0000002969-23-000047 | 10-K | XBRL Viewer | AIR Products Chemicals INC

Schedule of Common Stock Outstanding

A summary of the changes in common shares issued and outstanding in fiscal year 2023 is presented below:


Fiscal Year Ended 30 September	2023	2022	2021
Number of common shares, beginning of year	221,838,696	221,396,755	221,017,459
Issuance of treasury shares for stock option and award plans	361,149	441,941	379,296
Number of common shares, end of year	222,199,845	221,838,696	221,396,755

Intangible Assets

12 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

INTANGIBLE ASSETS

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


	2023			2022
30 September	Gross	Accumulated Amortization/ Impairment	Net	Gross	Accumulated Amortization/ Impairment	Net
Finite-lived:
Customer relationships	$507.3	($262.2)	$245.1	$487.5	($226.3)	$261.2
Patents and technology	41.1	(26.7)	14.4	33.1	(16.3)	16.8
Other	76.7	(38.7)	38.0	73.4	(37.0)	36.4
Total finite-lived intangible assets	$625.1	($327.6)	$297.5	$594.0	($279.6)	$314.4
Indefinite-lived:
Trade names and trademarks	47.2	(10.1)	37.1	42.2	(9.1)	33.1
Total intangible assets	$672.3	($337.7)	$334.6	$636.2	($288.7)	$347.5

Amortization expense for intangible assets was $32.5, $35.5, and $37.2 in fiscal years 2023, 2022, and 2021, respectively. Refer to Note 1, Basis of Presentation and Major Accounting Policies, for the amortization periods for each major class of intangible assets.

The table below details the amount of amortization expense expected to be recorded for our finite-lived intangible assets in each of the next five years and thereafter:


2024			$30.4
2025			29.2
2026			28.2
2027			27.7
2028			25.6
Thereafter			156.4
Total			$297.5

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 2023, 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.

Retirement Benefits (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Shares of common stock in ESOP	1,822,509
Defined contribution plan cost recognized	$ 71.5	$ 60.6	$ 53.3
Pension and postretirement benefits	$ 9.6	11.1
U.S.
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	5.80%
International
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	4.20%
U.K.
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	4.30%
Percentage of plan assets as component of total international plan assets	80.00%
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Pension settlement loss	$ 2.0	6.2	1.8
ABO for all defined benefit pension plans	3,429.1	3,491.4
Company contributions	32.6
Defined Benefit Pension Plan \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Anticipated contributions for next fiscal year	35.0
Defined Benefit Pension Plan \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Anticipated contributions for next fiscal year	45.0
Defined Benefit Pension Plan \| Unfunded Plan
Defined Benefit Plan Disclosure [Line Items]
ABO for plans with obligation in excess plan assets	54.5
PBO for plans with obligation in excess of plan assets	58.7
Defined Benefit Pension Plan \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Pension settlement loss	$ 1.4	6.0	$ 1.3
Amortization period based on approximate average remaining service period	7 years
ABO for plans with obligation in excess plan assets	$ 47.1	50.5
PBO for plans with obligation in excess of plan assets	$ 2,194.5	$ 2,289.7
Expected return on plan assets	5.80%	5.80%	6.80%
Company contributions	$ 8.4	$ 23.0
Accumulated benefit obligations	2,348.8	2,450.8	$ 3,335.3
Pension and postretirement benefits	5.3	5.8
Losses arising during the period	(2.6)	152.8
Amortization of net actuarial loss	(61.1)	(72.0)
Net actuarial gain on pretax basis	(461.8)	(525.5)
Defined Benefit Pension Plan \| International
Defined Benefit Plan Disclosure [Line Items]
Pension settlement loss	0.6	0.2	$ 0.5
ABO for plans with obligation in excess plan assets	144.3	101.3
PBO for plans with obligation in excess of plan assets	$ 295.1	$ 284.9
Expected return on plan assets	4.20%	4.00%	4.70%
Company contributions	$ 24.2	$ 21.7
Accumulated benefit obligations	1,162.4	1,137.5	$ 1,969.6
Pension and postretirement benefits	0.6	0.4
Losses arising during the period	7.0	(9.3)
Amortization of net actuarial loss	(12.2)	(14.9)
Net actuarial gain on pretax basis	$ (506.4)	(511.6)
Defined Benefit Pension Plan \| U.K.
Defined Benefit Plan Disclosure [Line Items]
Amortization period based on approximate average remaining life expectancy	23 years
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligations	$ 14.0	19.9
Pension and postretirement benefits	3.7	4.9
Losses arising during the period	0.1	0.5
Amortization of net actuarial loss	2.0	1.6
Net actuarial gain on pretax basis	$ 2.4	$ 4.5

Income Taxes (Components of the Income Taxes Provision) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Current Tax Provision
Federal	$ 167.6	$ 149.1	$ 85.6
State	41.0	30.1	28.4
Foreign	367.3	289.3	254.8
Total current tax provision	575.9	468.5	368.8
Deferred Tax (Benefit) Provision
Federal	(12.5)	15.6	54.7
State	(5.8)	(1.9)	(0.1)
Foreign	(6.4)	18.6	39.4
Total Deferred Tax (Benefit) Provision	(24.7)	32.3	94.0
Total Income Tax Provision	$ 551.2	$ 500.8	$ 462.8

Goodwill (Schedule of Goodwill by Segment) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Goodwill [Roll Forward]
Goodwill, net, beginning balance	$ 823.0	$ 911.5
Acquisitions		24.5
Currency translation and other	38.7	(113.0)
Goodwill, net, ending balance	861.7	823.0
Business combinations, tax deductible goodwill		3.2
Americas
Goodwill [Roll Forward]
Goodwill, net, beginning balance	143.2	151.0
Acquisitions		0.0
Currency translation and other	3.4	(7.8)
Goodwill, net, ending balance	146.6	143.2
Asia
Goodwill [Roll Forward]
Goodwill, net, beginning balance	172.7	184.3
Acquisitions		0.0
Currency translation and other	(0.8)	(11.6)
Goodwill, net, ending balance	171.9	172.7
Europe
Goodwill [Roll Forward]
Goodwill, net, beginning balance	457.5	533.5
Acquisitions		17.0
Currency translation and other	36.0	(93.0)
Goodwill, net, ending balance	493.5	457.5
Middle East and India
Goodwill [Roll Forward]
Goodwill, net, beginning balance	15.8	8.0
Acquisitions		7.5
Currency translation and other	0.0	0.3
Goodwill, net, ending balance	15.8	15.8
Corporate and other
Goodwill [Roll Forward]
Goodwill, net, beginning balance	33.8	34.7
Acquisitions		0.0
Currency translation and other	0.1	(0.9)
Goodwill, net, ending balance	$ 33.9	$ 33.8

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

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2021

$ 12,600.0

$ 12,698.6

$ 10,323.0

2,494.6

2,338.8

2,281.4

1,358.3

1,338.2

1,321.3

604.3

481.5

294.1

Investment in net assets of and advances to equity affiliates

4,626.4

2,926.5

2,464.2

4,617.8

3,353.8

^[1]

32,002.5

27,192.6

Operating Segments

12,600.0

12,698.6

10,323.0

2,739.2

2,412.5

2,267.8

1,358.3

1,338.2

1,321.3

604.3

496.3

294.1

Investment in net assets of and advances to equity affiliates

4,626.4

2,926.5

2,464.2

4,617.8

3,353.8

Americas | Operating Segments

32,002.5

27,192.6

5,369.3

5,368.9

4,167.6

1,439.7

1,174.4

1,065.5

649.3

629.5

611.9

109.2

98.2

112.5

Investment in net assets of and advances to equity affiliates

2,033.7

1,353.1

909.6

476.9

434.4

Asia | Operating Segments

9,927.5

8,237.7

3,216.1

3,143.3

2,920.8

906.5

898.3

838.3

433.5

436.5

444.4

29.7

22.1

35.9

Investment in net assets of and advances to equity affiliates

663.4

779.2

792.3

285.2

268.9

Europe | Operating Segments

7,009.6

6,968.7

2,963.1

3,086.1

2,345.6

663.4

503.4

529.4

196.2

195.2

204.5

102.5

78.2

62.8

Investment in net assets of and advances to equity affiliates

482.4

312.6

300.3

504.9

435.0

Middle East and India | Operating Segments

4,649.8

3,645.1

162.5

129.5

99.3

16.9

21.1

28.0

27.5

26.9

25.3

349.8

293.9

76.4

Investment in net assets of and advances to equity affiliates

1,312.7

271.6

71.0

3,265.2

2,143.3

Corporate and other | Operating Segments

5,708.4

2,980.7

889.0

970.8

789.7

(287.3)

(184.7)

(193.4)

51.8

50.1

35.2

13.1

3.9

6.5

Investment in net assets of and advances to equity affiliates

134.2

210.0

$ 391.0

85.6

72.2

Schedule of Long-term Debt Instruments

$ 4,707.2

$ 5,360.4

[1]

Includes balances associated with a consolidated variable interest entity ("VIE"), including amounts reflected in "Total Assets" that can only be used to settle obligations of the VIE of $2,256.8 and $519.7 as of 30 September 2023 and 30 September 2022, respectively, as well as liabilities of the VIE reflected within "Total Liabilities" for which creditors do not have recourse to the general credit of Air Products of $1,461.1 and $506.8 as of 30 September 2023 and 30 September 2022, respectively. Refer to Note 3, Variable Interest Entities, for additional information.

Income Taxes (Deferred Tax Assets for Certain Tax Credits) (Details) $ in Millions	Sep. 30, 2023 USD ($)
U.S. State
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 2.0
U.S. Federal
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	20.9
Foreign
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 17.7

Retirement Benefits (Schedule of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense), Net	Other Nonoperating Income (Expense), Net	Other Nonoperating Income (Expense), Net
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 23.2	$ 39.8	$ 44.7
Interest cost	189.8	102.8	94.1
Expected return on plan assets	(176.3)	(235.7)	(277.9)
Prior service cost amortization	1.9	1.3	1.2
Actuarial loss amortization	71.3	80.7	97.8
Settlements	2.0	6.2	1.8
Curtailments	(1.9)	0.0	0.0
Other	0.9	1.3	1.0
Net Periodic Cost (Benefit)	110.9	(3.6)	(37.3)
Defined Benefit Pension Plan \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Service cost	10.9	18.3	21.3
Interest cost	129.9	73.9	68.9
Expected return on plan assets	(127.1)	(168.3)	(194.5)
Prior service cost amortization	1.2	1.3	1.2
Actuarial loss amortization	59.7	66.0	78.5
Settlements	1.4	6.0	1.3
Curtailments	0.0	0.0	0.0
Other	0.0	0.0	0.0
Net Periodic Cost (Benefit)	76.0	(2.8)	(23.3)
Defined Benefit Pension Plan \| International
Defined Benefit Plan Disclosure [Line Items]
Service cost	12.3	21.5	23.4
Interest cost	59.9	28.9	25.2
Expected return on plan assets	(49.2)	(67.4)	(83.4)
Prior service cost amortization	0.7	0.0	0.0
Actuarial loss amortization	11.6	14.7	19.3
Settlements	0.6	0.2	0.5
Curtailments	(1.9)	0.0	0.0
Other	0.9	1.3	1.0
Net Periodic Cost (Benefit)	$ 34.9	$ (0.8)	$ (14.0)

Debt (Tables)

12 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Total Debt

The table below summarizes our total outstanding debt as reflected on our consolidated balance sheets:


30 September	2023	2022
Short-term borrowings(A)	$259.5	$10.7
Current portion of long-term debt	615.0	548.3
Long-term debt	9,280.6	6,433.8
Long-term debt – related party	150.7	652.0
Total Debt	$10,305.8	$7,644.8

(A)Balances reflect bank obligations with weighted average interest rates of 5.2% and 4.2% as of 30 September 2023 and 2022, respectively. The increase from fiscal year 2022 primarily relates to commercial paper.

The joint venture completed its first drawdown on the project financing in July 2023. The table below summarizes the interest rate, maturity, and carrying amount of borrowings associated with NGHC as of 30 September 2023:


	Fiscal Year Maturities	30 September 2023
Payable in U.S. Dollars
U.S. Dollar variable-rate facilities 6.62%(A)	2027 to 2053	$1,094.9
U.S. Dollar stated-rate facility 5.00%	2027 to 2053	138.5
Total Payable in U.S. Dollars		$1,233.4
Payable in Other Currencies
Saudi Riyal Loan Facility variable-rate 6.69%(B)	2027	131.4
Total Principal Amount		$1,364.8
Less: Unamortized discount and debt issuance costs(C)		(90.4)
Total NGHC Long-term Debt		$1,274.4

(A)Reflects a daily compounded SOFR as of 30 September 2023 plus an annual margin of 1.31%. This does not include the impact of our floating-to-fixed interest rate swaps, which result in an overall lower interest rate for the borrowings. These derivative instruments, which had a notional principal amount of $1,182.5 and an average pay rate of 2.82% as of 30 September 2023, are reflected within the table provided in Note 14, Financial Instruments, on page 85 .

(B)Based on the Saudi Arabian Interbank Offered Rate ("SAIBOR") plus an annual margin of 0.8%.

(C)Our consolidated balance sheet as of 30 September 2023 also includes $58.8 for remaining project financing fees that are eligible for deferral as a noncurrent asset until additional borrowings are drawn, at which time the unamortized balance will be reclassified as an offset to the outstanding debt.

Summary of Long-Term Debt Instruments

The table below summarizes the coupon interest rates, fiscal year maturities, and carrying amounts of our long-term debt, including current portion and amounts owed to related parties. Variable rates are determined as of 30 September 2023.


30 September	Maturities	2023	2022
Payable in U.S. Dollars


Medium-term Notes (weighted average rate)
Series E 7.6%	2026	$17.2	$17.2
Senior Notes
Note 2.75%	2023	—	400.0
Note 3.35%	2024	400.0	400.0
Note 1.50%	2026	550.0	550.0
Note 1.85%	2027	650.0	650.0
Note 2.05%	2030	900.0	900.0
Note 4.800%	2033	600.0	—
Note 2.70%	2040	750.0	750.0
Note 2.80%	2050	950.0	950.0
Other (weighted average rate)
Variable-rate industrial revenue bonds 3.55%	2035 to 2050	618.9	618.9
Other variable-rate 6.78%	2024 to 2032	41.4	41.4
Payable in Other Currencies
Eurobonds 1.000%	2025	317.2	294.1
Eurobonds 0.500%	2028	528.6	490.1
Eurobonds 0.800%	2032	528.6	490.1
Eurobonds 4.000%	2035	740.1	—
Saudi Riyal Loan Facility variable-rate 4.10%	2023	—	195.6
Saudi Riyal Loan Facility variable-rate 7.00%	2027	451.1	—
Saudi Riyal Loan Facility 2.00%	2034	192.1	—
New Taiwan Dollar Loan Facility 1.86%	2024 to 2028	167.5	189.0
New Taiwan Dollar Loan Facility 2.66%	2026 to 2029	186.1	31.5
New Taiwan Dollar Loan Facility variable-rate 2.55%	2026 to 2030	3.1	—
Other	2023	—	0.1
Related Party Debt
Chinese Renminbi 5.5%	2024 to 2027	313.5	321.5
Chinese Renminbi 5.7%	2033	14.8	12.2
Non-Recourse Debt Associated With NGHC(A)	2027 to 2053	1,364.8	—
Finance Lease Obligations (weighted average rate)

Foreign 11.4%	2025 to 2036	7.5	7.6
Total Principal Amount		$10,292.5	$7,309.3

Plus: Related party shareholder loans to NGHC		—	447.3
Less: Unamortized discount and debt issuance costs		(165.7)	(45.4)
Less: Fair value hedge accounting adjustments(B)		(80.5)	(77.1)
Total Long-term Debt		$10,046.3	$7,634.1
Less: Current portion of long-term debt		(615.0)	(548.3)
Less: Long-term debt – related party		(150.7)	(652.0)
Long-term Debt		$9,280.6	$6,433.8

(A)Refer to the "NEOM Green Hydrogen Project Financing" section below for additional information.

(B)Refer to Note 14, Financial Instruments, for additional information.

Schedule of Maturities of Long-term Debt

Principal maturities of long-term debt, including current portion and amounts owed to related parties, in each of the next five years and thereafter are as follows:


2024			$615.3
2025			419.5
2026			701.4
2027			1,362.8
2028			632.2
Thereafter			6,561.3
Total			$10,292.5

Reconciliation of Interest Incurred to Interest Expense

The table below reconciles interest incurred to interest expense as presented on our consolidated income statements. Capitalized interest represents the portion of interest incurred that we include in the cost of new plant and equipment that we build during the year.


Fiscal Year Ended 30 September	2023	2022	2021
Interest incurred	$292.9	$169.0	$170.1
Less: Capitalized interest	115.4	41.0	28.3
Interest expense	$177.5	$128.0	$141.8

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.

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

Equity Affiliates (Table of Summarized Financial Information of Equity Affiliates) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Schedule of Equity Method Investments [Line Items]
Total current assets	$ 5,200.5	$ 6,282.9
Total noncurrent assets	26,802.0	20,909.7
Total current liabilities	3,895.8	3,465.8
Total noncurrent liabilities	12,446.4	10,024.4
Sales and other income	12,600.0	12,698.6	$ 10,323.0
Operating income	2,494.6	2,338.8	2,281.4
Net income	2,338.6	2,266.5	2,114.9
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Total current assets	3,097.1	2,454.6
Total noncurrent assets	14,468.2	9,805.6
Total current liabilities	1,145.7	939.0
Total noncurrent liabilities	11,934.0	7,713.5
Sales and other income	5,192.9	4,124.4	3,338.1
Financing revenue	1,011.3	674.6	134.9
Gross profit	2,465.5	1,894.0	1,492.9
Operating income	1,847.4	1,320.1	962.2
Net income	$ 1,062.9	$ 895.1	$ 646.0

Leases (Minimum Lease Payments Expected to be Collected) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Minimum Lease Payments Expected to be Collected on Sales-type and Direct Financing Leases
2024	$ 120.5
2025	115.1
2026	105.4
2027	92.2
2028	76.1
Thereafter	279.1
Total	788.4
Unearned interest income	(215.7)
Lease receivables, net	$ 572.7	$ 660.9

Income Taxes (Tables)

12 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

The table below summarizes income from U.S. and foreign operations before taxes:


	2023	2022	2021

United States income	$1,050.5	$947.9	$924.6
Foreign income	1,227.6	1,325.3	1,288.7
Equity affiliates' income	604.3	481.5	294.1
Income from continuing operations before taxes	$2,882.4	$2,754.7	$2,507.4

Schedule of Components of Income Tax Expense (Benefit)

The table below details the components of our income tax provision:


	2023	2022	2021
Current Tax Provision
Federal	$167.6	$149.1	$85.6
State	41.0	30.1	28.4
Foreign	367.3	289.3	254.8
Total current tax provision	575.9	468.5	368.8
Deferred Tax (Benefit) Provision
Federal	(12.5)	15.6	54.7
State	(5.8)	(1.9)	(0.1)
Foreign	(6.4)	18.6	39.4
Total Deferred Tax (Benefit) Provision	(24.7)	32.3	94.0
Total Income Tax Provision	$551.2	$500.8	$462.8

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 provided below:


(Percent of income before taxes)	2023		2022		2021
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	1.0		0.8		0.9
Income from equity affiliates	(3.8)		(3.4)		(2.5)
Foreign tax differentials	0.7		0.7		0.5
Tax on foreign repatriated earnings	0.5		0.7		0.7
Share-based compensation	(0.3)		(0.7)		(0.7)






Business and asset actions	0.7		0.1		—
Other	(0.7)		(1.0)		(1.4)
Effective Tax Rate	19.1	%	18.2	%	18.5	%

Equity affiliates’ income, which is primarily presented net of income taxes on our consolidated income statements, favorably impacts our effective tax rate. This impact increased over the years presented primarily due to our phased investment in the JIGPC joint venture. See Note 9, Equity Affiliates, for additional information.

Schedule of Components of Deferred Tax Assets and Liabilities

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


30 September	2023	2022
Gross Deferred Tax Assets
Retirement benefits and compensation accruals	$75.2	$77.2
Tax loss carryforwards	141.8	126.3
Tax credits and other tax carryforwards	46.2	39.2
Reserves and accruals	65.2	55.4


Other	81.3	68.3
Valuation allowance	(153.3)	(100.1)
Deferred Tax Assets	256.4	266.3
Gross Deferred Tax Liabilities
Plant and equipment	1,192.0	1,187.6
Currency gains	20.6	22.5

Unremitted earnings of foreign entities	72.0	72.9
Partnership and other investments	18.6	16.1
Intangible assets	48.5	69.8
Other	11.1	9.1
Deferred Tax Liabilities	1,362.8	1,378.0
Net Deferred Income Tax Liability	$1,106.4	$1,111.7

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


	2023	2022
Deferred Tax Assets
Other noncurrent assets	$159.6	$135.7
Deferred Tax Liabilities
Deferred income taxes	1,266.0	1,247.4
Net Deferred Income Tax Liability	$1,106.4	$1,111.7

Schedule of Deferred Tax Assets for Certain Tax Credits

As of 30 September 2023, we had the following deferred tax assets for certain tax credits:


Jurisdiction	Gross Tax Asset	Expiration Period
U.S. State	$2.0	2024 - 2036
U.S. Federal	20.9	2030 - 2033
Credits in Foreign Jurisdictions	17.7	2030 - 2041; Indefinite

Summary of Tax Credit Carryforwards

As of 30 September 2023, we had the following loss carryforwards:


Jurisdiction	Gross Loss Carryforward	Expiration Period
U.S. State Net Operating Loss	$237.1	2024 - 2040
U.S. State Capital Loss	35.2	2025 - 2027
U.S. Federal Capital Loss	86.3	2025 - 2027
Foreign Net Operating Loss	325.9	2024 - 2038; Indefinite
Foreign Capital Loss	197.8	Indefinite

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of the unrecognized tax benefits, which excludes interest and penalties, is as follows:


	2023	2022	2021
Unrecognized tax benefits balance at beginning of year	$103.5	$140.3	$237.0
Additions for tax positions of the current year	10.9	7.4	14.5
Additions for tax positions of prior years	1.2	6.6	3.5
Reductions for tax positions of prior years	(6.0)	(15.4)	(8.2)
Settlements	(3.9)	(0.6)	(3.1)
Statute of limitations expiration	(10.6)	(25.5)	(104.6)
Foreign currency translation	1.4	(9.3)	1.2
Unrecognized tax benefits balance at end of year	$96.5	$103.5	$140.3

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			2018 - 2023
United States – State			2013 - 2023
Canada			2016 - 2023
Europe
France			2020 - 2023
Netherlands			2018 - 2023
Spain			2017 - 2023
United Kingdom			2020 - 2023
Middle East
Saudi Arabia			2018 - 2023
Asia
China			2011 - 2023
South Korea			2015 - 2023
Taiwan			2018 - 2023
Latin America
Chile			2019 - 2023

Business and Asset Actions

12 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Business and Asset Actions

BUSINESS AND ASSET ACTIONS

The charges we record for business and asset actions are not recorded in segment results.

Fiscal Year 2023

Our consolidated income statement for the fiscal year ended 30 September 2023 includes an expense of $244.6 ($204.9 attributable to Air Products after tax) resulting from strategic business and asset actions intended to optimize costs and focus resources on our growth projects. Of the expense, $217.6 resulted from noncash charges to write off assets associated with exited projects that were previously under construction in our Asia and Europe segments. The assets written off included those related to our withdrawal from coal gasification in Indonesia as well as a project in Ukraine that was permanently suspended due to Russia's invasion of the country. The remaining expense includes $27.0 for severance and other benefits payable to approximately 450 employees due to position eliminations and restructuring of certain organizations globally. The table below summarizes the carrying amount of the accrual for unpaid benefits as of 30 September 2023, which we expect to substantially pay through fiscal year 2024.


Charge for severance and other benefits			$27.0
Cash expenditures			(6.8)
Currency translation adjustment			(0.4)
Amount reflected in "Payables and accrued liabilities" as of 30 September 2023			$19.8

Fiscal Year 2022

We divested our small industrial gas business in Russia due to Russia's invasion of Ukraine in the fourth quarter of fiscal year 2022. As a result, we recorded a noncash business and asset actions charge of $73.7, which included transaction costs and cumulative currency translation losses. Prior to the divestiture, this business was reflected in our Europe segment.

Debt (Interest) (Details) - USD ($) $ in Millions	12 Months Ended
Debt (Interest) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Debt Disclosure [Abstract]
Interest incurred	$ 292.9	$ 169.0	$ 170.1
Less: Capitalized interest	115.4	41.0	28.3
Interest expense	177.5	128.0	141.8
Cash paid for interest, net of amounts capitalized	$ 131.5	$ 128.5	$ 150.4

Amount of the cost of borrowed funds accounted for as interest expense.

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

Retirement Benefits (Pension Plan Assets at Fair Value by Asset Class) (Details) - Defined Benefit Pension Plan - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 260.0	$ 209.0	$ 246.6
Level 3 \| Fixed income pooled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	94.2	53.5	0.0
Level 3 \| Insurance contracts
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	165.8	155.5	246.6
U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,299.0	2,404.0	3,343.7
U.S. \| Total U.S. Qualified Pension Plans at Fair Value
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,112.4	2,173.4
U.S. \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	14.6	14.0
U.S. \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	143.0	127.4
U.S. \| Equity mutual funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	105.2	84.5
U.S. \| Equity pooled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	187.8	188.4
U.S. \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,661.8	1,759.1
U.S. \| Real estate pooled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	186.6	230.6
U.S. \| Level 1 \| Total U.S. Qualified Pension Plans at Fair Value
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	262.8	225.9
U.S. \| Level 1 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	14.6	14.0
U.S. \| Level 1 \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	143.0	127.4
U.S. \| Level 1 \| Equity mutual funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	105.2	84.5
U.S. \| Level 1 \| Equity pooled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.S. \| Level 1 \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.S. \| Level 2 \| Total U.S. Qualified Pension Plans at Fair Value
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,849.6	1,947.5
U.S. \| Level 2 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.S. \| Level 2 \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.S. \| Level 2 \| Equity mutual funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.S. \| Level 2 \| Equity pooled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	187.8	188.4
U.S. \| Level 2 \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,661.8	1,759.1
U.S. \| Level 3 \| Total U.S. Qualified Pension Plans at Fair Value
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.S. \| Level 3 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.S. \| Level 3 \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.S. \| Level 3 \| Equity mutual funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.S. \| Level 3 \| Equity pooled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.S. \| Level 3 \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,134.0	1,122.0	$ 1,905.0
International \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	8.0	12.1
International \| Equity pooled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	218.5	348.1
International \| Fixed income pooled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	724.6	589.9
International \| Other pooled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	17.1	16.4
International \| Insurance contracts
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	165.8	155.5
International \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	8.0	12.1
International \| Level 1 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	8.0	12.1
International \| Level 1 \| Equity pooled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
International \| Level 1 \| Fixed income pooled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
International \| Level 1 \| Other pooled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
International \| Level 1 \| Insurance contracts
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
International \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	866.0	900.9
International \| Level 2 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
International \| Level 2 \| Equity pooled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	218.5	348.1
International \| Level 2 \| Fixed income pooled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	630.4	536.4
International \| Level 2 \| Other pooled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	17.1	16.4
International \| Level 2 \| Insurance contracts
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
International \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	260.0	209.0
International \| Level 3 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
International \| Level 3 \| Equity pooled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
International \| Level 3 \| Fixed income pooled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	94.2	53.5
International \| Level 3 \| Other pooled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
International \| Level 3 \| Insurance contracts
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 165.8	$ 155.5

Capital Stock (Changes in Common Shares) (Details) - shares	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Changes in Common Shares [Roll Forward]
Balance, beginning of year (shares)	221,838,696	221,396,755	221,017,459
Issuance of treasury shares for stock option and award plans (shares)	361,149	441,941	379,296
Balance, end of year (shares)	222,199,845	221,838,696	221,396,755

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Sep. 30, 2023

Schedule of Accumulated Other Comprehensive Income (Loss)

The table below summarizes changes in accumulated other comprehensive loss ("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 2020	($54.5)	($1,142.8)	($942.8)	($2,140.1)
Other comprehensive income before reclassifications	3.3	267.3	274.3	544.9
Amounts reclassified from AOCL	43.5	—	74.6	118.1
Net current period other comprehensive income	$46.8	$267.3	$348.9	$663.0
Amount attributable to noncontrolling interests	20.6	18.3	(0.1)	38.8
Balance at 30 September 2021	($28.3)	($893.8)	($593.8)	($1,515.9)
Other comprehensive loss before reclassifications	(120.3)	(1,230.5)	(112.2)	(1,463.0)
Amounts reclassified from AOCL	91.4	7.3	64.8	163.5
Net current period other comprehensive loss	($28.9)	($1,223.2)	($47.4)	($1,299.5)
Amount attributable to noncontrolling interest	14.7	(44.6)	0.6	(29.3)
Balance at 30 September 2022	($71.9)	($2,072.4)	($641.8)	($2,786.1)
Other comprehensive income (loss) before reclassifications	369.2	151.1	(8.9)	511.4
Amounts reclassified from AOCL	(43.9)	(0.3)	53.8	9.6
Net current period other comprehensive income	$325.3	$150.8	$44.9	$521.0
Amount attributable to noncontrolling interest	192.3	(8.3)	0.3	184.3
Balance at 30 September 2023	$61.1	($1,913.3)	($597.2)	($2,449.4)

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:


Fiscal Year Ended 30 September	2023	2022	2021
(Gain) Loss on Cash Flow Hedges, net of tax
Sales	($0.5)	$0.5	($0.6)
Cost of sales	3.7	(0.4)	(0.3)

Interest expense	3.5	3.6	3.5
Other non-operating income (expense), net	(50.6)	87.7	40.9
Total (Gain) Loss on Cash Flow Hedges, net of tax	($43.9)	$91.4	$43.5

Currency Translation Adjustment
Business and asset actions	($0.3)	$5.1	$—
Income from discontinued operations, net of tax	—	2.2	—
Currency Translation Adjustment	($0.3)	$7.3	$—

