0000002969-24-000010 | 10-Q | XBRL Viewer | AIR Products Chemicals INC

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Financial Instruments (Cash Flow and Fair Value Hedges Location and Amounts Recognized) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Total presented in consolidated income statements that includes effects of hedging below
Sales	$ 2,997.4	$ 3,174.7
Cost of sales	2,067.2	2,272.3
Interest expense	53.5	41.2
Other non-operating income (expense), net	(14.8)	(0.6)
(Gain) Loss Effects of Cash Flow Hedging:
Tax effects	12.8	21.7
Net (Gain) Loss Reclassified from OCI to Income	(42.2)	(68.7)
Cash flow hedges \| Sales
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	0.3	0.0
Tax effects	(0.1)	0.0
Net (Gain) Loss Reclassified from OCI to Income	0.2	0.0
Cash flow hedges \| Cost of Sales
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	1.3	1.2
Tax effects	(0.3)	(0.2)
Net (Gain) Loss Reclassified from OCI to Income	1.0	1.0
Cash flow hedges \| Interest Expense
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	1.3	1.5
Tax effects	(0.5)	(0.5)
Net (Gain) Loss Reclassified from OCI to Income	0.8	1.0
Cash flow hedges \| Other Non-Operating Income (Expense), Net
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	(57.9)	(93.1)
Tax effects	13.7	22.4
Net (Gain) Loss Reclassified from OCI to Income	(44.2)	(70.7)
Cash flow hedges \| Forward exchange contracts \| Sales
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	0.3	0.0
Cash flow hedges \| Forward exchange contracts \| Cost of Sales
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	1.3	1.2
Cash flow hedges \| Forward exchange contracts \| Interest Expense
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	0.0	0.0
Cash flow hedges \| Forward exchange contracts \| Other Non-Operating Income (Expense), Net
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	(74.9)	(117.8)
Cash flow hedges \| Forward exchange contracts, excluded components \| Sales
(Gain) Loss Effects of Cash Flow Hedging:
Amount excluded from effectiveness testing recognized in earnings based on amortization approach	0.0	0.0
Cash flow hedges \| Forward exchange contracts, excluded components \| Cost of Sales
(Gain) Loss Effects of Cash Flow Hedging:
Amount excluded from effectiveness testing recognized in earnings based on amortization approach	0.0	0.0
Cash flow hedges \| Forward exchange contracts, excluded components \| Interest Expense
(Gain) Loss Effects of Cash Flow Hedging:
Amount excluded from effectiveness testing recognized in earnings based on amortization approach	0.0	0.0
Cash flow hedges \| Forward exchange contracts, excluded components \| Other Non-Operating Income (Expense), Net
(Gain) Loss Effects of Cash Flow Hedging:
Amount excluded from effectiveness testing recognized in earnings based on amortization approach	5.7	2.0
Cash flow hedges \| Other \| Sales
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	0.0	0.0
Cash flow hedges \| Other \| Cost of Sales
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	0.0	0.0
Cash flow hedges \| Other \| Interest Expense
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	1.3	1.5
Cash flow hedges \| Other \| Other Non-Operating Income (Expense), Net
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	11.3	22.7
Fair Value Hedges \| Sales
(Gain) Loss Effects of Fair Value Hedging:
Total (Gain) Loss Recognized in Income	0.0	0.0
Fair Value Hedges \| Cost of Sales
(Gain) Loss Effects of Fair Value Hedging:
Total (Gain) Loss Recognized in Income	0.0	0.0
Fair Value Hedges \| Interest Expense
(Gain) Loss Effects of Fair Value Hedging:
Total (Gain) Loss Recognized in Income	0.0	0.0
Fair Value Hedges \| Other Non-Operating Income (Expense), Net
(Gain) Loss Effects of Fair Value Hedging:
Total (Gain) Loss Recognized in Income	0.0	0.0
Fair Value Hedges \| Other \| Sales
(Gain) Loss Effects of Fair Value Hedging:
Hedged items	0.0	0.0
Derivatives designated as hedging instruments	0.0	0.0
Fair Value Hedges \| Other \| Cost of Sales
(Gain) Loss Effects of Fair Value Hedging:
Hedged items	0.0	0.0
Derivatives designated as hedging instruments	0.0	0.0
Fair Value Hedges \| Other \| Interest Expense
(Gain) Loss Effects of Fair Value Hedging:
Hedged items	26.1	4.4
Derivatives designated as hedging instruments	(26.1)	(4.4)
Fair Value Hedges \| Other \| Other Non-Operating Income (Expense), Net
(Gain) Loss Effects of Fair Value Hedging:
Hedged items	0.0	0.0
Derivatives designated as hedging instruments	$ 0.0	$ 0.0

Supplemental Information (Uzbekistan Asset Purchase) (Details) - USD ($) $ in Millions		3 Months Ended
	May 25, 2023	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Asset Acquisition [Line Items]
Financing receivables		$ 1,119.1		$ 817.2
Financing receivables progress payments		301.8	$ 0.0
Natural Gas-To-Syngas Processing Facility
Asset Acquisition [Line Items]
Price of acquisition	$ 1,000.0
Term of project agreement (in years)	15 years
Financing receivables		910.0
Financing receivables progress payments		$ 100.0

Share-Based Compensation (Market-Based Deferred Stock Unit Valuation Assumptions) (Details) - Market-Based Deferred Stock Unit	3 Months Ended
	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	25.00%
Risk-free interest rate	4.30%
Expected dividend yield	2.60%

- Definition

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.

