Derivative instruments	36.0		21.8
Asset retirement obligations	144.0		116.1
Obligation for future contribution to an equity affiliate	94.4		94.4
Obligations associated with EfW	65.3		—
Other	170.2		58.0
Other noncurrent liabilities	$	1,611.9	$	1,816.5



Other Income (Expense), Net 30 September	2017		2016			2015
Technology and royalty income	$	20.8	$	19.0		$	22.8
Interest income^(A)	1.5		6.1			4.2
Foreign exchange	4.3		(7.2		)	(22.6		)
Sale of assets and investments	24.3		8.8			36.3
Contract settlements	14.3		12.6			—
Transition service agreements reimbursement^(B)	38.4		—			—
Other	17.4		10.1			4.8
Other income (expense), net	$	121.0	$	49.4		$	45.5


^(A)	Beginning in the second quarter of fiscal year 2017, interest income associated with our short-term investments is reflected on the consolidated income statements in "Other non-operating income (expense), net."


^(B)	Reflects reimbursement for costs in support of transition services agreements with Versum for EMD and with Evonik for PMD. Refer to Note 4, Materials Technologies Separation, for additional information.

Gain on Land Sales

During the fourth quarter of 2017, we sold a parcel of land resulting in a gain of $12.2. During the fourth quarter of 2015, we sold two parcels of land resulting in a gain of $33.6. The gains are reflected in sale of assets and investments in the table above.

Redeemable Noncontrolling Interest

In July 2015, we completed the purchase of an additional 30.5% equity interest in our Indura S.A. subsidiary for $277.9. We currently have a 97.8% controlling equity interest in Indura S.A. As redeemable noncontrolling interest is not part of total equity, the impacts below are excluded from our consolidated statements of equity.

The following is a summary of the changes in redeemable noncontrolling interest for the year ended 30 September 2015:



Balance at 30 September 2014	$	287.2
Net income	11.5
Dividends	(2.0		)
Purchase of noncontrolling interest	(277.9		)
Currency translation adjustment	(18.8		)
Balance at 30 September 2015	$	—

Summary by Quarter (Unaudited)

12 Months Ended

Sep. 30, 2017

Quarterly Financial Information Disclosure [Abstract]

Summary by Quarter (Unaudited)

24. SUMMARY BY QUARTER (UNAUDITED)

These tables summarize the unaudited results of operations for each quarter of 2017 and 2016:



2017	Q1		Q2			Q3				Q4				Total
Sales	$	1,882.5	$	1,980.1		$	2,121.9			$	2,203.1			$	8,187.6
Gross profit^(A)	564.4		576.3			635.7				657.8				2,434.2
Business separation costs^(B)	30.2		—			—				—				30.2
Business restructuring and cost reduction actions^(C)	50.0		10.3			42.7				48.4				151.4
Pension settlement loss^(D)	—		4.1			5.5				.9				10.5
Goodwill and intangible asset impairment charge^(E)	—		—			162.1				—				162.1
Gain on land sale^(F)	—		—			—				12.2				12.2
Operating income^(A)	328.1		391.2			252.6				455.7				1,427.6
Equity affiliates' income (loss)	38.0		34.2			(36.9		)	^(G)	44.8				80.1		^(G)
Income tax provision (benefit)	78.4		94.5			89.3				(1.3		)	^(H)	260.9		^(H)
Net income	306.4		2,135.7			104.1				475.0				3,021.2
Net income attributable to Air Products
Income from continuing operations	251.6		304.4			104.2				474.2				1,134.4
Income (Loss) from discontinued operations	48.2		1,825.6		^(I)	(2.3		)		(5.5		)		1,866.0		^(I)
Net income attributable to Air Products	299.8		2,130.0			101.9				468.7				3,000.4
Basic Earnings Per Common Share Attributable to Air Products
Income from continuing operations	1.16		1.40			.48				2.17				5.20
Income (Loss) from discontinued operations	.22		8.38			(.01		)		(.02		)		8.56
Net income attributable to Air Products	1.38		9.78			.47				2.15				13.76
Diluted Earnings Per Common Share Attributable to Air Products
Income from continuing operations	1.15		1.39			.47				2.15				5.16
Income (Loss) from discontinued operations	.22		8.31			(.01		)		(.02		)		8.49
Net income attributable to Air Products	1.37		9.70			.46				2.13				13.65
Dividends declared per common share	.86		.95			.95				.95				3.71
Market price per common share – High	150.45		149.46			147.66				152.26
Market price per common share – Low	129.00		133.63			134.09				141.88



2016	Q1		Q2				Q3			Q4			Total
Sales	$	1,866.3	$	1,777.4			$	1,914.5		$	1,945.5		$	7,503.7
Gross profit^(A)	570.4		564.4				594.3			598.0			2,327.1
Business separation costs^(B)	12.0		7.4				9.5			21.7			50.6
Business restructuring and cost reduction actions^(C)	—		10.7				13.2			10.6			34.5
Pension settlement loss^(D)	—		2.0				1.0			2.1			5.1
Operating income^(A)	372.5		371.6				394.6			391.0			1,529.7
Equity affiliates' income	33.3		32.3				42.1			39.3			147.0
Loss on extinguishment of debt^(J)	—		—				—			6.9			6.9
Income tax provision	96.4		93.5			^(K)	145.9		^(K)	96.8		^(K)	432.6			^(K)
Net income (loss)	372.0		(465.5		)		354.1			400.9			661.5
Net income attributable to Air Products
Income from continuing operations	280.9		278.9				250.3			289.4			1,099.5
Income (Loss) from discontinued operations	82.7		(752.2		)		96.5			104.6			(468.4		)
Net income (loss) attributable to Air Products	363.6		(473.3		)		346.8			394.0			631.1
Basic Earnings Per Common Share Attributable to Air Products
Income from continuing operations	1.30		1.29				1.16			1.33			5.08
Income (Loss) from discontinued operations	.38		(3.48		)		.44			.48			(2.16		)
Net income (loss) attributable to Air Products	1.68		(2.19		)		1.60			1.81			2.92
Diluted Earnings Per Common Share Attributable to Air Products
Income from continuing operations	1.29		1.28				1.15			1.32			5.04
Income (Loss) from discontinued operations	.38		(3.45		)		.44			.48			(2.15		)
Net income (loss) attributable to Air Products	1.67		(2.17		)		1.59			1.80			2.89
Dividends declared per common share	.81		.86				.86			.86			3.39
Market price per common share – High	133.78		136.88				141.53			146.82
Market price per common share – Low	117.80		106.63				124.78			127.72


^(A)	Changes in estimates on projects accounted for under the percentage of completion method favorably impacted income by approximately $27 in fiscal year 2017 and $20 in fiscal year 2016, primarily during the fourth quarter. For additional information, see Note 1, Major Accounting Policies (Revenue Recognition).


^(B)	For additional information, see Note 4, Materials Technologies Separation.


^(C)	For additional information, see Note 5, Business Restructuring and Cost Reduction Actions.


^(D)	For additional information, see Note 16, Retirement Benefits.


^(E)	For additional information, see Note 10, Goodwill, and Note 11, Intangible Assets.


^(F)	The gain is reflected on the consolidated income statements in "Other income (expense), net." For additional information, see Note 23, Supplemental Information.


^(G)	Includes the impact of an other-than-temporary impairment of an investment in an equity affiliate. For additional information, see Note 8, Summarized Financial Information of Equity Affiliates.


^(H)	Includes the impact of a tax election benefit related to a non-U.S. subsidiary. For additional information, see Note 22, Income Taxes.


^(I)	Includes the after-tax gain on the sale of PMD. For additional information, see Note 3, Discontinued Operations.


^(J)	For additional information, see Note 15, Debt.


^(K)	Includes income tax expense for tax costs associated with business separation. For additional information, see Note 4, Materials Technologies Separation.

Business Segment and Geographic Information

12 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Business Segment and Geographic Information

25. BUSINESS SEGMENT AND GEOGRAPHIC 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 of multiple operating segments. Our liquefied natural gas (LNG) and helium storage and distribution sale of equipment businesses are aggregated within the Corporate and other segment.

Our reporting segments are:


•	Industrial Gases – Americas


•	Industrial Gases – EMEA (Europe, Middle East, and Africa)


•	Industrial Gases – Asia


•	Industrial Gases – Global


•	Corporate and other

Industrial Gases – Regional

The regional Industrial Gases segments (Americas, EMEA, and Asia) include the results of our regional industrial gas businesses, which produce and sell atmospheric gases such as oxygen, nitrogen, and argon (primarily recovered by the cryogenic distillation of air) and process gases such as hydrogen, carbon monoxide, helium, syngas, and specialty gases. We supply gases to customers in many industries, including those in metals, glass, chemical processing, energy production and refining, food processing, metallurgical industries, medical, and general manufacturing. We distribute gases to our customers through a variety of supply modes including liquid or gaseous bulk supply delivered by tanker or tube trailer and, for smaller customers, packaged gases delivered in cylinders and dewars or small on-sites (cryogenic or non-cryogenic generators). For large-volume customers, we construct an on-site plant adjacent to or near the customer’s facility or deliver product from one of our pipelines. We are the world’s largest provider of hydrogen, which is used by refiners to facilitate the conversion of heavy crude feedstock and lower the sulfur content of gasoline and diesel fuels.

Electricity is the largest cost component in the production of atmospheric gases, and natural gas is the principal raw material for hydrogen, carbon monoxide, and syngas production. We mitigate energy and natural gas prices contractually through pricing formulas, surcharges, and cost pass-through arrangements. The regional Industrial Gases segments also include our share of the results of several joint ventures accounted for by the equity method. The largest of these joint ventures operate in Mexico, Italy, South Africa, India, Saudi Arabia, and Thailand. Each of the regional Industrial Gases segments competes against global industrial gas companies as well as regional competitors. Competition is based primarily on price, reliability of supply, and the development of industrial gas applications. We derive a competitive advantage in locations where we have pipeline networks, which enable us to provide reliable and economic supply of products to larger customers.

Industrial Gases – Global

The Industrial Gases – Global segment includes cryogenic and gas processing equipment sales for air separation. The equipment is sold worldwide to customers in a variety of industries, including chemical and petrochemical manufacturing, oil and gas recovery and processing, and steel and primary metals processing. The Industrial Gases – Global segment also includes centralized global costs associated with management of all the Industrial Gases segments. These costs include Industrial Gases global administrative costs, product development costs, and research and development costs. We compete with a large number of firms for all the offerings included in the Industrial Gases – Global segment. Competition in the equipment businesses is based primarily on technological performance, service, technical know-how, price, and performance guarantees.

Corporate and other

The Corporate and other segment includes two ongoing global businesses (our LNG equipment business and our liquid helium and liquid hydrogen transport and storage container businesses), and corporate support functions that benefit all the segments. Competition for the two sale of equipment businesses is based primarily on technological performance, service, technical know-how, price, and performance guarantees. Corporate and other also includes income and expense that is not directly associated with the business segments, including foreign exchange gains and losses and stranded costs. Stranded costs result from functional support previously provided to the two divisions comprising the former Materials Technologies segment. The majority of these costs are reimbursed to Air Products pursuant to short-term transition services agreements under which Air Products provides transition services to Versum for EMD and to Evonik for PMD. The reimbursement for costs in support of the transition services has been reflected on the consolidated income statements within “Other income (expense), net.” Refer to Note 4, Materials Technologies Separation, for additional information.

Also included are LIFO inventory adjustments, as the business segments use FIFO, and the LIFO pool adjustments are not allocated to the business segments.

In addition to assets of the global businesses included in this segment, other assets include cash, deferred tax assets, and financial instruments.

Customers

We do not have a homogeneous customer base or end market, and no single customer accounts for more than 10% of our consolidated revenues.

Accounting Policies

The accounting policies of the segments are the same as those described in Note 1, Major Accounting Policies. We evaluate the performance of segments based upon reported segment operating income.

Business Segment



	Industrial Gases– Americas		Industrial Gases– EMEA		Industrial Gases– Asia		Industrial Gases– Global			Corporate and other			Segment Total
2017
Sales to external customers	$	3,637.0	$	1,780.4	$	1,964.7	$	722.9		$	82.6		$	8,187.6
Operating income (loss)	950.6		387.1		531.2		71.3			(170.6		)	1,769.6
Depreciation and amortization	464.4		177.1		203.2		8.9			12.2			865.8
Equity affiliates' income	58.1		47.1		53.5		.9			—			159.6
Expenditures for long-lived assets	427.2		143.2		337.8		25.6			105.9			1,039.7
Investments in net assets of and advances to equity affiliates	287.5		508.6		471.8		19.0			—			1,286.9
Total assets	5,840.8		3,276.1		4,412.1		279.6			4,648.4			18,457.0
2016
Sales to external customers	$	3,344.1	$	1,704.4	$	1,720.4	$	498.8		$	236.0		$	7,503.7
Operating income (loss)	893.2		384.6		451.0		(21.3		)	(87.6		)	1,619.9
Depreciation and amortization	443.6		185.7		197.9		7.9			19.5			854.6
Equity affiliates' income	52.7		36.5		57.8		—			—			147.0
Expenditures for long-lived assets	406.6		159.5		313.3		6.0			22.3			907.7
Investments in net assets of and advances to equity affiliates	250.6		580.5		442.5		10.0			—			1,283.6
Total assets	5,896.7		3,178.6		4,232.7		367.6			2,384.5			16,060.1
2015
Sales to external customers	$	3,694.5	$	1,866.4	$	1,661.3	$	286.7		$	315.4		$	7,824.3
Operating income (loss)	806.1		331.3		389.3		(51.6		)	(86.5		)	1,388.6
Depreciation and amortization	417.5		194.3		209.9		16.5			20.3			858.5
Equity affiliates' income (loss)	64.6		42.4		46.1		(.8		)	—			152.3
Expenditures for long-lived assets	414.5		215.6		402.5		94.8			35.0			1,162.4
Investments in net assets of and advances to equity affiliates	249.7		564.1		421.7		14.3			—			1,249.8
Total assets	5,782.5		3,324.1		4,159.1		370.5			1,123.8			14,760.0

Below is a reconciliation of segment total operating income to consolidated operating income:



Operating Income	2017			2016			2015
Segment total	$	1,769.6		$	1,619.9		$	1,388.6
Business separation costs	(30.2		)	(50.6		)	(7.5		)
Business restructuring and cost reduction actions	(151.4		)	(34.5		)	(180.1		)
Pension settlement loss	(10.5		)	(5.1		)	(19.3		)
Goodwill and intangible asset impairment charge	(162.1		)	—			—
Gain on previously held equity interest	—			—			17.9
Gain on land sales^(A)	12.2			—			33.6
Consolidated Total	$	1,427.6		$	1,529.7		$	1,233.2


^(A)	Reflected on the consolidated income statements in “Other income (expense), net.”

Below is a reconciliation of segment total equity affiliates' income to consolidated equity affiliates' income:



Equity Affiliates' Income	2017			2016		2015
Segment total	$	159.6		$	147.0	$	152.3
Equity method investment impairment charge	(79.5		)	—		—
Consolidated Total	$	80.1		$	147.0	$	152.3

Below is a reconciliation of segment total assets to consolidated total assets:



Total Assets	2017		2016		2015
Segment total	$	18,457.0	$	16,060.1	$	14,760.0
Discontinued operations	10.2		1,968.5		2,556.6
Consolidated Total	$	18,467.2	$	18,028.6	$	17,316.6

The sales information noted above relates to external customers only. All intersegment sales are eliminated in consolidation. The Industrial Gases – Global segment had intersegment sales of $239.0 in 2017, $232.4 in 2016, and $242.8 in 2015. 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 regional industrial gases segments are generally transferred at cost and not reflected as an intersegment sale.

Geographic Information



Sales to External Customers	2017		2016		2015
United States	$	2,886.8	$	2,911.7	$	3,369.8
Europe, including Middle East	2,478.5		2,186.5		1,989.2
Asia, excluding China and India	849.6		721.4		736.8
China	1,143.4		1,020.4		957.8
Other^(A)	829.3		663.7		770.7
Total	$	8,187.6	$	7,503.7	$	7,824.3
Long-Lived Assets^(B)	2017		2016		2015
United States	$	3,407.4	$	3,411.4	$	3,502.9
Europe, including Middle East	1,279.0		1,292.5		1,379.8
Asia, excluding China and India	778.5		707.0		627.1
China	1,737.9		1,675.8		1,682.8
Other^(A)	1,237.4		1,173.0		1,044.7
Total	$	8,440.2	$	8,259.7	$	8,237.3


^(A)	Includes Canada, Latin America, and India.


^(B)	Long-lived assets include plant and equipment, net.

Geographic information is based on country of origin. Included in United States revenues are export sales to third‑party customers of $64.2 in 2017, $134.9 in 2016, and $231.5 in 2015.

Schedule II Valuation and Qualifying Accounts

12 Months Ended

Sep. 30, 2017

Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II–VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended 30 September 2017, 2016, and 2015



	Balance at Beginning of Period		Additions Charged to Expense		Additions Charged to Other Accounts		Other Changes^(A)			Balance at End of Period
Year Ended 30 September 2017
Allowance for doubtful accounts		$55		$7		$39		($7	)		$94
Allowance for deferred tax assets^(B)	165		6		7		(70		)	108

Year Ended 30 September 2016
Allowance for doubtful accounts		$48		$9		$13		($15	)		$55
Allowance for deferred tax assets^(C)	112		1		52		—			165

Year Ended 30 September 2015
Allowance for doubtful accounts		$58		$8		$18		($36	)		$48
Allowance for deferred tax assets	106		—		9		(3		)	112


^(A)	Other changes related to allowance for doubtful accounts primarily includes write-offs of uncollectible trade receivables, net of recoveries. Other Changes also includes the impact of foreign currency translation adjustments.