Pension and Postretirement Benefits, net of tax(A)	$53.8	$64.8	$74.6

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

Financial Instruments (Fair Value and Balance Sheet Location of Derivatives) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Derivative [Line Items]
Total Derivatives, Assets	$ 394.1	$ 189.1
Total Derivatives, Liabilities	211.4	366.5
Designated as Hedging Instrument
Derivative [Line Items]
Total Derivatives, Assets	383.8	181.6
Total Derivatives, Liabilities	206.8	364.3
Not Designated as Hedging Instrument
Derivative [Line Items]
Total Derivatives, Assets	10.3	7.5
Total Derivatives, Liabilities	4.6	2.2
Forward exchange contracts \| Designated as Hedging Instrument \| Other receivables and current assets
Derivative [Line Items]
Total Derivatives, Assets	50.2	71.6
Forward exchange contracts \| Designated as Hedging Instrument \| Other noncurrent assets
Derivative [Line Items]
Total Derivatives, Assets	19.8	60.8
Forward exchange contracts \| Designated as Hedging Instrument \| Payables and accrued liabilities
Derivative [Line Items]
Total Derivatives, Liabilities	94.1	226.2
Forward exchange contracts \| Designated as Hedging Instrument \| Other noncurrent liabilities
Derivative [Line Items]
Total Derivatives, Liabilities	25.7	46.9
Forward exchange contracts \| Not Designated as Hedging Instrument \| Other receivables and current assets
Derivative [Line Items]
Total Derivatives, Assets	6.4	6.1
Forward exchange contracts \| Not Designated as Hedging Instrument \| Other noncurrent assets
Derivative [Line Items]
Total Derivatives, Assets	0.0	0.1
Forward exchange contracts \| Not Designated as Hedging Instrument \| Payables and accrued liabilities
Derivative [Line Items]
Total Derivatives, Liabilities	4.6	2.1
Forward exchange contracts \| Not Designated as Hedging Instrument \| Other noncurrent liabilities
Derivative [Line Items]
Total Derivatives, Liabilities	0.0	0.1
Interest rate management contracts \| Designated as Hedging Instrument \| Other receivables and current assets
Derivative [Line Items]
Total Derivatives, Assets	13.0	36.7
Interest rate management contracts \| Designated as Hedging Instrument \| Other noncurrent assets
Derivative [Line Items]
Total Derivatives, Assets	300.8	12.5
Interest rate management contracts \| Designated as Hedging Instrument \| Payables and accrued liabilities
Derivative [Line Items]
Total Derivatives, Liabilities	0.0	0.0
Interest rate management contracts \| Designated as Hedging Instrument \| Other noncurrent liabilities
Derivative [Line Items]
Total Derivatives, Liabilities	87.0	91.2
Interest rate management contracts \| Not Designated as Hedging Instrument \| Other receivables and current assets
Derivative [Line Items]
Total Derivatives, Assets	3.9	0.0
Interest rate management contracts \| Not Designated as Hedging Instrument \| Other noncurrent assets
Derivative [Line Items]
Total Derivatives, Assets	0.0	1.3
Interest rate management contracts \| Not Designated as Hedging Instrument \| Payables and 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

Variable Interest Entities - Balance Sheet Accounts (Details) - USD ($)
$ in Millions

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2021

Assets

Cash and cash items

$ 1,617.0

$ 2,711.0

Other receivables and current assets

1,700.4

1,794.4

Prepaid expenses

177.0

156.8

722.1

515.8

Total current assets

5,200.5

6,282.9

Plant and equipment, net

17,472.1

14,160.5

$ 13,254.6

Operating lease right-of-use assets, net

974.0

694.8

Other noncurrent assets

1,229.9

947.0

Total noncurrent assets

26,802.0

20,909.7

^[1]

32,002.5

27,192.6

Accounts Payable and Accrued Liabilities, Current

2,890.1

2,771.6

Accrued income taxes

131.2

135.2

Total current liabilities

3,895.8

3,465.8

Noncurrent operating lease liabilities

631.1

592.1

Other noncurrent liabilities

1,118.0

1,099.1

Deferred income taxes

1,266.0

1,247.4

Total noncurrent liabilities

12,446.4

10,024.4

^[1]

16,342.2

13,490.2

Accumulated other comprehensive loss

(2,449.4)

(2,786.1)

Noncontrolling interests

^[1]

1,347.4

558.4

Nonrelated Party

9,280.6

6,433.8

Related Party

Assets

80.0

55.0

Variable Interest Entity, Primary Beneficiary | NEOM Green Hydrogen Company

150.7

652.0

Assets

Cash and cash items

78.2

274.7

Other receivables and current assets

0.0

1.3

Prepaid expenses

21.4

0.1

181.6

23.3

Total current assets

281.2

299.4

Plant and equipment, net

1,396.1

218.8

Operating lease right-of-use assets, net

228.9

0.0

Other noncurrent assets

350.6

1.5

Total noncurrent assets

1,975.6

220.3

2,256.8

519.7

Accounts Payable and Accrued Liabilities, Current

141.0

58.1

Accrued income taxes

0.6

0.0

Total current liabilities

141.6

58.1

Noncurrent operating lease liabilities

18.9

0.0

Other noncurrent liabilities

2.1

1.4

Deferred income taxes

24.1

0.0

Total noncurrent liabilities

1,319.5

448.7

1,461.1

506.8

Accumulated other comprehensive loss

77.7

0.0

Noncontrolling interests

723.6

30.0

Variable Interest Entity, Primary Beneficiary | NEOM Green Hydrogen Company | Nonrelated Party

Variable Interest Entity, Primary Beneficiary | NEOM Green Hydrogen Company | Related Party

1,274.4

0.0

Consolidated Variable Interest Entities Disclosure [Abstract]

$ 0.0

$ 447.3

[1]

Share-Based Compensation (Summary of Stock Option Activity) (Details) shares in Thousands	12 Months Ended
	Sep. 30, 2023 $ / shares shares
Shares
Outstanding, beginning (shares) \| shares	564
Exercised (shares) \| shares	(270)
Outstanding, ending (shares) \| shares	294
Exercisable (shares) \| shares	294
Weighted Average Exercise Price
Outstanding, beginning (in dollars per share) \| $ / shares	$ 106.13
Exercised (in dollars per share) \| $ / shares	90.57
Outstanding, ending (in dollars per share) \| $ / shares	120.42
Exercisable (in dollars per share) \| $ / shares	$ 120.42

Financial Instruments (Carrying Amount and Cumulative Hedging Adjustment) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cumulative hedging adjustment, included in carrying amount	$ 80.5	$ 77.1
Long-term debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying amounts of hedged item	2,011.4	2,012.9
Cumulative hedging adjustment, included in carrying amount	$ (80.5)	$ (77.1)

Variable Interest Entities

12 Months Ended

Sep. 30, 2023

Schedule of Variable Interest Entities

VARIABLE INTEREST ENTITIES

We are the primary beneficiary of the NEOM Green Hydrogen Company joint venture ("NGHC"), which is a variable interest entity ("VIE") that is consolidated in our Middle East and India segment. We are not the primary beneficiary of any other material VIEs. We account for a VIE for which we exercise significant influence but are not the primary beneficiary, such as the Jazan Integrated Gasification and Power Company joint venture ("JIGPC"), as an equity method investment. For additional information on JIGPC, refer to Note 9, Equity Affiliates.

The table below summarizes balances associated with NGHC as reflected on our consolidated balance sheets. For additional information on this joint venture, refer to the "NEOM Green Hydrogen Project" section that follows.


	30 September	30 September
	2023	2022
Assets
Cash and cash items	$78.2	$274.7

Trade receivables, net	—	1.3

Prepaid expenses	21.4	0.1
Other receivables and current assets	181.6	23.3
Total current assets	$281.2	$299.4



Plant and equipment, net	1,396.1	218.8


Operating lease right-of-use assets, net	228.9	—


Other noncurrent assets	350.6	1.5
Total noncurrent assets	$1,975.6	$220.3
Total assets	$2,256.8	$519.7
Liabilities
Payables and accrued liabilities	$141.0	$58.1
Accrued income taxes	0.6	—


Total current liabilities	$141.6	$58.1
Long-term debt	1,274.4	—
Long-term debt – related party(A)	—	447.3
Noncurrent operating lease liabilities	18.9	—
Other noncurrent liabilities	2.1	1.4
Deferred income taxes	24.1	—
Total noncurrent liabilities	$1,319.5	$448.7
Total liabilities	$1,461.1	$506.8
Equity
Accumulated other comprehensive income	$77.7	$—
Noncontrolling interests(A)	723.6	30.0

(A)During the third quarter of fiscal year 2023, outstanding shareholder loans to NGHC were converted to equity in the entity. Accordingly, related party debt outstanding was reclassified to investments attributable to the noncontrolling partners of NGHC. This noncash activity is presented within “Investments by noncontrolling interests” on our consolidated statements of equity for the fiscal year ended 30 September 2023.

NEOM Green Hydrogen Project

In the fourth quarter of fiscal year 2020, we announced the NEOM Green Hydrogen Project (the "NEOM project”), a multi-billion dollar green hydrogen-based ammonia production facility that will be powered by renewable energy in NEOM City, Saudi Arabia. We, along with our joint venture partners, ACWA Power and NEOM Company, are equal owners in NGHC, which will develop, construct, own, operate, and finance the project.

During the third quarter of fiscal year 2022, we entered into an interim agreement with NGHC under which we commenced construction of the NEOM project. In addition, we executed an agreement with NGHC under which we will be the exclusive offtaker of green ammonia produced by the NEOM project under a long-term take-if-tendered agreement. We intend to transport the green ammonia around the world to be dissociated to produce green hydrogen for transportation and industrial markets. In May 2023, NGHC finalized the $6.7 billion engineering, procurement, and construction ("EPC") agreement with Air Products named as the main contractor and system integrator for the facility. As of 30 September 2023, we had unconditional purchase obligations of approximately $5 billion for open purchase orders related to construction of the project.

Air Products has one-third of the voting interests in the NGHC joint venture; however, substantially all the activities of the joint venture involve or are conducted on behalf of Air Products. Since we have disproportionately few voting rights relative to our economic interests in the joint venture, we determined that NGHC is a variable interest entity. In addition, we determined that we are the primary beneficiary of NGHC since we have the power to unilaterally direct certain significant activities, including key design and construction decisions, and we share power with our joint venture partners related to other activities that are significant to the economic performance of NGHC. Therefore, we consolidate NGHC within the Middle East and India segment.

Project Financing

In May 2023, NGHC secured non-recourse project financing of approximately $6.1 billion, which is expected to fund about 73% of the project and will be drawn over the construction period. At the same time, NGHC secured additional non-recourse credit facilities totaling approximately $500 primarily for working capital needs. Under the financing, the assets of NGHC can only be used to settle obligations of the joint venture, and creditors of NGHC do not have recourse to the general credit of Air Products.


	Fiscal Year Maturities	30 September 2023
Payable in U.S. Dollars
U.S. Dollar variable-rate facilities 6.62%(A)	2027 to 2053	$1,094.9
U.S. Dollar stated-rate facility 5.00%	2027 to 2053	138.5
Total Payable in U.S. Dollars		$1,233.4
Payable in Other Currencies
Saudi Riyal Loan Facility variable-rate 6.69%(B)	2027	131.4
Total Principal Amount		$1,364.8
Less: Unamortized discount and debt issuance costs(C)		(90.4)
Total NGHC Long-term Debt		$1,274.4

(B)Based on the Saudi Arabian Interbank Offered Rate ("SAIBOR") plus an annual margin of 0.8%.

Land Lease

The green hydrogen-based ammonia production facility is being constructed on land owned by our joint venture partner, NEOM Company, for which NGHC signed a 50-year lease agreement. The land lease commenced during the third quarter of fiscal year 2023. Accordingly, we recorded an operating lease with a right-of-use asset and corresponding liability of $223, of which $209 was paid as a lump-sum in August 2023. Additional payments under the lease will occur after the first 30 years of the lease term.

Supplemental Information (Tables)

12 Months Ended

Sep. 30, 2023

Disclosure Text Block Supplement [Abstract]

Schedule of Other Receivables and Current Assets


Other Receivables and Current Assets

30 September	2023	2022
Derivative instruments	$73.5	$114.4
Value added tax receivable	209.6	94.2
Contract fulfillment costs	89.0	84.1
Contract assets	124.7	69.0
Current lease receivables	78.0	77.8
Current financing receivables	50.0	—
Other	97.3	76.3
Other receivables and current assets	$722.1	$515.8

Schedule of Other Noncurrent Assets


Other Noncurrent Assets

30 September	2023	2022
Pension benefits	$120.0	$133.9

Long-term deposits on plant and equipment	—	200.0
Deferred tax assets	159.6	135.7
Prepaid tax	22.2	17.0
Investments other than equity method	66.9	66.7
Deferred financing fees	58.8	—
Derivative instruments	320.6	74.7
Other	481.8	319.0
Other noncurrent assets	$1,229.9	$947.0

Schedule of Payables and Accrued Liabilities


Payables and Accrued Liabilities

30 September	2023	2022
Trade creditors	$1,212.9	$1,120.7
Contract liabilities	413.0	439.1
Dividends payable	388.9	359.4
Accrued payroll and employee benefits	284.4	249.1
Accrued interest	106.4	64.7
Current lease obligations	94.7	90.0
Derivative instruments	98.7	228.3
Pension and postretirement benefits	9.6	11.1



Other	281.5	209.2
Payables and accrued liabilities	$2,890.1	$2,771.6

Schedule of Other Noncurrent Liabilities


Other Noncurrent Liabilities

30 September	2023	2022
Asset retirement obligations	$285.1	$265.0
Pension benefits	192.3	190.0
Postretirement benefits	10.3	15.0

Derivative instruments	112.7	138.2
Long-term accrued income taxes related to U.S. tax reform	109.4	134.6
Contingencies related to uncertain tax positions	89.6	95.6
Contract liabilities	136.9	67.2
Environmental liabilities	50.2	61.8



Other	131.5	131.7
Other noncurrent liabilities	$1,118.0	$1,099.1

Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions

Sep. 30, 2023

Sep. 30, 2022

Common stock, par value (in dollars per share)

$ 1

Common stock, issue shares

249,455,584

Treasury stock at cost, shares

27,255,739

27,616,888

^[1]

$ 32,002.5

$ 27,192.6

Variable Interest Entity, Primary Beneficiary | NEOM Green Hydrogen Company

^[1]

16,342.2

13,490.2

2,256.8

519.7

$ 1,461.1

$ 506.8

[1]

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Basis of Presentation and Major Accounting Policies

Commitments and Contingencies (Unconditional Purchase Obligations) (Details) $ in Millions	Sep. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 6,356
2025	2,673
2026	1,321
2027	699
2028	575
Thereafter	4,494
Total	$ 16,118

Discontinued Operations	12 Months Ended
Discontinued Operations	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	DISCONTINUED OPERATIONS Our consolidated income statements include income from discontinued operations, net of tax, of $7.4, $12.6, and $70.3 in fiscal years 2023, 2022, and 2021, respectively, primarily from the release of unrecognized tax benefits on uncertain tax positions for which the statute of limitations expired. In fiscal year 2023, income from discontinued operations, net of tax, of $7.4 primarily resulted from a net tax benefit recorded in the fourth quarter upon release of tax liabilities for uncertain tax positions taken with respect to the sale of our former Performance Materials Division ("PMD"), which was completed in 2017. Additionally, our consolidated statement of cash flows for the fiscal year ended 30 September 2023 reflects cash provided by operating activities of discontinued operations of $0.6 from income tax refunds associated with the sale. In fiscal year 2022, income from discontinued operations, net of tax, of $12.6 primarily resulted from a net tax benefit recorded in the fourth quarter upon release of tax liabilities for uncertain tax positions taken with respect to the sale of PMD. Additionally, our consolidated statement of cash flows for the fiscal year ended 30 September 2022 reflects cash provided by operating activities of discontinued operations of $59.6 primarily from income tax refunds associated with the sale. In fiscal year 2021, income from discontinued operations, net of tax, of $70.3 included net tax benefits of $60.0 recorded upon release of tax liabilities for uncertain tax positions. Of this amount, we recorded $51.8 in the fourth quarter for liabilities associated with PMD and $8.2 in the third quarter for liabilities associated with our former Energy-from-Waste ("EfW") business. Additionally, we recorded a tax benefit of $10.3 in the first quarter of fiscal year 2021 primarily from the settlement of a state tax appeal related to the gain on the sale of PMD. Our consolidated statement of cash flows for the fiscal year ended 30 September 2021 reflects cash provided by operating activities of discontinued operations of $6.7 from cash received as part of the settlement.

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Income Taxes [Line Items]
Cash paid for taxes (net of cash refunds)			$ 645.2	$ 369.2	$ 383.8
Cash provided by operating activities			$ 0.6	$ 59.6	$ 6.7
U.S. federal statutory tax rate			21.00%	21.00%	21.00%
Deemed repatriation tax obligation after application of foreign tax credits			$ 131.1
Deemed repatriation tax obligation in noncurrent liabilities			$ 109.4	$ 134.6
Deemed repatriation tax obligation in noncurrent liabilities, payment period			3 years
Excess tax benefits from share-based compensation			$ 10.2	18.3	$ 17.0
Business and asset actions			244.6	73.7	0.0
Business and asset actions attributable to Air Products after tax			204.9
Valuation allowance against deferred tax assets			36.0
Income (Loss) from Subsidiaries, Tax Expense (Benefit)			15.9
Deferred tax assets, valuation allowance			153.3	100.1
Federal foreign income tax credits			18.7
Cumulative undistributed earnings			8,000.0
U.S. Income and foreign withholding taxes estimate			749.0
Unrecognized tax benefits that would impact effective tax rate			73.8
Reserves for unrecognized tax benefits decrease due to statute of limitations expiration			10.6	25.5	104.6
Reductions for tax positions of prior years			(6.0)	(15.4)	(8.2)
Reduction caused by changes to income tax rates				(10.6)
Interest and penalties related to unrecognized tax benefits			5.0	1.2	(0.2)
Accrued interest and penalties			26.3	22.6
Discontinued Operations
Income Taxes [Line Items]
Tax benefit related to release of reserves					60.0
Foreign Loss Carryforwards
Income Taxes [Line Items]
Deferred tax assets, valuation allowance			33.6
Foreign Capital Losses
Income Taxes [Line Items]
Deferred tax assets, valuation allowance			49.4
Other Charges from Business and Asset Actions
Income Taxes [Line Items]
Deferred tax assets, valuation allowance			34.7
U.S. Federal
Income Taxes [Line Items]
Tax credit carryforwards			20.9
Foreign
Income Taxes [Line Items]
Tax credit carryforwards			17.7
Indefinite tax credit carryforwards			16.0
Operating loss carryforwards			325.9
Operating loss carryforwards not subject to expiration			128.9
PMD \| Discontinued Operations
Income Taxes [Line Items]
Tax benefit related to release of reserves	$ 51.8			14.8	51.8
EfW \| Discontinued Operations
Income Taxes [Line Items]
Tax benefit related to release of reserves		$ 8.2			8.2
Discontinued operations \| PMD
Income Taxes [Line Items]
Reserves for unrecognized tax benefits decrease due to statute of limitations expiration			$ 5.2	17.2	65.6
Related deferred tax assets				$ 2.4	13.8
Discontinued operations \| EfW
Income Taxes [Line Items]
Reserves for unrecognized tax benefits decrease due to statute of limitations expiration					8.2
Other reserves
Income Taxes [Line Items]
Tax benefit					21.5
Reserves for unrecognized tax benefits decrease due to statute of limitations expiration					27.5
Related deferred tax assets					$ 8.4

Commitments and Contingencies (Guarantees and Other Narrative) (Details) $ in Millions	Sep. 30, 2023 USD ($)
Guarantor Obligations [Line Items]
Equity contributions or payments required	$ 0.0
Purchase obligations in 2023	6,356.0
Unconditional purchase obligation	16,118.0
Purchase Commitments for Plant and Equipment
Guarantor Obligations [Line Items]
Purchase obligations in 2023	8,800.0
NEOM Green Hydrogen Company
Guarantor Obligations [Line Items]
Unconditional purchase obligation	5,000.0
Helium Purchases
Guarantor Obligations [Line Items]
Unconditional purchase obligation	$ 6,400.0
Trinidad Facility \| Performance Guarantee
Guarantor Obligations [Line Items]
Ownership interest percentage	50.00%
Jazan Gas Projects Company
Guarantor Obligations [Line Items]
Ownership interest percentage	26.00%
Jazan Gas Projects Company \| Performance Guarantee
Guarantor Obligations [Line Items]
Maximum potential payment under guarantees	$ 244.5
Trinidad Facility \| Performance Guarantee
Guarantor Obligations [Line Items]
Maximum potential payment under guarantees	22.0
Variable Interest Entity, Primary Beneficiary
Guarantor Obligations [Line Items]
Maximum potential payment under guarantees	$ 1,200.0

Earnings Per Share

12 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The table below details the computation of basic and diluted earnings per share ("EPS"):


Fiscal Year Ended 30 September	2023	2022	2021
Numerator
Net income from continuing operations	$2,292.8	$2,243.5	$2,028.8
Net income from discontinued operations	7.4	12.6	70.3
Net Income attributable to Air Products	$2,300.2	$2,256.1	$2,099.1

Denominator (in millions)
Weighted average common shares — Basic	222.3	222.0	221.6
Effect of dilutive securities
Employee stock option and other award plans	0.4	0.5	0.9
Weighted average common shares — Diluted	222.7	222.5	222.5

Per Share Data(A) (U.S. Dollars per share)
Basic EPS from continuing operations	$10.31	$10.11	$9.16
Basic EPS from discontinued operations	0.03	0.06	0.32
Basic EPS attributable to Air Products	$10.35	$10.16	$9.47
Diluted EPS from continuing operations	$10.30	$10.08	$9.12
Diluted EPS from discontinued operations	0.03	0.06	0.32
Diluted EPS attributable to Air Products	$10.33	$10.14	$9.43

(A)EPS is calculated independently for each component and may not sum to total EPS due to rounding.

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. To the extent they would have been dilutive, the incremental shares, or the difference between shares assumed to be issued versus purchased, are included in the denominator of the diluted EPS calculation. Antidilutive outstanding share-based awards were not material in fiscal years 2023, 2022 and 2021.

Leases (Weighted-Average Remaining Lease Term and Discount Rate) (Details)	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Weighted-average remaining lease term (in years)	19 years 10 months 24 days	19 years 1 month 6 days
Weighted-average discount rate (percent)	2.60%	2.10%

Basis of Presentation and Major Accounting Policies

12 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

BASIS OF PRESENTATION AND MAJOR ACCOUNTING POLICIES

As used in this report, unless the context indicates otherwise, the terms “we,” “our,” “us,” the “Company,” "Air Products," or “registrant” include our controlled subsidiaries and affiliates.

About Air Products

Air Products, a Delaware corporation originally founded in 1940, is a world-leading industrial gases company. Focused on energy, environmental, and emerging markets, Air Products' core business provides a portfolio of products, and services that include atmospheric gases, process and specialty gases, equipment, and related services to customers in dozens of industries. Air Products also develops, engineers, builds, owns, and operates some of the world's largest industrial gas and carbon-capture projects, supplying world-scale clean hydrogen that will support the world's transition to lower carbon energy, particularly in the global transportation, and industrial markets. Air Products trades on the New York Stock Exchange under the symbol "APD."

Air Products manages and reports its operating results through five reportable segments: Americas, Asia, Europe, Middle East and India, and Corporate and other. Refer to Note 25, Business Segment and Geographic Information, for additional information.

Basis of Presentation

The accompanying consolidated financial statements 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. The notes that follow are an integral part of our consolidated financial statements. These notes, unless otherwise indicated, are presented on a continuing operations basis. Intercompany transactions and balances are eliminated in consolidation.

Discontinued Operations

The results of operations and cash flows for our discontinued operations have been segregated from the results of continuing operations and segment results. The comprehensive income related to discontinued operations has not been segregated and is included in the consolidated comprehensive income statements. There were no assets and liabilities presented as discontinued operations on our consolidated balance sheets. Refer to Note 7, Discontinued Operations, for additional information.

Estimates and Assumptions

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

Reclassifications

Certain prior year information has been reclassified to conform to the fiscal year 2023 presentation. For example, beginning in the first quarter of fiscal year 2023, we present "Operating lease right-of-use assets, net" and "Noncurrent operating lease liabilities" in separate captions on our consolidated balance sheets. These balances were previously presented within "Other noncurrent assets" and "Other noncurrent liabilities," respectively.

Consolidation Principles

We consolidate all entities we control under either the voting interest model, which generally applies when we hold a majority of the voting interest of an entity, or the variable interest model, which applies to arrangements for which we are the primary beneficiary of a variable interest entity ("VIE"). For consolidated subsidiaries in which our ownership is less than 100%, the outside shareholders’ interests are reflected as non-controlling interests on our consolidated financial statements.

We are considered the primary beneficiary of a VIE when we have both the power to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We are the primary beneficiary of the NEOM Green Hydrogen Company and consolidate the joint venture within our Middle East and India segment. For additional information, refer to Note 3, Variable Interest Entities. We are not the primary beneficiary of any other material VIEs.

We account for a VIE for which we exercise significant influence but are not the primary beneficiary, such as the Jazan Integrated Gasification and Power Company joint venture, as an equity method investment. For additional information on this joint venture, refer to Note 9, Equity Affiliates.

Revenue Recognition

We recognize 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.

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.

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 6, 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 Expense

The principal components of selling and administrative expense are costs related to compensation, administrative functions, and professional fees.

Postemployment Benefits

We provide ongoing benefit arrangements that provide nonretirement postemployment benefits such as severance and outplacement services to involuntarily terminated employees. We record a liability for these benefits when we determine it is probable that the benefits will be paid in an amount that can be reasonably estimated. These criteria are met when management, with the appropriate level of authority, approves and commits to a termination plan that identifies impacted employees and their related benefits and is expected to be substantially 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 as of the balance sheet date. 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, and the impact of related hedges, are generally reflected in "Other income (expense), net" on our consolidated income statements as they occur and were not material for the periods presented.

Foreign exchange gains and losses from the foreign currency remeasurement of balances associated with intercompany and third-party financing transactions, related income tax assets and liabilities, and the impact of related hedges are reflected within “Other non-operating income (expense), net" and were not material for the periods presented.

In addition, foreign currency forward points and currency swap basis differences that are excluded from the assessment of hedge effectiveness of our cash flow hedges of intercompany loans (“excluded components”) are recorded within “Other non-operating income (expense), net" on a straight-line basis. Excluded components were expenses of $25.1, $23.2, and $31.0 in fiscal years 2023, 2022, and 2021, respectively.

Government Assistance

We receive, or expect to receive in the future, various types of government assistance, primarily in the form of grants or refundable tax credits. Government assistance is recognized when there is reasonable assurance that we have complied with relevant conditions and the assistance will be received. Government assistance is recognized in the consolidated income statements on a systematic basis over the periods in which we recognize the related costs for which the government assistance is intended to compensate. Government assistance related to assets is included in the balance sheet as a reduction of the cost of the asset and results in reduced depreciation expense over the useful life of the asset. Government assistance that relates to expenses is recognized in the income statement as a reduction of the related expense or as a component of other income (expense), net. Government assistance did not have a material impact on our financial statements in fiscal year 2023.

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 our 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 $24.9, $22.3, and $18.6 in fiscal years 2023, 2022, and 2021, 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 our 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 our overall environmental exposure and serves as a tool to facilitate ongoing communication among our technical experts, environmental managers, environmental lawyers, and financial management to ensure that required accruals are recorded and potential exposures disclosed.

Due to inherent uncertainties involved 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 our 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 expense the grant-date fair value of our share-based 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 our awards, including the models and assumptions used to determine their grant-date fair value.

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.

We have elected as an accounting policy to account for Global Intangible Low Tax Income (“GILTI”) as a period cost when incurred.

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" includes interest income associated with our cash and cash items and short-term investments, certain foreign currency remeasurements and impacts from the related hedging activities discussed in the Foreign Currency section above, 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, and treasury securities acquired with an original maturity of three months or less.

Short-term Investments

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

Credit Losses

We are exposed to credit losses primarily through sales of products and services. When extending credit, we evaluate customer creditworthiness based on a combination of qualitative and quantitative factors that include, but are not limited to, the customer’s credit score from external providers, financial condition, and past payment experience.

We assess allowances for credit losses on our trade receivables, lease receivable, and financing receivable portfolios. Allowances are evaluated by portfolio on a collective basis where similar characteristics exist. A provision for customer defaults is made on a general formula basis as the risk of some default is expected but cannot yet be associated with specific customers. The assessment of the likelihood of default is based on various factors, including the length of time the receivables are past due, historical experience, existing economic conditions, and forward-looking information. When we identify specific customers with known collectability issues, the assessment for credit losses is performed on an individual basis, considering current and forward-looking information of the customer. We also consider variables that may mitigate the inherent credit risk of a particular transaction, such as the estimated fair value of the collateral, whether by use or sale.

The use of forward-looking information considers economic conditions that may affect the customers’ ability to pay. Although we historically have not experienced significant credit losses, our exposure to credit losses may increase if our customers are adversely affected by economic pressures or uncertainty associated with local or global economic recessions, or other customer-specific factors. We review our reserves for credit losses on a quarterly basis.

Trade receivables comprise amounts owed to us through our operating activities and are presented net of allowances for credit losses. Changes to the carrying amount of the allowance for credit losses on trade receivables are summarized below:



Balance at 30 September 2020			$23.9
Adoption of new credit losses standard			0.5
Provision for credit losses			2.7
Write-offs charged against the allowance			(3.8)
Currency translation and other			1.8
Balance at 30 September 2021			$25.1
Provision for credit losses			7.5
Write-offs charged against the allowance			(7.9)
Currency translation and other			(0.6)
Balance at 30 September 2022			$24.1

Provision for credit losses			8.2
Write-offs charged against the allowance			(7.9)
Currency translation and other			(1.5)

Balance at 30 September 2023			$22.9

In addition, our lease receivables and financing receivables are presented net of allowances for credit losses. As of 30 September 2023 and 2022, the credit quality of lease receivables and financing receivables did not require a material allowance for credit losses. For additional information on our lease arrangements, refer to Note 13, Leases.