+ References

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+ Details

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Dec. 31, 2023

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

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 for the three months ended 31 December 2023:



	Derivatives qualifying as hedges	Foreign currency translation adjustments	Pension and postretirement benefits	Total
Balance at 30 September 2023	$61.1	($1,913.3)	($597.2)	($2,449.4)
Other comprehensive (loss) income before reclassifications	(161.1)	380.6	—	219.5
Amounts reclassified from AOCL	(42.2)	—	13.7	(28.5)
Net current period other comprehensive (loss) income	(203.3)	380.6	13.7	191.0
Amount attributable to noncontrolling interests	(154.1)	16.0	—	(138.1)
Balance at 31 December 2023	$11.9	($1,548.7)	($583.5)	($2,120.3)

Schedule of Reclassification out of Accumulated Other Comprehensive Income (Loss)

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


	Three Months Ended
	31 December
	2023	2022
Gain on Cash Flow Hedges, net of tax
Sales	$0.2	$—
Cost of sales	1.0	1.0

Interest expense	0.8	1.0
Other non-operating income (expense), net	(44.2)	(70.7)
Total Gain on Cash Flow Hedges, net of tax	($42.2)	($68.7)






Pension and Postretirement Benefits, net of tax(A)	$13.7	$11.9

(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 9, Retirement Benefits, for additional information.

Fair Value Measurements

3 Months Ended

Dec. 31, 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 7, 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:


	31 December 2023		30 September 2023
	Carrying Value	Fair Value	Carrying Value	Fair Value
Assets
Derivatives
Forward exchange contracts	$78.8	$78.8	$76.4	$76.4
Interest rate management contracts	74.4	74.4	317.7	317.7
Liabilities
Derivatives
Forward exchange contracts	$62.0	$62.0	$124.4	$124.4
Interest rate management contracts	60.3	60.3	87.0	87.0
Long-term debt, including current portion and related party	12,091.3	11,692.9	10,046.3	9,173.5

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:


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



Derivatives
Forward exchange contracts	$78.8	$—	$78.8	$—	$76.4	$—	$76.4	$—
Interest rate management contracts	74.4	—	74.4	—	317.7	—	317.7	—
Total Assets at Fair Value	$153.2	$—	$153.2	$—	$394.1	$—	$394.1	$—
Liabilities at Fair Value
Derivatives
Forward exchange contracts	$62.0	$—	$62.0	$—	$124.4	$—	$124.4	$—
Interest rate management contracts	60.3	—	60.3	—	87.0	—	87.0	—
Total Liabilities at Fair Value	$122.3	$—	$122.3	$—	$211.4	$—	$211.4	$—

- Definition

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

+ References + Details

Financial Instruments (Gains and Losses Recognized In Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Net Investment Hedging Relationships
Tax effects	$ 29.8	$ 38.0
Net Amount Recognized in OCI	380.6	509.6
Derivatives in Cash Flow Hedging Relationships
Tax effects	(5.5)	(38.2)
Net Amount Recognized in OCI	(161.1)	121.0
Net investment hedges
Net Investment Hedging Relationships
Total Amount Recognized in OCI	(123.6)	(173.0)
Tax effects	30.1	42.5
Net Amount Recognized in OCI	(93.5)	(130.5)
Net investment hedges \| Forward exchange contracts
Net Investment Hedging Relationships
Total Amount Recognized in OCI	(31.8)	(47.1)
Net investment hedges \| Foreign currency debt
Net Investment Hedging Relationships
Total Amount Recognized in OCI	(89.9)	(115.3)
Net investment hedges \| Cross currency interest rate swaps
Net Investment Hedging Relationships
Total Amount Recognized in OCI	(1.9)	(10.6)
Cash flow hedges
Derivatives in Cash Flow Hedging Relationships
Total Amount Recognized in OCI	(155.6)	159.2
Tax effects	(5.5)	(38.2)
Net Amount Recognized in OCI	(161.1)	121.0
Cash flow hedges \| Forward exchange contracts
Derivatives in Cash Flow Hedging Relationships
Total Amount Recognized in OCI	115.1	188.8
Cash flow hedges \| Forward exchange contracts, excluded components
Derivatives in Cash Flow Hedging Relationships
Total Amount Recognized in OCI	(9.0)	(5.6)
Cash flow hedges \| Other
Derivatives in Cash Flow Hedging Relationships
Total Amount Recognized in OCI	$ (261.7)	$ (24.0)

Share-Based Compensation (Compensation Cost Recognized in Income Statement) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Before-tax share-based compensation cost	$ 13.6	$ 16.9
Income tax benefit	(3.3)	(4.1)
After-tax share-based compensation cost	$ 10.3	$ 12.8

Business Segment Information (Tables)

3 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Summary by Business Segment


	Americas	Asia	Europe	Middle East and India	Corporate and other	Total
Three Months Ended 31 December 2023
Sales	$1,252.1	$793.8	$731.2	$35.4	$184.9	$2,997.4	(A)
Operating income (loss)	354.4	211.2	197.6	3.9	(100.2)	666.9
Depreciation and amortization	169.7	111.8	48.2	6.6	12.9	349.2
Equity affiliates' income	37.1	4.2	20.7	92.9	3.5	158.4
Three Months Ended 31 December 2022
Sales	$1,384.2	$777.8	$791.9	$41.4	$179.4	$3,174.7	(A)
Operating income (loss)	343.0	235.9	145.8	6.7	(79.4)	652.0
Depreciation and amortization	156.0	101.9	44.3	6.6	12.7	321.5
Equity affiliates' income	16.4	7.4	17.7	64.1	4.4	110.0















Total Assets
31 December 2023	$10,666.2	$7,318.0	$5,120.9	$6,214.1	$4,799.0	$34,118.2
30 September 2023	9,927.5	7,009.6	4,649.8	5,708.4	4,707.2	32,002.5

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

Retirement Benefits

3 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Retirement Benefits

RETIREMENT BENEFITS

The components of net periodic cost for our defined benefit pension plans for the three months ended 31 December 2023 and 2022 were as follows:


	Pension Benefits
	2023			2022
Three Months Ended 31 December	U.S.	International	Total	U.S.	International	Total
Service cost	$2.4	$2.8	$5.2	$2.7	$3.3	$6.0
Non-service cost:
Interest cost	33.7	14.8	48.5	32.5	14.4	46.9
Expected return on plan assets	(30.0)	(11.6)	(41.6)	(31.8)	(11.8)	(43.6)
Prior service cost amortization	0.3	0.2	0.5	0.3	—	0.3
Actuarial loss amortization	14.3	3.2	17.5	14.8	3.0	17.8


Curtailments	—	—	—	—	(1.9)	(1.9)

Other	—	0.1	0.1	—	0.3	0.3
Net Periodic Cost	$20.7	$9.5	$30.2	$18.5	$7.3	$25.8

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 the first three months of fiscal years 2024 and 2023 were not material. The non-service related impacts are presented outside operating income within "Other non-operating income (expense), net."

