View Filing Data

$ 8,918.9

$ 8,930.2

$ 8,187.6

5,975.5

6,189.5

5,751.5

29.0

0.0

750.0

760.8

713.5

Business separation costs

72.9

64.5

57.6

0.0

32.5

Goodwill and intangible asset impairment charge

25.5

0.0

151.4

0.0

162.1

29.1

0.0

49.3

50.2

121.0

Operating Income

2,144.4

1,965.6

1,440.0

Other non-operating income (expense), net

215.4

174.8

80.1

Interest expense

137.0

130.5

120.6

66.7

5.1

16.6

Income From Continuing Operations Before Taxes

2,289.5

2,015.0

1,416.1

Income tax provision

480.1

^[1]

524.3

^[1],[2]

260.9

Income From Continuing Operations

1,809.4

1,490.7

1,155.2

Income from discontinued operations, net of tax

0.0

42.2

1,866.0

Net Income

1,809.4

1,532.9

3,021.2

Net income attributable to noncontrolling interests of continuing operations

49.4

35.1

20.8

Net Income Attributable to Air Products

1,760.0

1,497.8

3,000.4

Net Income Attributable to Air Products

Net income from continuing operations

1,760.0

1,455.6

1,134.4

Net income from discontinued operations

0.0

42.2

1,866.0

Net Income Attributable to Air Products

$ 1,760.0

$ 1,497.8

$ 3,000.4

Basic Earnings Per Common Share Attributable to Air Products

Basic earnings per share from continuing operations (in dollars per share)

$ 7.99

$ 6.64

$ 5.20

Basic earnings per share from discontinued operations (in dollars per share)

0.19

8.56

Basic Earnings Per Common Share Attributable to Air Products (in dollars per share)

7.99

6.83

13.76

Diluted Earnings Per Common Share Attributable to Air Products

Diluted earnings per share from continuing operations (in dollars per share)

7.94

6.59

5.16

Diluted earnings per share from discontinued operations (in dollars per share)

0.19

8.49

Diluted Earnings Per Common Share Attributable to Air Products (in dollars per share)

$ 7.94

$ 6.78

$ 13.65

Weighted Average Common Shares - Basic (in millions)

220.3

219.3

218.0

Weighted Average Common Shares - Diluted (in millions)

221.6

220.8

219.8

[1]

Our income tax provision for fiscal years 2019 and 2018 reflects impacts from the U.S. Tax Cuts and Jobs Act (the "Tax Act"). Refer to Note 23, Income Taxes, for additional information. Fiscal year 2019 includes a discrete net income tax expense of $43.8, primarily recorded in the first quarter to finalize our estimates of the impacts of the Tax Act. Fiscal year 2018 includes a discrete net income tax expense of $180.6, primarily recorded in the first quarter for our initial estimates of the impacts of the Tax Act.

[2]

Includes an income tax benefit of $35.7, net of reserves for uncertain tax positions, resulting from the restructuring of several foreign subsidiaries, primarily during the second quarter.

Consolidated Comprehensive Income Statements - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Net Income	$ 1,809.4	$ 1,532.9	$ 3,021.2
Other Comprehensive Income (Loss), net of tax:
Translation adjustments, net of tax	(356.2)	(244.6)	101.9
Net gain (loss) on derivatives, net of tax	(44.1)	45.9	(12.6)
Pension and postretirement benefits, net of tax	(326.2)	179.4	251.6
Reclassification adjustments:
Currency translation adjustment	(2.6)	3.1	57.3
Derivatives, net of tax	12.3	(30.4)	24.2
Pension and postretirement benefits, net of tax	63.2	133.1	110.7
Total Other Comprehensive Income (Loss)	(653.6)	86.5	533.1
Comprehensive Income	1,155.8	1,619.4	3,554.3
Net Income Attributable to Noncontrolling Interests	49.4	35.1	20.8
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interests	(19.9)	(19.0)	3.7
Comprehensive Income Attributable to Air Products	$ 1,126.3	$ 1,603.3	$ 3,529.8

Consolidated Comprehensive Income Statements (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Tax effect on translation adjustments	$ 25.1	$ 1.1	$ (19.3)
Tax effect on net gain (loss) on derivatives	(1.5)	9.7	(11.0)
Tax effect on pension and postretirement benefits	(97.9)	55.2	109.0
Tax effect on derivatives reclassification adjustments	4.5	(9.2)	11.7
Tax effect on pension and postretirement benefits reclassification adjustments	$ 20.5	$ 44.9	$ 50.7

Consolidated Balance Sheets
$ in Millions, ¥ in Billions

Sep. 30, 2019

USD ($)

Sep. 30, 2018

USD ($)

Current Assets

Cash and cash items

$ 2,248.7

$ 2,791.3

Short-term investments

166.0

184.7

Trade receivables, net

1,260.2

1,207.2

Inventories

388.3

396.1

Prepaid expenses

77.4

129.6

Other receivables and current assets

477.7

373.3

Total Current Assets

4,618.3

5,082.2

Investment in net assets of and advances to equity affiliates

1,276.2

1,277.2

Noncurrent capital lease receivables

^[1]

10,337.6

9,923.7

Goodwill, net

797.1

788.9

Intangible assets, net

419.5

438.5

890.0

1,013.3

Other noncurrent assets

604.1

654.5

Total Noncurrent Assets

14,324.5

14,096.1

Total Assets

18,942.8

19,178.3

Current Liabilities

Payables and accrued liabilities

1,635.7

1,817.8

Accrued income taxes

86.6

59.6

Short-term borrowings

58.2

54.3

Current portion of long-term debt

^[2],[3]

40.4

406.6

Total Current Liabilities

1,820.9

2,338.3

Long-term debt

2,907.3

2,967.4

Other noncurrent liabilities

^[3]

320.1

384.3

1,712.4

1,536.9

Deferred income taxes

793.8

775.1

Total Noncurrent Liabilities

5,733.6

5,663.7

Total Liabilities

7,554.5

8,002.0

Commitments and Contingencies - See Note 18

Air Products Shareholders’ Equity

Common stock (par value $1 per share; issued 2019 and 2018 - 249,455,584 shares)

249.4

Capital in excess of par value

1,070.9

1,029.3

Retained earnings

14,138.4

13,409.9

Accumulated other comprehensive loss

(2,375.6)

(1,741.9)

Treasury stock, at cost (2019 - 29,040,322 shares; 2018 - 29,940,339 shares)

(2,029.5)

(2,089.2)

Total Air Products Shareholders' Equity

11,053.6

10,857.5

Noncontrolling Interests

334.7

318.8

Total Equity

11,388.3

11,176.3

Total Liabilities and Equity

$ 18,942.8

$ 19,178.3

[1]	Long-lived assets include plant and equipment, net.
[2]	Fiscal year 2019 includes the current portion of long-term debt owed to a related party of $37.8.
[3]	Refer to Note 7, Acquisitions, for additional information regarding related party debt.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2019	Sep. 30, 2018
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	29,040,322	29,940,339

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Operating Activities
Net Income	$ 1,809.4	$ 1,532.9	$ 3,021.2
Less: Net income attributable to noncontrolling interests of continuing operations	49.4	35.1	20.8
Net Income Attributable to Air Products	1,760.0	1,497.8	3,000.4
Income from discontinued operations	0.0	(42.2)	(1,866.0)
Income from continuing operations attributable to Air Products	1,760.0	1,455.6	1,134.4
Adjustments to reconcile income to cash provided by operating activities:
Depreciation and amortization	1,082.8	970.7	865.8
Deferred income taxes	57.6	(55.4)	(38.0)
Tax reform repatriation	49.4	240.6	0.0
Facility closure	29.0	0.0	0.0
Undistributed earnings of unconsolidated affiliates	(75.8)	(59.8)	(65.8)
Gain on sale of assets and investments	(24.2)	(6.9)	(24.3)
Share-based compensation	41.2	38.8	39.9
Noncurrent capital lease receivables	94.6	97.4	92.2
Goodwill and intangible asset impairment charge	0.0	0.0	162.1
Equity method investment impairment charge	0.0	0.0	79.5
Write-down of long-lived assets associated with cost reduction actions	0.0	0.0	69.2
Other adjustments	(19.4)	131.6	165.4
Working capital changes that provided (used) cash, excluding effects of acquisitions:
Trade receivables	(69.0)	(42.8)	(73.6)
Inventories	(3.0)	(64.2)	6.4
Other receivables	79.8	128.3	105.4
Payables and accrued liabilities	(41.8)	(277.7)	163.8
Other working capital	8.7	(9.0)	(154.0)
Cash Provided by Operating Activities	2,969.9	2,547.2	2,528.4
Investing Activities
Additions to plant and equipment	(1,989.7)	(1,568.4)	(1,039.7)
Acquisitions, less cash acquired	(123.2)	(345.4)	(8.2)
Investment in and advances to unconsolidated affiliates	(15.7)	0.0	(8.1)
Proceeds from sale of assets and investments	11.1	48.8	42.5
Purchases of investments	(172.1)	(530.3)	(2,692.6)
Proceeds from investments	190.5	748.2	2,290.7
Other investing activities	(14.3)	5.5	3.4
Cash Used for Investing Activities	(2,113.4)	(1,641.6)	(1,412.0)
Financing Activities
Long-term debt proceeds	0.0	0.5	2.4
Payments on long-term debt	(428.6)	(418.7)	(483.9)
Net increase (decrease) in commercial paper and short-term borrowings	3.9	(78.5)	(798.6)
Dividends paid to shareholders	(994.0)	(897.8)	(787.9)
Proceeds from stock option exercises	68.1	76.2	68.4
Other financing activities	(19.9)	(41.5)	(41.3)
Cash Used for Financing Activities	(1,370.5)	(1,359.8)	(2,040.9)
Discontinued Operations
Cash used for operating activities	0.0	(12.8)	(966.2)
Cash provided by investing activities	0.0	18.6	3,750.6
Cash provided by financing activities	0.0	0.0	69.5
Cash Provided by Discontinued Operations	0.0	5.8	2,853.9
Effect of Exchange Rate Changes on Cash	(28.6)	(33.9)	13.4
Increase (Decrease) in cash and cash items	(542.6)	(482.3)	1,942.8
Cash and Cash items – Beginning of Year	2,791.3	3,273.6	1,330.8
Cash and Cash Items – End of Period	$ 2,248.7	$ 2,791.3	$ 3,273.6

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, 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
Dividends on common stock	(808.5)			(808.5)			(808.5)
Dividends to noncontrolling interests	(28.0)							(28.0)
Share-based compensation	40.7		40.7				40.7
Issuance of treasury shares for stock option and award plans	53.9		(9.6)			63.5	53.9
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 equity transactions	(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
Stockholders' Equity [Roll Forward]
Net income	1,532.9			1,497.8			1,497.8	35.1
Other comprehensive income (loss)	86.5				105.5		105.5	(19.0)
Dividends on common stock	(931.8)			(931.8)			(931.8)
Dividends to noncontrolling interests	(29.9)							(29.9)
Share-based compensation	38.1		38.1				38.1
Issuance of treasury shares for stock option and award plans	63.0		(11.3)			74.3	63.0
Lu'An joint venture	227.4							227.4
Other equity transactions	4.6		1.4	(2.7)			(1.3)	5.9
Ending balance at Sep. 30, 2018	11,176.3	249.4	1,029.3	13,409.9	(1,741.9)	(2,089.2)	10,857.5	318.8
Stockholders' Equity [Roll Forward]
Net income	1,809.4			1,760.0			1,760.0	49.4
Other comprehensive income (loss)	(653.6)				(633.7)		(633.7)	(19.9)
Dividends on common stock	(1,008.3)			(1,008.3)			(1,008.3)
Dividends to noncontrolling interests	(12.2)							(12.2)
Share-based compensation	40.7		40.7				40.7
Issuance of treasury shares for stock option and award plans	61.9		2.2			59.7	61.9
Cumulative change in accounting principle	(17.1)			(17.1)			(17.1)
Other equity transactions	(8.8)		(1.3)	(6.1)			(7.4)	(1.4)
Ending balance at Sep. 30, 2019	$ 11,388.3	$ 249.4	$ 1,070.9	$ 14,138.4	$ (2,375.6)	$ (2,029.5)	$ 11,053.6	$ 334.7

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended								12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Statement of Stockholders' Equity [Abstract]
Dividends per share	$ 1.16	$ 1.16	$ 1.16	$ 1.10	$ 1.10	$ 1.10	$ 1.10	$ 0.95	$ 4.58	$ 4.25	$ 3.71

Major Accounting Policies

12 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Major Accounting Policies

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 (“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 losses or receive benefits significant to the VIE is considered the primary beneficiary of that entity. We have determined that we are not a primary beneficiary of any material VIE.

The results of operations and cash flows for our discontinued operations have been segregated from the results of continuing operations and segment results. There were no assets and liabilities presented as discontinued operations on the consolidated balance sheets. The comprehensive income related to discontinued operations has not been segregated and is included in the consolidated comprehensive income statement for fiscal years 2018 and 2017. Refer to Note 4, Discontinued Operations, for detail of the businesses presented in discontinued operations.

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.

Reclassifications

The consolidated financial statements and accompanying notes reflect accounting guidance that was adopted during fiscal year 2019. Refer to Note 2, New Accounting Guidance, for additional information. Certain prior year information has been reclassified to conform to the fiscal year 2019 presentation.

Estimates and Assumptions

The preparation of the financial statements in conformity with 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

The Company recognizes revenue when or as performance obligations are satisfied, which occurs when control is transferred to the customer.

We determine the transaction price of our contracts based on the amount of consideration to which we expect to be entitled to receive in exchange for the goods or services provided. Our contracts within the scope of revenue guidance do not contain payment terms that include a significant financing component.

Sales returns and allowances are not a business practice in the industry.

Our sale of gas contracts are either accounted for over time during the period in which we deliver or make available the agreed upon quantity of goods or at a point in time when the customer receives and obtains control of the product, which generally occurs upon delivery. We generally recognize revenue from our sale of gas contracts based on the right to invoice practical expedient.

Our sale of equipment contracts are generally comprised of a single performance obligation as the individual promised goods or services contained within the contracts are integrated with or dependent upon other goods or services in the contract for a single output to the customer. Revenue from our sale of equipment contracts is generally recognized over time as we have an enforceable right to payment for performance completed to date and our performance under the contract terms does not create an asset with alternative use. We recognize these contracts using a cost incurred input method by which costs incurred to date relative to total estimated costs at completion are used to measure progress toward satisfying performance obligations.

Amounts billed for shipping and handling fees are classified as sales in the consolidated income statements. Shipping and handling activities for our sale of equipment contracts may be performed after the customer obtains control of the promised goods. In these cases, we have elected to apply the practical expedient to account for shipping and handling as activities to fulfill the promise to transfer the goods. For our sale of gas contracts, control generally transfers to the customer upon delivery.

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.

For additional information, refer to Note 3, Revenue Recognition.

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 10, Plant and Equipment, net.

Selling and Administrative

The principal components of selling and administrative expenses are compensation, advertising, and promotional costs.

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 assets and liabilities 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 15, Fair Value Measurements, and Note 17, Retirement Benefits, 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 14, 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 consolidated income statements fluctuates from period to period, depending on the value of the U.S. 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 $14.2, $12.8, and $11.4 in fiscal years 2019, 2018, and 2017, 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, remediation costs, post-remediation monitoring costs, natural resource damages, 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 consider 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 18, 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 18, 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 20, Share-Based Compensation, for additional information regarding these awards and 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 allowances 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 23, Income Taxes.

Other Non-Operating Income (Expense), net

Other non-operating income (expense), net primarily includes interest income associated with our cash and cash items and short-term investments and non-service cost components of net periodic pension and postretirement benefit cost. Our non-service costs primarily include interest cost, expected return on plan assets, amortization of actuarial gains and losses, and settlements.

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 and certificates of deposit 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. Allowances for doubtful accounts were $88.2 and $91.3 as of 30 September 2019 and 2018, respectively. Provisions to the allowance for doubtful accounts charged against income were $48.8, $24.0, and $45.8 in fiscal years 2019, 2018, and 2017, respectively.

Inventories

We carry inventory that is comprised of finished goods, work-in-process, raw materials and supplies. Refer to Note 8, Inventories, for further detail.

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

Effective 1 July 2018, we determine the cost of all our inventories on a first-in, first-out basis ("FIFO"). Prior to 1 July 2018, we determined the cost of our industrial gas inventories in the United States on a last-in, first-out basis ("LIFO"). We applied this accounting change as a cumulative effect adjustment to cost of sales in the fourth quarter of fiscal year 2018 and did not restate prior period financial statements because the impact was not material. This change decreased our cost of sales by $24.1 for the quarter and fiscal year ended 30 September 2018.

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, net

Plant and equipment, net 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 10, 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 five 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 $13.5, $19.5, and $19.0 in fiscal years 2019, 2018, and 2017, 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 meeting the held for sale criteria 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 $208.2 and $190.4 at 30 September 2019 and 2018, 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 values. Any excess purchase price (plus the fair value of any noncontrolling interest and previously held equity interest in the acquiree) 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 about facts and circumstances that existed as of the acquisition date needed to finalize underlying estimates is obtained or when we determine that such information is not obtainable, 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 11, 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 finite-lived intangibles are generally amortized over periods of five to fifteen years. Other intangibles includes land use rights, which 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 12, Intangible Assets, for further detail.

Retirement Benefits

The cost of pension benefits is generally 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 17, Retirement Benefits, for disclosures related to our pension and other postretirement benefits.

New Accounting Guidance

12 Months Ended

Sep. 30, 2019

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

New Accounting Guidance

NEW ACCOUNTING GUIDANCE

Accounting Guidance Implemented in Fiscal Year 2019

Revenue Recognition

In May 2014, the Financial Accounting Standards Board (FASB) issued the new revenue standard, which is 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 adopted this guidance under the modified retrospective approach as of 1 October 2018. Upon adoption, we no longer present "Contracts in progress, less progress billings" on our consolidated balance sheets and have expanded disclosure requirements. Otherwise, adoption of this guidance did not impact our consolidated financial statements, and no adjustment was necessary to opening retained earnings. Accordingly, sales presented during fiscal year 2019 would not change if presented under accounting standards in effect prior to 1 October 2018. Refer to Note 3, Revenue Recognition, for additional information.

Cash Flow Statement Classification

In August 2016, the FASB issued guidance to reduce diversity in practice related to the classification of certain cash receipts and cash payments in the statement of cash flows. We adopted this guidance retrospectively in the first quarter of fiscal year 2019 and elected to use the cumulative earnings approach to determine the classification of distributions received from equity affiliates. As a result, we reclassified net activity from operating activities to investing activities of $7.5 and $5.7 for the fiscal years ended 30 September 2018 and 2017, respectively.

Intra-Entity Asset Transfers

In October 2016, the FASB issued guidance on accounting for the income tax effects of intra-entity transfers of assets other than inventory. Previous guidance prohibited the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset had 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. We adopted this guidance in the first quarter of fiscal year 2019 on a modified retrospective basis through a cumulative-effect adjustment of $17.1 that decreased retained earnings as of 1 October 2018.

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

In February 2018, the FASB issued guidance allowing for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act. We adopted this guidance in the fourth quarter and elected to not reclassify the income tax effects stranded in accumulated other comprehensive income to retained earnings. As a result, there was no impact on the Company’s consolidated financial statements. Our policy for releasing the income tax effects from accumulated other comprehensive income utilizes either the specific identification approach or the portfolio approach based on the nature of the underlying item and when it is reclassified to earnings.

New Accounting Guidance to be Implemented

Leases

In February 2016, the FASB issued guidance that 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 Company is the lessee under various agreements for real estate, distribution equipment, aircraft, and vehicles that are currently accounted for as operating leases.

We will adopt this guidance in fiscal year 2020 using a modified retrospective approach with the election to apply the guidance as of the adoption date instead of the earliest comparative period presented in the consolidated financial statements.

Upon adoption, we will elect the following practical expedients provided by this guidance:


•	The package of practical expedients, which allows us to carry forward the historical lease population and classification, among other things;


•	The land easements practical expedient, which allows us to carry forward our current accounting treatment for land easements on existing agreements;


•	The hindsight practical expedient, which is used to determine the reasonably certain lease term for existing leases as of the date of adoption;


•	The single component practical expedient, which allows us to account for lease and non-lease components associated with that lease as a single component, if certain criteria are met; and


•	The short-term leases practical expedient, which allows us to not record the related lease liabilities and right-of-use assets for operating leases in which we are the lessee with a term of 12 months or less.

We expect adoption of the standard will result in recognition of lease liabilities and right-of-use assets on our consolidated balance sheets of approximately $380 and $340, respectively. The standard will not materially affect our results of operations or liquidity.

Credit Losses on Financial Instruments

In June 2016, the FASB issued guidance 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 guidance will have on our 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 hedging strategies to become eligible for hedge accounting.

We will adopt the new guidance on 1 October 2019 on a prospective basis. The primary impact of adoption will be the presentation in the consolidated income statement of excluded components of our cash flow hedges of intercompany loans. Excluded components are certain portions of the change in fair value of derivative instruments that are excluded from the assessment of hedge effectiveness. Historically, the impacts from changes in value of these components were recorded in "Interest expense." Beginning in fiscal year 2020, we will present these excluded components in "Other non-operating income (expense), net" consistent with the remeasurement of the intercompany loans. In fiscal years 2019 and 2018, the excluded components recognized within "Interest expense” totaled approximately $35 and $40, respectively.

In accordance with the transition provisions of the guidance, the separate measurement of ineffectiveness for our cash flow hedging instruments existing as of the date of adoption should be eliminated through a cumulative-effect adjustment within equity.

Fair Value Measurement Disclosures

In August 2018, the FASB issued guidance which modifies the disclosure requirements for fair value measurements. The guidance is effective in fiscal year 2021, with early adoption permitted. Certain amendments must be applied prospectively and other amendments retrospectively. We are currently evaluating the impact this guidance will have on the disclosures in the notes to our consolidated financial statements.

Retirement Benefit Disclosures

In August 2018, the FASB issued guidance which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The guidance is effective in fiscal year 2021, with early adoption permitted, and must be applied on a retrospective basis. We are currently evaluating the impact this guidance will have on the disclosures in the notes to our consolidated financial statements.

Cloud Computing Implementation Costs

In August 2018, the FASB issued guidance which aligns the capitalization requirements for implementation costs incurred in a hosting arrangement that is a service contract with the existing capitalization requirements for implementation costs incurred to develop or obtain internal-use software. The guidance is effective in fiscal year 2021, with early adoption permitted, and may be applied either prospectively or retrospectively. We are currently evaluating the impact this guidance will have on our consolidated financial statements.

Related Party Guidance for Variable Interest Entities

In October 2018, the FASB issued an update which amends the guidance for determining whether a decision-making fee is a variable interest. The amendments require consideration of indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety as currently required. The guidance is effective in fiscal year 2021, with early adoption permitted. The amendments must be applied retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. We are currently evaluating the impact this guidance will have on our consolidated financial statements.

Revenue Recognition

12 Months Ended

Sep. 30, 2019

Revenue Recognition [Abstract]

Revenue Recognition

REVENUE RECOGNITION

Nature of Goods and Services

The principal activities from which the Company generates its sales from its contracts with customers, separated between our regional industrial gases businesses and industrial gases equipment businesses, are described below with their respective revenue recognition policies. For an overall summary of these policies and discussion on payment terms and presentation, refer to Note 1, Major Accounting Policies.

Industrial Gases – Regional

Our regional industrial gases businesses 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, helium, carbon dioxide, carbon monoxide, syngas, and specialty gases. We distribute gases to our sale of gas customers through different supply modes depending on various factors including the customer's volume requirements and location. Our supply modes are as follows:

On-site Gases—Supply mode associated with customers who require large volumes of gases and have relatively constant demand. Gases are produced and supplied by large facilities we construct on or near the customers’ facilities or by pipeline systems from centrally located production facilities. These sale of gas contracts generally have 15- to 20- year terms. The Company also delivers smaller quantities of product through small on-site plants (cryogenic or non-cryogenic generators), typically via a 10- to 15- year sale of gas contract. The contracts within this supply mode generally contain fixed monthly charges and/or minimum purchase requirements with price escalation provisions that are generally based on external indices. Revenue associated with this supply mode is generally recognized over time during the period in which we deliver or make available the agreed upon quantity of goods.

Merchant Gases—Supply mode associated with liquid bulk and packaged gases customers. Liquid bulk customers receive delivery of product in liquid or gaseous form by tanker or tube trailer. The product is stored, usually in its liquid state, in equipment typically designed and installed by the Company at the customer’s site for vaporizing into a gaseous state as needed. Packaged gases customers receive small quantities of product delivered in either cylinders or dewars. Both liquid bulk and packaged gases sales do not contain minimum purchase requirements as they are governed by contracts and/or purchase orders based on the customer's requirements. These contracts contain stated terms that are generally 5 years or less. Performance obligations associated with this supply mode are satisfied at a point in time when the customer receives and obtains control of the product, which generally occurs upon delivery.

The timing of revenue recognition for our regional industrial gases businesses is generally consistent with our right to invoice the customer. Variable components of consideration that may not be resolved within the month, such as the ability to earn an annual bonus or incur a penalty, are more relevant to on-site contracts and are considered constrained as they can be impacted by a single significant event such as a plant outage, which could occur at the end of a contract period. We consider contract modifications on an individual basis to determine appropriate accounting treatment. However, contract modifications are generally accounted for prospectively as they relate to distinct goods or services associated with future periods of performance.

We mitigate energy and natural gas price risk contractually through pricing formulas, surcharges, and cost pass-through arrangements.

Industrial Gases – Equipment

The Company designs and manufactures equipment for air separation, hydrocarbon recovery and purification, natural gas liquefaction (LNG), and liquid helium and liquid hydrogen transport and storage. The Industrial Gases – Global and the Corporate and other segments serve our sale of equipment customers.

Revenue from our sale of equipment contracts is generally recognized over time as we have an enforceable right to payment for performance completed to date and our performance under the contract terms does not create an asset with alternative use. Otherwise, sale of equipment contracts are satisfied at the point in time the customer obtains control of the equipment, which is generally determined based on the shipping terms of the contract. For contracts recognized over time, we primarily recognize revenue using a cost incurred input method by which costs incurred to date relative to total estimated costs at completion are used to measure progress toward satisfying performance obligations. Costs incurred include material, labor, and overhead costs and represent work contributing and proportionate to the transfer of control to the customer.

Since our contracts are generally comprised of a single performance obligation, contract modifications are typically accounted for as part of the existing contract and are recognized as a cumulative adjustment for the inception-to-date effect of such change. In addition, changes in estimates on projects accounted for under the cost incurred input method are recognized as a cumulative adjustment for the inception-to-date effect of such change. Changes in estimates favorably impacted operating income by approximately $37, $38, and $27 in fiscal years 2019, 2018, and 2017, respectively. Our changes in estimates would not have significantly impacted amounts recorded in prior years.

Disaggregation of Revenue

The table below presents our consolidated sales disaggregated by each of the supply modes described above for each of our reporting segments for the year ended 30 September 2019. We believe this presentation best depicts the nature, timing, type of customer, and contract terms for our sales.



	Industrial Gases– Americas		Industrial Gases– EMEA		Industrial Gases– Asia		Industrial Gases– Global		Corporate and other		Total		%
2019
On-site		$2,230.6		$728.4		$1,622.6		$—		$—		$4,581.6	52	%
Merchant	1,642.9		1,274.1		1,041.0		—		—		3,958.0		44	%
Sale of Equipment	—		—		—		261.0		118.3		379.3		4	%
Total		$3,873.5		$2,002.5		$2,663.6		$261.0		$118.3		$8,918.9	100	%

Approximately 5% of total consolidated sales for the year ended 30 September 2019 was associated with lease revenue relating to our on-site supply mode and therefore not within the scope of the new revenue standard.

Remaining Performance Obligations

As of 30 September 2019, the transaction price allocated to remaining performance obligations is estimated to be approximately $14 billion. This amount includes fixed-charge contract provisions associated with our on-site and sale of equipment supply modes. We estimate that approximately half of this revenue will be recognized over approximately the next five years and the balance thereafter.

Expected revenue associated with new on-site plants that are not yet onstream is excluded from this amount. In addition, this amount excludes consideration associated with contracts determined to be leases, those with an expected duration of less than one year, and variable consideration for which we recognize revenue at the amount to which we have the right to invoice, including pass-through costs related to energy and natural gas.

In the future, actual amounts will differ due to events outside of our control, including but not limited to inflationary price escalations, currency exchange rates, and terminated or renewed contracts.

Contract Balances

Upon adoption of the new revenue standard, we no longer present "Contracts in progress, less progress billings" on our consolidated balance sheets. The balance as of 30 September 2018 has been reclassified to "Other receivables and current assets."

Our sale of equipment contracts generally contain a single performance obligation which, as discussed below, results in presentation of either a contract asset or contract liability.

The table below details balances arising from contracts with customers as of our most recent balance sheet date and our date of adoption:



	30 September 2019		1 October 2018
Assets
Contract assets – current		$64.3		$53.0
Contract fulfillment costs – current	64.5		50.7
Liabilities
Contract liabilities – current	247.4		174.5
Contract liabilities – noncurrent	49.2		53.5

Contract assets and liabilities result from differences in timing of revenue recognition and customer invoicing. These balances are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period.

Contract assets primarily relate to our sale of equipment contracts for which revenue is recognized over time. These balances represent unbilled revenue, which occurs when revenue recognized under the measure of progress exceeds the amount invoiced to our customers. Our ability to invoice the customer for contract asset balances is not only based on the passage of time, but also the achievement of certain contractual milestones. Our contract assets are included within "Other receivables and current assets" on the consolidated balance sheets.

Contract fulfillment costs primarily include deferred costs related to sale of equipment projects that cannot be inventoried and for which we expect to recognize revenue upon transfer of control at project completion or costs related to fulfilling a specific anticipated contract. Contract fulfillment costs are generally classified as current and are included within "Other receivables and current assets" on the consolidated balance sheets.

Costs to obtain a contract, or contract acquisition costs, are capitalized only after we have established a contract with the customer. We elected to apply the practical expedient to expense these costs as they are incurred if the amortization period of the asset that would have otherwise been recognized is one year or less. Our contract acquisition costs capitalized as of 30 September 2019 were not material.

Contract liabilities include advance payments or right to consideration prior to performance under the contract. Contract liabilities are recognized as revenue when or as we perform under the contract. The increase in our contract liabilities – current balance primarily relates to new sale of equipment projects as balances associated with our sale of gas contracts are generally related to fixed charges and are relatively consistent period over period. During the year ended 30 September 2019, we recognized approximately $110 in revenue associated with sale of equipment contracts that was included within our contract liabilities as of 30 September 2018. The current and noncurrent portions of our contract liabilities are included within "Payables and accrued liabilities" and "Other noncurrent liabilities" on our consolidated balance sheets, respectively. Advanced payments from our customers do not represent a significant financing component as these payments are intended for purposes other than financing, such as to meet working capital demands or to protect us from our customer failing to meet its obligations under the terms of the contract.

Changes in contract asset and liability balances during the year ended 30 September 2019 were not materially impacted by any other factors.

Discontinued Operations

12 Months Ended

Sep. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

In fiscal year 2018, income from discontinued operations, net of tax, was $42.2. This included an income tax benefit of $25.6 resulting from the resolution of uncertain tax positions taken in conjunction with the disposition of our former European Homecare business in fiscal year 2012 and an after-tax benefit of $17.6 resulting from the resolution of certain post-closing adjustments associated with the sale of our former Performance Materials Division ("PMD") in fiscal year 2017. These benefits were partially offset by an after-tax loss of $1.0 related to Energy-from-Waste ("EfW").

There were no assets or liabilities presented in discontinued operations on the consolidated balance sheets as of 30 September 2019 or 2018.

The following table details income from discontinued operations, net of tax, on the consolidated income statements for fiscal year 2017:



							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 of business, 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 related to costs incurred for ongoing project exit activities, administrative costs, and land lease obligations.


^(B)	As a result of the expected gain on the 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 included expense for income tax reserves for uncertain tax positions of $28.0 gross ($21.0 net) in various jurisdictions.

In fiscal year 2017, income from discontinued operations, net of tax, of $1,866.0 included a gain of $2,870 ($1,828 after-tax, or $8.32 per share) for the sale of PMD. Refer to Note 5, Materials Technologies Separation, for additional information. In addition, we recorded a loss on the disposal of EfW of $59.3 ($47.1 after-tax) during the first quarter of 2017, primarily for land lease obligations and to update our estimate of the net realizable value of the plant assets. The loss on disposal was recorded as a component of discontinued operations while the liability associated with land lease obligations was and continues to be recorded in continuing operations. As of 30 September 2019, liabilities associated with EfW recorded in continuing operations were approximately $58 and primarily related to the land lease obligations.