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 determine the cost of all our inventories on a first-in, first-out basis ("FIFO"). We write down our inventories for estimated obsolescence or unmarketable inventory based upon assumptions about future demand and market conditions.

Equity Method Investments

We apply the equity method of accounting when we have the ability to exercise significant influence but do not control the operating and financial decisions of an investee, which generally applies when our ownership interest in common stock or in-substance common stock of the investee is between 20% and 50%. Under the equity method, we initially record our investment at cost and subsequently adjust the investment to recognize our share of net earnings or losses, distributions received, and other-than-temporary impairments. The carrying value of our equity method investments is reflected as "Investment in net assets of and advances to equity affiliates" on our consolidated balance sheets. We use the cumulative earnings approach for determining cash flow presentation of cash distributions received from equity method investees. Equity investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable.

Our share of the investee's net earnings is primarily presented net of income taxes within “Equity affiliates’ income" on our consolidated income statements. Profits or losses related to intra-entity sales with our equity method investees are eliminated consistent with our ownership percentage in the entity until realized by the investee through a transaction with a third party. In addition, “Equity affiliates’ income” includes interest income from shareholder loans viewed as in-substance common stock.

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 expensed 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 accumulated 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 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.

We capitalize costs incurred with the implementation of a cloud computing arrangement that is a service contract, consistent with our policy for software developed or obtained for internal use. However, the capitalized costs are reflected in "Other noncurrent assets" on our consolidated balance sheets and expensed over the term of the related hosting arrangement.

Leases as Lessee

As lessee, we recognize a right-of-use ("ROU") asset and lease liability on the balance sheet for all leases with terms in excess of 12 months. We evaluate whether an arrangement contains a lease at inception by determining whether there is an identifiable asset, we obtain substantially all the economic benefits from that asset, and we direct how and for what purpose the asset is used during the term of the arrangement. We apply a practical expedient to exclude arrangements with initial terms of 12 months or less from our balance sheet.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Since our leases generally do not provide an implicit discount rate, we use our incremental borrowing rates based on the information available at the commencement date in determining the present value of lease payments. To determine the incremental borrowing rate, we consider our unsecured borrowings and published market rates, and then adjust those rates to assume full collateralization and to factor in the individual lease term, geography, and payment structure.

Our lease term includes periods covered by options to extend or terminate the lease when it is reasonably certain that we will exercise an option to extend or not exercise an option to terminate. Lease payments consider our practical expedient to combine amounts for lease and related non-lease components for all classes of underlying assets in which we are lessee. Fixed payments and payments associated with escalation clauses based on an index are included in the ROU asset and lease liability at commencement. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Our variable lease payments primarily include the impact from escalation clauses that are not fixed or based on an index. Prepaid lease payments are included in the recognition of ROU assets. Our lease agreements do not contain any material lease incentives, residual value guarantees or restrictions or covenants.

Leases as Lessor

Certain contracts associated with facilities that are built to provide product to a specific customer are accounted for as containing embedded leases. Our lease receivables are primarily long-term in nature and relate to sales-type leases on certain on-site assets for which payments are collected over the contract term. Revenue representing interest income from the financing component of the lease receivable is reflected as sales over the life of the contract.

In cases for which 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. These contracts qualify for a practical expedient available to lessors to combine the lease and non-lease components and account for the combined component in accordance with the accounting treatment for the predominant component. We elected to apply this practical expedient and have accounted for the combined component as product sales under the revenue standard as we control the operations and maintenance of the assets that provide the supply of gas to our customers.

As we generally control the operations and maintenance of the assets that provide the supply of gas to our customers, there have been no new arrangements that qualified as a lease in fiscal year 2023.

Financing Receivables

Some of our acquisitions include terms that provide the seller with both the right to receive all output from the acquired asset for an agreed upon term as well as the right to reacquire the asset at a future date. In these instances, we evaluate the contract terms to determine whether we have obtained control of the underlying asset, or the transaction qualifies as a financing arrangement. For transactions that qualify as financing arrangements, we record our investment as a financing receivable, net of any allowances for credit losses, on our consolidated balance sheets. We then recognize a portion of the payments received as a reduction to the financing receivable. Related interest income is presented within “Sales” on our consolidated income statements with revenue received to operate the plant. Interest income on our financing receivables was not material in fiscal year 2023.

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. Long-lived assets 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 $297.3 and $274.7 at 30 September 2023 and 2022, respectively. Refer to Note 18, Commitments and Contingencies, for further detail.

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 measurement 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 certain 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 25 years. Purchased patents and technology and other finite-lived intangibles are generally amortized over periods of five to 15 years. Other intangibles includes certain land use rights, which are generally amortized over a period of 50 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

Our retirement benefit plans are discussed in Note 17, Retirement Benefits. The cost of benefits we contribute to defined contribution plans is recognized in the year earned. The cost of benefits under our defined benefit and other post-retirement plans 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 recognized systematically over subsequent periods.

Share-Based Compensation (Summary of Deferred Stock Units Activity) (Details) - $ / shares	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Deferred Stock Units
Shares
Outstanding, beginning (shares)	730,000
Granted (shares)	206,000
Paid out (shares)	(159,000)
Forfeited (shares)	(87,000)
Adjusted (in shares)	10,000
Outstanding, ending (shares)	700,000	730,000
Weighted Average Grant Date Fair Value
Outstanding, beginning (in dollars per share)	$ 222.13
Granted (in dollars per share)	389.34
Paid out (in dollars per share)	164.08
Forfeited (in dollars per share)	248.26
Adjusted (in dollars per share)	315.33
Outstanding, ending (in dollars per share)	$ 282.60	$ 222.13
Market-Based Deferred Stock Unit
Shares
Granted (shares)	85,612	74,364	77,251
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 502.03	$ 427.23	$ 235.48

Fair Value Measurements (Schedule of the Carrying Values and Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion carrying value	$ 10,046.3	$ 7,634.1
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion fair value	9,173.5	6,721.2
Forward exchange contracts \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	76.4	138.6
Derivative liabilities	124.4	275.3
Forward exchange contracts \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	76.4	138.6
Derivative liabilities	124.4	275.3
Interest rate management contracts \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	317.7	50.5
Derivative liabilities	87.0	91.2
Interest rate management contracts \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	317.7	50.5
Derivative liabilities	$ 87.0	$ 91.2

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Basis of Presentation and Major Accounting Policies (Narrative) (Details)	12 Months Ended
	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Accounting Policies [Abstract]
Number of reportable segments \| segment	5
Assets of discontinued operations	$ 0	$ 0
Liabilities of discontinued operations	0	0
Environmental expenditures	24,900,000	22,300,000	$ 18,600,000
Asset retirement obligations	297,300,000	$ 274,700,000	$ 269,600,000
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, residual value	$ 0
Environmental Remediation Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest
Other Non-Operating Income (Expense), Net
Accounting Policies [Abstract]
Excluded components recognized within earnings	$ 25,100,000	$ 23,200,000	$ 31,000,000.0
Finite-Lived Intangible Assets [Line Items]
Excluded components recognized within earnings	$ 25,100,000	$ 23,200,000	$ 31,000,000.0
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

Capital Stock (Common Stock Narrative) (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	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	222,199,845	221,838,696	221,396,755	221,017,459
Share repurchase program authorized amount					$ 1,000,000,000
Share repurchase authorization remaining amount	$ 485,300,000

Consolidated Balance Sheets - USD ($)
$ in Millions

Sep. 30, 2023

Sep. 30, 2022

Current Assets

Cash and cash items

$ 1,617.0

$ 2,711.0

Short-term investments

332.2

590.7

Other receivables and current assets

1,700.4

1,794.4

Inventories

651.8

514.2

Prepaid expenses

177.0

156.8

722.1

515.8

Total Current Assets

5,200.5

6,282.9

Investment in net assets of and advances to equity affiliates

4,617.8

3,353.8

Plant and equipment, net

17,472.1

14,160.5

Goodwill, net

861.7

823.0

Intangible assets, net

334.6

347.5

Operating lease right-of-use assets, net

974.0

694.8

Noncurrent lease receivables

494.7

583.1

Financing Receivable

817.2

0.0

Other noncurrent assets

1,229.9

947.0

Total Noncurrent Assets

26,802.0

20,909.7

Total Assets

^[1]

32,002.5

27,192.6

Current Liabilities

Payables and accrued liabilities

2,890.1

2,771.6

Accrued income taxes

131.2

135.2

Short-term borrowings

259.5

10.7

Current portion of long-term debt

615.0

548.3

Total Current Liabilities

3,895.8

3,465.8

Noncurrent operating lease liabilities

631.1

592.1

Other noncurrent liabilities

1,118.0

1,099.1

Deferred income taxes

1,266.0

1,247.4

Total Noncurrent Liabilities

12,446.4

10,024.4

Total Liabilities

^[1]

16,342.2

13,490.2

Commitments and Contingencies - See Note 18

Air Products Shareholders’ Equity

Common stock (par value $1 per share; issued 2023 and 2022 - 249,455,584 shares)

249.4

Capital in excess of par value

1,190.5

1,141.4

Retained earnings

17,289.7

16,520.3

Accumulated other comprehensive loss

(2,449.4)

(2,786.1)

Treasury stock, at cost (2023 - 27,255,739 shares; 2022 - 27,616,888 shares)

(1,967.3)

(1,981.0)

Total Air Products Shareholders' Equity

14,312.9

13,144.0

Noncontrolling interests

^[1]

1,347.4

558.4

Total Equity

15,660.3

13,702.4

Total Liabilities and Equity

32,002.5

27,192.6

Nonrelated Party

Current Liabilities

Long-term debt

9,280.6

6,433.8

Related Party

Current Assets

80.0

55.0

Current Liabilities

Long-term debt

$ 150.7

$ 652.0

[1]

Goodwill (Schedule of Accumulated Impairment Losses) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Goodwill [Line Items]
Goodwill, gross	$ 1,158.4	$ 1,096.0	$ 1,239.2
Goodwill, net	861.7	823.0	911.5
Americas
Goodwill [Line Items]
Accumulated impairment losses	(296.7)	(273.0)	(327.7)
Goodwill, net	$ 146.6	$ 143.2	$ 151.0

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Retirement Benefits (Plan Assets Target Allocation) (Details) - Defined Benefit Pension Plan	Sep. 30, 2023	Sep. 30, 2022
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]
Actual allocation (percent)	19.00%	17.00%
U.S. \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Actual allocation (percent)	72.00%	73.00%
U.S. \| Real estate/other
Defined Benefit Plan Disclosure [Line Items]
Actual allocation (percent)	8.00%	10.00%
U.S. \| Cash
Defined Benefit Plan Disclosure [Line Items]
Actual allocation (percent)	1.00%	0.00%
U.S. \| Minimum \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	17.00%
U.S. \| Minimum \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	66.00%
U.S. \| Minimum \| Real estate/other
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	3.00%
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)	29.00%
U.S. \| Maximum \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	80.00%
U.S. \| Maximum \| Real estate/other
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	5.00%
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]
Actual allocation (percent)	19.00%	31.00%
International \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Actual allocation (percent)	80.00%	68.00%
International \| Real estate/other
Defined Benefit Plan Disclosure [Line Items]
Actual allocation (percent)	0.00%	0.00%
International \| Cash
Defined Benefit Plan Disclosure [Line Items]
Actual allocation (percent)	1.00%	1.00%
International \| Minimum \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	5.00%
International \| Minimum \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	70.00%
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 \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	30.00%
International \| Maximum \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation (percent)	95.00%
International \| Maximum \| Real estate/other
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%

Financial Instruments

12 Months Ended

Sep. 30, 2023

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 and third-party debt. 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 2023 is 3.1 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 our business activity and sourcing decisions.

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


	2023		2022
30 September	US$ Notional	Years Average Maturity	US$ Notional	Years Average Maturity
Forward Exchange Contracts
Cash flow hedges	$4,463.2	0.7	$4,525.0	0.7
Net investment hedges	864.0	2.5	542.2	2.2
Not designated	709.4	0.3	534.3	0.3
Total Forward Exchange Contracts	$6,036.6	0.9	$5,601.5	0.8

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 €1,938.6 million ($2,049.7) at 30 September 2023 and €1,265.4 million ($1,240.4) at 30 September 2022. 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 to evaluate the financial risks inherent in funding the Company with debt capital. Reflecting the result of this ongoing review, we manage our debt portfolio and hedging program 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 2023, 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. In May 2023, NGHC entered into floating-to-fixed interest rate swaps that are designated as cash flow hedges in connection with the non-recourse project financing secured by the joint venture. Refer to Note 3, Variable Interest Entities, for additional information.

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 the U.S. Dollar and each of the Chinese Renminbi, Indian Rupee, and Chilean Peso.

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


	2023						2022
30 September	US$ Notional	Average Pay %		Average Receive %		Years Average Maturity	US$ Notional	Average Pay %		Average Receive %		Years Average Maturity
Interest rate swaps (fair value hedge)	$800.0	SOFR		1.64	%	4.0	$800.0	Various		1.64	%	5.0
Interest rate swaps (cash flow hedge)	$1,182.5	2.82	%	SOFR		22.1	$—	—	%	—	%	0.0
Cross currency interest rate swaps (net investment hedge)	$80.8	4.60	%	3.65	%	0.9	$176.7	4.12	%	3.07	%	1.2
Cross currency interest rate swaps (cash flow hedge)	$598.2	4.89	%	3.22	%	2.2	$785.7	4.78	%	3.05	%	2.3
Cross currency interest rate swaps (not designated)	$44.5	5.39	%	3.54	%	0.2	$37.7	5.39	%	3.54	%	1.2

The table below provides the amounts recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:


	Carrying amounts of hedged item		Cumulative hedging adjustment, included in carrying amount
30 September	2023	2022	2023	2022

Long-term debt	$2,011.4	$2,012.9	($80.5)	($77.1)

The tables below summarize the fair value and balance sheet location of our outstanding derivatives.


30 September	Balance Sheet Location	2023	2022	Balance Sheet Location	2023	2022
Derivatives Designated as Hedging Instruments:
Forward exchange contracts	Other receivables and current assets	$50.2	$71.6	Payables and accrued liabilities	$94.1	$226.2
Interest rate management contracts	Other receivables and current assets	13.0	36.7	Payables and accrued liabilities	—	—
Forward exchange contracts	Other noncurrent assets	19.8	60.8	Other noncurrent liabilities	25.7	46.9
Interest rate management contracts	Other noncurrent assets	300.8	12.5	Other noncurrent liabilities	87.0	91.2
Total Derivatives Designated as Hedging Instruments		$383.8	$181.6		$206.8	$364.3
Derivatives Not Designated as Hedging Instruments:
Forward exchange contracts	Other receivables and current assets	$6.4	$6.1	Payables and accrued liabilities	$4.6	$2.1
Interest rate management contracts	Other receivables and current assets	3.9	—	Payables and accrued liabilities	—	—
Forward exchange contracts	Other noncurrent assets	—	0.1	Other noncurrent liabilities	—	0.1
Interest rate management contracts	Other noncurrent assets	—	1.3	Other noncurrent liabilities	—	—
Total Derivatives Not Designated as Hedging Instruments		$10.3	$7.5		$4.6	$2.2
Total Derivatives		$394.1	$189.1		$211.4	$366.5

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 tables below summarize gains (losses) recognized in other comprehensive income during the period related to our net investment and cash flow hedging relationships:


	2023	2022
Net Investment Hedging Relationships
Forward exchange contracts	($39.3)	$89.8
Foreign currency debt	(99.9)	229.6
Cross currency interest rate swaps	(5.9)	12.5
Total Amount Recognized in OCI	(145.1)	331.9
Tax effects	35.8	(82.1)
Net Amount Recognized in OCI	($109.3)	$249.8

Derivatives in Cash Flow Hedging Relationships
Forward exchange contracts	$111.1	($310.2)
Forward exchange contracts, excluded components	(18.7)	2.8
Other(A)	325.4	123.2
Total Amount Recognized in OCI	417.8	(184.2)
Tax effects	(48.6)	63.9
Net Amount Recognized in OCI	$369.2	($120.3)

(A)Other primarily includes interest rate and cross currency interest rate swaps for which excluded components are recognized in “Payables and accrued liabilities” and “Other receivables and current assets” as a component of accrued interest payable and accrued interest receivable, respectively. These excluded components are recorded in “Other non-operating income (expense), net” over the life of the cross currency interest rate swap. Other also includes the recognition of our share of gains and losses, net of tax, related to interest rate swaps held by our equity affiliates.

The tables below summarize the location and amounts recognized in income related to our cash flow and fair value hedging relationships by contract type:


	Sales		Cost of Sales		Interest Expense			Other Non-Operating Income (Expense), Net
	2023	2022	2023	2022		2023	2022		2023	2022
Total presented in consolidated income statements that includes effects of hedging below	$12,600.0	$12,698.6	$8,833.0	$9,338.5		$177.5	$128.0		($39.0)	$62.4
(Gain) Loss Effects of Cash Flow Hedging:
Forward Exchange Contracts:
Amount reclassified from OCI into income	($0.6)	$0.8	$4.9	($0.1)		$—	$—		($77.8)	$205.7

Amount excluded from effectiveness testing recognized in earnings based on amortization approach	—	—	—	—		—	—		15.7	4.6
Other:
Amount reclassified from OCI into income	—	—	—	—		5.5	5.8		(5.2)	(95.1)

Total (Gain) Loss Reclassified from OCI to Income	(0.6)	0.8	4.9	(0.1)		5.5	5.8		(67.3)	115.2
Tax effects	0.1	(0.3)	(1.2)	(0.3)		(2.0)	(2.2)		16.7	(27.5)
Net (Gain) Loss Reclassified from OCI to Income	($0.5)	$0.5	$3.7	($0.4)		$3.5	$3.6		($50.6)	$87.7
(Gain) Loss Effects of Fair Value Hedging:
Other:
Hedged items	$—	$—	$—	$—		($3.4)	($77.6)		$—	$—
Derivatives designated as hedging instruments	—	—	—	—		3.4	77.6		—	—
Total (Gain) Loss Recognized in Income	$—	$—	$—	$—		$—	$—		$—	$—

The table below summarizes the location and amounts recognized in income related to our derivatives not designated as hedging instruments by contract type:


	Other Income (Expense), Net		Other Non-Operating Income (Expense), Net
	2023	2022	2023	2022
The Effects of Derivatives Not Designated as Hedging Instruments:
Forward Exchange Contracts	($1.0)	($3.7)	($2.4)	($2.9)
Other	—	—	0.3	(2.3)
Total (Gain) Loss Recognized in Income	($1.0)	($3.7)	($2.1)	($5.2)

The amount of unrealized gains and losses related to cash flow hedges as of 30 September 2023 that are expected to be reclassified to earnings in the next twelve months is not material.

The cash flows related to derivative contracts are generally 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 $94.2 and $114.8 as of 30 September 2023 and 2022, 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, Moody’s, or Fitch. The collateral that the counterparties would be required to post was $345.0 and $62.8 as of 30 September 2023 and 2022, respectively. No financial institution is required to post collateral at this time, as all have credit ratings at or above threshold.

Retirement Benefits (Benefit Liability Exceeds Value of Plan Assets) (Details) - Defined Benefit Pension Plan - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
U.S.
Pension Plans with PBO in Excess of Plan Assets:
PBO	$ 2,194.5	$ 2,289.7
Fair value of plan assets	2,108.5	2,206.5
PBO in excess of plan assets	86.0	83.2
Pension Plans with ABO in Excess of Plan Assets:
ABO	47.1	50.5
Fair value of plan assets	0.0	0.0
ABO in excess of plan assets	47.1	50.5
International
Pension Plans with PBO in Excess of Plan Assets:
PBO	295.1	284.9
Fair value of plan assets	182.9	171.8
PBO in excess of plan assets	112.2	113.1
Pension Plans with ABO in Excess of Plan Assets:
ABO	144.3	101.3
Fair value of plan assets	56.3	20.1
ABO in excess of plan assets	$ 88.0	$ 81.2

Goodwill (Tables)

12 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amount of Goodwill by Segment

GOODWILL

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


	Americas	Asia	Europe	Middle East and India	Corporate and other	Total
Goodwill, net as of 30 September 2021	$151.0	$184.3	$533.5	$8.0	$34.7	$911.5

Acquisitions(A)	—	—	17.0	7.5	—	24.5
Currency translation and other	(7.8)	(11.6)	(93.0)	0.3	(0.9)	(113.0)
Goodwill, net as of 30 September 2022	$143.2	$172.7	$457.5	$15.8	$33.8	$823.0


Currency translation and other	3.4	(0.8)	36.0	—	0.1	38.7
Goodwill, net as of 30 September 2023	$146.6	$171.9	$493.5	$15.8	$33.9	$861.7

(A)Goodwill acquired in fiscal year 2022 was primarily attributable to expected cost synergies associated with small business combinations, of which $3.2 was deductible for tax purposes.


30 September	2023	2022	2021
Goodwill, gross	$1,158.4	$1,096.0	$1,239.2
Accumulated impairment losses(A)	(296.7)	(273.0)	(327.7)
Goodwill, net	$861.7	$823.0	$911.5

(A)Accumulated impairment losses are attributable to our Latin America reporting unit ("LASA") within the Americas segment and include the impact of currency translation.

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Operating Activities
Net Income	$ 2,338.6	$ 2,266.5	$ 2,114.9
Less: Net income attributable to noncontrolling interests of continuing operations	38.4	10.4	15.8
Net Income Attributable to Air Products	2,300.2	2,256.1	2,099.1
Net income from discontinued operations	(7.4)	(12.6)	(70.3)
Net income from continuing operations attributable to Air Products	2,292.8	2,243.5	2,028.8
Adjustments to reconcile income to cash provided by operating activities:
Depreciation and amortization	1,358.3	1,338.2	1,321.3
Deferred income taxes	(24.7)	32.3	94.0
Facility closure	0.0	0.0	23.2
Business and asset actions	244.6	73.7	0.0
Undistributed earnings of equity method investments	(261.2)	(214.7)	(138.2)
Gain on sale of assets and investments	(15.8)	(24.1)	(37.2)
Share-based compensation	59.9	48.4	44.5
Noncurrent lease receivables	79.6	94.0	98.8
Other adjustments	(103.0)	(304.9)	(116.7)
Working capital changes that provided (used) cash, excluding effects of acquisitions:
Trade receivables	130.7	(475.2)	(130.5)
Inventories	(129.4)	(94.3)	(47.2)
Other receivables	(93.8)	(1.8)	75.5
Payables and accrued liabilities	(213.3)	532.5	187.9
Other working capital	(119.0)	(77.0)	(69.0)
Cash Provided by Operating Activities	3,205.7	3,170.6	3,335.2
Investing Activities
Additions to plant and equipment, including long-term deposits	(4,626.4)	(2,926.5)	(2,464.2)
Acquisitions, less cash acquired	0.0	(65.1)	(10.5)
Investment in and advances to unconsolidated affiliates	(912.0)	(1,658.4)	(76.0)
Investment in financing receivables	(665.1)	0.0	0.0
Proceeds from sale of assets and investments	25.4	46.2	37.5
Purchases of investments	(640.1)	(1,637.8)	(2,100.7)
Proceeds from investments	897.0	2,377.4	1,875.2
Other investing activities	4.8	7.0	5.8
Cash Used for Investing Activities	(5,916.4)	(3,857.2)	(2,732.9)
Financing Activities
Long-term debt proceeds	3,516.2	766.2	178.9
Payments on long-term debt	(615.4)	(400.0)	(462.9)
Net increase in commercial paper and short-term borrowings	268.2	17.9	1.0
Dividends paid to shareholders	(1,496.6)	(1,383.3)	(1,256.7)
Proceeds from stock option exercises	24.0	19.3	10.6
Investments by noncontrolling interests	234.9	21.0	136.6
Distributions to noncontrolling interests	(115.9)	(4.8)	(5.3)
Other financing activities	(205.8)	(36.9)	(23.1)
Cash Provided by (Used for) Financing Activities	1,609.6	(1,000.6)	(1,420.9)
Discontinued Operations
Cash provided by operating activities	0.6	59.6	6.7
Cash provided by investing activities	0.0	0.0	0.0
Cash provided by financing activities	0.0	0.0	0.0
Cash Provided by Discontinued Operations	0.6	59.6	6.7
Effect of Exchange Rate Changes on Cash	6.5	(130.3)	27.8
Decrease in cash and cash items	(1,094.0)	(1,757.9)	(784.1)
Cash and Cash items – Beginning of Year	2,711.0	4,468.9	5,253.0
Cash and Cash Items – End of Period	$ 1,617.0	$ 2,711.0	$ 4,468.9

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Pay vs Performance Disclosure
Net Income Attributable to Air Products	$ 2,300.2	$ 2,256.1	$ 2,099.1

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Debt (Summary of Outstanding Debt) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Short-term borrowings	$ 259.5	$ 10.7
Current portion of long-term debt	615.0	548.3
Total Debt	$ 10,305.8	$ 7,644.8
Short-term debt, weighted average interest rate	5.20%	4.20%
Nonrelated Party
Debt Instrument [Line Items]
Long-term debt	$ 9,280.6	$ 6,433.8
Related Party
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Long-term debt	$ 150.7	$ 652.0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Consolidated Variable Interest Entities Disclosure [Abstract]

Variable Interest Entities (Tables)

12 Months Ended

Sep. 30, 2023

Schedule of Variable Interest Entities


	30 September	30 September
	2023	2022
Assets
Cash and cash items	$78.2	$274.7

Trade receivables, net	—	1.3

Prepaid expenses	21.4	0.1
Other receivables and current assets	181.6	23.3
Total current assets	$281.2	$299.4



Plant and equipment, net	1,396.1	218.8


Operating lease right-of-use assets, net	228.9	—


Other noncurrent assets	350.6	1.5
Total noncurrent assets	$1,975.6	$220.3
Total assets	$2,256.8	$519.7
Liabilities
Payables and accrued liabilities	$141.0	$58.1
Accrued income taxes	0.6	—


Total current liabilities	$141.6	$58.1
Long-term debt	1,274.4	—
Long-term debt – related party(A)	—	447.3
Noncurrent operating lease liabilities	18.9	—
Other noncurrent liabilities	2.1	1.4
Deferred income taxes	24.1	—
Total noncurrent liabilities	$1,319.5	$448.7
Total liabilities	$1,461.1	$506.8
Equity
Accumulated other comprehensive income	$77.7	$—
Noncontrolling interests(A)	723.6	30.0

Schedule of Long-term Debt Instruments


	Fiscal Year Maturities	30 September 2023
Payable in U.S. Dollars
U.S. Dollar variable-rate facilities 6.62%(A)	2027 to 2053	$1,094.9
U.S. Dollar stated-rate facility 5.00%	2027 to 2053	138.5
Total Payable in U.S. Dollars		$1,233.4
Payable in Other Currencies
Saudi Riyal Loan Facility variable-rate 6.69%(B)	2027	131.4
Total Principal Amount		$1,364.8
Less: Unamortized discount and debt issuance costs(C)		(90.4)
Total NGHC Long-term Debt		$1,274.4

(B)Based on the Saudi Arabian Interbank Offered Rate ("SAIBOR") plus an annual margin of 0.8%.

Summary of Long-Term Debt Instruments


30 September	Maturities	2023	2022
Payable in U.S. Dollars


Medium-term Notes (weighted average rate)
Series E 7.6%	2026	$17.2	$17.2
Senior Notes
Note 2.75%	2023	—	400.0
Note 3.35%	2024	400.0	400.0
Note 1.50%	2026	550.0	550.0
Note 1.85%	2027	650.0	650.0
Note 2.05%	2030	900.0	900.0
Note 4.800%	2033	600.0	—
Note 2.70%	2040	750.0	750.0
Note 2.80%	2050	950.0	950.0
Other (weighted average rate)
Variable-rate industrial revenue bonds 3.55%	2035 to 2050	618.9	618.9
Other variable-rate 6.78%	2024 to 2032	41.4	41.4
Payable in Other Currencies
Eurobonds 1.000%	2025	317.2	294.1
Eurobonds 0.500%	2028	528.6	490.1
Eurobonds 0.800%	2032	528.6	490.1
Eurobonds 4.000%	2035	740.1	—
Saudi Riyal Loan Facility variable-rate 4.10%	2023	—	195.6
Saudi Riyal Loan Facility variable-rate 7.00%	2027	451.1	—
Saudi Riyal Loan Facility 2.00%	2034	192.1	—
New Taiwan Dollar Loan Facility 1.86%	2024 to 2028	167.5	189.0
New Taiwan Dollar Loan Facility 2.66%	2026 to 2029	186.1	31.5
New Taiwan Dollar Loan Facility variable-rate 2.55%	2026 to 2030	3.1	—
Other	2023	—	0.1
Related Party Debt
Chinese Renminbi 5.5%	2024 to 2027	313.5	321.5
Chinese Renminbi 5.7%	2033	14.8	12.2
Non-Recourse Debt Associated With NGHC(A)	2027 to 2053	1,364.8	—
Finance Lease Obligations (weighted average rate)

Foreign 11.4%	2025 to 2036	7.5	7.6
Total Principal Amount		$10,292.5	$7,309.3

Plus: Related party shareholder loans to NGHC		—	447.3
Less: Unamortized discount and debt issuance costs		(165.7)	(45.4)
Less: Fair value hedge accounting adjustments(B)		(80.5)	(77.1)
Total Long-term Debt		$10,046.3	$7,634.1
Less: Current portion of long-term debt		(615.0)	(548.3)
Less: Long-term debt – related party		(150.7)	(652.0)
Long-term Debt		$9,280.6	$6,433.8

(A)Refer to the "NEOM Green Hydrogen Project Financing" section below for additional information.

(B)Refer to Note 14, Financial Instruments, for additional information.

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

Revenue Recognition

12 Months Ended

Sep. 30, 2023

Revenue Recognition [Abstract]

Revenue Recognition

REVENUE RECOGNITION

Nature of Goods and Services

The principal activities from which we generate sales from our contracts with customers 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, Basis of Presentation and Major Accounting Policies.

Regional Industrial Gases

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 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. We also deliver smaller quantities of product through small on-site plants (cryogenic or non-cryogenic generators), typically via 10- to 15-year sale of gas contracts. 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 we typically design and install 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 that are based on the customer's requirements. These contracts contain stated terms that are generally five 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.