^(B)	The decrease in the valuation allowance was primarily due to the utilization of federal and state loss carryforwards as a result of recognizing the gain on the sale of our PMD business. This benefit was recorded in discontinued operations. See Note 3, Discontinued Operations, for additional information.


^(C)	The increase in the valuation allowance was primarily due to the loss recorded on the exit from the Energy-from-Waste business. These costs were recorded in discontinued operations. See Note 3, Discontinued Operations, for additional information.

Major Accounting Policies (Policies)

12 Months Ended

Sep. 30, 2017

Accounting Policies [Abstract]

Basis of Presentation and Consolidation Principles

Reclassifications

Estimates and Assumptions

Revenue Recognition

Amounts billed for shipping and handling fees are classified as sales in the consolidated income statements.

Cost of Sales

Depreciation

Selling and Administrative

Postemployment Benefits

Fair Value Measurements

Financial Instruments

The following details the accounting treatment of our cash flow, fair value, net investment, and non-designated hedges:


•	Changes in the fair value of a derivative that is designated as and meets the cash flow hedge criteria are recorded in accumulated other comprehensive loss (AOCL) to the extent effective and then recognized in earnings when the hedged items affect earnings.


•	Changes in the fair value of a derivative that is designated as and meets all the required criteria for a fair value hedge, along with the gain or loss on the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings.


•	Changes in the fair value of a derivative and foreign currency debt that are designated as and meet all the required criteria for a hedge of a net investment are recorded as translation adjustments in AOCL.


•	Changes in the fair value of a derivative that is not designated as a hedge are recorded immediately in earnings.

Foreign Currency

Since we do business in many foreign countries, fluctuations in currency exchange rates affect our financial position and results of operations.

Environmental Expenditures

The accruals for environmental liabilities are reflected in the consolidated balance sheets, primarily as part of other noncurrent liabilities.

Litigation

Share-Based Compensation

Income Taxes

Other Non-Operating Income (Expense), net

Cash and Cash Items

Cash and cash items include cash, time deposits, treasury securities, and certificates of deposit acquired with an original maturity of three months or less.

Short-term investments

Short-term investments include time deposits with original maturities greater than three months and less than one year.

Trade Receivables,net

Trade Receivables, net

Impairment of Long-Lived Assets

Asset Retirement Obligations

Goodwill

Intangible Assets

Retirement Benefits

Discontinued Operations (Tables)

12 Months Ended

Sep. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Operating Results and Assets and Liabilities of Discontinued Operation

The following table summarizes the carrying amount of the accrual for our actions to dispose of the EfW business at 30 September 2017:



	Asset Actions			Contract Actions/ Other			Total
Loss on disposal of business	$	913.5		$	32.2		$	945.7
Noncash expenses	(913.5		)	—			(913.5		)
Cash expenditures	—			(18.6		)	(18.6		)
Currency translation adjustment	—			(1.4		)	(1.4		)
30 September 2016	$	—		$	12.2		$	12.2
Loss on disposal of business	6.3			53.0			59.3
Noncash expenses	(6.3		)	—			(6.3		)
Cash expenditures	—			(1.4		)	(1.4		)
Currency translation adjustment	—			7.3			7.3
Amount reflected in other noncurrent liabilities	—			(65.3		)	(65.3		)
30 September 2017	$	—		$	5.8		$	5.8

Summarized Financial Information of Discontinued Operations

The following tables detail the businesses and major line items that comprise income from discontinued operations, net of tax, on the consolidated income statements:



							Total
	Performance			Energy-from-			Discontinued
Year Ended 30 September 2017	Materials			Waste^(A)			Operations
Sales	$	254.8		$	—		$	254.8
Cost of sales	182.3			13.8			196.1
Selling and administrative	22.5			.7			23.2
Research and development	5.1			—			5.1
Other income (expense), net	.3			(2.0		)	(1.7		)
Operating Income (Loss)	45.2			(16.5		)	28.7
Equity affiliates’ income	.3			—			.3
Income (Loss) Before Taxes	45.5			(16.5		)	29.0
Income tax benefit^(B)	(50.8		)	(5.7		)	(56.5		)
Income (Loss) From Operations of Discontinued Operations, net of tax	96.3			(10.8		)	85.5
Gain (Loss) on Disposal, net of tax^(C)	1,827.6			(47.1		)	1,780.5
Income (Loss) From Discontinued Operations, net of tax	$	1,923.9		$	(57.9	)	$	1,866.0


^(A)	The loss from operations of discontinued operations for EfW primarily relates to costs incurred for ongoing project exit activities, administrative costs, and land lease obligations.


^(B)	As a result of the expected gain on sale of PMD, we released valuation allowances related to capital loss and net operating loss carryforwards primarily during the first quarter of 2017 that favorably impacted our income tax provision within discontinued operations by approximately $69.


^(C)	After-tax gain on sale of $1,827.6 includes expense for income tax reserves for uncertain tax positions of $28.0 gross ($21.0 net) in various jurisdictions.



								Total
	Electronic		Performance		Energy-from-			Discontinued
Year Ended 30 September 2016	Materials		Materials		Waste^(A)			Operations
Sales	$	961.6	$	1,059.1	$	—		$	2,020.7
Cost of sales	521.6		704.5		24.6			1,250.7
Selling and administrative	87.7		76.6		2.8			167.1
Research and development	40.8		19.6		.9			61.3
Other income (expense), net	2.2		4.2		(12.7		)	(6.3		)
Operating Income (Loss)	313.7		262.6		(41.0		)	535.3
Equity affiliates’ income	.2		1.4		—			1.6
Interest expense	.3		—		—			.3
Income (Loss) Before Taxes^(B)	313.6		264.0		(41.0		)	536.6
Income tax provision (benefit)	73.4		80.5		(3.4		)	150.5
Income (Loss) From Operations of Discontinued Operations, net of tax	240.2		183.5		(37.6		)	386.1
Loss on Disposal, net of tax	—		—		(846.6		)	(846.6		)
Income (Loss) From Discontinued Operations, net of tax	240.2		183.5		(884.2		)	(460.5		)
Net Income Attributable to Noncontrolling Interests of Discontinued Operations	7.9		—		—			7.9
Net Income (Loss) From Discontinued Operations	$	232.3	$	183.5	$	(884.2	)	$	(468.4	)


^(A)	The loss from operations of discontinued operations for EfW primarily relates to project suspension costs, land lease obligations, and administrative costs.


^(B)	In fiscal year 2016, income before taxes from operations of discontinued operations attributable to Air Products was $527.1.



										Total
	Electronic			Performance			Energy-from-			Discontinued
Year Ended 30 September 2015	Materials			Materials			Waste^(A)			Operations
Sales	$	984.1		$	1,086.5		$	—		$	2,070.6
Cost of sales	586.8			754.0			5.1			1,345.9
Selling and administrative	86.4			79.9			2.4			168.7
Research and development	37.5			23.2			1.7			62.4
Other income (expense), net^(B)	(18.5		)	(9.2		)	—			(27.7		)
Operating Income (Loss)	254.9			220.2			(9.2		)	465.9
Equity affiliates’ income	1.0			1.2			—			2.2
Interest expense	.1			.6			—			.7
Income (Loss) Before Taxes^(C)	255.8			220.8			(9.2		)	467.4
Income tax provision (benefit)	49.7			68.4			(2.4		)	115.7
Income (Loss) From Discontinued Operations, net of tax	206.1			152.4			(6.8		)	351.7
Net Income Attributable to Noncontrolling Interests of Discontinued Operations	7.1			—			—			7.1
Net Income (Loss) From Discontinued Operations	$	199.0		$	152.4		$	(6.8	)	$	344.6


^(A)	The loss from operations of discontinued operations for EfW primarily relates to land lease obligations and administrative costs.


^(B)	Primarily includes business restructuring and cost reduction actions.


^(C)	In fiscal year 2015, income before taxes from operations of discontinued operations attributable to Air Products was $458.9.

The following tables detail the businesses and major line items that comprise assets and liabilities of discontinued operations on the consolidated balance sheets:



					Total
	Performance		Energy-from-		Discontinued
30 September 2017	Materials		Waste		Operations
Assets
Current Assets
Plant and equipment, net	$	—	$	10.2	$	10.2
Total Current Assets	—		10.2		10.2
Total Assets	$	—	$	10.2	$	10.2
Liabilities
Current Liabilities
Payables and accrued liabilities	$	9.2	$	6.5	$	15.7
Total Current Liabilities	9.2		6.5		15.7
Total Liabilities	$	9.2	$	6.5	$	15.7



							Total
	Electronic		Performance		Energy-from-		Discontinued
30 September 2016	Materials		Materials		Waste		Operations
Assets
Current Assets
Cash and cash items	$	170.6	$	37.5	$	—	$	208.1
Trade receivables, net	134.7		159.0		—		293.7
Inventories	138.1		226.8		—		364.9
Plant and equipment, net	—		—		18.2		18.2
Other receivables and current assets	34.5		5.6		1.2		41.3
Total Current Assets	477.9		428.9		19.4		926.2
Plant and equipment, net	296.5		296.5		—		593.0
Goodwill, net	180.0		125.0		—		305.0
Intangible assets, net	75.1		25.0		—		100.1
Other noncurrent assets	37.5		6.7		—		44.2
Total Noncurrent Assets	589.1		453.2		—		1,042.3
Total Assets	$	1,067.0	$	882.1	$	19.4	$	1,968.5
Liabilities
Current Liabilities
Payables and accrued liabilities	$	85.8	$	72.5	$	19.0	$	177.3
Accrued income taxes	22.7		6.0		—		28.7
Current portion of long-term debt	5.8		—		—		5.8
Total Current Liabilities	114.3		78.5		19.0		211.8
Long-term debt	981.8		—		—		981.8
Deferred income taxes	50.3		6.4		—		56.7
Other noncurrent liabilities	47.4		9.6		—		57.0
Total Noncurrent Liabilities	1,079.5		16.0		—		1,095.5
Total Liabilities	$	1,193.8	$	94.5	$	19.0	$	1,307.3

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=84176398&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84176398&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760

+ Details

Business Restructuring and Cost Reduction Actions (Tables)

12 Months Ended

Sep. 30, 2017

Restructuring Charges [Abstract]

Summary of Carrying Amount of Accrual for Business Restructuring and Cost Reduction Actions

The following table summarizes the carrying amount of the accrual for cost reduction actions at 30 September 2017:



	Severance and Other Benefits			Asset Actions/Other			Total
2016 Charge	$	34.5		$	—		$	34.5
Amount reflected in pension liability	(.9		)	—			(.9		)
Cash expenditures	(21.6		)	—			(21.6		)
Currency translation adjustment	.3			—			.3
30 September 2016	$	12.3		$	—		$	12.3
2017 Charge	66.3			88.5			154.8
Noncash expenses	—			(84.2		)	(84.2		)
Amount reflected in pension liability	(2.0		)	—			(2.0		)
Amount reflected in other noncurrent liabilities	—			(2.2		)	(2.2		)
Cash expenditures	(35.7		)	(1.2		)	(36.9		)
Currency translation adjustment	(.3		)	—			(.3		)
30 September 2017	$	40.6		$	.9		$	41.5

The following table summarizes the carrying amount of the accrual for the business realignment and reorganization at 30 September 2017:



	Severance and Other Benefits			Asset Actions/Other			Total
2014 Charge	$	11.1		$	—		$	11.1
Cash expenditures	(1.7		)	—			(1.7		)
30 September 2014	$	9.4		$	—		$	9.4
2015 Charge	131.5			48.6			180.1
Amount reflected in pension liability	(11.2		)	—			(11.2		)
Noncash expenses	—			(40.2		)	(40.2		)
Cash expenditures	(100.3		)	(1.2		)	(101.5		)
Currency translation adjustment	(.4		)	—			(.4		)
30 September 2015	$	29.0		$	7.2		$	36.2
Cash expenditures	(28.6		)	(3.8		)	(32.4		)
Currency translation adjustment	(.4		)	—			(.4		)
30 September 2016	$	—		$	3.4		$	3.4
Accrual settlement	—			(3.4		)	(3.4		)
30 September 2017	$	—		$	—		$	—

Inventories (Tables)

12 Months Ended

Sep. 30, 2017

Inventory Disclosure [Abstract]

Schedule of Components of Inventories

The components of inventories are as follows:



30 September	2017			2016
Finished goods	$	120.0		$	131.3
Work in process	15.7			18.3
Raw materials, supplies and other	223.0			117.1
Total FIFO Cost	358.7			266.7
Less: Excess of FIFO cost over LIFO cost	(23.3		)	(11.7		)
Inventories	$	335.4		$	255.0

Summarized Financial Information of Equity Affiliates (Tables)

12 Months Ended

Sep. 30, 2017

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments



Abdullah Hashim Industrial Gases & Equipment Co., Ltd. (25%);		INOX Air Products Limited (50%);
Air Products South Africa (Proprietary) Limited (50%);		Jazan Gas Projects Company (25%);
Bangkok Cogeneration Company Limited (49%);		Kulim Industrial Gases Sdn. Bhd. (50%);
Bangkok Industrial Gases Co., Ltd. (49%);		Sapio Produzione Idrogeno Ossigeno S.r.l. (49%);
Chengdu Air & Gas Products Ltd. (50%);		Tecnologia en Nitrogeno S. de R.L. de C.V. (50%);
Helios S.p.A. (49%);		Tyczka Industrie-Gases GmbH (50%);
High-Tech Gases (Beijing) Co., Ltd. (50%);		WuXi Hi-Tech Gas Co., Ltd. (50%);
INFRA Group (40%);		and principally, other industrial gas producers.



30 September			2017		2016
Current assets			$	1,333.2	$	1,436.7
Noncurrent assets			4,026.9		3,063.3
Current liabilities			666.8		694.8
Noncurrent liabilities			2,194.3		1,540.4

Year Ended 30 September	2017		2016		2015
Net sales	$	2,343.3	$	2,271.6	$	2,460.5
Sales less cost of sales	878.6		871.5		922.7
Operating income	509.5		482.1		512.4
Net income	343.5		334.1		343.5

Plant and Equipment, Net (Tables)

12 Months Ended

Sep. 30, 2017

Property, Plant and Equipment [Abstract]

Schedule of Major Classes of Plant and Equipment

The major classes of plant and equipment are as follows:



30 September	Useful Life in years	2017		2016
Land		$	231.0	$	202.9
Buildings	30	977.8		918.6
Production facilities^(A)	10 to 20	13,577.1		12,391.9
Distribution and other machinery and equipment^(B)	5 to 25	3,944.0		3,821.0
Construction in progress		817.9		1,325.8
Plant and equipment, at cost		19,547.8		18,660.2
Less: accumulated depreciation		11,107.6		10,400.5
Plant and equipment, net		$	8,440.2	$	8,259.7


^(A)	Depreciable lives of production facilities related to long-term customer supply contracts are matched to the contract lives.


^(B)	The depreciable lives for various types of distribution equipment are 10 to 25 years for cylinders, depending on the nature and properties of the product; 20 years for tanks; 7.5 years for customer stations; and 5 to 15 years for tractors and trailers.

Goodwill (Tables)

12 Months Ended

Sep. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amount of Goodwill by Segment

Changes to the carrying amount of consolidated goodwill by segment are as follows:



	Industrial Gases– Americas			Industrial Gases– EMEA			Industrial Gases– Asia		Industrial Gases– Global		Total
Goodwill, net at 30 September 2015	$	297.6		$	386.5		$	133.1	$	19.9	$	837.1
Currency translation	11.5			(5.9		)	2.1		.3		8.0
Goodwill, net at 30 September 2016	$	309.1		$	380.6		$	135.2	$	20.2	$	845.1
Impairment loss	(145.3		)	—			—		—		(145.3		)
Acquisitions	—			3.5			—		—		3.5
Currency translation	(.1		)	18.3			—		—		18.2
Goodwill, net at 30 September 2017	$	163.7		$	402.4		$	135.2	$	20.2	$	721.5



30 September	2017			2016			2015
Goodwill, gross	$	1,138.7		$	1,103.7		$	1,080.8
Accumulated impairment losses	(417.2		)	(258.6		)	(243.7		)
Goodwill, net	$	721.5		$	845.1		$	837.1

Intangible Assets (Tables)

12 Months Ended

Sep. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule Finite-Lived Intangible Assets

The table below provides details of acquired intangible assets:



	30 September 2017							30 September 2016
	Gross		Accumulated Amortization/ Impairment			Net		Gross		Accumulated Amortization/ Impairment			Net
Customer relationships	$	424.1	$	(142.3	)	$	281.8	$	400.6	$	(118.2	)	$	282.4
Patents and technology	13.4		(10.6		)	2.8		13.6		(10.1		)	3.5
Other	73.4		(36.6		)	36.8		73.0		(33.7		)	39.3
Total finite-lived intangibles	510.9		(189.5		)	321.4		487.2		(162.0		)	325.2
Trade names and trademarks, indefinite-lived	67.8		(20.9		)	46.9		66.2		(3.5		)	62.7
Total Intangible Assets	$	578.7	$	(210.4	)	$	368.3	$	553.4	$	(165.5	)	$	387.9

Schedule of Indefinite-Lived Intangible Assets

The table below provides details of acquired intangible assets:



	30 September 2017							30 September 2016
	Gross		Accumulated Amortization/ Impairment			Net		Gross		Accumulated Amortization/ Impairment			Net
Customer relationships	$	424.1	$	(142.3	)	$	281.8	$	400.6	$	(118.2	)	$	282.4
Patents and technology	13.4		(10.6		)	2.8		13.6		(10.1		)	3.5
Other	73.4		(36.6		)	36.8		73.0		(33.7		)	39.3
Total finite-lived intangibles	510.9		(189.5		)	321.4		487.2		(162.0		)	325.2
Trade names and trademarks, indefinite-lived	67.8		(20.9		)	46.9		66.2		(3.5		)	62.7
Total Intangible Assets	$	578.7	$	(210.4	)	$	368.3	$	553.4	$	(165.5	)	$	387.9