For the three months ended 31 December 2023 and 2022, our cash contributions to funded pension plans and benefit payments under unfunded pension plans were $12.0 and $8.0, respectively. Total contributions for fiscal year 2024 are expected to be approximately $35 to $45. During fiscal year 2023, total contributions were $32.6.

During the three months ended 31 December 2023 and 2022, we recognized actuarial gain amortization of $0.1 and $0.6, respectively, for our other postretirement benefits plan.

- Definition

The entire disclosure for retirement benefits.

+ References

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-Topic 715
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+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income attributable to Air Products	$ 609.3	$ 572.2

- Definition

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

+ References

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+ Details

Revenue Recognition (Contract Assets and Liabilities) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Sep. 30, 2023
Contract Assets and Liabilities
Contract assets - current	$ 119.3	$ 124.7
Contract fulfillment costs - current	96.2	89.0
Contract liabilities - current	386.0	413.0
Contract liabilities - noncurrent	130.7	$ 136.9
Revenue recognized that was previously included in current contract liabilities	$ 115.0

Supplemental Information (Related Party Transactions) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Related Party Transaction [Line Items]
Sales and other income	$ 95.0	$ 80.0
Trade receivables, net	1,725.4		$ 1,700.4
Current portion of long-term debt	218.0		615.0
Related Party
Related Party Transaction [Line Items]
Trade receivables, net	90.0		80.0
Total Debt	294.8		328.3
Current portion of long-term debt	$ 136.9		$ 177.6

Variable Interest Entities - JIGPC Joint Venture (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Sep. 30, 2023
Jazan Integrated Gasification and Power Company ("JIGPC")
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage		55.00%
Investment balance		$ 2,828.3	$ 2,862.2
Jazan Integrated Gasification and Power Company ("JIGPC") \| Non- controlling Interests
Schedule of Equity Method Investments [Line Items]
Ownership percentage attributable to noncontrolling partner (in percent)		4.00%
Jazan Integrated Gasification and Power Company ("JIGPC") \| Aramco
Schedule of Equity Method Investments [Line Items]
Term of project agreement (in years)	25 years

Accumulated Other Comprehensive Loss (Rollforward) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 15,660.3	$ 13,702.4
Other comprehensive (loss) income before reclassifications	219.5
Amounts reclassified from AOCL	(28.5)
Total Other Comprehensive Income	191.0	580.5
Amount attributable to noncontrolling interests	(138.1)	12.7
Ending balance	16,129.1	14,517.4
Derivatives qualifying as hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	61.1
Other comprehensive (loss) income before reclassifications	(161.1)
Amounts reclassified from AOCL	(42.2)
Total Other Comprehensive Income	(203.3)
Amount attributable to noncontrolling interests	(154.1)
Ending balance	11.9
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(1,913.3)
Other comprehensive (loss) income before reclassifications	380.6
Amounts reclassified from AOCL	0.0
Total Other Comprehensive Income	380.6
Amount attributable to noncontrolling interests	16.0
Ending balance	(1,548.7)
Pension and postretirement benefits
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(597.2)
Other comprehensive (loss) income before reclassifications	0.0
Amounts reclassified from AOCL	13.7
Total Other Comprehensive Income	13.7
Amount attributable to noncontrolling interests	0.0
Ending balance	(583.5)
AOCL attributable to Air Products
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(2,449.4)	(2,786.1)
Total Other Comprehensive Income	329.1	567.8
Ending balance	$ (2,120.3)	$ (2,218.3)

Goodwill (Schedule of Goodwill by Segment) (Details) $ in Millions	3 Months Ended
	Dec. 31, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, net, beginning balance	$ 861.7
Currency translation	37.7
Goodwill, net, ending balance	899.4
Americas
Goodwill [Roll Forward]
Goodwill, net, beginning balance	146.6
Currency translation	0.6
Goodwill, net, ending balance	147.2
Asia
Goodwill [Roll Forward]
Goodwill, net, beginning balance	171.9
Currency translation	3.4
Goodwill, net, ending balance	175.3
Europe
Goodwill [Roll Forward]
Goodwill, net, beginning balance	493.5
Currency translation	33.5
Goodwill, net, ending balance	527.0
Middle East and India
Goodwill [Roll Forward]
Goodwill, net, beginning balance	15.8
Currency translation	0.0
Goodwill, net, ending balance	15.8
Corporate and other
Goodwill [Roll Forward]
Goodwill, net, beginning balance	33.9
Currency translation	0.2
Goodwill, net, ending balance	$ 34.1

- Definition

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.