Equipment

We design and manufacture equipment for air separation, hydrocarbon recovery and purification, natural gas liquefaction, and liquid helium and liquid hydrogen transport and storage. The Corporate and other segment serves our sale of equipment customers.

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. 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 those for materials, labor, and overhead 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. We recorded changes to project estimates that unfavorably impacted operating income by approximately $115, $30, and $19 in fiscal years 2023, 2022, and 2021, respectively.

Disaggregation of Revenue

The tables below present our consolidated sales disaggregated by supply mode for each of our reportable segments. We believe this presentation best depicts the nature, timing, type of customer, and contract terms for our sales.


	Americas	Asia	Europe	Middle East and India	Corporate and other	Total	%
2023
On-site	$3,143.9	$1,923.0	$1,036.6	$75.7	$—	$6,179.2	49	%
Merchant	2,225.4	1,293.1	1,926.5	86.8	—	5,531.8	44	%
Sale of equipment	—	—	—	—	889.0	889.0	7	%
Total	$5,369.3	$3,216.1	$2,963.1	$162.5	$889.0	$12,600.0	100	%

2022
On-site	$3,423.1	$1,833.9	$1,298.2	$77.9	$—	$6,633.1	52	%
Merchant	1,945.8	1,309.4	1,787.9	51.6	—	5,094.7	40	%
Sale of equipment	—	—	—	—	970.8	970.8	8	%
Total	$5,368.9	$3,143.3	$3,086.1	$129.5	$970.8	$12,698.6	100	%

2021
On-site	$2,469.5	$1,718.8	$802.4	$70.7	$—	$5,061.4	49	%
Merchant	1,698.1	1,202.0	1,543.2	28.6	—	4,471.9	43	%
Sale of equipment	—	—	—	—	789.7	789.7	8	%
Total	$4,167.6	$2,920.8	$2,345.6	$99.3	$789.7	$10,323.0	100	%

Interest income associated with financing and lease arrangements accounted for less than 1% of our total consolidated sales in fiscal years 2023, 2022, and 2021.

Remaining Performance Obligations

As of 30 September 2023, the transaction price allocated to remaining performance obligations is estimated to be approximately $25 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 the next five years and the balance thereafter.

Our remaining performance obligations do not include (1) expected revenue associated with new on-site plants that are not yet on-stream; (2) consideration associated with contracts that have an expected duration of less than one year; and (3) variable consideration for which we recognize revenue at the amount to which we have the right to invoice, including energy cost pass-through to customers.

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 amended, terminated, or renewed contracts.

Contract Balances

The table below details balances arising from contracts with customers:


30 September	Balance Sheet Location	2023	2022
Assets
Contract assets – current	Other receivables and current assets	$124.7	$69.0
Contract fulfillment costs – current	Other receivables and current assets	89.0	84.1
Liabilities
Contract liabilities – current	Payables and accrued liabilities	$413.0	$439.1
Contract liabilities – noncurrent	Other noncurrent liabilities	136.9	67.2

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.

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.

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 2023 and 2022 were not material.

Contract liabilities include advanced payments or right to consideration prior to performance under the contract and are recognized as revenue when or as we perform. Increases to our current contract liabilities primarily relate 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 fiscal year ended 30 September 2023, we recognized sales of approximately $295 associated with sale of equipment contracts that were included within our contract liabilities balance as of 30 September 2022. 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.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of Net Periodic Benefit Cost

Revenue Recognition (Contract Assets and Liabilities) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Contract assets - current	$ 124.7	$ 69.0
Contract fulfillment costs - current	89.0	84.1
Contract liabilities - current	413.0	439.1
Contract liabilities - noncurrent	136.9	$ 67.2
Revenue recognized that was previously included in current contract liabilities	$ 295.0

Retirement Benefits (Projected Benefit Payments) (Details) - Defined Benefit Pension Plan $ in Millions	Sep. 30, 2023 USD ($)
U.S.
Defined Benefit Plan Disclosure [Line Items]
2024	$ 176.5
2025	179.8
2026	182.2
2027	184.1
2028	187.5
2029-2033	943.2
International
Defined Benefit Plan Disclosure [Line Items]
2024	59.9
2025	59.8
2026	63.5
2027	66.2
2028	68.1
2029-2033	$ 372.1

Financial Instruments (Interest Rate Management Contracts and Cross Currency Interest Rate Swaps) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Interest rate swaps contracts \| Designated as Hedging Instrument \| Fair value hedges
Derivative [Line Items]
Notional Principal amount	$ 800.0	$ 800.0
Average Pay %	SOFR	Various
Average Receive %	1.64%	1.64%
Years Average Maturity	4 years	5 years
Interest rate swaps contracts \| Designated as Hedging Instrument \| Cash flow hedges
Derivative [Line Items]
Notional Principal amount	$ 1,182.5	$ 0.0
Average Pay %	2.82%	0.00%
Years Average Maturity	22 years 1 month 6 days	0 years
Derivative Description of Variable Rate Basis-Receive	SOFR	—
Cross currency interest rate swaps \| Designated as Hedging Instrument \| Net investment hedges
Derivative [Line Items]
Notional Principal amount	$ 80.8	$ 176.7
Average Pay %	4.60%	4.12%
Average Receive %	3.65%	3.07%
Years Average Maturity	10 months 24 days	1 year 2 months 12 days
Cross currency interest rate swaps \| Designated as Hedging Instrument \| Cash flow hedges
Derivative [Line Items]
Notional Principal amount	$ 598.2	$ 785.7
Average Pay %	4.89%	4.78%
Average Receive %	3.22%	3.05%
Years Average Maturity	2 years 2 months 12 days	2 years 3 months 18 days
Cross currency interest rate swaps \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Principal amount	$ 44.5	$ 37.7
Average Pay %	5.39%	5.39%
Average Receive %	3.54%	3.54%
Years Average Maturity	2 months 12 days	1 year 2 months 12 days

Retirement Benefits (Tables) - Defined Benefit Pension Plan

12 Months Ended

Sep. 30, 2023

The components of net periodic (benefit) cost for our defined benefit pension plans for fiscal years 2023, 2022, and 2021 were as follows:


	Fiscal Year Ended 30 September
	2023			2022			2021
	U.S.	Inter- national	Total	U.S.	Inter- national	Total	U.S.	Inter- national	Total
Service cost	$10.9	$12.3	$23.2	$18.3	$21.5	$39.8	$21.3	$23.4	$44.7
Non-service cost (benefit):
Interest cost	129.9	59.9	189.8	73.9	28.9	102.8	68.9	25.2	94.1
Expected return on plan assets	(127.1)	(49.2)	(176.3)	(168.3)	(67.4)	(235.7)	(194.5)	(83.4)	(277.9)
Prior service cost amortization	1.2	0.7	1.9	1.3	—	1.3	1.2	—	1.2
Actuarial loss amortization	59.7	11.6	71.3	66.0	14.7	80.7	78.5	19.3	97.8
Settlements	1.4	0.6	2.0	6.0	0.2	6.2	1.3	0.5	1.8
Curtailments	—	(1.9)	(1.9)	—	—	—	—	—	—

Other	—	0.9	0.9	—	1.3	1.3	—	1.0	1.0
Net Periodic Cost (Benefit)	$76.0	$34.9	$110.9	($2.8)	($0.8)	($3.6)	($23.3)	($14.0)	($37.3)

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:


	2023				2022				2021
	U.S.		International		U.S.		International		U.S.		International

Discount rate – Service cost	5.7	%	4.6	%	3.0	%	1.9	%	3.0	%	1.6	%
Discount rate – Interest cost	5.5	%	5.0	%	2.3	%	1.6	%	2.1	%	1.2	%
Expected return on plan assets	5.8	%	4.2	%	5.8	%	4.0	%	6.8	%	4.7	%
Rate of compensation increase	3.5	%	3.4	%	3.5	%	3.3	%	3.5	%	3.3	%

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:


	2023				2022
	U.S.		International		U.S.		International
Discount rate	6.0	%	5.1	%	5.6	%	4.7	%
Rate of compensation increase	3.5	%	3.4	%	3.5	%	3.4	%

Schedule of Changes in Projected Benefit Obligations

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:


	2023		2022
	U.S.	International	U.S.	International
Change in Projected Benefit Obligation
Obligation at beginning of year	$2,450.8	$1,137.5	$3,335.3	$1,969.6
Service cost	10.9	12.3	18.3	21.5
Interest cost	129.9	59.9	73.9	28.9
Amendments	0.3	7.0	1.5	0.1
Actuarial (gain) loss	(68.3)	(80.1)	(793.8)	(575.2)

Curtailments	—	(14.8)	—	—
Settlements	(4.7)	(3.4)	(19.2)	(0.9)

Participant contributions	—	0.8	—	1.2
Benefits paid	(170.1)	(52.8)	(165.2)	(53.0)
Currency translation and other	—	96.0	—	(254.7)
Obligation at End of Year	$2,348.8	$1,162.4	$2,450.8	$1,137.5

Schedule of Changes in Fair Value of Plan Assets


	2023		2022
	U.S.	International	U.S.	International
Change in Plan Assets
Fair value at beginning of year	$2,404.0	$1,122.0	$3,343.7	$1,905.0
Actual return on plan assets	61.4	(52.7)	(778.3)	(498.5)
Settlements	(4.7)	(3.4)	(19.2)	(0.9)
Company contributions	8.4	24.2	23.0	21.7
Participant contributions	—	0.8	—	1.2

Benefits paid	(170.1)	(52.8)	(165.2)	(53.0)
Currency translation and other	—	95.9	—	(253.5)
Fair Value at End of Year	$2,299.0	$1,134.0	$2,404.0	$1,122.0
Funded Status at End of Year	($49.8)	($28.4)	($46.8)	($15.5)

Schedule of Amounts Recognized in Balance Sheet


	2023		2022
	U.S.	International	U.S.	International
Amounts Recognized
Noncurrent assets	$36.2	$83.8	$36.4	$97.5
Accrued liabilities	5.3	0.6	5.8	0.4
Noncurrent liabilities	80.7	111.6	77.4	112.6
Net Liability Recognized	($49.8)	($28.4)	($46.8)	($15.5)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The changes in plan assets and benefit obligation that have been recognized in other comprehensive income on a pretax basis during fiscal years 2023 and 2022 consist of the following:


	2023		2022
	U.S.	International	U.S.	International
Net actuarial (gain) loss arising during the period	($2.6)	$7.0	$152.8	($9.3)
Amortization of net actuarial loss	(61.1)	(12.2)	(72.0)	(14.9)
Prior service cost arising during the period	0.3	7.0	1.5	0.1
Amortization of prior service (cost) credit	(1.2)	1.2	(1.3)	—



Total	($64.6)	$3.0	$81.0	($24.1)

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:


	2023		2022
	U.S.	International	U.S.	International
Net actuarial loss	$461.8	$506.4	$525.5	$511.6
Prior service cost	5.6	11.9	6.5	3.7
Net transition liability	—	0.4	—	0.4



Total	$467.4	$518.7	$532.0	$515.7

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:


	2023		2022
30 September	U.S.	International	U.S.	International
Pension Plans with PBO in Excess of Plan Assets:
PBO	$2,194.5	$295.1	$2,289.7	$284.9
Fair value of plan assets	2,108.5	182.9	2,206.5	171.8
PBO in excess of plan assets	$86.0	$112.2	$83.2	$113.1
Pension Plans with ABO in Excess of Plan Assets:
ABO	$47.1	$144.3	$50.5	$101.3
Fair value of plan assets	—	56.3	—	20.1
ABO in excess of plan assets	$47.1	$88.0	$50.5	$81.2

Schedule of Target and Actual Asset Allocations by Category

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


	2023 Target Allocation				2023 Actual Allocation				2022 Actual Allocation
	U.S.		International		U.S.		International		U.S.		International
Asset Category
Equity securities	17 - 29%		5 - 30%		19	%	19	%	17	%	31	%
Fixed income securities	66 - 80%		70 - 95%		72	%	80	%	73	%	68	%
Real estate and other	3 - 5%		—	%	8	%	—	%	10	%	—	%
Cash	—	%	—	%	1	%	1	%	—	%	1	%
Total					100	%	100	%	100	%	100	%

Schedule of Allocation of Plan Assets

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


	2023				2022
30 September	Total	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3
U.S. Qualified Pension Plans
Cash and cash equivalents	$14.6	$14.6	$—	$—	$14.0	$14.0	$—	$—
Equity securities	143.0	143.0	—	—	127.4	127.4	—	—
Equity mutual funds	105.2	105.2	—	—	84.5	84.5	—	—
Equity pooled funds	187.8	—	187.8	—	188.4	—	188.4	—

Fixed income securities	1,661.8	—	1,661.8	—	1,759.1	—	1,759.1	—
Total U.S. Qualified Pension Plans at Fair Value	$2,112.4	$262.8	$1,849.6	$—	$2,173.4	$225.9	$1,947.5	$—
Real estate pooled funds(A)	186.6				230.6
Total U.S. Qualified Pension Plans	$2,299.0				$2,404.0
International Pension Plans
Cash and cash equivalents	$8.0	$8.0	$—	$—	$12.1	$12.1	$—	$—
Equity pooled funds	218.5	—	218.5	—	348.1	—	348.1	—
Fixed income pooled funds	724.6	—	630.4	94.2	589.9	—	536.4	53.5
Other pooled funds	17.1	—	17.1	—	16.4	—	16.4	—
Insurance contracts	165.8	—	—	165.8	155.5	—	—	155.5
Total International Pension Plans	$1,134.0	$8.0	$866.0	$260.0	$1,122.0	$12.1	$900.9	$209.0

(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.

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

The table below summarizes changes in fair value of the pension plan assets classified as Level 3:


	Insurance Contracts	Fixed Income Pooled Funds	Total Level 3
Balance at 30 September 2021	$246.6	$—	$246.6
Purchases, sales, and settlements, net	—	80.3	80.3
Actual return on plan assets held at end of year	(91.1)	(26.8)	(117.9)

Balance at 30 September 2022	$155.5	$53.5	$209.0
Purchases, sales, and settlements, net	(3.7)	34.5	30.8
Actual return on plan assets held at end of year	14.0	6.2	20.2

Balance at 30 September 2023	$165.8	$94.2	$260.0

Schedule of Expected Benefit Payments

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


	U.S.	International
2024	$176.5	$59.9
2025	179.8	59.8
2026	182.2	63.5
2027	184.1	66.2
2028	187.5	68.1
2029-2033	943.2	372.1

Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets	$ 32.5	$ 35.5	$ 37.2

Plant and Equipment, Net (Tables)

12 Months Ended

Sep. 30, 2023

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	2023	2022
Land		$320.8	$266.7
Buildings	30 years	1,543.7	1,431.3
Production facilities(A)	10-20 years	19,593.1	18,000.5



Distribution and other machinery and equipment(B)	5-25 years	5,129.6	4,784.9
Construction in progress		6,159.1	3,676.7
Plant and equipment, at cost		$32,746.3	$28,160.1
Less: Accumulated depreciation		15,274.2	13,999.6
Plant and equipment, net		$17,472.1	$14,160.5

(A)Depreciable lives of production facilities related to long-term customer supply contracts are generally 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; generally 7.5 years for customer stations; and 5 to 15 years for tractors and trailers.

Plant and Equipment, Net (Major Classes of Plant and Equipment) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Line Items]
Plant and equipment, at cost	$ 32,746.3	$ 28,160.1
Less: Accumulated depreciation	15,274.2	13,999.6
Plant and equipment, net	17,472.1	14,160.5	$ 13,254.6
Land
Property, Plant and Equipment [Line Items]
Plant and equipment, at cost	320.8	266.7
Buildings
Property, Plant and Equipment [Line Items]
Plant and equipment, at cost	$ 1,543.7	1,431.3
Useful life (in years)	30 years
Production facilities
Property, Plant and Equipment [Line Items]
Plant and equipment, at cost	$ 19,593.1	18,000.5
Production facilities \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	10 years
Production facilities \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	20 years
Distribution and other machinery and equipment
Property, Plant and Equipment [Line Items]
Plant and equipment, at cost	$ 5,129.6	4,784.9
Distribution and other machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Distribution and other machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	25 years
Cylinders \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	10 years
Cylinders \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	25 years
Tanks
Property, Plant and Equipment [Line Items]
Useful life (in years)	20 years
Customer Stations
Property, Plant and Equipment [Line Items]
Useful life (in years)	7 years 6 months
Tractors and Trailers \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Tractors and Trailers \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	15 years
Construction in progress
Property, Plant and Equipment [Line Items]
Plant and equipment, at cost	$ 6,159.1	$ 3,676.7

Intangible Assets (Projected Annual Amortization Expense for Intangible Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 30.4
2025	29.2
2026	28.2
2027	27.7
2028	25.6
Thereafter	156.4
Total future amortization expense	$ 297.5	$ 314.4

Leases (Narrative) (Details) - USD ($)	3 Months Ended	12 Months Ended
Leases (Narrative) (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Lessee, Lease, Description [Line Items]
Operating lease expense		$ 109,900,000	$ 105,300,000	$ 89,500,000
Use of cash for payments on operating leases		337,800,000	128,000,000.0	98,800,000
Noncash ROU asset additions		150,000,000	$ 252,000,000	$ 259,000,000
Sales-type Lease, Residual Value of Leased Asset	$ 0	0
Variable Interest Entity, Primary Beneficiary \| Land \| NEOM Green Hydrogen Company
Lessee, Lease, Description [Line Items]
Use of cash for payments on operating leases	$ 209,000,000	$ 209,000,000

Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Sales	$ 12,600.0	$ 12,698.6	$ 10,323.0
Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 12,600.0	$ 12,698.6	$ 10,323.0
Percent sales by supply mode	100.00%	100.00%	100.00%
Americas \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 5,369.3	$ 5,368.9	$ 4,167.6
Asia \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	3,216.1	3,143.3	2,920.8
Europe \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	2,963.1	3,086.1	2,345.6
Middle East and India \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	162.5	129.5	99.3
Corporate and other \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	889.0	970.8	789.7
On-site \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 6,179.2	$ 6,633.1	$ 5,061.4
Percent sales by supply mode	49.00%	52.00%	49.00%
On-site \| Americas \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 3,143.9	$ 3,423.1	$ 2,469.5
On-site \| Asia \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	1,923.0	1,833.9	1,718.8
On-site \| Europe \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	1,036.6	1,298.2	802.4
On-site \| Middle East and India \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	75.7	77.9	70.7
On-site \| Corporate and other \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0	0.0
Merchant \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 5,531.8	$ 5,094.7	$ 4,471.9
Percent sales by supply mode	44.00%	40.00%	43.00%
Merchant \| Americas \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 2,225.4	$ 1,945.8	$ 1,698.1
Merchant \| Asia \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	1,293.1	1,309.4	1,202.0
Merchant \| Europe \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	1,926.5	1,787.9	1,543.2
Merchant \| Middle East and India \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	86.8	51.6	28.6
Merchant \| Corporate and other \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0	0.0
Sale of Equipment \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 889.0	$ 970.8	$ 789.7
Percent sales by supply mode	7.00%	8.00%	8.00%
Sale of Equipment \| Americas \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 0.0	$ 0.0	$ 0.0
Sale of Equipment \| Asia \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0	0.0
Sale of Equipment \| Europe \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0	0.0
Sale of Equipment \| Middle East and India \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0	0.0
Sale of Equipment \| Corporate and other \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 889.0	$ 970.8	$ 789.7

Retirement Benefits (Change in Projected Benefit Obligation) (Details) - Defined Benefit Pension Plan - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Service cost	$ 23.2	$ 39.8	$ 44.7
Interest cost	189.8	102.8	94.1
U.S.
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Obligation at beginning of year	2,450.8	3,335.3
Service cost	10.9	18.3	21.3
Interest cost	129.9	73.9	68.9
Amendments	0.3	1.5
Actuarial (gain) loss	(68.3)	(793.8)
Curtailments	0.0	0.0
Settlements	(4.7)	(19.2)
Participant contributions	0.0	0.0
Benefits paid	(170.1)	(165.2)
Currency translation and other	0.0	0.0
Obligation at end of year	2,348.8	2,450.8	3,335.3
International
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Obligation at beginning of year	1,137.5	1,969.6
Service cost	12.3	21.5	23.4
Interest cost	59.9	28.9	25.2
Amendments	7.0	0.1
Actuarial (gain) loss	(80.1)	(575.2)
Curtailments	(14.8)	0.0
Settlements	(3.4)	(0.9)
Participant contributions	0.8	1.2
Benefits paid	(52.8)	(53.0)
Currency translation and other	96.0	(254.7)
Obligation at end of year	$ 1,162.4	$ 1,137.5	$ 1,969.6

Commitments and Contingencies

12 Months Ended

Sep. 30, 2023

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. 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.

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 $36 at 30 September 2023) on Air Products Brasil Ltda. This fine was based on a recommendation by a unit of the Brazilian Ministry of Justice, following an investigation beginning in 2003, which alleged 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. In the event of an adverse final judgment, we estimate the maximum possible loss to be the full amount of the fine of R$179.2 million (approximately $36 at 30 September 2023) plus interest accrued thereon until final disposition of the proceedings.

Additionally, in April 2023, we received a favorable ruling from a Texas state court in litigation involving disputed energy management charges related to Winter Storm Uri, a severe winter weather storm that impacted the U.S. Gulf Coast in February 2021. The ruling is subject to appeal and had no impact on our consolidated financial statements for the twelve months ended 30 September 2023.

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 27 sites on which a final settlement or remediation has not been achieved where we, usually along with others, have been designated a potentially responsible party by environmental authorities 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 2023 and 30 September 2022 included an accrual of $64.5 and $71.3, respectively, primarily as part of other noncurrent liabilities. The environmental liabilities will be paid over a period of up to 26 years. We estimate the exposure for environmental loss contingencies to range from $64 to a reasonably possible upper exposure of $78 as of 30 September 2023.

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 2023, $37.3 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 recognized a before-tax expense of $42 in fiscal year 2006 in results from discontinued operations and recorded an environmental accrual of $42 in continuing operations on the consolidated balance sheets.

During the second quarter of fiscal year 2020, we completed an updated cost review of the environmental remediation status at the Pace facility. The review was completed in conjunction with requirements to maintain financial assurance per the Consent Order issued by the FDEP discussed below. Based on our review, we expect ongoing activities to continue for 30 years. Additionally, we will require near-term spending to install new groundwater recovery wells and ancillary equipment, in addition to future capital to consider the extended time horizon for remediation at the site. As a result of these changes, we increased our environmental accrual for this site by $19 in continuing operations on the consolidated balance sheets and recognized a before-tax expense of $19 in results from discontinued operations in the second quarter of fiscal year 2020. There have been no significant changes to the estimated exposure range related to the Pace facility since the second quarter of fiscal year 2020.

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 corrective action management unit. Several groundwater recovery systems have been installed to contain and remove contamination from groundwater. We completed an extensive assessment of the site to determine the efficacy of existing measures, 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 remediate groundwater. 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 completed additional field work during 2021 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. The design of the optimized recovery system was initiated in fiscal year 2023 with construction expected to begin in fiscal year 2025. 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, along with the completion of a cost review every 5 years.

Piedmont

At 30 September 2023, $4.5 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, after which we signed a Consent Agreement Amendment memorializing our obligations to complete the cleanup of the site. Remediation has started in accordance with the design, which includes in-situ chemical oxidation treatment, as well as soil vapor extraction to remove volatile organic compounds from the unsaturated soils beneath the impacted areas of the plant. 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 2023, $10.5 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 continue 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, continuing post closure care for two closed RCRA surface impoundment units, and maintaining engineering controls. Additionally, we have conducted an interim corrective action to treat impacted soils as recommended in the TCEQ 2019 Annual Report. 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 2021			$269.6
Additional accruals			17.9
Liabilities settled			(7.8)
Accretion expense			11.1
Currency translation adjustment			(16.1)
Balance at 30 September 2022			$274.7
Additional accruals			20.4
Liabilities settled			(8.8)
Accretion expense			11.4
Currency translation adjustment			(0.4)
Balance at 30 September 2023			$297.3

Warranties and Guarantees

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

Warranties

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.

Guarantees

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

We issued performance guarantees as a condition of project financing associated with the NEOM Green Hydrogen Project that would require us to pay up to approximately $1.2 billion in the event of nonperformance in our role as EPC contractor. Our exposure will decline over time before expiring in November 2028. Refer to Note 3, Variable Interest Entities, for additional information regarding 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 2023, maximum potential payments under joint and several guarantees were $22.0. Exposures under the guarantees will be completely extinguished by 2024.

We also have a long-term sale of equipment contract with the JIGPC joint venture to engineer, procure, and construct the industrial gas facilities that will supply gases to Aramco. We provided bank guarantees to the joint venture to support our performance under the contract. As of 30 September 2023, our maximum potential payments were $244.5.

Unconditional Purchase Obligations

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


2024			$6,356
2025			2,673
2026			1,321
2027			699
2028			575
Thereafter			4,494
Total			$16,118

Approximately $8.8 billion of our unconditional purchase obligations relate to open purchase orders for plant and equipment, of which approximately $5 billion relates to the NEOM Green Hydrogen 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 estimated the timing of these payments in the table above; however, timing of actual satisfaction of the obligations may vary.

Approximately $6.4 billion of our unconditional purchase obligations relate to helium and rare gases. The majority of these obligations occur after fiscal year 2028. 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.

Our unconditional purchase obligations also include commitments for power and natural gas supply as well as feedstock supply for numerous HyCO (hydrogen, carbon monoxide, and syngas) facilities. Our long-term sales contracts to customers are generally matched to the term of these obligations and provide recovery of price increases. As a result, we do not believe these purchase obligations would have a material effect on our financial condition or results of operations.

Leases (Maturity Analysis of Lease Liabilities and Minimum Payments Due) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Maturity Analysis of Operating Lease Liabilities
2024	$ 111.0
2025	89.6
2026	67.4
2027	50.6
2028	44.6
Thereafter	628.8
Total undiscounted lease payments	992.0
Imputed interest	(266.2)
Present value of lease liability recognized on balance sheet	$ 725.8	$ 682.1

Consolidated Comprehensive Income Statements (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Tax effect on translation adjustments	$ (32.8)	$ 71.2	$ 2.8
Tax effect on net gain (loss) on derivatives	48.6	(63.9)	(9.0)
Tax effect on pension and postretirement benefits	(2.9)	(33.4)	91.4
Tax effect on derivatives reclassification adjustments	(13.6)	30.3	13.9
Tax effect on pension and postretirement benefits reclassification adjustments	$ 17.5	$ 21.8	$ 24.4

Leases (Tables)

12 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Operating Leases

Amounts associated with operating leases and their presentation on our consolidated balance sheets are as follows:


30 September	2023	2022
Operating lease right-of-use assets	$974.0	$694.8
Operating lease liabilities
Payables and accrued liabilities	94.7	90.0
Noncurrent operating lease liabilities	631.1	592.1
Total operating lease liabilities	$725.8	$682.1


30 September	2023		2022
Weighted-average remaining lease term in years(A)	19.9		19.1


Weighted-average discount rate(B)	2.6	%	2.1	%

(A)Calculated on the basis of the remaining lease term and the lease liability balance for each lease as of the reporting date.

(B)Calculated on the basis of the discount rate used to calculate the lease liability for each lease and the remaining balance of the lease payments for each lease as of the reporting date.

Schedule of Maturity Analysis of Lease Liabilities

The following maturity analysis of our operating lease liabilities as of 30 September 2023 presents the undiscounted cash flows for each of the next five years and thereafter with a reconciliation to the lease liability recognized on our balance sheet:


												Operating Leases
2024												$111.0
2025												89.6
2026												67.4
2027												50.6
2028												44.6
Thereafter												628.8
Total undiscounted lease payments												992.0
Imputed interest												(266.2)
Present value of lease liability recognized on balance sheet												$725.8

Schedule of Lease Receivables

The table below details balances associated with our lease receivables:


30 September	2023	2022
Current lease receivables, net(A)	$78.0	$77.8
Noncurrent lease receivables, net	494.7	583.1
Total lease receivables, net	$572.7	$660.9

(A)Presented within "Other receivables and current assets" on our consolidated balance sheets.