Schedule of Projected Annual Amortization Expense

Projected annual amortization expense for intangible assets as of 30 September 2017 is as follows:



2018	$	22.1
2019	21.8
2020	21.6
2021	20.1
2022	17.4
Thereafter	218.4
Total	$	321.4

Leases (Tables)

12 Months Ended

Sep. 30, 2017

Leases [Abstract]

Schedule of Future Minimum Lease Payments for Capital Leases

At 30 September 2017, minimum payments due under leases associated with continuing operations are as follows:



	Capital Leases		Operating Leases
2018	$	2.2	$	56.6
2019	1.8		45.8
2020	1.6		35.2
2021	3.0		27.1
2022	1.5		22.9
Thereafter	19.9		126.6
Total	$	30.0	$	314.2

Schedule of Future Minimum Rental Payments for Operating Leases

At 30 September 2017, minimum payments due under leases associated with continuing operations are as follows:



	Capital Leases		Operating Leases
2018	$	2.2	$	56.6
2019	1.8		45.8
2020	1.6		35.2
2021	3.0		27.1
2022	1.5		22.9
Thereafter	19.9		126.6
Total	$	30.0	$	314.2

Schedule of Minimum Lease Payments to be Collected

At 30 September 2017, minimum lease payments expected to be collected are as follows:



2018	$	182.0
2019	176.4
2020	171.4
2021	165.5
2022	154.1
Thereafter	1,047.6
Total	$	1,897.0

The components of lease receivables were as follows:



30 September	2017			2016
Gross minimum lease payments receivable	$	1,897.0		$	2,072.6
Unearned interest income	(671.9		)	(762.7		)
Lease Receivables, net	$	1,225.1		$	1,309.9

Financial Instruments (Tables)

12 Months Ended

Sep. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Instruments

The following table summarizes our outstanding interest rate management contracts and cross currency interest rate swaps:



	30 September 2017							30 September 2016
	US$ Notional		Average Pay %		Average Receive %		Years Average Maturity	US$ Notional		Average Pay %		Average Receive %		Years Average Maturity
Interest rate swaps (fair value hedge)	$	600.0	LIBOR		2.28	%	1.3	$	600.0	LIBOR		2.28	%	2.3
Cross currency interest rate swaps (net investment hedge)	$	539.7	3.27	%	2.59	%	1.9	$	517.7	3.24	%	2.43	%	2.6
Cross currency interest rate swaps (cash flow hedge)	$	1,095.7	4.96	%	2.78	%	2.4	$	1,088.9	4.77	%	2.72	%	3.3
Cross currency interest rate swaps (not designated)	$	41.6	3.28	%	2.32	%	1.7	$	27.4	3.62	%	.81	%	1.8

The table below summarizes our outstanding currency price risk management instruments:



	30 September 2017			30 September 2016
	US$ Notional		Years Average Maturity	US$ Notional		Years Average Maturity
Forward Exchange Contracts
Cash flow hedges	$	3,150.2	.4	$	4,130.3	.5
Net investment hedges	675.5		3.0	968.2		2.7
Not designated	273.8		.1	2,648.3		.4
Total Forward Exchange Contracts	$	4,099.5	.8	$	7,746.8	.7

Schedule of Fair Value of Derivative Instruments

The table below summarizes the fair value and balance sheet location of our outstanding derivatives:



	Balance Sheet	30 September				Balance Sheet	30 September
	Location	2017		2016		Location	2017		2016
Derivatives Designated as Hedging Instruments:
Forward exchange contracts	Other receivables	$	81.7	$	72.3	Accrued liabilities	$	82.0	$	44.0
Interest rate management contracts	Other receivables	11.1		19.9		Accrued liabilities	10.7		—
Forward exchange contracts	Other noncurrent assets	27.1		44.4		Other noncurrent liabilities	13.8		9.1
Interest rate management contracts	Other noncurrent assets	102.6		160.0		Other noncurrent liabilities	22.2		12.0
Total Derivatives Designated as Hedging Instruments		$	222.5	$	296.6		$	128.7	$	65.1
Derivatives Not Designated as Hedging Instruments:
Forward exchange contracts	Other receivables	1.1		77.1		Accrued liabilities	$	2.2	$	29.5
Interest rate management contracts	Other receivables	—		—		Accrued liabilities	1.0		—
Interest rate management contracts	Other noncurrent assets	4.2		—		Other noncurrent liabilities	—		.7
Total Derivatives Not Designated as Hedging Instruments		$	5.3	$	77.1		$	3.2	$	30.2
Total Derivatives		$	227.8	$	373.7		$	131.9	$	95.3

Schedule of Gains and Losses Related to Derivative Instruments

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 instruments:



	Year Ended 30 September
	Forward Exchange Contracts						Foreign Currency Debt						Other^(A)						Total
	2017			2016			2017			2016			2017			2016			2017			2016
Cash Flow Hedges, net of tax:
Net gain (loss) recognized in OCI (effective portion)	$	.3		$	10.5		$	—		$	—		$	(12.9	)	$	3.2		$	(12.6	)	$	13.7
Net (gain) loss reclassified from OCI to sales/cost of sales (effective portion)	18.3			.2			—			—			—			—			18.3			.2
Net (gain) loss reclassified from OCI to other income (expense), net (effective portion)	(3.8		)	(25.7		)	—			—			10.5			(20.3		)	6.7			(46.0		)
Net (gain) loss reclassified from OCI to interest expense (effective portion)	(2.1		)	6.7			—			—			2.9			3.3			.8			10.0
Net (gain) loss reclassified from OCI to other income (expense), net (ineffective portion)	(1.6		)	(.2		)	—			—			—			—			(1.6		)	(.2		)
Fair Value Hedges:
Net gain (loss) recognized in interest expense^(B)	$	—		$	—		$	—		$	—		$	(14.7	)	$	(8.8	)	$	(14.7	)	$	(8.8	)
Net Investment Hedges, net of tax:
Net gain (loss) recognized in OCI	$	(11.1	)	$	17.4		$	(32.8	)	$	(9.6	)	$	(15.6	)	$	35.0		$	(59.5	)	$	42.8
Derivatives Not Designated as Hedging Instruments:
Net gain (loss) recognized in other income (expense), net^(C)	$	4.1		$	(1.8	)	$	—		$	—		$	(2.4	)	$	(1.6	)	$	1.7		$	(3.4	)


^(A)	Other includes the impact on other comprehensive income (OCI) and earnings primarily related to interest rate and cross currency interest rate swaps.


^(B)	The impact of fair value hedges noted above was largely offset by recognized gains and losses resulting from the impact of changes in related interest rates on outstanding debt.


^(C)	The impact of the non-designated hedges noted above was largely offset by recognized gains and losses resulting from the impact of changes in exchange rates on assets and liabilities denominated in nonfunctional currencies.

Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Fair Values of Financial Instruments

The carrying values and fair values of financial instruments were as follows:



	30 September 2017				30 September 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets
Derivatives
Forward exchange contracts	$	109.9	$	109.9	$	193.8	$	193.8
Interest rate management contracts	117.9		117.9		179.9		179.9
Liabilities
Derivatives
Forward exchange contracts	$	98.0	$	98.0	$	82.6	$	82.6
Interest rate management contracts	33.9		33.9		12.7		12.7
Long-term debt, including current portion	3,818.8		3,928.2		4,275.1		4,474.0

Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis

The following table summarizes assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheets:



	30 September 2017								30 September 2016
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets at Fair Value
Derivatives
Forward exchange contracts	$	109.9	$	—	$	109.9	$	—	$	193.8	$	—	$	193.8	$	—
Interest rate management contracts	117.9		—		117.9		—		179.9		—		179.9		—
Total Assets at Fair Value	$	227.8	$	—	$	227.8	$	—	$	373.7	$	—	$	373.7	$	—
Liabilities at Fair Value
Derivatives
Forward exchange contracts	$	98.0	$	—	$	98.0	$	—	$	82.6	$	—	$	82.6	$	—
Interest rate management contracts	33.9		—		33.9		—		12.7		—		12.7		—
Total Liabilities at Fair Value	$	131.9	$	—	$	131.9	$	—	$	95.3	$	—	$	95.3	$	—

Schedule of Nonrecurring Fair Value Measurements

The following is a tabular presentation of nonrecurring fair value measurements along with the level within the fair value hierarchy in which the fair value measurement in its entirety falls:



	31 December 2016
	Total		Level 1		Level 2		Level 3		2017 Loss		2016 Loss
Plant and Equipment – Continuing operations ^(A)	$	1.4	$	—	$	—	$	1.4	$	45.7	$	—
Plant and Equipment—Discontinued operations^(A)	$	11.0	$	—	$	—	$	11.0	$	6.3	$	913.5

^(A)



	30 June 2017								2017 Loss
	Total		Level 1		Level 2		Level 3		2017 Loss
Investment in Equity Affiliate^(A)	$	68.5	$	—	$	—	$	68.5	$	79.5

^(A)

Debt (Tables)

12 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Schedule of Total Debt

The tables below summarize our outstanding debt at 30 September 2017 and 2016:

Total Debt



30 September	2017		2016
Short-term borrowings	$	144.0	$	935.8
Current portion of long-term debt	416.4		365.4
Long-term debt	3,402.4		3,909.7
Total Debt	$	3,962.8	$	5,210.9

Schedule of Short-term Borrowings

Short-term Borrowings



30 September	2017		2016
Bank obligations	$	144.0	$	133.1
Commercial paper	—		802.7
Total Short-term Borrowings	$	144.0	$	935.8

Schedule of Long-term Debt Instruments

Long-term Debt



30 September	Fiscal Year Maturities	2017			2016
Payable in U.S. Dollars
Debentures
8.75%	2021	$	18.4		$	18.4
Medium-term Notes (weighted average rate)
Series E 7.6%	2026	17.2			17.2
Senior Notes
Note 1.2%	2018	400.0			400.0
Note 4.375%	2019	400.0			400.0
Note 3.0%	2022	400.0			400.0
Note 2.75%	2023	400.0			400.0
Note 3.35%	2024	400.0			400.0
Other (weighted average rate)
Variable-rate industrial revenue bonds .87%	2035 to 2050	631.9			769.9
Other .89%	2018 to 2019	10.9			25.7
Payable in Other Currencies
Eurobonds 4.625%	2017	—			337.0
Eurobonds 2.0%	2020	354.4			337.0
Eurobonds 1.0%	2025	354.4			337.0
Eurobonds .375%	2021	413.5			393.2
Other 4.3%	2018 to 2022	25.8			52.9
Capital Lease Obligations
United States 5.0%	2018	.2			.5
Foreign 10.7%	2018 to 2036	10.6			9.7
Total Principal Amount		3,837.3			4,298.5
Less: Unamortized Discount and Debt Issuance Costs		(18.5		)	(23.4		)
Total Long-term Debt		3,818.8			4,275.1
Less: Current portion of long-term debt		(416.4		)	(365.4		)
Long-term Debt		$	3,402.4		$	3,909.7

Schedule of Maturities of Long-term Debt

Maturities of long-term debt in each of the next five years and beyond are as follows:



2018	$	416.4
2019	409.0
2020	356.1
2021	433.3
2022	401.0
Thereafter	1,821.5
Total	$	3,837.3

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

Retirement Benefits (Tables)

12 Months Ended

Sep. 30, 2017

Defined Benefit Pension Plan

Schedule of Net Periodic Benefit Cost

The cost of our defined benefit pension plans included the following components:



	2017						2016						2015
	U.S.			International			U.S.			International			U.S.			International
Service cost	$	29.0		$	25.9		$	36.5		$	24.3		$	42.2		$	31.3
Interest cost	107.5			32.2			110.7			44.3			124.7			57.8
Expected return on plan assets	(207.7		)	(75.2		)	(202.0		)	(78.3		)	(202.0		)	(79.8		)
Amortization
Net actuarial loss	88.7			54.7			85.3			35.6			78.9			41.4
Prior service cost	2.3			(.1		)	2.8			(.2		)	2.8			—
Settlements	10.5			1.7			5.1			1.3			18.9			2.3
Curtailments	4.3			(1.3		)	—			(1.1		)	5.3			—
Special termination benefits	2.8			.4			2.0			—			7.2			1.5
Other	—			1.1			(.3		)	2.1			1.0			2.1
Net Periodic Benefit Cost – Total	$	37.4		$	39.4		$	40.1		$	28.0		$	79.0		$	56.6
Less: Discontinued Operations	(.7		)	(4.1		)	(7.9		)	(4.4		)	(12.9		)	(7.7		)
Net Periodic Benefit Cost – Continuing Operations	$	36.7		$	35.3		$	32.2		$	23.6		$	66.1		$	48.9

Schedule of Assumptions Used in The Calculation of Net Periodic Pension Cost and PBO



	2017				2016				2015
	U.S.		International		U.S.		International		U.S.		International
Discount rate^(A)	3.5	%	2.0	%	4.3	%	3.3	%	4.3	%	3.6	%
Expected return on plan assets	8.0	%	6.1	%	8.0	%	6.3	%	8.3	%	6.1	%
Rate of compensation increase	3.5	%	3.5	%	3.5	%	3.5	%	3.5	%	3.6	%

^(A)



	2017				2016
	U.S.		International		U.S.		International
Discount rate	3.8	%	2.4	%	3.5	%	2.0	%
Rate of compensation increase	3.5	%	3.6	%	3.5	%	3.5	%

Schedule of Changes in Projected Benefit Obligations



	2017						2016
	U.S.			International			U.S.			International
Change in Projected Benefit Obligation
Obligation at beginning of year	$	3,477.7		$	1,849.6		$	3,139.9		$	1,647.9
Service cost	29.0			25.9			36.5			24.3
Interest cost	107.5			32.2			110.7			44.3
Amendments	1.9			—			1.2			—
Actuarial (gain) loss	(68.0		)	(132.4		)	380.2			376.4
Divestitures	—			(34.1		)	—			—
Curtailments	(17.3		)	(4.2		)	(.4		)	(1.2		)
Settlement (gain) loss	7.0			—			5.4			(3.4		)
Special termination benefits	2.8			—			2.0			—
Participant contributions	—			1.4			—			1.6
Benefits paid	(182.9		)	(46.5		)	(197.4		)	(46.6		)
Currency translation/other	—			57.6			(.4		)	(193.7		)
Obligation at End of Year	$	3,357.7		$	1,749.5		$	3,477.7		$	1,849.6

Schedule of Changes in Fair Value of Plan Assets



	2017						2016
	U.S.			International			U.S.			International
Change in Plan Assets
Fair value at beginning of year	$	2,705.3		$	1,411.1		$	2,613.6		$	1,302.8
Actual return on plan assets	319.6			87.9			275.2			273.2
Company contributions	27.2			42.2			13.9			65.4
Participant contributions	—			1.4			—			1.6
Divestitures	—			(3.0		)	—			—
Benefits paid	(182.9		)	(46.5		)	(197.4		)	(46.6		)
Settlements	—			(5.3		)	—			(3.4		)
Currency translation/other	—			52.2			—			(181.9		)
Fair Value at End of Year	$	2,869.2		$	1,540.0		$	2,705.3		$	1,411.1
Funded Status at End of Year	$	(488.5	)	$	(209.5	)	$	(772.4	)	$	(438.5	)

Schedule of Amounts Recognized in Balance Sheet



Amounts Recognized
Noncurrent assets	$	5.3		$	13.1		$	—		$	—
Accrued liabilities	(12.6		)	—			(24.1		)	—
Noncurrent liabilities	(481.2		)	(222.6		)	(748.3		)	(438.5		)
Net Amount Recognized	$	(488.5	)	$	(209.5	)	$	(772.4	)	$	(438.5	)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The changes in plan assets and benefit obligation that have been recognized in other comprehensive income on a pretax basis during 2017 and 2016 consist of the following:



	2017						2016
	U.S.			International			U.S.			International
Net actuarial (gain) loss arising during the period	$	(189.8	)	$	(162.0	)	$	311.8		$	172.1
Amortization of net actuarial loss	(103.3		)	(55.7		)	(90.4		)	(36.5		)
Prior service cost (credit) arising during the period	1.9			—			1.2			(.1		)
Amortization of prior service cost	(2.3		)	.1			(2.8		)	.2
Total	$	(293.5	)	$	(217.6	)	$	219.8		$	135.7

Schedule of Components Recognized in Accumulated Other Comprehensive Income on Pretax Basis

The components recognized in accumulated other comprehensive loss on a pretax basis at 30 September consisted of:



	2017					2016
	U.S.		International			U.S.		International
Net actuarial loss	$	980.5	$	551.9		$	1,273.6	$	769.6
Prior service cost (credit)	8.1		(1.8		)	8.5		(1.9		)
Net transition liability	—		.4			—		.4
Total	$	988.6	$	550.5		$	1,282.1	$	768.1

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year



	U.S.		International
Net actuarial loss	$	88.5	$	39.9
Prior service cost (credit)	1.5		(.1		)

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

The following table provides information on pension plans where the benefit liability exceeds the value of plan assets:



	30 September 2017				30 September 2016
	U.S.		International		U.S.		International
Pension Plans with PBO in Excess of Plan Assets:
PBO	$	3,116.7	$	465.7	$	3,477.7	$	1,849.6
Fair value of plan assets	2,623.0		243.1		2,705.3		1,411.1
Pension Plans with ABO in Excess of Plan Assets:
ABO	$	2,951.0	$	365.6	$	3,242.5	$	1,673.6
Fair value of plan assets	2,623.0		197.1		2,705.3		1,370.1

Schedule of Target and Actual Asset Allocations by Category



	2017 Target Allocation		2017 Actual Allocation				2016 Actual Allocation
	U.S.	International	U.S.		International		U.S.		International
Asset Category
Equity securities	46-66%	46-57%	58	%	53	%	65	%	60	%
Debt securities	32-42%	41-53%	34	%	46	%	28	%	38	%
Real estate/other	0-10%	0-2%	7	%	1	%	7	%	1	%
Cash	—	—	1	%	—	%	—	%	1	%
Total			100	%	100	%	100	%	100	%