Materials Technologies Separation	12 Months Ended
Materials Technologies Separation	Sep. 30, 2019
Restructuring and Related Activities [Abstract]
Materials Technologies Separation	MATERIALS TECHNOLOGIES SEPARATION As further discussed below, we completed the separation of the divisions comprising the former Materials Technologies segment through the spin-off of EMD as Versum Materials, Inc. and the sale of PMD to Evonik Industries AG ("Evonik") in fiscal year 2017. In connection with the dispositions, we incurred net separation costs of $30.2. The net costs included legal and advisory fees of $32.5, which are reflected on the consolidated income statements as “Business separation costs,” and a pension settlement benefit of $2.3 presented within "Other non-operating income (expense), net." Our fiscal year 2017 income tax provision included net tax benefits of $5.5, primarily related to changes in tax positions on business separation activities. Spin-off of EMD On 1 October 2016 (the distribution date), Air Products completed the spin-off of its Electronic Materials Division (EMD) as Versum Materials, Inc. ("Versum"), 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. The spin-off of Versum was treated as a noncash transaction in the consolidated statement 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. We recognized a gain on the sale of $2,870 ($1,828 after-tax, or $8.32 per share), which is reflected within "Income from discontinued operations, net of tax" for the year ended 30 September 2017.

Cost Reduction and Asset Actions

12 Months Ended

Sep. 30, 2019

Restructuring and Related Activities [Abstract]

Cost Reduction and Asset Actions

COST REDUCTION AND ASSET ACTIONS

The charges we record for cost reduction and asset actions are not recorded in segment results. Liabilities associated with these actions are reflected on our consolidated balance sheets within "Payables and accrued liabilities."

Fiscal Year 2019 Cost Reduction Actions

In fiscal year 2019, we recognized an expense of $25.5 for severance and other benefits associated with the elimination or planned elimination of approximately 300 positions. These actions are expected to drive cost synergies primarily within the Industrial Gases – EMEA and the Industrial Gases – Americas segments.

The following table summarizes the carrying amount of the accrual as of 30 September 2019.




2019 Charge		$25.5
Cash expenditures	(6.9		)
Amount reflected in pension liability	(.3		)
Currency translation adjustment	(.5		)
30 September 2019		$17.8

Fiscal Year 2017 Cost Reduction and Asset Actions

In fiscal year 2017, we recognized a net expense of $151.4 for cost reduction and asset actions. The net expense included a charge of $154.8 for actions taken in 2017 ("the 2017 charge"), partially offset by the favorable settlement of the remaining $3.4 accrued balance associated with business restructuring actions taken in 2015.

The 2017 charge included $88.5 for asset actions related to the write-down of an air separation unit in the Industrial Gases – EMEA segment that was constructed mainly to provide oxygen to a former EfW plant; the planned sale of a non-industrial gas hardgoods business in the Industrial Gases – Americas segment; and the closure of an LNG heat exchanger manufacturing facility in the Corporate and other segment. The 2017 charge also included $66.3 for severance and other benefits associated with the elimination of approximately 625 positions, primarily in the Corporate and other and Industrial Gases – EMEA segments. 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.

Acquisitions

12 Months Ended

Sep. 30, 2019

Acquisitions [Abstract]

Acquisitions

ACQUISITIONS

Fiscal Year 2019 Business Combinations

As further discussed below, we completed three business combinations in fiscal year 2019.

Exchange of Equity Affiliate Investments

As of 30 September 2018, we held 50% ownership interests in High-Tech Gases (Beijing) Co., Ltd. ("High-Tech Gases") and WuXi Hi-Tech Gas Co., Ltd. ("WuXi"), both of which were joint ventures with another industrial gas company in China. We accounted for these arrangements as equity method investments in our Industrial Gases – Asia segment through 30 April 2019.

On 1 May 2019, we acquired our partner's 50% interest in WuXi in exchange for our 50% interest in High-Tech Gases. The purpose of the exchange was to simplify the current structure of the two entities and to allow each party to serve its customers more efficiently in their respective geographies. Subsequent to the acquisition date, we own 100% of WuXi and no longer have an equity interest in High-Tech Gases.

The exchange resulted in a net gain of $29.1, of which $15.0 resulted from the revaluation of our previously held equity interest in WuXi to its acquisition date fair value and $14.1 resulted from the disposition of our interest in High-Tech Gases. The net gain has been reflected as "Gain on exchange of equity affiliate investments" on our consolidated income statements in fiscal year 2019 and was not recorded in segment results. There were no tax impacts on the exchange.

We revalued our previously held 50% equity interest in WuXi based on an estimated acquisition date fair value of $27.0. We calculated this fair value using a discounted cash flow analysis under the income approach, which required estimates and assumptions regarding projected revenue growth, customer attrition rates, profit margin, and discount rate.

The acquisition of the remaining interest in WuXi was accounted for as a business combination. The results of this business have been consolidated within our Industrial Gases – Asia segment as of the acquisition date. Upon acquisition, we recognized plant and equipment of $28.0, intangible assets of $27.4, and goodwill of $3.9. The intangible assets were primarily customer relationships, having a weighted-average useful life of approximately 10 years. The goodwill recognized on the transaction, none of which is deductible for tax purposes, was recorded in the Industrial Gases – Asia segment and is attributable to expected growth synergies. The acquisition did not materially impact our consolidated income statements for the periods presented.

Other Fiscal Year 2019 Business Combinations

The remaining business combinations completed in fiscal year 2019 had total consideration, net of cash acquired, of $126.6. The largest of these business combinations was the acquisition of ACP Europe SA ("ACP"), the largest independent carbon dioxide business in Continental Europe, which closed on 1 March 2019. We expect this acquisition to enable us to better serve existing merchant customers and pursue new industrial gas growth opportunities across additional European geographies. The results of this business are consolidated within our Industrial Gases – EMEA segment and did not materially impact our consolidated income statements for the periods presented.

Our other 2019 business combinations resulted in the recognition of plant and equipment of $75.1 and goodwill of $44.7, partially offset by net liabilities acquired. The goodwill recognized on the transactions, $1.7 of which is deductible for tax purposes, was primarily recorded in the Industrial Gases – EMEA segment and is attributable to expected growth and cost synergies.

The acquired assets and liabilities resulting from our 2019 business combinations were recorded at their estimated fair values, which were calculated based on a preliminary purchase price allocation prepared by management. We may record adjustments to these assets and liabilities during the preliminary purchase price allocation period, which could be up to one year from the acquisition date.

Fiscal Year 2018 Asset Acquisition

On 26 April 2018 ("the acquisition date"), we completed the formation of Air Products Lu An (Changzhi) Co., Ltd. (“the JV”), a 60%-owned joint venture with Lu’An Clean Energy Company ("Lu’An"). The JV receives coal, steam and power from Lu’An and supplies syngas to Lu’An under a long-term onsite contract. The results of the JV are consolidated within the Industrial Gases – Asia segment.

Air Products contributed four large air separation units to the JV with a carrying value of approximately $300, and the JV acquired gasification and syngas clean-up assets from Lu’An for 7.9 billion RMB (approximately $1.2 billion). As a result, the carrying value of the plant and equipment of the JV was approximately $1.5 billion at the acquisition date.

We accounted for the acquisition of the gasification and syngas clean-up assets as an asset acquisition. In connection with closing the acquisition, we paid net cash of approximately 1.5 billion RMB ($235) and issued equity of 1.4 billion RMB ($227) to Lu'An for their noncontrolling interest in the JV. In addition, Lu'An made a loan of 2.6 billion RMB to the JV with regularly scheduled principal and interest payments at a fixed interest rate of 5.5%, and we established a liability of 2.3 billion RMB for remaining cash payments. The issuance of equity to Lu'An for their noncontrolling interest, the long-term debt, and the liability for the remaining cash payments were noncash transactions that have been excluded from the consolidated statement of cash flows for the fiscal year ended 30 September 2018.

The following table summarizes the liabilities resulting from this acquisition as reflected on our consolidated balance sheets:



30 September	2019		2018
Payables and accrued liabilities		$8.9		$330.0
Current portion of long-term debt	37.8		—
Long-term debt – related party	320.1		384.3

Fiscal Year 2018 Business Combinations

In fiscal year 2018, we completed eight acquisitions that were accounted for as business combinations. These acquisitions had total consideration, net of cash acquired, of $355.4. The largest of the acquisitions was completed during the first quarter of fiscal year 2018 and primarily consisted of three air separation units serving onsite and merchant customers in China, which strengthened our position in the region. The results of this business are consolidated within our Industrial Gases – Asia segment.

Inventories

12 Months Ended

Sep. 30, 2019

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

The components of inventories are as follows:



30 September	2019		2018
Finished goods		$128.8		$125.4
Work in process	27.5		21.2
Raw materials, supplies and other	232.0		249.5
Inventories		$388.3		$396.1

Summarized Financial Information of Equity Affiliates

12 Months Ended

Sep. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Summarized Financial Information of Equity Affiliates

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 Private Limited (50%);
Air Products South Africa (Proprietary) Limited (50%);		Jazan Gas Projects Company (26%);
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%);
INFRA Group (40%);		and principally, other industrial gas producers.



30 September			2019		2018
Current assets				$1,660.6		$1,556.9
Noncurrent assets			4,400.4		4,340.8
Current liabilities			725.1		635.7
Noncurrent liabilities			2,853.6		2,652.5

Year Ended 30 September	2019		2018		2017
Net sales		$2,885.6		$2,663.1		$2,343.3
Sales less cost of sales	1,193.4		1,050.6		878.6
Operating income	763.4		635.3		509.5
Net income	492.4		388.0		343.5

Dividends received from equity affiliates were $144.3, $122.5, and $99.5 in fiscal years 2019, 2018, and 2017, respectively.

The investment in net assets of and advances to equity affiliates as of 30 September 2019 and 2018 included investment in foreign affiliates of $1,275.4 and $1,276.0, respectively.

As of 30 September 2019 and 2018, the amount of investment in companies accounted for by the equity method included equity method goodwill of $42.8 and $42.4, respectively.

Exchange of Equity Affiliate Investments

On 1 May 2019, we acquired our partner's 50% interest in WuXi in exchange for our 50% interest in High-Tech Gases. Subsequent to the acquisition date, we own 100% of WuXi and no longer have an equity interest in High-Tech Gases. The results and financial position of this business have been consolidated within our Industrial Gases – Asia segment as of the acquisition date.

Refer to Note 7, Acquisitions, to the consolidated financial statements for additional information.

U.S. Tax Cuts and Jobs Act

For the year ended 30 September 2018, equity affiliates' income includes an expense of $28.5 for our proportionate share of the impact of the U.S. Tax Cuts and Jobs Act primarily recorded during the first quarter of fiscal year 2018. This expense is included in the fiscal year 2018 net income on a 100% basis in the table above. Refer to Note 23, Income Taxes, for additional information.

Equity Affiliate Impairment Charge

During the third quarter of fiscal year 2017, we recorded an other-than-temporary impairment charge of $79.5 on our investment in Abdullah Hashim Industrial Gases & Equipment Co., Ltd. (AHG), a 25%-owned equity affiliate in our Industrial Gases – EMEA segment. The impairment charge is reflected on our consolidated income statements within “Equity affiliates' income." This charge was not deductible for tax purposes and has been excluded from segment results.

The decline in value resulted 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 drove our updated valuation of AHG included 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.

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 26% 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 2018, other noncurrent liabilities included $94.4 for our obligation to make future equity contributions in 2020 based on our proportionate share of the advances received by the joint venture under the loan. During 2019, this balance was reclassified from other noncurrent liabilities to payables and accrued liabilities on our consolidated balance sheets as the obligation is required to be funded within the next twelve months. This noncash transaction has been excluded from the consolidated statement of cash flows for the year ended 30 September 2019.

Plant and Equipment, Net

12 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Plant and Equipment, Net

PLANT AND EQUIPMENT, NET

The major classes of plant and equipment are as follows:



30 September	Useful Life in years			2019		2018
Land					$281.5		$269.4
Buildings			30	946.8		988.6
Production facilities^(A)	10	to	20	15,602.1		15,082.8
Distribution and other machinery and equipment^(B)	5	to	25	4,491.9		4,400.9
Construction in progress				1,011.4		748.5
Plant and equipment, at cost				22,333.7		21,490.2
Less: Accumulated depreciation				11,996.1		11,566.5
Plant and equipment, net					$10,337.6		$9,923.7


^(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 $1,049.7, $940.7, and $843.2 in fiscal years 2019, 2018, and 2017, respectively.

Goodwill

12 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

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			Corporate and other		Total
Goodwill, net at 30 September 2017		$163.7			$402.4			$135.2			$20.2			$—		$721.5
Acquisitions	—			29.5			38.1			—			10.4		78.0
Currency translation and other	(1.6		)	(7.5		)	(1.4		)	(.1		)	—		(10.6		)
Goodwill, net at 30 September 2018		$162.1			$424.4			$171.9			$20.1			$10.4		$788.9
Acquisitions	—			38.5			10.1			—			—		48.6
Currency translation and other	(5.8		)	(30.6		)	(3.5		)	(.5		)	—		(40.4		)
Goodwill, net at 30 September 2019		$156.3			$432.3			$178.5			$19.6			$10.4		$797.1



30 September	2019			2018			2017
Goodwill, gross		$1,162.2			$1,194.7			$1,138.7
Accumulated impairment losses^(A)	(365.1		)	(405.8		)	(417.2		)
Goodwill, net		$797.1			$788.9			$721.5


^(A)	Accumulated impairment losses include the impacts of currency translation. These losses are attributable to our Latin America reporting unit (LASA) within the Industrial Gases – Americas segment.

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. The impairment test for goodwill involves calculating the fair value of each reporting unit and comparing that value to the carrying value. If the fair value of the reporting unit is less than its carrying value, the difference is recorded as a goodwill impairment charge, not to exceed the total amount of goodwill allocated to that reporting unit. During the fourth quarter of fiscal year 2019, we conducted our annual goodwill impairment test and determined that the fair value of all our reporting units exceeded their carrying value.

During the third quarter of fiscal year 2017, we conducted an interim impairment test of the goodwill associated with our Latin America Reporting unit (LASA) within the Industrial Gases – Americas segment. This was driven by Management's decision to lower long-term growth projections in response to declining volumes and weak economic conditions in Latin America during fiscal year 2017. We determined that the fair value of LASA was less than its carrying value and recorded a noncash impairment charge of $145.3, which is 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.

Intangible Assets

12 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

INTANGIBLE ASSETS

The table below summarizes the major classes of our intangible assets:



	30 September 2019							30 September 2018
	Gross		Accumulated Amortization/ Impairment			Net		Gross		Accumulated Amortization/ Impairment			Net
Customer relationships		$487.9		($179.8	)		$308.1		$491.9		($165.5	)		$326.4
Patents and technology	39.0		(13.3		)	25.7		34.0		(11.9		)	22.1
Other	75.0		(33.4		)	41.6		72.6		(33.8		)	38.8
Total finite-lived intangibles	601.9		(226.5		)	375.4		598.5		(211.2		)	387.3
Trade names and trademarks, indefinite-lived	56.2		(12.1		)	44.1		64.8		(13.6		)	51.2
Total Intangible Assets		$658.1		($238.6	)		$419.5		$663.3		($224.8	)		$438.5

The decrease in net intangible assets in fiscal year 2019 was primarily attributable to amortization and the impact of currency translation, partially offset by intangible assets acquired through an exchange of equity affiliate investments. For additional information on the exchange, refer to Note 7, Acquisitions.

Amortization expense for intangible assets was $33.1, $30.0, and $22.6 in fiscal years 2019, 2018, and 2017, respectively. Refer to Note 1, Major Accounting Policies, for the amortization periods for each major class of intangible assets. The table below details projected annual amortization expense for intangible assets as of 30 September 2019:



2020		$35.3
2021	33.5
2022	30.8
2023	29.6
2024	28.6
Thereafter	217.6
Total		$375.4

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. During the fourth quarter of fiscal year 2019, we conducted our annual impairment test of indefinite-lived intangible assets and determined that the fair value of all our intangible assets exceeded their carrying value.

During the third quarter of fiscal year 2017, we conducted an interim impairment test of the indefinite-lived intangible assets associated with LASA and recorded a noncash impairment charge of $16.8 to write down the carrying value of the trade names and trademarks to their fair value. The impairment charge has been excluded from the Industrial Gases – Americas segment's operating income and is reflected on our consolidated income statements within “Goodwill and intangible asset impairment charge." As discussed in Note 11, Goodwill, the reduction in value resulted from lowered long-term growth projections. We estimated the fair value of the indefinite-lived intangibles associated with LASA utilizing the royalty savings method, a form of the income approach.

In addition, we tested the recoverability of LASA long-lived assets, including finite-lived intangible assets subject to amortization, in fiscal year 2017 and concluded that they were recoverable from expected future undiscounted cash flows.

Leases

12 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases

LEASES

Lessee Accounting

Capital leases, primarily for the right to use machinery and equipment, are included with owned plant and equipment within "Plant and Equipment, net" on the consolidated balance sheets in the amount of $23.1 and $21.6 at 30 September 2019 and 2018, respectively. Related amounts of accumulated depreciation are $7.2 and $6.1, 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 $87.0, $82.7, and $65.8 in fiscal years 2019, 2018, and 2017, respectively.

At 30 September 2019, minimum payments due under leases are as follows:



	Capital Leases		Operating Leases
2020		$1.7		$75.1
2021	2.5		62.6
2022	1.3		44.4
2023	1.1		35.9
2024	1.1		28.6
Thereafter	12.8		171.4
Total		$20.5		$418.0

The present value of the above future capital lease payments totaled $10.1. Refer to Note 16, Debt.

Lessor Accounting

Certain contracts associated with facilities that are built to provide product to a specific customer have been 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 under a sale of gas agreement. 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. As discussed in Note 2, New Accounting Guidance, upon adoption of the new lease guidance we will elect the package of practical expedients permitted under the transition guidance to carry forward these lease determinations as of 30 September 2019.

Operating Leases

Assets subject to operating lease treatment in which we are the lessor are recorded within "Plant and equipment, net" on the consolidated balance sheets. As of 30 September 2019, plant and equipment, at cost, was $2.9 billion, and accumulated depreciation was $.5 billion. Assets subject to operating leases include those of the Lu’An joint venture, which is discussed in Note 7, Acquisitions.

At 30 September 2019, minimum lease payments expected to be collected are as follows:



2020		$321.7
2021	287.3
2022	283.1
2023	278.4
2024	275.5
Thereafter	3,042.5
Total		$4,488.5

Capital Leases

Lease receivables, net, are primarily included within "Noncurrent capital lease receivables" on our consolidated balance sheets, with the remaining balance in "Other receivables and current assets." Allowances for credit losses associated with capital lease receivables are recorded using the specific identification method. As of 30 September 2019 and 2018, the credit quality of capital lease receivables did not require a material allowance for credit losses.

The components of lease receivables were as follows:



30 September	2019			2018
Gross minimum lease payments receivable		$1,453.2			$1,673.7
Unearned interest income	(472.3		)	(568.3		)
Lease Receivables, net		$980.9			$1,105.4

Lease payments collected in fiscal years 2019, 2018, and 2017 were $171.6, $182.7, and $183.6, respectively. These payments reduced the lease receivable balance by $94.6, $97.4, and $92.2 in fiscal years 2019, 2018, and 2017, respectively.

At 30 September 2019, minimum lease payments expected to be collected are as follows:



2020		$162.5
2021	156.9
2022	145.7
2023	139.4
2024	133.2
Thereafter	715.5
Total		$1,453.2

Financial Instruments

12 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

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 seek 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 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 2019 is 2.2 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.

We also 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 2019			30 September 2018
	US$ Notional		Years Average Maturity	US$ Notional		Years Average Maturity
Forward Exchange Contracts
Cash flow hedges		$2,418.2	0.5		$2,489.1	0.4
Net investment hedges	830.8		0.9	457.5		1.7
Not designated	1,053.5		0.6	1,736.1		0.8
Total Forward Exchange Contracts		$4,302.5	0.6		$4,682.7	0.7

The notional value of forward exchange contracts not designated decreased from the prior year as a result of maturities.

We also 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 was €951.3 million ($1,036.9) at 30 September 2019 and €908.8 million ($1,054.6) at 30 September 2018. The designated foreign currency-denominated debt is presented within "Long-term debt" on the consolidated balance sheets.

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, our debt portfolio and hedging program are managed with the 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). As of 30 September 2019, 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 non-functional 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 Chinese Renminbi, U.S. Dollars and Indian Rupee, and U.S. Dollars and Chilean Pesos.

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



	30 September 2019							30 September 2018
	US$ Notional		Average Pay %		Average Receive %		Years Average Maturity	US$ Notional		Average Pay %		Average Receive %		Years Average Maturity
Interest rate swaps (fair value hedge)		$200.0	LIBOR		2.76	%	2.1		$600.0	LIBOR		2.60	%	1.6
Cross currency interest rate swaps (net investment hedge)		$216.8	4.80	%	3.31	%	3.5		$201.7	4.42	%	2.97	%	3.1
Cross currency interest rate swaps (cash flow hedge)		$1,129.3	4.92	%	3.04	%	2.3		$1,052.7	4.99	%	2.89	%	2.3
Cross currency interest rate swaps (not designated)		$6.1	2.55	%	3.72	%	4.5		$80.2	4.88	%	3.43	%	3.9

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



	Balance Sheet	30 September				Balance Sheet	30 September
	Location	2019		2018		Location	2019		2018
Derivatives Designated as Hedging Instruments:
Forward exchange contracts	Other receivables		$79.0		$24.9	Accrued liabilities		$53.8		$37.0
Interest rate management contracts	Other receivables	24.8		24.3		Accrued liabilities	1.1		2.3
Forward exchange contracts	Other noncurrent assets	11.9		19.8		Other noncurrent liabilities	.7		4.6
Interest rate management contracts	Other noncurrent assets	60.9		48.7		Other noncurrent liabilities	.7		11.6
Total Derivatives Designated as Hedging Instruments			$176.6		$117.7			$56.3		$55.5
Derivatives Not Designated as Hedging Instruments:
Forward exchange contracts	Other receivables	38.7		7.9		Accrued liabilities		$36.3		$14.9
Interest rate management contracts	Other receivables	—		4.0		Accrued liabilities	—		—
Forward exchange contracts	Other noncurrent assets	8.4		16.2		Other noncurrent liabilities	19.8		23.7
Interest rate management contracts	Other noncurrent assets	.5		.3		Other noncurrent liabilities	—		—
Total Derivatives Not Designated as Hedging Instruments			$47.6		$28.4			$56.1		$38.6
Total Derivatives			$224.2		$146.1			$112.4		$94.1

Refer to Note 15, 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
	2019			2018			2019		2018		2019			2018			2019			2018
Cash Flow Hedges, net of tax:
Net gain (loss) recognized in OCI (effective portion)		($35.7	)		$2.4			$—		$—		($8.4	)		$43.5			($44.1	)		$45.9
Net (gain) loss reclassified from OCI to sales/cost of sales (effective portion)	.6			7.1			—		—		—			—			.6			7.1
Net (gain) loss reclassified from OCI to other income (expense), net (effective portion)	21.8			(7.8		)	—		—		(24.7		)	(33.8		)	(2.9		)	(41.6		)
Net (gain) loss reclassified from OCI to interest expense (effective portion)	12.1			1.2			—		—		2.6			3.9			14.7			5.1
Net (gain) loss reclassified from OCI to other income (expense), net (ineffective portion)	—			(.5		)	—		—		(.1		)	(.5		)	(.1		)	(1.0		)
Fair Value Hedges:
Net gain (loss) recognized in interest expense^(B)		$—			$—			$—		$—		$4.3			($10.1	)		$4.3			($10.1	)
Net Investment Hedges, net of tax:
Net gain (loss) recognized in OCI		$39.1			($.6	)		$49.6		$10.2		$9.8			$11.0			$98.5			$20.6
Derivatives Not Designated as Hedging Instruments:
Net gain (loss) recognized in other income (expense), net^(C)		($1.3	)		($4.0	)		$—		$—		$2.0			($.8	)		$.7			($4.8	)


^(A)	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 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 was largely offset by recognized gains and losses resulting from the impact of changes in exchange rates on assets and liabilities denominated in non-functional currencies.

The amount of cash unrealized gains and losses related to cash flow hedges as of 30 September 2019 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 $30.1 as of 30 September 2019 and $33.4 as of 30 September 2018, respectively. 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 $157.1 as of 30 September 2019 and $97.6 as of 30 September 2018, respectively. No financial institution is required to post collateral at this time, as all have credit ratings at or above threshold.

Fair Value Measurements

12 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Fair value is defined as an exit price, or 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 primarily include time deposits with original maturities greater than three months and less than one year. We estimated the fair value of our short-term investments, which approximates carrying value as of the balance sheet date, 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 consider 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 that 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 14, Financial Instruments, for a description of derivative instruments, including details related to the balance sheet line classifications.

Long-term Debt, Including Related Party

The fair value of our debt is based on estimates using standard pricing models that consider 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 2019				30 September 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets
Derivatives
Forward exchange contracts		$138.0		$138.0		$68.8		$68.8
Interest rate management contracts	86.2		86.2		77.3		77.3
Liabilities
Derivatives
Forward exchange contracts		$110.6		$110.6		$80.2		$80.2
Interest rate management contracts	1.8		1.8		13.9		13.9
Long-term debt, including current portion and related party	3,267.8		3,350.9		3,758.3		3,788.2

The carrying amounts reported on the consolidated balance sheets 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 on the consolidated balance sheets that are measured at fair value on a recurring basis:



	30 September 2019								30 September 2018
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets at Fair Value
Derivatives
Forward exchange contracts		$138.0		$—		$138.0		$—		$68.8		$—		$68.8		$—
Interest rate management contracts	86.2		—		86.2		—		77.3		—		77.3		—
Total Assets at Fair Value		$224.2		$—		$224.2		$—		$146.1		$—		$146.1		$—
Liabilities at Fair Value
Derivatives
Forward exchange contracts		$110.6		$—		$110.6		$—		$80.2		$—		$80.2		$—
Interest rate management contracts	1.8		—		1.8		—		13.9		—		13.9		—
Total Liabilities at Fair Value		$112.4		$—		$112.4		$—		$94.1		$—		$94.1		$—

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:

30 June 2017

2017 Loss

Total

Level 1

Level 2

Level 3

Investment in Equity Affiliate^(A)

$68.5

$—

$68.5

$79.5

^(A)

In fiscal year 2017, 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 events during fiscal years 2018 or 2019 requiring reassessment of our investment. For additional information, see Note 9, 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 11, Goodwill, and Note 12, 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, 2019

Debt Disclosure [Abstract]

Debt

DEBT

The tables below summarize our outstanding debt at 30 September 2019 and 2018:

Total Debt



30 September	2019		2018
Short-term borrowings		$58.2		$54.3
Current portion of long-term debt^(A)(B)	40.4		406.6
Long-term debt	2,907.3		2,967.4
Long-term debt – related party^(B)	320.1		384.3
Total Debt		$3,326.0		$3,812.6


^(A)	Fiscal year 2019 includes the current portion of long-term debt owed to a related party of $37.8.


^(B)	Refer to Note 7, Acquisitions, for additional information regarding related party debt.

Short-term Borrowings

Short-term borrowings consisted of bank obligations of $58.2 and $54.3 at 30 September 2019 and 2018, respectively. The weighted average interest rate of short-term borrowings outstanding at 30 September 2019 and 2018 was 3.7% and 5.0%, respectively.

Long-term Debt



30 September	Fiscal Year Maturities	2019			2018
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 4.375%	2019	—			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 1.44%	2035 to 2050	631.9			631.9
Other .25%^(A)		—			.9
Payable in Other Currencies
Eurobonds 2.0%	2020	327.0			348.1
Eurobonds .375%	2021	381.5			406.2
Eurobonds 1.0%	2025	327.0			348.1
Other 2.9%	2020 to 2023	3.8			8.0
Related Party^(B)
Chinese Renminbi 5.5%	2020 to 2026	357.9			384.3
Capital Lease Obligations
Foreign 10.3%	2020 to 2036	10.1			10.5
Total Principal Amount		3,274.8			3,773.6
Less: Unamortized discount and debt issuance costs		(12.2		)	(15.3		)
Less: Fair value hedge accounting adjustments^(A)		5.2			—
Total Long-term Debt		3,267.8			3,758.3
Less: Current portion of long-term debt		(40.4		)	(406.6		)
Less: Long-term debt – related party		(320.1		)	(384.3		)
Long-term Debt			$2,907.3			$2,967.4

^(A)

The Company has entered into LIBOR-based interest rate swap arrangements with various counterparty financial institutions on certain of our outstanding fixed-rate senior notes, which have maturity dates between 2019 and 2022. These interest rate swaps have been designated as fair value hedges of the notes. Refer to Note 14, Financial Instruments, for additional information. The fiscal year 2018 fair value hedge accounting adjustment is reflected as "Other" senior notes in the table above.


^(B)	Refer to Note 7, Acquisitions, for additional information regarding related party debt.

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



2020		$367.4
2021	440.2
2022	439.3
2023	453.7
2024	453.4
Thereafter	1,120.8
Total		$3,274.8

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 2019, we are in compliance with all the financial and other covenants under our debt agreements.

As of 30 September 2019, we classified our 2.0% Eurobond of €300.0 million ($327.0) maturing in August 2020 as long-term debt because we have the ability to refinance the debt under the 2017 Credit Agreement. Our current intent is to refinance this debt via the U.S. or European public or private placement markets.

Additional commitments totaling $2.3 are maintained by our foreign subsidiaries, all of which were borrowed and outstanding at 30 September 2019.

Cash paid for interest, net of amounts capitalized, was $155.9, $123.1, and $125.9 in fiscal years 2019, 2018, and 2017, respectively.

2017 Credit Agreement

On 31 March 2017, we entered into a five-year $2,500 revolving credit agreement maturing 31 March 2022 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. On 28 September 2018, we amended the 2017 Credit Agreement to reduce the maximum borrowing capacity to $2,300. No other terms were impacted by the amendment.

The 2017 Credit Agreement provides a source of liquidity for the Company and supports our commercial paper program. The Company’s only financial covenant under the 2017 Credit Agreement 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 2019.

Retirement Benefits

12 Months Ended

Sep. 30, 2019

Retirement Benefits [Abstract]

Retirement Benefits

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, after which defined contribution plans were offered to new employees. 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 in fiscal years 2019, 2018, and 2017 included the following components:



	2019						2018						2017
	U.S.			International			U.S.			International			U.S.			International
Service cost		$21.4			$19.3			$25.5			$25.5			$29.0			$25.9
Interest cost	113.4			35.8			107.2			37.3			107.5			32.2
Expected return on plan assets	(172.5		)	(75.1		)	(201.6		)	(81.7		)	(207.7		)	(75.2		)
Amortization
Net actuarial loss	65.3			10.9			87.4			40.2			88.7			54.7
Prior service cost (credit)	1.1			—			1.6			—			2.3			(.1		)
Settlements	6.2			.2			45.0			3.5			10.5			1.7
Curtailments	—			—			—			—			4.3			(1.3		)
Special termination benefits	.7			.1			.4			—			2.8			.4
Other	—			.8			—			1.5			—			1.1
Net Periodic Benefit Cost/(Benefit) – Total		$35.6			($8.0	)		$65.5			$26.3			$37.4			$39.4
Less: Discontinued Operations	—			—			—			—			(.7		)	(4.1		)
Net Periodic Benefit Cost/(Benefit) – Continuing Operations		$35.6			($8.0	)		$65.5			$26.3			$36.7			$35.3

Our service costs are primarily included within "Cost of sales" and "Selling and administrative" on our consolidated income statements. The amount of service costs capitalized in fiscal years 2019 and 2018 and the amount of net periodic benefit costs capitalized in fiscal year 2017 were not material. The non-service related costs, including pension settlement losses, are presented outside operating income within "Other non-operating income (expense), net."

During the fourth quarter of fiscal year 2018, we recognized a pension settlement loss of $43.7 primarily in connection with the transfer of certain pension assets and payment obligations for our U.S. salaried and hourly plans to an insurer through the purchase of an irrevocable, nonparticipating group annuity contract. The transaction does not change the amount of the monthly pension benefits received by affected retirees.

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. We recognized pension settlement losses of $6.2, $5.2 and $10.5 in fiscal years 2019, 2018 and 2017, 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.