As of 30 September 2023, minimum lease payments expected to be collected were as follows:


2024			$120.5
2025			115.1
2026			105.4
2027			92.2
2028			76.1
Thereafter			279.1
Total			788.4
Unearned interest income			(215.7)
Lease receivables, net			$572.7

Sales-type Lease, Lease Income

The table below summarizes lease payments collected in fiscal years 2023, 2022, and 2021:


Fiscal Year Ended 30 September	2023	2022	2021
Payments that reduced the noncurrent lease receivable balance	$79.6	$94.0	$98.8
Payments recognized as interest income	49.6	59.1	67.4
Total lease payments collected	$129.2	$153.1	$166.2

Accumulated Other Comprehensive Loss (Rollforward) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 13,702.4	$ 14,088.0	$ 12,443.1
Other comprehensive income (loss) before reclassifications	511.4	(1,463.0)	544.9
Amounts reclassified from AOCL	9.6	163.5	118.1
Total Other Comprehensive Income (Loss)	521.0	(1,299.5)	663.0
Amount attributable to noncontrolling interest	184.3	(29.3)	38.8
Ending balance	15,660.3	13,702.4	14,088.0
Derivatives qualifying as hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(71.9)	(28.3)	(54.5)
Other comprehensive income (loss) before reclassifications	369.2	(120.3)	3.3
Amounts reclassified from AOCL	(43.9)	91.4	43.5
Total Other Comprehensive Income (Loss)	325.3	(28.9)	46.8
Amount attributable to noncontrolling interest	192.3	14.7	20.6
Ending balance	61.1	(71.9)	(28.3)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(2,072.4)	(893.8)	(1,142.8)
Other comprehensive income (loss) before reclassifications	151.1	(1,230.5)	267.3
Amounts reclassified from AOCL	(0.3)	7.3	0.0
Total Other Comprehensive Income (Loss)	150.8	(1,223.2)	267.3
Amount attributable to noncontrolling interest	(8.3)	(44.6)	18.3
Ending balance	(1,913.3)	(2,072.4)	(893.8)
Pension and postretirement benefits
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(641.8)	(593.8)	(942.8)
Other comprehensive income (loss) before reclassifications	(8.9)	(112.2)	274.3
Amounts reclassified from AOCL	53.8	64.8	74.6
Total Other Comprehensive Income (Loss)	44.9	(47.4)	348.9
Amount attributable to noncontrolling interest	0.3	0.6	(0.1)
Ending balance	(597.2)	(641.8)	(593.8)
AOCL attributable to Air Products
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(2,786.1)	(1,515.9)	(2,140.1)
Total Other Comprehensive Income (Loss)	336.7	(1,270.2)	624.2
Ending balance	$ (2,449.4)	$ (2,786.1)	$ (1,515.9)

Audit Information	12 Months Ended
Audit Information	Sep. 30, 2023
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Philadelphia, Pennsylvania

Supplemental Information (Payables and Accrued Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Disclosure Text Block Supplement [Abstract]
Trade creditors	$ 1,212.9	$ 1,120.7
Contract liabilities	413.0	439.1
Dividends payable	388.9	359.4
Accrued payroll and employee benefits	284.4	249.1
Accrued interest	106.4	64.7
Current lease obligations	94.7	90.0
Derivative instruments	98.7	228.3
Pension and postretirement benefits	9.6	11.1
Other	281.5	209.2
Payables and accrued liabilities	$ 2,890.1	$ 2,771.6

Leases (Payments Collected) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Payments that reduced the noncurrent lease receivable balance	$ 79.6	$ 94.0	$ 98.8
Payments recognized as interest income	49.6	59.1	67.4
Total lease payments collected	$ 129.2	$ 153.1	$ 166.2
SalesTypeLeaseIncomeComprehensiveIncomeExtensibleListNotDisclosedFlag	Total lease payments collected	Total lease payments collected	Total lease payments collected

Income Taxes (Effective Tax Rate Reconciliation) (Details)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	1.00%	0.80%	0.90%
Income from equity affiliates	(3.80%)	(3.40%)	(2.50%)
Foreign tax differentials	0.70%	0.70%	0.50%
Tax on foreign repatriated earnings	0.50%	0.70%	0.70%
Share-based compensation	(0.30%)	(0.70%)	(0.70%)
Business and asset actions	0.70%	0.10%	0.00%
Other	(0.70%)	(1.00%)	(1.40%)
Effective Tax Rate	19.10%	18.20%	18.50%

Income Taxes (Summary of Operating and Capital Loss Carryforwards) (Details) $ in Millions	Sep. 30, 2023 USD ($)
U.S. State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 237.1
Capital loss carryforwards	35.2
U.S. Federal
Operating Loss Carryforwards [Line Items]
Capital loss carryforwards	86.3
Foreign
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	325.9
Capital loss carryforwards	$ 197.8

Supplemental Information

12 Months Ended

Sep. 30, 2023

Disclosure Text Block Supplement [Abstract]

Supplemental Information

SUPPLEMENTAL INFORMATION

Related Party Transactions

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 $380, $300, and $225 for the fiscal years ended 30 September 2023, 2022, and 2021, 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. As of 30 September 2023 and 2022, our consolidated balance sheets included related party trade receivables of approximately $80 and $55, respectively.

Refer to Note 16, Debt, for information concerning debt owed to related parties.

Facility Closure

During the second quarter of fiscal year 2021, we recorded a charge of $23.2 primarily for a noncash write-down of assets associated with a contract termination in the Americas segment. This charge is reflected as "Facility closure" on our consolidated income statements for the fiscal year ended 30 September 2021 and was not recorded in the results of the Americas segment.

Supplemental Balance Sheet Information


Other Receivables and Current Assets

30 September	2023	2022
Derivative instruments	$73.5	$114.4
Value added tax receivable	209.6	94.2
Contract fulfillment costs	89.0	84.1
Contract assets	124.7	69.0
Current lease receivables	78.0	77.8
Current financing receivables	50.0	—
Other	97.3	76.3
Other receivables and current assets	$722.1	$515.8


Other Noncurrent Assets

30 September	2023	2022
Pension benefits	$120.0	$133.9

Long-term deposits on plant and equipment	—	200.0
Deferred tax assets	159.6	135.7
Prepaid tax	22.2	17.0
Investments other than equity method	66.9	66.7
Deferred financing fees	58.8	—
Derivative instruments	320.6	74.7
Other	481.8	319.0
Other noncurrent assets	$1,229.9	$947.0


Payables and Accrued Liabilities

30 September	2023	2022
Trade creditors	$1,212.9	$1,120.7
Contract liabilities	413.0	439.1
Dividends payable	388.9	359.4
Accrued payroll and employee benefits	284.4	249.1
Accrued interest	106.4	64.7
Current lease obligations	94.7	90.0
Derivative instruments	98.7	228.3
Pension and postretirement benefits	9.6	11.1



Other	281.5	209.2
Payables and accrued liabilities	$2,890.1	$2,771.6


Other Noncurrent Liabilities

30 September	2023	2022
Asset retirement obligations	$285.1	$265.0
Pension benefits	192.3	190.0
Postretirement benefits	10.3	15.0

Derivative instruments	112.7	138.2
Long-term accrued income taxes related to U.S. tax reform	109.4	134.6
Contingencies related to uncertain tax positions	89.6	95.6
Contract liabilities	136.9	67.2
Environmental liabilities	50.2	61.8



Other	131.5	131.7
Other noncurrent liabilities	$1,118.0	$1,099.1

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, 2023	Sep. 30, 2022
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value at beginning of year	$ 209.0	$ 246.6
Purchases, sales, and settlements, net	30.8	80.3
Actual return on plan assets held at end of year	20.2	(117.9)
Fair Value at End of Year	260.0	209.0
Insurance Contracts
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value at beginning of year	155.5	246.6
Purchases, sales, and settlements, net	(3.7)	0.0
Actual return on plan assets held at end of year	14.0	(91.1)
Fair Value at End of Year	165.8	155.5
Fixed Income Pooled Funds
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value at beginning of year	53.5	0.0
Purchases, sales, and settlements, net	34.5	80.3
Actual return on plan assets held at end of year	6.2	(26.8)
Fair Value at End of Year	$ 94.2	$ 53.5

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

Net income from continuing operations

Business Segment and Geographic Information (Reconciliation of Operating Income) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Facility closure	$ (23.2)	$ 0.0	$ 0.0	$ (23.2)
Business and asset actions		(244.6)	(73.7)	0.0
Gain on exchange with joint venture partner		0.0	0.0	36.8
Operating income		2,494.6	2,338.8	2,281.4
Segment Reconciling Items
Segment Reporting Information [Line Items]
Facility closure		0.0	0.0	(23.2)
Business and asset actions		(244.6)	(73.7)	0.0
Gain on exchange with joint venture partner		0.0	0.0	36.8
Segment Total
Segment Reporting Information [Line Items]
Operating income		$ 2,739.2	$ 2,412.5	$ 2,267.8

Leases (Lease Receivables) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Current lease receivables	$ 78.0	$ 77.8
Noncurrent lease receivables	494.7	583.1
Total lease receivables, net	$ 572.7	$ 660.9

Earnings Per Share (Schedule of Earnings per Share) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2021

Numerator

$ 2,292.8

$ 2,243.5

$ 2,028.8

Net income from discontinued operations

7.4

12.6

70.3

Net Income Attributable to Air Products

$ 2,300.2

$ 2,256.1

$ 2,099.1

Denominator (in millions)

Weighted average common shares — Basic

222.3

222.0

221.6

Employee stock option and other award plans

0.4

0.5

0.9

Weighted average common shares — Diluted

222.7

222.5

Per Share Data

Basic EPS from continuing operations

^[1]

$ 10.31

$ 10.11

$ 9.16

Basic EPS from discontinued operations

^[1]

0.03

0.06

0.32

Basic EPS attributable to Air Products (in dollars per share)

^[1]

10.35

10.16

9.47

Diluted EPS from continuing operations

^[1]

10.30

10.08

9.12

Diluted EPS from discontinued operations

^[1]

0.03

0.06

0.32

Diluted EPS attributable to Air Products (in dollars per share)

^[1]

$ 10.33

$ 10.14

$ 9.43

[1]	Earnings per share ("EPS") is calculated independently for each component and may not sum to total EPS due to rounding.

Retirement Benefits (Assumptions in Calculating Net Periodic Benefit Cost) (Details)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
U.S.
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	5.80%
International
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	4.20%
Defined Benefit Pension Plan \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Discount rate – Service cost	5.70%	3.00%	3.00%
Discount rate – Interest cost	5.50%	2.30%	2.10%
Expected return on plan assets	5.80%	5.80%	6.80%
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	4.60%	1.90%	1.60%
Discount rate – Interest cost	5.00%	1.60%	1.20%
Expected return on plan assets	4.20%	4.00%	4.70%
Rate of compensation increase	3.40%	3.30%	3.30%

Commitments and Contingencies (Tables)

12 Months Ended

Sep. 30, 2023

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 2021			$269.6
Additional accruals			17.9
Liabilities settled			(7.8)
Accretion expense			11.1
Currency translation adjustment			(16.1)
Balance at 30 September 2022			$274.7
Additional accruals			20.4
Liabilities settled			(8.8)
Accretion expense			11.4
Currency translation adjustment			(0.4)
Balance at 30 September 2023			$297.3

Schedule of Unconditional Purchase Obligations Disclosure

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


2024			$6,356
2025			2,673
2026			1,321
2027			699
2028			575
Thereafter			4,494
Total			$16,118

Financial Instruments (Gains and Losses Recognized In Other Comprehensive Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Summary of Net Investment Hedge Activity [Abstract]
Tax effects	$ 32.8	$ (71.2)	$ (2.8)
Net Amount Recognized in OCI	151.1	(1,230.5)	267.3
Summary of Cash Flow Hedge Activity [Abstract]
Tax effects	(48.6)	63.9	9.0
Net Amount Recognized in OCI	369.2	(120.3)	$ 3.3
Net Investment Hedges
Summary of Net Investment Hedge Activity [Abstract]
Total Amount Recognized in OCI	(145.1)	331.9
Tax effects	35.8	(82.1)
Net Amount Recognized in OCI	(109.3)	249.8
Net Investment Hedges \| Forward exchange contracts
Summary of Net Investment Hedge Activity [Abstract]
Total Amount Recognized in OCI	(39.3)	89.8
Net Investment Hedges \| Foreign currency debt
Summary of Net Investment Hedge Activity [Abstract]
Total Amount Recognized in OCI	(99.9)	229.6
Net Investment Hedges \| Cross currency interest rate swaps
Summary of Net Investment Hedge Activity [Abstract]
Total Amount Recognized in OCI	(5.9)	12.5
Cash Flow Hedges
Summary of Cash Flow Hedge Activity [Abstract]
Total Amount Recognized in OCI	417.8	(184.2)
Tax effects	(48.6)	63.9
Net Amount Recognized in OCI	369.2	(120.3)
Cash Flow Hedges \| Forward exchange contracts
Summary of Cash Flow Hedge Activity [Abstract]
Total Amount Recognized in OCI	111.1	(310.2)
Cash Flow Hedges \| Forward exchange contracts, excluded components
Summary of Cash Flow Hedge Activity [Abstract]
Total Amount Recognized in OCI	(18.7)	2.8
Cash Flow Hedges \| Other
Summary of Cash Flow Hedge Activity [Abstract]
Total Amount Recognized in OCI	$ 325.4	$ 123.2

Earnings Per Share (Tables)

12 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Share

The table below details the computation of basic and diluted earnings per share ("EPS"):


Fiscal Year Ended 30 September	2023	2022	2021
Numerator
Net income from continuing operations	$2,292.8	$2,243.5	$2,028.8
Net income from discontinued operations	7.4	12.6	70.3
Net Income attributable to Air Products	$2,300.2	$2,256.1	$2,099.1

Denominator (in millions)
Weighted average common shares — Basic	222.3	222.0	221.6
Effect of dilutive securities
Employee stock option and other award plans	0.4	0.5	0.9
Weighted average common shares — Diluted	222.7	222.5	222.5

Per Share Data(A) (U.S. Dollars per share)
Basic EPS from continuing operations	$10.31	$10.11	$9.16
Basic EPS from discontinued operations	0.03	0.06	0.32
Basic EPS attributable to Air Products	$10.35	$10.16	$9.47
Diluted EPS from continuing operations	$10.30	$10.08	$9.12
Diluted EPS from discontinued operations	0.03	0.06	0.32
Diluted EPS attributable to Air Products	$10.33	$10.14	$9.43

(A)EPS is calculated independently for each component and may not sum to total EPS due to rounding.

Income Taxes (Income of U.S and Foreign Operations Before Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Income from Continuing Operations Before Taxes
United States income	$ 1,050.5	$ 947.9	$ 924.6
Foreign income	1,227.6	1,325.3	1,288.7
Equity affiliates' income	604.3	481.5	294.1
Income From Continuing Operations Before Taxes	$ 2,882.4	$ 2,754.7	$ 2,507.4

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Goodwill and Intangible Assets Disclosure [Abstract]

Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	May 31, 2023	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2023
Variable Interest Entity [Line Items]
Unrecorded Unconditional Purchase Obligation		$ 16,118.0	$ 16,118.0
Operating lease right-of-use assets, net		974.0	974.0	$ 694.8
Use of cash for payments on operating leases			337.8	128.0	$ 98.8
NEOM Green Hydrogen Company
Variable Interest Entity [Line Items]
Unrecorded Unconditional Purchase Obligation		5,000.0	5,000.0
Variable Interest Entity, Primary Beneficiary \| NEOM Green Hydrogen Company
Variable Interest Entity [Line Items]
Value of engineering, procurement, and construction agreement	$ 6,700.0
Operating lease right-of-use assets, net		228.9	$ 228.9	$ 0.0
Voting interest in joint venture			33.33333%
Variable Interest Entity, Primary Beneficiary \| NEOM Green Hydrogen Company \| Land
Variable Interest Entity [Line Items]
Lessee, Operating Lease, Term of Contract						50 years
Operating lease right-of-use assets, net		223.0	$ 223.0
Use of cash for payments on operating leases		$ 209.0	$ 209.0
Lessee, Operating Lease, Years Additional Payments Due After Commencement		30 years	30 years

Inventories (Schedule of Inventory) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 211.6	$ 162.0
Work in process	28.4	22.0
Raw materials, supplies, and other	411.8	330.2
Inventories	$ 651.8	$ 514.2

Intangible Assets (Tables)

12 Months Ended

Sep. 30, 2023

Schedule Finite-Lived Intangible Assets

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


	2023			2022
30 September	Gross	Accumulated Amortization/ Impairment	Net	Gross	Accumulated Amortization/ Impairment	Net
Finite-lived:
Customer relationships	$507.3	($262.2)	$245.1	$487.5	($226.3)	$261.2
Patents and technology	41.1	(26.7)	14.4	33.1	(16.3)	16.8
Other	76.7	(38.7)	38.0	73.4	(37.0)	36.4
Total finite-lived intangible assets	$625.1	($327.6)	$297.5	$594.0	($279.6)	$314.4
Indefinite-lived:
Trade names and trademarks	47.2	(10.1)	37.1	42.2	(9.1)	33.1
Total intangible assets	$672.3	($337.7)	$334.6	$636.2	($288.7)	$347.5

Schedule of Indefinite-Lived Intangible Assets

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


	2023			2022
30 September	Gross	Accumulated Amortization/ Impairment	Net	Gross	Accumulated Amortization/ Impairment	Net
Finite-lived:
Customer relationships	$507.3	($262.2)	$245.1	$487.5	($226.3)	$261.2
Patents and technology	41.1	(26.7)	14.4	33.1	(16.3)	16.8
Other	76.7	(38.7)	38.0	73.4	(37.0)	36.4
Total finite-lived intangible assets	$625.1	($327.6)	$297.5	$594.0	($279.6)	$314.4
Indefinite-lived:
Trade names and trademarks	47.2	(10.1)	37.1	42.2	(9.1)	33.1
Total intangible assets	$672.3	($337.7)	$334.6	$636.2	($288.7)	$347.5

Schedule of Projected Annual Amortization Expense

The table below details the amount of amortization expense expected to be recorded for our finite-lived intangible assets in each of the next five years and thereafter:


2024			$30.4
2025			29.2
2026			28.2
2027			27.7
2028			25.6
Thereafter			156.4
Total			$297.5

Debt (Summary of Long-Term Debt Instruments) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 10,292.5	$ 7,309.3
Less: Unamortized discount and debt issuance costs	(165.7)	(45.4)
Less: Fair value hedge accounting adjustments	(80.5)	(77.1)
Total Long-term Debt	10,046.3	7,634.1
Less: Current portion of long-term debt	(615.0)	(548.3)
Related Party
Debt Instrument [Line Items]
Long-term debt	150.7	652.0
Nonrelated Party
Debt Instrument [Line Items]
Long-term debt	9,280.6	6,433.8
NEOM Green Hydrogen Company \| Nonrecourse
Debt Instrument [Line Items]
Long-term debt, Principal Amount	1,364.8	0.0
Variable Interest Entity, Primary Beneficiary \| NEOM Green Hydrogen Company \| Related Party
Debt Instrument [Line Items]
Long-term debt	0.0	447.3
Medium-term Notes \| Series E 7.6% due 2026
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 17.2	17.2
Interest rate, weighted average	7.60%
Senior Notes \| Note 2.75% due 2023
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 0.0	400.0
Interest rate, stated percentage	2.75%
Senior Notes \| Note 3.35% due 2024
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 400.0	400.0
Interest rate, stated percentage	3.35%
Senior Notes \| Note 1.50% due 2026
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 550.0	550.0
Interest rate, stated percentage	1.50%
Senior Notes \| Note 1.85% due 2027
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 650.0	650.0
Interest rate, stated percentage	1.85%
Senior Notes \| Note 2.05% due 2030
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 900.0	900.0
Interest rate, stated percentage	2.05%
Senior Notes \| Note 4.80% Due 2033
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 600.0	0.0
Interest rate, stated percentage	4.80%
Senior Notes \| Note 2.70% due 2040
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 750.0	750.0
Interest rate, stated percentage	2.70%
Senior Notes \| Note 2.80% due 2050
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 950.0	950.0
Interest rate, stated percentage	2.80%
Bonds \| Variable-rate industrial revenue bonds 3.55% due 2035 to 2050
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 618.9	618.9
Interest rate, weighted average	3.55%
Bonds \| Other variable-rate 6.78% due 2024 to 2032
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 41.4	41.4
Interest rate, weighted average	6.78%
Bonds \| Eurobonds 1.000% due 2025
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 317.2	294.1
Interest rate, stated percentage	1.00%
Bonds \| Eurobonds 0.500% due 2028
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 528.6	490.1
Interest rate, stated percentage	0.50%
Bonds \| Eurobonds 0.800% Due 2032
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 528.6	490.1
Interest rate, stated percentage	0.80%
Bonds \| Eurobonds 4.000% Due 2035
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 740.1	0.0
Interest rate, stated percentage	4.00%
Bonds \| Saudi Riyal Loan Facility variable-rate 4.10% due 2023
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 0.0	195.6
Interest rate, variable percentage	4.10%
Bonds \| Saudi Riyal Loan Facility variable-rate 7.00% due 2027
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 451.1	0.0
Interest rate, variable percentage	7.00%
Bonds \| Saudi Riyal Loan Facility 2.0% due 2034
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 192.1	0.0
Interest rate, stated percentage	2.00%
Bonds \| New Taiwan Dollar 1.86% due 2024 to 2028
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 167.5	189.0
Interest rate, stated percentage	1.86%
Bonds \| New Taiwan Dollar 2.66% due 2026 to 2029
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 186.1	31.5
Interest rate, stated percentage	2.66%
Bonds \| New Taiwan Dollar variable-rate 2.55% due 2026 to 2030
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 3.1	0.0
Interest rate, variable percentage	2.55%
Bonds \| Other payable in other currencies due 2023
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 0.0	0.1
Related Party \| Chinese Renminbi 5.5% due 2024 to 2027 \| Related Party
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 313.5	321.5
Interest rate, stated percentage	5.50%
Related Party \| Chinese Renminbi 5.7% due 2033 \| Related Party
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 14.8	12.2
Interest rate, stated percentage	5.70%
Finance Lease Obligations \| Foreign 11.4% due 2025 to 2036
Debt Instrument [Line Items]
Long-term debt, Principal Amount	$ 7.5	$ 7.6
Interest rate, weighted average	11.40%

Commitments and Contingencies (Asset Retirement Obligations) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Asset Retirement Obligation [Roll Forward]
Asset retirement obligations, beginning of period	$ 274.7	$ 269.6
Additional accruals	20.4	17.9
Liabilities settled	(8.8)	(7.8)
Accretion expense	11.4	11.1
Currency translation adjustment	(0.4)	(16.1)
Asset retirement obligations, end of period	$ 297.3	$ 274.7

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, Common	Air Products Shareholders’ Equity	Non-controlling Interests
Beginning balance at Sep. 30, 2020	$ 12,443.1	$ 249.4	$ 1,094.8	$ 14,875.7	$ (2,140.1)	$ (2,000.0)	$ 12,079.8	$ 363.3
Stockholders' Equity [Roll Forward]
Net income	2,114.9			2,099.1			2,099.1	15.8
Other comprehensive income (loss)	663.0				624.2		624.2	38.8
Dividends on common stock	(1,292.6)			(1,292.6)			(1,292.6)
Distributions to noncontrolling interests	(5.3)							(5.3)
Share-based compensation	43.5		43.5				43.5
Issuance of treasury shares for stock option and award plans	(9.4)		(21.5)			12.1	(9.4)
Investments by noncontrolling interests	139.8							139.8
Purchase of noncontrolling interests	(5.3)		(1.2)				(1.2)	(4.1)
Other equity transactions	(3.7)		0.2	(3.9)			(3.7)	0.0
Ending balance at Sep. 30, 2021	14,088.0	249.4	1,115.8	15,678.3	(1,515.9)	(1,987.9)	13,539.7	548.3
Stockholders' Equity [Roll Forward]
Net income	2,266.5			2,256.1			2,256.1	10.4
Other comprehensive income (loss)	(1,299.5)				(1,270.2)		(1,270.2)	(29.3)
Dividends on common stock	(1,410.6)			(1,410.6)			(1,410.6)
Distributions to noncontrolling interests	(4.8)							(4.8)
Share-based compensation	46.0		46.0				46.0
Issuance of treasury shares for stock option and award plans	(14.0)		(20.9)			6.9	(14.0)
Investments by noncontrolling interests	33.0							33.0
Purchase of noncontrolling interests	(1.9)		0.0				0.0	(1.9)
Other equity transactions	(0.3)		0.5	(3.5)			(3.0)	2.7
Ending balance at Sep. 30, 2022	13,702.4	249.4	1,141.4	16,520.3	(2,786.1)	(1,981.0)	13,144.0	558.4
Stockholders' Equity [Roll Forward]
Net income	2,338.6			2,300.2			2,300.2	38.4
Other comprehensive income (loss)	521.0				336.7		336.7	184.3
Dividends on common stock	(1,526.2)			(1,526.2)			(1,526.2)
Distributions to noncontrolling interests	(115.9)							(115.9)
Share-based compensation	54.6		54.6				54.6
Issuance of treasury shares for stock option and award plans	7.6		(6.1)			13.7	7.6
Investments by noncontrolling interests	682.2							682.2
Other equity transactions	(4.0)		0.6	(4.6)			(4.0)	0.0
Ending balance at Sep. 30, 2023	$ 15,660.3	$ 249.4	$ 1,190.5	$ 17,289.7	$ (2,449.4)	$ (1,967.3)	$ 14,312.9	$ 1,347.4

Income Taxes (Significant Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Gross Deferred Tax Assets
Retirement benefits and compensation accruals	$ 75.2	$ 77.2
Tax loss carryforwards	141.8	126.3
Tax credits and other tax carryforwards	46.2	39.2
Reserves and accruals	65.2	55.4
Other	81.3	68.3
Valuation allowance	(153.3)	(100.1)
Deferred Tax Assets	256.4	266.3
Gross Deferred Tax Liabilities
Plant and equipment	1,192.0	1,187.6
Currency gains	20.6	22.5
Unremitted earnings of foreign entities	72.0	72.9
Partnership and other investments	18.6	16.1
Intangible assets	48.5	69.8
Other	11.1	9.1
Deferred Tax Liabilities	1,362.8	1,378.0
Net Deferred Income Tax Liability	$ 1,106.4	$ 1,111.7

Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Unrecognized Tax Benefits
Balance at beginning of year	$ 103.5	$ 140.3	$ 237.0
Additions for tax positions of the current year	10.9	7.4	14.5
Additions for tax positions of prior years	1.2	6.6	3.5
Reductions for tax positions of prior years	(6.0)	(15.4)	(8.2)
Settlements	(3.9)	(0.6)	(3.1)
Statute of limitations expiration	(10.6)	(25.5)	(104.6)
Foreign Currency Translation Increases	1.4		1.2
Foreign Currency Translation Decreases		(9.3)
Balance at end of year	$ 96.5	$ 103.5	$ 140.3

Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Discontinued Operations [Line Items]
Income (loss) from discontinued operations, net of tax				$ 7.4	$ 12.6	$ 70.3
Cash provided by discontinued operations, tax refund				$ 0.6	59.6	6.7
Discontinued operations
Discontinued Operations [Line Items]
Tax benefit related to release of reserves						60.0
EfW \| Discontinued operations
Discontinued Operations [Line Items]
Tax benefit related to release of reserves		$ 8.2				8.2
PMD \| Discontinued operations
Discontinued Operations [Line Items]
Tax benefit related to release of reserves	$ 51.8				$ 14.8	$ 51.8
Tax benefit related to settlement			$ 10.3

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-10

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments (Tables)

12 Months Ended

Sep. 30, 2023

Schedule of Notional Amounts of Outstanding Derivative Instruments

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


	2023		2022
30 September	US$ Notional	Years Average Maturity	US$ Notional	Years Average Maturity
Forward Exchange Contracts
Cash flow hedges	$4,463.2	0.7	$4,525.0	0.7
Net investment hedges	864.0	2.5	542.2	2.2
Not designated	709.4	0.3	534.3	0.3
Total Forward Exchange Contracts	$6,036.6	0.9	$5,601.5	0.8

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


	2023						2022
30 September	US$ Notional	Average Pay %		Average Receive %		Years Average Maturity	US$ Notional	Average Pay %		Average Receive %		Years Average Maturity
Interest rate swaps (fair value hedge)	$800.0	SOFR		1.64	%	4.0	$800.0	Various		1.64	%	5.0
Interest rate swaps (cash flow hedge)	$1,182.5	2.82	%	SOFR		22.1	$—	—	%	—	%	0.0
Cross currency interest rate swaps (net investment hedge)	$80.8	4.60	%	3.65	%	0.9	$176.7	4.12	%	3.07	%	1.2
Cross currency interest rate swaps (cash flow hedge)	$598.2	4.89	%	3.22	%	2.2	$785.7	4.78	%	3.05	%	2.3
Cross currency interest rate swaps (not designated)	$44.5	5.39	%	3.54	%	0.2	$37.7	5.39	%	3.54	%	1.2

Schedule of Cumulative Basis Adjustments for Fair Value Hedges

The table below provides the amounts recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:


	Carrying amounts of hedged item		Cumulative hedging adjustment, included in carrying amount
30 September	2023	2022	2023	2022

Long-term debt	$2,011.4	$2,012.9	($80.5)	($77.1)

Schedule of Fair Value and Balance Sheet Location of Derivative Instruments

The tables below summarize the fair value and balance sheet location of our outstanding derivatives.