Schedule of Allocation of Plan Assets

The following table summarizes pension plan assets measured at fair value by asset class (see Note 14, Fair Value Measurements, for definition of the levels):



	30 September 2017								30 September 2016
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
U.S. Qualified Pension Plans
Cash and cash equivalents	$	13.6	$	13.6	$	—	$	—	$	12.7	$	12.7	$	—	$	—
Equity securities	598.6		598.6		—		—		637.0		637.0		—		—
Equity mutual funds	276.5		276.5		—		—		300.2		300.2		—		—
Equity pooled funds	787.0		—		787.0		—		815.5		—		815.5		—
Fixed income:
Bonds (government and corporate)	985.7		—		985.7		—		747.8		—		747.8		—
Real estate pooled funds	207.8		—		—		207.8		192.1		—		—		192.1
Total U.S. Qualified Pension Plans	$	2,869.2	$	888.7	$	1,772.7	$	207.8	$	2,705.3	$	949.9	$	1,563.3	$	192.1
International Pension Plans
Cash and cash equivalents	$	7.3	$	7.3	$	—	$	—	$	6.6	$	6.6	$	—	$	—
Equity pooled funds	821.4		—		821.4		—		854.8		—		854.8		—
Fixed income pooled funds	651.3		—		651.3		—		486.9		—		486.9		—
Other pooled funds	18.6		—		10.8		7.8		17.0		—		9.7		7.3
Insurance contracts	41.4		—		—		41.4		45.8		—		—		45.8
Total International Pension Plans	$	1,540.0	$	7.3	$	1,483.5	$	49.2	$	1,411.1	$	6.6	$	1,351.4	$	53.1

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The following table summarizes changes in fair value of the pension plan assets classified as Level 3, by asset class:



	Real Estate Pooled Funds		Other Pooled Funds			Insurance Contracts			Total
30 September 2015	$	174.2	$	6.6		$	45.3		$	226.1
Actual return on plan assets:
Assets held at end of year	17.9		.1			3.2			21.2
Assets sold during the period	—		.3			—			.3
Purchases, sales, and settlements, net	—		.3			(2.7		)	(2.4		)
30 September 2016	$	192.1	$	7.3		$	45.8		$	245.2
Actual return on plan assets:
Assets held at end of year	15.7		1.2			(1.0		)	15.9
Assets sold during the period	—		.3			—			.3
Purchases, sales, and settlements, net	—		(1.0		)	(3.4		)	(4.4		)
30 September 2017	$	207.8	$	7.8		$	41.4		$	257.0

Schedule of Expected Benefit Payments

Projected benefit payments, which reflect expected future service, are as follows:



	U.S.		International
2018	$	158.5	$	50.9
2019	163.4		53.4
2020	167.3		53.8
2021	171.4		56.8
2022	177.2		59.3
2023-2027	938.5		333.3

Other Postretirement Benefits Plan

Schedule of Net Periodic Benefit Cost

The cost of our other postretirement benefit plans includes the following components:



	2017		2016			2015
Service cost	$	1.1	$	2.2		$	2.8
Interest cost	1.6		2.0			2.2
Amortization of net actuarial loss	.2		.7			.8
Net Periodic Postretirement Cost	$	2.9	$	4.9		$	5.8
Less: Discontinued Operations	$	—	$	(.4	)	$	(.7	)
Net Periodic Postretirement Cost – Continuing Operations	$	2.9	$	4.5		$	5.1

Schedule of Changes in Projected Benefit Obligations



	2017			2016
Obligation at beginning of year	$	86.3		$	86.9
Service cost	1.1			2.2
Interest cost	1.6			2.0
Actuarial loss (gain)	(7.2		)	7.5
Curtailment gain	(3.5		)	—
Benefits paid	(11.3		)	(12.3		)
Obligation at End of Year	$	67.0		$	86.3

Schedule of Amounts Recognized in Balance Sheet



Amounts Recognized
Accrued liabilities	$	10.0	$	11.4
Noncurrent liabilities	57.0		74.9

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The changes in benefit obligation that have been recognized in other comprehensive income on a pretax basis during 2017 and 2016 for our other postretirement benefit plans consist of the following:



	2017			2016
Net actuarial loss (gain) arising during the period	$	(10.7	)	$	7.5
Amortization of net actuarial loss	(.2		)	(.7		)
Total	$	(10.9	)	$	6.8

Schedule of Expected Benefit Payments

Projected benefit payments are as follows:



2018	$	10.1
2019	9.5
2020	9.0
2021	8.4
2022	7.7
2023-2027	24.2

Commitments and Contingencies (Tables)

12 Months Ended

Sep. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

Schedule of Change in Asset Retirement Obligation

Changes to the carrying amount of our asset retirement obligations are as follows:



Balance at 30 September 2015	$	109.4
Additional accruals	10.4
Liabilities settled	(4.4		)
Accretion expense	5.4
Currency translation adjustment	(.9		)
Balance at 30 September 2016	$	119.9
Additional accruals	22.7
Liabilities settled	(4.1		)
Accretion expense	5.8
Currency translation adjustment	.4
Balance at 30 September 2017	$	144.7

Schedule of Unconditional Purchase Obligations Disclosure

We are obligated to make future payments under unconditional purchase obligations as summarized below:



2018	$	822
2019	234
2020	275
2021	309
2022	285
Thereafter	4,608
Total	$	6,533

Capital Stock (Tables)

12 Months Ended

Sep. 30, 2017

Equity [Abstract]

Schedule of Common Stock Outstanding

The following table reflects the changes in common shares:



Year ended 30 September	2017	2016	2015
Number of Common Shares Outstanding
Balance, beginning of year	217,350,825	215,359,113	213,538,144
Issuance of treasury shares for stock option and award plans	995,249	1,991,712	1,820,969
Balance, end of year	218,346,074	217,350,825	215,359,113

Share-Based Compensation (Tables)

12 Months Ended

Sep. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Recognized Share-Based Compensation Cost

Share-based compensation cost recognized in the consolidated income statements is summarized below:



	2017			2016			2015
Before-Tax Share-Based Compensation Cost – Total	$	40.7		$	37.6		$	45.7
Before-Tax Share-Based Compensation Cost – Discontinued Operations	.8			6.6			6.2
Before-Tax Share-Based Compensation Cost – Continuing Operations	$	39.9		$	31.0		$	39.5
Income tax benefit – Continuing Operations	(14.0		)	(10.8		)	(13.8		)
After-Tax Share-Based Compensation Cost – Continuing Operations	$	25.9		$	20.2		$	25.7

Schedule of Before-Tax Share-Based Compensation Costs by Type of Program

On a total company basis, before-tax share-based compensation cost by type of program was as follows:



	2017		2016		2015
Deferred stock units	$	34.5	$	29.9	$	28.8
Stock options	1.4		4.2		12.6
Restricted stock	4.8		3.5		4.3
Before-Tax Share-Based Compensation Cost – Total	$	40.7	$	37.6	$	45.7

Schedule of Assumptions for Fair Value of Market-Based Deferred Stock Units

The calculation of the fair value of market-based deferred stock units used the following assumptions:



	2017		2016
Expected volatility	20.6	%	20.5	%
Risk-free interest rate	1.4	%	1.2	%
Expected dividend yield	2.5	%	2.2	%

Schedule of Deferred Stock Units and Restricted Stock Activity



Deferred Stock Units	Shares (000)		Weighted Average Grant-Date Fair Value
Outstanding at 30 September 2016	1,001		$	119.44
Equitable adjustment upon separation^(A)	65		—
Surrender upon separation^(B)	(89	)	132.88
Granted	283		148.89
Paid out	(235	)	83.65
Forfeited/adjustments	(50	)	121.99
Outstanding at 30 September 2017	975		$	127.29


^(A)	Applicable deferred stock units have been adjusted by the conversion ratio of 1.071 to preserve the intrinsic value immediately before and after the spin-off of Versum.


^(B)	In connection with the spin-off of Versum, EMD employees surrendered their outstanding Air Products equity awards, which were converted into Versum equity awards of equivalent fair value.

A summary of restricted stock activity is presented below:



Restricted Stock	Shares (000)		Weighted Average Grant-Date Fair Value
Outstanding at 30 September 2016	85		$	128.16
Vested	(29	)	113.50
Outstanding at 30 September 2017	56		$	135.74

Schedule of Assumptions for Fair Value of Stock Options



	2015
Expected volatility	30.3	%
Expected dividend yield	2.6	%
Expected life (in years)	7.5
Risk-free interest rate	2.2	%

Schedule of Stock Option Activity

A summary of stock option activity is presented below:



Stock Options	Shares (000)		Weighted Average Exercise Price
Outstanding at 30 September 2016	3,916		$	90.28
Equitable adjustment upon separation^(A)	277		—
Surrender upon separation^(B)	(102	)	97.63
Exercised	(886	)	80.76
Forfeited	(3	)	105.28
Outstanding at 30 September 2017	3,202		$	84.85
Exercisable at 30 September 2017	3,149		$	84.00



Stock Options	Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at 30 September 2017	4.3	$	213
Exercisable at 30 September 2017	4.3	$	212


^(A)	Applicable deferred stock units have been adjusted by the conversion ratio of 1.071 to preserve the intrinsic value immediately before and after the spin-off of Versum.


^(B)	In connection with the spin-off of Versum, EMD employees surrendered their outstanding Air Products equity awards, which were converted into Versum equity awards of equivalent fair value.

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Sep. 30, 2017

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The table below summarizes changes in AOCL, net of tax, attributable to Air Products:



	Derivatives qualifying as hedges			Foreign currency translation adjustments			Pension and postretirement benefits			Total
Balance at 30 September 2014	$	(28.5	)	$	(268.7	)	$	(944.7	)	$	(1,241.9	)
Other comprehensive loss before reclassifications	(35.0		)	(699.3		)	(278.5		)	(1,012.8		)
Amounts reclassified from AOCL	20.8			—			97.0			117.8
Net current period other comprehensive loss	$	(14.2	)	$	(699.3	)	$	(181.5	)	$	(895.0	)
Amount attributable to noncontrolling interest	.2			(11.5		)	.3			(11.0		)
Balance at 30 September 2015	$	(42.9	)	$	(956.5	)	$	(1,126.5	)	$	(2,125.9	)
Other comprehensive income (loss) before reclassifications	13.7			9.9			(335.1		)	(311.5		)
Amounts reclassified from AOCL	(36.0		)	2.7			87.2			53.9
Net current period other comprehensive income (loss)	$	(22.3	)	$	12.6		$	(247.9	)	$	(257.6	)
Amount attributable to noncontrolling interest	(.2		)	5.4			(.4		)	4.8
Balance at 30 September 2016	$	(65.0	)	$	(949.3	)	$	(1,374.0	)	$	(2,388.3	)
Other comprehensive income (loss) before reclassifications	(12.6		)	101.9			251.6			340.9
Amounts reclassified from AOCL	24.2			57.3			110.7			192.2
Net current period other comprehensive income	$	11.6		$	159.2		$	362.3		$	533.1
Spin-off of Versum	.2			6.0			5.3			11.5
Amount attributable to noncontrolling interest	(.1		)	3.0			.8			3.7
Balance at 30 September 2017	$	(53.1	)	$	(787.1	)	$	(1,007.2	)	$	(1,847.4	)

Schedule of Reclassifications out of Accumulated Other Comprehensive Loss

The table below summarizes the reclassifications out of accumulated other comprehensive loss and the affected line item on the consolidated income statements:



	2017		2016			2015
(Gain) Loss on Cash Flow Hedges, net of tax
Sales/Cost of sales	$	18.3	$	.2		$	.6
Other income (expense), net	5.1		(46.2		)	16.9
Interest expense	.8		10.0			3.3
Total (Gain) Loss on Cash Flow Hedges, net of tax	$	24.2	$	(36.0	)	$	20.8

Currency Translation Adjustment
Business restructuring and cost reduction actions^(A)	$	8.2	$	—		$	—
Income from discontinued operations, net of tax^(B)	49.1		2.7			—
Total Currency Translation Adjustment	$	57.3	$	2.7		$	—

Pension and Postretirement Benefits, net of tax^(C)	$	110.7	$	87.2		$	97.0


^(A)	The fiscal year 2017 impact relates to the planned sale of a non-industrial gas hardgoods business in the Industrial Gases – Americas segment recorded in the third quarter.


^(B)	The fiscal year 2017 impact relates to the sale of PMD during the second quarter. The fiscal year 2016 impact primarily relates to the sale of an equity affiliate in the first quarter.


^(C)	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 16, Retirement Benefits.

Earnings per Share (Tables)

12 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (EPS):



30 September	2017		2016			2015
Numerator
Income from continuing operations	$	1,134.4	$	1,099.5		$	933.3
Income (Loss) from discontinued operations	1,866.0		(468.4		)	344.6
Net Income Attributable to Air Products	$	3,000.4	$	631.1		$	1,277.9
Denominator (in millions)
Weighted average common shares — Basic	218.0		216.4			214.9
Effect of dilutive securities
Employee stock option and other award plans	1.8		1.9			2.4
Weighted average common shares — Diluted	219.8		218.3			217.3
Basic EPS Attributable to Air Products
Income from continuing operations	$	5.20	$	5.08		$	4.34
Income (Loss) from discontinued operations	8.56		(2.16		)	1.61
Net Income Attributable to Air Products	$	13.76	$	2.92		$	5.95
Diluted EPS Attributable to Air Products
Income from continuing operations	$	5.16	$	5.04		$	4.29
Income (Loss) from discontinued operations	8.49		(2.15		)	1.59
Net Income Attributable to Air Products	$	13.65	$	2.89		$	5.88

Income Taxes (Tables)

12 Months Ended

Sep. 30, 2017

Income Tax Disclosure [Abstract]

Schedule of Income of U.S. and Foreign Operations Before Taxes

The following table summarizes the income of U.S. and foreign operations before taxes:



	2017		2016		2015
Income from Continuing Operations before Taxes
United States	$	669.8	$	631.7	$	507.5
Foreign	666.2		775.9		606.3
Income from equity affiliates	80.1		147.0		152.3
Total	$	1,416.1	$	1,554.6	$	1,266.1

Schedule of Components of Income Tax Expense (Benefit)

The following table shows the components of the provision for income taxes:



	2017			2016		2015
Current Tax Provision
Federal	$	62.8		$	171.0	$	117.0
State	7.0			21.2		8.1
Foreign	229.1			178.6		165.7
	298.9			370.8		290.8
Deferred Tax Provision
Federal	1.4			45.0		1.5
State	6.0			2.8		17.8
Foreign	(45.4		)	14.0		(9.9		)
	(38.0		)	61.8		9.4
Income Tax Provision	$	260.9		$	432.6	$	300.2

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the differences between the United States federal statutory tax rate and the effective tax rate is as follows:



(Percent of income before taxes)	2017		2016		2015
U.S. federal statutory tax rate	35.0	%	35.0	%	35.0	%
State taxes, net of federal benefit	1.0		1.2		1.1
Income from equity affiliates	(2.0	)	(3.3	)	(4.0	)
Foreign tax differentials	(7.9	)	(6.6	)	(5.9	)
U.S. taxes on foreign earnings	(2.2	)	(3.1	)	(2.1	)
Domestic production activities	(.8	)	(.8	)	(1.0	)
Non-deductible goodwill impairment charge	3.6		—		—
Non-U.S. subsidiary tax election	(7.7	)	—		—
Business separation costs	.2		4.2		.2
Share-based compensation	(1.2	)	—		—
Other	.4		1.2		.4
Effective Tax Rate	18.4	%	27.8	%	23.7	%

Schedule of Components of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities are as follows:



30 September	2017			2016
Gross Deferred Tax Assets
Retirement benefits and compensation accruals	$	370.1		$	527.6
Tax loss carryforwards	64.5			101.1
Tax credits and other tax carryforwards	76.1			56.0
Reserves and accruals	88.2			74.9
Partnership and other investments	—			5.8
Currency losses	20.7			—
Other	37.2			19.3
Valuation allowance	(107.7		)	(165.1		)
Deferred Tax Assets	549.1			619.6
Gross Deferred Tax Liabilities
Plant and equipment	1,035.6			985.1
Currency gains	—			46.8
Unremitted earnings of foreign entities	20.9			5.4
Partnership and other investments	5.4			—
Intangible assets	81.9			91.0
Other	9.2			16.7
Deferred Tax Liabilities	1,153.0			1,145.0
Net Deferred Income Tax Liability	$	603.9		$	525.4

Schedule of Deferred Tax Assets and Liabilities Included in Consolidated Financial Statements

Deferred tax assets and liabilities are included within the consolidated financial statements as follows:



	2017		2016
Deferred Tax Assets
Other noncurrent assets	$	174.5	$	185.0
Deferred Tax Liabilities
Deferred income taxes	778.4		710.4
Net Deferred Income Tax Liability	$	603.9	$	525.4

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of the unrecognized tax benefits is as follows:



Unrecognized Tax Benefits	2017			2016			2015
Balance at beginning of year	$	90.2		$	83.8		$	93.1
Additions for tax positions of the current year	47.5			12.5			4.7
Additions for tax positions of prior years	16.1			2.9			3.0
Reductions for tax positions of prior years	(4.0		)	—			(2.2		)
Settlements	(2.0		)	(5.6		)	(.6		)
Statute of limitations expiration	(3.2		)	(2.9		)	(8.3		)
Foreign currency translation	1.8			(.5		)	(5.9		)
Balance at End of Year	$	146.4		$	90.2		$	83.8

Schedule of Income Tax Examinations

We generally remain subject to examination in the following major tax jurisdictions for the years indicated below:



Major Tax Jurisdiction	Open Tax Years
North America
United States	2011-2017
Canada	2013-2017
Europe
France	2014-2017
Germany	2012-2017
Netherlands	2012-2017
Spain	2011-2017
United Kingdom	2014-2017
Asia
China	2012-2017
South Korea	2010-2017
Taiwan	2012-2017
Latin America
Chile	2013-2017

Supplemental Information (Tables)

12 Months Ended

Sep. 30, 2017

Supplemental Information [Abstract]

Schedule of Other Receivables and Current Assets



Other Receivables and Current Assets 30 September	2017		2016
Derivative instruments	$	93.9	$	169.3
Other receivables	188.0		181.7
Current capital lease receivables	93.3		88.2
Prepaid inventory	—		92.8
Other	28.1		6.2
Other receivables and current assets	$	403.3	$	538.2

Schedule of Other Noncurrent Assets



Other Noncurrent Assets 30 September	2017		2016
Derivative instruments	$	133.9	$	204.4
Other long-term receivables	82.1		16.9
Prepaid tax	5.1		37.0
Deferred tax assets	174.5		185.0
Pension benefits	18.4		—
Deposits	34.8		36.5
Other	193.0		191.2
Other noncurrent assets	$	641.8	$	671.0

Schedule of Payables and Accrued Liabilities



Payables and Accrued Liabilities 30 September	2017		2016
Trade creditors	$	659.5	$	578.8
Customer advances	438.9		371.2
Accrued payroll and employee benefits	187.1		217.1
Pension and postretirement benefits	22.6		35.5
Dividends payable	207.5		186.9
Outstanding payments in excess of certain cash balances	4.5		11.9
Accrued interest expense	42.2		47.9
Derivative instruments	95.9		73.5
Severance and other costs associated with business restructuring and cost reduction actions	41.5		15.7
Other	114.6		113.7
Payables and accrued liabilities	$	1,814.3	$	1,652.2

Schedule of Other Noncurrent Liabilities



Other Noncurrent Liabilities 30 September	2017		2016
Pension benefits	$	703.8	$	1,155.1
Postretirement benefits	57.0		74.9
Other employee benefits	99.3		104.1
Contingencies related to uncertain tax positions	130.6		78.0
Advance payments	39.0		43.8
Environmental liabilities	72.3		70.3
Derivative instruments	36.0		21.8
Asset retirement obligations	144.0		116.1
Obligation for future contribution to an equity affiliate	94.4		94.4
Obligations associated with EfW	65.3		—
Other	170.2		58.0
Other noncurrent liabilities	$	1,611.9	$	1,816.5

Schedule of Other Income (Expense), Net



Other Income (Expense), Net 30 September	2017		2016			2015
Technology and royalty income	$	20.8	$	19.0		$	22.8
Interest income^(A)	1.5		6.1			4.2
Foreign exchange	4.3		(7.2		)	(22.6		)
Sale of assets and investments	24.3		8.8			36.3
Contract settlements	14.3		12.6			—
Transition service agreements reimbursement^(B)	38.4		—			—
Other	17.4		10.1			4.8
Other income (expense), net	$	121.0	$	49.4		$	45.5


^(A)	Beginning in the second quarter of fiscal year 2017, interest income associated with our short-term investments is reflected on the consolidated income statements in "Other non-operating income (expense), net."


^(B)	Reflects reimbursement for costs in support of transition services agreements with Versum for EMD and with Evonik for PMD. Refer to Note 4, Materials Technologies Separation, for additional information.

Schedule of Changes in Redeemable Noncontrolling Interest

The following is a summary of the changes in redeemable noncontrolling interest for the year ended 30 September 2015:



Balance at 30 September 2014	$	287.2
Net income	11.5
Dividends	(2.0		)
Purchase of noncontrolling interest	(277.9		)
Currency translation adjustment	(18.8		)
Balance at 30 September 2015	$	—

Summary by Quarter (Unaudited) (Tables)

12 Months Ended

Sep. 30, 2017

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

These tables summarize the unaudited results of operations for each quarter of 2017 and 2016:



2017	Q1		Q2			Q3				Q4				Total
Sales	$	1,882.5	$	1,980.1		$	2,121.9			$	2,203.1			$	8,187.6
Gross profit^(A)	564.4		576.3			635.7				657.8				2,434.2
Business separation costs^(B)	30.2		—			—				—				30.2
Business restructuring and cost reduction actions^(C)	50.0		10.3			42.7				48.4				151.4
Pension settlement loss^(D)	—		4.1			5.5				.9				10.5
Goodwill and intangible asset impairment charge^(E)	—		—			162.1				—				162.1
Gain on land sale^(F)	—		—			—				12.2				12.2
Operating income^(A)	328.1		391.2			252.6				455.7				1,427.6
Equity affiliates' income (loss)	38.0		34.2			(36.9		)	^(G)	44.8				80.1		^(G)
Income tax provision (benefit)	78.4		94.5			89.3				(1.3		)	^(H)	260.9		^(H)
Net income	306.4		2,135.7			104.1				475.0				3,021.2
Net income attributable to Air Products
Income from continuing operations	251.6		304.4			104.2				474.2				1,134.4
Income (Loss) from discontinued operations	48.2		1,825.6		^(I)	(2.3		)		(5.5		)		1,866.0		^(I)
Net income attributable to Air Products	299.8		2,130.0			101.9				468.7				3,000.4
Basic Earnings Per Common Share Attributable to Air Products
Income from continuing operations	1.16		1.40			.48				2.17				5.20
Income (Loss) from discontinued operations	.22		8.38			(.01		)		(.02		)		8.56
Net income attributable to Air Products	1.38		9.78			.47				2.15				13.76
Diluted Earnings Per Common Share Attributable to Air Products
Income from continuing operations	1.15		1.39			.47				2.15				5.16
Income (Loss) from discontinued operations	.22		8.31			(.01		)		(.02		)		8.49
Net income attributable to Air Products	1.37		9.70			.46				2.13				13.65
Dividends declared per common share	.86		.95			.95				.95				3.71
Market price per common share – High	150.45		149.46			147.66				152.26
Market price per common share – Low	129.00		133.63			134.09				141.88



2016	Q1		Q2				Q3			Q4			Total
Sales	$	1,866.3	$	1,777.4			$	1,914.5		$	1,945.5		$	7,503.7
Gross profit^(A)	570.4		564.4				594.3			598.0			2,327.1
Business separation costs^(B)	12.0		7.4				9.5			21.7			50.6
Business restructuring and cost reduction actions^(C)	—		10.7				13.2			10.6			34.5
Pension settlement loss^(D)	—		2.0				1.0			2.1			5.1
Operating income^(A)	372.5		371.6				394.6			391.0			1,529.7
Equity affiliates' income	33.3		32.3				42.1			39.3			147.0
Loss on extinguishment of debt^(J)	—		—				—			6.9			6.9
Income tax provision	96.4		93.5			^(K)	145.9		^(K)	96.8		^(K)	432.6			^(K)
Net income (loss)	372.0		(465.5		)		354.1			400.9			661.5
Net income attributable to Air Products
Income from continuing operations	280.9		278.9				250.3			289.4			1,099.5
Income (Loss) from discontinued operations	82.7		(752.2		)		96.5			104.6			(468.4		)
Net income (loss) attributable to Air Products	363.6		(473.3		)		346.8			394.0			631.1
Basic Earnings Per Common Share Attributable to Air Products
Income from continuing operations	1.30		1.29				1.16			1.33			5.08
Income (Loss) from discontinued operations	.38		(3.48		)		.44			.48			(2.16		)
Net income (loss) attributable to Air Products	1.68		(2.19		)		1.60			1.81			2.92
Diluted Earnings Per Common Share Attributable to Air Products
Income from continuing operations	1.29		1.28				1.15			1.32			5.04
Income (Loss) from discontinued operations	.38		(3.45		)		.44			.48			(2.15		)
Net income (loss) attributable to Air Products	1.67		(2.17		)		1.59			1.80			2.89
Dividends declared per common share	.81		.86				.86			.86			3.39
Market price per common share – High	133.78		136.88				141.53			146.82
Market price per common share – Low	117.80		106.63				124.78			127.72


^(A)	Changes in estimates on projects accounted for under the percentage of completion method favorably impacted income by approximately $27 in fiscal year 2017 and $20 in fiscal year 2016, primarily during the fourth quarter. For additional information, see Note 1, Major Accounting Policies (Revenue Recognition).


^(B)	For additional information, see Note 4, Materials Technologies Separation.


^(C)	For additional information, see Note 5, Business Restructuring and Cost Reduction Actions.


^(D)	For additional information, see Note 16, Retirement Benefits.


^(E)	For additional information, see Note 10, Goodwill, and Note 11, Intangible Assets.


^(F)	The gain is reflected on the consolidated income statements in "Other income (expense), net." For additional information, see Note 23, Supplemental Information.


^(G)	Includes the impact of an other-than-temporary impairment of an investment in an equity affiliate. For additional information, see Note 8, Summarized Financial Information of Equity Affiliates.


^(H)	Includes the impact of a tax election benefit related to a non-U.S. subsidiary. For additional information, see Note 22, Income Taxes.


^(I)	Includes the after-tax gain on the sale of PMD. For additional information, see Note 3, Discontinued Operations.


^(J)	For additional information, see Note 15, Debt.


^(K)	Includes income tax expense for tax costs associated with business separation. For additional information, see Note 4, Materials Technologies Separation.

Business Segment and Geographic Information (Tables)

12 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

Business Segment



	Industrial Gases– Americas		Industrial Gases– EMEA		Industrial Gases– Asia		Industrial Gases– Global			Corporate and other			Segment Total
2017
Sales to external customers	$	3,637.0	$	1,780.4	$	1,964.7	$	722.9		$	82.6		$	8,187.6
Operating income (loss)	950.6		387.1		531.2		71.3			(170.6		)	1,769.6
Depreciation and amortization	464.4		177.1		203.2		8.9			12.2			865.8
Equity affiliates' income	58.1		47.1		53.5		.9			—			159.6
Expenditures for long-lived assets	427.2		143.2		337.8		25.6			105.9			1,039.7
Investments in net assets of and advances to equity affiliates	287.5		508.6		471.8		19.0			—			1,286.9
Total assets	5,840.8		3,276.1		4,412.1		279.6			4,648.4			18,457.0
2016
Sales to external customers	$	3,344.1	$	1,704.4	$	1,720.4	$	498.8		$	236.0		$	7,503.7
Operating income (loss)	893.2		384.6		451.0		(21.3		)	(87.6		)	1,619.9
Depreciation and amortization	443.6		185.7		197.9		7.9			19.5			854.6
Equity affiliates' income	52.7		36.5		57.8		—			—			147.0
Expenditures for long-lived assets	406.6		159.5		313.3		6.0			22.3			907.7
Investments in net assets of and advances to equity affiliates	250.6		580.5		442.5		10.0			—			1,283.6
Total assets	5,896.7		3,178.6		4,232.7		367.6			2,384.5			16,060.1
2015
Sales to external customers	$	3,694.5	$	1,866.4	$	1,661.3	$	286.7		$	315.4		$	7,824.3
Operating income (loss)	806.1		331.3		389.3		(51.6		)	(86.5		)	1,388.6
Depreciation and amortization	417.5		194.3		209.9		16.5			20.3			858.5
Equity affiliates' income (loss)	64.6		42.4		46.1		(.8		)	—			152.3
Expenditures for long-lived assets	414.5		215.6		402.5		94.8			35.0			1,162.4
Investments in net assets of and advances to equity affiliates	249.7		564.1		421.7		14.3			—			1,249.8
Total assets	5,782.5		3,324.1		4,159.1		370.5			1,123.8			14,760.0

Reconciliation of Segments to Consolidated Operating Income

Below is a reconciliation of segment total operating income to consolidated operating income:



Operating Income	2017			2016			2015
Segment total	$	1,769.6		$	1,619.9		$	1,388.6
Business separation costs	(30.2		)	(50.6		)	(7.5		)
Business restructuring and cost reduction actions	(151.4		)	(34.5		)	(180.1		)
Pension settlement loss	(10.5		)	(5.1		)	(19.3		)
Goodwill and intangible asset impairment charge	(162.1		)	—			—
Gain on previously held equity interest	—			—			17.9
Gain on land sales^(A)	12.2			—			33.6
Consolidated Total	$	1,427.6		$	1,529.7		$	1,233.2


^(A)	Reflected on the consolidated income statements in “Other income (expense), net.”

Reconciliation of Segments to Consolidated Equity Affiliates' Income

Below is a reconciliation of segment total equity affiliates' income to consolidated equity affiliates' income:



Equity Affiliates' Income	2017			2016		2015
Segment total	$	159.6		$	147.0	$	152.3
Equity method investment impairment charge	(79.5		)	—		—
Consolidated Total	$	80.1		$	147.0	$	152.3

Reconciliation of Segments to Consolidated Total Assets

Below is a reconciliation of segment total assets to consolidated total assets:



Total Assets	2017		2016		2015
Segment total	$	18,457.0	$	16,060.1	$	14,760.0
Discontinued operations	10.2		1,968.5		2,556.6
Consolidated Total	$	18,467.2	$	18,028.6	$	17,316.6

Schedule of Revenue and Long-Lived Assets by Geographical Areas

Geographic Information



Sales to External Customers	2017		2016		2015
United States	$	2,886.8	$	2,911.7	$	3,369.8
Europe, including Middle East	2,478.5		2,186.5		1,989.2
Asia, excluding China and India	849.6		721.4		736.8
China	1,143.4		1,020.4		957.8
Other^(A)	829.3		663.7		770.7
Total	$	8,187.6	$	7,503.7	$	7,824.3
Long-Lived Assets^(B)	2017		2016		2015
United States	$	3,407.4	$	3,411.4	$	3,502.9
Europe, including Middle East	1,279.0		1,292.5		1,379.8
Asia, excluding China and India	778.5		707.0		627.1
China	1,737.9		1,675.8		1,682.8
Other^(A)	1,237.4		1,173.0		1,044.7
Total	$	8,440.2	$	8,259.7	$	8,237.3


^(A)	Includes Canada, Latin America, and India.


^(B)	Long-lived assets include plant and equipment, net.

Major Accounting Policies (Narrative) (Details) - USD ($)

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

^[1]

Mar. 31, 2017

^[1]

Dec. 31, 2016

^[1]

Sep. 30, 2016

Jun. 30, 2016

^[1]

Mar. 31, 2016

^[1]

Dec. 31, 2015

^[1]

Sep. 30, 2017

Sep. 30, 2016

Sep. 30, 2015

Accounting Policies [Abstract]

Environmental expenditures

$ 11,400,000

$ 12,200,000

$ 11,800,000

Allowance for doubtful accounts

$ 93,500,000

$ 55,300,000

93,500,000

55,300,000

Provision for doubtful accounts

45,800,000

21,800,000

25,900,000

Capitalized interest

19,000,000

32,700,000

19,000,000

32,700,000

49,100,000

Asset retirement obligations

144,700,000

119,900,000

$ 144,700,000

119,900,000

109,400,000

Period for reallocation of purchase price

1 year

Finite-lived intangible assets, residual value

$ 0

Change in Accounting Estimate [Line Items]

Operating income

$ 455,700,000

^[1]

$ 252,600,000

$ 391,200,000

$ 328,100,000

$ 391,000,000

^[1]

$ 394,600,000

$ 371,600,000

$ 372,500,000

$ 1,427,600,000

^[1]

1,529,700,000

^[1]

$ 1,233,200,000

Software and Software Development Costs | Minimum

Property and equipment, useful life

3 years

Software and Software Development Costs | Maximum

Property and equipment, useful life

10 years

Customer Relationships | Minimum

Customer Relationships | Maximum

5 years

Patents and Technology | Minimum

25 years

Patents and Technology | Maximum

5 years

15 years

Land Use Rights

Contracts accounted for under percentage of completion

50 years

Change in Accounting Estimate [Line Items]

Operating income

$ 27,000,000

$ 20,000,000

[1]

Changes in estimates on projects accounted for under the percentage of completion method favorably impacted income by approximately $27 in fiscal year 2017 and $20 in fiscal year 2016, primarily during the fourth quarter. For additional information, see Note 1, Major Accounting Policies (Revenue Recognition).

New Accounting Guidance (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2017	Oct. 01, 2016	Sep. 30, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excess tax benefits recognized under new accounting standard	$ 17.6
Accounting Standards Update 2016-09 \| Early Adoption, Effect \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment related to adoption of new accounting standard		$ 8.8
Accounting Standards Update 2015-03 \| Other Noncurrent Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification of debt issuance cost with (decrease) to assets and decrease to liabilities			$ (17.0)
Accounting Standards Update 2015-03 \| Other Noncurrent Assets \| Discontinued Operations
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification of debt issuance cost with (decrease) to assets and decrease to liabilities			(9.6)
Accounting Standards Update 2015-03 \| Long-term Debt
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification of debt issuance cost with (decrease) to assets and decrease to liabilities			17.0
Accounting Standards Update 2015-03 \| Other Noncurrent Liabilities \| Discontinued Operations
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification of debt issuance cost with (decrease) to assets and decrease to liabilities			$ 9.6

Discontinued Operations (Narrative) (Details)
$ / shares in Units, $ in Millions

3 Months Ended

12 Months Ended

Jan. 03, 2017

USD ($)

$ / shares

Oct. 01, 2016

Dec. 31, 2016

USD ($)

Mar. 31, 2016

USD ($)

Sep. 30, 2017

USD ($)

Sep. 30, 2016

USD ($)

Sep. 30, 2015

USD ($)

Sep. 30, 2014

USD ($)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Deferred tax assets, valuation allowance

$ 107.7

$ 165.1

Unrecognized tax benefits

146.4

90.2

$ 83.8

$ 93.1

Electronic Materials Division (EMD) | Discontinued Operations, Spinoff

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Distribution ratio of common stock in spin-off

0.5

Loss on disposal, after tax

0.0

Performance Materials Division (PMD) | Discontinued Operations, Held-for-sale or Disposed of by Sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Proceeds from sale

$ 3,800.0

Gain on sale, before tax

2,870.0

Gain on sale, after tax

$ 1,828.0

1,827.6

^[1]

Gain on sale, after tax, per share | $ / shares

$ 8.32

Loss on disposal, after tax

0.0

Energy-from-Waste (EfW) | Discontinued Operations, Held-for-sale or Disposed of by Sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gain on sale, after tax

(47.1)

Loss on disposal, before tax

$ 59.3

$ 945.7

59.3

945.7

Loss on disposal, after tax

47.1

846.6

Deferred tax assets, valuation allowance

58.0

Unrecognized tax benefits

$ 7.9

Energy-from-Waste (EfW) | Discontinued Operations, Held-for-sale or Disposed of by Sale | Asset Actions

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Loss on disposal, before tax

6.3

913.5

Energy-from-Waste (EfW) | Discontinued Operations, Held-for-sale or Disposed of by Sale | Contract Actions/ Other

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Loss on disposal, before tax

$ 53.0

$ 32.2

[1]	After-tax gain on sale of $1,827.6 includes expense for income tax reserves for uncertain tax positions of $28.0 gross ($21.0 net) in various jurisdictions.