+ References + Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating Activities
Net Income	$ 621.6	$ 583.8
Less: Net income attributable to noncontrolling interests	12.3	11.6
Net income attributable to Air Products	609.3	572.2
Adjustments to reconcile income to cash provided by operating activities:
Depreciation and amortization	349.2	321.5
Deferred income taxes	13.5	13.8
(Undistributed) distributed earnings of equity method investments	(41.5)	17.2
Gain on sale of assets and investments	(1.4)	(2.3)
Share-based compensation	13.8	16.1
Noncurrent lease receivables	20.0	19.4
Other adjustments	33.3	99.0
Working capital changes that provided (used) cash, excluding effects of acquisitions:
Trade receivables	11.8	40.4
Inventories	(48.6)	(102.8)
Other receivables	(64.5)	(6.7)
Payables and accrued liabilities	(268.5)	(257.6)
Other working capital	0.2	(10.9)
Cash Provided by Operating Activities	626.6	719.3
Investing Activities
Additions to plant and equipment, including long-term deposits	(1,445.5)	(834.2)
Investment in financing receivables	(301.8)	0.0
Proceeds from sale of assets and investments	4.2	4.0
Purchases of investments	(55.5)	(19.2)
Proceeds from investments	120.1	591.5
Other investing activities	12.9	1.7
Cash Used For Investing Activities	(1,665.6)	(256.2)
Financing Activities
Long-term debt proceeds	810.4	476.3
Payments on long-term debt	(54.8)	(195.9)
Net increase (decrease) in commercial paper and short-term borrowings	1,020.9	(4.1)
Dividends paid to shareholders	(388.9)	(359.4)
Proceeds from stock option exercises	5.3	14.0
Investments by noncontrolling interests	34.5	0.0
Other financing activities	(64.6)	(16.5)
Cash Provided by (Used for) Financing Activities	1,362.8	(85.6)
Effect of Exchange Rate Changes on Cash	21.8	42.5
Increase in cash and cash items	345.6	420.0
Cash and cash items – Beginning of year	1,617.0	2,711.0
Cash and Cash Items – End of Period	$ 1,962.6	$ 3,131.0

Revenue Recognition (Remaining Performance Obligations) (Details) $ in Billions	Dec. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Transaction price allocated to remaining performance obligations	$ 27
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligation	50.00%
Estimated timing of recognition of performance obligation	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligation	50.00%
Estimated timing of recognition of performance obligation

Goodwill

3 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

Changes to the carrying amount of consolidated goodwill by segment for the three months ended 31 December 2023 are as follows:


	Americas	Asia	Europe	Middle East and India	Corporate and other	Total
Goodwill, net as of 30 September 2023	$146.6	$171.9	$493.5	$15.8	$33.9	$861.7


Currency translation	0.6	3.4	33.5	—	0.2	37.7
Goodwill, net as of 31 December 2023	$147.2	$175.3	$527.0	$15.8	$34.1	$899.4


	31 December	30 September
	2023	2023
Goodwill, gross	$1,200.2	$1,158.4
Accumulated impairment losses(A)	(300.8)	(296.7)
Goodwill, net	$899.4	$861.7

(A)We recorded impairment charges related to the Latin America reporting unit ("LASA") in the Americas segment in fiscal years 2017 and 2014. The balance of accumulated impairment losses fluctuates over time due to 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.

Variable Interest Entities - World Energy (Details) $ in Millions	1 Months Ended		3 Months Ended
	Jan. 31, 2024 USD ($)	Nov. 30, 2023 renewal	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)
Variable Interest Entity [Line Items]
Financing receivables			$ 1,119.1		$ 817.2
Financing receivables progress payments			301.8	$ 0.0
Sustainable Aviation Fuel Facility - World Energy, LLC \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Financing receivables			210.0
Term of project agreement (in years)		15 years
Number of renewal terms of project agreement \| renewal		2
Project agreement, renewal term (in years)		5 years
Variable interest entity, reporting entity involvement, maximum loss exposure, amount			1,900.0
Variable interest entity, reporting entity involvement, maximum loss exposure, purchase commitments, amount			350.0
Variable interest entity, reporting entity involvement, maximum loss exposure, investment in financing receivables, amount			300.0
Sustainable Aviation Fuel Facility - World Energy, LLC \| Variable Interest Entity, Not Primary Beneficiary \| Subsequent event
Variable Interest Entity [Line Items]
Financing receivables progress payments	$ 90.0
Sustainable Aviation Fuel Facility - World Energy, LLC \| Variable Interest Entity, Not Primary Beneficiary \| Property, Plant and Equipment
Variable Interest Entity [Line Items]
Variable interest entity, reporting entity involvement, maximum loss exposure, project-related spending, amount			$ 1,300.0

Supplemental Information - Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Text Block Supplement [Abstract]
Effective tax rate (percent)	17.90%	18.90%
Income tax payments, net of refunds	$ 90.1	$ 88.5

Business Segment Information

3 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Business Segment Information

BUSINESS SEGMENT INFORMATION

Our reportable segments reflect the manner in which our chief operating decision maker reviews results and allocates resources. Our reportable segments are as follows:

•Americas;

•Asia;

•Europe;

•Middle East and India; and

•Corporate and other

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.

Summary by Business Segment


	Americas	Asia	Europe	Middle East and India	Corporate and other	Total
Three Months Ended 31 December 2023
Sales	$1,252.1	$793.8	$731.2	$35.4	$184.9	$2,997.4	(A)
Operating income (loss)	354.4	211.2	197.6	3.9	(100.2)	666.9
Depreciation and amortization	169.7	111.8	48.2	6.6	12.9	349.2
Equity affiliates' income	37.1	4.2	20.7	92.9	3.5	158.4
Three Months Ended 31 December 2022
Sales	$1,384.2	$777.8	$791.9	$41.4	$179.4	$3,174.7	(A)
Operating income (loss)	343.0	235.9	145.8	6.7	(79.4)	652.0
Depreciation and amortization	156.0	101.9	44.3	6.6	12.7	321.5
Equity affiliates' income	16.4	7.4	17.7	64.1	4.4	110.0















Total Assets
31 December 2023	$10,666.2	$7,318.0	$5,120.9	$6,214.1	$4,799.0	$34,118.2
30 September 2023	9,927.5	7,009.6	4,649.8	5,708.4	4,707.2	32,002.5

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

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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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 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 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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+ Details

Inventories (Schedule of Inventory) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 229.4	$ 211.6
Work in process	32.3	28.4
Raw materials, supplies, and other	447.6	411.8
Inventories	$ 709.3	$ 651.8

Revenue Recognition

3 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

The majority of our revenue is generated from our sale of gas customers within the regional industrial gases segments. We distribute gases through either our on-site or merchant supply mode depending on various factors, including the customer's volume requirements and location. We also 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.