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:



	2019				2018				2017
	U.S.		International		U.S.		International		U.S.		International
Discount rate – Service cost	4.3	%	2.5	%	3.9	%	2.6	%	3.6	%	2.1	%
Discount rate – Interest cost	4.0	%	2.2	%	3.3	%	2.2	%	3.0	%	1.8	%
Expected return on plan assets	7.0	%	5.3	%	7.5	%	5.8	%	8.0	%	6.1	%
Rate of compensation increase	3.5	%	3.5	%	3.5	%	3.6	%	3.5	%	3.5	%

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:



	2019				2018
	U.S.		International		U.S.		International
Discount rate	3.2	%	1.5	%	4.3	%	2.5	%
Rate of compensation increase	3.5	%	3.3	%	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:



	2019						2018
	U.S.			International			U.S.			International
Change in Projected Benefit Obligation
Obligation at beginning of year		$2,922.8			$1,660.5			$3,357.7			$1,749.5
Service cost	21.4			19.3			25.5			25.5
Interest cost	113.4			35.8			107.2			37.3
Amendments	1.1			4.7			.1			.7
Actuarial loss (gain)	380.3			300.2			(217.8		)	(33.9		)
Settlements	(12.2		)	(1.6		)	(193.0		)	(24.6		)
Special termination benefits	.7			.1			.4			—
Participant contributions	—			1.3			—			1.4
Benefits paid	(146.2		)	(47.7		)	(157.3		)	(51.3		)
Currency translation and other	.3			(108.6		)	—			(44.1		)
Obligation at End of Year		$3,281.6			$1,864.0			$2,922.8			$1,660.5



	2019						2018
	U.S.			International			U.S.			International
Change in Plan Assets
Fair value at beginning of year		$2,684.9			$1,588.2			$2,869.2			$1,540.0
Actual return on plan assets	289.9			208.0			150.2			115.5
Company contributions	16.0			24.2			14.6			53.7
Participant contributions	—			1.3			—			1.4
Benefits paid	(146.2		)	(47.7		)	(157.3		)	(51.3		)
Settlements	(12.2		)	(1.6		)	(191.8		)	(24.6		)
Currency translation and other	—			(100.0		)	—			(46.5		)
Fair Value at End of Year		$2,832.4			$1,672.4			$2,684.9			$1,588.2
Funded Status at End of Year		($449.2	)		($191.6	)		($237.9	)		($72.3	)



	2019				2018
	U.S.		International		U.S.		International
Amounts Recognized
Noncurrent assets		$17.3		$11.4		$28.2		$103.5
Accrued liabilities	18.3		—		23.5		1.2
Noncurrent liabilities	448.2		203.0		242.6		174.6
Net Liability Recognized		$449.2		$191.6		$237.9		$72.3

Fiscal year 2018 settlements in the table above primarily reflect the impact of the transfer of certain pension obligations and plan assets of our U.S. salaried and hourly plans to an insurer through the purchase of an irrevocable, nonparticipating group annuity contract in the fourth quarter of fiscal year 2018.

The changes in plan assets and benefit obligation that have been recognized in other comprehensive income on a pretax basis during fiscal years 2019 and 2018 consist of the following:



	2019						2018
	U.S.			International			U.S.			International
Net actuarial loss (gain) arising during the period		$262.9			$161.5			($167.7	)		($64.6	)
Amortization of net actuarial loss	(71.5		)	(11.1		)	(132.4		)	(43.7		)
Prior service cost arising during the period	1.1			4.7			.1			.7
Amortization of prior service cost	(1.1		)	—			(1.6		)	—
Total		$191.4			$155.1			($301.6	)		($107.6	)

The net actuarial gain 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 losses arising during fiscal year 2019 are primarily attributable to lower discount rates and partially offset by 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 U.S. participants, which was approximately 7 years as of 30 September 2019. For U.K. participants, accumulated actuarial gains and losses that exceed a corridor are amortized over the average remaining life expectancy, which was approximately 25 years as of 30 September 2019.

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



	2019				2018
	U.S.		International		U.S.		International
Net actuarial loss		$871.8		$594.0		$680.4		$443.6
Prior service cost (credit)	6.6		3.6		6.6		(1.1		)
Net transition liability	—		.4		—		.4
Total		$878.4		$598.0		$687.0		$442.9

The amount of accumulated other comprehensive loss at 30 September 2019 that is expected to be recognized as a component of net periodic pension cost during fiscal year 2020, excluding amounts that may be recognized through settlement losses, is as follows:



	U.S.		International
Net actuarial loss		$84.2		$19.2
Prior service cost (credit)	1.4		—

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 $4,931.6 and $4,376.4 as of 30 September 2019 and 2018, respectively.

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



	30 September 2019				30 September 2018
	U.S.		International		U.S.		International
Pension Plans with PBO in Excess of Plan Assets:
PBO		$3,069.2		$521.1		$2,733.6		$452.6
Fair value of plan assets	2,602.8		318.0		2,467.5		276.8
Pension Plans with ABO in Excess of Plan Assets:
ABO		$2,941.2		$413.3		$2,608.6		$357.9
Fair value of plan assets	2,602.8		266.5		2,467.5		228.2

The tables above include several pension arrangements that are not funded because of jurisdictional practice. The ABO and PBO related to these plans as of 30 September 2019 were $92.6 and $99.2, 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. As of 30 September 2019, actual allocations vary from target due to market movements, primarily lower interest rates in the fourth quarter. Subsequent to 30 September 2019, rebalancing actions have been taken so that the U.S. salaried and hourly plan portfolio is within asset allocation target ranges. 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:



	2019 Target Allocation						2019 Actual Allocation				2018 Actual Allocation
	U.S.			International			U.S.		International		U.S.		International
Asset Category
Equity securities	43	-	58%	39	-	49%	38	%	42	%	41	%	46	%
Debt securities	34	-	49%	51	-	61%	56	%	57	%	50	%	53	%
Real estate and other	—	-	10%			—%	6	%	—	%	8	%	—	%
Cash			—%			—%	—	%	1	%	1	%	1	%
Total							100	%	100	%	100	%	100	%

In fiscal year 2019, the 7.0% 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 7.8%, 4.7%, and 6.5%, 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 fiscal year 2019, the 5.3% 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 5.8% and was derived from expected equity and debt security returns of 7.4% and 2.7%, respectively.

The following table summarizes pension plan assets measured at fair value by asset class (see Note 15, Fair Value Measurements, for definition of the levels):



	30 September 2019								30 September 2018
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
U.S. Qualified Pension Plans
Cash and cash equivalents		$13.7		$13.7		$—		$—		$13.8		$13.8		$—		$—
Equity securities	401.1		401.1		—		—		397.9		397.9		—		—
Equity mutual funds	152.9		152.9		—		—		173.8		173.8		—		—
Equity pooled funds	524.8		—		524.8		—		545.2		—		545.2		—
Fixed income:
Bonds (government and corporate)	1,572.1		—		1,572.1		—		1,344.6		—		1,344.6		—
Total U.S. Qualified Pension Plans at Fair Value		$2,664.6		$567.7		$2,096.9		$—		$2,475.3		$585.5		$1,889.8		$—
Real estate pooled funds^(A)		$167.8								$209.6
Total U.S. Qualified Pension Plans		$2,832.4								$2,684.9
International Pension Plans
Cash and cash equivalents		$13.4		$13.4		$—		$—		$15.8		$15.8		$—		$—
Equity pooled funds	711.3		—		711.3		—		727.9		—		727.9		—
Fixed income pooled funds	679.9		—		679.9		—		615.2		—		615.2		—
Other pooled funds	13.7		—		13.7		—		11.6		—		11.6		—
Insurance contracts	254.1		—		—		254.1		217.7		—		—		217.7
Total International Pension Plans		$1,672.4		$13.4		$1,404.9		$254.1		$1,588.2		$15.8		$1,354.7		$217.7

^(A)

Real estate pooled funds consist of funds that invest in properties. These funds generally allow for quarterly redemption with 30 days' notice. Timing for redemption could be delayed based on the priority of our request and the availability of funds. Interests in these funds are valued using the net asset value (NAV) per share practical expedient and are not classified in the fair value hierarchy.

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



	Other Pooled Funds			Insurance Contracts			Total
30 September 2017		$7.8			$41.4			$49.2
Actual return on plan assets:
Assets held at end of year	—			.9			.9
Assets sold during the period	.5			—			.5
Purchases, sales, and settlements, net	(8.3		)	175.4			167.1
30 September 2018		$—			$217.7			$217.7
Actual return on plan assets:
Assets held at end of year	—			38.1			38.1
Purchases, sales, and settlements, net	—			(1.7		)	(1.7		)
30 September 2019		$—			$254.1			$254.1

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.

Equity Mutual and Pooled Funds

Shares of mutual funds are valued at the 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 based on the value of the underlying traded holdings 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.

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 assets 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 and discount rates that require inputs with limited observability.

Contributions and Projected Benefit Payments

Pension contributions to funded plans and benefit payments for unfunded plans for fiscal year 2019 were $40.2. Contributions for funded plans resulted primarily from contractual and regulatory requirements. Benefit payments to unfunded plans were due primarily to the timing of retirements. We anticipate contributing $30 to $40 to the defined benefit pension plans in fiscal year 2020. 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
2020		$166.8		$47.9
2021	160.0		49.1
2022	166.0		50.1
2023	170.1		54.3
2024	174.1		58.0
2025-2029	919.9		308.3

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

U.K. Lloyds Equalization Ruling

On 26 October 2018, the United Kingdom High Court issued a ruling related to the equalization of pension plan participants’ benefits for the gender effects of Guaranteed Minimum Pensions. As a result of this ruling, we estimated the impact of retroactively increasing benefits in our U.K. plan in accordance with the High Court ruling. We treated the additional benefits as a prior service cost, which resulted in an increase to our projected benefit obligation and accumulated other comprehensive loss of $4.7 during the first quarter of fiscal year 2019. We are amortizing this cost over the average remaining life expectancy of the U.K. participants.

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 2,197,262 as of 30 September 2019.

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 fiscal years 2019, 2018, and 2017 were $40.6, $34.2, and $33.7, 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 these benefits were not material in fiscal years 2019, 2018, and 2017. Accumulated postretirement benefit obligations as of the end of fiscal years 2019 and 2018 were $43.7 and $56.4, respectively, of which $7.7 and $9.4 were current obligations, respectively.

We recognize changes in other postretirement benefit plan obligations in other comprehensive income on a pretax basis. In fiscal years 2019 and 2018, we recognized gains that arose during the period of $6.1 and $3.1, respectively. In fiscal year 2018, we recognized net actuarial loss amortization of $.3. There was no net actuarial loss amortization in fiscal year 2019 as the corridor for the plan was not exceeded.

The net actuarial gain/loss recognized in accumulated other comprehensive loss on a pretax basis was a net gain of $1.7 and a net loss of $4.4 as of 30 September 2019 and 2018, respectively.

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 have no impact on plan obligations.

Commitments and Contingencies

12 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

LITIGATION

We are involved in various legal proceedings, including commercial, competition, environmental, intellectual property, regulatory, 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 $43 at 30 September 2019) 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 $43 at 30 September 2019) 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 31 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 2019 and 2018 included an accrual of $68.9 and $76.8, 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 $68 to a reasonably possible upper exposure of $82 as of 30 September 2019.

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 2019, $24.3 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 before-tax expense of $42 in fiscal 2006 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 have 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 consistent with our previous estimates.

Piedmont

At 30 September 2019, $14.7 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. The SCDHEC issued its final approval to the site-wide feasibility study on 13 June 2017 and the Record of Decision for the site on 27 June 2018. Field work has started to support the remedial design, and in the fourth quarter of fiscal year 2018, we signed a Consent Agreement Amendment memorializing our obligations to complete the cleanup of the site. We estimate that source area remediation and groundwater recovery and treatment will continue through 2029. Thereafter, we expect this site to go into a state of monitored natural attenuation through 2047.

We recognized a before-tax expense of $24 in 2008 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 2019, $11.8 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 long-term on-site 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 term. These obligations are primarily reflected within "Other noncurrent liabilities" on the consolidated balance sheets. 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 were as follows:



Balance at 30 September 2017		$144.7
Additional accruals	43.8
Liabilities settled	(2.6		)
Accretion expense	7.2
Currency translation adjustment	(2.7		)
Balance at 30 September 2018		$190.4
Additional accruals	14.7
Liabilities settled	(2.1		)
Accretion expense	8.7
Currency translation adjustment	(3.5		)
Balance at 30 September 2019		$208.2

The increase in the liability during fiscal year 2018 primarily related to new obligations associated with the Lu'An asset acquisition completed in April 2018.

GUARANTEES AND WARRANTIES

We guaranteed the repayment of our 25% share of an equity bridge loan that has been provided to fund equity commitments to a joint venture arrangement with ACWA Holding in Saudi Arabia. ACWA also guarantees their share of the loan. Our maximum exposure under the guarantee, which expires in 2020, is approximately $100. As of 30 September 2018, other noncurrent liabilities included $94.4 for our obligation to make future equity contributions in 2020 based on our proportionate share of the advances received by the joint venture under the loan. During 2019, this balance was reclassified from other noncurrent liabilities to payables and accrued liabilities on our consolidated balance sheets as the obligation is required to be funded within the next twelve months.

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 provided bank guarantees to the joint venture to support our performance under the contract. As of 30 September 2019, our maximum potential payments were $247. 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 2019, maximum potential payments under joint and several guarantees were $26.0. Exposures under the guarantees decline over time and will be completely extinguished by 2024.

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:



2020		$1,358
2021	407
2022	369
2023	349
2024	350
Thereafter	5,477
Total		$8,310

Approximately $7,100 of our unconditional purchase obligations relate to helium purchases. The majority of these obligations occur after fiscal year 2024. Helium purchases include crude feedstock supply to 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-if-tendered provisions. The refined helium is distributed globally and sold as a merchant gas, primarily under medium-term requirements contracts. While contract terms in our helium sourcing contracts are generally longer than our customer sales contracts, helium is a rare gas used in applications with few or no substitutions because of its unique physical and chemical properties.

Approximately $160 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.

We estimate our maximum obligation for future purchases of plant and equipment to be approximately $890 based on open purchase orders as of 30 September 2019. This includes spending for the Jiutai coal-to-syngas project. Although open purchase orders are considered enforceable and legally binding, the terms generally allow us the option to reschedule, cancel, or otherwise modify based on our business needs. We have disclosed this obligation in fiscal year 2020; however, timing of actual satisfaction of the obligation may vary.

Capital Stock

12 Months Ended

Sep. 30, 2019

Equity [Abstract]

Capital Stock

CAPITAL STOCK

Common Stock

Authorized common stock consists of 300 million shares with a par value of $1 per share. As of 30 September 2019, 249 million shares were issued, with 220 million outstanding.

On 15 September 2011, the Board of Directors authorized the repurchase of up to $1.0 billion 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 2019. At 30 September 2019, $485.3 in share repurchase authorization remains.

The following table reflects the changes in common shares:



Year ended 30 September	2019	2018	2017
Number of Common Shares Outstanding
Balance, beginning of year	219,515,245	218,346,074	217,350,825
Issuance of treasury shares for stock option and award plans	900,017	1,169,171	995,249
Balance, end of year	220,415,262	219,515,245	218,346,074

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 2019 and 2018.

Share-Based Compensation

12 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

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 2019, there were 4,581,960 shares available for future grant under our Long-Term Incentive Plan (LTIP), which is shareholder approved.

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



	2019			2018			2017
Before-Tax Share-Based Compensation Cost – Total		$41.2			$38.8			$40.7
Before-Tax Share-Based Compensation Cost – Discontinued Operations	—			—			.8
Before-Tax Share-Based Compensation Cost – Continuing Operations		$41.2			$38.8			$39.9
Income tax benefit – Continuing Operations	(9.7		)	(9.1		)	(14.0		)
After-Tax Share-Based Compensation Cost – Continuing Operations		$31.5			$29.7			$25.9

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 fiscal years 2019, 2018, and 2017 was not material.

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



	2019		2018		2017
Deferred stock units		$41.1		$38.3		$34.5
Stock options	—		.2		1.4
Restricted stock	.1		.3		4.8
Before-Tax Share-Based Compensation Cost – Total		$41.2		$38.8		$40.7

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 ten 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. We have elected to account for forfeitures as they occur, rather than to estimate them. Forfeitures have not been significant historically.

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 beginning 1 October of the fiscal year of grant. We granted 114,929, 105,268, and 117,692 market-based deferred stock units in fiscal years 2019, 2018, and 2017, respectively.

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 estimated grant-date fair value of market-based deferred stock units was $229.61, $202.50, and $156.87 per unit in fiscal years 2019, 2018, and 2017, respectively. The calculation of the fair value used the following assumptions:



	2019		2018		2017
Expected volatility	17.5	%	18.7	%	20.6	%
Risk-free interest rate	2.8	%	1.9	%	1.4	%
Expected dividend yield	2.6	%	2.6	%	2.5	%

In addition, during fiscal year 2019, we granted 169,666 time-based deferred stock units at a weighted average grant-date fair value of $168.68. In fiscal years 2018 and 2017, we granted 143,379 and 165,121 time-based deferred stock units at a weighted average grant-date fair value of and $162.11 and $143.75, respectively.



Deferred Stock Units	Shares (000)		Weighted Average Grant-Date Fair Value
Outstanding at 30 September 2018	940			$137.78
Granted	285		193.29
Paid out	(113	)	119.59
Forfeited/adjustments	(136	)	136.11
Outstanding at 30 September 2019	976			$156.31

Cash payments made for deferred stock units were $1.9, $2.2, and $2.1 in fiscal years 2019, 2018, and 2017, respectively. As of 30 September 2019, there was $49.2 of unrecognized compensation cost related to deferred stock units. The cost is expected to be recognized over a weighted average period of 1.6 years. The total fair value of deferred stock units paid out during fiscal years 2019, 2018, and 2017, including shares vested in prior periods, was $19.2, $38.5, and $36.6, 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. The Company has not issued stock option awards since fiscal year 2015.

A summary of stock option activity is presented below:



Stock Options	Shares (000)		Weighted Average Exercise Price
Outstanding at 30 September 2018	2,186			$89.33
Exercised	(842	)	82.27
Forfeited	—		—
Outstanding and Exercisable at 30 September 2019	1,344			$93.75

The aggregate intrinsic value represents the amount by which our closing stock price of $221.86 as of 30 September 2019 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 fiscal years 2019, 2018, and 2017 was $87.2, $90.4, and $57.3, 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 2019, there was no unrecognized compensation cost as all stock option awards were fully vested.

Cash received from option exercises during fiscal year 2019 was $68.1. The total tax benefit realized from stock option exercises in fiscal year 2019 was $20.4, of which $16.4 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 elected to account for forfeitures as they occur, rather than to estimate them. Forfeitures have not been significant historically.

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 2018	42			$140.28
Vested	(16	)	144.09
Outstanding at 30 September 2019	26			$138.00

As of 30 September 2019, there was no unrecognized compensation cost as all restricted stock awards were fully vested. The total fair value of restricted stock vested during fiscal years 2019, 2018, and 2017 was $2.6, $2.2, and $4.1, respectively.

Versum Spin-off

As discussed in Note 4, Discontinued Operations, Air Products completed the spin-off of Versum on 1 October 2016. In connection with the spin-off, 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 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.

Accumulated Other Comprehensive Loss

12 Months Ended

Sep. 30, 2019

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

Accumulated Other Comprehensive Loss

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 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	)
Other comprehensive income (loss) before reclassifications	45.9			(244.6		)	179.4			(19.3		)
Amounts reclassified from AOCL	(30.4		)	3.1			133.1			105.8
Net current period other comprehensive income (loss)		$15.5			($241.5	)		$312.5			$86.5
Amount attributable to noncontrolling interest	—			(18.8		)	(.2		)	(19.0		)
Balance at 30 September 2018		($37.6	)		($1,009.8	)		($694.5	)		($1,741.9	)
Other comprehensive loss before reclassifications	(44.1		)	(356.2		)	(326.2		)	(726.5		)
Amounts reclassified from AOCL	12.3			(2.6		)	63.2			72.9
Net current period other comprehensive loss		($31.8	)		($358.8	)		($263.0	)		($653.6	)
Amount attributable to noncontrolling interest	(8.0		)	(11.7		)	(.2		)	(19.9		)
Balance at 30 September 2019		($61.4	)		($1,356.9	)		($957.3	)		($2,375.6	)

The table below summarizes the reclassifications out of AOCL and the affected line item on the consolidated income statements:



	2019			2018			2017
(Gain) Loss on Cash Flow Hedges, net of tax
Sales/Cost of sales		$.6			$7.1			$18.3
Other income (expense), net	(3.0		)	(42.6		)	5.1
Interest expense	14.7			5.1			.8
Total (Gain) Loss on Cash Flow Hedges, net of tax		$12.3			($30.4	)		$24.2

Currency Translation Adjustment
Cost of sales^(A)		$—			$3.1			$—
Cost reduction and asset actions^(B)	—			—			8.2
Gain on exchange of equity affiliate investments^(C)	(2.6		)	—			—
Loss from discontinued operations, net of tax^(D)	—			—			49.1
Total Currency Translation Adjustment		($2.6	)		$3.1			$57.3

Pension and Postretirement Benefits, net of tax^(E)		$63.2			$133.1			$110.7


^(A)	The fiscal year 2018 impact relates to an equipment sale resulting from the termination of a contract in the Industrial Gases – Asia segment during the first quarter.


^(B)	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.


^(C)	The fiscal year 2019 impact relates to a net gain on the exchange of two equity affiliates with a joint venture partner. Refer to Note 7, Acquisitions, for additional information.


^(D)	The fiscal year 2017 impact relates to the sale of PMD during the second quarter.

^(E)

The components of net periodic benefit cost reclassified out of AOCL include items such as prior service cost amortization, actuarial loss amortization, and settlements and are included in “Other non-operating income (expense), net” on the consolidated income statements. Refer to Note 17, Retirement Benefits, for additional information.

Earnings per Share

12 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Earnings per Share

EARNINGS PER SHARE

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



30 September	2019		2018		2017
Numerator
Net income from continuing operations		$1,760.0		$1,455.6		$1,134.4
Net income from discontinued operations	—		42.2		1,866.0
Net Income Attributable to Air Products		$1,760.0		$1,497.8		$3,000.4
Denominator (in millions)
Weighted average common shares — Basic	220.3		219.3		218.0
Effect of dilutive securities
Employee stock option and other award plans	1.3		1.5		1.8
Weighted average common shares — Diluted	221.6		220.8		219.8
Basic EPS Attributable to Air Products
Basic earnings per share from continuing operations		$7.99		$6.64		$5.20
Basic earnings per share from discontinued operations	—		.19		8.56
Basic Earnings Per Common Share Attributable to Air Products		$7.99		$6.83		$13.76
Diluted EPS Attributable to Air Products
Diluted earnings per share from continuing operations		$7.94		$6.59		$5.16
Diluted earnings per share from discontinued operations	—		.19		8.49
Diluted Earnings Per Common Share Attributable to Air Products		$7.94		$6.78		$13.65

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 2019 and 2017, respectively. Outstanding share-based awards of .1 million shares were antidilutive and therefore excluded from the computation of diluted EPS for fiscal year 2018.

Income Taxes

12 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

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



	2019		2018		2017
Income from Continuing Operations Before Taxes
United States		$723.3		$688.5		$669.8
Foreign	1,350.8		1,151.7		666.2
Income from equity affiliates	215.4		174.8		80.1
Total		$2,289.5		$2,015.0		$1,416.1

On 22 December 2017, the United States enacted the U.S. Tax Cuts and Jobs Act (the “Tax Act” or "Tax reform"), which significantly changed existing U.S. tax laws, including a reduction in the federal corporate income tax rate from 35% to 21%, a deemed repatriation tax on unremitted foreign earnings, as well as other changes. Our consolidated income statements reflect a discrete net income tax expense of $43.8 and $180.6 in fiscal years 2019 and 2018, respectively, related to impacts of the Tax Act.

In fiscal year 2019, our income tax expense reflects the reversal of a non-recurring $56.2 benefit recorded in fiscal year 2018 related to the U.S. taxation of deemed foreign dividends. This was partially offset by a benefit of $12.4 to reduce the total expected costs of the deemed repatriation tax. The non-recurring benefit recorded in fiscal year 2018 was eliminated by regulations issued in fiscal year 2019.

In fiscal year 2018, our consolidated income statements reflect a discrete net income tax expense of $180.6 and a $28.5 reduction to equity affiliates' income for the impacts of the Tax Act. The income tax expense of $180.6 included a cost of $392.4, which included $322.1 for the deemed repatriation tax and $70.3 primarily for additional foreign taxes on the repatriation of foreign earnings. This cost was partially offset by a $211.8 benefit primarily from the re-measurement of our net U.S. deferred tax liabilities at the lower corporate tax rate. The deemed repatriation tax of $322.1 included the $56.2 non-recurring benefit related to the U.S. taxation of deemed foreign dividends that was eliminated in 2019. We have historically asserted our intention to indefinitely reinvest foreign earnings in certain foreign subsidiaries. We reevaluated our historic assertions as a result of enactment of the Tax Act and adjusted our position relative to the indefinitely reinvested earnings of various foreign subsidiaries. The impact of these changes is included in the $70.3 for additional foreign taxes on the repatriation of foreign earnings recorded in fiscal year 2018.

After applying tax credits, the balance of the deemed repatriation tax obligation is $256.8, which we are paying in installments over seven remaining years. As of 30 September 2019, we recorded $215.4 of this obligation on our consolidated balance sheets in noncurrent liabilities.

While our accounting for the provisions of the Tax Act is not provisional, further adjustments to the deemed repatriation tax could result from future U.S. or foreign tax examinations of the years impacted by the calculation or from the issuance of additional federal or state guidance.

As a fiscal year-end taxpayer, certain provisions of the Tax Act became effective in our fiscal year 2018 while other provisions did not become effective until fiscal year 2019. The corporate tax rate reduction was effective as of 1 January 2018 and, accordingly, reduced our 2018 fiscal year U.S. federal statutory rate to a blended rate of approximately 24.5%. The 21% federal tax rate now applies to our fiscal year ended 30 September 2019 and each year thereafter.

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



	2019		2018			2017
Current Tax Provision
Federal		$163.7		$305.1			$62.8
State	23.3		17.7			7.0
Foreign	235.5		256.9			229.1
Total Current Tax Provision	422.5		579.7			298.9
Deferred Tax Provision
Federal	9.7		(121.7		)	1.4
State	2.4		12.5			6.0
Foreign	45.5		53.8			(45.4		)
Total Deferred Tax Provision	57.6		(55.4		)	(38.0		)
Total Income Tax Provision		$480.1		$524.3			$260.9

Total company income tax payments, net of refunds, were $324.3, $372.0, and $1,348.8 in fiscal years 2019, 2018, and 2017, respectively. Tax payments were higher in fiscal year 2017 due to taxes related to the $2,870 gain on the sale of PMD. Refer to Note 4, Discontinued Operations, for additional information.

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)	2019		2018		2017
U.S. federal statutory tax rate	21.0	%	24.5	%	35.0	%
State taxes, net of federal benefit	1.0		1.0		1.0
Income from equity affiliates	(2.0	)	(2.1	)	(2.0	)
Foreign tax differentials	1.0		(1.0	)	(7.9	)
Tax on foreign repatriated earnings	.1		(.4	)	(2.2	)
Domestic production activities	—		(.4	)	(.8	)
Share-based compensation	(.6	)	(1.0	)	(1.2	)
Tax reform repatriation	1.9		19.5		—
Tax reform rate change and other	—		(11.1	)	—
Tax restructuring benefit	—		(1.8	)	—
Non-deductible goodwill impairment charge	—		—		3.6
Non-U.S. subsidiary tax election	—		—		(7.7	)
Business separation costs	—		—		.2
Other	(1.4	)	(1.2	)	.4
Effective Tax Rate	21.0	%	26.0	%	18.4	%

Foreign tax differentials represent the differences between foreign earnings subject to foreign tax rates that are different than the U.S. federal statutory rate and include tax holidays and incentives. As a result of the reduction in the federal corporate income tax rates under the Tax Act, our effective non-U.S. tax rate is now higher than our fiscal year 2019 U.S. statutory rate of 21.0%. As a result of the lower statutory rate in fiscal year 2019 versus fiscal year 2018, the net impact of foreign tax rates reflects the cost of foreign rates higher than the U.S. federal statutory rate.

Tax on foreign repatriated earnings includes benefits and costs related to U.S. and additional foreign taxation on the current and future repatriation of foreign earnings and a U.S. benefit for related foreign tax credits. In addition, the Tax Act also enacted new provisions related to the taxation of foreign operations, known as Global Intangible Low Tax Income (“GILTI”). We have elected as an accounting policy to account for GILTI as a period cost when incurred. This and various other provisions of the Tax Act did not become effective until fiscal year 2019 and did not impact our tax provision in fiscal year 2018.

The Tax Act repealed the domestic production activities deduction, effective for our fiscal 2019 tax year, and lowered the benefit taken in fiscal year 2018.

Share-based compensation reflects the impact from recognition of $14.6, $21.5, and $17.6 of excess tax benefits in our provision for income taxes during fiscal years 2019, 2018, and 2017, respectively.

In fiscal year 2018, we recognized a tax benefit of $35.7, net of reserves for uncertain tax positions, and a corresponding decrease to net deferred tax liabilities resulting from the restructuring of several foreign subsidiaries.

In fiscal year 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. Refer to Note 11, Goodwill, for additional information regarding the impairment charge.

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



30 September	2019			2018
Gross Deferred Tax Assets
Retirement benefits and compensation accruals		$227.1			$153.1
Tax loss carryforwards	140.6			143.5
Tax credits and other tax carryforwards	31.1			17.1
Reserves and accruals	69.6			42.5
Currency losses	—			3.8
Other	57.7			45.4
Valuation allowance	(92.1		)	(105.0		)
Deferred Tax Assets	434.0			300.4
Gross Deferred Tax Liabilities
Plant and equipment	954.6			811.8
Currency gains	23.9			—
Unremitted earnings of foreign entities	31.0			36.1
Partnership and other investments	14.8			16.3
Intangible assets	80.0			84.3
Other	8.3			5.6
Deferred Tax Liabilities	1,112.6			954.1
Net Deferred Income Tax Liability		$678.6			$653.7

Deferred tax assets and liabilities are included within the consolidated balance sheets as follows:



	2019		2018
Deferred Tax Assets
Other noncurrent assets		$115.2		$121.4
Deferred Tax Liabilities
Deferred income taxes	793.8		775.1
Net Deferred Income Tax Liability		$678.6		$653.7

Retirement benefits and compensation accruals are impacted significantly by the changes in plan assets and benefit obligations that have been recognized in other comprehensive income. Refer to Note 17, Retirement Benefits, for additional information. Deferred tax liabilities related to plant and equipment increased due to the impact of an increase in accelerated tax depreciation deductions in excess of book depreciation in multiple jurisdictions. The deferred tax component for currency transactions moved into an overall deferred tax liability position due primarily to currency movements on hedging transactions as several foreign based currencies weakened against the U.S. dollar in fiscal year 2019. Reserves and accruals were impacted by an increase in tax deferred deductions related to the timing of recognizing accruals for local tax and accounting purposes.

As of 30 September 2019, the Company had the following deferred tax assets for certain tax credits:

The generation of $13.3 in excess U.S. foreign tax credits in fiscal year 2019 increased the balance of the tax credits and other tax carryforwards component. Of the $20.8 foreign tax credits, $5.8 have indefinite carryforward periods.

As of 30 September 2019, the Company had the following loss carryforwards:



Jurisdiction	Gross Loss Carryforward		Expiration Period
U.S. State Net Operating Loss		$296.3	2020 - 2034
U.S. Federal Capital Loss	1.8		2023
Foreign Net Operating Loss	352.6		2020 - 2029; Indefinite
Foreign Capital Loss	262.5		Indefinite

Of the $352.6 of foreign net operating loss carryforwards, $148.9 have indefinite carryforward periods.

The valuation allowance as of 30 September 2019 of $92.1 primarily related to $42.8 of foreign credits and loss carryforwards as well as $44.6 related to foreign capital losses that were generated from the loss recorded on the exit from the EfW 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, as of 30 September 2019.

As a result of the Tax Act, we recorded $373.2 of federal income tax from the deemed repatriation tax on approximately $5.8 billion of previously undistributed earnings from our foreign subsidiaries and corporate joint ventures. These earnings are now eligible to be repatriated to the U.S. with reduced U.S. tax impacts. However, such earnings may be subject to foreign withholding and other taxes. We record foreign and U.S. income taxes on the undistributed earnings of our foreign subsidiaries and corporate joint ventures unless those earnings are indefinitely reinvested. The 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 $4.2 billion as of 30 September 2019. An estimated $359.6 in additional foreign withholding and other income taxes would be due if these earnings were remitted as dividends.

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



Unrecognized Tax Benefits	2019			2018			2017
Balance at beginning of year		$233.6			$146.4			$90.2
Additions for tax positions of the current year	7.8			26.4			47.5
Additions for tax positions of prior years	14.2			119.2			16.1
Reductions for tax positions of prior years	(14.7		)	(41.3		)	(4.0		)
Settlements	(1.5		)	(14.2		)	(2.0		)
Statute of limitations expiration	(3.9		)	(2.6		)	(3.2		)
Foreign currency translation	(3.8		)	(.3		)	1.8
Balance at End of Year		$231.7			$233.6			$146.4

As of 30 September 2019 and 2018, we had $231.7 and $233.6 of unrecognized tax benefits, excluding interest and penalties, respectively, of which $75.0 and $88.6, respectively, would impact the effective tax rate from continuing operations if recognized.