Discontinued Operations (Carrying Amount of Accrual) (Details) - Energy-from-Waste (EfW) - Discontinued Operations, Held-for-sale or Disposed of by Sale - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2016	Mar. 31, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on disposal of business	$ 59.3	$ 945.7	$ 59.3	$ 945.7
Noncash expenses			(6.3)	(913.5)
Cash expenditures			(1.4)	(18.6)
Currency translation adjustment			7.3	(1.4)
Amount reflected in other noncurrent liabilities			(65.3)
Accrual for actions to dispose of business			5.8	12.2
Asset Actions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on disposal of business	6.3		6.3	913.5
Noncash expenses			(6.3)	(913.5)
Cash expenditures			0.0	0.0
Currency translation adjustment			0.0	0.0
Amount reflected in other noncurrent liabilities			0.0
Accrual for actions to dispose of business			0.0	0.0
Contract Actions/ Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on disposal of business	$ 53.0		53.0	32.2
Noncash expenses			0.0	0.0
Cash expenditures			(1.4)	(18.6)
Currency translation adjustment			7.3	(1.4)
Amount reflected in other noncurrent liabilities			(65.3)
Accrual for actions to dispose of business			$ 5.8	$ 12.2

Discontinued Operations (Schedule of Operating Results) (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Jan. 03, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

^[1]

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2017

Sep. 30, 2016

Sep. 30, 2015

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Income (loss) from Discontinued Operations, net of tax

$ 1,866.0

$ (460.5)

$ 351.7

Net Income Attributable to Noncontrolling Interests of Discontinued Operations

0.0

7.9

7.1

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

$ (5.5)

$ (2.3)

$ 1,825.6

$ 48.2

$ 104.6

$ 96.5

$ (752.2)

$ 82.7

1,866.0

^[1]

(468.4)

344.6

Discontinued Operations

254.8

2,020.7

2,070.6

196.1

1,250.7

1,345.9

23.2

167.1

168.7

5.1

61.3

62.4

(1.7)

(6.3)

(27.7)

^[2]

28.7

535.3

465.9

0.3

1.6

2.2

0.3

0.7

29.0

536.6

^[3]

467.4

^[4]

Income (Loss) From Operations of Discontinued Operations, net of tax

(56.5)

^[5]

150.5

115.7

85.5

386.1

Gain (Loss) on Disposal, net of tax

1,780.5

Income (loss) from Discontinued Operations, net of tax

(846.6)

1,866.0

(460.5)

351.7

Net Income Attributable to Noncontrolling Interests of Discontinued Operations

7.9

7.1

Income before taxes from operations of discontinued operations attributable to Air Products

(468.4)

344.6

527.1

458.9

Electronic Materials Division (EMD) | Discontinued Operations, Spinoff

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

961.6

984.1

521.6

586.8

87.7

86.4

40.8

37.5

2.2

(18.5)

^[2]

313.7

254.9

0.2

1.0

0.3

0.1

313.6

255.8

Income (Loss) From Operations of Discontinued Operations, net of tax

73.4

49.7

240.2

Income (loss) from Discontinued Operations, net of tax

0.0

240.2

206.1

Net Income Attributable to Noncontrolling Interests of Discontinued Operations

7.9

7.1

Performance Materials Division (PMD) | Discontinued Operations, Held-for-sale or Disposed of by Sale

232.3

199.0

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

254.8

1,059.1

1,086.5

182.3

704.5

754.0

22.5

76.6

79.9

5.1

19.6

23.2

0.3

4.2

(9.2)

^[2]

45.2

262.6

220.2

0.3

1.4

1.2

0.0

0.6

45.5

264.0

220.8

Income (Loss) From Operations of Discontinued Operations, net of tax

(50.8)

^[5]

80.5

68.4

96.3

183.5

Gain (Loss) on Disposal, net of tax

$ 1,828.0

1,827.6

^[6]

Income (loss) from Discontinued Operations, net of tax

0.0

1,923.9

183.5

152.4

Net Income Attributable to Noncontrolling Interests of Discontinued Operations

0.0

Valuation allowance adjustment effect on income tax provision

183.5

152.4

69.0

Gross expense for income tax reserves included in provision for gain on disposal

28.0

Net expense for income tax reserves included in provision for gain on disposal

21.0

Energy-from-Waste (EfW) | Discontinued Operations, Held-for-sale or Disposed of by Sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

0.0

13.8

24.6

5.1

0.7

2.8

2.4

0.0

0.9

1.7

(2.0)

(12.7)

0.0

^[2]

(16.5)

^[7]

(41.0)

^[8]

(9.2)

^[9]

0.0

0.0

(16.5)

^[7]

(41.0)

^[8]

(9.2)

^[9]

Income (Loss) From Operations of Discontinued Operations, net of tax

(5.7)

(3.4)

(2.4)

(10.8)

^[7]

(37.6)

^[8]

Gain (Loss) on Disposal, net of tax

(47.1)

Income (loss) from Discontinued Operations, net of tax

$ (47.1)

$ (846.6)

(846.6)

$ (57.9)

(884.2)

(6.8)

^[9]

Net Income Attributable to Noncontrolling Interests of Discontinued Operations

0.0

$ (884.2)

$ (6.8)

[1]	Includes the after-tax gain on the sale of PMD. For additional information, see Note 3, Discontinued Operations.
[2]	Primarily includes business restructuring and cost reduction actions.
[3]	In fiscal year 2016, income before taxes from operations of discontinued operations attributable to Air Products was $527.1.
[4]	In fiscal year 2015, income before taxes from operations of discontinued operations attributable to Air Products was $458.9.
[5]	As a result of the expected gain on sale of PMD, we released valuation allowances related to capital loss and net operating loss carryforwards primarily during the first quarter of 2017 that favorably impacted our income tax provision within discontinued operations by approximately $69.
[6]	After-tax gain on sale of $1,827.6 includes expense for income tax reserves for uncertain tax positions of $28.0 gross ($21.0 net) in various jurisdictions.
[7]	The loss from operations of discontinued operations for EfW primarily relates to costs incurred for ongoing project exit activities, administrative costs, and land lease obligations.
[8]	The loss from operations of discontinued operations for EfW primarily relates to project suspension costs, land lease obligations, and administrative costs.
[9]	The loss from operations of discontinued operations for EfW primarily relates to land lease obligations and administrative costs.

Discontinued Operations (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Current Assets
Cash and cash items	$ 0.0	$ 208.1	$ 23.3
Total Current Assets	10.2	926.2
Total Noncurrent Assets	0.0	1,042.3
Current Liabilities
Total Current Liabilities	15.7	211.8
Total Noncurrent Liabilities	0.0	1,095.5
Discontinued Operations
Current Assets
Cash and cash items		208.1
Trade receivables, net		293.7
Inventories		364.9
Plant and equipment, net	10.2	18.2
Other receivables and current assets		41.3
Total Current Assets	10.2	926.2
Plant and equipment, net		593.0
Goodwill, net		305.0
Intangible assets, net		100.1
Other noncurrent assets		44.2
Total Noncurrent Assets		1,042.3
Total Assets	10.2	1,968.5
Current Liabilities
Payables and accrued liabilities	15.7	177.3
Accrued income taxes		28.7
Current portion of long-term debt		5.8
Total Current Liabilities	15.7	211.8
Long-term debt		981.8
Deferred income taxes		56.7
Other noncurrent liabilities		57.0
Total Noncurrent Liabilities		1,095.5
Total Liabilities	15.7	1,307.3
Electronic Materials Division (EMD) \| Discontinued Operations, Spinoff
Current Assets
Cash and cash items		170.6
Trade receivables, net		134.7
Inventories		138.1
Plant and equipment, net		0.0
Other receivables and current assets		34.5
Total Current Assets		477.9
Plant and equipment, net		296.5
Goodwill, net		180.0
Intangible assets, net		75.1
Other noncurrent assets		37.5
Total Noncurrent Assets		589.1
Total Assets		1,067.0
Current Liabilities
Payables and accrued liabilities		85.8
Accrued income taxes		22.7
Current portion of long-term debt		5.8
Total Current Liabilities		114.3
Long-term debt		981.8
Deferred income taxes		50.3
Other noncurrent liabilities		47.4
Total Noncurrent Liabilities		1,079.5
Total Liabilities		1,193.8
Performance Materials Division (PMD) \| Discontinued Operations, Held-for-sale or Disposed of by Sale
Current Assets
Cash and cash items		37.5
Trade receivables, net		159.0
Inventories		226.8
Plant and equipment, net	0.0	0.0
Other receivables and current assets		5.6
Total Current Assets	0.0	428.9
Plant and equipment, net		296.5
Goodwill, net		125.0
Intangible assets, net		25.0
Other noncurrent assets		6.7
Total Noncurrent Assets		453.2
Total Assets	0.0	882.1
Current Liabilities
Payables and accrued liabilities	9.2	72.5
Accrued income taxes		6.0
Current portion of long-term debt		0.0
Total Current Liabilities	9.2	78.5
Long-term debt		0.0
Deferred income taxes		6.4
Other noncurrent liabilities		9.6
Total Noncurrent Liabilities		16.0
Total Liabilities	9.2	94.5
Energy-from-Waste (EfW) \| Discontinued Operations, Held-for-sale or Disposed of by Sale
Current Assets
Cash and cash items		0.0
Trade receivables, net		0.0
Inventories		0.0
Plant and equipment, net	10.2	18.2
Other receivables and current assets		1.2
Total Current Assets	10.2	19.4
Plant and equipment, net		0.0
Goodwill, net		0.0
Intangible assets, net		0.0
Other noncurrent assets		0.0
Total Noncurrent Assets		0.0
Total Assets	10.2	19.4
Current Liabilities
Payables and accrued liabilities	6.5	19.0
Accrued income taxes		0.0
Current portion of long-term debt		0.0
Total Current Liabilities	6.5	19.0
Long-term debt		0.0
Deferred income taxes		0.0
Other noncurrent liabilities		0.0
Total Noncurrent Liabilities		0.0
Total Liabilities	$ 6.5	$ 19.0

Materials Technologies Separation (Narrative) (Details) - USD ($)
$ in Millions

1 Months Ended

3 Months Ended

12 Months Ended

Jan. 03, 2017

Sep. 30, 2016

Sep. 30, 2017

^[1]

Jun. 30, 2017

^[1]

Mar. 31, 2017

^[1]

Dec. 31, 2016

^[1]

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2017

Sep. 30, 2016

Sep. 30, 2015

Business separation costs

$ 0.0

$ 30.2

$ 21.7

^[1]

$ 9.5

^[1]

$ 7.4

^[1]

$ 12.0

^[1]

$ 30.2

^[1]

$ 50.6

^[1]

$ 7.5

Business separation additional income tax expense

51.8

Foreign earnings repatriated

443.8

6.9

^[2]

$ 0.0

^[2]

$ 0.0

^[2]

$ 0.0

^[2]

0.0

6.9

^[2]

16.6

Versum Financing

Cash to be received at spin-off

$ 550.0

550.0

Senior notes

425.0

$ 425.0

425.0

Extinguishment of debt amount

418.3

Performance Materials Division (PMD) | Maximum

$ 6.9

6.9

Transition services agreement timeframe not to exceed (in months)

12 months

Materials Technologies

Business separation costs

30.2

50.6

$ 7.5

Electronic Materials Division (EMD)

Business separation additional income tax expense

$ 5.5

51.8

45.7

Foreign earnings repatriated

$ 443.8

[1]	For additional information, see Note 4, Materials Technologies Separation.
[2]	For additional information, see Note 15, Debt.

Business Restructuring and Cost Reduction Actions (Narrative) (Details)
$ in Millions

3 Months Ended

12 Months Ended

Sep. 30, 2017

USD ($)

^[1]

Jun. 30, 2017

USD ($)

^[1]

Mar. 31, 2017

USD ($)

^[1]

Dec. 31, 2016

USD ($)

^[1]

Sep. 30, 2016

USD ($)

^[1]

Jun. 30, 2016

USD ($)

^[1]

Mar. 31, 2016

USD ($)

^[1]

Dec. 31, 2015

USD ($)

^[1]

Sep. 30, 2014

USD ($)

position

Sep. 30, 2017

USD ($)

position

Sep. 30, 2016

USD ($)

position

Sep. 30, 2015

USD ($)

position

Sep. 30, 2014

USD ($)

$ 48.4

$ 42.7

$ 10.3

$ 50.0

$ 10.6

$ 13.2

$ 10.7

$ 0.0

$ 151.4

^[1]

$ 34.5

^[1]

$ 180.1

Cost Reduction Actions

Cost Reduction Actions | Industrial Gases - Americas

154.8

34.5

Cost Reduction Actions | Industrial Gases - EMEA

39.3

Cost Reduction Actions | Industrial Gases - Asia

77.9

Cost Reduction Actions | Industrial Gases - Global

0.9

Cost Reduction Actions | Corporate and Other

2.5

Cost Reduction Actions | Severance and Other Benefits

34.2

Number of positions eliminated | position

$ 66.3

$ 34.5

625

610

Cost Reduction Actions | Asset Actions/Other

Business Realignment and Reorganization

$ 88.5

$ 0.0

180.1

$ 11.1

Business Realignment and Reorganization | Industrial Gases - Americas

3.4

Business Realignment and Reorganization | Industrial Gases - EMEA

31.7

Business Realignment and Reorganization | Industrial Gases - Asia

52.2

Business Realignment and Reorganization | Industrial Gases - Global

10.3

Business Realignment and Reorganization | Corporate and Other

37.0

Business Realignment and Reorganization | Severance and Other Benefits

48.9

$ 11.1

$ 131.5

11.1

Number of positions eliminated | position

0.0

1,700

Business Realignment and Reorganization | Asset Actions/Other

$ 48.6

$ 0.0

$ 3.4

[1]	For additional information, see Note 5, Business Restructuring and Cost Reduction Actions.

Business Restructuring and Cost Reduction Actions (Carrying Amount of Accrual) (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

^[1]

Mar. 31, 2017

^[1]

Dec. 31, 2016

^[1]

Sep. 30, 2016

Jun. 30, 2016

^[1]

Mar. 31, 2016

^[1]

Dec. 31, 2015

^[1]

Sep. 30, 2014

Sep. 30, 2017

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2014

$ 48.4

^[1]

$ 42.7

$ 10.3

$ 50.0

$ 10.6

^[1]

$ 13.2

$ 10.7

$ 0.0

$ 151.4

^[1]

$ 34.5

^[1]

$ 180.1

Cost Reduction Actions

154.8

34.5

(84.2)

Amount reflected in other noncurrent liabilities

(2.0)

(0.9)

(2.2)

(36.9)

(21.6)

(0.3)

0.3

Cost Reduction Actions | Severance and Other Benefits

41.5

12.3

41.5

12.3

66.3

34.5

0.0

Amount reflected in other noncurrent liabilities

(2.0)

(0.9)

0.0

(35.7)

(21.6)

(0.3)

0.3

Cost Reduction Actions | Asset Actions/Other

40.6

12.3

40.6

12.3

88.5

0.0

(84.2)

Amount reflected in other noncurrent liabilities

0.0

(2.2)

(1.2)

0.0

0.0

Business Realignment and Reorganization

0.9

0.0

0.9

0.0

180.1

$ 11.1

(40.2)

(11.2)

(32.4)

(101.5)

(1.7)

(0.4)

(3.4)

Business Realignment and Reorganization | Severance and Other Benefits

0.0

3.4

$ 9.4

0.0

3.4

36.2

9.4

11.1

131.5

11.1

0.0

(11.2)

(28.6)

(100.3)

(1.7)

(0.4)

0.0

Business Realignment and Reorganization | Asset Actions/Other

0.0

9.4

0.0

29.0

9.4

48.6

0.0

(40.2)

0.0

(3.8)

(1.2)

0.0

0.0

(3.4)

Schedule of Equity Method Investments [Line Items]

$ 0.0

$ 3.4

$ 0.0

$ 3.4

$ 7.2

$ 0.0

[1]	For additional information, see Note 5, Business Restructuring and Cost Reduction Actions.