Disaggregation of Revenue

The tables below present our consolidated sales disaggregated by supply mode for each of our reportable segments for the first three months of fiscal years 2024 and 2023. We believe this presentation best depicts the nature, timing, type of customer, and contract terms for our sales.


	Three Months Ended 31 December 2023
	Americas	Asia	Europe	Middle East and India	Corporate and other	Total	%

On-site	$714.1	$503.2	$259.2	$17.5	$—	$1,494.0	50	%
Merchant	538.0	290.6	472.0	17.9	—	1,318.5	44	%
Sale of equipment	—	—	—	—	184.9	184.9	6	%
Total	$1,252.1	$793.8	$731.2	$35.4	$184.9	$2,997.4	100	%


	Three Months Ended 31 December 2022

	Americas	Asia	Europe	Middle East and India	Corporate and other	Total	%

On-site	$845.8	$457.7	$328.1	$18.8	$—	$1,650.4	52	%
Merchant	538.4	320.1	463.8	22.6	—	1,344.9	42	%
Sale of equipment	—	—	—	—	179.4	179.4	6	%
Total	$1,384.2	$777.8	$791.9	$41.4	$179.4	$3,174.7	100	%

Interest income associated with financing and lease arrangements accounted for approximately 1% of our total consolidated sales during the three months ended 31 December 2023.

Remaining Performance Obligations

As of 31 December 2023, the transaction price allocated to remaining performance obligations is estimated to be approximately $27 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:


		31 December	30 September
	Balance Sheet Location	2023	2023
Assets
Contract assets – current	Other receivables and current assets	$119.3	$124.7
Contract fulfillment costs – current	Other receivables and current assets	96.2	89.0
Liabilities
Contract liabilities – current	Payables and accrued liabilities	$386.0	$413.0
Contract liabilities – noncurrent	Other noncurrent liabilities	130.7	136.9

During the first three months of fiscal year 2024, we recognized sales of approximately $115 associated with sale of equipment contracts that were included within our current contract liabilities as of 30 September 2023.

- Definition

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.

+ References

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
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

Financial Instruments

3 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

FINANCIAL INSTRUMENTS

Currency Price Risk Management

Our earnings, cash flows, and financial position are exposed to foreign currency risk from foreign currency-denominated transactions and net investments in foreign operations. It is our policy to seek to minimize our cash flow volatility from changes in currency exchange rates. This is accomplished by identifying and evaluating the risk that our cash flows will change in value due to changes in exchange rates and by executing strategies necessary to manage such exposures. Our objective is to maintain economically balanced currency risk management strategies that provide adequate downside protection.

Forward Exchange Contracts

We enter into forward exchange contracts to reduce the cash flow exposure to foreign currency fluctuations associated with highly anticipated cash flows and certain firm commitments, such as the purchase of plant and equipment. We also enter into forward exchange contracts to hedge the cash flow exposure on intercompany loans 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 31 December 2023 is 2.9 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 multiple 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:


	31 December 2023		30 September 2023
	US$ Notional	Years Average Maturity	US$ Notional	Years Average Maturity
Forward Exchange Contracts:
Cash flow hedges	$4,658.6	0.6	$4,463.2	0.7
Net investment hedges	898.5	2.3	864.0	2.5
Not designated	585.1	0.3	709.4	0.3
Total Forward Exchange Contracts	$6,142.2	0.8	$6,036.6	0.9

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 €1,930.7 million ($2,131.3) at 31 December 2023 and €1,938.6 million ($2,049.7) at 30 September 2023. 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 31 December 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.

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:


	31 December 2023						30 September 2023
	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	%	3.7	$800.0	SOFR		1.64	%	4.0
Interest rate swaps (cash flow hedge)	$1,371.4	2.82	%	SOFR		21.9	$1,182.5	2.82	%	SOFR		22.1
Cross currency interest rate swaps (net investment hedge)	$37.3	3.67	%	3.69	%	0.5	$80.8	4.60	%	3.65	%	0.9
Cross currency interest rate swaps (cash flow hedge)	$569.2	4.95	%	3.23	%	2.0	$598.2	4.89	%	3.22	%	2.2
Cross currency interest rate swaps (not designated)	$36.6	5.39	%	3.64	%	1.0	$44.5	5.39	%	3.54	%	0.2

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
	31 December	30 September	31 December	30 September
Balance Sheet Location	2023	2023	2023	2023

Long-term debt	$2,037.9	$2,011.4	($54.4)	($80.5)

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


	Balance Sheet	31 December	30 September	Balance Sheet	31 December	30 September
	Location	2023	2023	Location	2023	2023
Derivatives Designated as Hedging Instruments:
Forward exchange contracts	Other receivables and current assets	$61.1	$50.2	Payables and accrued liabilities	$37.2	$94.1
Interest rate management contracts	Other receivables and current assets	7.9	13.0	Payables and accrued liabilities	0.2	—
Forward exchange contracts	Other noncurrent assets	13.9	19.8	Other noncurrent liabilities	19.2	25.7
Interest rate management contracts	Other noncurrent assets	65.3	300.8	Other noncurrent liabilities	60.1	87.0
Total Derivatives Designated as Hedging Instruments		$148.2	$383.8		$116.7	$206.8
Derivatives Not Designated as Hedging Instruments:
Forward exchange contracts	Other receivables and current assets	$3.7	$6.4	Payables and accrued liabilities	$5.5	$4.6
Interest rate management contracts	Other receivables and current assets	1.2	3.9	Payables and accrued liabilities	—	—
Forward exchange contracts	Other noncurrent assets	0.1	—	Other noncurrent liabilities	0.1	—