Interest and penalties related to unrecognized tax benefits are recorded as a component of income tax expense and totaled $12.0, ($2.4), and $3.7 in fiscal years 2019, 2018, and 2017, respectively. Our accrued balance for interest and penalties was $19.5 and $8.4 as of 30 September 2019 and 2018, respectively.

In fiscal year 2018, $119.2 in additions for tax positions of prior years related primarily to uncertain state tax filing positions taken related to the sale of PMD. Additions for tax positions of the current year in fiscal year 2018 of $26.4 included uncertain tax positions related to the restructuring of foreign subsidiaries and reserves for ongoing transfer pricing uncertainties.

In fiscal year 2018, we received a final audit settlement agreement that resolved uncertainties related to unrecognized tax benefits of $43.1, including interest. This settlement primarily related to tax positions taken in conjunction with the disposition of our Homecare business in 2012. As a result, we recorded an income tax benefit of $25.6, including interest, in income from discontinued operations during 2018. The settlement also resulted in an income tax benefit of approximately $9.1, including interest, in continuing operations for the release of tax reserves on other matters. The reduction in prior year positions and settlement payments also reflect the settlement of U.S. federal tax audits for 2012 through 2014 reported in the first quarter of the year.

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 as of the date of this report.

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 – Federal	2016	-	2019
United States – State	2010	-	2019
Canada	2015	-	2019
Europe
France	2016	-	2019
Germany	2013	-	2019
Netherlands	2018	-	2019
Spain	2015	-	2019
United Kingdom	2015	-	2019
Asia
China	2014	-	2019
South Korea	2010	-	2019
Taiwan	2014	-	2019
Latin America
Chile	2016	-	2019

Supplemental Information

12 Months Ended

Sep. 30, 2019

Disclosure Text Block Supplement [Abstract]

Supplemental Information

SUPPLEMENTAL INFORMATION



Other Receivables and Current Assets 30 September	2019		2018
Contract assets		$64.3		$—
Contract fulfillment costs	64.5		—
Derivative instruments	142.5		61.1
Current capital lease receivables	90.9		92.1
Contracts in progress, less progress billings	—		77.5
Other	115.5		142.6
Other receivables and current assets		$477.7		$373.3



Other Noncurrent Assets 30 September	2019		2018
Derivative instruments		$81.7		$85.0
Noncurrent customer receivable	118.0		92.4
Prepaid tax	17.0		13.2
Deferred tax assets	115.2		121.4
Pension benefits	28.7		131.7
Other	243.5		210.8
Other noncurrent assets		$604.1		$654.5



Payables and Accrued Liabilities 30 September	2019		2018
Trade creditors		$519.3		$594.6
Payables associated with Lu'An	8.9		330.0
Contract liabilities	247.4		156.6
Accrued payroll and employee benefits	186.1		201.4
Pension and postretirement benefits	26.0		34.1
Dividends payable	255.7		241.5
Derivative instruments	91.2		54.2
Obligation for future contribution to an equity affiliate	94.4		—
Other	206.7		205.4
Payables and accrued liabilities		$1,635.7		$1,817.8



Other Noncurrent Liabilities 30 September	2019		2018
Pension benefits		$651.2		$417.2
Postretirement benefits	36.0		47.0
Noncurrent customer liability	118.0		92.4
Long-term accrued income taxes related to U.S. tax reform	215.4		184.4
Contingencies related to uncertain tax positions	123.3		113.2
Contract liabilities	49.2		58.2
Environmental liabilities	59.1		64.6
Derivative instruments	21.2		39.9
Asset retirement obligations	201.9		189.5
Obligation for future contribution to an equity affiliate	—		94.4
Obligations associated with EfW	57.8		63.3
Other	179.3		172.8
Other noncurrent liabilities		$1,712.4		$1,536.9

Facility Closure

In December 2018, one of our customers was subject to a government enforced shutdown due to environmental reasons. As a result, we recognized a charge of $29.0 during the first quarter of fiscal year 2019 primarily related to the write-off of onsite assets. This charge is reflected as “Facility closure” on our consolidated income statements for the fiscal year ended 30 September 2019 and has not been recorded in segment results. Annual sales and operating income associated with this customer prior to the facility closure were not material to the Industrial Gases – Asia segment. We do not expect to recognize additional charges related to this shutdown.

Sales to and Other Income From Related Parties

We have related party sales to some of our equity affiliates and joint venture partners as well as other income primarily from fees charged for use of Air Products' patents and technology. Sales to and other income from related parties totaled approximately $410, $360, and $600 in fiscal years 2019, 2018, and 2017, respectively. Sales agreements with related parties include terms that are consistent with those that we believe would have been negotiated at an arm’s length with an independent party.

Summary by Quarter (Unaudited)

12 Months Ended

Sep. 30, 2019

Quarterly Financial Information Disclosure [Abstract]

Summary by Quarter (Unaudited)

SUMMARY BY QUARTER (UNAUDITED)

The table below provides unaudited selected financial data and weighted average share information for each quarter of fiscal year 2019:



2019	Q1			Q2		Q3			Q4		Total
Sales		$2,224.0			$2,187.7		$2,224.0			$2,283.2		$8,918.9
Gross profit	651.0		^(A)	713.0		758.0			792.4		2,914.4		^(A)
Cost reduction actions(See Note 6)	—			—		25.5			—		25.5
Gain on exchange of equity affiliate investments (See Note 7)	—			—		29.1			—		29.1
Operating income	455.0			516.5		569.7			603.2		2,144.4
Equity affiliates' income	52.9			46.2		56.4			59.9		215.4
Pension settlement loss(See Note 17)	—			5.0		—			—		5.0
Income tax provision	132.1		^(B)	107.5		109.3		^(B)	131.2		480.1		^(B)
Income from continuing operations	357.0			433.5		500.2			518.7		1,809.4
Income from discontinued operations, net of tax	—			—		—			—		—
Net income	357.0			433.5		500.2			518.7		1,809.4
Net Income Attributable to Air Products
Net income from continuing operations		$347.5			$421.3		$488.0			$503.2		$1,760.0
Net income from discontinued operations	—			—		—			—		—
Net Income Attributable to Air Products		$347.5			$421.3		$488.0			$503.2		$1,760.0
Basic Earnings Per Common Share Attributable to Air Products
Basic earnings per share from continuing operations		$1.58			$1.91		$2.21			$2.28		$7.99
Basic earnings per share from discontinued operations	—			—		—			—		—
Basic Earnings Per Common Share Attributable to Air Products		$1.58			$1.91		$2.21			$2.28		$7.99
Diluted Earnings Per Common Share Attributable to Air Products
Diluted earnings per share from continuing operations		$1.57			$1.90		$2.20			$2.27		$7.94
Diluted earnings per share from discontinued operations	—			—		—			—		—
Diluted Earnings Per Common Share Attributable to Air Products		$1.57			$1.90		$2.20			$2.27		$7.94
Weighted Average Common Shares (in millions)
Basic	219.9			220.2		220.6			220.7		220.3
Diluted	221.0			221.4		221.9			222.1		221.6
Dividend Information
Dividends declared per common share		$1.10			$1.16		$1.16			$1.16		$4.58

The table below provides unaudited selected financial data and weighted average share information for each quarter of fiscal year 2018:



2018	Q1				Q2			Q3		Q4			Total
Sales		$2,216.6				$2,155.7			$2,259.0		$2,298.9			$8,930.2
Gross profit	644.8				649.2			713.6		733.1		^(C)	2,740.7		^(C)
Operating income	460.7				455.4			515.8		533.7			1,965.6
Equity affiliates' income	13.8				43.7			58.1		59.2			174.8
Pension settlement loss(See Note 17)	—				—			—		43.7			43.7
Income tax provision	291.8			^(B)	56.2		^(D)	107.1		69.2		^(B)(D)	524.3		^(B)(D)
Income from continuing operations	162.7				423.6			444.7		459.7			1,490.7
Income from discontinued operations, net of tax (See Note 4)	(1.0		)		—			43.2		—			42.2
Net income	161.7				423.6			487.9		459.7			1,532.9
Net Income Attributable to Air Products
Net income from continuing operations		$155.6				$416.4			$430.7		$452.9			$1,455.6
Net income from discontinued operations	(1.0		)		—			43.2		—			42.2
Net Income Attributable to Air Products		$154.6				$416.4			$473.9		$452.9			$1,497.8
Basic Earnings Per Common Share Attributable to Air Products
Basic earnings per share from continuing operations		$.71				$1.90			$1.96		$2.06			$6.64
Basic earnings per share from discontinued operations	—				—			.20		—			.19
Basic Earnings Per Common Share Attributable to Air Products		$.71				$1.90			$2.16		$2.06			$6.83
Diluted Earnings Per Common Share Attributable to Air Products
Diluted earnings per share from continuing operations		$.70				$1.89			$1.95		$2.05			$6.59
Diluted earnings per share from discontinued operations	—				—			.20		—			.19
Diluted Earnings Per Common Share Attributable to Air Products		$.70				$1.89			$2.15		$2.05			$6.78
Weighted Average Common Shares (in millions)
Basic	218.9				219.4			219.5		219.6			219.3
Diluted	220.4				220.8			220.9		220.9			220.8
Dividend Information
Dividends declared per common share		$.95				$1.10			$1.10		$1.10			$4.25


^(A)	Includes the impact of a facility closure charge of $29.0 resulting from the government enforced shutdown of a customer. Refer to Note 24, Supplemental Information, for additional information.

^(B)


^(C)	Includes the impact of a benefit of $24.1 for the change in inventory valuation method for our United States industrial gas inventories. Refer to Note 1, Major Accounting Policies, for additional information.

^(D)

Includes an income tax benefit of $35.7, net of reserves for uncertain tax positions, resulting from the restructuring of several foreign subsidiaries, primarily during the second quarter.

Business Segment and Geographic Information

12 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Business Segment and Geographic Information

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 Industrial Gases – EMEA and Corporate and other segments, each reporting segment meets the definition of an operating segment and does not include the aggregation of multiple operating segments. Our Industrial Gases – EMEA and Corporate and other segment each include the aggregation of two operating segments that meet the aggregation criteria under GAAP.

Our reporting segments are:


•	Industrial Gases – Americas;


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


•	Industrial Gases – Asia;


•	Industrial Gases – Global; and


•	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, argon, and rare gases (primarily recovered by the cryogenic distillation of air), process gases such as hydrogen, helium, carbon dioxide, carbon monoxide, syngas (a mixture of hydrogen and carbon monoxide), and specialty gases, and equipment for the production or processing of gases, such as air separation units and non-cryogenic generators.

We supply gases to customers in many industries, including those in refining, chemical, gasification, metals, electronics, manufacturing, and food and beverage. 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.

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 price fluctuations contractually through pricing formulas, surcharges, cost pass-through, and tolling 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 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 our LNG equipment and helium storage and distribution sale of equipment businesses and corporate support functions that benefit all segments. Competition for the 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 other segments, including foreign exchange gains and losses.

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			Total
2019
Sales		$3,873.5		$2,002.5		$2,663.6		$261.0			$118.3			$8,918.9	^(A)
Operating income (loss)	997.7		472.4		864.2		(11.7		)	(152.8		)	2,169.8		^(B)
Depreciation and amortization	505.2		189.5		361.5		8.6			18.0			1,082.8
Equity affiliates' income	84.8		69.0		58.4		3.2			—			215.4		^(B)
Expenditures for long-lived assets	545.8		216.3		1,105.5		33.8			88.3			1,989.7
Investments in net assets of and advances to equity affiliates	301.6		493.4		445.5		35.7			—			1,276.2
Total assets	5,832.2		3,250.8		6,240.6		325.7			3,293.5			18,942.8
2018
Sales		$3,758.8		$2,193.3		$2,458.0		$436.1			$84.0			$8,930.2	^(A)
Operating income (loss)	927.9		445.8		689.9		53.9			(176.0		)	1,941.5		^(B)
Depreciation and amortization	485.3		198.6		265.8		8.1			12.9			970.7
Equity affiliates' income	82.0		61.1		58.3		1.9			—			203.3		^(B)
Expenditures for long-lived assets	546.5		163.1		791.9		17.3			49.6			1,568.4
Investments in net assets of and advances to equity affiliates	312.1		503.3		445.6		16.2			—			1,277.2
Total assets	5,904.0		3,280.4		5,899.5		240.1			3,854.3			19,178.3
2017
Sales		$3,637.0		$1,780.4		$1,964.7		$722.9			$82.6			$8,187.6	^(A)
Operating income (loss)	946.1		395.5		532.6		71.1			(171.5		)	1,773.8		^(B)
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		^(B)
Expenditures for long-lived assets	427.2		143.2		337.8		25.6			105.9			1,039.7

^(A)

The sales information noted above relates to external customers only. All intersegment sales are eliminated in consolidation. Intersegment sales are generally transacted at market pricing. We generally do not have intersegment sales from our regional industrial gases businesses. Equipment manufactured for our regional industrial gases segments are generally transferred at cost and are not reflected as an intersegment sale.


^(B)	Refer to the Reconciliations to Consolidated Results section below.

Reconciliations to Consolidated Results

The table below reconciles total operating income in the table above to consolidated operating income as reflected on our consolidated income statements:



Operating Income	2019			2018		2017
Total		$2,169.8			$1,941.5		$1,773.8
Change in inventory valuation method	—			24.1		—
Facility closure	(29.0		)	—		—
Business separation costs	—			—		(32.5		)
Cost reduction and asset actions	(25.5		)	—		(151.4		)
Goodwill and intangible asset impairment charge	—			—		(162.1		)
Gain on exchange of equity affiliate investments	29.1			—		—
Gain on land sale	—			—		12.2
Consolidated Operating Income		$2,144.4			$1,965.6		$1,440.0

The table below reconciles total equity affiliates' income in the table above to consolidated equity affiliates' income as reflected on our consolidated income statements:



Equity Affiliates' Income	2019		2018			2017
Total		$215.4		$203.3			$159.6
Equity method investment impairment charge	—		—			(79.5		)
Tax reform repatriation - equity method investment	—		(28.5		)	—
Consolidated Equity Affiliates' Income		$215.4		$174.8			$80.1

Geographic Information



Sales to External Customers	2019		2018		2017
United States		$3,351.8		$3,149.6		$2,886.8
Europe, including Middle East	2,090.3		2,292.5		2,478.5
Asia, excluding China and India	953.1		904.0		849.6
China	1,730.2		1,585.7		1,143.4
Other^(A)	793.5		998.4		829.3
Total		$8,918.9		$8,930.2		$8,187.6
Long-Lived Assets^(B)	2019		2018		2017
United States		$3,721.3		$3,512.7		$3,407.4
Europe, including Middle East	1,278.9		1,283.3		1,279.0
Asia, excluding China and India	933.8		899.8		778.5
China	3,302.6		3,066.6		1,737.9
Other^(A)	1,101.0		1,161.3		1,237.4
Total		$10,337.6		$9,923.7		$8,440.2


^(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 $41.3, $33.1, and $64.2 in fiscal years 2019, 2018, and 2017, respectively.

Schedule II Valuation and Qualifying Accounts

12 Months Ended

Sep. 30, 2019

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

AIR PRODUCTS AND CHEMICALS, INC. AND SUBSIDIARIES

SCHEDULE II–VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended 30 September 2019, 2018, and 2017



	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 2019
Allowance for doubtful accounts		$91		$12		$37		($52	)		$88
Allowance for deferred tax assets	105		5		2		(20		)	92

Year Ended 30 September 2018
Allowance for doubtful accounts		$94		$17		$7		($27	)		$91
Allowance for deferred tax assets	108		3		4		(10		)	105

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


^(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 4, Discontinued Operations, for additional information.

Major Accounting Policies (Policies)

12 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Basis of Presentation and Consolidation Principles

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.

Reclassifications

Estimates and Assumptions

Revenue Recognition

The Company recognizes revenue when or as performance obligations are satisfied, which occurs when control is transferred to the customer.

Sales returns and allowances are not a business practice in the industry.

For additional information, refer to Note 3, Revenue Recognition.

Cost of Sales

Depreciation

Selling and Administrative

The principal components of selling and administrative expenses are compensation, advertising, and promotional costs.

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 and certificates of deposit with original maturities greater than three months and less than one year.

Trade Receivables, net

Inventories

We carry inventory that is comprised of finished goods, work-in-process, raw materials and supplies. Refer to Note 8, Inventories, for further detail.

Equity Investments

Plant and Equipment, net

Computer Software

Capitalized Interest

Impairment of Long-Lived Assets

Asset Retirement Obligations

Goodwill

Intangible Assets

Retirement Benefits

Revenue Recognition (Tables)

12 Months Ended

Sep. 30, 2019

Revenue Recognition [Abstract]

Disaggregation of Revenue



	Industrial Gases– Americas		Industrial Gases– EMEA		Industrial Gases– Asia		Industrial Gases– Global		Corporate and other		Total		%
2019
On-site		$2,230.6		$728.4		$1,622.6		$—		$—		$4,581.6	52	%
Merchant	1,642.9		1,274.1		1,041.0		—		—		3,958.0		44	%
Sale of Equipment	—		—		—		261.0		118.3		379.3		4	%
Total		$3,873.5		$2,002.5		$2,663.6		$261.0		$118.3		$8,918.9	100	%

Contract Assets and Liabilities

The table below details balances arising from contracts with customers as of our most recent balance sheet date and our date of adoption:



	30 September 2019		1 October 2018
Assets
Contract assets – current		$64.3		$53.0
Contract fulfillment costs – current	64.5		50.7
Liabilities
Contract liabilities – current	247.4		174.5
Contract liabilities – noncurrent	49.2		53.5

Discontinued Operations (Tables)

12 Months Ended

Sep. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Operating Results and Assets and Liabilities of Discontinued Operation

The following table details income from discontinued operations, net of tax, on the consolidated income statements for fiscal year 2017:



							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 of business, 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 related to costs incurred for ongoing project exit activities, administrative costs, and land lease obligations.


^(B)	As a result of the expected gain on the 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 included expense for income tax reserves for uncertain tax positions of $28.0 gross ($21.0 net) in various jurisdictions.

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Cost Reduction and Asset Actions (Tables)

12 Months Ended

Sep. 30, 2019

Restructuring and Related Activities [Abstract]

Summary of Carrying Amount of Accrual for Cost Reduction Actions

The following table summarizes the carrying amount of the accrual as of 30 September 2019.




2019 Charge		$25.5
Cash expenditures	(6.9		)
Amount reflected in pension liability	(.3		)
Currency translation adjustment	(.5		)
30 September 2019		$17.8

Acquisitions (Tables)

12 Months Ended

Sep. 30, 2019

Acquisitions [Abstract]

The following table summarizes the liabilities resulting from this acquisition as reflected on our consolidated balance sheets:



30 September	2019		2018
Payables and accrued liabilities		$8.9		$330.0
Current portion of long-term debt	37.8		—
Long-term debt – related party	320.1		384.3

Inventories (Tables)

12 Months Ended

Sep. 30, 2019

Inventory Disclosure [Abstract]

Schedule of Components of Inventories

The components of inventories are as follows:



30 September	2019		2018
Finished goods		$128.8		$125.4
Work in process	27.5		21.2
Raw materials, supplies and other	232.0		249.5
Inventories		$388.3		$396.1

Summarized Financial Information of Equity Affiliates (Tables)

12 Months Ended

Sep. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments



Abdullah Hashim Industrial Gases & Equipment Co., Ltd. (25%);		INOX Air Products Private Limited (50%);
Air Products South Africa (Proprietary) Limited (50%);		Jazan Gas Projects Company (26%);
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%);
INFRA Group (40%);		and principally, other industrial gas producers.



30 September			2019		2018
Current assets				$1,660.6		$1,556.9
Noncurrent assets			4,400.4		4,340.8
Current liabilities			725.1		635.7
Noncurrent liabilities			2,853.6		2,652.5

Year Ended 30 September	2019		2018		2017
Net sales		$2,885.6		$2,663.1		$2,343.3
Sales less cost of sales	1,193.4		1,050.6		878.6
Operating income	763.4		635.3		509.5
Net income	492.4		388.0		343.5

Plant and Equipment, Net (Tables)

12 Months Ended

Sep. 30, 2019

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			2019		2018
Land					$281.5		$269.4
Buildings			30	946.8		988.6
Production facilities^(A)	10	to	20	15,602.1		15,082.8
Distribution and other machinery and equipment^(B)	5	to	25	4,491.9		4,400.9
Construction in progress				1,011.4		748.5
Plant and equipment, at cost				22,333.7		21,490.2
Less: Accumulated depreciation				11,996.1		11,566.5
Plant and equipment, net					$10,337.6		$9,923.7


^(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, 2019

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			Corporate and other		Total
Goodwill, net at 30 September 2017		$163.7			$402.4			$135.2			$20.2			$—		$721.5
Acquisitions	—			29.5			38.1			—			10.4		78.0
Currency translation and other	(1.6		)	(7.5		)	(1.4		)	(.1		)	—		(10.6		)
Goodwill, net at 30 September 2018		$162.1			$424.4			$171.9			$20.1			$10.4		$788.9
Acquisitions	—			38.5			10.1			—			—		48.6
Currency translation and other	(5.8		)	(30.6		)	(3.5		)	(.5		)	—		(40.4		)
Goodwill, net at 30 September 2019		$156.3			$432.3			$178.5			$19.6			$10.4		$797.1



30 September	2019			2018			2017
Goodwill, gross		$1,162.2			$1,194.7			$1,138.7
Accumulated impairment losses^(A)	(365.1		)	(405.8		)	(417.2		)
Goodwill, net		$797.1			$788.9			$721.5


^(A)	Accumulated impairment losses include the impacts of currency translation. These losses are attributable to our Latin America reporting unit (LASA) within the Industrial Gases – Americas segment.

Intangible Assets (Tables)

12 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule Finite-Lived Intangible Assets

The table below summarizes the major classes of our intangible assets:



	30 September 2019							30 September 2018
	Gross		Accumulated Amortization/ Impairment			Net		Gross		Accumulated Amortization/ Impairment			Net
Customer relationships		$487.9		($179.8	)		$308.1		$491.9		($165.5	)		$326.4
Patents and technology	39.0		(13.3		)	25.7		34.0		(11.9		)	22.1
Other	75.0		(33.4		)	41.6		72.6		(33.8		)	38.8
Total finite-lived intangibles	601.9		(226.5		)	375.4		598.5		(211.2		)	387.3
Trade names and trademarks, indefinite-lived	56.2		(12.1		)	44.1		64.8		(13.6		)	51.2
Total Intangible Assets		$658.1		($238.6	)		$419.5		$663.3		($224.8	)		$438.5

Schedule of Indefinite-Lived Intangible Assets

The table below summarizes the major classes of our intangible assets:



	30 September 2019							30 September 2018
	Gross		Accumulated Amortization/ Impairment			Net		Gross		Accumulated Amortization/ Impairment			Net
Customer relationships		$487.9		($179.8	)		$308.1		$491.9		($165.5	)		$326.4
Patents and technology	39.0		(13.3		)	25.7		34.0		(11.9		)	22.1
Other	75.0		(33.4		)	41.6		72.6		(33.8		)	38.8
Total finite-lived intangibles	601.9		(226.5		)	375.4		598.5		(211.2		)	387.3
Trade names and trademarks, indefinite-lived	56.2		(12.1		)	44.1		64.8		(13.6		)	51.2
Total Intangible Assets		$658.1		($238.6	)		$419.5		$663.3		($224.8	)		$438.5

Schedule of Projected Annual Amortization Expense

rojected annual amortization expense for intangible assets as of 30 September 2019:



2020		$35.3
2021	33.5
2022	30.8
2023	29.6
2024	28.6
Thereafter	217.6
Total		$375.4

Leases (Tables)

12 Months Ended

Sep. 30, 2019

Leases [Abstract]

Schedule of Future Minimum Lease Payments for Lessee Capital Leases

At 30 September 2019, minimum payments due under leases are as follows:



	Capital Leases		Operating Leases
2020		$1.7		$75.1
2021	2.5		62.6
2022	1.3		44.4
2023	1.1		35.9
2024	1.1		28.6
Thereafter	12.8		171.4
Total		$20.5		$418.0

Schedule of Future Minimum Rental Payments for Lessee Operating Leases

At 30 September 2019, minimum payments due under leases are as follows:



	Capital Leases		Operating Leases
2020		$1.7		$75.1
2021	2.5		62.6
2022	1.3		44.4
2023	1.1		35.9
2024	1.1		28.6
Thereafter	12.8		171.4
Total		$20.5		$418.0

Schedule of Minimum Lease Payments to be Collected for Lessor Operating Leases

At 30 September 2019, minimum lease payments expected to be collected are as follows:



2020		$321.7
2021	287.3
2022	283.1
2023	278.4
2024	275.5
Thereafter	3,042.5
Total		$4,488.5

Schedule of Minimum Lease Payments to be Collected for Lessor Capital Leases

At 30 September 2019, minimum lease payments expected to be collected are as follows:



2020		$162.5
2021	156.9
2022	145.7
2023	139.4
2024	133.2
Thereafter	715.5
Total		$1,453.2

The components of lease receivables were as follows:



30 September	2019			2018
Gross minimum lease payments receivable		$1,453.2			$1,673.7
Unearned interest income	(472.3		)	(568.3		)
Lease Receivables, net		$980.9			$1,105.4

Financial Instruments (Tables)

12 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Instruments

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



	30 September 2019			30 September 2018
	US$ Notional		Years Average Maturity	US$ Notional		Years Average Maturity
Forward Exchange Contracts
Cash flow hedges		$2,418.2	0.5		$2,489.1	0.4
Net investment hedges	830.8		0.9	457.5		1.7
Not designated	1,053.5		0.6	1,736.1		0.8
Total Forward Exchange Contracts		$4,302.5	0.6		$4,682.7	0.7

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



	30 September 2019							30 September 2018
	US$ Notional		Average Pay %		Average Receive %		Years Average Maturity	US$ Notional		Average Pay %		Average Receive %		Years Average Maturity
Interest rate swaps (fair value hedge)		$200.0	LIBOR		2.76	%	2.1		$600.0	LIBOR		2.60	%	1.6
Cross currency interest rate swaps (net investment hedge)		$216.8	4.80	%	3.31	%	3.5		$201.7	4.42	%	2.97	%	3.1
Cross currency interest rate swaps (cash flow hedge)		$1,129.3	4.92	%	3.04	%	2.3		$1,052.7	4.99	%	2.89	%	2.3
Cross currency interest rate swaps (not designated)		$6.1	2.55	%	3.72	%	4.5		$80.2	4.88	%	3.43	%	3.9

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	2019		2018		Location	2019		2018
Derivatives Designated as Hedging Instruments:
Forward exchange contracts	Other receivables		$79.0		$24.9	Accrued liabilities		$53.8		$37.0
Interest rate management contracts	Other receivables	24.8		24.3		Accrued liabilities	1.1		2.3
Forward exchange contracts	Other noncurrent assets	11.9		19.8		Other noncurrent liabilities	.7		4.6
Interest rate management contracts	Other noncurrent assets	60.9		48.7		Other noncurrent liabilities	.7		11.6
Total Derivatives Designated as Hedging Instruments			$176.6		$117.7			$56.3		$55.5
Derivatives Not Designated as Hedging Instruments:
Forward exchange contracts	Other receivables	38.7		7.9		Accrued liabilities		$36.3		$14.9
Interest rate management contracts	Other receivables	—		4.0		Accrued liabilities	—		—
Forward exchange contracts	Other noncurrent assets	8.4		16.2		Other noncurrent liabilities	19.8		23.7
Interest rate management contracts	Other noncurrent assets	.5		.3		Other noncurrent liabilities	—		—
Total Derivatives Not Designated as Hedging Instruments			$47.6		$28.4			$56.1		$38.6
Total Derivatives			$224.2		$146.1			$112.4		$94.1

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
	2019			2018			2019		2018		2019			2018			2019			2018
Cash Flow Hedges, net of tax:
Net gain (loss) recognized in OCI (effective portion)		($35.7	)		$2.4			$—		$—		($8.4	)		$43.5			($44.1	)		$45.9
Net (gain) loss reclassified from OCI to sales/cost of sales (effective portion)	.6			7.1			—		—		—			—			.6			7.1
Net (gain) loss reclassified from OCI to other income (expense), net (effective portion)	21.8			(7.8		)	—		—		(24.7		)	(33.8		)	(2.9		)	(41.6		)
Net (gain) loss reclassified from OCI to interest expense (effective portion)	12.1			1.2			—		—		2.6			3.9			14.7			5.1
Net (gain) loss reclassified from OCI to other income (expense), net (ineffective portion)	—			(.5		)	—		—		(.1		)	(.5		)	(.1		)	(1.0		)
Fair Value Hedges:
Net gain (loss) recognized in interest expense^(B)		$—			$—			$—		$—		$4.3			($10.1	)		$4.3			($10.1	)
Net Investment Hedges, net of tax:
Net gain (loss) recognized in OCI		$39.1			($.6	)		$49.6		$10.2		$9.8			$11.0			$98.5			$20.6
Derivatives Not Designated as Hedging Instruments:
Net gain (loss) recognized in other income (expense), net^(C)		($1.3	)		($4.0	)		$—		$—		$2.0			($.8	)		$.7			($4.8	)


^(A)	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 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 was largely offset by recognized gains and losses resulting from the impact of changes in exchange rates on assets and liabilities denominated in non-functional currencies.

Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2019

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 2019				30 September 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets
Derivatives
Forward exchange contracts		$138.0		$138.0		$68.8		$68.8
Interest rate management contracts	86.2		86.2		77.3		77.3
Liabilities
Derivatives
Forward exchange contracts		$110.6		$110.6		$80.2		$80.2
Interest rate management contracts	1.8		1.8		13.9		13.9
Long-term debt, including current portion and related party	3,267.8		3,350.9		3,758.3		3,788.2

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

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



	30 September 2019								30 September 2018
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets at Fair Value
Derivatives
Forward exchange contracts		$138.0		$—		$138.0		$—		$68.8		$—		$68.8		$—
Interest rate management contracts	86.2		—		86.2		—		77.3		—		77.3		—
Total Assets at Fair Value		$224.2		$—		$224.2		$—		$146.1		$—		$146.1		$—
Liabilities at Fair Value
Derivatives
Forward exchange contracts		$110.6		$—		$110.6		$—		$80.2		$—		$80.2		$—
Interest rate management contracts	1.8		—		1.8		—		13.9		—		13.9		—
Total Liabilities at Fair Value		$112.4		$—		$112.4		$—		$94.1		$—		$94.1		$—

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:

30 June 2017

2017 Loss

Total

Level 1

Level 2

Level 3

Investment in Equity Affiliate^(A)

$68.5

$—

$68.5

$79.5

^(A)

Debt (Tables)

12 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of Total Debt

The tables below summarize our outstanding debt at 30 September 2019 and 2018:

Total Debt



30 September	2019		2018
Short-term borrowings		$58.2		$54.3
Current portion of long-term debt^(A)(B)	40.4		406.6
Long-term debt	2,907.3		2,967.4
Long-term debt – related party^(B)	320.1		384.3
Total Debt		$3,326.0		$3,812.6


^(A)	Fiscal year 2019 includes the current portion of long-term debt owed to a related party of $37.8.

^(B)

Refer to Note 7, Acquisitions, for additional information regarding related party debt.

Schedule of Long-term Debt Instruments

Long-term Debt



30 September	Fiscal Year Maturities	2019			2018
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 4.375%	2019	—			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 1.44%	2035 to 2050	631.9			631.9
Other .25%^(A)		—			.9
Payable in Other Currencies
Eurobonds 2.0%	2020	327.0			348.1
Eurobonds .375%	2021	381.5			406.2
Eurobonds 1.0%	2025	327.0			348.1
Other 2.9%	2020 to 2023	3.8			8.0
Related Party^(B)
Chinese Renminbi 5.5%	2020 to 2026	357.9			384.3
Capital Lease Obligations
Foreign 10.3%	2020 to 2036	10.1			10.5
Total Principal Amount		3,274.8			3,773.6
Less: Unamortized discount and debt issuance costs		(12.2		)	(15.3		)
Less: Fair value hedge accounting adjustments^(A)		5.2			—
Total Long-term Debt		3,267.8			3,758.3
Less: Current portion of long-term debt		(40.4		)	(406.6		)
Less: Long-term debt – related party		(320.1		)	(384.3		)
Long-term Debt			$2,907.3			$2,967.4

^(A)

^(B)

Refer to Note 7, Acquisitions, for additional information regarding related party debt.