Business Combination (Narrative) (Details) - USD ($) $ in Millions		12 Months Ended
	Dec. 30, 2014	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Business Acquisition [Line Items]
Acquisitions, less cash acquired		$ 8.2	$ 0.0	$ 34.5
Gain on previously held equity interest		$ 0.0	$ 0.0	17.9
Production Joint Venture
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

Inventories (Narrative) (Details)	Sep. 30, 2017	Sep. 30, 2016
Inventory Disclosure [Abstract]
Percentage of LIFO Inventory	48.70%	22.90%

Inventories (Schedule of Inventory) (Details) - USD ($) $ in Millions	Sep. 30, 2017	Sep. 30, 2016
Inventory Disclosure [Abstract]
Finished goods	$ 120.0	$ 131.3
Work in process	15.7	18.3
Raw materials, supplies and other	223.0	117.1
Total FIFO Cost	358.7	266.7
Less: Excess of FIFO cost over LIFO cost	(23.3)	(11.7)
Inventories	$ 335.4	$ 255.0

Summarized Financial Information of Equity Affiliates (Narrative) (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Apr. 19, 2015

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2017

Sep. 30, 2016

Sep. 30, 2015

Dividends received from equity affiliates

$ 99.5

$ 95.9

$ 50.5

Investment in net assets of and advances to equity affiliates

$ 1,286.9

$ 1,283.6

1,286.9

1,283.6

Goodwill associated with affiliate companies accounted for by equity method

45.8

109.5

45.8

109.5

Obligation for future contribution to equity affiliate

$ 79.5

79.5

0.0

94.4

Schedule of Equity Method Investments [Line Items]

2,203.1

$ 2,121.9

$ 1,980.1

$ 1,882.5

1,945.5

$ 1,914.5

$ 1,777.4

$ 1,866.3

8,187.6

7,503.7

7,824.3

Foreign Affiliate

Investment in net assets of and advances to equity affiliates

$ 1,285.1

1,281.5

$ 1,285.1

1,281.5

Abdullah Hashim Industrial Gases & Equipment Co., Ltd.

Schedule of Equity Method Investments [Line Items]

Ownership interest percentage

25.00%

Equity method investment carrying value

^[1]

$ 79.5

$ 66.7

Abdullah Hashim Industrial Gases & Equipment Co., Ltd. | Industrial Gases - EMEA

Schedule of Equity Method Investments [Line Items]

Ownership interest percentage

25.00%

Jazan Gas Projects Company

Schedule of Equity Method Investments [Line Items]

Ownership interest percentage

25.00%

Oxygen and nitrogen supply agreement, term

20 years

Obligation for future contribution to equity affiliate

$ 94.4

94.4

Noncash transaction, increase to investment

0.0

26.9

$ 67.5

Total expected investment

$ 100.0

100.0

Jazan Gas Projects Company | Industrial Gases - Global

Schedule of Equity Method Investments [Line Items]

$ 540.0

$ 300.0

[1]

Summarized Financial Information of Equity Affiliates (Investment Listing) (Details)	Sep. 30, 2017
Abdullah Hashim Industrial Gases & Equipment Co., Ltd.
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	25.00%
Air Products South Africa (Proprietary) Limited
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	50.00%
Bangkok Cogeneration Company Limited
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	49.00%
Bangkok Industrial Gases Co., Ltd.
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	49.00%
Chengdu Air & Gas Products Ltd.
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	50.00%
Helios S.p.A.
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	49.00%
High-Tech Gases (Beijing) Co., Ltd.
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	50.00%
INFRA Group
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	40.00%
INOX Air Products Limited
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	50.00%
Jazan Gas Projects Company
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	25.00%
Kulim Industrial Gases Sdn. Bhd.
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	50.00%
Sapio Produzione Idrogeno Ossigeno S.r.l.
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	49.00%
Tecnologia en Nitrogeno S. de R.L. de C.V.
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	50.00%
Tyczka Industrie-Gases GmbH
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	50.00%
WuXi Hi-Tech Gas Co., Ltd.
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	50.00%

Summarized Financial Information of Equity Affiliates (Table of Summarized Financial Information of Equity Affiliates) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Summarized Financial Information, Balance Sheet
Current assets	$ 1,333.2	$ 1,436.7
Noncurrent assets	4,026.9	3,063.3
Current liabilities	666.8	694.8
Noncurrent liabilities	2,194.3	1,540.4
Summarized Financial Information, Income Statement
Net sales	2,343.3	2,271.6	$ 2,460.5
Sales less cost of sales	878.6	871.5	922.7
Operating income	509.5	482.1	512.4
Net income	$ 343.5	$ 334.1	$ 343.5

Plant and Equipment, Net (Major Classes of Plant and Equipment) (Details) - USD ($)
$ in Millions

12 Months Ended

Sep. 30, 2017

Sep. 30, 2016

Sep. 30, 2015

Less: accumulated depreciation

$ 19,547.8

$ 18,660.2

11,107.6

10,400.5

Plant and equipment, net

^[1]

8,440.2

8,259.7

$ 8,237.3

Land

231.0

202.9

Buildings

$ 977.8

918.6

30 years

Production facilities

Production facilities | Minimum

^[2]

$ 13,577.1

12,391.9

Production facilities | Maximum

^[2]

10 years

Distribution and other machinery and equipment

^[2]

20 years

Distribution and other machinery and equipment | Minimum

^[3]

$ 3,944.0

3,821.0

Distribution and other machinery and equipment | Maximum

^[3]

5 years

^[3]

25 years

Cylinders | Minimum

10 years

Cylinders | Maximum

25 years

Tanks

20 years

Customer Stations

Tractors and Trailers | Minimum

7 years 6 months

Tractors and Trailers | Maximum

5 years

15 years

Construction in progress

Designated as Hedging Instrument | Cash Flow Hedges

$ 817.9

$ 1,325.8

[1]	Long-lived assets include plant and equipment, net.
[2]	Depreciable lives of production facilities related to long-term customer supply contracts are matched to the contract lives.
[3]	The depreciable lives for various types of distribution equipment are 10 to 25 years for cylinders, depending on the nature and properties of the product; 20 years for tanks; 7.5 years for customer stations; and 5 to 15 years for tractors and trailers.

Plant and Equipment, Net (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 843.2	$ 832.3	$ 834.5

Goodwill (Schedule of Goodwill by Segment) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Jun. 30, 2017	Sep. 30, 2017	Sep. 30, 2016
Goodwill [Roll Forward]
Goodwill, net, beginning balance	$ 845.1	$ 845.1	$ 837.1
Impairment loss	(145.3)	(145.3)
Acquisitions		3.5
Currency translation		18.2	8.0
Goodwill, net, ending balance		721.5	845.1
Industrial Gases - Americas
Goodwill [Roll Forward]
Goodwill, net, beginning balance	309.1	309.1	297.6
Impairment loss		(145.3)
Acquisitions		0.0
Currency translation		(0.1)	11.5
Goodwill, net, ending balance		163.7	309.1
Industrial Gases - EMEA
Goodwill [Roll Forward]
Goodwill, net, beginning balance	380.6	380.6	386.5
Impairment loss		0.0
Acquisitions		3.5
Currency translation		18.3	(5.9)
Goodwill, net, ending balance		402.4	380.6
Industrial Gases - Asia
Goodwill [Roll Forward]
Goodwill, net, beginning balance	135.2	135.2	133.1
Impairment loss		0.0
Acquisitions		0.0
Currency translation		0.0	2.1
Goodwill, net, ending balance		135.2	135.2
Industrial Gases - Global
Goodwill [Roll Forward]
Goodwill, net, beginning balance	$ 20.2	20.2	19.9
Impairment loss		0.0
Acquisitions		0.0
Currency translation		0.0	0.3
Goodwill, net, ending balance		$ 20.2	$ 20.2

Goodwill (Schedule of Accumulated Impairment Losses) (Details) - USD ($) $ in Millions	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, gross	$ 1,138.7	$ 1,103.7	$ 1,080.8
Accumulated impairment losses	(417.2)	(258.6)	(243.7)
Goodwill, net	$ 721.5	$ 845.1	$ 837.1

Goodwill (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
Goodwill (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Goodwill [Line Items]
Goodwill impairment charge	$ 145.3	$ 145.3
Goodwill accumulated impairment losses		417.2	$ 258.6	$ 243.7
Industrial Gases - Americas
Goodwill [Line Items]
Goodwill impairment charge		145.3
Goodwill accumulated impairment losses		$ 417.2

Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Jun. 30, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets		$ 22.6	$ 22.3	$ 24.0
Intangible asset impairment charge	$ 16.8

Intangible Assets (Acquired Intangible Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2017	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets, gross	$ 578.7	$ 553.4
Accumulated amortization and impairment	(210.4)	(165.5)
Intangible assets, net	368.3	387.9
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	510.9	487.2
Accumulated amortization	(189.5)	(162.0)
Finite-lived intangible assets, net	321.4	325.2
Trade Names and Trademarks
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, gross	67.8	66.2
Accumulated impairment	(20.9)	(3.5)
Indefinite-lived intangible assets, net	46.9	62.7
Customer Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	424.1	400.6
Accumulated amortization	(142.3)	(118.2)
Finite-lived intangible assets, net	281.8	282.4
Patents and Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	13.4	13.6
Accumulated amortization	(10.6)	(10.1)
Finite-lived intangible assets, net	2.8	3.5
Other
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	73.4	73.0
Accumulated amortization	(36.6)	(33.7)
Finite-lived intangible assets, net	$ 36.8	$ 39.3

Intangible Assets (Projected Annual Amortization Expense for Intangible Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2017	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
2018	$ 22.1
2019	21.8
2020	21.6
2021	20.1
2022	17.4
Thereafter	218.4
Total future amortization expense	$ 321.4	$ 325.2

Leases (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Leases [Abstract]
Capital leases, plant and equipment	$ 22.3	$ 22.4
Capital leases, accumulated depreciation	5.3	4.5
Operating leases, rent expense	65.8	67.6	$ 70.4
Future capital lease payment present value	10.8
Lessor, total lease payments collected	183.6	186.0	146.6
Lessor, collection of lease receivables	$ 92.2	$ 85.5	$ 68.8

Leases (Energy-from-Waste Narrative) (Details) $ in Millions	Sep. 30, 2017 USD ($)
Operating Leases
2018	$ 56.6
2019	45.8
2020	35.2
2021	27.1
2022	22.9
Thereafter	126.6
Total	314.2
Energy-from-Waste (EfW)
Operating Leases
2018	2.0
2019	2.0
2020	2.0
2021	2.0
2022	2.0
Thereafter	40.0
Total	$ 50.0

Leases (Minimum Payments Due) (Details) $ in Millions	Sep. 30, 2017 USD ($)
Capital Leases
2018	$ 2.2
2019	1.8
2020	1.6
2021	3.0
2022	1.5
Thereafter	19.9
Total	30.0
Operating Leases
2018	56.6
2019	45.8
2020	35.2
2021	27.1
2022	22.9
Thereafter	126.6
Total	$ 314.2

Leases (Lease Receivables) (Details) - USD ($) $ in Millions	Sep. 30, 2017	Sep. 30, 2016
Leases [Abstract]
Gross minimum lease payments receivable	$ 1,897.0	$ 2,072.6
Unearned interest income	(671.9)	(762.7)
Lease Receivables, net	$ 1,225.1	$ 1,309.9

Leases (Minimum Lease Payments Receivable) (Details) $ in Millions	Sep. 30, 2017 USD ($)
Minimum Lease Payments Receivable
2018	$ 182.0
2019	176.4
2020	171.4
2021	165.5
2022	154.1
Thereafter	1,047.6
Total	$ 1,897.0

Financial Instruments (Narrative) (Details) € in Millions	12 Months Ended
Financial Instruments (Narrative) (Details) € in Millions	Sep. 30, 2017 USD ($)	Sep. 30, 2017 EUR (€)	Sep. 30, 2016 USD ($)	Sep. 30, 2016 EUR (€)
Derivative [Line Items]
Net liability position of derivatives with credit risk-related contingent features	$ 34,600,000		$ 11,200,000
Collateral posted on liability positions with credit risk-related features	0
Collateral amount that counterparties would be required to post	$ 138,500,000		267,600,000
Forward Exchange Contracts \| Cash Flow Hedges
Derivative [Line Items]
Maximum remaining maturity of foreign currency derivatives	1 year 10 months	1 year 10 months
Foreign Currency Debt \| Euro Denominated
Derivative [Line Items]
Notional amount included in designated foreign currency denominated debt	$ 1,077,700,000	€ 912.2	$ 1,034,400,000	€ 920.7

Financial Instruments (Schedule of Outstanding Currency Price Risk Management Instruments) (Details) - Forward Exchange Contracts - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Derivative [Line Items]
US$ Notional	$ 4,099.5	$ 7,746.8
Years Average Maturity	10 months	8 months
Designated as Hedging Instrument \| Cash Flow Hedges
Derivative [Line Items]
US$ Notional	$ 3,150.2	$ 4,130.3
Years Average Maturity	5 months	6 months
Designated as Hedging Instrument \| Net Investment Hedges
Derivative [Line Items]
US$ Notional	$ 675.5	$ 968.2
Years Average Maturity	3 years	2 years 8 months
Not Designated as Hedging Instrument
Derivative [Line Items]
US$ Notional	$ 273.8	$ 2,648.3
Years Average Maturity	1 month	5 months

Financial Instruments (Schedule of Interest Rate Swaps and Cross Currency Interest Rate Swaps) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Interest Rate Swaps Contracts \| Designated as Hedging Instrument \| Fair Value Hedges
Derivative [Line Items]
US$ Notional	$ 600.0	$ 600.0
Average Pay %	LIBOR	LIBOR
Average Receive %	2.28%	2.28%
Years Average Maturity	1 year 4 months	2 years 4 months
Cross Currency Interest Rate Swaps \| Designated as Hedging Instrument \| Net Investment Hedges
Derivative [Line Items]
US$ Notional	$ 539.7	$ 517.7
Average Pay %	3.27%	3.24%
Average Receive %	2.59%	2.43%
Years Average Maturity	1 year 11 months	2 years 7 months
Cross Currency Interest Rate Swaps \| Designated as Hedging Instrument \| Cash Flow Hedges
Derivative [Line Items]
US$ Notional	$ 1,095.7	$ 1,088.9
Average Pay %	4.96%	4.77%
Average Receive %	2.78%	2.72%
Years Average Maturity	2 years 5 months	3 years 4 months
Cross Currency Interest Rate Swaps \| Not Designated as Hedging Instrument
Derivative [Line Items]
US$ Notional	$ 41.6	$ 27.4
Average Pay %	3.28%	3.62%
Average Receive %	2.32%	0.81%
Years Average Maturity	1 year 8 months	1 year 10 months

Financial Instruments (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions	Sep. 30, 2017	Sep. 30, 2016
Derivative [Line Items]
Total Derivatives, Assets	$ 227.8	$ 373.7
Total Derivatives, Liabilities	131.9	95.3
Designated as Hedging Instrument
Derivative [Line Items]
Total Derivatives, Assets	222.5	296.6
Total Derivatives, Liabilities	128.7	65.1
Not Designated as Hedging Instrument
Derivative [Line Items]
Total Derivatives, Assets	5.3	77.1
Total Derivatives, Liabilities	3.2	30.2
Forward Exchange Contracts \| Designated as Hedging Instrument \| Other Receivables
Derivative [Line Items]
Total Derivatives, Assets	81.7	72.3
Forward Exchange Contracts \| Designated as Hedging Instrument \| Other Noncurrent Assets
Derivative [Line Items]
Total Derivatives, Assets	27.1	44.4
Forward Exchange Contracts \| Designated as Hedging Instrument \| Accrued Liabilities
Derivative [Line Items]
Total Derivatives, Liabilities	82.0	44.0
Forward Exchange Contracts \| Designated as Hedging Instrument \| Other Noncurrent Liabilities
Derivative [Line Items]
Total Derivatives, Liabilities	13.8	9.1
Forward Exchange Contracts \| Not Designated as Hedging Instrument \| Other Receivables
Derivative [Line Items]
Total Derivatives, Assets	1.1	77.1
Forward Exchange Contracts \| Not Designated as Hedging Instrument \| Accrued Liabilities
Derivative [Line Items]
Total Derivatives, Liabilities	2.2	29.5
Interest Rate Management Contract \| Designated as Hedging Instrument \| Other Receivables
Derivative [Line Items]
Total Derivatives, Assets	11.1	19.9
Interest Rate Management Contract \| Designated as Hedging Instrument \| Other Noncurrent Assets
Derivative [Line Items]
Total Derivatives, Assets	102.6	160.0
Interest Rate Management Contract \| Designated as Hedging Instrument \| Accrued Liabilities
Derivative [Line Items]
Total Derivatives, Liabilities	10.7	0.0
Interest Rate Management Contract \| Designated as Hedging Instrument \| Other Noncurrent Liabilities
Derivative [Line Items]
Total Derivatives, Liabilities	22.2	12.0
Interest Rate Management Contract \| Not Designated as Hedging Instrument \| Other Receivables
Derivative [Line Items]
Total Derivatives, Assets	0.0	0.0
Interest Rate Management Contract \| Not Designated as Hedging Instrument \| Other Noncurrent Assets
Derivative [Line Items]
Total Derivatives, Assets	4.2	0.0
Interest Rate Management Contract \| Not Designated as Hedging Instrument \| Accrued Liabilities
Derivative [Line Items]
Total Derivatives, Liabilities	1.0	0.0
Interest Rate Management Contract \| Not Designated as Hedging Instrument \| Other Noncurrent Liabilities
Derivative [Line Items]
Total Derivatives, Liabilities	$ 0.0	$ 0.7

Financial Instruments (Schedule of Gain/Loss Related to Derivative Instruments) (Details) - USD ($)
$ in Millions

12 Months Ended

Sep. 30, 2017

Sep. 30, 2016

Net gain (loss) recognized in OCI (effective portion)

$ (12.6)

$ 13.7

Net (gain) loss reclassified from OCI to sales/cost of sales (effective portion)

18.3

0.2

Net (gain) loss reclassified from OCI to other income (expense), net (effective portion)

6.7

(46.0)

Net (gain) loss reclassified from OCI to interest expense (effective portion)

0.8

10.0

Net (gain) loss reclassified from OCI to other income (expense), net (ineffective portion)