30 September	Balance Sheet Location	2023	2022	Balance Sheet Location	2023	2022
Derivatives Designated as Hedging Instruments:
Forward exchange contracts	Other receivables and current assets	$50.2	$71.6	Payables and accrued liabilities	$94.1	$226.2
Interest rate management contracts	Other receivables and current assets	13.0	36.7	Payables and accrued liabilities	—	—
Forward exchange contracts	Other noncurrent assets	19.8	60.8	Other noncurrent liabilities	25.7	46.9
Interest rate management contracts	Other noncurrent assets	300.8	12.5	Other noncurrent liabilities	87.0	91.2
Total Derivatives Designated as Hedging Instruments		$383.8	$181.6		$206.8	$364.3
Derivatives Not Designated as Hedging Instruments:
Forward exchange contracts	Other receivables and current assets	$6.4	$6.1	Payables and accrued liabilities	$4.6	$2.1
Interest rate management contracts	Other receivables and current assets	3.9	—	Payables and accrued liabilities	—	—
Forward exchange contracts	Other noncurrent assets	—	0.1	Other noncurrent liabilities	—	0.1
Interest rate management contracts	Other noncurrent assets	—	1.3	Other noncurrent liabilities	—	—
Total Derivatives Not Designated as Hedging Instruments		$10.3	$7.5		$4.6	$2.2
Total Derivatives		$394.1	$189.1		$211.4	$366.5

Schedule of Gains and Losses Recognized in Other Comprehensive Income Related Net Investment and Cash Flow Hedges

The tables below summarize gains (losses) recognized in other comprehensive income during the period related to our net investment and cash flow hedging relationships:


	2023	2022
Net Investment Hedging Relationships
Forward exchange contracts	($39.3)	$89.8
Foreign currency debt	(99.9)	229.6
Cross currency interest rate swaps	(5.9)	12.5
Total Amount Recognized in OCI	(145.1)	331.9
Tax effects	35.8	(82.1)
Net Amount Recognized in OCI	($109.3)	$249.8

Derivatives in Cash Flow Hedging Relationships
Forward exchange contracts	$111.1	($310.2)
Forward exchange contracts, excluded components	(18.7)	2.8
Other(A)	325.4	123.2
Total Amount Recognized in OCI	417.8	(184.2)
Tax effects	(48.6)	63.9
Net Amount Recognized in OCI	$369.2	($120.3)

Schedule of Amounts Recognized in Income Related to Cash Flow and Fair Value Hedges

The tables below summarize the location and amounts recognized in income related to our cash flow and fair value hedging relationships by contract type:


	Sales		Cost of Sales		Interest Expense			Other Non-Operating Income (Expense), Net
	2023	2022	2023	2022		2023	2022		2023	2022
Total presented in consolidated income statements that includes effects of hedging below	$12,600.0	$12,698.6	$8,833.0	$9,338.5		$177.5	$128.0		($39.0)	$62.4
(Gain) Loss Effects of Cash Flow Hedging:
Forward Exchange Contracts:
Amount reclassified from OCI into income	($0.6)	$0.8	$4.9	($0.1)		$—	$—		($77.8)	$205.7

Amount excluded from effectiveness testing recognized in earnings based on amortization approach	—	—	—	—		—	—		15.7	4.6
Other:
Amount reclassified from OCI into income	—	—	—	—		5.5	5.8		(5.2)	(95.1)

Total (Gain) Loss Reclassified from OCI to Income	(0.6)	0.8	4.9	(0.1)		5.5	5.8		(67.3)	115.2
Tax effects	0.1	(0.3)	(1.2)	(0.3)		(2.0)	(2.2)		16.7	(27.5)
Net (Gain) Loss Reclassified from OCI to Income	($0.5)	$0.5	$3.7	($0.4)		$3.5	$3.6		($50.6)	$87.7
(Gain) Loss Effects of Fair Value Hedging:
Other:
Hedged items	$—	$—	$—	$—		($3.4)	($77.6)		$—	$—
Derivatives designated as hedging instruments	—	—	—	—		3.4	77.6		—	—
Total (Gain) Loss Recognized in Income	$—	$—	$—	$—		$—	$—		$—	$—

Schedule of Effects of Derivatives Not Designated as a Hedging Instrument

The table below summarizes the location and amounts recognized in income related to our derivatives not designated as hedging instruments by contract type:


	Other Income (Expense), Net		Other Non-Operating Income (Expense), Net
	2023	2022	2023	2022
The Effects of Derivatives Not Designated as Hedging Instruments:
Forward Exchange Contracts	($1.0)	($3.7)	($2.4)	($2.9)
Other	—	—	0.3	(2.3)
Total (Gain) Loss Recognized in Income	($1.0)	($3.7)	($2.1)	($5.2)

New Accounting Guidance	12 Months Ended
New Accounting Guidance	Sep. 30, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Guidance	NEW ACCOUNTING GUIDANCE Accounting Guidance Implemented in Fiscal Year 2023 Government Assistance In November 2021, the Financial Accounting Standards Board ("FASB") issued disclosure guidance to increase the transparency of transactions an entity has with a government that are accounted for by applying a grant or contribution accounting model. We adopted the annual disclosure guidance on a prospective basis in fiscal year 2023. Refer to Note 1, Basis of Presentation and Major Accounting Policies, for additional information. Reference Rate Reform In March 2020, the FASB issued an update to provide practical expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. This update is primarily applicable to our contracts and hedging relationships that reference the London Inter-Bank Offered Rate ("LIBOR"). In December 2022, the FASB extended the date through which the amendments may be applied to impacted contracts and hedges to 31 December 2024. In fiscal year 2023, we amended our remaining interest rate swaps that referenced LIBOR to use a daily compounded Secured Overnight Financing Rate ("SOFR"). There were no financial statement impacts from the amendment.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

12 Months Ended

Sep. 30, 2023

Share-Based Compensation

SHARE-BASED COMPENSATION

Our outstanding share-based compensation programs include deferred stock units and stock options. During the fiscal year ended 30 September 2023, we granted market-based and time-based deferred stock units. We have not issued stock option awards since fiscal year 2015. 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 and the exercise of stock options. As of 30 September 2023, there were 1.3 million shares available for future grant under our Long-Term Incentive Plan ("LTIP"), which is shareholder approved.

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


	2023	2022	2021
Before-tax share-based compensation cost	$60.7	$49.5	$44.5


Income tax benefit	(14.6)	(12.1)	(11.0)
After-tax share-based compensation cost	$46.1	$37.4	$33.5

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 2023, 2022, and 2021 was not material.

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 are 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 our share price appreciation and dividends paid, or "total shareholder return," in relation to the S&P 500 Index (for fiscal year 2022 and 2023 awards) or a defined peer group (for awards granted prior to fiscal year 2022) over a three-year performance period beginning 1 October of the fiscal year of grant. We granted 85,612, 74,364, and 77,251 market-based deferred stock units in fiscal years 2023, 2022, and 2021, 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 $502.03, $427.23, and $235.48 per unit in fiscal years 2023, 2022, and 2021, respectively. The calculation of the fair value of market-based deferred stock units used the following assumptions:


	2023		2022		2021
Expected volatility	32.5	%	30.5	%	29.9	%
Risk-free interest rate	4.0	%	0.8	%	0.2	%
Expected dividend yield	2.4	%	2.1	%	2.1	%

In addition, in fiscal year 2023, we granted 119,954 time-based deferred stock units at a weighted average grant-date fair value of $308.91. In fiscal years 2022 and 2021, we granted 120,996 and 110,555 time-based deferred stock units at a weighted average grant-date fair value of $278.67 and $282.48, respectively.

A summary of deferred stock unit activity in fiscal year 2023 is presented below:


	Shares (000)	Weighted Average Grant-Date Fair Value
Deferred stock units outstanding at 30 September 2022	730	$222.13


Granted	206	389.34
Paid out	(159)	164.08
Forfeited	(87)	248.26
Adjusted	10	315.33
Deferred stock units outstanding at 30 September 2023	700	$282.60

Cash payments made for deferred stock units totaled $3.6, $5.5, and $5.2 in fiscal years 2023, 2022, and 2021, respectively. As of 30 September 2023, there was $75.3 of unrecognized compensation cost related to deferred stock units. This 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 2023, 2022, and 2021, including shares vested in prior periods, was $45.3, $92.9, and $88.0, 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. As of 30 September 2023, there was no unrecognized compensation cost as all stock option awards were fully vested.

A summary of stock option activity in fiscal year 2023 is presented below:


	Shares (000)	Weighted Average Exercise Price
Stock options outstanding and exercisable at 30 September 2022	564	$106.13



Exercised	(270)	90.57

Stock options outstanding and exercisable at 30 September 2023	294	$120.42

The weighted average remaining contractual term of stock options outstanding and exercisable at 30 September 2023 was 0.7 years. The aggregate intrinsic value of these stock options was $47.9, which represents the amount by which our closing stock price of $283.40 per share as of 30 September 2023 exceeds the exercise price multiplied by the number of in-the-money options outstanding or exercisable. The intrinsic value of stock options exercised during fiscal years 2023, 2022, and 2021 was $53.5, $20.2, and $29.0, respectively.

Compensation cost is generally recognized over the stated vesting period consistent with the terms of the arrangement, which is 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.

Cash received from option exercises during fiscal year 2023 was $24.0. The total tax benefit realized from stock option exercises in fiscal year 2023 was $12.5, of which $11.7 was the excess tax benefit.

Financial Instruments (Currency Price Risk Management Instruments) (Details) - Forward exchange contracts - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Derivative [Line Items]
Notional Principal amount	$ 6,036.6	$ 5,601.5
Years Average Maturity	10 months 24 days	9 months 18 days
Designated as Hedging Instrument \| Cash flow hedges
Derivative [Line Items]
Notional Principal amount	$ 4,463.2	$ 4,525.0
Years Average Maturity	8 months 12 days	8 months 12 days
Designated as Hedging Instrument \| Net investment hedges
Derivative [Line Items]
Notional Principal amount	$ 864.0	$ 542.2
Years Average Maturity	2 years 6 months	2 years 2 months 12 days
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Principal amount	$ 709.4	$ 534.3
Years Average Maturity	3 months 18 days	3 months 18 days

Debt (Maturities of Long-term Debt) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Principal maturities of long-term debt
2024	$ 615.3
2025	419.5
2026	701.4
2027	1,362.8
2028	632.2
Thereafter	6,561.3
Total	$ 10,292.5	$ 7,309.3

Revenue Recognition (Tables)

12 Months Ended

Sep. 30, 2023

Revenue Recognition [Abstract]

Disaggregation of Revenue


	Americas	Asia	Europe	Middle East and India	Corporate and other	Total	%
2023
On-site	$3,143.9	$1,923.0	$1,036.6	$75.7	$—	$6,179.2	49	%
Merchant	2,225.4	1,293.1	1,926.5	86.8	—	5,531.8	44	%
Sale of equipment	—	—	—	—	889.0	889.0	7	%
Total	$5,369.3	$3,216.1	$2,963.1	$162.5	$889.0	$12,600.0	100	%

2022
On-site	$3,423.1	$1,833.9	$1,298.2	$77.9	$—	$6,633.1	52	%
Merchant	1,945.8	1,309.4	1,787.9	51.6	—	5,094.7	40	%
Sale of equipment	—	—	—	—	970.8	970.8	8	%
Total	$5,368.9	$3,143.3	$3,086.1	$129.5	$970.8	$12,698.6	100	%

2021
On-site	$2,469.5	$1,718.8	$802.4	$70.7	$—	$5,061.4	49	%
Merchant	1,698.1	1,202.0	1,543.2	28.6	—	4,471.9	43	%
Sale of equipment	—	—	—	—	789.7	789.7	8	%
Total	$4,167.6	$2,920.8	$2,345.6	$99.3	$789.7	$10,323.0	100	%

Interest income associated with financing and lease arrangements accounted for less than 1% of our total consolidated sales in fiscal years 2023, 2022, and 2021.

Contract Assets and Liabilities

Contract Balances

The table below details balances arising from contracts with customers:


30 September	Balance Sheet Location	2023	2022
Assets
Contract assets – current	Other receivables and current assets	$124.7	$69.0
Contract fulfillment costs – current	Other receivables and current assets	89.0	84.1
Liabilities
Contract liabilities – current	Payables and accrued liabilities	$413.0	$439.1
Contract liabilities – noncurrent	Other noncurrent liabilities	136.9	67.2

Retirement Benefits (Components Recognized in Accumulated Other Comprehensive Income on Pretax Basis) (Details) - Defined Benefit Pension Plan - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
U.S.
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	$ 461.8	$ 525.5
Prior service cost	5.6	6.5
Net transition liability	0.0	0.0
Total	467.4	532.0
International
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	506.4	511.6
Prior service cost	11.9	3.7
Net transition liability	0.4	0.4
Total	$ 518.7	$ 515.7

Inventories

12 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

The components of inventories are as follows:


30 September	2023	2022
Finished goods	$211.6	$162.0
Work in process	28.4	22.0
Raw materials, supplies, and other	411.8	330.2
Inventories	$651.8	$514.2

Accumulated Other Comprehensive Loss

12 Months Ended

Sep. 30, 2023

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

Accumulated Other Comprehensive Loss

ACCUMULATED OTHER COMPREHENSIVE LOSS

The table below summarizes changes in accumulated other comprehensive loss ("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 2020	($54.5)	($1,142.8)	($942.8)	($2,140.1)
Other comprehensive income before reclassifications	3.3	267.3	274.3	544.9
Amounts reclassified from AOCL	43.5	—	74.6	118.1
Net current period other comprehensive income	$46.8	$267.3	$348.9	$663.0
Amount attributable to noncontrolling interests	20.6	18.3	(0.1)	38.8
Balance at 30 September 2021	($28.3)	($893.8)	($593.8)	($1,515.9)
Other comprehensive loss before reclassifications	(120.3)	(1,230.5)	(112.2)	(1,463.0)
Amounts reclassified from AOCL	91.4	7.3	64.8	163.5
Net current period other comprehensive loss	($28.9)	($1,223.2)	($47.4)	($1,299.5)
Amount attributable to noncontrolling interest	14.7	(44.6)	0.6	(29.3)
Balance at 30 September 2022	($71.9)	($2,072.4)	($641.8)	($2,786.1)
Other comprehensive income (loss) before reclassifications	369.2	151.1	(8.9)	511.4
Amounts reclassified from AOCL	(43.9)	(0.3)	53.8	9.6
Net current period other comprehensive income	$325.3	$150.8	$44.9	$521.0
Amount attributable to noncontrolling interest	192.3	(8.3)	0.3	184.3
Balance at 30 September 2023	$61.1	($1,913.3)	($597.2)	($2,449.4)

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


Fiscal Year Ended 30 September	2023	2022	2021
(Gain) Loss on Cash Flow Hedges, net of tax
Sales	($0.5)	$0.5	($0.6)
Cost of sales	3.7	(0.4)	(0.3)

Interest expense	3.5	3.6	3.5
Other non-operating income (expense), net	(50.6)	87.7	40.9
Total (Gain) Loss on Cash Flow Hedges, net of tax	($43.9)	$91.4	$43.5

Currency Translation Adjustment
Business and asset actions	($0.3)	$5.1	$—
Income from discontinued operations, net of tax	—	2.2	—
Currency Translation Adjustment	($0.3)	$7.3	$—

Pension and Postretirement Benefits, net of tax(A)	$53.8	$64.8	$74.6

Income Taxes (Deferred Tax Assets and Liabilities Included in Consolidated Financials) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Deferred Tax Assets
Other noncurrent assets	$ 159.6	$ 135.7
Deferred Tax Liabilities
Deferred income taxes	1,266.0	1,247.4
Net Deferred Income Tax Liability	$ 1,106.4	$ 1,111.7

Retirement Benefits

12 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Retirement Benefits

RETIREMENT BENEFITS

We and certain of our subsidiaries sponsor defined benefit pension plans and defined contribution plans that cover a substantial portion of our 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 components of net periodic (benefit) cost for our defined benefit pension plans for fiscal years 2023, 2022, and 2021 were as follows:


	Fiscal Year Ended 30 September
	2023			2022			2021
	U.S.	Inter- national	Total	U.S.	Inter- national	Total	U.S.	Inter- national	Total
Service cost	$10.9	$12.3	$23.2	$18.3	$21.5	$39.8	$21.3	$23.4	$44.7
Non-service cost (benefit):
Interest cost	129.9	59.9	189.8	73.9	28.9	102.8	68.9	25.2	94.1
Expected return on plan assets	(127.1)	(49.2)	(176.3)	(168.3)	(67.4)	(235.7)	(194.5)	(83.4)	(277.9)
Prior service cost amortization	1.2	0.7	1.9	1.3	—	1.3	1.2	—	1.2
Actuarial loss amortization	59.7	11.6	71.3	66.0	14.7	80.7	78.5	19.3	97.8
Settlements	1.4	0.6	2.0	6.0	0.2	6.2	1.3	0.5	1.8
Curtailments	—	(1.9)	(1.9)	—	—	—	—	—	—

Other	—	0.9	0.9	—	1.3	1.3	—	1.0	1.0
Net Periodic Cost (Benefit)	$76.0	$34.9	$110.9	($2.8)	($0.8)	($3.6)	($23.3)	($14.0)	($37.3)

Our service costs are primarily included within "Cost of sales" and "Selling and administrative expense" on our consolidated income statements. The amount of service costs capitalized in fiscal years 2023, 2022 and 2021 were not material. The non-service related impacts, including pension settlement losses and curtailment gains, are presented outside operating income within "Other non-operating income (expense), net."

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 $1.4, $6.0 and $1.3 in fiscal years 2023, 2022 and 2021, respectively, to accelerate recognition of a portion of actuarial losses deferred in accumulated other comprehensive loss 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:


	2023				2022				2021
	U.S.		International		U.S.		International		U.S.		International

Discount rate – Service cost	5.7	%	4.6	%	3.0	%	1.9	%	3.0	%	1.6	%
Discount rate – Interest cost	5.5	%	5.0	%	2.3	%	1.6	%	2.1	%	1.2	%
Expected return on plan assets	5.8	%	4.2	%	5.8	%	4.0	%	6.8	%	4.7	%
Rate of compensation increase	3.5	%	3.4	%	3.5	%	3.3	%	3.5	%	3.3	%


	2023				2022
	U.S.		International		U.S.		International
Discount rate	6.0	%	5.1	%	5.6	%	4.7	%
Rate of compensation increase	3.5	%	3.4	%	3.5	%	3.4	%


	2023		2022
	U.S.	International	U.S.	International
Change in Projected Benefit Obligation
Obligation at beginning of year	$2,450.8	$1,137.5	$3,335.3	$1,969.6
Service cost	10.9	12.3	18.3	21.5
Interest cost	129.9	59.9	73.9	28.9
Amendments	0.3	7.0	1.5	0.1
Actuarial (gain) loss	(68.3)	(80.1)	(793.8)	(575.2)

Curtailments	—	(14.8)	—	—
Settlements	(4.7)	(3.4)	(19.2)	(0.9)

Participant contributions	—	0.8	—	1.2
Benefits paid	(170.1)	(52.8)	(165.2)	(53.0)
Currency translation and other	—	96.0	—	(254.7)
Obligation at End of Year	$2,348.8	$1,162.4	$2,450.8	$1,137.5


	2023		2022
	U.S.	International	U.S.	International
Change in Plan Assets
Fair value at beginning of year	$2,404.0	$1,122.0	$3,343.7	$1,905.0
Actual return on plan assets	61.4	(52.7)	(778.3)	(498.5)
Settlements	(4.7)	(3.4)	(19.2)	(0.9)
Company contributions	8.4	24.2	23.0	21.7
Participant contributions	—	0.8	—	1.2

Benefits paid	(170.1)	(52.8)	(165.2)	(53.0)
Currency translation and other	—	95.9	—	(253.5)
Fair Value at End of Year	$2,299.0	$1,134.0	$2,404.0	$1,122.0
Funded Status at End of Year	($49.8)	($28.4)	($46.8)	($15.5)


	2023		2022
	U.S.	International	U.S.	International
Amounts Recognized
Noncurrent assets	$36.2	$83.8	$36.4	$97.5
Accrued liabilities	5.3	0.6	5.8	0.4
Noncurrent liabilities	80.7	111.6	77.4	112.6
Net Liability Recognized	($49.8)	($28.4)	($46.8)	($15.5)

The changes in plan assets and benefit obligation that have been recognized in other comprehensive income on a pretax basis during fiscal years 2023 and 2022 consist of the following:


	2023		2022
	U.S.	International	U.S.	International
Net actuarial (gain) loss arising during the period	($2.6)	$7.0	$152.8	($9.3)
Amortization of net actuarial loss	(61.1)	(12.2)	(72.0)	(14.9)
Prior service cost arising during the period	0.3	7.0	1.5	0.1
Amortization of prior service (cost) credit	(1.2)	1.2	(1.3)	—



Total	($64.6)	$3.0	$81.0	($24.1)

The net actuarial gains and losses represent 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 2023 are primarily attributable to lower than expected returns on plan assets that were partially offset by higher discount rates. Accumulated actuarial gains and losses that exceed a corridor are amortized over the average remaining service period of active U.S. participants, which was approximately seven years as of 30 September 2023. For U.K. participants, accumulated actuarial gains and losses that exceed a corridor are amortized over the average remaining life expectancy, which was approximately 23 years as of 30 September 2023.

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


	2023		2022
	U.S.	International	U.S.	International
Net actuarial loss	$461.8	$506.4	$525.5	$511.6
Prior service cost	5.6	11.9	6.5	3.7
Net transition liability	—	0.4	—	0.4



Total	$467.4	$518.7	$532.0	$515.7

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 $3,429.1 and $3,491.4 as of 30 September 2023 and 2022, respectively.

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


	2023		2022
30 September	U.S.	International	U.S.	International
Pension Plans with PBO in Excess of Plan Assets:
PBO	$2,194.5	$295.1	$2,289.7	$284.9
Fair value of plan assets	2,108.5	182.9	2,206.5	171.8
PBO in excess of plan assets	$86.0	$112.2	$83.2	$113.1
Pension Plans with ABO in Excess of Plan Assets:
ABO	$47.1	$144.3	$50.5	$101.3
Fair value of plan assets	—	56.3	—	20.1
ABO in excess of plan assets	$47.1	$88.0	$50.5	$81.2

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 2023 were $54.5 and $58.7, 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. The U.S. and U.K. plans' investment managers are authorized to utilize derivatives to manage interest and inflation exposure.

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 2023, the U.S pension plan was at target with respect to the fixed income securities portfolio. The company continues to monitor the investment portfolio and various investment markets and will take action accordingly. 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:


	2023 Target Allocation				2023 Actual Allocation				2022 Actual Allocation
	U.S.		International		U.S.		International		U.S.		International
Asset Category
Equity securities	17 - 29%		5 - 30%		19	%	19	%	17	%	31	%
Fixed income securities	66 - 80%		70 - 95%		72	%	80	%	73	%	68	%
Real estate and other	3 - 5%		—	%	8	%	—	%	10	%	—	%
Cash	—	%	—	%	1	%	1	%	—	%	1	%
Total					100	%	100	%	100	%	100	%

In fiscal year 2023, the 5.8% 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. In determining the estimated long-term 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, and input from our actuaries and investment advisors.

In fiscal year 2023, the 4.2% 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 approximately 80% of the assets of our International plans, was 4.3% and was derived from expected equity and debt security returns.

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


	2023				2022
30 September	Total	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3
U.S. Qualified Pension Plans
Cash and cash equivalents	$14.6	$14.6	$—	$—	$14.0	$14.0	$—	$—
Equity securities	143.0	143.0	—	—	127.4	127.4	—	—
Equity mutual funds	105.2	105.2	—	—	84.5	84.5	—	—
Equity pooled funds	187.8	—	187.8	—	188.4	—	188.4	—

Fixed income securities	1,661.8	—	1,661.8	—	1,759.1	—	1,759.1	—
Total U.S. Qualified Pension Plans at Fair Value	$2,112.4	$262.8	$1,849.6	$—	$2,173.4	$225.9	$1,947.5	$—
Real estate pooled funds(A)	186.6				230.6
Total U.S. Qualified Pension Plans	$2,299.0				$2,404.0
International Pension Plans
Cash and cash equivalents	$8.0	$8.0	$—	$—	$12.1	$12.1	$—	$—
Equity pooled funds	218.5	—	218.5	—	348.1	—	348.1	—
Fixed income pooled funds	724.6	—	630.4	94.2	589.9	—	536.4	53.5
Other pooled funds	17.1	—	17.1	—	16.4	—	16.4	—
Insurance contracts	165.8	—	—	165.8	155.5	—	—	155.5
Total International Pension Plans	$1,134.0	$8.0	$866.0	$260.0	$1,122.0	$12.1	$900.9	$209.0

The table below summarizes changes in fair value of the pension plan assets classified as Level 3:


	Insurance Contracts	Fixed Income Pooled Funds	Total Level 3
Balance at 30 September 2021	$246.6	$—	$246.6
Purchases, sales, and settlements, net	—	80.3	80.3
Actual return on plan assets held at end of year	(91.1)	(26.8)	(117.9)

Balance at 30 September 2022	$155.5	$53.5	$209.0
Purchases, sales, and settlements, net	(3.7)	34.5	30.8
Actual return on plan assets held at end of year	14.0	6.2	20.2

Balance at 30 September 2023	$165.8	$94.2	$260.0

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

Cash and Cash Equivalents

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

Equity Securities

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

Equity Mutual Funds

Shares of mutual funds are valued at the daily closing price as reported by the fund. The mutual funds are required to publish their daily NAV and to transact at that price. The mutual funds are deemed to be actively traded and are classified as Level 1 assets.

Equity Pooled Funds

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.

Fixed Income Securities

Corporate and government bonds, and related fixed income securities, 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. U.S. plan fixed income investments primarily include U.S. corporate bonds, U.S. treasury investments, interest rate swaps, total return swaps, and U.S. treasury future contracts.

Fixed Income Pooled Funds

Fixed income pooled funds are classified as either Level 2 or Level 3 assets depending on the underlying investments of the fund. Fixed income pooled funds classified as Level 2 assets may hold government bonds, index linked bonds, corporate bonds, cash, and derivative instruments. The NAV of these assets is based on quoted market pricing from observable pricing sources or valued based upon comparable securities with similar yields, credit ratings, or factors as of the reporting date. Fixed income pooled funds classified as Level 3 may hold high yield bonds, emerging market debt, loans, structured credit, and other instruments. Due to the limited market activity of the underlying securities, the NAV of these assets is based on the fund manager's estimate of the fair value of the shares held as of the reporting date.

Other Pooled Funds

Other pooled funds are classified as Level 2 assets, as they are valued at the NAV of the shares held at year end, which is based on the fair value of the underlying investments.

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 2023 were $32.6. 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 $35 to $45 to the defined benefit pension plans in fiscal year 2024. 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
2024	$176.5	$59.9
2025	179.8	59.8
2026	182.2	63.5
2027	184.1	66.2
2028	187.5	68.1
2029-2033	943.2	372.1

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

Defined Contribution Plans

We maintain a non-leveraged 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 our common stock in the ESOP totaled 1,822,509 as of 30 September 2023.

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 expensed to income in fiscal years 2023, 2022, and 2021 were $71.5, $60.6, and $53.3, 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 was not material in fiscal years 2023, 2022, and 2021. Accumulated postretirement benefit obligations as of the end of fiscal years 2023 and 2022 were $14.0 and $19.9, respectively, of which $3.7 and $4.9 were current obligations, respectively.

We recognize changes in other postretirement benefit plan obligations in other comprehensive income on a pretax basis. During fiscal years 2023 and 2022 we recognized a loss of $0.1 and $0.5, respectively, that arose during the period, and $2.0 and $1.6 of net actuarial gain amortization, respectively.

The net actuarial gain recognized in accumulated other comprehensive loss on a pretax basis was $2.4 and $4.5 as of 30 September 2023 and 2022, respectively.

The entire disclosure for retirement benefits.

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

Financial Instruments Financial Instruments (Effects of Derivatives Not Designated as a Hedging Instrument) (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Other Income (Expense), Net
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	$ (1.0)	$ (3.7)
Other Income (Expense), Net \| Forward Exchange Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	(1.0)	(3.7)
Other Income (Expense), Net \| Other
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	0.0	0.0
Other Non-Operating Income (Expense), Net
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	(2.1)	(5.2)
Other Non-Operating Income (Expense), Net \| Forward Exchange Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	(2.4)	(2.9)
Other Non-Operating Income (Expense), Net \| Other
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	$ 0.3	$ (2.3)

Equity Affiliates (Narrative) (Details) - USD ($) $ in Millions				3 Months Ended	12 Months Ended
	Jan. 19, 2023	Oct. 27, 2021	Sep. 27, 2021	Dec. 31, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2015	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Investment in net assets of and advances to equity affiliates						$ 4,617.8	$ 3,353.8
Dividends and other distributions received from equity affiliates						344.3	285.1	$ 157.3
Goodwill associated with affiliate companies accounted for by equity method						$ 41.3	44.6
Equity method investment impairment charge							14.8
Jazan Integrated Gasification and Power Company ("JIGPC")
Schedule of Equity Method Investments [Line Items]
Payments for equity investment	$ 908.0	$ 1,600.0
Ownership interest percentage		55.00%				55.00%
Investment balance						$ 2,862.2
Jazan Integrated Gasification and Power Company ("JIGPC") \| Non-controlling Interests
Schedule of Equity Method Investments [Line Items]
Payments for equity investment	73.0	$ 130.0
Ownership percentage attributable to noncontrolling partner		4.00%				4.00%
Jazan Integrated Gasification and Power Company ("JIGPC") \| Forecast \| Subsequent event
Schedule of Equity Method Investments [Line Items]
Payments for equity investment					$ 115.0
Jazan Gas Project Company ("JGPC")
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage						26.00%
Jazan Integrated Gasification and Power Company ("JIGPC") \| Aramco
Schedule of Equity Method Investments [Line Items]
Definitive agreement for acquisition of assets, value			$ 12,000.0
Acquisition of assets	$ 4,150.0	$ 7,390.0
Term of agreement to commission, operate, and maintain the project assets			25 years
Jazan Integrated Gasification and Power Company ("JIGPC") \| Aramco \| Forecast \| Subsequent event
Schedule of Equity Method Investments [Line Items]
Acquisition of assets					$ 525.0
Jazan Gas Project Company ("JGPC") \| Aramco
Schedule of Equity Method Investments [Line Items]
Term of oxygen and nitrogen supply agreement									20 years
Obligation for equity contributions based on share of advances received by joint venture under bridge loan
Schedule of Equity Method Investments [Line Items]
Obligation for future contribution to equity affiliate							$ 0.0			$ 0.0
Noncash adjustment for reduction of contractual obligation				$ 94.4

Income Taxes

12 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The table below summarizes income from U.S. and foreign operations before taxes:


	2023	2022	2021

United States income	$1,050.5	$947.9	$924.6
Foreign income	1,227.6	1,325.3	1,288.7
Equity affiliates' income	604.3	481.5	294.1
Income from continuing operations before taxes	$2,882.4	$2,754.7	$2,507.4

The table below details the components of our income tax provision:


	2023	2022	2021
Current Tax Provision
Federal	$167.6	$149.1	$85.6
State	41.0	30.1	28.4
Foreign	367.3	289.3	254.8
Total current tax provision	575.9	468.5	368.8
Deferred Tax (Benefit) Provision
Federal	(12.5)	15.6	54.7
State	(5.8)	(1.9)	(0.1)
Foreign	(6.4)	18.6	39.4
Total Deferred Tax (Benefit) Provision	(24.7)	32.3	94.0
Total Income Tax Provision	$551.2	$500.8	$462.8

Cash Paid for Taxes (Net of Cash Refunds)

Income tax payments, net of refunds, were $645.2, $369.2, and $383.8 in fiscal years 2023, 2022, and 2021, respectively. Fiscal year 2023, 2022, and 2021 reflect income tax refunds associated with discontinued operations of $0.6, $59.6, and $6.7, respectively.

U.S. Tax Cuts and Jobs Act

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 to 21%, a deemed repatriation tax on unremitted foreign earnings, as well as other changes. As of 30 September 2023, our outstanding liability for the deemed repatriation tax was $131.1, of which $109.4 is presented within noncurrent liabilities on our consolidated balance sheets. We are paying this obligation in installments over three remaining years.

Inflation Reduction Act and CHIPS and Science Act of 2022

In August 2022, the U.S. Inflation Reduction Act of 2022 and the CHIPS and Science Act of 2022 were signed into law. These acts include, among other provisions, a corporate alternative minimum tax of 15%, an excise tax on the repurchase of corporate stock, various climate and energy provisions, and incentives for investment in semiconductor manufacturing. We expect to realize benefits for carbon sequestration and clean hydrogen production once our new projects in these areas come on-stream in the U.S.