Schedule of Maturities of Long-term Debt

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



2020		$367.4
2021	440.2
2022	439.3
2023	453.7
2024	453.4
Thereafter	1,120.8
Total		$3,274.8

- 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://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-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 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Retirement Benefits (Tables) - Defined Benefit Pension Plan

12 Months Ended

Sep. 30, 2019

Schedule of Net Periodic Benefit Cost

The cost of our defined benefit pension plans in fiscal years 2019, 2018, and 2017 included the following components:



	2019						2018						2017
	U.S.			International			U.S.			International			U.S.			International
Service cost		$21.4			$19.3			$25.5			$25.5			$29.0			$25.9
Interest cost	113.4			35.8			107.2			37.3			107.5			32.2
Expected return on plan assets	(172.5		)	(75.1		)	(201.6		)	(81.7		)	(207.7		)	(75.2		)
Amortization
Net actuarial loss	65.3			10.9			87.4			40.2			88.7			54.7
Prior service cost (credit)	1.1			—			1.6			—			2.3			(.1		)
Settlements	6.2			.2			45.0			3.5			10.5			1.7
Curtailments	—			—			—			—			4.3			(1.3		)
Special termination benefits	.7			.1			.4			—			2.8			.4
Other	—			.8			—			1.5			—			1.1
Net Periodic Benefit Cost/(Benefit) – Total		$35.6			($8.0	)		$65.5			$26.3			$37.4			$39.4
Less: Discontinued Operations	—			—			—			—			(.7		)	(4.1		)
Net Periodic Benefit Cost/(Benefit) – Continuing Operations		$35.6			($8.0	)		$65.5			$26.3			$36.7			$35.3

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

The following table sets forth the weighted average assumptions used in the calculation of net periodic benefit cost:



	2019				2018				2017
	U.S.		International		U.S.		International		U.S.		International
Discount rate – Service cost	4.3	%	2.5	%	3.9	%	2.6	%	3.6	%	2.1	%
Discount rate – Interest cost	4.0	%	2.2	%	3.3	%	2.2	%	3.0	%	1.8	%
Expected return on plan assets	7.0	%	5.3	%	7.5	%	5.8	%	8.0	%	6.1	%
Rate of compensation increase	3.5	%	3.5	%	3.5	%	3.6	%	3.5	%	3.5	%



	2019				2018
	U.S.		International		U.S.		International
Discount rate	3.2	%	1.5	%	4.3	%	2.5	%
Rate of compensation increase	3.5	%	3.3	%	3.5	%	3.5	%

Schedule of Changes in Projected Benefit Obligations



	2019						2018
	U.S.			International			U.S.			International
Change in Projected Benefit Obligation
Obligation at beginning of year		$2,922.8			$1,660.5			$3,357.7			$1,749.5
Service cost	21.4			19.3			25.5			25.5
Interest cost	113.4			35.8			107.2			37.3
Amendments	1.1			4.7			.1			.7
Actuarial loss (gain)	380.3			300.2			(217.8		)	(33.9		)
Settlements	(12.2		)	(1.6		)	(193.0		)	(24.6		)
Special termination benefits	.7			.1			.4			—
Participant contributions	—			1.3			—			1.4
Benefits paid	(146.2		)	(47.7		)	(157.3		)	(51.3		)
Currency translation and other	.3			(108.6		)	—			(44.1		)
Obligation at End of Year		$3,281.6			$1,864.0			$2,922.8			$1,660.5

Schedule of Changes in Fair Value of Plan Assets



	2019						2018
	U.S.			International			U.S.			International
Change in Plan Assets
Fair value at beginning of year		$2,684.9			$1,588.2			$2,869.2			$1,540.0
Actual return on plan assets	289.9			208.0			150.2			115.5
Company contributions	16.0			24.2			14.6			53.7
Participant contributions	—			1.3			—			1.4
Benefits paid	(146.2		)	(47.7		)	(157.3		)	(51.3		)
Settlements	(12.2		)	(1.6		)	(191.8		)	(24.6		)
Currency translation and other	—			(100.0		)	—			(46.5		)
Fair Value at End of Year		$2,832.4			$1,672.4			$2,684.9			$1,588.2
Funded Status at End of Year		($449.2	)		($191.6	)		($237.9	)		($72.3	)

Schedule of Amounts Recognized in Balance Sheet



	2019				2018
	U.S.		International		U.S.		International
Amounts Recognized
Noncurrent assets		$17.3		$11.4		$28.2		$103.5
Accrued liabilities	18.3		—		23.5		1.2
Noncurrent liabilities	448.2		203.0		242.6		174.6
Net Liability Recognized		$449.2		$191.6		$237.9		$72.3

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 fiscal years 2019 and 2018 consist of the following:



	2019						2018
	U.S.			International			U.S.			International
Net actuarial loss (gain) arising during the period		$262.9			$161.5			($167.7	)		($64.6	)
Amortization of net actuarial loss	(71.5		)	(11.1		)	(132.4		)	(43.7		)
Prior service cost arising during the period	1.1			4.7			.1			.7
Amortization of prior service cost	(1.1		)	—			(1.6		)	—
Total		$191.4			$155.1			($301.6	)		($107.6	)

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 the following:



	2019				2018
	U.S.		International		U.S.		International
Net actuarial loss		$871.8		$594.0		$680.4		$443.6
Prior service cost (credit)	6.6		3.6		6.6		(1.1		)
Net transition liability	—		.4		—		.4
Total		$878.4		$598.0		$687.0		$442.9

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



	U.S.		International
Net actuarial loss		$84.2		$19.2
Prior service cost (credit)	1.4		—

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 2019				30 September 2018
	U.S.		International		U.S.		International
Pension Plans with PBO in Excess of Plan Assets:
PBO		$3,069.2		$521.1		$2,733.6		$452.6
Fair value of plan assets	2,602.8		318.0		2,467.5		276.8
Pension Plans with ABO in Excess of Plan Assets:
ABO		$2,941.2		$413.3		$2,608.6		$357.9
Fair value of plan assets	2,602.8		266.5		2,467.5		228.2

Schedule of Target and Actual Asset Allocations by Category

The actual and target allocations at the measurement date are as follows:



	2019 Target Allocation						2019 Actual Allocation				2018 Actual Allocation
	U.S.			International			U.S.		International		U.S.		International
Asset Category
Equity securities	43	-	58%	39	-	49%	38	%	42	%	41	%	46	%
Debt securities	34	-	49%	51	-	61%	56	%	57	%	50	%	53	%
Real estate and other	—	-	10%			—%	6	%	—	%	8	%	—	%
Cash			—%			—%	—	%	1	%	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 15, Fair Value Measurements, for definition of the levels):



	30 September 2019								30 September 2018
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
U.S. Qualified Pension Plans
Cash and cash equivalents		$13.7		$13.7		$—		$—		$13.8		$13.8		$—		$—
Equity securities	401.1		401.1		—		—		397.9		397.9		—		—
Equity mutual funds	152.9		152.9		—		—		173.8		173.8		—		—
Equity pooled funds	524.8		—		524.8		—		545.2		—		545.2		—
Fixed income:
Bonds (government and corporate)	1,572.1		—		1,572.1		—		1,344.6		—		1,344.6		—
Total U.S. Qualified Pension Plans at Fair Value		$2,664.6		$567.7		$2,096.9		$—		$2,475.3		$585.5		$1,889.8		$—
Real estate pooled funds^(A)		$167.8								$209.6
Total U.S. Qualified Pension Plans		$2,832.4								$2,684.9
International Pension Plans
Cash and cash equivalents		$13.4		$13.4		$—		$—		$15.8		$15.8		$—		$—
Equity pooled funds	711.3		—		711.3		—		727.9		—		727.9		—
Fixed income pooled funds	679.9		—		679.9		—		615.2		—		615.2		—
Other pooled funds	13.7		—		13.7		—		11.6		—		11.6		—
Insurance contracts	254.1		—		—		254.1		217.7		—		—		217.7
Total International Pension Plans		$1,672.4		$13.4		$1,404.9		$254.1		$1,588.2		$15.8		$1,354.7		$217.7

^(A)

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:



	Other Pooled Funds			Insurance Contracts			Total
30 September 2017		$7.8			$41.4			$49.2
Actual return on plan assets:
Assets held at end of year	—			.9			.9
Assets sold during the period	.5			—			.5
Purchases, sales, and settlements, net	(8.3		)	175.4			167.1
30 September 2018		$—			$217.7			$217.7
Actual return on plan assets:
Assets held at end of year	—			38.1			38.1
Purchases, sales, and settlements, net	—			(1.7		)	(1.7		)
30 September 2019		$—			$254.1			$254.1

Schedule of Expected Benefit Payments

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



	U.S.		International
2020		$166.8		$47.9
2021	160.0		49.1
2022	166.0		50.1
2023	170.1		54.3
2024	174.1		58.0
2025-2029	919.9		308.3

Commitments and Contingencies (Tables)

12 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Schedule of Change in Asset Retirement Obligation

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



Balance at 30 September 2017		$144.7
Additional accruals	43.8
Liabilities settled	(2.6		)
Accretion expense	7.2
Currency translation adjustment	(2.7		)
Balance at 30 September 2018		$190.4
Additional accruals	14.7
Liabilities settled	(2.1		)
Accretion expense	8.7
Currency translation adjustment	(3.5		)
Balance at 30 September 2019		$208.2

Schedule of Unconditional Purchase Obligations Disclosure

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



2020		$1,358
2021	407
2022	369
2023	349
2024	350
Thereafter	5,477
Total		$8,310

Capital Stock (Tables)

12 Months Ended

Sep. 30, 2019

Equity [Abstract]

Schedule of Common Stock Outstanding

The following table reflects the changes in common shares:



Year ended 30 September	2019	2018	2017
Number of Common Shares Outstanding
Balance, beginning of year	219,515,245	218,346,074	217,350,825
Issuance of treasury shares for stock option and award plans	900,017	1,169,171	995,249
Balance, end of year	220,415,262	219,515,245	218,346,074

Share-Based Compensation (Tables)

12 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Recognized Share-Based Compensation Cost

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



	2019			2018			2017
Before-Tax Share-Based Compensation Cost – Total		$41.2			$38.8			$40.7
Before-Tax Share-Based Compensation Cost – Discontinued Operations	—			—			.8
Before-Tax Share-Based Compensation Cost – Continuing Operations		$41.2			$38.8			$39.9
Income tax benefit – Continuing Operations	(9.7		)	(9.1		)	(14.0		)
After-Tax Share-Based Compensation Cost – Continuing Operations		$31.5			$29.7			$25.9

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:



	2019		2018		2017
Deferred stock units		$41.1		$38.3		$34.5
Stock options	—		.2		1.4
Restricted stock	.1		.3		4.8
Before-Tax Share-Based Compensation Cost – Total		$41.2		$38.8		$40.7

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

The calculation of the fair value used the following assumptions:



	2019		2018		2017
Expected volatility	17.5	%	18.7	%	20.6	%
Risk-free interest rate	2.8	%	1.9	%	1.4	%
Expected dividend yield	2.6	%	2.6	%	2.5	%

Schedule of Deferred Stock Units and Restricted Stock Activity



Deferred Stock Units	Shares (000)		Weighted Average Grant-Date Fair Value
Outstanding at 30 September 2018	940			$137.78
Granted	285		193.29
Paid out	(113	)	119.59
Forfeited/adjustments	(136	)	136.11
Outstanding at 30 September 2019	976			$156.31

A summary of restricted stock activity is presented below:



Restricted Stock	Shares (000)		Weighted Average Grant-Date Fair Value
Outstanding at 30 September 2018	42			$140.28
Vested	(16	)	144.09
Outstanding at 30 September 2019	26			$138.00

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 2018	2,186			$89.33
Exercised	(842	)	82.27
Forfeited	—		—
Outstanding and Exercisable at 30 September 2019	1,344			$93.75

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Sep. 30, 2019

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 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	)
Other comprehensive income (loss) before reclassifications	45.9			(244.6		)	179.4			(19.3		)
Amounts reclassified from AOCL	(30.4		)	3.1			133.1			105.8
Net current period other comprehensive income (loss)		$15.5			($241.5	)		$312.5			$86.5
Amount attributable to noncontrolling interest	—			(18.8		)	(.2		)	(19.0		)
Balance at 30 September 2018		($37.6	)		($1,009.8	)		($694.5	)		($1,741.9	)
Other comprehensive loss before reclassifications	(44.1		)	(356.2		)	(326.2		)	(726.5		)
Amounts reclassified from AOCL	12.3			(2.6		)	63.2			72.9
Net current period other comprehensive loss		($31.8	)		($358.8	)		($263.0	)		($653.6	)
Amount attributable to noncontrolling interest	(8.0		)	(11.7		)	(.2		)	(19.9		)
Balance at 30 September 2019		($61.4	)		($1,356.9	)		($957.3	)		($2,375.6	)

Schedule of Reclassifications out of Accumulated Other Comprehensive Loss

The table below summarizes the reclassifications out of AOCL and the affected line item on the consolidated income statements:



	2019			2018			2017
(Gain) Loss on Cash Flow Hedges, net of tax
Sales/Cost of sales		$.6			$7.1			$18.3
Other income (expense), net	(3.0		)	(42.6		)	5.1
Interest expense	14.7			5.1			.8
Total (Gain) Loss on Cash Flow Hedges, net of tax		$12.3			($30.4	)		$24.2

Currency Translation Adjustment
Cost of sales^(A)		$—			$3.1			$—
Cost reduction and asset actions^(B)	—			—			8.2
Gain on exchange of equity affiliate investments^(C)	(2.6		)	—			—
Loss from discontinued operations, net of tax^(D)	—			—			49.1
Total Currency Translation Adjustment		($2.6	)		$3.1			$57.3

Pension and Postretirement Benefits, net of tax^(E)		$63.2			$133.1			$110.7


^(A)	The fiscal year 2018 impact relates to an equipment sale resulting from the termination of a contract in the Industrial Gases – Asia segment during the first quarter.


^(B)	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.


^(C)	The fiscal year 2019 impact relates to a net gain on the exchange of two equity affiliates with a joint venture partner. Refer to Note 7, Acquisitions, for additional information.


^(D)	The fiscal year 2017 impact relates to the sale of PMD during the second quarter.

^(E)

Earnings per Share (Tables)

12 Months Ended

Sep. 30, 2019

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	2019		2018		2017
Numerator
Net income from continuing operations		$1,760.0		$1,455.6		$1,134.4
Net income from discontinued operations	—		42.2		1,866.0
Net Income Attributable to Air Products		$1,760.0		$1,497.8		$3,000.4
Denominator (in millions)
Weighted average common shares — Basic	220.3		219.3		218.0
Effect of dilutive securities
Employee stock option and other award plans	1.3		1.5		1.8
Weighted average common shares — Diluted	221.6		220.8		219.8
Basic EPS Attributable to Air Products
Basic earnings per share from continuing operations		$7.99		$6.64		$5.20
Basic earnings per share from discontinued operations	—		.19		8.56
Basic Earnings Per Common Share Attributable to Air Products		$7.99		$6.83		$13.76
Diluted EPS Attributable to Air Products
Diluted earnings per share from continuing operations		$7.94		$6.59		$5.16
Diluted earnings per share from discontinued operations	—		.19		8.49
Diluted Earnings Per Common Share Attributable to Air Products		$7.94		$6.78		$13.65

Income Taxes (Tables)

12 Months Ended

Sep. 30, 2019

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:



	2019		2018		2017
Income from Continuing Operations Before Taxes
United States		$723.3		$688.5		$669.8
Foreign	1,350.8		1,151.7		666.2
Income from equity affiliates	215.4		174.8		80.1
Total		$2,289.5		$2,015.0		$1,416.1

Schedule of Components of Income Tax Expense (Benefit)

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



	2019		2018			2017
Current Tax Provision
Federal		$163.7		$305.1			$62.8
State	23.3		17.7			7.0
Foreign	235.5		256.9			229.1
Total Current Tax Provision	422.5		579.7			298.9
Deferred Tax Provision
Federal	9.7		(121.7		)	1.4
State	2.4		12.5			6.0
Foreign	45.5		53.8			(45.4		)
Total Deferred Tax Provision	57.6		(55.4		)	(38.0		)
Total Income Tax Provision		$480.1		$524.3			$260.9

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)	2019		2018		2017
U.S. federal statutory tax rate	21.0	%	24.5	%	35.0	%
State taxes, net of federal benefit	1.0		1.0		1.0
Income from equity affiliates	(2.0	)	(2.1	)	(2.0	)
Foreign tax differentials	1.0		(1.0	)	(7.9	)
Tax on foreign repatriated earnings	.1		(.4	)	(2.2	)
Domestic production activities	—		(.4	)	(.8	)
Share-based compensation	(.6	)	(1.0	)	(1.2	)
Tax reform repatriation	1.9		19.5		—
Tax reform rate change and other	—		(11.1	)	—
Tax restructuring benefit	—		(1.8	)	—
Non-deductible goodwill impairment charge	—		—		3.6
Non-U.S. subsidiary tax election	—		—		(7.7	)
Business separation costs	—		—		.2
Other	(1.4	)	(1.2	)	.4
Effective Tax Rate	21.0	%	26.0	%	18.4	%

Schedule of Components of Deferred Tax Assets and Liabilities

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



30 September	2019			2018
Gross Deferred Tax Assets
Retirement benefits and compensation accruals		$227.1			$153.1
Tax loss carryforwards	140.6			143.5
Tax credits and other tax carryforwards	31.1			17.1
Reserves and accruals	69.6			42.5
Currency losses	—			3.8
Other	57.7			45.4
Valuation allowance	(92.1		)	(105.0		)
Deferred Tax Assets	434.0			300.4
Gross Deferred Tax Liabilities
Plant and equipment	954.6			811.8
Currency gains	23.9			—
Unremitted earnings of foreign entities	31.0			36.1
Partnership and other investments	14.8			16.3
Intangible assets	80.0			84.3
Other	8.3			5.6
Deferred Tax Liabilities	1,112.6			954.1
Net Deferred Income Tax Liability		$678.6			$653.7

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

Deferred tax assets and liabilities are included within the consolidated balance sheets as follows:



	2019		2018
Deferred Tax Assets
Other noncurrent assets		$115.2		$121.4
Deferred Tax Liabilities
Deferred income taxes	793.8		775.1
Net Deferred Income Tax Liability		$678.6		$653.7

Schedule of Deferred Tax Assets for Certain Tax Credits

As of 30 September 2019, the Company had the following deferred tax assets for certain tax credits:

Summary of Tax Credit Carryforwards

As of 30 September 2019, the Company had the following loss carryforwards:



Jurisdiction	Gross Loss Carryforward		Expiration Period
U.S. State Net Operating Loss		$296.3	2020 - 2034
U.S. Federal Capital Loss	1.8		2023
Foreign Net Operating Loss	352.6		2020 - 2029; Indefinite
Foreign Capital Loss	262.5		Indefinite

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	2019			2018			2017
Balance at beginning of year		$233.6			$146.4			$90.2
Additions for tax positions of the current year	7.8			26.4			47.5
Additions for tax positions of prior years	14.2			119.2			16.1
Reductions for tax positions of prior years	(14.7		)	(41.3		)	(4.0		)
Settlements	(1.5		)	(14.2		)	(2.0		)
Statute of limitations expiration	(3.9		)	(2.6		)	(3.2		)
Foreign currency translation	(3.8		)	(.3		)	1.8
Balance at End of Year		$231.7			$233.6			$146.4

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 – Federal	2016	-	2019
United States – State	2010	-	2019
Canada	2015	-	2019
Europe
France	2016	-	2019
Germany	2013	-	2019
Netherlands	2018	-	2019
Spain	2015	-	2019
United Kingdom	2015	-	2019
Asia
China	2014	-	2019
South Korea	2010	-	2019
Taiwan	2014	-	2019
Latin America
Chile	2016	-	2019

Supplemental Information (Tables)

12 Months Ended

Sep. 30, 2019

Disclosure Text Block Supplement [Abstract]

Schedule of Other Receivables and Current Assets



Other Receivables and Current Assets 30 September	2019		2018
Contract assets		$64.3		$—
Contract fulfillment costs	64.5		—
Derivative instruments	142.5		61.1
Current capital lease receivables	90.9		92.1
Contracts in progress, less progress billings	—		77.5
Other	115.5		142.6
Other receivables and current assets		$477.7		$373.3

Schedule of Other Noncurrent Assets



Other Noncurrent Assets 30 September	2019		2018
Derivative instruments		$81.7		$85.0
Noncurrent customer receivable	118.0		92.4
Prepaid tax	17.0		13.2
Deferred tax assets	115.2		121.4
Pension benefits	28.7		131.7
Other	243.5		210.8
Other noncurrent assets		$604.1		$654.5

Schedule of Payables and Accrued Liabilities



Payables and Accrued Liabilities 30 September	2019		2018
Trade creditors		$519.3		$594.6
Payables associated with Lu'An	8.9		330.0
Contract liabilities	247.4		156.6
Accrued payroll and employee benefits	186.1		201.4
Pension and postretirement benefits	26.0		34.1
Dividends payable	255.7		241.5
Derivative instruments	91.2		54.2
Obligation for future contribution to an equity affiliate	94.4		—
Other	206.7		205.4
Payables and accrued liabilities		$1,635.7		$1,817.8

Schedule of Other Noncurrent Liabilities



Other Noncurrent Liabilities 30 September	2019		2018
Pension benefits		$651.2		$417.2
Postretirement benefits	36.0		47.0
Noncurrent customer liability	118.0		92.4
Long-term accrued income taxes related to U.S. tax reform	215.4		184.4
Contingencies related to uncertain tax positions	123.3		113.2
Contract liabilities	49.2		58.2
Environmental liabilities	59.1		64.6
Derivative instruments	21.2		39.9
Asset retirement obligations	201.9		189.5
Obligation for future contribution to an equity affiliate	—		94.4
Obligations associated with EfW	57.8		63.3
Other	179.3		172.8
Other noncurrent liabilities		$1,712.4		$1,536.9

Summary by Quarter (Unaudited) (Tables)

12 Months Ended

Sep. 30, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The table below provides unaudited selected financial data and weighted average share information for each quarter of fiscal year 2019:



2019	Q1			Q2		Q3			Q4		Total
Sales		$2,224.0			$2,187.7		$2,224.0			$2,283.2		$8,918.9
Gross profit	651.0		^(A)	713.0		758.0			792.4		2,914.4		^(A)
Cost reduction actions(See Note 6)	—			—		25.5			—		25.5
Gain on exchange of equity affiliate investments (See Note 7)	—			—		29.1			—		29.1
Operating income	455.0			516.5		569.7			603.2		2,144.4
Equity affiliates' income	52.9			46.2		56.4			59.9		215.4
Pension settlement loss(See Note 17)	—			5.0		—			—		5.0
Income tax provision	132.1		^(B)	107.5		109.3		^(B)	131.2		480.1		^(B)
Income from continuing operations	357.0			433.5		500.2			518.7		1,809.4
Income from discontinued operations, net of tax	—			—		—			—		—
Net income	357.0			433.5		500.2			518.7		1,809.4
Net Income Attributable to Air Products
Net income from continuing operations		$347.5			$421.3		$488.0			$503.2		$1,760.0
Net income from discontinued operations	—			—		—			—		—
Net Income Attributable to Air Products		$347.5			$421.3		$488.0			$503.2		$1,760.0
Basic Earnings Per Common Share Attributable to Air Products
Basic earnings per share from continuing operations		$1.58			$1.91		$2.21			$2.28		$7.99
Basic earnings per share from discontinued operations	—			—		—			—		—
Basic Earnings Per Common Share Attributable to Air Products		$1.58			$1.91		$2.21			$2.28		$7.99
Diluted Earnings Per Common Share Attributable to Air Products
Diluted earnings per share from continuing operations		$1.57			$1.90		$2.20			$2.27		$7.94
Diluted earnings per share from discontinued operations	—			—		—			—		—
Diluted Earnings Per Common Share Attributable to Air Products		$1.57			$1.90		$2.20			$2.27		$7.94
Weighted Average Common Shares (in millions)
Basic	219.9			220.2		220.6			220.7		220.3
Diluted	221.0			221.4		221.9			222.1		221.6
Dividend Information
Dividends declared per common share		$1.10			$1.16		$1.16			$1.16		$4.58

The table below provides unaudited selected financial data and weighted average share information for each quarter of fiscal year 2018:



2018	Q1				Q2			Q3		Q4			Total
Sales		$2,216.6				$2,155.7			$2,259.0		$2,298.9			$8,930.2
Gross profit	644.8				649.2			713.6		733.1		^(C)	2,740.7		^(C)
Operating income	460.7				455.4			515.8		533.7			1,965.6
Equity affiliates' income	13.8				43.7			58.1		59.2			174.8
Pension settlement loss(See Note 17)	—				—			—		43.7			43.7
Income tax provision	291.8			^(B)	56.2		^(D)	107.1		69.2		^(B)(D)	524.3		^(B)(D)
Income from continuing operations	162.7				423.6			444.7		459.7			1,490.7
Income from discontinued operations, net of tax (See Note 4)	(1.0		)		—			43.2		—			42.2
Net income	161.7				423.6			487.9		459.7			1,532.9
Net Income Attributable to Air Products
Net income from continuing operations		$155.6				$416.4			$430.7		$452.9			$1,455.6
Net income from discontinued operations	(1.0		)		—			43.2		—			42.2
Net Income Attributable to Air Products		$154.6				$416.4			$473.9		$452.9			$1,497.8
Basic Earnings Per Common Share Attributable to Air Products
Basic earnings per share from continuing operations		$.71				$1.90			$1.96		$2.06			$6.64
Basic earnings per share from discontinued operations	—				—			.20		—			.19
Basic Earnings Per Common Share Attributable to Air Products		$.71				$1.90			$2.16		$2.06			$6.83
Diluted Earnings Per Common Share Attributable to Air Products
Diluted earnings per share from continuing operations		$.70				$1.89			$1.95		$2.05			$6.59
Diluted earnings per share from discontinued operations	—				—			.20		—			.19
Diluted Earnings Per Common Share Attributable to Air Products		$.70				$1.89			$2.15		$2.05			$6.78
Weighted Average Common Shares (in millions)
Basic	218.9				219.4			219.5		219.6			219.3
Diluted	220.4				220.8			220.9		220.9			220.8
Dividend Information
Dividends declared per common share		$.95				$1.10			$1.10		$1.10			$4.25


^(A)	Includes the impact of a facility closure charge of $29.0 resulting from the government enforced shutdown of a customer. Refer to Note 24, Supplemental Information, for additional information.

^(B)


^(C)	Includes the impact of a benefit of $24.1 for the change in inventory valuation method for our United States industrial gas inventories. Refer to Note 1, Major Accounting Policies, for additional information.

^(D)

Includes an income tax benefit of $35.7, net of reserves for uncertain tax positions, resulting from the restructuring of several foreign subsidiaries, primarily during the second quarter.

Business Segment and Geographic Information (Tables)

12 Months Ended

Sep. 30, 2019

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			Total
2019
Sales		$3,873.5		$2,002.5		$2,663.6		$261.0			$118.3			$8,918.9	^(A)
Operating income (loss)	997.7		472.4		864.2		(11.7		)	(152.8		)	2,169.8		^(B)
Depreciation and amortization	505.2		189.5		361.5		8.6			18.0			1,082.8
Equity affiliates' income	84.8		69.0		58.4		3.2			—			215.4		^(B)
Expenditures for long-lived assets	545.8		216.3		1,105.5		33.8			88.3			1,989.7
Investments in net assets of and advances to equity affiliates	301.6		493.4		445.5		35.7			—			1,276.2
Total assets	5,832.2		3,250.8		6,240.6		325.7			3,293.5			18,942.8
2018
Sales		$3,758.8		$2,193.3		$2,458.0		$436.1			$84.0			$8,930.2	^(A)
Operating income (loss)	927.9		445.8		689.9		53.9			(176.0		)	1,941.5		^(B)
Depreciation and amortization	485.3		198.6		265.8		8.1			12.9			970.7
Equity affiliates' income	82.0		61.1		58.3		1.9			—			203.3		^(B)
Expenditures for long-lived assets	546.5		163.1		791.9		17.3			49.6			1,568.4
Investments in net assets of and advances to equity affiliates	312.1		503.3		445.6		16.2			—			1,277.2
Total assets	5,904.0		3,280.4		5,899.5		240.1			3,854.3			19,178.3
2017
Sales		$3,637.0		$1,780.4		$1,964.7		$722.9			$82.6			$8,187.6	^(A)
Operating income (loss)	946.1		395.5		532.6		71.1			(171.5		)	1,773.8		^(B)
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		^(B)
Expenditures for long-lived assets	427.2		143.2		337.8		25.6			105.9			1,039.7

^(A)

^(B)

Refer to the Reconciliations to Consolidated Results section below.

Reconciliation of Segments to Consolidated Operating Income

The table below reconciles total operating income in the table above to consolidated operating income as reflected on our consolidated income statements:



Operating Income	2019			2018		2017
Total		$2,169.8			$1,941.5		$1,773.8
Change in inventory valuation method	—			24.1		—
Facility closure	(29.0		)	—		—
Business separation costs	—			—		(32.5		)
Cost reduction and asset actions	(25.5		)	—		(151.4		)
Goodwill and intangible asset impairment charge	—			—		(162.1		)
Gain on exchange of equity affiliate investments	29.1			—		—
Gain on land sale	—			—		12.2
Consolidated Operating Income		$2,144.4			$1,965.6		$1,440.0

Reconciliation of Segments to Consolidated Equity Affiliates' Income

The table below reconciles total equity affiliates' income in the table above to consolidated equity affiliates' income as reflected on our consolidated income statements:



Equity Affiliates' Income	2019		2018			2017
Total		$215.4		$203.3			$159.6
Equity method investment impairment charge	—		—			(79.5		)
Tax reform repatriation - equity method investment	—		(28.5		)	—
Consolidated Equity Affiliates' Income		$215.4		$174.8			$80.1

Schedule of Revenue and Long-Lived Assets by Geographical Areas

Geographic Information



Sales to External Customers	2019		2018		2017
United States		$3,351.8		$3,149.6		$2,886.8
Europe, including Middle East	2,090.3		2,292.5		2,478.5
Asia, excluding China and India	953.1		904.0		849.6
China	1,730.2		1,585.7		1,143.4
Other^(A)	793.5		998.4		829.3
Total		$8,918.9		$8,930.2		$8,187.6
Long-Lived Assets^(B)	2019		2018		2017
United States		$3,721.3		$3,512.7		$3,407.4
Europe, including Middle East	1,278.9		1,283.3		1,279.0
Asia, excluding China and India	933.8		899.8		778.5
China	3,302.6		3,066.6		1,737.9
Other^(A)	1,101.0		1,161.3		1,237.4
Total		$10,337.6		$9,923.7		$8,440.2


^(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, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Accounting Policies [Abstract]
Environmental expenditures		$ 14,200,000	$ 12,800,000	$ 11,400,000
Allowance for doubtful accounts	$ 91,300,000	88,200,000	91,300,000
Provision for doubtful accounts		48,800,000	24,000,000.0	45,800,000
Capitalized interest	19,500,000	13,500,000	19,500,000	19,000,000.0
Asset retirement obligations	190,400,000	208,200,000	190,400,000	144,700,000
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in cost of sales		(5,975,500,000)	(6,189,500,000)	$ (5,751,500,000)
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, residual value		$ 0
Computer software costs \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life		3 years
Computer software costs \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life		5 years
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful life		5 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful life		25 years
Patents and technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful life		5 years
Patents and technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful life		15 years
Land Use Rights
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful life		50 years
Change in Inventory Valuation Method
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in cost of sales	$ 24,100,000		$ 24,100,000

New Accounting Guidance (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017	Oct. 01, 2019	Oct. 01, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash flow operating activities	$ 2,969.9	$ 2,547.2	$ 2,528.4
Cash flow investing activities	(2,113.4)	(1,641.6)	(1,412.0)
Excluded components recognized within interest expense	$ 35.0	40.0
Accounting Standards Update 2016-15
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash flow operating activities		(7.5)	(5.7)
Cash flow investing activities		$ 7.5	$ 5.7
Accounting Standards Update 2016-16
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment related to adoption of new accounting standard					$ (17.1)
Accounting Standards Update 2016-02 \| Forecast
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liabilities				$ 380.0
Right-of-use assets				$ 340.0

Revenue Recognition (Nature of Goods and Services) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Change in Accounting Estimate [Line Items]
Operating income (loss)	$ 603.2	$ 569.7	$ 516.5	$ 455.0	$ 533.7	$ 515.8	$ 455.4	$ 460.7	$ 2,144.4	$ 1,965.6	$ 1,440.0
Contracts accounted for under percentage of completion
Change in Accounting Estimate [Line Items]
Operating income (loss)									$ 37.0	$ 38.0	$ 27.0

Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2017

Lease revenue percentage of total sales

$ 2,283.2

$ 2,224.0

$ 2,187.7

$ 2,224.0

$ 2,298.9

$ 2,259.0

$ 2,155.7

$ 2,216.6

$ 8,918.9

$ 8,930.2

$ 8,187.6

5.00%

Operating Segments

^[1]

$ 8,918.9

8,930.2

8,187.6

Industrial Gases - Americas | Operating Segments

100.00%

Industrial Gases - EMEA | Operating Segments

^[1]

$ 3,873.5

3,758.8

3,637.0

Industrial Gases - Asia | Operating Segments

^[1]

2,002.5

2,193.3

1,780.4

Industrial Gases - Global | Operating Segments

^[1]

2,663.6

2,458.0

1,964.7

Corporate and other | Operating Segments

^[1]

261.0

436.1

722.9

On-site | Operating Segments

^[1]

118.3

$ 84.0

$ 82.6

$ 4,581.6

On-site | Industrial Gases - Americas | Operating Segments

52.00%

On-site | Industrial Gases - EMEA | Operating Segments

$ 2,230.6

On-site | Industrial Gases - Asia | Operating Segments

728.4

On-site | Industrial Gases - Global | Operating Segments

1,622.6

On-site | Corporate and other | Operating Segments

0.0

Merchant | Operating Segments

0.0

$ 3,958.0

Merchant | Industrial Gases - Americas | Operating Segments

44.00%

Merchant | Industrial Gases - EMEA | Operating Segments

$ 1,642.9

Merchant | Industrial Gases - Asia | Operating Segments

1,274.1

Merchant | Industrial Gases - Global | Operating Segments

1,041.0

Merchant | Corporate and other | Operating Segments

0.0

Sale of Equipment | Operating Segments

0.0

$ 379.3

Sale of Equipment | Industrial Gases - Americas | Operating Segments

4.00%

Sale of Equipment | Industrial Gases - EMEA | Operating Segments

$ 0.0

Sale of Equipment | Industrial Gases - Asia | Operating Segments

0.0

Sale of Equipment | Industrial Gases - Global | Operating Segments

0.0

Sale of Equipment | Corporate and other | Operating Segments

261.0

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

$ 118.3

[1]

Revenue Recognition (Remaining Performance Obligations) (Details) $ in Billions	Sep. 30, 2019 USD ($)
Revenue from Contract with Customer [Abstract]
Transaction price allocated to remaining performance obligations	$ 14
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligation	50.00%
Estimated timing of recognition of performance obligation	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligation	50.00%
Estimated timing of recognition of performance obligation

Revenue Recognition (Contract Assets and Liabilities) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2019	Oct. 01, 2018	Sep. 30, 2018
Revenue from Contract with Customer [Abstract]
Contract assets - current	$ 64.3	$ 53.0	$ 0.0
Contract fulfillment costs - current	64.5	50.7
Contract liabilities - current	247.4	174.5	156.6
Contract liabilities - noncurrent	49.2	$ 53.5	$ 58.2
Revenue recognized that was previously included in current contract liabilities	$ 110.0

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

3 Months Ended

12 Months Ended

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2017

Income (loss) from discontinued operations, net of tax

$ 0.0

$ 43.2

$ 0.0

$ (1.0)

$ 0.0

$ 42.2

$ 1,866.0

Liabilities associated with EfW

57.8

63.3

57.8

63.3

Discontinued Operations

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

Income (loss) from discontinued operations, net of tax

42.2

1,866.0

Assets of discontinued operations

0.0

Liabilities of discontinued operations

$ 0.0

0.0

European Homecare business | Discontinued Operations

^[1]

1,780.5

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

25.6

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]

Income (loss) from discontinued operations, net of tax

1,923.9

Adjustment to prior gain (loss) on disposal, net of tax

17.6

Gain on sale, before tax

2,870.0

Gain on sale, after tax, per share

^[1]

$ 1,827.6

$ 8.32

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]

Income (loss) from discontinued operations, net of tax

$ (1.0)

$ (57.9)

^[2]

Loss on disposal, before tax

^[1],[2]

$ (47.1)

$ 59.3

Loss on disposal, after tax

$ 47.1

[1]	After-tax gain on sale of $1,827.6 included expense for income tax reserves for uncertain tax positions of $28.0 gross ($21.0 net) in various jurisdictions.
[2]	The loss from operations of discontinued operations for EfW primarily related to costs incurred for ongoing project exit activities, administrative costs, and land lease obligations.