(1.6)

(0.2)

Designated as Hedging Instrument | Fair Value Hedges

Net (gain) loss recognized in interest expense

^[1]

(14.7)

(8.8)

Designated as Hedging Instrument | Net Investment Hedges

Not Designated as Hedging Instrument

(59.5)

42.8

Net gain (loss) recognized in other income (expense)

^[2]

1.7

(3.4)

Forward Exchange Contracts | Designated as Hedging Instrument | Cash Flow Hedges

Net gain (loss) recognized in OCI (effective portion)

0.3

10.5

Net (gain) loss reclassified from OCI to sales/cost of sales (effective portion)

18.3

0.2

Net (gain) loss reclassified from OCI to other income (expense), net (effective portion)

(3.8)

(25.7)

Net (gain) loss reclassified from OCI to interest expense (effective portion)

(2.1)

6.7

Net (gain) loss reclassified from OCI to other income (expense), net (ineffective portion)

(1.6)

(0.2)

Forward Exchange Contracts | Designated as Hedging Instrument | Fair Value Hedges

Net (gain) loss recognized in interest expense

^[1]

0.0

Forward Exchange Contracts | Designated as Hedging Instrument | Net Investment Hedges

Forward Exchange Contracts | Not Designated as Hedging Instrument

(11.1)

17.4

Net gain (loss) recognized in other income (expense)

^[2]

4.1

(1.8)

Foreign Currency Debt | Designated as Hedging Instrument | Net Investment Hedges

Other Contracts | Designated as Hedging Instrument | Cash Flow Hedges

(32.8)

(9.6)

Net gain (loss) recognized in OCI (effective portion)

^[3]

(12.9)

3.2

Net (gain) loss reclassified from OCI to sales/cost of sales (effective portion)

^[3]

0.0

Net (gain) loss reclassified from OCI to other income (expense), net (effective portion)

^[3]

10.5

(20.3)

Net (gain) loss reclassified from OCI to interest expense (effective portion)

^[3]

2.9

3.3

Net (gain) loss reclassified from OCI to other income (expense), net (ineffective portion)

^[3]

0.0

Other Contracts | Designated as Hedging Instrument | Fair Value Hedges

Net (gain) loss recognized in interest expense

^[1],[3]

(14.7)

(8.8)

Other Contracts | Designated as Hedging Instrument | Net Investment Hedges

Other Contracts | Not Designated as Hedging Instrument

^[3]

(15.6)

35.0

Net gain (loss) recognized in other income (expense)

^[2],[3]

$ (2.4)

$ (1.6)

[1]	The impact of fair value hedges noted above was largely offset by recognized gains and losses resulting from the impact of changes in related interest rates on outstanding debt.
[2]	The impact of the non-designated hedges noted above was largely offset by recognized gains and losses resulting from the impact of changes in exchange rates on assets and liabilities denominated in nonfunctional currencies.
[3]	Other includes the impact on other comprehensive income (OCI) and earnings primarily related to interest rate and cross currency interest rate swaps.

Fair Value Measurements (Schedule of the Carrying Values and Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions	Sep. 30, 2017	Sep. 30, 2016
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion carrying value	$ 3,818.8	$ 4,275.1
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion fair value	3,928.2	4,474.0
Forward Exchange Contracts \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	109.9	193.8
Derivative liabilities	98.0	82.6
Forward Exchange Contracts \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	109.9	193.8
Derivative liabilities	98.0	82.6
Interest Rate Management Contract \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	117.9	179.9
Derivative liabilities	33.9	12.7
Interest Rate Management Contract \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	117.9	179.9
Derivative liabilities	$ 33.9	$ 12.7

Fair Value Measurements (Schedule of Recurring Fair Value Measurements) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Sep. 30, 2017	Sep. 30, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets at Fair Value	$ 227.8	$ 373.7
Total Liabilities at Fair Value	131.9	95.3
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets at Fair Value	0.0	0.0
Total Liabilities at Fair Value	0.0	0.0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets at Fair Value	227.8	373.7
Total Liabilities at Fair Value	131.9	95.3
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets at Fair Value	0.0	0.0
Total Liabilities at Fair Value	0.0	0.0
Forward Exchange Contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	109.9	193.8
Derivative liabilities	98.0	82.6
Forward Exchange Contracts \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	0.0	0.0
Forward Exchange Contracts \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	109.9	193.8
Derivative liabilities	98.0	82.6
Forward Exchange Contracts \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	0.0	0.0
Interest Rate Management Contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	117.9	179.9
Derivative liabilities	33.9	12.7
Interest Rate Management Contract \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	0.0	0.0
Interest Rate Management Contract \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	117.9	179.9
Derivative liabilities	33.9	12.7
Interest Rate Management Contract \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	$ 0.0	$ 0.0

Fair Value Measurements (Schedule of Nonrecurring Fair Value Measurements) (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Jun. 30, 2017

Sep. 30, 2017

Sep. 30, 2016

Sep. 30, 2015

Dec. 31, 2016

Write-down of long-lived assets associated with restructuring

$ 69.2

$ 0.0

$ 40.2

$ 79.5

79.5

0.0

$ 0.0

Continuing Operations

Write-down of long-lived assets associated with restructuring

^[1]

45.7

0.0

Discontinued Operations

Write-down of long-lived assets held for sale

^[1]

6.3

$ 913.5

Fair Value, Measurements, Nonrecurring | Continuing Operations

Fair Value, Measurements, Nonrecurring | Discontinued Operations

^[1]

$ 1.4

Level 1 | Fair Value, Measurements, Nonrecurring | Continuing Operations

^[1]

11.0

Level 1 | Fair Value, Measurements, Nonrecurring | Discontinued Operations

^[1]

0.0

Level 2 | Fair Value, Measurements, Nonrecurring | Continuing Operations

^[1]

0.0

Level 2 | Fair Value, Measurements, Nonrecurring | Discontinued Operations

^[1]

0.0

Level 3 | Fair Value, Measurements, Nonrecurring | Continuing Operations

^[1]

0.0

Level 3 | Fair Value, Measurements, Nonrecurring | Discontinued Operations

^[1]

1.4

Abdullah Hashim Industrial Gases & Equipment Co., Ltd.

^[1]

$ 11.0

Abdullah Hashim Industrial Gases & Equipment Co., Ltd. | Fair Value, Measurements, Nonrecurring

^[2]

$ 79.5

Abdullah Hashim Industrial Gases & Equipment Co., Ltd. | Level 1 | Fair Value, Measurements, Nonrecurring

^[2]

68.5

Abdullah Hashim Industrial Gases & Equipment Co., Ltd. | Level 2 | Fair Value, Measurements, Nonrecurring

^[2]

0.0

Abdullah Hashim Industrial Gases & Equipment Co., Ltd. | Level 3 | Fair Value, Measurements, Nonrecurring

^[2]

0.0

Short-term debt, weighted average interest rate

^[2]

$ 68.5

[1]

[2]

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Sep. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment charge		$ 145.3	$ 145.3
Intangible asset impairment charge		$ 16.8
Fair Value \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment charge	$ 145.3
Intangible asset impairment charge	$ 16.8

Debt (Narrative) (Details)

1 Months Ended

3 Months Ended

12 Months Ended

Mar. 31, 2017

USD ($)

Sep. 30, 2016

USD ($)

Sep. 30, 2015

USD ($)

Sep. 30, 2015

CLF ( )

Sep. 30, 2016

USD ($)

Jun. 30, 2016

USD ($)

^[1]

Mar. 31, 2016

USD ($)

^[1]

Dec. 31, 2015

USD ($)

^[1]

Sep. 30, 2017

USD ($)

Sep. 30, 2016

USD ($)

Sep. 30, 2015

USD ($)

Mar. 30, 2017

USD ($)

Debt Disclosure [Abstract]

1.10%

4.60%

1.10%

Cash paid for interest, net of amounts capitalized

$ 125,900,000

$ 120,600,000

$ 96,800,000

Payments on long-term debt

$ 6,900,000

^[1]

$ 0

6,900,000

^[1]

16,600,000

483,900,000

480,400,000

$ 699,400,000

Versum Financing

Extinguishment of debt amount

$ 6,900,000

6,900,000

$ 418,300,000

Foreign Line of Credit | Foreign Subsidiary Facility

Credit facility, amount borrowed and outstanding

23,400,000

Revolving Credit Facility | 2017 Credit Agreement

Credit facility, amount borrowed and outstanding

$ 0

Debt instrument, term

5 years

Maximum borrowing capacity

$ 2,500,000,000.0

Revolving Credit Facility | 2017 Credit Agreement | Maximum

Covenant, ratio of total debt to total capitalization

70.00%

Revolving Credit Facility | 2013 Credit Agreement

Credit facility, amount borrowed and outstanding

$ 0

Maximum borrowing capacity

$ 2,690,000,000.0

Early termination penalties

$ 0

Long-term Debt | CLP Series E bonds 6.3%

Payments on long-term debt

$ 16,600,000

146,600,000

Extinguishment of debt amount

$ 130,000,000

3,000,000

Interest rate, stated percentage

6.30%

[1]	For additional information, see Note 15, Debt.

Debt (Summary of Outstanding Debt) (Details) - USD ($) $ in Millions	Sep. 30, 2017	Sep. 30, 2016
Debt Disclosure [Abstract]
Short-term borrowings	$ 144.0	$ 935.8
Current portion of long-term debt	416.4	365.4
Long-term debt	3,402.4	3,909.7
Total Debt	$ 3,962.8	$ 5,210.9

Debt (Short-term Borrowings) (Details) - USD ($) $ in Millions	Sep. 30, 2017	Sep. 30, 2016
Short-term Debt [Line Items]
Short-term borrowings	$ 144.0	$ 935.8
Bank Obligations
Short-term Debt [Line Items]
Short-term borrowings	144.0	133.1
Commercial Paper
Short-term Debt [Line Items]
Short-term borrowings	$ 0.0	$ 802.7

Debt (Long-term Debt) (Details) - USD ($) $ in Millions	Sep. 30, 2017	Sep. 30, 2016
Debt Instrument [Line Items]
Long-term Debt, gross	$ 3,837.3	$ 4,298.5
Less: Unamortized Discount and Debt Issuance Costs	(18.5)	(23.4)
Total Long-term Debt	3,818.8	4,275.1
Less: Current portion of long-term debt	(416.4)	(365.4)
Long-term Debt	3,402.4	3,909.7
Debentures \| Debenture 8.75% due 2021
Debt Instrument [Line Items]
Long-term Debt, gross	$ 18.4	18.4
Interest rate, stated percentage	8.75%
Medium-term Notes \| Series E 7.6% due 2026
Debt Instrument [Line Items]
Long-term Debt, gross	$ 17.2	17.2
Interest rate, weighted average	7.60%
Senior Notes \| Note 1.2% due 2018
Debt Instrument [Line Items]
Long-term Debt, gross	$ 400.0	400.0
Interest rate, stated percentage	1.20%
Senior Notes \| Note 4.375% due 2019
Debt Instrument [Line Items]
Long-term Debt, gross	$ 400.0	400.0
Interest rate, stated percentage	4.375%
Senior Notes \| Note 3.0% due 2022
Debt Instrument [Line Items]
Long-term Debt, gross	$ 400.0	400.0
Interest rate, stated percentage	3.00%
Senior Notes \| Note 2.75% due 2023
Debt Instrument [Line Items]
Long-term Debt, gross	$ 400.0	400.0
Interest rate, stated percentage	2.75%
Senior Notes \| Note 3.35% due 2024
Debt Instrument [Line Items]
Long-term Debt, gross	$ 400.0	400.0
Interest rate, stated percentage	3.35%
Bonds \| Variable-rate industrial revenue bonds .87% due 2035 to 2050
Debt Instrument [Line Items]
Long-term Debt, gross	$ 631.9	769.9
Interest rate, weighted average	0.87%
Bonds \| Other .89% due 2018 to 2019
Debt Instrument [Line Items]
Long-term Debt, gross	$ 10.9	25.7
Interest rate, weighted average	0.89%
Bonds \| Eurobonds 4.625% due 2017
Debt Instrument [Line Items]
Long-term Debt, gross	$ 0.0	337.0
Interest rate, stated percentage	4.625%
Bonds \| Eurobonds 2.0% due 2020
Debt Instrument [Line Items]
Long-term Debt, gross	$ 354.4	337.0
Interest rate, stated percentage	2.00%
Bonds \| Eurobonds 1.0% due 2025
Debt Instrument [Line Items]
Long-term Debt, gross	$ 354.4	337.0
Interest rate, stated percentage	1.00%
Bonds \| Eurobonds .375% due 2021
Debt Instrument [Line Items]
Long-term Debt, gross	$ 413.5	393.2
Interest rate, stated percentage	0.375%
Bonds \| Other Foreign 4.3% due 2018 to 2022
Debt Instrument [Line Items]
Long-term Debt, gross	$ 25.8	52.9
Interest rate, stated percentage	4.30%
Capital Lease Obligations \| United States 5.0% due 2018
Debt Instrument [Line Items]
Long-term Debt, gross	$ 0.2	0.5
Interest rate, stated percentage	5.00%
Capital Lease Obligations \| Foreign 10.7% due 2018 to 2036
Debt Instrument [Line Items]
Long-term Debt, gross	$ 10.6	$ 9.7
Interest rate, stated percentage	10.70%

Debt (Maturities of Long-term Debt) (Details) - USD ($) $ in Millions	Sep. 30, 2017	Sep. 30, 2016
Debt Disclosure [Abstract]
2018	$ 416.4
2019	409.0
2020	356.1
2021	433.3
2022	401.0
Thereafter	1,821.5
Total	$ 3,837.3	$ 4,298.5

Retirement Benefits (Narrative) (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Jan. 03, 2017

Oct. 01, 2016

Sep. 30, 2017

Jun. 30, 2017

^[1]

Mar. 31, 2017

^[1]

Dec. 31, 2016

^[1]

Sep. 30, 2016

Jun. 30, 2016

^[1]

Mar. 31, 2016

^[1]

Dec. 31, 2015

^[1]

Sep. 30, 2017

Sep. 30, 2016

Sep. 30, 2015

Shares of common stock in ESOP

$ 0.9

^[1]

$ 5.5

$ 4.1

$ 0.0

$ 2.1

^[1]

$ 1.0

$ 2.0

$ 0.0

$ 10.5

^[1]

$ 5.1

^[1]

$ 19.3

2,483,225

Defined contribution plan, cost recognized

$ 33.7

34.6

36.8

Materials Technologies

Periodic benefit costs including settlement, curtailment, and special termination benefits

6.0

Materials Technologies | Business Separation Costs

Periodic benefit costs including settlement, curtailment, and special termination benefits

2.5

Materials Technologies | Discontinued Operations

Periodic benefit costs including settlement, curtailment, and special termination benefits

$ 3.5

U.S.

8.00%

U.S. | Equity Securities

8.20%

U.S. | Debt Securities

5.00%

U.S. | Real Estate/Other

7.00%

International

6.10%

U.K.

6.60%

U.K. | Equity Securities

7.30%

U.K. | Debt Securities

Defined Benefit Pension Plan

3.50%

Approximate average remaining service period

$ 10.5

5.1

19.3

9 years

ABO for all defined benefit pension plans

$ 4,842.8

4,954.9

$ 4,842.8

4,954.9

Company contributions

64.1

Defined Benefit Pension Plan | Electronic Materials Division (EMD)

Decrease in underfunded status of pension plan due to transfer of pension assets and obligations

$ 24.0

Decrease in accumulated other comprehensive loss, net of tax, due to transfer pension unrecognized losses

5.0

Defined Benefit Pension Plan | Performance Materials Division (PMD)

Decrease in underfunded status of pension plan due to transfer of pension assets and obligations

$ 7.0

Defined Benefit Pension Plan | Minimum

Total expected contributions for next fiscal year

50.0

Defined Benefit Pension Plan | Maximum

Total expected contributions for next fiscal year

70.0

Defined Benefit Pension Plan | Unfunded Plan

ABO for plans with obligation in excess plan assets

99.0

PBO for plans with obligation in excess plan assets

107.8

Defined Benefit Pension Plan | U.S.

Component of benefits paid related to lump sum payment to terminated participants

10.5

5.1

$ 18.9

52.9

ABO for plans with obligation in excess plan assets

2,951.0

3,242.5

2,951.0

3,242.5

PBO for plans with obligation in excess plan assets

$ 3,116.7

$ 3,477.7

$ 3,116.7

$ 3,477.7

Net periodic postretirement cost discount rate

8.00%

8.30%

Company contributions

$ 27.2

$ 13.9

^[2]

3.50%

4.30%

Accumulated postretirement benefit obligation discount rate

3.80%

3.50%

3.80%

3.50%

Net actuarial loss

$ 980.5

$ 1,273.6

$ 980.5

$ 1,273.6

Actuarial loss estimated

88.5

Periodic benefit costs including settlement, curtailment, and special termination benefits

37.4

40.1

$ 79.0

Defined Benefit Pension Plan | International

ABO for plans with obligation in excess plan assets

1.7

1.3

$ 2.3

365.6

1,673.6

365.6

1,673.6

PBO for plans with obligation in excess plan assets

$ 465.7

$ 1,849.6

$ 465.7

$ 1,849.6

Net periodic postretirement cost discount rate

6.10%

6.30%

6.10%

Company contributions

$ 42.2

$ 65.4

^[2]

2.00%

3.30%

3.60%

Accumulated postretirement benefit obligation discount rate

2.40%

2.00%

2.40%

2.00%

Net actuarial loss

$ 551.9

$ 769.6

$ 551.9

$ 769.6

Actuarial loss estimated

$ 39.9

39.9

Periodic benefit costs including settlement, curtailment, and special termination benefits

$ 39.4

$ 28.0

$ 56.6

Defined Benefit Pension Plan | International | Electronic Materials Division (EMD)