Total Derivatives Not Designated as Hedging Instruments		$5.0	$10.3		$5.6	$4.6
Total Derivatives		$153.2	$394.1		$122.3	$211.4

Refer to Note 8, 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:


	Three Months Ended
	31 December
	2023	2022
Net Investment Hedging Relationships
Forward exchange contracts	($31.8)	($47.1)
Foreign currency debt	(89.9)	(115.3)
Cross currency interest rate swaps	(1.9)	(10.6)
Total Amount Recognized in OCI	(123.6)	(173.0)
Tax effects	30.1	42.5
Net Amount Recognized in OCI	($93.5)	($130.5)


	Three Months Ended
	31 December
	2023	2022
Derivatives in Cash Flow Hedging Relationships
Forward exchange contracts	$115.1	$188.8
Forward exchange contracts, excluded components	(9.0)	(5.6)
Other(A)	(261.7)	(24.0)
Total Amount Recognized in OCI	(155.6)	159.2
Tax effects	(5.5)	(38.2)
Net Amount Recognized in OCI	($161.1)	$121.0

(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 table below summarizes the location and amounts recognized in income related to our cash flow and fair value hedging relationships by contract type:


	Three Months Ended 31 December
	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	$2,997.4	$3,174.7	$2,067.2	$2,272.3		$53.5	$41.2		($14.8)	($0.6)

(Gain) Loss Effects of Cash Flow Hedging:

Forward Exchange Contracts:
Amount reclassified from OCI into income	$0.3	$—	$1.3	$1.2		$—	$—		($74.9)	($117.8)

Amount excluded from effectiveness testing recognized in earnings based on amortization approach	—	—	—	—		—	—		5.7	2.0
Other:
Amount reclassified from OCI into income	—	—	—	—		1.3	1.5		11.3	22.7

Total (Gain) Loss Reclassified from OCI to Income	0.3	—	1.3	1.2		1.3	1.5		(57.9)	(93.1)
Tax effects	(0.1)	—	(0.3)	(0.2)		(0.5)	(0.5)		13.7	22.4
Net (Gain) Loss Reclassified from OCI to Income	$0.2	$—	$1.0	$1.0		$0.8	$1.0		($44.2)	($70.7)

(Gain) Loss Effects of Fair Value Hedging:

Other:
Hedged items	$—	$—	$—	$—		$26.1	$4.4		$—	$—
Derivatives designated as hedging instruments	—	—	—	—		(26.1)	(4.4)		—	—
Total (Gain) Loss Recognized in Income	$—	$—	$—	$—		$—	$—		$—	$—

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


	Three Months Ended 31 December
	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	$3.2	$0.6	($1.2)	($1.6)
Other	—	—	0.8	1.1
Total (Gain) Loss Recognized in Income	$3.2	$0.6	($0.4)	($0.5)

The amount of unrealized gains and losses related to cash flow hedges as of 31 December 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 $69.6 and $94.2 as of 31 December 2023 and 30 September 2023, 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 $107.5 and $345.0 as of 31 December 2023 and 30 September 2023, respectively. No financial institution is required to post collateral at this time, as all have credit ratings at or above threshold.

Variable Interest Entities - NGHC Joint Venture (Details) - Variable Interest Entity, Primary Beneficiary - NEOM Green Hydrogen Company - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	May 31, 2023	Dec. 31, 2023	Sep. 30, 2023
Variable Interest Entity [Line Items]
Value of engineering, procurement, and construction agreement	$ 6,700.0
Voting interest in joint venture		33.30%
Nonrecourse
Variable Interest Entity [Line Items]
Long-term debt, Principal Amount		$ 2,129.4	$ 1,364.8
NEOM Green Hydrogen Project Financing, Primary \| Nonrecourse
Variable Interest Entity [Line Items]
Project financing maximum borrowing capacity		6,100.0
Amount of debt funding (percent)	73.00%
NEOM Green Hydrogen Project Financing, Working Capital \| Nonrecourse
Variable Interest Entity [Line Items]
Project financing maximum borrowing capacity		500.0
Saudi Riyal Loan Facility Two Point Zero Percent due 2040 \| Nonrecourse
Variable Interest Entity [Line Items]
Long-term debt, Principal Amount		$ 620.0
Interest rate, fixed percentage		2.00%

Retirement Benefits (Tables)

3 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Net Periodic (Benefit) Cost

The components of net periodic cost for our defined benefit pension plans for the three months ended 31 December 2023 and 2022 were as follows:


	Pension Benefits
	2023			2022
Three Months Ended 31 December	U.S.	International	Total	U.S.	International	Total
Service cost	$2.4	$2.8	$5.2	$2.7	$3.3	$6.0
Non-service cost:
Interest cost	33.7	14.8	48.5	32.5	14.4	46.9
Expected return on plan assets	(30.0)	(11.6)	(41.6)	(31.8)	(11.8)	(43.6)
Prior service cost amortization	0.3	0.2	0.5	0.3	—	0.3
Actuarial loss amortization	14.3	3.2	17.5	14.8	3.0	17.8


Curtailments	—	—	—	—	(1.9)	(1.9)