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

3 Months Ended

12 Months Ended

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2017

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

Income (loss) from Discontinued Operations, net of tax

$ 0.0

$ 43.2

$ 0.0

$ (1.0)

$ 0.0

$ 42.2

$ 1,866.0

Discontinued Operations

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

254.8

196.1

23.2

5.1

(1.7)

Operating Income (Loss)

28.7

Income (Loss) Before Taxes

0.3

29.0

Income tax benefit

^[1]

(56.5)

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

85.5

Gain (Loss) on disposal of business, net of tax

^[2]

1,780.5

Income (loss) from Discontinued Operations, net of tax

42.2

1,866.0

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]

254.8

182.3

22.5

5.1

0.3

Operating Income (Loss)

45.2

Income (Loss) Before Taxes

0.3

45.5

Income tax benefit

^[1]

(50.8)

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

96.3

Gain (Loss) on disposal of business, net of tax

^[2]

1,827.6

Income (loss) from Discontinued Operations, net of tax

1,923.9

Valuation allowance adjustment effect on income tax provision

$ 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]

^[3]

0.0

^[3]

13.8

^[3]

0.7

^[3]

0.0

^[3]

(2.0)

Operating Income (Loss)

^[3]

(16.5)

Income (Loss) Before Taxes

^[3]

0.0

^[3]

(16.5)

Income tax benefit

^[1],[3]

(5.7)

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

^[3]

(10.8)

Gain (Loss) on disposal of business, net of tax

^[2],[3]

(47.1)

Income (loss) from Discontinued Operations, net of tax

$ (1.0)

$ (57.9)

^[3]

[1]	As a result of the expected gain on the 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.
[2]	After-tax gain on sale of $1,827.6 included expense for income tax reserves for uncertain tax positions of $28.0 gross ($21.0 net) in various jurisdictions.
[3]	The loss from operations of discontinued operations for EfW primarily related to costs incurred for ongoing project exit activities, administrative costs, and land lease obligations.

Materials Technologies Separation (Narrative) (Details)
$ / shares in Units, $ in Millions

3 Months Ended

12 Months Ended

Jan. 03, 2017

USD ($)

Oct. 01, 2016

Sep. 30, 2019

USD ($)

Jun. 30, 2019

USD ($)

Mar. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Sep. 30, 2018

USD ($)

Jun. 30, 2018

USD ($)

Mar. 31, 2018

USD ($)

Dec. 31, 2017

USD ($)

Sep. 30, 2019

USD ($)

Sep. 30, 2018

USD ($)

Sep. 30, 2017

USD ($)

$ / shares

Business separation costs, legal and advisory fees, before tax

$ 0.0

$ 32.5

Pension settlement benefit

$ 0.0

$ (5.0)

$ 0.0

$ (43.7)

$ 0.0

$ (5.0)

$ (43.7)

Materials Technologies

Net business separation costs

30.2

Business separation costs, legal and advisory fees, before tax

32.5

5.5

Materials Technologies | Other Nonoperating Income (Expense)

Pension settlement benefit

2.3

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

Proceeds from sale

$ 3,800.0

Gain on sale, before tax

2,870.0

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

^[1]

$ 1,827.6

$ 8.32

Discontinued Operations, Spinoff | Electronic Materials Division (EMD)

Distribution ratio of common stock in spin-off

0.5

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

Cost Reduction and Asset Actions (Narrative) (Details) $ in Millions	3 Months Ended				12 Months Ended
	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2019 USD ($) position	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($) position
Restructuring and Related Cost [Abstract]
Cost reduction and asset actions	$ 0.0	$ 25.5	$ 0.0	$ 0.0	$ 25.5	$ 0.0	$ 151.4
Cost Reduction and Asset Actions
Restructuring and Related Cost [Abstract]
Cost reduction and asset actions							154.8
Cost Reduction and Asset Actions \| Industrial Gases - Americas
Restructuring and Related Cost [Abstract]
Cost reduction and asset actions							39.3
Cost Reduction and Asset Actions \| Industrial Gases - EMEA
Restructuring and Related Cost [Abstract]
Cost reduction and asset actions							77.9
Cost Reduction and Asset Actions \| Industrial Gases - Asia
Restructuring and Related Cost [Abstract]
Cost reduction and asset actions							0.9
Cost Reduction and Asset Actions \| Industrial Gases - Global
Restructuring and Related Cost [Abstract]
Cost reduction and asset actions							2.5
Cost Reduction and Asset Actions \| Corporate and other
Restructuring and Related Cost [Abstract]
Cost reduction and asset actions							34.2
Cost Reduction and Asset Actions \| Severance and other benefits
Restructuring and Related Cost [Abstract]
Cost reduction and asset actions					$ 25.5		$ 66.3
Number of positions eliminated or expected to be eliminated \| position					300
Number of positions eliminated \| position							625
Cost Reduction and Asset Actions \| Asset actions
Restructuring and Related Cost [Abstract]
Cost reduction and asset actions							$ 88.5
Business Realignment and Reorganization
Restructuring and Related Cost [Abstract]
Favorable restructuring reserve settlement							$ 3.4

Cost Reduction and Asset Actions (Carrying Amount of Accrual) (Details) - USD ($) $ in Millions	3 Months Ended				12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Restructuring and Related Activities [Abstract]
Cost reduction and asset actions	$ 0.0	$ 25.5	$ 0.0	$ 0.0	$ 25.5	$ 0.0	$ 151.4
Cash expenditures					(6.9)
Amount reflected in pension liability					(0.3)
Currency translation adjustment					(0.5)
Accrued balance	$ 17.8				$ 17.8

Acquisitions (Narrative) (Details)
$ in Millions, ¥ in Billions

3 Months Ended

12 Months Ended

May 01, 2019

USD ($)

Apr. 26, 2018

USD ($)

Apr. 26, 2018

CNY (¥)

Sep. 30, 2019

USD ($)

Jun. 30, 2019

USD ($)

Mar. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Sep. 30, 2019

USD ($)

acquisition

Sep. 30, 2018

USD ($)

acquisition

Sep. 30, 2017

USD ($)

May 02, 2019

Apr. 26, 2018

CNY (¥)

Additions to plant and equipment

^[1]

$ 10,337.6

$ 9,923.7

$ 8,440.2

1,989.7

1,568.4

1,039.7

Equity issued related to asset acquisition

227.4

320.1

^[2]

320.1

^[2]

384.3

^[2]

¥ 2.3

Business combinations, goodwill acquired during period

$ 29.1

0.0

$ 29.1

$ 0.0

29.1

0.0

$ 0.0

$ 48.6

$ 78.0

Joint Venture | Air Products Lu An Changzhi Co Ltd

Ownership interest by Air Products (percent)

60.00%

Contribution of equipment to joint venture

$ 300.0

Additions to plant and equipment

235.0

¥ 1.5

Equity issued related to asset acquisition

227.0

1.4

Air Products Lu An Changzhi Co Ltd | Joint Venture

Consideration transferred in asset acquisition

1,200.0

¥ 7.9

WuXi Hi-Tech Gas Co., Ltd.

$ 1,500.0

Interest acquired in exchange transaction (percent)

50.00%

Ownership interest subsequent to acquisition date (percent)

100.00%

Gain from revaluation of previously held equity interest to acquisition date fair value

$ 15.0

Estimated acquisition date fair value of previously held equity interest

27.0

Business combinations, plant and equipment acquired during the period

28.0

Business combinations, recognized identifiable intangible assets

27.4

Business combinations, goodwill acquired during period

$ 3.9

Acquired finite-lived intangible assets, weighted-average useful life

10 years

Business combinations, tax deductible goodwill

$ 0.0

Series of Individually Immaterial Business Acquisitions

Number of business combinations completed in period | acquisition

Business combinations, plant and equipment acquired during the period

75.1

$ 75.1

Business combinations, goodwill acquired during period

44.7

Business combinations, tax deductible goodwill

$ 1.7

1.7

Business combinations, aggregate purchase price, net of cash acquired

$ 126.6

$ 355.4

High-Tech Gases (Beijing) Co., Ltd.

Decrease in ownership interest in exchange transaction (percent)

50.00%

0.00%

50.00%

Gain from disposal of interest in equity method investment

$ 14.1

WuXi Hi-Tech Gas Co., Ltd.

Interest acquired in exchange transaction (percent)

50.00%

50.00%

Ownership interest subsequent to acquisition date (percent)

100.00%

Lu'An Loan To Joint Venture | Loans Payable

Loan to joint venture, face amount | ¥

¥ 2.6

Payables and accrued liabilities

5.50%

[1]	Long-lived assets include plant and equipment, net.
[2]	Refer to Note 7, Acquisitions, for additional information regarding related party debt.

Acquisitions (Summary of Liabilities Resulting from Related Party Transaction) (Details)
$ in Millions, ¥ in Billions

Sep. 30, 2019

USD ($)

Sep. 30, 2018

USD ($)

Apr. 26, 2018

CNY (¥)

Acquisitions [Abstract]

$ 8.9

$ 330.0

Current portion of long-term debt

37.8

0.0

Schedule of Equity Method Investments [Line Items]

$ 320.1

^[1]

$ 384.3

^[1]

¥ 2.3

[1]	Refer to Note 7, Acquisitions, for additional information regarding related party debt.

Inventories (Schedule of Inventory) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018
Inventory Disclosure [Abstract]
Finished goods	$ 128.8	$ 125.4
Work in process	27.5	21.2
Raw materials, supplies and other	232.0	249.5
Inventories	$ 388.3	$ 396.1

Summarized Financial Information of Equity Affiliates (Investment Listing) (Details)	Sep. 30, 2019
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%
INFRA Group
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	40.00%
INOX Air Products Private 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	26.00%
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%

Summarized Financial Information of Equity Affiliates (Table of Summarized Financial Information of Equity Affiliates) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Summarized Financial Information, Balance Sheet
Current assets	$ 1,660.6	$ 1,556.9
Noncurrent assets	4,400.4	4,340.8
Current liabilities	725.1	635.7
Noncurrent liabilities	2,853.6	2,652.5
Summarized Financial Information, Income Statement
Net sales	2,885.6	2,663.1	$ 2,343.3
Sales less cost of sales	1,193.4	1,050.6	878.6
Operating income	763.4	635.3	509.5
Net income	$ 492.4	$ 388.0	$ 343.5

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

3 Months Ended

12 Months Ended

May 01, 2019

Apr. 19, 2015

Jun. 30, 2017

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2017

May 02, 2019

Dividends received from equity affiliates

$ 144.3

$ 122.5

$ 99.5

Investment in net assets of and advances to equity affiliates

1,276.2

1,277.2

Goodwill associated with affiliate companies accounted for by equity method

42.8

42.4

Reduction in equity affiliate income for impacts of the Tax Act

28.5

Obligation for future contribution to equity affiliate

0.0

79.5

0.0

94.4

Obligation for future contribution to equity affiliate to be funded in next twelve months

94.4

0.0

Foreign affiliates

Schedule of Equity Method Investments [Line Items]

Investment in net assets of and advances to equity affiliates

$ 1,275.4

$ 1,276.0

High-Tech Gases (Beijing) Co., Ltd.

Schedule of Equity Method Investments [Line Items]

Decrease in ownership interest in exchange transaction (percent)

50.00%

0.00%

50.00%

WuXi Hi-Tech Gas Co., Ltd.

Schedule of Equity Method Investments [Line Items]

Interest acquired in exchange transaction (percent)

50.00%

50.00%

Ownership interest subsequent to acquisition date (percent)

100.00%

Abdullah Hashim Industrial Gases & Equipment Co., Ltd.

Schedule of Equity Method Investments [Line Items]

25.00%

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

$ 79.5

^[1]

Schedule of Equity Method Investments [Line Items]

Jazan Gas Projects Company

25.00%

Schedule of Equity Method Investments [Line Items]

Oxygen and nitrogen supply agreement, term

26.00%

20 years

Obligation for future contribution to equity affiliate

$ 94.4

Obligation for future contribution to equity affiliate to be funded in next twelve months

$ 94.4

[1]

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

12 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2017

Less: Accumulated depreciation

$ 22,333.7

$ 21,490.2

11,996.1

11,566.5

^[1]

10,337.6

9,923.7

$ 8,440.2

Land

281.5

269.4

Buildings

$ 946.8

988.6

30 years

Production facilities

Production facilities | Minimum

^[2]

$ 15,602.1

15,082.8

Production facilities | Maximum

10 years

Distribution and other machinery and equipment

20 years

Distribution and other machinery and equipment | Minimum

^[3]

$ 4,491.9

4,400.9

Distribution and other machinery and equipment | Maximum

5 years

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

Industrial Gases - Americas

$ 1,011.4

$ 748.5

[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, 2019	Sep. 30, 2018	Sep. 30, 2017
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1,049.7	$ 940.7	$ 843.2

Goodwill (Schedule of Goodwill by Segment) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Goodwill [Roll Forward]
Goodwill, net, beginning balance	$ 788.9	$ 721.5
Acquisitions	48.6	78.0
Currency translation and other	(40.4)	(10.6)
Goodwill, net, ending balance	797.1	788.9
Industrial Gases - Americas
Goodwill [Roll Forward]
Goodwill, net, beginning balance	162.1	163.7
Acquisitions	0.0	0.0
Currency translation and other	(5.8)	(1.6)
Goodwill, net, ending balance	156.3	162.1
Industrial Gases - EMEA
Goodwill [Roll Forward]
Goodwill, net, beginning balance	424.4	402.4
Acquisitions	38.5	29.5
Currency translation and other	(30.6)	(7.5)
Goodwill, net, ending balance	432.3	424.4
Industrial Gases - Asia
Goodwill [Roll Forward]
Goodwill, net, beginning balance	171.9	135.2
Acquisitions	10.1	38.1
Currency translation and other	(3.5)	(1.4)
Goodwill, net, ending balance	178.5	171.9
Industrial Gases - Global
Goodwill [Roll Forward]
Goodwill, net, beginning balance	20.1	20.2
Acquisitions	0.0	0.0
Currency translation and other	(0.5)	(0.1)
Goodwill, net, ending balance	19.6	20.1
Corporate and other
Goodwill [Roll Forward]
Goodwill, net, beginning balance	10.4	0.0
Acquisitions	0.0	10.4
Currency translation and other	0.0	0.0
Goodwill, net, ending balance	$ 10.4	$ 10.4

Goodwill (Schedule of Accumulated Impairment Losses) (Details) - USD ($)
$ in Millions

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2017

Goodwill [Line Items]

Goodwill, gross

$ 1,162.2

$ 1,194.7

$ 1,138.7

Goodwill, net

797.1

788.9

721.5

Goodwill [Line Items]

Accumulated impairment losses

^[1]

(365.1)

(405.8)

(417.2)

Goodwill, net

$ 156.3

$ 162.1

$ 163.7

[1]	Accumulated impairment losses include the impacts of currency translation. These losses are attributable to our Latin America reporting unit (LASA) within the Industrial Gases – Americas segment.

Goodwill (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Goodwill (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Sep. 30, 2017
Goodwill [Line Items]
Goodwill impairment charge		$ 145.3
Industrial Gases - Americas
Goodwill [Line Items]
Goodwill impairment charge	$ 145.3

Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2017	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets		$ 33.1	$ 30.0	$ 22.6
Intangible asset impairment charge	$ 16.8

Intangible Assets (Acquired Intangible Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets, gross	$ 658.1	$ 663.3
Accumulated amortization and impairment	(238.6)	(224.8)
Intangible assets, net	419.5	438.5
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	601.9	598.5
Accumulated amortization	(226.5)	(211.2)
Finite-lived intangible assets, net	375.4	387.3
Trade names and trademarks
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, gross	56.2	64.8
Accumulated impairment	(12.1)	(13.6)
Indefinite-lived intangible assets, net	44.1	51.2
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	487.9	491.9
Accumulated amortization	(179.8)	(165.5)
Finite-lived intangible assets, net	308.1	326.4
Patents and technology
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	39.0	34.0
Accumulated amortization	(13.3)	(11.9)
Finite-lived intangible assets, net	25.7	22.1
Other
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	75.0	72.6
Accumulated amortization	(33.4)	(33.8)
Finite-lived intangible assets, net	$ 41.6	$ 38.8

Intangible Assets (Projected Annual Amortization Expense for Intangible Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 35.3
2021	33.5
2022	30.8
2023	29.6
2024	28.6
Thereafter	217.6
Total future amortization expense	$ 375.4	$ 387.3

Leases (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Leases [Abstract]
Capital leases, plant and equipment	$ 23.1	$ 21.6
Capital leases, accumulated depreciation	7.2	6.1
Operating leases, rent expense	87.0	82.7	$ 65.8
Capital leases, present value future lease payments	10.1
Lessor, total lease payments collected	171.6	182.7	183.6
Lessor, payments reducing lease receivable	94.6	97.4	$ 92.2
Property, Plant and Equipment [Line Items]
Plant and equipment, at cost	22,333.7	21,490.2
Accumulated depreciation	11,996.1	$ 11,566.5
Assets Leased to Others
Property, Plant and Equipment [Line Items]
Plant and equipment, at cost	2,900.0
Accumulated depreciation	$ 500.0

Leases (Minimum Payments Due) (Details) $ in Millions	Sep. 30, 2019 USD ($)
Capital Leases
2020	$ 1.7
2021	2.5
2022	1.3
2023	1.1
2024	1.1
Thereafter	12.8
Total	20.5
Operating Leases
2020	75.1
2021	62.6
2022	44.4
2023	35.9
2024	28.6
Thereafter	171.4
Total	$ 418.0

Leases (Minimum Operating Lease Payments Receivable) (Details) $ in Millions	Sep. 30, 2019 USD ($)
Minimum Operating Lease Payments Expected to be Collected
2020	$ 321.7
2021	287.3
2022	283.1
2023	278.4
2024	275.5
Thereafter	3,042.5
Total	$ 4,488.5

Leases (Capital Lease Receivables) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018
Leases [Abstract]
Gross minimum lease payments receivable	$ 1,453.2	$ 1,673.7
Unearned interest income	(472.3)	(568.3)
Lease Receivables, net	$ 980.9	$ 1,105.4

Leases (Minimum Capital Lease Payments Receivable) (Details) $ in Millions	Sep. 30, 2019 USD ($)
Minimum Capital Lease Payments Expected to be Collected
2020	$ 162.5
2021	156.9
2022	145.7
2023	139.4
2024	133.2
Thereafter	715.5
Total	$ 1,453.2

Financial Instruments (Narrative) (Details) € in Millions	12 Months Ended
Financial Instruments (Narrative) (Details) € in Millions	Sep. 30, 2019 USD ($)	Sep. 30, 2019 EUR (€)	Sep. 30, 2018 USD ($)	Sep. 30, 2018 EUR (€)
Derivative [Line Items]
Net liability position of derivatives with credit risk-related contingent features	$ 30,100,000		$ 33,400,000
Collateral posted on liability positions with credit risk-related features	0
Collateral amount that counterparties would be required to post	$ 157,100,000		97,600,000
Forward Exchange Contracts \| Cash Flow Hedges
Derivative [Line Items]
Maximum remaining maturity of foreign currency derivatives	2 years 2 months 12 days	2 years 2 months 12 days
Foreign Currency Debt \| Euro Denominated
Derivative [Line Items]
Notional amount included in designated foreign currency denominated debt	$ 1,036,900,000	€ 951.3	$ 1,054,600,000	€ 908.8

Financial Instruments (Schedule of Outstanding Currency Price Risk Management Instruments) (Details) - Forward Exchange Contracts - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Derivative [Line Items]
US$ Notional	$ 4,302.5	$ 4,682.7
Years Average Maturity	7 months 6 days	8 months 12 days
Designated as Hedging Instrument \| Cash Flow Hedges
Derivative [Line Items]
US$ Notional	$ 2,418.2	$ 2,489.1
Years Average Maturity	6 months	4 months 24 days
Designated as Hedging Instrument \| Net Investment Hedges
Derivative [Line Items]
US$ Notional	$ 830.8	$ 457.5
Years Average Maturity	10 months 24 days	1 year 8 months 12 days
Not Designated as Hedging Instrument
Derivative [Line Items]
US$ Notional	$ 1,053.5	$ 1,736.1
Years Average Maturity	7 months 6 days	9 months 18 days

Financial Instruments (Schedule of Interest Rate Management Contracts and Cross Currency Interest Rate Swaps) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Interest Rate Swaps Contracts \| Designated as Hedging Instrument \| Fair Value Hedges
Derivative [Line Items]
US$ Notional	$ 200.0	$ 600.0
Average Pay %	LIBOR	LIBOR
Average Receive %	2.76%	2.60%
Years Average Maturity	2 years 1 month 6 days	1 year 7 months 6 days
Cross Currency Interest Rate Swaps \| Designated as Hedging Instrument \| Net Investment Hedges
Derivative [Line Items]
US$ Notional	$ 216.8	$ 201.7
Average Pay %	4.80%	4.42%
Average Receive %	3.31%	2.97%
Years Average Maturity	3 years 6 months	3 years 1 month 6 days
Cross Currency Interest Rate Swaps \| Designated as Hedging Instrument \| Cash Flow Hedges
Derivative [Line Items]
US$ Notional	$ 1,129.3	$ 1,052.7
Average Pay %	4.92%	4.99%
Average Receive %	3.04%	2.89%
Years Average Maturity	2 years 3 months 18 days	2 years 3 months 18 days
Cross Currency Interest Rate Swaps \| Not Designated as Hedging Instrument
Derivative [Line Items]
US$ Notional	$ 6.1	$ 80.2
Average Pay %	2.55%	4.88%
Average Receive %	3.72%	3.43%
Years Average Maturity	4 years 6 months	3 years 10 months 24 days

Financial Instruments (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018
Derivative [Line Items]
Total Derivatives, Assets	$ 224.2	$ 146.1
Total Derivatives, Liabilities	112.4	94.1
Designated as Hedging Instrument
Derivative [Line Items]
Total Derivatives, Assets	176.6	117.7
Total Derivatives, Liabilities	56.3	55.5
Not Designated as Hedging Instrument
Derivative [Line Items]
Total Derivatives, Assets	47.6	28.4
Total Derivatives, Liabilities	56.1	38.6
Forward Exchange Contracts \| Designated as Hedging Instrument \| Other Receivables
Derivative [Line Items]
Total Derivatives, Assets	79.0	24.9
Forward Exchange Contracts \| Designated as Hedging Instrument \| Other Noncurrent Assets
Derivative [Line Items]
Total Derivatives, Assets	11.9	19.8
Forward Exchange Contracts \| Designated as Hedging Instrument \| Accrued Liabilities
Derivative [Line Items]
Total Derivatives, Liabilities	53.8	37.0
Forward Exchange Contracts \| Designated as Hedging Instrument \| Other Noncurrent Liabilities
Derivative [Line Items]
Total Derivatives, Liabilities	0.7	4.6
Forward Exchange Contracts \| Not Designated as Hedging Instrument \| Other Receivables
Derivative [Line Items]
Total Derivatives, Assets	38.7	7.9
Forward Exchange Contracts \| Not Designated as Hedging Instrument \| Other Noncurrent Assets
Derivative [Line Items]
Total Derivatives, Assets	8.4	16.2
Forward Exchange Contracts \| Not Designated as Hedging Instrument \| Accrued Liabilities
Derivative [Line Items]
Total Derivatives, Liabilities	36.3	14.9
Forward Exchange Contracts \| Not Designated as Hedging Instrument \| Other Noncurrent Liabilities
Derivative [Line Items]
Total Derivatives, Liabilities	19.8	23.7
Interest Rate Management Contracts \| Designated as Hedging Instrument \| Other Receivables
Derivative [Line Items]
Total Derivatives, Assets	24.8	24.3
Interest Rate Management Contracts \| Designated as Hedging Instrument \| Other Noncurrent Assets
Derivative [Line Items]
Total Derivatives, Assets	60.9	48.7
Interest Rate Management Contracts \| Designated as Hedging Instrument \| Accrued Liabilities
Derivative [Line Items]
Total Derivatives, Liabilities	1.1	2.3
Interest Rate Management Contracts \| Designated as Hedging Instrument \| Other Noncurrent Liabilities
Derivative [Line Items]
Total Derivatives, Liabilities	0.7	11.6
Interest Rate Management Contracts \| Not Designated as Hedging Instrument \| Other Receivables
Derivative [Line Items]
Total Derivatives, Assets	0.0	4.0
Interest Rate Management Contracts \| Not Designated as Hedging Instrument \| Other Noncurrent Assets
Derivative [Line Items]
Total Derivatives, Assets	0.5	0.3
Interest Rate Management Contracts \| Not Designated as Hedging Instrument \| Accrued Liabilities
Derivative [Line Items]
Total Derivatives, Liabilities	0.0	0.0
Interest Rate Management Contracts \| Not Designated as Hedging Instrument \| Other Noncurrent Liabilities
Derivative [Line Items]
Total Derivatives, Liabilities	$ 0.0	$ 0.0

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

12 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2017

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

$ (44.1)

$ 45.9

$ (12.6)

Designated as Hedging Instrument | Cash Flow Hedges

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

(44.1)

45.9

Designated as Hedging Instrument | Cash Flow Hedges | Sales/Cost of Sales

Net (gain) loss reclassified from OCI (effective portion)

0.6

7.1

Designated as Hedging Instrument | Cash Flow Hedges | Other Income (Expense)

Net (gain) loss reclassified from OCI (effective portion)

(2.9)

(41.6)

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

(0.1)

(1.0)

Designated as Hedging Instrument | Cash Flow Hedges | Interest Expense

Net (gain) loss reclassified from OCI (effective portion)

14.7

5.1

Designated as Hedging Instrument | Fair Value Hedges | Interest Expense

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

^[1]

4.3

(10.1)

Designated as Hedging Instrument | Net Investment Hedges

Not Designated as Hedging Instrument | Other Income (Expense)

98.5

20.6

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

^[2]

0.7

(4.8)

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

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

(35.7)

2.4

Forward Exchange Contracts | Designated as Hedging Instrument | Cash Flow Hedges | Sales/Cost of Sales

Net (gain) loss reclassified from OCI (effective portion)

0.6

7.1

Forward Exchange Contracts | Designated as Hedging Instrument | Cash Flow Hedges | Other Income (Expense)

Net (gain) loss reclassified from OCI (effective portion)

21.8

(7.8)

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

0.0

(0.5)

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

Net (gain) loss reclassified from OCI (effective portion)

12.1

1.2

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

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

^[1]

0.0

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

Forward Exchange Contracts | Not Designated as Hedging Instrument | Other Income (Expense)

39.1

(0.6)

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

^[2]

(1.3)

(4.0)

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

Other Contracts | Designated as Hedging Instrument | Cash Flow Hedges

49.6

10.2

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

^[3]

(8.4)

43.5

Other Contracts | Designated as Hedging Instrument | Cash Flow Hedges | Sales/Cost of Sales

Net (gain) loss reclassified from OCI (effective portion)

^[3]

0.0

Other Contracts | Designated as Hedging Instrument | Cash Flow Hedges | Other Income (Expense)

Net (gain) loss reclassified from OCI (effective portion)

^[3]

(24.7)

(33.8)

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

^[3]

(0.1)

(0.5)

Other Contracts | Designated as Hedging Instrument | Cash Flow Hedges | Interest Expense

Net (gain) loss reclassified from OCI (effective portion)

^[3]

2.6

3.9

Other Contracts | Designated as Hedging Instrument | Fair Value Hedges | Interest Expense

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

^[1],[3]

4.3

(10.1)

Other Contracts | Designated as Hedging Instrument | Net Investment Hedges

Other Contracts | Not Designated as Hedging Instrument | Other Income (Expense)

^[3]

9.8

11.0

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

^[2],[3]

$ 2.0

$ (0.8)

[1]	The impact of fair value hedges 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 was largely offset by recognized gains and losses resulting from the impact of changes in exchange rates on assets and liabilities denominated in non-functional currencies.
[3]	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, 2019	Sep. 30, 2018
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion carrying value	$ 3,267.8	$ 3,758.3
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion fair value	3,350.9	3,788.2
Forward Exchange Contracts \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	138.0	68.8
Derivative liabilities	110.6	80.2
Forward Exchange Contracts \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	138.0	68.8
Derivative liabilities	110.6	80.2
Interest Rate Management Contracts \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	86.2	77.3
Derivative liabilities	1.8	13.9
Interest Rate Management Contracts \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	86.2	77.3
Derivative liabilities	$ 1.8	$ 13.9

Fair Value Measurements (Schedule of Recurring Fair Value Measurements) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets at Fair Value	$ 224.2	$ 146.1
Total Liabilities at Fair Value	112.4	94.1
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	224.2	146.1
Total Liabilities at Fair Value	112.4	94.1
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	138.0	68.8
Derivative liabilities	110.6	80.2
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	138.0	68.8
Derivative liabilities	110.6	80.2
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 Contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	86.2	77.3
Derivative liabilities	1.8	13.9
Interest Rate Management 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
Interest Rate Management Contracts \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	86.2	77.3
Derivative liabilities	1.8	13.9
Interest Rate Management 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

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

3 Months Ended

12 Months Ended

Jun. 30, 2017

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2017

Abdullah Hashim Industrial Gases & Equipment Co., Ltd.