Effective Tax Rate

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 provided below:


(Percent of income before taxes)	2023		2022		2021
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	1.0		0.8		0.9
Income from equity affiliates	(3.8)		(3.4)		(2.5)
Foreign tax differentials	0.7		0.7		0.5
Tax on foreign repatriated earnings	0.5		0.7		0.7
Share-based compensation	(0.3)		(0.7)		(0.7)






Business and asset actions	0.7		0.1		—
Other	(0.7)		(1.0)		(1.4)
Effective Tax Rate	19.1	%	18.2	%	18.5	%

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. Our income tax holidays relate to operations in jurisdictions that provide reduced income tax rates for certain qualifying activities and are conditioned upon us satisfying certain requirements.

Tax on foreign repatriated earnings includes costs related to U.S. taxation of foreign operations, foreign taxation on the current and future repatriation of foreign earnings, and a U.S. benefit for related foreign tax credits.

Share-based compensation reflects the impact from recognition of $10.2, $18.3, and $17.0 of excess tax benefits in our provision for income taxes during fiscal years 2023, 2022, and 2021, respectively.

During fiscal year 2023, we recorded a charge to net income for business and asset actions of $244.6 ($204.9 attributable to Air Products after tax). Refer to Note 4, Business and Asset Actions, for additional information. The charge included certain losses for which we could not recognize an income tax benefit and were subject to a valuation allowance of $36.0. Partially offsetting the valuation allowance cost was a $15.9 income tax benefit from a tax election related to a non-U.S. subsidiary.

In fiscal year 2021, Other includes net tax benefits of $21.5, including interest, resulting from the release of U.S. unrecognized tax benefits upon expiration of the statute of limitations on uncertain tax positions taken in prior years.

Deferred Tax Assets and Liabilities

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


30 September	2023	2022
Gross Deferred Tax Assets
Retirement benefits and compensation accruals	$75.2	$77.2
Tax loss carryforwards	141.8	126.3
Tax credits and other tax carryforwards	46.2	39.2
Reserves and accruals	65.2	55.4


Other	81.3	68.3
Valuation allowance	(153.3)	(100.1)
Deferred Tax Assets	256.4	266.3
Gross Deferred Tax Liabilities
Plant and equipment	1,192.0	1,187.6
Currency gains	20.6	22.5

Unremitted earnings of foreign entities	72.0	72.9
Partnership and other investments	18.6	16.1
Intangible assets	48.5	69.8
Other	11.1	9.1
Deferred Tax Liabilities	1,362.8	1,378.0
Net Deferred Income Tax Liability	$1,106.4	$1,111.7

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


	2023	2022
Deferred Tax Assets
Other noncurrent assets	$159.6	$135.7
Deferred Tax Liabilities
Deferred income taxes	1,266.0	1,247.4
Net Deferred Income Tax Liability	$1,106.4	$1,111.7

Deferred tax liabilities related to "Intangible assets" decreased primarily due to the impact of capitalizing research and development expenditures for U.S tax purposes. Deferred tax liabilities related to "Plant and equipment" increased due to the impact of accelerated tax depreciation deductions in excess of book depreciation, primarily in the United States. The increase was partially offset with book charges in excess of tax related to our business and asset actions that included certain costs for which we could not recognize an income tax benefit and were subject to a valuation allowance.

Deferred tax assets for "Tax loss carryforwards" increased primarily due to losses in certain Chinese subsidiaries. A portion of these losses were subject to a valuation allowance for which we could not recognize an income tax benefit. The deferred tax components for "Reserves and accruals" and "Other" were impacted by changes in tax deferred deductions and the timing of revenue recognition for local tax and accounting purposes.

As of 30 September 2023, we had the following deferred tax assets for certain tax credits:


Jurisdiction	Gross Tax Asset	Expiration Period
U.S. State	$2.0	2024 - 2036
U.S. Federal	20.9	2030 - 2033
Credits in Foreign Jurisdictions	17.7	2030 - 2041; Indefinite

Of the $17.7 credits in foreign jurisdictions, $16.0 have indefinite carryforward periods.

As of 30 September 2023, we had the following loss carryforwards:


Jurisdiction	Gross Loss Carryforward	Expiration Period
U.S. State Net Operating Loss	$237.1	2024 - 2040
U.S. State Capital Loss	35.2	2025 - 2027
U.S. Federal Capital Loss	86.3	2025 - 2027
Foreign Net Operating Loss	325.9	2024 - 2038; Indefinite
Foreign Capital Loss	197.8	Indefinite

Of the $325.9 of foreign net operating loss carryforwards, $128.9 have indefinite carryforward periods.

The valuation allowance was $153.3 and $100.1 as of 30 September 2023 and 2022, respectively. As of 30 September 2023, the balance primarily related to $33.6 of foreign credits and loss carryforwards, $18.7 of U.S. federal foreign income tax credits, $49.4 related to foreign capital losses, and $34.7 related to other charges from our Business and Asset Actions. 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 2023.

Our U.S. federal and U.S. state capital losses primarily related to a loss realized upon the divestiture of our Russian subsidiary in fiscal year 2022. We believe it is more likely than not that we will recognize sufficient U.S. capital gain income in the future to utilize our capital losses before expiration.

We record income taxes on the undistributed earnings of our foreign subsidiaries and corporate joint ventures unless those earnings are indefinitely reinvested. Such earnings may be subject to foreign withholding and other taxes. 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 $8.0 billion as of 30 September 2023. An estimated $749.0 in additional foreign withholding and other income taxes would be due if these earnings were remitted as dividends.

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of the unrecognized tax benefits, which excludes interest and penalties, is as follows:


	2023	2022	2021
Unrecognized tax benefits balance at beginning of year	$103.5	$140.3	$237.0
Additions for tax positions of the current year	10.9	7.4	14.5
Additions for tax positions of prior years	1.2	6.6	3.5
Reductions for tax positions of prior years	(6.0)	(15.4)	(8.2)
Settlements	(3.9)	(0.6)	(3.1)
Statute of limitations expiration	(10.6)	(25.5)	(104.6)
Foreign currency translation	1.4	(9.3)	1.2
Unrecognized tax benefits balance at end of year	$96.5	$103.5	$140.3

Of our unrecognized tax benefits as of 30 September 2023, $73.8 would impact the effective tax rate from continuing operations if recognized.

In fiscal year 2022, reserves for unrecognized tax benefits decreased $25.5 due to statute of limitation expirations. We released reserves of $17.2 related to the sale of PMD. Upon release of the reserves, we recorded income tax benefits of $14.8 as a component of discontinued operations. The PMD reserve was net of related deferred tax assets of $2.4. In fiscal year 2023 we released an additional $5.2 of reserves related to the sale of PMD. Fiscal year 2022 also reflects a $15.4 reduction for tax positions of prior years. This was primarily due to a $10.6 reduction caused by changes to income tax rates.

In fiscal year 2021, reserves for unrecognized tax benefits decreased $104.6 due to statute of limitation expirations. We released reserves of $65.6 related to the sale of PMD, $8.2 associated with our former Energy-from-Waste business (“EfW”), and $27.5 for other reserves, including those associated with a tax election benefit related to a non-U.S. subsidiary in 2017. Upon release of the reserves related to PMD and EfW, we recorded income tax benefits of $51.8 and $8.2, respectively, as a component of discontinued operations. The PMD reserve was net of related deferred tax assets of $13.8. The release of other reserves of $27.5 was net of related deferred tax assets of $8.4 and resulted in an income tax benefit, including interest, of $21.5.

Interest and penalties related to unrecognized tax benefits are recorded as a component of income tax expense and totaled $5.0, $1.2, and ($0.2) in fiscal years 2023, 2022, and 2021, respectively. Our 2021 expense reflects a benefit from the reversal of accrued interest on reserves released during the period. Our accrued balance for interest and penalties was $26.3 and $22.6 as of 30 September 2023 and 2022, respectively.

Income Tax Examinations

We are currently under examination in a number of tax jurisdictions. It is reasonably possible that a change in our unrecognized tax benefits may occur in fiscal year 2024 if any of these examinations are resolved 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			2018 - 2023
United States – State			2013 - 2023
Canada			2016 - 2023
Europe
France			2020 - 2023
Netherlands			2018 - 2023
Spain			2017 - 2023
United Kingdom			2020 - 2023
Middle East
Saudi Arabia			2018 - 2023
Asia
China			2011 - 2023
South Korea			2015 - 2023
Taiwan			2018 - 2023
Latin America
Chile			2019 - 2023

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Retirement Benefits (Change in Plan Assets) (Details) - Defined Benefit Pension Plan - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Company contributions	$ 32.6
U.S.
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value at beginning of year	2,404.0	$ 3,343.7
Actual return on plan assets	61.4	(778.3)
Settlements	(4.7)	(19.2)
Company contributions	8.4	23.0
Participant contributions	0.0	0.0
Benefits paid	(170.1)	(165.2)
Currency translation and other	0.0	0.0
Fair Value at End of Year	2,299.0	2,404.0
Funded Status at End of Year	(49.8)	(46.8)
International
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value at beginning of year	1,122.0	1,905.0
Actual return on plan assets	(52.7)	(498.5)
Settlements	(3.4)	(0.9)
Company contributions	24.2	21.7
Participant contributions	0.8	1.2
Benefits paid	(52.8)	(53.0)
Currency translation and other	95.9	(253.5)
Fair Value at End of Year	1,134.0	1,122.0
Funded Status at End of Year	$ (28.4)	$ (15.5)

Consolidated Income Statements - USD ($)
shares in Millions, $ in Millions

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2021

Income Statement [Abstract]

Selling and administrative expense

$ 12,600.0

$ 12,698.6

$ 10,323.0

Cost of sales

8,833.0

9,338.5

7,186.1

Facility closure

0.0

23.2

957.0

900.6

828.4

Research and development expense

105.6

102.9

93.5

Business and asset actions

244.6

73.7

0.0

Gain on exchange with joint venture partner

0.0

36.8

Other income (expense), net

34.8

55.9

52.8

Operating Income

2,494.6

2,338.8

2,281.4

Other non-operating income (expense), net

604.3

481.5

294.1

Interest expense

177.5

128.0

141.8

(39.0)

62.4

73.7

Income From Continuing Operations Before Taxes

2,882.4

2,754.7

2,507.4

Income tax provision

551.2

500.8

462.8

Income From Continuing Operations

2,331.2

2,253.9

2,044.6

Income from discontinued operations, net of tax

7.4

12.6

70.3

Net Income

2,338.6

2,266.5

2,114.9

Net income attributable to noncontrolling interests of continuing operations

38.4

10.4

15.8

Net Income Attributable to Air Products

2,300.2

2,256.1

2,099.1

Net Income Attributable to Air Products

Net income from continuing operations

2,292.8

2,243.5

2,028.8

Net income from discontinued operations

7.4

12.6

70.3

Net Income Attributable to Air Products

$ 2,300.2

$ 2,256.1

$ 2,099.1

Per Share Data

Basic EPS from continuing operations

^[1]

$ 10.31

$ 10.11

$ 9.16

Basic EPS from discontinued operations

^[1]

0.03

0.06

0.32

Basic EPS attributable to Air Products (in dollars per share)

^[1]

10.35

10.16

9.47

Diluted EPS from continuing operations

^[1]

10.30

10.08

9.12

Diluted EPS from discontinued operations

^[1]

0.03

0.06

0.32

Diluted EPS attributable to Air Products (in dollars per share)

^[1]

$ 10.33

$ 10.14

$ 9.43

Weighted Average Common Shares (in millions)

Basic

222.3

222.0

221.6

Diluted

222.7

222.5

[1]	Earnings per share ("EPS") is calculated independently for each component and may not sum to total EPS due to rounding.

Fair Value Measurements

12 Months Ended

Sep. 30, 2023

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. 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.

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


	2023		2022
30 September	Carrying Value	Fair Value	Carrying Value	Fair Value
Assets
Derivatives
Forward exchange contracts	$76.4	$76.4	$138.6	$138.6
Interest rate management contracts	317.7	317.7	50.5	50.5
Liabilities
Derivatives
Forward exchange contracts	$124.4	$124.4	$275.3	$275.3
Interest rate management contracts	87.0	87.0	91.2	91.2
Long-term debt, including current portion and related party	10,046.3	9,173.5	7,634.1	6,721.2

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


	2023				2022
30 September	Total	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3
Assets at Fair Value



Derivatives
Forward exchange contracts	$76.4	$—	$76.4	$—	$138.6	$—	$138.6	$—
Interest rate management contracts	317.7	—	317.7	—	50.5	—	50.5	—
Total Assets at Fair Value	$394.1	$—	$394.1	$—	$189.1	$—	$189.1	$—
Liabilities at Fair Value
Derivatives
Forward exchange contracts	$124.4	$—	$124.4	$—	$275.3	$—	$275.3	$—
Interest rate management contracts	87.0	—	87.0	—	91.2	—	91.2	—
Total Liabilities at Fair Value	$211.4	$—	$211.4	$—	$366.5	$—	$366.5	$—

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.

Business Segment and Geographic Information (Reconciliation of Equity Affiliates' Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Equity affiliates' income	$ 604.3	$ 481.5	$ 294.1
Equity method investment impairment charge		(14.8)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Equity method investment impairment charge	0.0	(14.8)	0.0
Segment Total
Segment Reporting Information [Line Items]
Equity affiliates' income	$ 604.3	$ 496.3	$ 294.1

Business and Asset Actions (Details) $ in Millions	12 Months Ended
Business and Asset Actions (Details) $ in Millions	Sep. 30, 2023 USD ($) position	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Restructuring and Related Activities [Abstract]
Business and asset actions	$ 244.6	$ 73.7	$ 0.0
Business and asset actions attributable to Air Products after tax	204.9
Noncash charge to write off assets	217.6
Charge for severance and other benefits	$ 27.0
Number of employees to whom involuntary termination benefits are payable \| position	450

Share-Based Compensation (Market-Based Deferred Stock Unit Valuation Assumptions) (Details) - Market-Based Deferred Stock Unit	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	32.50%	30.50%	29.90%
Risk-free interest rate	4.00%	0.80%	0.20%
Expected dividend yield	2.40%	2.10%	2.10%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Business Segment and Geographic Information

Business Segment and Geographic Information

12 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION

During the fiscal year ended 30 September 2023, we managed our operations, assessed performance, and reported earnings under the following reportable segments:

•Americas;

•Asia;

•Europe;

•Middle East and India; and

•Corporate and other

Our reportable segments reflect the manner in which our chief operating decision maker reviews results and allocates resources. We evaluate the performance of our segments based upon segment operating income. Except for the Corporate and other segment, each reportable segment meets the definition of an operating segment and does not include the aggregation of multiple operating segments. Our Corporate and other segment includes the aggregation of three operating segments that meet the aggregation criteria under GAAP.

Industrial Gases – Regional

The results of our regional industrial gas businesses are reflected in the Americas, Asia, Europe, and Middle East and India segments. These businesses produce and sell gases to diversified customers in dozens of industries, including those in refining, chemicals, metals, electronics, manufacturing, medical, and food. Our industrial gas portfolio includes atmospheric gases such as oxygen, nitrogen, and argon; process gases such as hydrogen, helium, carbon dioxide, carbon monoxide, and syngas (a mixture of hydrogen and carbon monoxide), and specialty gases. We offer our industrial gas products through a variety of supply modes as described in Note 6, Revenue Recognition.

The industrial gases business develops, builds, and operates equipment for the production or processing of gases. Electricity is the largest cost component in the production of atmospheric gases. To produce hydrogen, carbon monoxide, and syngas, steam methane reformers use natural gas as the primary raw material, while gasifiers use liquid and solid hydrocarbons as the primary raw material. We mitigate electricity, natural gas, and hydrocarbon price fluctuations contractually through pricing formulas, surcharges, cost pass-through provisions, and tolling arrangements.

Our regional industrial gas segments include our share of the results of several joint ventures accounted for under the equity method. The largest of these joint ventures operate in China, India, Italy, Mexico, Saudi Arabia, South Africa, and Thailand.

Each of the regional industrial gases segments competes against global industrial gas companies as well as regional competitors. Competition in industrial gases 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 our larger customers.

Corporate and other

The Corporate and other segment includes sales of cryogenic and gas processing equipment for air separation that 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. Our Corporate and other segment also includes the results of our liquefied natural gas ("LNG"), turbo machinery equipment and services, and distribution sale of equipment businesses. Competition for our sale of equipment businesses is based primarily on technological performance, service, technical know-how, price, and performance guarantees.

Our Corporate and other segment also incurs costs to provide corporate support functions and global management activities that benefit all segments. These costs include those for product development, research and development, and administrative support. The results of our Corporate and other segment also include income and expense not directly associated with the regional segments, such as foreign exchange gains and losses.

In addition to assets of the global businesses included in this segment, other assets include cash and cash items, short-term investments, 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 sales.

Business Segment Information


	Americas	Asia	Europe	Middle East and India	Corporate and other	Total
2023
Sales	$5,369.3	$3,216.1	$2,963.1	$162.5	$889.0	$12,600.0	(A)
Operating income (loss)	1,439.7	906.5	663.4	16.9	(287.3)	2,739.2	(B)
Depreciation and amortization	649.3	433.5	196.2	27.5	51.8	1,358.3
Equity affiliates' income	109.2	29.7	102.5	349.8	13.1	604.3	(B)
Expenditures for long-lived assets	2,033.7	663.4	482.4	1,312.7	134.2	4,626.4
Investments in net assets of and advances to equity affiliates	476.9	285.2	504.9	3,265.2	85.6	4,617.8
Total assets	9,927.5	7,009.6	4,649.8	5,708.4	4,707.2	32,002.5
2022
Sales	$5,368.9	$3,143.3	$3,086.1	$129.5	$970.8	$12,698.6	(A)
Operating income (loss)	1,174.4	898.3	503.4	21.1	(184.7)	2,412.5	(B)
Depreciation and amortization	629.5	436.5	195.2	26.9	50.1	1,338.2
Equity affiliates' income	98.2	22.1	78.2	293.9	3.9	496.3	(B)
Expenditures for long-lived assets	1,353.1	779.2	312.6	271.6	210.0	2,926.5
Investments in net assets of and advances to equity affiliates	434.4	268.9	435.0	2,143.3	72.2	3,353.8
Total assets	8,237.7	6,968.7	3,645.1	2,980.7	5,360.4	27,192.6
2021
Sales	$4,167.6	$2,920.8	$2,345.6	$99.3	$789.7	$10,323.0	(A)
Operating income (loss)	1,065.5	838.3	529.4	28.0	(193.4)	2,267.8	(B)
Depreciation and amortization	611.9	444.4	204.5	25.3	35.2	1,321.3
Equity affiliates' income	112.5	35.9	62.8	76.4	6.5	294.1	(B)
Expenditures for long-lived assets	909.6	792.3	300.3	71.0	391.0	2,464.2

(A)Sales relate to external customers only. All intersegment sales are eliminated in consolidation.

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

Reconciliations to Consolidated Results

Operating Income

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


Fiscal Year Ended 30 September	2023	2022	2021
Total	$2,739.2	$2,412.5	$2,267.8

Facility closure	—	—	(23.2)
Business and asset actions	(244.6)	(73.7)	—



Gain on exchange with joint venture partner	—	—	36.8


Consolidated Operating Income	$2,494.6	$2,338.8	$2,281.4

Equity Affiliates' Income

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


Fiscal Year Ended 30 September	2023	2022	2021
Total	$604.3	$496.3	$294.1
Equity method investment impairment charge	—	(14.8)	—


Consolidated Equity Affiliates' Income	$604.3	$481.5	$294.1

Geographic Information

The geographic information presented below is based on country of origin.

Sales to External Customers


Fiscal Year Ended 30 September	2023	2022	2021
United States	$5,234.2	$5,230.2	$3,895.8



China	1,988.1	1,989.8	1,828.0


Other foreign operations	5,377.7	5,478.6	4,599.2
Total	$12,600.0	$12,698.6	$10,323.0

Long-Lived Assets(A)

30 September	2023	2022	2021
United States	$7,431.0	$6,022.0	$5,187.8



China	3,744.7	3,886.0	4,137.7


Saudi Arabia	1,818.1	595.7	29.0
Other foreign operations	4,478.3	3,656.8	3,900.1
Total	$17,472.1	$14,160.5	$13,254.6

(A)"Long-lived assets" represents plant and equipment, net.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

12 Months Ended

Sep. 30, 2023

Goodwill

GOODWILL

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


	Americas	Asia	Europe	Middle East and India	Corporate and other	Total
Goodwill, net as of 30 September 2021	$151.0	$184.3	$533.5	$8.0	$34.7	$911.5

Acquisitions(A)	—	—	17.0	7.5	—	24.5
Currency translation and other	(7.8)	(11.6)	(93.0)	0.3	(0.9)	(113.0)
Goodwill, net as of 30 September 2022	$143.2	$172.7	$457.5	$15.8	$33.8	$823.0


Currency translation and other	3.4	(0.8)	36.0	—	0.1	38.7
Goodwill, net as of 30 September 2023	$146.6	$171.9	$493.5	$15.8	$33.9	$861.7

(A)Goodwill acquired in fiscal year 2022 was primarily attributable to expected cost synergies associated with small business combinations, of which $3.2 was deductible for tax purposes.


30 September	2023	2022	2021
Goodwill, gross	$1,158.4	$1,096.0	$1,239.2
Accumulated impairment losses(A)	(296.7)	(273.0)	(327.7)
Goodwill, net	$861.7	$823.0	$911.5

(A)Accumulated impairment losses are attributable to our Latin America reporting unit ("LASA") within the Americas segment and include the impact of currency translation.

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 2023, we conducted our annual goodwill impairment test and determined that the fair value of all our reporting units exceeded their carrying value.

Equity Affiliates (Investment Listing) (Details)	Sep. 30, 2023	Oct. 27, 2021
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 Integrated Gasification and Power Company ("JIGPC")
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	55.00%	55.00%
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%
Parent \| Jazan Integrated Gasification and Power Company ("JIGPC")
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	51.00%

Inventories (Tables)

12 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Components of Inventories

INVENTORIES

The components of inventories are as follows:


30 September	2023	2022
Finished goods	$211.6	$162.0
Work in process	28.4	22.0
Raw materials, supplies, and other	411.8	330.2
Inventories	$651.8	$514.2

Income Taxes (Summary of Income Tax Examinations) (Details)	12 Months Ended
	Sep. 30, 2023
U.S. Federal \| U.S. Federal \| Minimum
Income Tax Examination [Line Items]
Open tax year subject to examination	2018
U.S. Federal \| U.S. Federal \| Maximum
Income Tax Examination [Line Items]
Open tax year subject to examination	2023
U.S. State \| U.S. State \| Minimum
Income Tax Examination [Line Items]
Open tax year subject to examination	2013
U.S. State \| U.S. State \| Maximum
Income Tax Examination [Line Items]
Open tax year subject to examination	2023
Foreign \| Canada \| Minimum
Income Tax Examination [Line Items]
Open tax year subject to examination	2016
Foreign \| Canada \| Maximum
Income Tax Examination [Line Items]
Open tax year subject to examination	2023
Foreign \| France \| Minimum
Income Tax Examination [Line Items]
Open tax year subject to examination	2020
Foreign \| France \| Maximum
Income Tax Examination [Line Items]
Open tax year subject to examination	2023
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	2023
Foreign \| Spain \| Minimum
Income Tax Examination [Line Items]
Open tax year subject to examination	2017
Foreign \| Spain \| Maximum
Income Tax Examination [Line Items]
Open tax year subject to examination	2023
Foreign \| United Kingdom \| Minimum
Income Tax Examination [Line Items]
Open tax year subject to examination	2020
Foreign \| United Kingdom \| Maximum
Income Tax Examination [Line Items]
Open tax year subject to examination	2023
Foreign \| Saudi Arabia \| Minimum
Income Tax Examination [Line Items]
Open tax year subject to examination	2018
Foreign \| Saudi Arabia \| Maximum
Income Tax Examination [Line Items]
Open tax year subject to examination	2023
Foreign \| China \| Minimum
Income Tax Examination [Line Items]
Open tax year subject to examination	2011
Foreign \| China \| Maximum
Income Tax Examination [Line Items]
Open tax year subject to examination	2023
Foreign \| South Korea \| Minimum
Income Tax Examination [Line Items]
Open tax year subject to examination	2015
Foreign \| South Korea \| Maximum
Income Tax Examination [Line Items]
Open tax year subject to examination	2023
Foreign \| Taiwan \| Minimum
Income Tax Examination [Line Items]
Open tax year subject to examination	2018
Foreign \| Taiwan \| Maximum
Income Tax Examination [Line Items]
Open tax year subject to examination	2023
Foreign \| Chile \| Minimum
Income Tax Examination [Line Items]
Open tax year subject to examination	2019
Foreign \| Chile \| Maximum
Income Tax Examination [Line Items]
Open tax year subject to examination	2023

Debt

12 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt

DEBT

The table below summarizes our total outstanding debt as reflected on our consolidated balance sheets:


30 September	2023	2022
Short-term borrowings(A)	$259.5	$10.7
Current portion of long-term debt	615.0	548.3
Long-term debt	9,280.6	6,433.8
Long-term debt – related party	150.7	652.0
Total Debt	$10,305.8	$7,644.8

Related Party Debt

Our related party debt includes loans with our joint venture partners. Total debt owed to related parties was $328.3 and $781.0 as of 30 September 2023 and 30 September 2022, respectively, of which $177.6 and $129.0, respectively, was reflected within "Current portion of long-term debt" on our consolidated balance sheets. During the third quarter of fiscal year 2023, outstanding shareholder loans to the NGHC joint venture were converted to equity in the entity. Refer to Note 3, Variable Interest Entities, for additional information on this joint venture. The remaining related party debt balance as of 30 September 2023 primarily includes a loan with Lu’An Clean Energy Company.

Debt Covenants

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 2023, we were in compliance with all the financial and other covenants under our debt agreements.

Summary of Long-Term Debt Instruments


30 September	Maturities	2023	2022
Payable in U.S. Dollars


Medium-term Notes (weighted average rate)
Series E 7.6%	2026	$17.2	$17.2
Senior Notes
Note 2.75%	2023	—	400.0
Note 3.35%	2024	400.0	400.0
Note 1.50%	2026	550.0	550.0
Note 1.85%	2027	650.0	650.0
Note 2.05%	2030	900.0	900.0
Note 4.800%	2033	600.0	—
Note 2.70%	2040	750.0	750.0
Note 2.80%	2050	950.0	950.0
Other (weighted average rate)
Variable-rate industrial revenue bonds 3.55%	2035 to 2050	618.9	618.9
Other variable-rate 6.78%	2024 to 2032	41.4	41.4
Payable in Other Currencies
Eurobonds 1.000%	2025	317.2	294.1
Eurobonds 0.500%	2028	528.6	490.1
Eurobonds 0.800%	2032	528.6	490.1
Eurobonds 4.000%	2035	740.1	—
Saudi Riyal Loan Facility variable-rate 4.10%	2023	—	195.6
Saudi Riyal Loan Facility variable-rate 7.00%	2027	451.1	—
Saudi Riyal Loan Facility 2.00%	2034	192.1	—
New Taiwan Dollar Loan Facility 1.86%	2024 to 2028	167.5	189.0
New Taiwan Dollar Loan Facility 2.66%	2026 to 2029	186.1	31.5
New Taiwan Dollar Loan Facility variable-rate 2.55%	2026 to 2030	3.1	—
Other	2023	—	0.1
Related Party Debt
Chinese Renminbi 5.5%	2024 to 2027	313.5	321.5
Chinese Renminbi 5.7%	2033	14.8	12.2
Non-Recourse Debt Associated With NGHC(A)	2027 to 2053	1,364.8	—
Finance Lease Obligations (weighted average rate)

Foreign 11.4%	2025 to 2036	7.5	7.6
Total Principal Amount		$10,292.5	$7,309.3

Plus: Related party shareholder loans to NGHC		—	447.3
Less: Unamortized discount and debt issuance costs		(165.7)	(45.4)
Less: Fair value hedge accounting adjustments(B)		(80.5)	(77.1)
Total Long-term Debt		$10,046.3	$7,634.1
Less: Current portion of long-term debt		(615.0)	(548.3)
Less: Long-term debt – related party		(150.7)	(652.0)
Long-term Debt		$9,280.6	$6,433.8

(A)Refer to the "NEOM Green Hydrogen Project Financing" section below for additional information.

(B)Refer to Note 14, Financial Instruments, for additional information.

Principal maturities of long-term debt, including current portion and amounts owed to related parties, in each of the next five years and thereafter are as follows:


2024			$615.3
2025			419.5
2026			701.4
2027			1,362.8
2028			632.2
Thereafter			6,561.3
Total			$10,292.5

Interest


Fiscal Year Ended 30 September	2023	2022	2021
Interest incurred	$292.9	$169.0	$170.1
Less: Capitalized interest	115.4	41.0	28.3
Interest expense	$177.5	$128.0	$141.8

Cash paid for interest, net of amounts capitalized, was $131.5, $128.5, and $150.4 in fiscal years 2023, 2022, and 2021, respectively.

Green Financing

On 3 March 2023, we issued our inaugural multi-currency green bonds under our new Green Finance Framework, which was established to further align our financings with our sustainability strategy. The concurrent offerings included U.S. Dollar- and Euro-denominated fixed-rate notes with aggregate principal amounts of $600 and €700 million, respectively. The proceeds from the notes were reduced by deferred financing charges and discounts of approximately $15, which are being amortized over the life of the underlying bonds.

Credit Facilities

2021 Credit Agreement

We have a five-year $2.75 billion revolving credit agreement maturing 31 March 2026 with a syndicate of banks (the “2021 Credit Agreement”), under which senior unsecured debt is available to us and certain of our subsidiaries. The 2021 Credit Agreement provides a source of liquidity and supports our commercial paper program. No borrowings were outstanding under the 2021 Credit Agreement as of 30 September 2023.

The only financial covenant in the 2021 Credit Agreement is a maximum ratio of total debt to total capitalization (equal to total debt plus total equity) not to exceed 70%. The 2021 Credit Agreement defines total debt as the aggregate principal amount of all indebtedness, excluding limited recourse debt of any project finance subsidiary. Accordingly, this calculation does not consider borrowings associated with NGHC.