Other	—	0.1	0.1	—	0.3	0.3
Net Periodic Cost	$20.7	$9.5	$30.2	$18.5	$7.3	$25.8

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Dec. 31, 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 for which it is reasonably possible, individually or in the aggregate, 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 $37 at 31 December 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 $37 at 31 December 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 three months ended 31 December 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 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 31 December 2023 and 30 September 2023 included an accrual of $63.3 and $64.5, respectively, primarily as part of other noncurrent liabilities. The environmental liabilities will be paid over a period of up to 27 years. We estimate the exposure for environmental loss contingencies to range from $63 to a reasonably possible upper exposure of $77 as of 31 December 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 31 December 2023, $36.7 of the environmental accrual was related to our facility in Pace, Florida. In 2006, we sold our Amines business, which included operations at the Pace facility and recognized a liability for retained environmental obligations associated with remediation activities at the facility. 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. In the first quarter of 2015, we entered into a consent order with the FDEP requiring us to continue our remediation efforts at the Pace facility and complete a cost review every five years. In 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 27 years. 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 fiscal year 2020. There have been no significant changes to the estimated exposure range related to the Pace facility since fiscal year 2020. We have implemented many of the remedial corrective measures at the Pace facility required under the 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 fiscal year 2025, we expect to connect groundwater recovery wells and ancillary equipment to the existing groundwater recovery system. Further, we expect additional future capital expenditures to consider the extended time horizon for remediation at the site. Piedmont At 31 December 2023, $4.1 of the environmental accrual was related to a production facility site in Piedmont, South Carolina. 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 31 December 2023, $10.4 of the environmental accrual was related to a production facility site in Pasadena, Texas. During fiscal year 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.

Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends per share (in dollars per share)	$ 1.75	$ 1.62

Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator
Net income attributable to Air Products	$ 609.3	$ 572.2
Denominator (in millions)
Weighted average common shares — Basic	222.5	222.2
Employee stock option and other award plans	0.3	0.4
Weighted average common shares — Diluted	222.8	222.6
Per Share Data
Basic earnings per share attributable to Air Products (in dollars per share)	$ 2.74	$ 2.58
Diluted earnings per share attributable to Air Products (in dollars per share)	$ 2.73	$ 2.57

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

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Share-Based Compensation (Narrative) (Details)	3 Months Ended
Share-Based Compensation (Narrative) (Details)	Dec. 31, 2023 $ / shares shares
Market-Based Deferred Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units/shares granted	102,120
Performance period	3 years
Weighted average grant date fair value (in dollars per unit/share) \| $ / shares	$ 302.10
Time-Based Deferred Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units/shares granted	132,317
Weighted average grant date fair value (in dollars per unit/share) \| $ / shares	$ 273.02
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant	1,000,000.0

- Definition

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.

+ References

+ Details

Supplemental Information

3 Months Ended

Dec. 31, 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 $95 and $80 for the three months ended 31 December 2023 and 2022, 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 31 December 2023 and 30 September 2023, our consolidated balance sheets included related party trade receivables of approximately $90 and $80, respectively.

Total debt owed to related parties was $294.8 and $328.3 as of 31 December 2023 and 30 September 2023, respectively, of which $136.9 and $177.6, respectively, was reflected within "Current portion of long-term debt" on our consolidated balance sheets. Our related party debt primarily includes a loan with our joint venture partner, Lu’An Clean Energy Company.

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 $910, of which $100 was paid during the first quarter of fiscal year 2024, are reflected within "Financing receivables" on our consolidated balance sheet as of 31 December 2023.

Accrual for Business and Asset Actions

In fiscal year 2023, we recognized an expense of $27.0 for severance and other benefits associated with position eliminations and restructuring of certain organizations globally. The charge was not recorded in segment results. The table below reconciles the charge to the carrying amount of the accrual included within "Payables and accrued liabilities" on our consolidated balance sheets as of 31 December 2023:


Fiscal year 2023 charge			$27.0
Cash payments			(6.8)
Currency translation adjustment			(0.4)
Accrual as of 30 September 2023			$19.8
Cash payments			(3.4)
Currency translation adjustment			0.4
Accrual as of 31 December 2023			$16.8

Debt

Third-party long-term debt was $11,715.4 and $9,280.6 as of 31 December 2023 and 30 September 2023, respectively. The increase from 30 September 2023 was primarily due to the issuance of commercial paper as well as additional borrowings under the project financing associated with the NEOM Green Hydrogen Project as discussed in Note 3, Variable Interest Entities. As of 31 December 2023, we classified the outstanding commercial paper, which totaled approximately $1.3 billion, as well as our 3.35% Senior Note of $400 maturing in July 2024 as long-term debt as we have the ability to refinance the debt under our $2.75 billion revolving credit agreement (the “2021 Credit Agreement”) maturing in 2026. Our current intent is to refinance this debt via the U.S. public debt market.

Changes in Estimates

Changes in estimates on sale of equipment 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 $30 and $25 for the three months ended 31 December 2023 and 2022, respectively.

Income Taxes

Our effective tax rate was 17.9% and 18.9% for the three months ended 31 December 2023 and 2022, respectively.

Income tax payments, net of refunds, were $90.1 and $88.5 for the three months ended 31 December 2023 and 2022, respectively.

Basis of Presentation and Major Accounting Policies	3 Months Ended
Basis of Presentation and Major Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Major Accounting Policies	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. Basis of Presentation The interim consolidated financial statements of Air Products and Chemicals, Inc. and its subsidiaries included herein have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. In our opinion, the accompanying statements reflect adjustments necessary to fairly present the financial position, results of operations, and cash flows for those periods indicated and contain adequate disclosures to make the information presented not misleading. Adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the notes to the interim consolidated financial statements. To fully understand the basis of presentation, the interim consolidated financial statements and related notes included herein should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended 30 September 2023 (the "2023 Form 10-K"), which was filed with the SEC on 16 November 2023. Results of operations for interim periods are not necessarily indicative of the results of operations for a full year. Major Accounting Policies Refer to our 2023 Form 10-K for a description of major accounting policies. There have been no significant changes to these accounting policies during the first three months of fiscal year 2024.

Earnings Per Share

3 Months Ended

Dec. 31, 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"):


	Three Months Ended
	31 December
	2023	2022
Numerator


Net income attributable to Air Products	$609.3	$572.2
Denominator (in millions)
Weighted average common shares — Basic	222.5	222.2
Effect of dilutive securities
Employee stock option and other award plans	0.3	0.4
Weighted average common shares — Diluted	222.8	222.6

Per Share Data (U.S. Dollars per share)


Basic EPS attributable to Air Products	$2.74	$2.58



Diluted EPS attributable to Air Products	$2.73	$2.57

Antidilutive outstanding share-based awards were not material for the three months ended 31 December 2023 and 2022.