$ 0.0

$ 79.5

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

$ 79.5

^[1]

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

^[1]

68.5

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

^[1]

0.0

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

^[1]

0.0

Current portion of long-term debt due to related party

^[1]

$ 68.5

[1]

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2017	Sep. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment charge		$ 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) € in Millions		12 Months Ended
Debt (Narrative) (Details) € in Millions	Mar. 31, 2017	Sep. 30, 2019 USD ($)	Sep. 30, 2019 EUR (€)	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 27, 2018 USD ($)
Debt Instrument [Line Items]
Short-term borrowings		$ 58,200,000		$ 54,300,000
Short-term debt, weighted average interest rate		3.70%		5.00%
Amount classified as long-term debt based on ability and intent to refinance		$ 327,000,000.0	€ 300.0
Cash paid for interest, net of amounts capitalized		155,900,000		$ 123,100,000	$ 125,900,000
Foreign Line of Credit \| Foreign Subsidiary Facility
Debt Instrument [Line Items]
Credit facility, amount borrowed and outstanding		2,300,000
Revolving Credit Facility \| 2017 Credit Agreement
Debt Instrument [Line Items]
Credit facility, amount borrowed and outstanding		$ 0
Debt instrument, term	5 years
Maximum borrowing capacity				$ 2,300,000,000		$ 2,500,000,000
Revolving Credit Facility \| 2017 Credit Agreement \| Maximum
Debt Instrument [Line Items]
Covenant, ratio of total debt to total capitalization		70.00%

Debt (Summary of Outstanding Debt) (Details)
$ in Millions, ¥ in Billions

Sep. 30, 2019

USD ($)

Sep. 30, 2018

USD ($)

Apr. 26, 2018

CNY (¥)

Debt Disclosure [Abstract]

$ 37.8

$ 0.0

Short-term borrowings

58.2

54.3

Current portion of long-term debt

^[1],[2]

40.4

406.6

Long-term debt

2,907.3

2,967.4

320.1

^[2]

384.3

^[2]

¥ 2.3

Total Debt

$ 3,326.0

$ 3,812.6

[1]	Fiscal year 2019 includes the current portion of long-term debt owed to a related party of $37.8.
[2]	Refer to Note 7, Acquisitions, for additional information regarding related party debt.

Debt (Long-term Debt) (Details)
$ in Millions, ¥ in Billions

Sep. 30, 2019

USD ($)

Sep. 30, 2018

USD ($)

Apr. 26, 2018

CNY (¥)

Less: Unamortized discount and debt issuance costs

$ 3,274.8

$ 3,773.6

(12.2)

(15.3)

Less: Fair value hedge accounting adjustments

5.2

0.0

Total Long-term Debt

3,267.8

3,758.3

Less: Current portion of long-term debt

^[1],[2]

(40.4)

(406.6)

Less: Long-term debt – related party

(320.1)

^[2]

(384.3)

^[2]

¥ (2.3)

Long-term Debt

2,907.3

2,967.4

Debentures | Debenture 8.75% due 2021

$ 18.4

18.4

Medium-term Notes | Series E 7.6% due 2026

8.75%

Interest rate, weighted average

$ 17.2

17.2

7.60%

Senior Notes | Note 4.375% due 2019

$ 0.0

400.0

Senior Notes | Note 3.0% due 2022

4.375%

$ 400.0

400.0

Senior Notes | Note 2.75% due 2023

3.00%

$ 400.0

400.0

Senior Notes | Note 3.35% due 2024

2.75%

$ 400.0

400.0

Bonds | Variable-rate industrial revenue bonds 1.44% due 2035 to 2050

3.35%

Interest rate, weighted average

$ 631.9

631.9

1.44%

Bonds | Other .25%

Interest rate, weighted average

$ 0.0

0.9

0.25%

Bonds | Eurobonds 2.0% due 2020

$ 327.0

348.1

Bonds | Eurobonds .375% due 2021

2.00%

$ 381.5

406.2

Bonds | Eurobonds 1.0% due 2025

0.375%

$ 327.0

348.1

Bonds | Other Foreign 2.9% due 2020 to 2023

1.00%

$ 3.8

8.0

2.90%

^[3]

$ 357.9

384.3

Capital Lease Obligations | Foreign 10.3% due 2020 to 2036

^[3]

5.50%

$ 10.1

$ 10.5

10.30%

[1]	Fiscal year 2019 includes the current portion of long-term debt owed to a related party of $37.8.
[2]	Refer to Note 7, Acquisitions, for additional information regarding related party debt.
[3]	Refer to Note 7, Acquisitions, for additional information regarding related party debt.

Debt (Maturities of Long-term Debt) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018
Debt Disclosure [Abstract]
2020	$ 367.4
2021	440.2
2022	439.3
2023	453.7
2024	453.4
Thereafter	1,120.8
Total	$ 3,274.8	$ 3,773.6

Retirement Benefits (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Defined Benefit Plan Disclosure [Line Items]
Pension settlement loss	$ 0.0	$ 0.0	$ 5.0	$ 0.0	$ 43.7	$ 0.0	$ 0.0	$ 0.0	$ 5.0	$ 43.7
Shares of common stock in ESOP	2,197,262								2,197,262
Defined contribution plan cost recognized									$ 40.6	34.2	$ 33.7
Pension and postretirement benefits	$ 26.0				34.1				$ 26.0	34.1
U.S.
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets									7.00%
U.S. \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets									7.80%
U.S. \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets									4.70%
U.S. \| Real estate/other
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets									6.50%
International
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets									5.30%
U.K.
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets									5.80%
Percentage of plan assets as component of total international plan assets									80.00%
U.K. \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets									7.40%
U.K. \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets									2.70%
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Pension settlement loss					43.7				$ (6.2)	(5.2)	10.5
ABO for all defined benefit pension plans	4,931.6				4,376.4				4,931.6	4,376.4
Company contributions									40.2
Defined Benefit Pension Plan \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Anticipated contributions for next fiscal year	30.0								30.0
Defined Benefit Pension Plan \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Anticipated contributions for next fiscal year	40.0								40.0
Defined Benefit Pension Plan \| Unfunded Plan
Defined Benefit Plan Disclosure [Line Items]
ABO for plans with obligation in excess plan assets	92.6								92.6
PBO for plans with obligation in excess of plan assets	99.2								99.2
Defined Benefit Pension Plan \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Prior service cost arising during the period									1.1	0.1
Pension settlement loss									$ 6.2	45.0	$ 10.5
Amortization period based on approximate average remaining service period									7 years
ABO for plans with obligation in excess plan assets	2,941.2				2,608.6				$ 2,941.2	2,608.6
PBO for plans with obligation in excess of plan assets	3,069.2				2,733.6				$ 3,069.2	$ 2,733.6
Expected return on plan assets									7.00%	7.50%	8.00%
Company contributions									$ 16.0	$ 14.6
Accumulated benefit obligations	3,281.6				2,922.8				3,281.6	2,922.8	$ 3,357.7
Pension and postretirement benefits	18.3				23.5				18.3	23.5
Gains arising during the period									262.9	(167.7)
Amortization of net actuarial loss									(71.5)	(132.4)
Net actuarial loss on pretax basis	871.8				680.4				871.8	680.4
Defined Benefit Pension Plan \| International
Defined Benefit Plan Disclosure [Line Items]
Prior service cost arising during the period				$ 4.7					4.7	0.7
Pension settlement loss									0.2	3.5	$ 1.7
ABO for plans with obligation in excess plan assets	413.3				357.9				413.3	357.9
PBO for plans with obligation in excess of plan assets	521.1				452.6				$ 521.1	$ 452.6
Expected return on plan assets									5.30%	5.80%	6.10%
Company contributions									$ 24.2	$ 53.7
Accumulated benefit obligations	1,864.0				1,660.5				1,864.0	1,660.5	$ 1,749.5
Pension and postretirement benefits	0.0				1.2				0.0	1.2
Gains arising during the period									161.5	(64.6)
Amortization of net actuarial loss									(11.1)	(43.7)
Net actuarial loss on pretax basis	594.0				443.6				$ 594.0	443.6
Defined Benefit Pension Plan \| U.K.
Defined Benefit Plan Disclosure [Line Items]
Amortization period based on approximate average remaining life expectancy									25 years
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligations	43.7				56.4				$ 43.7	56.4
Pension and postretirement benefits	7.7				9.4				7.7	9.4
Gains arising during the period									(6.1)	(3.1)
Amortization of net actuarial loss									0.0	(0.3)
Net actuarial loss on pretax basis	$ (1.7)				$ 4.4				$ (1.7)	$ 4.4

Retirement Benefits (Schedule of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Defined Benefit Plan Disclosure [Line Items]
Settlements	$ 0.0	$ 0.0	$ 5.0	$ 0.0	$ 43.7	$ 0.0	$ 0.0	$ 0.0	$ 5.0	$ 43.7
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Settlements					$ 43.7				(6.2)	(5.2)	$ 10.5
Defined Benefit Pension Plan \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Service cost									21.4	25.5	29.0
Interest cost									113.4	107.2	107.5
Expected return on plan assets									(172.5)	(201.6)	(207.7)
Net actuarial loss amortization									65.3	87.4	88.7
Prior service cost (credit)									1.1	1.6	2.3
Settlements									6.2	45.0	10.5
Curtailments									0.0	0.0	4.3
Special termination benefits									0.7	0.4	2.8
Other									0.0	0.0	0.0
Net periodic benefit cost									35.6	65.5	37.4
Defined Benefit Pension Plan \| U.S. \| Discontinued Operations
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost									0.0	0.0	(0.7)
Defined Benefit Pension Plan \| U.S. \| Continuing Operations
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost									35.6	65.5	36.7
Defined Benefit Pension Plan \| International
Defined Benefit Plan Disclosure [Line Items]
Service cost									19.3	25.5	25.9
Interest cost									35.8	37.3	32.2
Expected return on plan assets									(75.1)	(81.7)	(75.2)
Net actuarial loss amortization									10.9	40.2	54.7
Prior service cost (credit)									0.0	0.0	(0.1)
Settlements									0.2	3.5	1.7
Curtailments									0.0	0.0	(1.3)
Special termination benefits									0.1	0.0	0.4
Other									0.8	1.5	1.1
Net periodic benefit cost									(8.0)	26.3	39.4
Defined Benefit Pension Plan \| International \| Discontinued Operations
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost									0.0	0.0	(4.1)
Defined Benefit Pension Plan \| International \| Continuing Operations
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost									$ (8.0)	$ 26.3	$ 35.3

Retirement Benefits (Assumptions in Calculating Net Periodic Benefit Cost) (Details)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
U.S.
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	7.00%
International
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	5.30%
Defined Benefit Pension Plan \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Discount rate – Service cost	4.30%	3.90%	3.60%
Discount rate – Interest cost	4.00%	3.30%	3.00%
Expected return on plan assets	7.00%	7.50%	8.00%
Rate of compensation increase	3.50%	3.50%	3.50%
Defined Benefit Pension Plan \| International
Defined Benefit Plan Disclosure [Line Items]
Discount rate – Service cost	2.50%	2.60%	2.10%
Discount rate – Interest cost	2.20%	2.20%	1.80%
Expected return on plan assets	5.30%	5.80%	6.10%
Rate of compensation increase	3.50%	3.60%	3.50%

Retirement Benefits (Assumptions in Calculating Projected Benefit Obligation) (Details) - Defined Benefit Pension Plan	Sep. 30, 2019	Sep. 30, 2018
U.S.
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.20%	4.30%
Rate of compensation increase	3.50%	3.50%
International
Defined Benefit Plan Disclosure [Line Items]
Discount rate	1.50%	2.50%
Rate of compensation increase	3.30%	3.50%

Retirement Benefits (Change in Projected Benefit Obligation) (Details) - Defined Benefit Pension Plan - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
U.S.
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Obligation at beginning of year	$ 2,922.8	$ 3,357.7
Service cost	21.4	25.5	$ 29.0
Interest cost	113.4	107.2	107.5
Amendments	1.1	0.1
Actuarial gain	380.3	(217.8)
Settlements	(12.2)	(193.0)
Special termination benefits	0.7	0.4
Participant contributions	0.0	0.0
Benefits paid	(146.2)	(157.3)
Currency translation/other	0.3	0.0
Obligation at end of year	3,281.6	2,922.8	3,357.7
International
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Obligation at beginning of year	1,660.5	1,749.5
Service cost	19.3	25.5	25.9
Interest cost	35.8	37.3	32.2
Amendments	4.7	0.7
Actuarial gain	300.2	(33.9)
Settlements	(1.6)	(24.6)
Special termination benefits	0.1	0.0
Participant contributions	1.3	1.4
Benefits paid	(47.7)	(51.3)
Currency translation/other	(108.6)	(44.1)
Obligation at end of year	$ 1,864.0	$ 1,660.5	$ 1,749.5

Retirement Benefits (Change in Plan Assets) (Details) - Defined Benefit Pension Plan - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Company contributions	$ 40.2
U.S.
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value at beginning of year	2,684.9	$ 2,869.2
Actual return on plan assets	289.9	150.2
Company contributions	16.0	14.6
Participant contributions	0.0	0.0
Benefits paid	(146.2)	(157.3)
Settlements	(12.2)	(191.8)
Currency translation/other	0.0	0.0
Fair value at end of year	2,832.4	2,684.9
Funded status at end of year	(449.2)	(237.9)
International
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value at beginning of year	1,588.2	1,540.0
Actual return on plan assets	208.0	115.5
Company contributions	24.2	53.7
Participant contributions	1.3	1.4
Benefits paid	(47.7)	(51.3)
Settlements	(1.6)	(24.6)
Currency translation/other	(100.0)	(46.5)
Fair value at end of year	1,672.4	1,588.2
Funded status at end of year	$ (191.6)	$ (72.3)

Retirement Benefits (Amounts Recognized on Balance Sheet) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	$ 28.7	$ 131.7
Accrued liabilities	26.0	34.1
Defined Benefit Pension Plan \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	17.3	28.2
Accrued liabilities	18.3	23.5
Noncurrent liabilities	448.2	242.6
Net Liability Recognized	449.2	237.9
Defined Benefit Pension Plan \| International
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	11.4	103.5
Accrued liabilities	0.0	1.2
Noncurrent liabilities	203.0	174.6
Net Liability Recognized	$ 191.6	$ 72.3

Retirement Benefits (Changes Recognized in Other Comprehensive Income on Pretax Basis) (Details) - Defined Benefit Pension Plan - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
U.S.
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss (gain) arising during the period		$ 262.9	$ (167.7)
Amortization of net actuarial loss		(71.5)	(132.4)
Prior service cost arising during the period		1.1	0.1
Amortization of prior service cost		(1.1)	(1.6)
Total		191.4	(301.6)
International
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss (gain) arising during the period		161.5	(64.6)
Amortization of net actuarial loss		(11.1)	(43.7)
Prior service cost arising during the period	$ 4.7	4.7	0.7
Amortization of prior service cost		0.0	0.0
Total		$ 155.1	$ (107.6)

Retirement Benefits (Components Recognized in Accumulated Other Comprehensive Income on Pretax Basis) (Details) - Defined Benefit Pension Plan - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018
U.S.
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	$ 871.8	$ 680.4
Prior service cost (credit)	6.6	6.6
Net transition liability	0.0	0.0
Total	878.4	687.0
International
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	594.0	443.6
Prior service cost (credit)	3.6	(1.1)
Net transition liability	0.4	0.4
Total	$ 598.0	$ 442.9

Retirement Benefits (Amount of Accumulated Other Comprehensive Income Expected to be Recognized in Next Fiscal Year) (Details) - Defined Benefit Pension Plan $ in Millions	Sep. 30, 2019 USD ($)
U.S.
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	$ 84.2
Prior service cost (credit)	1.4
International
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	19.2
Prior service cost (credit)	$ 0.0

Retirement Benefits (Benefit Liability Exceeds Value of Plan Assets) (Details) - Defined Benefit Pension Plan - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018
U.S.
Pension Plans with PBO in Excess of Plan Assets:
PBO	$ 3,069.2	$ 2,733.6
Fair value of Plan assets	2,602.8	2,467.5
Pension Plans with ABO in Excess of Plan Assets:
ABO	2,941.2	2,608.6
Fair value of plan assets	2,602.8	2,467.5
International
Pension Plans with PBO in Excess of Plan Assets:
PBO	521.1	452.6
Fair value of Plan assets	318.0	276.8
Pension Plans with ABO in Excess of Plan Assets:
ABO	413.3	357.9
Fair value of plan assets	$ 266.5	$ 228.2

Retirement Benefits (Plan Assets Target Allocation) (Details) - Defined Benefit Pension Plan	Sep. 30, 2019	Sep. 30, 2018
U.S.
Defined Benefit Plan Disclosure [Line Items]
Actual allocation (percent)	100.00%	100.00%
U.S. \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	39.00%
Actual allocation (percent)	38.00%	41.00%
U.S. \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	51.00%
Actual allocation (percent)	56.00%	50.00%
U.S. \| Real estate/other
Defined Benefit Plan Disclosure [Line Items]
Actual allocation (percent)	6.00%	8.00%
U.S. \| Cash
Defined Benefit Plan Disclosure [Line Items]
Actual allocation (percent)	0.00%	1.00%
U.S. \| Minimum \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	43.00%
U.S. \| Minimum \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	34.00%
U.S. \| Minimum \| Real estate/other
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	0.00%
U.S. \| Minimum \| Cash
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	0.00%
U.S. \| Maximum \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	58.00%
U.S. \| Maximum \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	49.00%
U.S. \| Maximum \| Real estate/other
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	10.00%
U.S. \| Maximum \| Cash
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	0.00%
International
Defined Benefit Plan Disclosure [Line Items]
Actual allocation (percent)	100.00%	100.00%
International \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	49.00%
Actual allocation (percent)	42.00%	46.00%
International \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	61.00%
Actual allocation (percent)	57.00%	53.00%
International \| Real estate/other
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	0.00%
Actual allocation (percent)	0.00%	0.00%
International \| Cash
Defined Benefit Plan Disclosure [Line Items]
Actual allocation (percent)	1.00%	1.00%
International \| Minimum \| Real estate/other
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	0.00%
International \| Minimum \| Cash
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	0.00%
International \| Maximum \| Cash
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	0.00%

Retirement Benefits (Pension Plan Assets at Fair Value by Asset Class) (Details) - Defined Benefit Pension Plan - USD ($)
$ in Millions

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2017

Level 3

Level 3 | Other pooled funds

$ 254.1

$ 217.7

$ 49.2

Level 3 | Insurance contracts

0.0

7.8

254.1

217.7

41.4

U.S.

U.S. | Cash and cash equivalents

2,832.4

2,684.9

2,869.2

13.7

13.8

U.S. | Equity securities

U.S. | Equity mutual funds

401.1

397.9

U.S. | Equity pooled funds

152.9

173.8

524.8

545.2

U.S. | Debt securities

U.S. | US pension plans at fair value

1,572.1

1,344.6

U.S. | Real estate pooled funds

2,664.6

2,475.3

U.S. | Level 1 | Cash and cash equivalents

^[1]

167.8

209.6

U.S. | Level 1 | Equity securities

13.7

13.8

U.S. | Level 1 | Equity mutual funds

401.1

397.9

U.S. | Level 1 | Equity pooled funds

152.9

173.8

U.S. | Level 1 | Debt securities

0.0

U.S. | Level 1 | US pension plans at fair value

0.0

U.S. | Level 2 | Cash and cash equivalents

567.7

585.5

U.S. | Level 2 | Equity securities

0.0

U.S. | Level 2 | Equity mutual funds

0.0

U.S. | Level 2 | Equity pooled funds

0.0

U.S. | Level 2 | Debt securities

524.8

545.2

U.S. | Level 2 | US pension plans at fair value

1,572.1

1,344.6

U.S. | Level 3 | Cash and cash equivalents

2,096.9

1,889.8

U.S. | Level 3 | Equity securities

0.0

U.S. | Level 3 | Equity mutual funds

0.0

U.S. | Level 3 | Equity pooled funds

0.0

U.S. | Level 3 | Debt securities

0.0

U.S. | Level 3 | US pension plans at fair value

0.0

0.0

International

International | Cash and cash equivalents

1,672.4

1,588.2

$ 1,540.0

International | Equity pooled funds

13.4

15.8

International | Fixed income pooled funds

711.3

727.9

International | Other pooled funds

679.9

615.2

International | Insurance contracts

13.7

11.6

254.1

217.7

International | Level 1

International | Level 1 | Cash and cash equivalents

13.4

15.8

International | Level 1 | Equity pooled funds

13.4

15.8

International | Level 1 | Fixed income pooled funds

0.0

International | Level 1 | Other pooled funds

0.0

International | Level 1 | Insurance contracts

0.0

0.0

International | Level 2

International | Level 2 | Cash and cash equivalents

1,404.9

1,354.7

International | Level 2 | Equity pooled funds

0.0

International | Level 2 | Fixed income pooled funds

711.3

727.9

International | Level 2 | Other pooled funds

679.9

615.2

International | Level 2 | Insurance contracts

13.7

11.6

0.0

International | Level 3

International | Level 3 | Cash and cash equivalents

254.1

217.7

International | Level 3 | Equity pooled funds

0.0

International | Level 3 | Fixed income pooled funds

0.0

International | Level 3 | Other pooled funds

0.0

International | Level 3 | Insurance contracts

0.0

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

$ 254.1

$ 217.7

[1]

Retirement Benefits (Summary of Changes in Pension Plan Assets Fair Value Classified as Level 3) (Details) - Defined Benefit Pension Plan - Level 3 - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value at beginning of year	$ 217.7	$ 49.2
Actual return on plan assets:
Assets held at end of year	38.1	0.9
Assets sold during the period		0.5
Purchases, sales, and settlements, net	(1.7)	167.1
Fair value at end of year	254.1	217.7
Other pooled funds
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value at beginning of year	0.0	7.8
Actual return on plan assets:
Assets held at end of year	0.0	0.0
Assets sold during the period		0.5
Purchases, sales, and settlements, net	0.0	(8.3)
Fair value at end of year	0.0	0.0
Insurance contracts
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value at beginning of year	217.7	41.4
Actual return on plan assets:
Assets held at end of year	38.1	0.9
Assets sold during the period		0.0
Purchases, sales, and settlements, net	(1.7)	175.4
Fair value at end of year	$ 254.1	$ 217.7

Retirement Benefits (Projected Benefit Payments) (Details) - Defined Benefit Pension Plan $ in Millions	Sep. 30, 2019 USD ($)
U.S.
Defined Benefit Plan Disclosure [Line Items]
2020	$ 166.8
2021	160.0
2022	166.0
2023	170.1
2024	174.1
2025-2029	919.9
International
Defined Benefit Plan Disclosure [Line Items]
2020	47.9
2021	49.1
2022	50.1
2023	54.3
2024	58.0
2025-2029	$ 308.3

Commitments and Contingencies (Litigation and Environmental Narrative) (Details) R$ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2010 BRL (R$)	Sep. 30, 2019 USD ($) site	Sep. 30, 2019 BRL (R$) site	Sep. 30, 2018 USD ($)
Alleged Anticompete Litigation
Loss Contingencies [Line Items]
Civil fines imposed	R$ 179.2	$ 43,000,000
Provision for litigation		0
Maximum of loss contingency range subject to interest		$ 43,000,000	R$ 179.2
Environmental
Loss Contingencies [Line Items]
Approximate number of sites on which settlement has not been reached \| site		31	31
Accrual for environmental loss contingencies		$ 68,900,000		$ 76,800,000
Accrual for environmental loss contingencies, maximum payout period		30 years
Environmental \| Minimum
Loss Contingencies [Line Items]
Estimate of possible exposure from environment loss contingencies		$ 68,000,000
Environmental \| Maximum
Loss Contingencies [Line Items]
Estimate of possible exposure from environment loss contingencies		$ 82,000,000

Commitments and Contingencies (Pace, Piedmont, Pasadena Narrative) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2012	Sep. 30, 2008	Sep. 30, 2006
Loss Contingencies [Line Items]
Pretax environmental expense	$ 14,200,000	$ 12,800,000	$ 11,400,000
Pace, Florida
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	24,300,000					$ 42,000,000
Change in estimated exposure	0
Pace, Florida \| Discontinued Operations
Loss Contingencies [Line Items]
Pretax environmental expense						42,000,000
Pace, Florida \| Minimum
Loss Contingencies [Line Items]
Estimate of possible exposure from environment loss contingencies						42,000,000
Pace, Florida \| Maximum
Loss Contingencies [Line Items]
Estimate of possible exposure from environment loss contingencies						$ 52,000,000
Piedmont, South Carolina
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	14,700,000				$ 24,000,000
Piedmont, South Carolina \| Discontinued Operations
Loss Contingencies [Line Items]
Pretax environmental expense					$ 24,000,000
Pasadena, Texas
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	$ 11,800,000
Total anticipated exposure				$ 13,000,000

Commitments and Contingencies (Asset Retirement Obligations) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Asset Retirement Obligation [Roll Forward]
Asset retirement obligations, beginning of period	$ 190.4	$ 144.7
Additional accruals	14.7	43.8
Liabilities settled	(2.1)	(2.6)
Accretion expense	8.7	7.2
Currency translation adjustment	(3.5)	(2.7)
Asset retirement obligations, end of period	$ 208.2	$ 190.4

Commitments and Contingencies (Guarantees and Other Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018	Apr. 30, 2015
Guarantor Obligations [Line Items]
Obligation for future contribution to equity affiliate	$ 0.0	$ 94.4
Obligation for future contribution to equity affiliate to be funded in next twelve months	94.4	0.0
Equity contributions or payments required	0.0
Unrecorded Unconditional Purchase Obligation [Line Items]
Unconditional purchase obligation	8,310.0
Purchase obligations in 2020	$ 1,358.0
Jazan Gas Projects Company
Guarantor Obligations [Line Items]
Ownership interest percentage	26.00%
Obligation for future contribution to equity affiliate		$ 94.4
Obligation for future contribution to equity affiliate to be funded in next twelve months	$ 94.4
Jazan Gas Projects Company \| Financial Guarantee
Guarantor Obligations [Line Items]
Percentage guaranteed share of loan			25.00%
Maximum potential payment under guarantees	100.0
Jazan Gas Projects Company \| Performance Guarantee
Guarantor Obligations [Line Items]
Maximum potential payment under guarantees	247.0
Helium Purchases
Unrecorded Unconditional Purchase Obligation [Line Items]
Unconditional purchase obligation	7,100.0
HyCO Feedstock Supply
Unrecorded Unconditional Purchase Obligation [Line Items]
Unconditional purchase obligation	160.0
Purchase Commitments for Plant and Equipment
Unrecorded Unconditional Purchase Obligation [Line Items]
Purchase obligations in 2020	$ 890.0
Trinidad Facility \| Performance Guarantee
Guarantor Obligations [Line Items]
Ownership interest percentage	50.00%
Maximum potential payment under guarantees	$ 26.0

Commitments and Contingencies (Purchase Obligations) (Details) $ in Millions	Sep. 30, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020	$ 1,358
2021	407
2022	369
2023	349
2024	350
Thereafter	5,477
Total	$ 8,310

Capital Stock (Common Stock Narrative) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2016	Sep. 15, 2011
Equity [Abstract]
Common stock, authorized shares	300,000,000
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares issued	249,455,584	249,455,584
Common stock, shares outstanding	220,415,262	219,515,245	218,346,074	217,350,825
Share repurchase program authorized amount					$ 1,000,000,000.0
Shares repurchased during period (shares)	0
Share repurchase authorization remaining amount	$ 485,300,000

Capital Stock (Changes in Common Shares) (Details) - shares	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Changes in Common Shares [Roll Forward]
Balance, beginning of year (shares)	219,515,245	218,346,074	217,350,825
Issuance of treasury shares for stock option and award plans (shares)	900,017	1,169,171	995,249
Balance, end of year (shares)	220,415,262	219,515,245	218,346,074

Capital Stock (Preferred Stock Narrative) (Details) - $ / shares	Sep. 30, 2019	Sep. 30, 2018
Class of Stock [Line Items]
Preferred stock, shares authorized	25,000,000
Perferred stock, par value (in dollars per share)	$ 1
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series A Junior Participating Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized	2,500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Oct. 03, 2016 $ / shares	Sep. 30, 2019 USD ($) $ / shares shares	Sep. 30, 2018 USD ($) $ / shares shares	Sep. 30, 2017 USD ($) $ / shares shares	Sep. 30, 2016 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant \| shares		4,581,960
Closing stock price (in dollars per share) \| $ / shares	$ 140.38	$ 221.86			$ 150.35
Cash received from option exercises		$ 68.1	$ 76.2	$ 68.4
Conversion ratio for separation adjustments	1.071
Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units/shares granted \| shares		285,000
Weighted-average grant date fair value (in dollars per share) \| $ / shares		$ 193.29
Cash payments made for deferred stock units		$ 1.9	2.2	2.1
Unrecognized compensation costs		$ 49.2
Unrecognized compensation costs, period for recognition, years		1 year 7 months
Fair value of deferred stock units paid		$ 19.2	$ 38.5	$ 36.6
Deferred Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting or deferral period		2 years
Deferred Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting or deferral period		5 years
Director Deferred Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period after service in which to elect payment		10 years
Market-Based Deferred Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting or deferral period		3 years
Number of units/shares granted \| shares		114,929	105,268	117,692
Weighted-average grant date fair value (in dollars per share) \| $ / shares		$ 229.61	$ 202.50	$ 156.87
Time-Based Deferred Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units/shares granted \| shares		169,666	143,379	165,121
Weighted-average grant date fair value (in dollars per share) \| $ / shares		$ 168.68	$ 162.11	$ 143.75
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting or deferral period		3 years
Unrecognized compensation costs		$ 0.0
Exercisable period from grant date		10 years
Intrinsic value of stock options exercised		$ 87.2	$ 90.4	$ 57.3
Cash received from option exercises		68.1
Tax benefit realized from stock option exericses		20.4
Excess tax benefit		16.4
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs		0.0
Fair value of vested restricted stock		$ 2.6	$ 2.2	$ 4.1
Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting or deferral period		1 year
Restricted Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting or deferral period		4 years

Share-Based Compensation (Compensation Cost Recognized in Income Statement) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Before-Tax Share-Based Compensation	$ 41.2	$ 38.8	$ 40.7
Discontinued Operations
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Before-Tax Share-Based Compensation	0.0	0.0	0.8
Continuing Operations
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Before-Tax Share-Based Compensation	41.2	38.8	39.9
Income Tax Benefit	(9.7)	(9.1)	(14.0)
After-Tax Share-Based Compensation	$ 31.5	$ 29.7	$ 25.9

Share-Based Compensation (Total Before-Tax Share-Based Compensation Cost by Type of Program) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Before-Tax Share-Based Compensation	$ 41.2	$ 38.8	$ 40.7
Deferred Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Before-Tax Share-Based Compensation	41.1	38.3	34.5
Stock Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Before-Tax Share-Based Compensation	0.0	0.2	1.4
Restricted Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Before-Tax Share-Based Compensation	$ 0.1	$ 0.3	$ 4.8

Share-Based Compensation (Market-Based Deferred Stock Unit Valuation Assumptions) (Details) - Market-Based Deferred Stock Unit	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	17.50%	18.70%	20.60%
Risk-free interest rate	2.80%	1.90%	1.40%
Expected dividend yield	2.60%	2.60%	2.50%

Share-Based Compensation (Summary of Deferred Stock Units Activity) (Details) - Deferred Stock Units shares in Thousands	12 Months Ended
	Sep. 30, 2019 $ / shares shares
Shares
Outstanding, beginning (shares) \| shares	940
Granted (shares) \| shares	285
Paid out (shares) \| shares	(113)
Forfeited/adjustments (shares) \| shares	(136)
Outstanding, ending (shares) \| shares	976
Weighted Average Grant Date Fair Value
Outstanding, beginning (in dollars per share) \| $ / shares	$ 137.78
Granted (in dollars per share) \| $ / shares	193.29
Paid out (in dollars per share) \| $ / shares	119.59
Forfeited/adjustments (in dollars per share) \| $ / shares	136.11
Outstanding, ending (in dollars per share) \| $ / shares	$ 156.31

Share-Based Compensation (Summary of Stock Option Activity) (Details) shares in Thousands	12 Months Ended
	Sep. 30, 2019 $ / shares shares
Shares
Outstanding, beginning (shares) \| shares	2,186
Exercised (shares) \| shares	(842)
Forfeited (shares) \| shares	0
Outstanding, ending (shares) \| shares	1,344
Exercisable (shares) \| shares	1,344
Weighted Average Exercise Price
Outstanding, beginning (in dollars per share) \| $ / shares	$ 89.33
Exercised (in dollars per share) \| $ / shares	82.27
Forfeited (in dollars per share) \| $ / shares	0
Outstanding, ending (in dollars per share) \| $ / shares	93.75
Exercisable (in dollars per share) \| $ / shares	$ 93.75