Foreign Credit Facilities

We also have credit facilities available to certain of our foreign subsidiaries totaling $1,596.8, of which $1,041.4 was borrowed and outstanding as of 30 September 2023. The amount borrowed and outstanding as of 30 September 2022 was $457.5. The increase from 30 September 2022 was driven by borrowings on a new variable-rate Saudi Riyal loan facility that matures in October 2026. The interest rate on the facility is based on SAIBOR plus an annual margin of 1.35%. We entered into this facility in October 2022 and utilized a portion of the proceeds to repay a variable-rate 4.10% Saudi Riyal loan facility of $195.6, which was presented within long-term debt on our consolidated balance sheet as of 30 September 2022.

NEOM Green Hydrogen Project Financing

In May 2023, NGHC secured non-recourse project financing of approximately $6.1 billion, which is expected to fund about 73% of the NEOM Green Hydrogen Project and will be drawn over the construction period. At the same time, NGHC secured additional non-recourse credit facilities totaling approximately $500 primarily for working capital needs. As of 30 September 2023, the joint venture had borrowed $1.4 billion of the available financing. For additional information, including details of related debt instruments, refer to Note 3, Variable Interest Entities.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Supplemental Information (Other Noncurrent Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Disclosure Text Block Supplement [Abstract]
Asset retirement obligations	$ 285.1	$ 265.0
Pension benefits	192.3	190.0
Postretirement benefits	10.3	15.0
Derivative instruments	112.7	138.2
Long-term accrued income taxes related to U.S. tax reform	109.4	134.6
Contingencies related to uncertain tax positions	89.6	95.6
Contract liabilities	136.9	67.2
Environmental liabilities	50.2	61.8
Other	131.5	131.7
Other noncurrent liabilities	$ 1,118.0	$ 1,099.1

Acquisitions (Narrative) (Details) - USD ($) $ in Millions			2 Months Ended	12 Months Ended
Acquisitions (Narrative) (Details) - USD ($) $ in Millions	May 25, 2023	Feb. 23, 2021	Nov. 16, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Asset Acquisition [Line Items]
Financing Receivable				$ 817.2	$ 0.0
Progress Payments				665.1	0.0	$ 0.0
Proceeds from sale of assets and investments				25.4	46.2	37.5
Gain on exchange with joint venture partner				$ 0.0	$ 0.0	36.8
Gain on exchange with joint venture partner, after tax						$ 27.3
TIG - Portion of Business Acquired
Asset Acquisition [Line Items]
Ownership interest subsequent to acquisition date (percent)		100.00%
Proceeds from sale of assets and investments		$ 10.8
Gain from revaluation of previously held equity interest to acquisition date fair value		12.7
Acquisition date fair value of previously held equity interest		15.4
Tyczka Industrie-Gases GmbH
Asset Acquisition [Line Items]
Ownership interest (percent) in former equity method investment					50.00%
Gain from disposition of interest in equity method investment		$ 24.1
Natural Gas-To-Syngas Processing Facility
Asset Acquisition [Line Items]
Price of acquisition	$ 1,000.0
Sales contract term				15 years
Financing Receivable				$ 800.0
Progress Payments				$ 600.0
Natural Gas-To-Syngas Processing Facility \| Subsequent event
Asset Acquisition [Line Items]
Progress Payments			$ 100.0

Acquisitions	12 Months Ended
Acquisitions	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	ACQUISITIONS Fiscal Year 2023 Uzbekistan Asset Purchase On 25 May 2023, we entered into an investment agreement with the Government of the Republic of Uzbekistan and Uzbekneftegaz JSC (“UNG”) to purchase a natural gas-to-syngas processing facility in Qashqadaryo Province, Uzbekistan, for $1 billion. Under the agreement, Air Products will acquire, own, and operate the facility and supply all offtake products to UNG under a 15-year on-site contract, with UNG supplying the feedstock natural gas and utilities. We are accounting for the transaction as a financing arrangement because UNG has the right to reacquire the facility at the end of the contract term. Accordingly, progress payments of approximately $800, of which $600 was completed during fiscal year 2023, are reflected within "Financing Receivables" on our consolidated balance sheet as of 30 September 2023. The progress payments are reflected within “Investment in financing receivables” on our consolidated statement of cash flows. In early fiscal year 2024, we made an additional progress payment of $100. Fiscal Year 2021 Gain on Exchange With Joint Venture Partner We previously held a 50% ownership interest in Tyczka Industrie-Gases GmbH ("TIG"), a joint venture in Germany with the Tyczka Group that was primarily a merchant gases business. We accounted for this arrangement as an equity method investment in our former Industrial Gases – EMEA segment. Effective 23 February 2021 (the "acquisition date"), TIG was separated into two businesses, one of which we acquired on a 100% basis. Our partner paid us $10.8 to acquire the other business. The exchange resulted in a gain of $36.8 ($27.3 after-tax), which is reflected as “Gain on exchange with joint venture partner” on our consolidated income statements for the fiscal year ended 30 September 2021. The gain included $12.7 from the revaluation of our previously held equity interest in the portion of the business that we retained and $24.1 from the sale of our equity interest in the remaining business. The gain was not recorded in segment results. We estimated an acquisition date fair value of $15.4 for our previously held equity interest in the acquired portion of the business using a market approach, which considered historical earnings and the application of a market-based multiple derived from comparable transactions. We accounted for the acquisition as a business combination. The results of this business are consolidated within our Europe segment.
Business Combinations	ACQUISITIONS Fiscal Year 2023 Uzbekistan Asset Purchase On 25 May 2023, we entered into an investment agreement with the Government of the Republic of Uzbekistan and Uzbekneftegaz JSC (“UNG”) to purchase a natural gas-to-syngas processing facility in Qashqadaryo Province, Uzbekistan, for $1 billion. Under the agreement, Air Products will acquire, own, and operate the facility and supply all offtake products to UNG under a 15-year on-site contract, with UNG supplying the feedstock natural gas and utilities. We are accounting for the transaction as a financing arrangement because UNG has the right to reacquire the facility at the end of the contract term. Accordingly, progress payments of approximately $800, of which $600 was completed during fiscal year 2023, are reflected within "Financing Receivables" on our consolidated balance sheet as of 30 September 2023. The progress payments are reflected within “Investment in financing receivables” on our consolidated statement of cash flows. In early fiscal year 2024, we made an additional progress payment of $100. Fiscal Year 2021 Gain on Exchange With Joint Venture Partner We previously held a 50% ownership interest in Tyczka Industrie-Gases GmbH ("TIG"), a joint venture in Germany with the Tyczka Group that was primarily a merchant gases business. We accounted for this arrangement as an equity method investment in our former Industrial Gases – EMEA segment. Effective 23 February 2021 (the "acquisition date"), TIG was separated into two businesses, one of which we acquired on a 100% basis. Our partner paid us $10.8 to acquire the other business. The exchange resulted in a gain of $36.8 ($27.3 after-tax), which is reflected as “Gain on exchange with joint venture partner” on our consolidated income statements for the fiscal year ended 30 September 2021. The gain included $12.7 from the revaluation of our previously held equity interest in the portion of the business that we retained and $24.1 from the sale of our equity interest in the remaining business. The gain was not recorded in segment results. We estimated an acquisition date fair value of $15.4 for our previously held equity interest in the acquired portion of the business using a market approach, which considered historical earnings and the application of a market-based multiple derived from comparable transactions. We accounted for the acquisition as a business combination. The results of this business are consolidated within our Europe segment.

Supplemental Information (Other Receivables and Current Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Disclosure Text Block Supplement [Abstract]
Derivative instruments	$ 73.5	$ 114.4
Value added tax receivable	209.6	94.2
Contract fulfillment costs	89.0	84.1
Contract assets	124.7	69.0
Current lease receivables	78.0	77.8
Current financing receivables	50.0	0.0
Other	97.3	76.3
Other receivables and current assets	$ 722.1	$ 515.8

Retirement Benefits (Assumptions in Calculating Projected Benefit Obligation) (Details) - Defined Benefit Pension Plan	Sep. 30, 2023	Sep. 30, 2022
U.S.
Defined Benefit Plan Disclosure [Line Items]
Discount rate	6.00%	5.60%
Rate of compensation increase	3.50%	3.50%
International
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.10%	4.70%
Rate of compensation increase	3.40%	3.40%

Share-Based Compensation (Compensation Cost Recognized in Income Statement) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement [Abstract]
Before-tax share-based compensation cost	$ 60.7	$ 49.5	$ 44.5
Income tax benefit	(14.6)	(12.1)	(11.0)
After-tax share-based compensation cost	$ 46.1	$ 37.4	$ 33.5

Supplemental Information (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Related Party Transaction [Line Items]
Trade receivables, net		$ 1,700.4	$ 1,794.4
Facility closure	$ 23.2	0.0	0.0	$ 23.2
Related Party
Related Party Transaction [Line Items]
Sales and other income		380.0	300.0	$ 225.0
Trade receivables, net		$ 80.0	$ 55.0

Capital Stock (Preferred Stock Narrative) (Details) - $ / shares	Sep. 30, 2023	Sep. 30, 2022
Class of Stock [Line Items]
Preferred stock, shares authorized	25,000,000
Preferred 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 issued	0	0
Preferred stock, shares outstanding	0	0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Subparagraph (e)
-Publisher FASB
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Property, Plant and Equipment [Abstract]

Plant and Equipment, Net

12 Months Ended

Sep. 30, 2023

Plant and Equipment, Net

PLANT AND EQUIPMENT, NET

The major classes of plant and equipment are as follows:


30 September	Useful life	2023	2022
Land		$320.8	$266.7
Buildings	30 years	1,543.7	1,431.3
Production facilities(A)	10-20 years	19,593.1	18,000.5



Distribution and other machinery and equipment(B)	5-25 years	5,129.6	4,784.9
Construction in progress		6,159.1	3,676.7
Plant and equipment, at cost		$32,746.3	$28,160.1
Less: Accumulated depreciation		15,274.2	13,999.6
Plant and equipment, net		$17,472.1	$14,160.5

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

Depreciation expense was $1,325.8, $1,302.7, and $1,284.1 in fiscal years 2023, 2022, and 2021, respectively.

Business Segment and Geographic Information (Tables)

12 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

Business Segment Information


	Americas	Asia	Europe	Middle East and India	Corporate and other	Total
2023
Sales	$5,369.3	$3,216.1	$2,963.1	$162.5	$889.0	$12,600.0	(A)
Operating income (loss)	1,439.7	906.5	663.4	16.9	(287.3)	2,739.2	(B)
Depreciation and amortization	649.3	433.5	196.2	27.5	51.8	1,358.3
Equity affiliates' income	109.2	29.7	102.5	349.8	13.1	604.3	(B)
Expenditures for long-lived assets	2,033.7	663.4	482.4	1,312.7	134.2	4,626.4
Investments in net assets of and advances to equity affiliates	476.9	285.2	504.9	3,265.2	85.6	4,617.8
Total assets	9,927.5	7,009.6	4,649.8	5,708.4	4,707.2	32,002.5
2022
Sales	$5,368.9	$3,143.3	$3,086.1	$129.5	$970.8	$12,698.6	(A)
Operating income (loss)	1,174.4	898.3	503.4	21.1	(184.7)	2,412.5	(B)
Depreciation and amortization	629.5	436.5	195.2	26.9	50.1	1,338.2
Equity affiliates' income	98.2	22.1	78.2	293.9	3.9	496.3	(B)
Expenditures for long-lived assets	1,353.1	779.2	312.6	271.6	210.0	2,926.5
Investments in net assets of and advances to equity affiliates	434.4	268.9	435.0	2,143.3	72.2	3,353.8
Total assets	8,237.7	6,968.7	3,645.1	2,980.7	5,360.4	27,192.6
2021
Sales	$4,167.6	$2,920.8	$2,345.6	$99.3	$789.7	$10,323.0	(A)
Operating income (loss)	1,065.5	838.3	529.4	28.0	(193.4)	2,267.8	(B)
Depreciation and amortization	611.9	444.4	204.5	25.3	35.2	1,321.3
Equity affiliates' income	112.5	35.9	62.8	76.4	6.5	294.1	(B)
Expenditures for long-lived assets	909.6	792.3	300.3	71.0	391.0	2,464.2

(A)Sales relate to external customers only. All intersegment sales are eliminated in consolidation.

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

Reconciliation of Segments to Consolidated Operating Income

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


Fiscal Year Ended 30 September	2023	2022	2021
Total	$2,739.2	$2,412.5	$2,267.8

Facility closure	—	—	(23.2)
Business and asset actions	(244.6)	(73.7)	—



Gain on exchange with joint venture partner	—	—	36.8


Consolidated Operating Income	$2,494.6	$2,338.8	$2,281.4

Reconciliation of Segments to Consolidated Equity Affiliates' Income

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


Fiscal Year Ended 30 September	2023	2022	2021
Total	$604.3	$496.3	$294.1
Equity method investment impairment charge	—	(14.8)	—


Consolidated Equity Affiliates' Income	$604.3	$481.5	$294.1

Schedule of Revenue and Long-Lived Assets by Geographical Areas

Geographic Information

The geographic information presented below is based on country of origin.

Sales to External Customers


Fiscal Year Ended 30 September	2023	2022	2021
United States	$5,234.2	$5,230.2	$3,895.8



China	1,988.1	1,989.8	1,828.0


Other foreign operations	5,377.7	5,478.6	4,599.2
Total	$12,600.0	$12,698.6	$10,323.0

Long-Lived Assets(A)

30 September	2023	2022	2021
United States	$7,431.0	$6,022.0	$5,187.8



China	3,744.7	3,886.0	4,137.7


Saudi Arabia	1,818.1	595.7	29.0
Other foreign operations	4,478.3	3,656.8	3,900.1
Total	$17,472.1	$14,160.5	$13,254.6

(A)"Long-lived assets" represents plant and equipment, net.

Equity Affiliates (Tables)

12 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

As of 30 September 2023, our equity affiliates were as follows:



Abdullah Hashim Industrial Gases & Equipment Co., Ltd. (25%);						INFRA Group (40%);
Air Products South Africa (Proprietary) Limited (50%);						INOX Air Products Private Limited (50%);
Bangkok Cogeneration Company Limited (49%);						Jazan Integrated Gasification and Power Company (51%);
Bangkok Industrial Gases Co., Ltd. (49%);						Kulim Industrial Gases Sdn. Bhd. (50%);
Chengdu Air & Gas Products Ltd. (50%);						Sapio Produzione Idrogeno Ossigeno S.r.l. (49%);
Helios S.p.A. (49%);						and principally, other industrial gas producers.

Dividends and other distributions received from equity affiliates were $344.3, $285.1, and $157.3 in fiscal years 2023, 2022, and 2021, respectively.

As of 30 September 2023 and 2022, the amount of investment in companies accounted for by the equity method included equity method goodwill of $41.3 and $44.6, respectively.

Summarized Financial Information

The summarized financial information presented below is on a combined 100% basis and has been compiled based on the financial statements of our equity affiliates.


30 September		2023	2022
Current assets		$3,097.1	$2,454.6
Noncurrent assets		14,468.2	9,805.6
Current liabilities		1,145.7	939.0
Noncurrent liabilities		11,934.0	7,713.5


Fiscal Year Ended 30 September	2023	2022	2021
Net sales(A)	$5,192.9	$4,124.4	$3,338.1

Gross profit	2,465.5	1,894.0	1,492.9
Operating income	1,847.4	1,320.1	962.2
Net income	1,062.9	895.1	646.0

(A)Includes financing revenue of $1,011.3, $674.6, and $134.9 in fiscal years 2023, 2022, and 2021, respectively. Financing revenue in fiscal years 2023 and 2022 primarily relates to the JIGPC joint venture discussed below.

Retirement Benefits (Amounts Recognized on Balance Sheet) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	$ 120.0	$ 133.9
Accrued liabilities	9.6	11.1
Defined Benefit Pension Plan \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	36.2	36.4
Accrued liabilities	5.3	5.8
Noncurrent liabilities	80.7	77.4
Net Liability Recognized	(49.8)	(46.8)
Defined Benefit Pension Plan \| International
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	83.8	97.5
Accrued liabilities	0.6	0.4
Noncurrent liabilities	111.6	112.6
Net Liability Recognized	$ (28.4)	$ (15.5)

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

Estimates and Assumptions

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends per share	$ 6.87	$ 6.36	$ 5.84

Intangible Assets (Acquired Intangible Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets, gross	$ 672.3	$ 636.2
Accumulated amortization and impairment	(337.7)	(288.7)
Intangible assets, net	334.6	347.5
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	625.1	594.0
Accumulated amortization	(327.6)	(279.6)
Finite-lived intangible assets, net	297.5	314.4
Trade names and trademarks
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, gross	47.2	42.2
Accumulated impairment	(10.1)	(9.1)
Indefinite-lived intangible assets, net	37.1	33.1
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	507.3	487.5
Accumulated amortization	(262.2)	(226.3)
Finite-lived intangible assets, net	245.1	261.2
Patents and technology
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	41.1	33.1
Accumulated amortization	(26.7)	(16.3)
Finite-lived intangible assets, net	14.4	16.8
Other
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	76.7	73.4
Accumulated amortization	(38.7)	(37.0)
Finite-lived intangible assets, net	$ 38.0	$ 36.4

Debt (Narrative) (Details) € in Millions		1 Months Ended	12 Months Ended
Debt (Narrative) (Details) € in Millions	Mar. 31, 2021	May 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Mar. 03, 2023 USD ($)	Mar. 03, 2023 EUR (€)	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
Total debt			$ 10,305,800,000			$ 7,644,800,000
Current portion of long-term debt			615,000,000.0			548,300,000
Deferred financing charges and discounts			165,700,000			45,400,000
Long-term debt, principal amount			$ 10,292,500,000			7,309,300,000
NEOM Green Hydrogen Project Financing, Primary \| Nonrecourse \| NEOM Green Hydrogen Company
Debt Instrument [Line Items]
Project financing, maximum borrowing capacity		$ 6,100,000,000
Amount of debt funding, percent			73.00%
NEOM Green Hydrogen Project Financing, Working Capital \| Nonrecourse \| NEOM Green Hydrogen Company
Debt Instrument [Line Items]
Project financing, maximum borrowing capacity		$ 500,000,000
NEOM Green Hydrogen Project Financing \| Nonrecourse \| NEOM Green Hydrogen Company
Debt Instrument [Line Items]
Long-term debt, principal amount			$ 1,400,000,000
Senior Notes \| Green Bonds
Debt Instrument [Line Items]
Aggregate principal amount				$ 600,000,000	€ 700
Deferred financing charges and discounts				$ 15,000,000
Bonds \| Saudi Riyal Loan Facility variable-rate 7.00% due 2027
Debt Instrument [Line Items]
Long-term debt, principal amount			$ 451,100,000			0
Annual margin			1.35%
Bonds \| Saudi Riyal Loan Facility variable-rate 4.10% due 2023
Debt Instrument [Line Items]
Long-term debt, principal amount			$ 0			195,600,000
Revolving credit agreement \| 2021 Credit Agreement
Debt Instrument [Line Items]
Term of credit facility (in years)	5 years
Maximum borrowing capacity			2,750,000,000
Credit facility, amount borrowed and outstanding			$ 0
Revolving credit agreement \| Maximum \| 2021 Credit Agreement
Debt Instrument [Line Items]
Debt covenant, maximum ratio of total debt to capitalization			70.00%
Foreign credit facilities \| Credit Facilities, Foreign Subsidiaries
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 1,596,800,000
Credit facility, amount borrowed and outstanding			1,041,400,000			457,500,000
Related Party
Debt Instrument [Line Items]
Total debt			328,300,000			781,000,000.0
Current portion of long-term debt			$ 177,600,000			$ 129,000,000.0

Basis of Presentation and Major Accounting Policies (Policies)

12 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation

Discontinued Operations

Reclassifications

Consolidation Principles

Revenue Recognition

We recognize 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 6, Revenue Recognition.

Cost of Sales

Depreciation

Selling and Administrative

Selling and Administrative Expense

The principal components of selling and administrative expense are costs related to compensation, administrative functions, and professional fees.

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 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.

Government Assistance

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

We have elected as an accounting policy to account for Global Intangible Low Tax Income (“GILTI”) as a period cost when incurred.

For additional information regarding our income taxes, refer to Note 23, Income Taxes.

Other Non-Operating Income (Expense), net

Cash and Cash Items

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

Short-term Investments

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

Credit Losses



Balance at 30 September 2020			$23.9
Adoption of new credit losses standard			0.5
Provision for credit losses			2.7
Write-offs charged against the allowance			(3.8)
Currency translation and other			1.8
Balance at 30 September 2021			$25.1
Provision for credit losses			7.5
Write-offs charged against the allowance			(7.9)
Currency translation and other			(0.6)
Balance at 30 September 2022			$24.1

Provision for credit losses			8.2
Write-offs charged against the allowance			(7.9)
Currency translation and other			(1.5)

Balance at 30 September 2023			$22.9

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 Method Investments

Plant and Equipment, net

Financing Receivables

Impairment of Long-Lived Assets

Asset Retirement Obligations

Goodwill

Intangible Assets

Retirement Benefits

Retirement BenefitsOur retirement benefit plans are discussed in Note 17, Retirement Benefits. The cost of benefits we contribute to defined contribution plans is recognized in the year earned. The cost of benefits under our defined benefit and other post-retirement plans 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 recognized systematically over subsequent periods

Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant	1,300,000
Closing stock price (in dollars per share)	$ 283.40
Cash received from option exercises	$ 24.0	$ 19.3	$ 10.6
Total tax benefit realized from stock option exercises	12.5
Excess tax benefit from stock option exercises	$ 11.7
Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units/shares granted	206,000
Weighted-average grant date fair value (in dollars per share)	$ 389.34
Cash payments made for deferred stock units	$ 3.6	5.5	5.2
Unrecognized compensation costs	$ 75.3
Unrecognized compensation costs, period for recognition, years	1 year 7 months 6 days
Fair value of deferred stock units paid	$ 45.3	$ 92.9	$ 88.0
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	85,612	74,364	77,251
Weighted-average grant date fair value (in dollars per share)	$ 502.03	$ 427.23	$ 235.48
Time-Based Deferred Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units/shares granted	119,954	120,996	110,555
Weighted-average grant date fair value (in dollars per share)	$ 308.91	$ 278.67	$ 282.48
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual terms, outstanding	8 months 12 days
Weighted average remaining contractual terms, exercisable	8 months 12 days
Aggregated intrinsic value, outstanding	$ 47.9
Aggregated intrinsic value, exercisable	47.9
Intrinsic value of stock options exercised	53.5	$ 20.2	$ 29.0
Cash received from option exercises	$ 24.0

Share-Based Compensation (Tables)

12 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Recognized Share-Based Compensation Cost

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


	2023	2022	2021
Before-tax share-based compensation cost	$60.7	$49.5	$44.5


Income tax benefit	(14.6)	(12.1)	(11.0)
After-tax share-based compensation cost	$46.1	$37.4	$33.5

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

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


	2023		2022		2021
Expected volatility	32.5	%	30.5	%	29.9	%
Risk-free interest rate	4.0	%	0.8	%	0.2	%
Expected dividend yield	2.4	%	2.1	%	2.1	%

Schedule of Deferred Stock Units and Restricted Stock Activity

A summary of deferred stock unit activity in fiscal year 2023 is presented below:


	Shares (000)	Weighted Average Grant-Date Fair Value
Deferred stock units outstanding at 30 September 2022	730	$222.13


Granted	206	389.34
Paid out	(159)	164.08
Forfeited	(87)	248.26
Adjusted	10	315.33
Deferred stock units outstanding at 30 September 2023	700	$282.60

Schedule of Stock Option Activity

A summary of stock option activity in fiscal year 2023 is presented below:


	Shares (000)	Weighted Average Exercise Price
Stock options outstanding and exercisable at 30 September 2022	564	$106.13



Exercised	(270)	90.57

Stock options outstanding and exercisable at 30 September 2023	294	$120.42

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Sep. 30, 2023	Oct. 31, 2023	Mar. 31, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0000002969
Amendment Flag	false
Entity File Number	001-04534
Entity Registrant Name	AIR PRODUCTS AND CHEMICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	23-1274455
Entity Address, Address Line One	1940 Air Products Boulevard
Entity Address, City or Town	Allentown
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	18106-5500
City Area Code	610
Local Phone Number	481-4911
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 63.6
Entity Common Stock, Shares Outstanding		222,207,726
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for the Annual Meeting of Shareholders to be held on 25 January 2024 are incorporated by reference into Part III.
Common Stock, par value, $1.00 per share
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	APD
Security Exchange Name	NYSE
1.000% Euro Notes due 2025
Entity Information [Line Items]
Title of 12(b) Security	1.000% Euro Notes due 2025
Trading Symbol	APD25
Security Exchange Name	NYSE
0.500% Euro Notes due 2028
Entity Information [Line Items]
Title of 12(b) Security	0.500% Euro Notes due 2028
Trading Symbol	APD28
Security Exchange Name	NYSE
0.800% Euro Notes due 2032
Entity Information [Line Items]
Title of 12(b) Security	0.800% Euro Notes due 2032
Trading Symbol	APD32
Security Exchange Name	NYSE
4.000% Euro Notes due 2035
Entity Information [Line Items]
Title of 12(b) Security	4.000% Euro Notes due 2035
Trading Symbol	APD35
Security Exchange Name	NYSE

Supplemental Information (Other Noncurrent Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Disclosure Text Block Supplement [Abstract]
Pension benefits	$ 120.0	$ 133.9
Long-term deposits on plant and equipment	0.0	200.0
Deferred tax assets	159.6	135.7
Prepaid tax	22.2	17.0
Investments other than equity method	66.9	66.7
Deferred financing fees	58.8	0.0
Derivative instruments	320.6	74.7
Other	481.8	319.0
Other noncurrent assets	$ 1,229.9	$ 947.0

Business Segment and Geographic Information (Schedule of Geographic Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	$ 12,600.0	$ 12,698.6	$ 10,323.0
Plant and equipment, net	17,472.1	14,160.5	13,254.6
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	5,234.2	5,230.2	3,895.8
Plant and equipment, net	7,431.0	6,022.0	5,187.8
CHINA
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	1,988.1	1,989.8	1,828.0
Plant and equipment, net	3,744.7	3,886.0	4,137.7
SAUDI ARABIA
Revenues from External Customers and Long-Lived Assets [Line Items]
Plant and equipment, net	1,818.1	595.7	29.0
Other foreign operations
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	5,377.7	5,478.6	4,599.2
Plant and equipment, net	$ 4,478.3	$ 3,656.8	$ 3,900.1

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

Business and Asset Actions -Schedule of Business and Asset Actions (Details) $ in Millions	12 Months Ended
	Sep. 30, 2023 USD ($)
Restructuring and Related Activities [Abstract]
Charge for severance and other benefits	$ 27.0
Cash expenditures	(6.8)
Currency translation adjustment	(0.4)
Amount reflected in "Payables and accrued liabilities" as of 30 September 2023	$ 19.8

Financial Instruments (Narrative) (Details) € in Millions	12 Months Ended
Financial Instruments (Narrative) (Details) € in Millions	Sep. 30, 2023 USD ($)	Sep. 30, 2023 EUR (€)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 EUR (€)
Derivative [Line Items]
Net liability position of derivatives with credit risk-related contingent features	$ 94,200,000		$ 114,800,000
Collateral posted on liability positions with credit risk-related contingent features	0
Collateral amount that counterparties would be required to post	$ 345,000,000.0		62,800,000
Forward exchange contracts \| Cash flow hedges
Derivative [Line Items]
Maximum remaining maturity of foreign currency derivatives	3 years 1 month 6 days	3 years 1 month 6 days
Foreign currency debt \| Euro Denominated
Derivative [Line Items]
Notional amount included in designated foreign currency denominated debt	$ 2,049,700,000	€ 1,938.6	$ 1,240,400,000	€ 1,265.4

Accumulated Other Comprehensive Loss (Reclassification) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Sales	$ (12,600.0)	$ (12,698.6)	$ (10,323.0)
Cost of sales	8,833.0	9,338.5	7,186.1
Interest expense	177.5	128.0	141.8
Other non-operating income (expense), net	39.0	(62.4)	(73.7)
Business and asset actions	(244.6)	(73.7)	0.0
Income from discontinued operations, net of tax	(7.4)	(12.6)	(70.3)
Net income (loss) attributable to Air Products	(2,300.2)	(2,256.1)	(2,099.1)
Other income (expense), net	(34.8)	(55.9)	(52.8)
Reclassification out of Accumulated Other Comprehensive Income \| (Gain) Loss on Cash Flow Hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Sales	(0.5)	0.5	(0.6)
Cost of sales	3.7	(0.4)	(0.3)
Interest expense	3.5	3.6	3.5
Other non-operating income (expense), net	(50.6)	87.7	40.9
Net income (loss) attributable to Air Products	(43.9)	91.4	43.5
Reclassification out of Accumulated Other Comprehensive Income \| Currency Translation Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Business and asset actions	(0.3)	5.1	0.0
Income from discontinued operations, net of tax	0.0	2.2	0.0
Net income (loss) attributable to Air Products	(0.3)	7.3	0.0
Reclassification out of Accumulated Other Comprehensive Income \| Pension and Postretirement Benefits
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss) attributable to Air Products	$ 53.8	$ 64.8	$ 74.6

Capital Stock

12 Months Ended

Sep. 30, 2023

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 2023, 249 million shares were issued, with 222 million issued and outstanding.

On 15 September 2011, the Board of Directors authorized the repurchase of up to $1.0 billion of our outstanding common stock. This program does not have a stated expiration date. If we repurchase shares pursuant to this authorization, we may do so under Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended, through repurchase agreements established with one or more brokers. We did not purchase any of our outstanding shares during fiscal year 2023. At 30 September 2023, $485.3 in share repurchase authorization remained available.

A summary of the changes in common shares issued and outstanding in fiscal year 2023 is presented below:


Fiscal Year Ended 30 September	2023	2022	2021
Number of common shares, beginning of year	221,838,696	221,396,755	221,017,459
Issuance of treasury shares for stock option and award plans	361,149	441,941	379,296
Number of common shares, end of year	222,199,845	221,838,696	221,396,755

Preferred Stock

Authorized preferred stock consisted of 25 million shares with a par value of $1 per share. There were no preferred shares issued or outstanding as of 30 September 2023 and 2022.

The entire disclosure for equity.

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