Share-Based Compensation (Summary of Stock Option Contract Term and Intrinsic Value) (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2019 USD ($)
Share-based Payment Arrangement [Abstract]
Weighted Average Remaining Contractual Terms, Outstanding	3 years 4 months 24 days
Aggregated Intrinsic Value, Outstanding	$ 172,000
Weighted Average Remaining Contractual Terms, Exercisable	3 years 5 months
Aggregated Intrinsic Value, Exercisable	$ 172,000

Share-Based Compensation (Summary of Restricted Stock) (Details) - Restricted Stock shares in Thousands	12 Months Ended
	Sep. 30, 2019 $ / shares shares
Shares
Outstanding, beginning (shares) \| shares	42
Vested (shares) \| shares	(16)
Outstanding, ending (shares) \| shares	26
Weighted Average Grant Date Fair Value
Outstanding, beginning (in dollars per share) \| $ / shares	$ 140.28
Vested (in dollars per share) \| $ / shares	144.09
Outstanding, ending (in dollars per share) \| $ / shares	$ 138.00

Accumulated Other Comprehensive Loss (Rollforward) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 11,176.3	$ 10,185.5	$ 7,213.4
Other comprehensive loss before reclassifications	(726.5)	(19.3)	340.9
Amounts reclassified from AOCL	72.9	105.8	192.2
Total Other Comprehensive Income (Loss)	(653.6)	86.5	533.1
Spin-off of Versum			11.5
Amount attributable to noncontrolling interest	(19.9)	(19.0)	3.7
Ending balance	11,388.3	11,176.3	10,185.5
Derivatives qualifying as hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(37.6)	(53.1)	(65.0)
Other comprehensive loss before reclassifications	(44.1)	45.9	(12.6)
Amounts reclassified from AOCL	12.3	(30.4)	24.2
Total Other Comprehensive Income (Loss)	(31.8)	15.5	11.6
Spin-off of Versum			0.2
Amount attributable to noncontrolling interest	(8.0)	0.0	(0.1)
Ending balance	(61.4)	(37.6)	(53.1)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(1,009.8)	(787.1)	(949.3)
Other comprehensive loss before reclassifications	(356.2)	(244.6)	101.9
Amounts reclassified from AOCL	(2.6)	3.1	57.3
Total Other Comprehensive Income (Loss)	(358.8)	(241.5)	159.2
Spin-off of Versum			6.0
Amount attributable to noncontrolling interest	(11.7)	(18.8)	3.0
Ending balance	(1,356.9)	(1,009.8)	(787.1)
Pension and postretirement benefits
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(694.5)	(1,007.2)	(1,374.0)
Other comprehensive loss before reclassifications	(326.2)	179.4	251.6
Amounts reclassified from AOCL	63.2	133.1	110.7
Total Other Comprehensive Income (Loss)	(263.0)	312.5	362.3
Spin-off of Versum			5.3
Amount attributable to noncontrolling interest	(0.2)	(0.2)	0.8
Ending balance	(957.3)	(694.5)	(1,007.2)
AOCL attributable to Air Products
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(1,741.9)	(1,847.4)	(2,388.3)
Total Other Comprehensive Income (Loss)	(633.7)	105.5	529.4
Ending balance	$ (2,375.6)	$ (1,741.9)	$ (1,847.4)

Accumulated Other Comprehensive Loss (Reclassification) (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

May 01, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2017

$ (49.3)

$ (50.2)

$ (121.0)

Interest expense

137.0

130.5

120.6

5,975.5

6,189.5

5,751.5

$ 0.0

$ 25.5

$ 0.0

25.5

0.0

151.4

Loss from discontinued operations, net of tax

$ (29.1)

0.0

(29.1)

0.0

(29.1)

0.0

0.0

$ 0.0

$ (43.2)

$ 0.0

$ 1.0

0.0

(42.2)

(1,866.0)

Reclassification out of Accumulated Other Comprehensive Income | (Gain) Loss on Cash Flow Hedges

$ (503.2)

$ (488.0)

$ (421.3)

$ (347.5)

$ (452.9)

$ (473.9)

$ (416.4)

$ (154.6)

(1,760.0)

(1,497.8)

(3,000.4)

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Sales/Cost of sales

0.6

7.1

18.3

(3.0)

(42.6)

5.1

Interest expense

14.7

5.1

0.8

Reclassification out of Accumulated Other Comprehensive Income | Currency Translation Adjustment

12.3

(30.4)

24.2

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

0.0

3.1

^[1]

0.0

0.0

8.2

^[2]

Loss from discontinued operations, net of tax

(2.6)

^[3]

0.0

0.0

49.1

^[4]

Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Benefits

(2.6)

3.1

57.3

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Total Current Tax Provision

^[5]

$ 63.2

$ 133.1

$ 110.7

[1]	The fiscal year 2018 impact relates to an equipment sale resulting from the termination of a contract in the Industrial Gases – Asia segment during the first quarter.
[2]	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.
[3]	The fiscal year 2019 impact relates to a net gain on the exchange of two equity affiliates with a joint venture partner. Refer to Note 7, Acquisitions, for additional information.
[4]	The fiscal year 2017 impact relates to the sale of PMD during the second quarter.
[5]	The components of net periodic benefit cost reclassified out of AOCL include items such as prior service cost amortization, actuarial loss amortization, and settlements and are included in “Other non-operating income (expense), net” on the consolidated income statements. Refer to Note 17, Retirement Benefits, for additional information.

Earnings per Share (Schedule of Earnings per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share [Abstract]
Net income from continuing operations	$ 503.2	$ 488.0	$ 421.3	$ 347.5	$ 452.9	$ 430.7	$ 416.4	$ 155.6	$ 1,760.0	$ 1,455.6	$ 1,134.4
Net income from discontinued operations	0.0	0.0	0.0	0.0	0.0	43.2	0.0	(1.0)	0.0	42.2	1,866.0
Net Income Attributable to Air Products	$ 503.2	$ 488.0	$ 421.3	$ 347.5	$ 452.9	$ 473.9	$ 416.4	$ 154.6	$ 1,760.0	$ 1,497.8	$ 3,000.4
Weighted average common shares — Basic	220.7	220.6	220.2	219.9	219.6	219.5	219.4	218.9	220.3	219.3	218.0
Employee stock option and other award plans									1.3	1.5	1.8
Weighted average common shares — Diluted	222.1	221.9	221.4	221.0	220.9	220.9	220.8	220.4	221.6	220.8	219.8
Basic Earnings Per Common Share Attributable to Air Products
Basic earnings per share from continuing operations (in dollars per share)	$ 2.28	$ 2.21	$ 1.91	$ 1.58	$ 2.06	$ 1.96	$ 1.90	$ 0.71	$ 7.99	$ 6.64	$ 5.20
Basic earnings per share from discontinued operations (in dollars per share)	0	0	0	0	0	0.20	0	0	0	0.19	8.56
Basic Earnings Per Common Share Attributable to Air Products (in dollars per share)	2.28	2.21	1.91	1.58	2.06	2.16	1.90	0.71	7.99	6.83	13.76
Diluted Earnings Per Common Share Attributable to Air Products
Diluted earnings per share from continuing operations (in dollars per share)	2.27	2.20	1.90	1.57	2.05	1.95	1.89	0.70	7.94	6.59	5.16
Diluted earnings per share from discontinued operations (in dollars per share)	0	0	0	0	0	0.20	0	0	0	0.19	8.49
Diluted Earnings Per Common Share Attributable to Air Products (in dollars per share)	$ 2.27	$ 2.20	$ 1.90	$ 1.57	$ 2.05	$ 2.15	$ 1.89	$ 0.70	$ 7.94	$ 6.78	$ 13.65

Earnings per Share (Narrative) (Details) - shares shares in Millions	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share [Abstract]
Antidilutive options excluded from computation of diluted earnings per share	0.0	0.1	0.0

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2016
Income Taxes [Line Items]
U.S. federal statutory tax rate	35.00%	21.00%	24.50%	35.00%
Discrete net tax expense related to Tax Act		$ 43.8	$ 180.6
Reversal of non-recurring benefit related to U.S. taxation of deemed foreign dividends		56.2
Tax benefit related to finalization of assessment of impacts of Tax Act		12.4
Reduction in equity affiliate income for impacts of the Tax Act			28.5
Provisional tax expense for deemed repatriation tax and additional foreign taxes on repatriation of earnings			392.4
Provisional tax expense for deemed repatriation tax			322.1
Provisional tax expense for additional foreign taxes on repatriation of earnings			70.3
Provisional tax benefit for re-measurement of net U.S. deferred tax liabilities at lower corporate tax rate			211.8
Non-recurring benefit related to U.S. taxation of deemed foreign dividends			56.2
Deemed repatriation tax obligation after application of foreign tax credits		$ 256.8
Period of payment on deemed repatriation tax obligation (in years)		7 years
Deemed repatriation tax obligation in noncurrent liabilities		$ 215.4	184.4
Cash paid for taxes (net of cash refunds)		324.3	372.0	$ 1,348.8
Excess tax benefits from share-based compensation		14.6	21.5	17.6
Tax benefit from restructuring of foreign subsidiaries			(35.7)
Income tax benefit on tax losses from foreign holding company				(111.4)
Goodwill impairment charge				145.3
Goodwill impairment charge deductible for tax purposes				0.0
Deferred tax assets, valuation allowance		92.1	105.0
Tax expense for deemed repatriation tax		373.2
Previously undistributed earnings of foreign subsidiaries and corporate joint ventures		5,800.0
Cumulative undistributed earnings		4,200.0
U.S. Income and foreign withholding taxes estimate		359.6
Unrecognized tax benefits		231.7	233.6	146.4	$ 90.2
Unrecognized tax benefits that would impact effective tax rate		75.0	88.6
Interest and penalties related to unrecognized tax benefits		12.0	(2.4)	3.7
Accrued interest and penalties		19.5	8.4
Additions for tax positions of prior years		14.2	119.2	16.1
Additions for tax positions of the current year		7.8	26.4	47.5
Final audit settlement related to unrecognized tax benefits			43.1
Discontinued Operations, Held-for-sale or Disposed of by Sale \| Performance Materials Division (PMD)
Income Taxes [Line Items]
Gain on sale				$ 2,870.0
Foreign Loss Carryforwards
Income Taxes [Line Items]
Deferred tax assets, valuation allowance		42.8
Foreign Capital Losses
Income Taxes [Line Items]
Deferred tax assets, valuation allowance		44.6
Discontinued Operations
Income Taxes [Line Items]
Tax benefit related to settlement and release of reserves			25.6
Continuing Operations
Income Taxes [Line Items]
Tax benefit related to settlement and release of reserves			$ 9.1
U.S. Federal
Income Taxes [Line Items]
Tax credit carryforwards		13.3
Foreign
Income Taxes [Line Items]
Tax credit carryforwards		20.8
Indefinite tax credit carryforwards		5.8
Operating loss carryforwards		352.6
Operating loss carryforwards not subject to expiration		$ 148.9

Income Taxes (Income of U.S and Foreign Operations Before Taxes) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Income from Continuing Operations Before Taxes
United States									$ 723.3	$ 688.5	$ 669.8
Foreign									1,350.8	1,151.7	666.2
Equity affiliates' income	$ 59.9	$ 56.4	$ 46.2	$ 52.9	$ 59.2	$ 58.1	$ 43.7	$ 13.8	215.4	174.8	80.1
Income From Continuing Operations Before Taxes									$ 2,289.5	$ 2,015.0	$ 1,416.1

Income Taxes (Components of the Income Taxes Provision) (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Sep. 30, 2019

Jun. 30, 2019

^[1]

Mar. 31, 2019

Dec. 31, 2018

^[1]

Sep. 30, 2018

^[1],[2]

Jun. 30, 2018

Mar. 31, 2018

^[2]

Dec. 31, 2017

^[1]

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2017

Current Tax Provision

Federal

$ 163.7

$ 305.1

$ 62.8

State

23.3

17.7

7.0

Foreign

235.5

256.9

229.1

422.5

579.7

298.9

Deferred Tax Provision

Federal

9.7

(121.7)

1.4

State

2.4

12.5

6.0

Foreign

45.5

53.8

(45.4)

Total Deferred Tax Provision

57.6

(55.4)

(38.0)

Total Income tax provision

$ 131.2

$ 109.3

$ 107.5

$ 132.1

$ 69.2

$ 107.1

$ 56.2

$ 291.8

$ 480.1

^[1]

$ 524.3

^[1],[2]

$ 260.9

[1]

[2]

Includes an income tax benefit of $35.7, net of reserves for uncertain tax positions, resulting from the restructuring of several foreign subsidiaries, primarily during the second quarter.

Income Taxes (Effective Tax Rate Reconciliation) (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate	35.00%	21.00%	24.50%	35.00%
State taxes, net of federal benefit		1.00%	1.00%	1.00%
Income from equity affiliates		(2.00%)	(2.10%)	(2.00%)
Foreign tax differentials		1.00%	(1.00%)	(7.90%)
Tax on foreign repatriated earnings		0.10%	(0.40%)	(2.20%)
Domestic production activities		0.00%	(0.40%)	(0.80%)
Share-based compensation		(0.60%)	(1.00%)	(1.20%)
Tax reform repatriation		0.019	0.195	0
Tax reform rate change and other		0.00%	(11.10%)	0.00%
Tax restructuring benefit		0.00%	(1.80%)	0.00%
Non-deductible goodwill impairment charge		0.00%	0.00%	3.60%
Non-U.S. subsidiary tax election		0.00%	0.00%	(7.70%)
Business separation costs		0.00%	0.00%	0.20%
Other		(1.40%)	(1.20%)	0.40%
Effective Tax Rate		21.00%	26.00%	18.40%

Income Taxes (Significant Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018
Gross Deferred Tax Assets
Retirement benefits and compensation accruals	$ 227.1	$ 153.1
Tax loss carryforwards	140.6	143.5
Tax credits and other tax carryforwards	31.1	17.1
Reserves and accruals	69.6	42.5
Currency losses	0.0	3.8
Other	57.7	45.4
Valuation allowance	(92.1)	(105.0)
Deferred Tax Assets	434.0	300.4
Gross Deferred Tax Liabilities
Plant and equipment	954.6	811.8
Currency gains	23.9	0.0
Unremitted earnings of foreign entities	31.0	36.1
Partnership and other investments	14.8	16.3
Intangible assets	80.0	84.3
Other	8.3	5.6
Deferred Tax Liabilities	1,112.6	954.1
Net Deferred Income Tax Liability	$ 678.6	$ 653.7

Income Taxes (Deferred Tax Assets and Liabilities Included in Consolidated Financials) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018
Deferred Tax Assets
Other noncurrent assets	$ 115.2	$ 121.4
Deferred Tax Liabilities
Deferred income taxes	793.8	775.1
Net Deferred Income Tax Liability	$ 678.6	$ 653.7

Income Taxes (Deferred Tax Assets for Certain Tax Credits) (Details) $ in Millions	Sep. 30, 2019 USD ($)
U.S. State
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 1.7
U.S. Federal
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	13.3
Foreign
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 20.8

Income Taxes (Summary of Operating and Capital Loss Carryforwards) (Details) $ in Millions	Sep. 30, 2019 USD ($)
U.S. State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 296.3
U.S. Federal
Operating Loss Carryforwards [Line Items]
Capital loss carryforwards	1.8
Foreign
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	352.6
Capital loss carryforwards	$ 262.5

Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Unrecognized Tax Benefits
Balance at beginning of year	$ 233.6	$ 146.4	$ 90.2
Additions for tax positions of the current year	7.8	26.4	47.5
Additions for tax positions of prior years	14.2	119.2	16.1
Reductions for tax positions of prior years	(14.7)	(41.3)	(4.0)
Settlements	(1.5)	(14.2)	(2.0)
Statute of limitations expiration	(3.9)	(2.6)	(3.2)
Foreign currency translation	(3.8)	(0.3)
Foreign currency translation			1.8
Balance at End of Year	$ 231.7	$ 233.6	$ 146.4

Income Taxes (Summary of Income Tax Examinations) (Details)	12 Months Ended
	Sep. 30, 2019
U.S. Federal \| United States – Federal \| Minimum
Income Tax Examination [Line Items]
Open tax year subject to examination	2016
U.S. Federal \| United States – Federal \| Maximum
Income Tax Examination [Line Items]
Open tax year subject to examination	2019
U.S. State \| United States – State \| Minimum
Income Tax Examination [Line Items]
Open tax year subject to examination	2010
U.S. State \| United States – State \| Maximum
Income Tax Examination [Line Items]
Open tax year subject to examination	2019
Foreign \| Canada \| Minimum
Income Tax Examination [Line Items]
Open tax year subject to examination	2015
Foreign \| Canada \| Maximum
Income Tax Examination [Line Items]
Open tax year subject to examination	2019
Foreign \| France \| Minimum
Income Tax Examination [Line Items]
Open tax year subject to examination	2016
Foreign \| France \| Maximum
Income Tax Examination [Line Items]
Open tax year subject to examination	2019
Foreign \| Germany \| Minimum
Income Tax Examination [Line Items]
Open tax year subject to examination	2013
Foreign \| Germany \| Maximum
Income Tax Examination [Line Items]
Open tax year subject to examination	2019
Foreign \| Netherlands \| Minimum
Income Tax Examination [Line Items]
Open tax year subject to examination	2018
Foreign \| Netherlands \| Maximum
Income Tax Examination [Line Items]
Open tax year subject to examination	2019
Foreign \| Spain \| Minimum
Income Tax Examination [Line Items]
Open tax year subject to examination	2015
Foreign \| Spain \| Maximum
Income Tax Examination [Line Items]
Open tax year subject to examination	2019
Foreign \| United Kingdom \| Minimum
Income Tax Examination [Line Items]
Open tax year subject to examination	2015
Foreign \| United Kingdom \| Maximum
Income Tax Examination [Line Items]
Open tax year subject to examination	2019
Foreign \| China \| Minimum
Income Tax Examination [Line Items]
Open tax year subject to examination	2014
Foreign \| China \| Maximum
Income Tax Examination [Line Items]
Open tax year subject to examination	2019
Foreign \| South Korea \| Minimum
Income Tax Examination [Line Items]
Open tax year subject to examination	2010
Foreign \| South Korea \| Maximum
Income Tax Examination [Line Items]
Open tax year subject to examination	2019
Foreign \| Taiwan \| Minimum
Income Tax Examination [Line Items]
Open tax year subject to examination	2014
Foreign \| Taiwan \| Maximum
Income Tax Examination [Line Items]
Open tax year subject to examination	2019
Foreign \| Chile \| Minimum
Income Tax Examination [Line Items]
Open tax year subject to examination	2016
Foreign \| Chile \| Maximum
Income Tax Examination [Line Items]
Open tax year subject to examination	2019

Supplemental Information (Other Receivables and Current Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Oct. 01, 2018	Sep. 30, 2018
Disclosure Text Block Supplement [Abstract]
Contract assets	$ 64.3	$ 53.0	$ 0.0
Contract fulfillment costs	64.5	$ 50.7
Derivative instruments	142.5		61.1
Current capital lease receivables	90.9		92.1
Contracts in progress, less progress billings			77.5
Other	115.5		142.6
Other receivables and current assets	$ 477.7		$ 373.3

Supplemental Information (Other Noncurrent Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018
Disclosure Text Block Supplement [Abstract]
Derivative instruments	$ 81.7	$ 85.0
Noncurrent customer receivable	118.0	92.4
Prepaid tax	17.0	13.2
Deferred tax assets	115.2	121.4
Pension benefits	28.7	131.7
Other	243.5	210.8
Other noncurrent assets	$ 604.1	$ 654.5

Supplemental Information (Payables and Accrued Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Oct. 01, 2018	Sep. 30, 2018
Disclosure Text Block Supplement [Abstract]
Trade creditors	$ 519.3		$ 594.6
Payables associated with Lu'An	8.9		330.0
Contract liabilities	247.4	$ 174.5	156.6
Accrued payroll and employee benefits	186.1		201.4
Pension and postretirement benefits	26.0		34.1
Dividends payable	255.7		241.5
Derivative instruments	91.2		54.2
Obligation for future contribution to an equity affiliate	94.4		0.0
Other	206.7		205.4
Payables and accrued liabilities	$ 1,635.7		$ 1,817.8

Supplemental Information (Other Noncurrent Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Oct. 01, 2018	Sep. 30, 2018
Disclosure Text Block Supplement [Abstract]
Pension benefits	$ 651.2		$ 417.2
Postretirement benefits	36.0		47.0
Noncurrent customer liability	118.0		92.4
Long-term accrued income taxes related to U.S. tax reform	215.4		184.4
Contingencies related to uncertain tax positions	123.3		113.2
Contract liabilities	49.2	$ 53.5	58.2
Environmental liabilities	59.1		64.6
Derivative instruments	21.2		39.9
Asset retirement obligations	201.9		189.5
Obligation for future contribution to an equity affiliate	0.0		94.4
Obligations associated with EfW	57.8		63.3
Other	179.3		172.8
Other noncurrent liabilities	$ 1,712.4		$ 1,536.9

Supplemental Information (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Disclosure Text Block Supplement [Abstract]
Facility closure	$ 0.0	$ 29.0	$ 0.0	$ 0.0
Equity affiliates and joint venture partners
Related Party Transaction [Line Items]
Sales to and other income from related parties		$ 410.0	$ 360.0	$ 600.0

Summary by Quarter (Unaudited) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

12 Months Ended

May 01, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2017

Quarterly Financial Information Disclosure [Abstract]

$ 2,283.2

$ 2,224.0

$ 2,187.7

$ 2,224.0

$ 2,298.9

$ 2,259.0

$ 2,155.7

$ 2,216.6

$ 8,918.9

$ 8,930.2

$ 8,187.6

Gross profit

792.4

758.0

713.0

651.0

^[1]

733.1

^[2]

713.6

649.2

644.8

2,914.4

^[1]

2,740.7

^[2]

0.0

25.5

0.0

25.5

0.0

151.4

$ 29.1

0.0

29.1

0.0

29.1

0.0

Operating income

603.2

569.7

516.5

455.0

533.7

515.8

455.4

460.7

2,144.4

1,965.6

1,440.0

Income from continuing operations

59.9

56.4

46.2

52.9

59.2

58.1

43.7

13.8

215.4

174.8

80.1

Pension settlement loss

0.0

5.0

0.0

43.7

0.0

5.0

43.7

Income tax provision

131.2

109.3

^[3]

107.5

132.1

^[3]

69.2

^[3],[4]

107.1

56.2

^[4]

291.8

^[3]

480.1

^[3]

524.3

^[3],[4]

260.9

518.7

500.2

433.5

357.0

459.7

444.7

423.6

162.7

1,809.4

1,490.7

1,155.2

Income from discontinued operations, net of tax

0.0

43.2

0.0

(1.0)

0.0

42.2

1,866.0

Net income

518.7

500.2

433.5

357.0

459.7

487.9

423.6

161.7

1,809.4

1,532.9

3,021.2

Net income from continuing operations

503.2

488.0

421.3

347.5

452.9

430.7

416.4

155.6

1,760.0

1,455.6

1,134.4

Net income from discontinued operations

0.0

43.2

0.0

(1.0)

0.0

42.2

1,866.0

Net income attributable to Air Products

$ 503.2

$ 488.0

$ 421.3

$ 347.5

$ 452.9

$ 473.9

$ 416.4

$ 154.6

$ 1,760.0

$ 1,497.8

$ 3,000.4

Basic Earnings Per Common Share Attributable to Air Products

Basic earnings per share from continuing operations (in dollars per share)

$ 2.28

$ 2.21

$ 1.91

$ 1.58

$ 2.06

$ 1.96

$ 1.90

$ 0.71

$ 7.99

$ 6.64

$ 5.20

Basic earnings per share from discontinued operations (in dollars per share)

0.20

0.19

8.56

Basic Earnings Per Common Share Attributable to Air Products (in dollars per share)

2.28

2.21

1.91

1.58

2.06

2.16

1.90

0.71

7.99

6.83

13.76

Diluted Earnings Per Common Share Attributable to Air Products

Diluted earnings per share from continuing operations (in dollars per share)

2.27

2.20

1.90

1.57

2.05

1.95

1.89

0.70

7.94

6.59

5.16

Diluted earnings per share from discontinued operations (in dollars per share)

0.20

0.19

8.49

Diluted Earnings Per Common Share Attributable to Air Products (in dollars per share)

$ 2.27

$ 2.20

$ 1.90

$ 1.57

$ 2.05

$ 2.15

$ 1.89

$ 0.70

$ 7.94

$ 6.78

$ 13.65

Weighted Average Common Shares - Basic (in millions)

220.7

220.6

220.2

219.9

219.6

219.5

219.4

218.9

220.3

219.3

218.0

Weighted Average Common Shares - Diluted (in millions)

222.1

221.9

221.4

221.0

220.9

220.8

220.4

221.6

220.8

219.8

Dividends declared per common share

$ 1.16

$ 1.10

$ 0.95

$ 4.58

$ 4.25

$ 3.71

Discrete net tax expense related to Tax Act

$ 0.0

$ 29.0

$ 0.0

43.8

180.6

Tax benefit from restructuring of foreign subsidiaries

(35.7)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Decrease in cost of sales

$ (5,975.5)

(6,189.5)

$ (5,751.5)

Change in Inventory Valuation Method

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Decrease in cost of sales

$ 24.1

[1]	Includes the impact of a facility closure charge of $29.0 resulting from the government enforced shutdown of a customer. Refer to Note 24, Supplemental Information, for additional information.
[2]	Includes the impact of a benefit of $24.1 for the change in inventory valuation method for our United States industrial gas inventories. Refer to Note 1, Major Accounting Policies, for additional information.
[3]	Our income tax provision for fiscal years 2019 and 2018 reflects impacts from the U.S. Tax Cuts and Jobs Act (the "Tax Act"). Refer to Note 23, Income Taxes, for additional information. Fiscal year 2019 includes a discrete net income tax expense of $43.8, primarily recorded in the first quarter to finalize our estimates of the impacts of the Tax Act. Fiscal year 2018 includes a discrete net income tax expense of $180.6, primarily recorded in the first quarter for our initial estimates of the impacts of the Tax Act.
[4]	Includes an income tax benefit of $35.7, net of reserves for uncertain tax positions, resulting from the restructuring of several foreign subsidiaries, primarily during the second quarter.

Business Segment and Geographic Information (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Information [Line Items]
Export sales to third-party customers	$ 41.3	$ 33.1	$ 64.2

Business Segment and Geographic Information (Schedule of Segment Reporting Information) (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2017

$ 2,283.2

$ 2,224.0

$ 2,187.7

$ 2,224.0

$ 2,298.9

$ 2,259.0

$ 2,155.7

$ 2,216.6

$ 8,918.9

$ 8,930.2

$ 8,187.6

603.2

569.7

516.5

455.0

533.7

515.8

455.4

460.7

2,144.4

1,965.6

1,440.0

1,082.8

970.7

865.8

59.9

$ 56.4

$ 46.2

$ 52.9

59.2

$ 58.1

$ 43.7

$ 13.8

215.4

174.8

80.1

Investment in net assets of and advances to equity affiliates

1,989.7

1,568.4

1,039.7

1,276.2

1,277.2

1,276.2

1,277.2

18,942.8

19,178.3

18,942.8

19,178.3

Operating Segments

^[1]

8,918.9

8,930.2

8,187.6

^[2]

2,169.8

1,941.5

1,773.8

1,082.8

970.7

865.8

^[2]

215.4

203.3

159.6

Investment in net assets of and advances to equity affiliates

1,989.7

1,568.4

1,039.7

1,276.2

1,277.2

1,276.2

1,277.2

Industrial Gases - Americas | Operating Segments

18,942.8

19,178.3

18,942.8

19,178.3

^[1]

3,873.5

3,758.8

3,637.0

^[2]

997.7

927.9

946.1

505.2

485.3

464.4

^[2]

84.8

82.0

58.1

Investment in net assets of and advances to equity affiliates

545.8

546.5

427.2

301.6

312.1

301.6

312.1

Industrial Gases - EMEA | Operating Segments

5,832.2

5,904.0

5,832.2

5,904.0

^[1]

2,002.5

2,193.3

1,780.4

^[2]

472.4

445.8

395.5

189.5

198.6

177.1

^[2]

69.0

61.1

47.1

Investment in net assets of and advances to equity affiliates

216.3

163.1

143.2

493.4

503.3

493.4

503.3

Industrial Gases - Asia | Operating Segments

3,250.8

3,280.4

3,250.8

3,280.4

^[1]

2,663.6

2,458.0

1,964.7

^[2]

864.2

689.9

532.6

361.5

265.8

203.2

^[2]

58.4

58.3

53.5

Investment in net assets of and advances to equity affiliates

1,105.5

791.9

337.8

445.5

445.6

445.5

445.6

Industrial Gases - Global | Operating Segments

6,240.6

5,899.5

6,240.6

5,899.5

^[1]

261.0

436.1

722.9

^[2]

(11.7)

53.9

71.1

8.6

8.1

8.9

^[2]

3.2

1.9

0.9

Investment in net assets of and advances to equity affiliates

33.8

17.3

25.6

35.7

16.2

35.7

16.2

Corporate and other | Operating Segments

325.7

240.1

325.7

240.1

^[1]

118.3

84.0

82.6

^[2]

(152.8)

(176.0)

(171.5)

18.0

12.9

12.2

^[2]

0.0

Investment in net assets of and advances to equity affiliates

88.3

49.6

$ 105.9

0.0

$ 3,293.5

$ 3,854.3

$ 3,293.5

$ 3,854.3

[1]

[2]

Refer to the Reconciliations to Consolidated Results section below.

Business Segment and Geographic Information (Reconciliation of Operating Income) (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

May 01, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2017

Change in inventory valuation method

$ 2,289.5

$ 2,015.0

$ 1,416.1

Business separation costs

$ 0.0

(29.0)

0.0

0.0

(32.5)

Goodwill and intangible asset impairment charge

$ 0.0

$ (25.5)

$ 0.0

0.0

(25.5)

0.0

(151.4)

0.0

(162.1)

Segment Reconciling Items

$ 29.1

0.0

29.1

0.0

29.1

0.0

Operating income

$ 603.2

$ 569.7

$ 516.5

$ 455.0

$ 533.7

$ 515.8

$ 455.4

$ 460.7

2,144.4

1,965.6

1,440.0

Business separation costs

(29.0)

0.0

0.0

(32.5)

Goodwill and intangible asset impairment charge

(25.5)

0.0

(151.4)

0.0

(162.1)

29.1

0.0

Gain on land sale

0.0

12.2

Segment Total

Change in Inventory Valuation Method | Segment Reconciling Items

Operating income

^[1]

2,169.8

1,941.5

1,773.8

Change in inventory valuation method

$ 0.0

$ 24.1

$ 0.0

[1]	Refer to the Reconciliations to Consolidated Results section below.

Business Segment and Geographic Information (Reconciliation of Equity Affiliates' Income) (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2017

Tax reform repatriation - equity method investment

$ 0.0

$ (79.5)

(28.5)

Segment Reconciling Items

$ 59.9

$ 56.4

$ 46.2

$ 52.9

$ 59.2

$ 58.1

$ 43.7

$ 13.8

215.4

174.8

80.1

Tax reform repatriation - equity method investment

0.0

(79.5)

0.0

(28.5)

0.0

Segment Total

Revenues from External Customers and Long-Lived Assets [Line Items]

^[1]

$ 215.4

$ 203.3

$ 159.6

[1]	Refer to the Reconciliations to Consolidated Results section below.

Business Segment and Geographic Information (Schedule of Geographic Information) (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2017

$ 2,283.2

$ 2,224.0

$ 2,187.7

$ 2,224.0

$ 2,298.9

$ 2,259.0

$ 2,155.7

$ 2,216.6

$ 8,918.9

$ 8,930.2

$ 8,187.6

Revenues from External Customers and Long-Lived Assets [Line Items]

^[1]

10,337.6

9,923.7

10,337.6

9,923.7

8,440.2

United States

3,351.8

3,149.6

2,886.8

Europe, including Middle East

^[1]

3,721.3

3,512.7

3,721.3

3,512.7

3,407.4

Revenues from External Customers and Long-Lived Assets [Line Items]

2,090.3

2,292.5

2,478.5

Asia, excluding China and India

^[1]

1,278.9

1,283.3

1,278.9

1,283.3

1,279.0

Revenues from External Customers and Long-Lived Assets [Line Items]

953.1

904.0

849.6

Revenues from External Customers and Long-Lived Assets [Line Items]

^[1]

933.8

899.8

933.8

899.8

778.5

China

1,730.2

1,585.7

1,143.4

Revenues from External Customers and Long-Lived Assets [Line Items]

^[1]

3,302.6

3,066.6

3,302.6

3,066.6

1,737.9

Other

^[2]

793.5

998.4

829.3