Goodwill (Tables)

3 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes to the carrying amount of consolidated goodwill by segment for the three months ended 31 December 2023 are as follows:


	Americas	Asia	Europe	Middle East and India	Corporate and other	Total
Goodwill, net as of 30 September 2023	$146.6	$171.9	$493.5	$15.8	$33.9	$861.7


Currency translation	0.6	3.4	33.5	—	0.2	37.7
Goodwill, net as of 31 December 2023	$147.2	$175.3	$527.0	$15.8	$34.1	$899.4


	31 December	30 September
	2023	2023
Goodwill, gross	$1,200.2	$1,158.4
Accumulated impairment losses(A)	(300.8)	(296.7)
Goodwill, net	$899.4	$861.7

- Definition

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

+ References

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+ Details

Basis of Presentation and Major Accounting Policies (Policies)	3 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The interim consolidated financial statements of Air Products and Chemicals, Inc. and its subsidiaries included herein have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. In our opinion, the accompanying statements reflect adjustments necessary to fairly present the financial position, results of operations, and cash flows for those periods indicated and contain adequate disclosures to make the information presented not misleading. Adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the notes to the interim consolidated financial statements. To fully understand the basis of presentation, the interim consolidated financial statements and related notes included herein should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended 30 September 2023 (the "2023 Form 10-K"), which was filed with the SEC on 16 November 2023. Results of operations for interim periods are not necessarily indicative of the results of operations for a full year.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Financial Instruments (Carrying Amount and Cumulative Hedging Adjustment) (Details) - Long-term debt - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying amounts of hedged item	$ 2,037.9	$ 2,011.4
Cumulative hedging adjustment, included in carrying amount	$ (54.4)	$ (80.5)

Financial Instruments (Narrative) (Details) € in Millions	3 Months Ended		12 Months Ended
Financial Instruments (Narrative) (Details) € in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 EUR (€)
Derivative [Line Items]
Net liability position of derivatives with credit risk-related contingent features	$ 69,600,000		$ 94,200,000
Collateral posted on liability positions with credit risk-related contingent features	0
Collateral amount that counterparties would be required to post	$ 107,500,000		345,000,000.0
Forward exchange contracts \| Cash flow hedges
Derivative [Line Items]
Maximum remaining maturity of foreign currency derivatives	2 years 10 months 24 days	2 years 10 months 24 days
Foreign currency debt \| Euro Denominated
Derivative [Line Items]
Notional amount included in designated foreign currency denominated debt	$ 2,131,300,000	€ 1,930.7	$ 2,049,700,000	€ 1,938.6

New Accounting Guidance	3 Months Ended
New Accounting Guidance	Dec. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Guidance	NEW ACCOUNTING GUIDANCE New Accounting Guidance to be Implemented Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". The update includes enhanced disclosures about significant segment expenses and identification of the chief operating decision maker. The update will be effective in our Annual Report on Form 10-K for the fiscal year ending 30 September 2025 as well as interim periods thereafter, although early adoption is permitted. The amendments must be applied retrospectively to all prior periods presented. We are evaluating the impact this update will have on our disclosures. Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740)—Improvements to Income Tax Disclosures” to expand income tax disclosures, primarily through disaggregation requirements for the rate reconciliation and income taxes paid. The update will be effective in our Annual Report on Form 10-K for the fiscal year ending 30 September 2026, although early adoption is permitted. The amendments should be applied on a prospective basis with a retrospective option. We are evaluating the impact this update will have on our disclosures.

- Definition

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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+ Details

Cover	3 Months Ended
Cover	Dec. 31, 2023 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	222,301,051
Entity Central Index Key	0000002969
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
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

Fair Value Measurements (Schedule of Recurring Fair Value Measurements) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets at Fair Value	$ 153.2	$ 394.1
Total Liabilities at Fair Value	122.3	211.4
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets at Fair Value	0.0	0.0
Total Liabilities at Fair Value	0.0	0.0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets at Fair Value	153.2	394.1
Total Liabilities at Fair Value	122.3	211.4
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets at Fair Value	0.0	0.0
Total Liabilities at Fair Value	0.0	0.0
Forward exchange contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	78.8	76.4
Derivative liabilities	62.0	124.4
Forward exchange contracts \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	0.0	0.0
Forward exchange contracts \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	78.8	76.4
Derivative liabilities	62.0	124.4
Forward exchange contracts \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	0.0	0.0
Interest Rate Management Contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	74.4	317.7
Derivative liabilities	60.3	87.0
Interest Rate Management Contracts \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	0.0	0.0
Interest Rate Management Contracts \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	74.4	317.7
Derivative liabilities	60.3	87.0
Interest Rate Management Contracts \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	$ 0.0	$ 0.0

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

Dec. 31, 2023

Sep. 30, 2023

Common stock, par value (in dollars per share)

$ 1

Common stock, issued shares

249,455,584

Treasury stock at cost, shares

27,154,533

27,255,739

Total Assets

^[1]

$ 34,118.2

$ 32,002.5

Total Liabilities

^[1]

17,989.1

16,342.2

Variable Interest Entity, Primary Beneficiary | NEOM Green Hydrogen Company

Total Assets

2,751.8

2,256.8

Total Liabilities

$ 2,166.1

$ 1,461.1

[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 $2,751.8 and $2,256.8 as of 31 December 2023 and 30 September 2023, 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 $2,166.1 and $1,461.1 as of 31 December 2023 and 30 September 2023, respectively. Refer to Note 3, Variable Interest Entities, for additional information regarding the NEOM Green Hydrogen Company joint venture.

- Definition

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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Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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+ Details

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

3 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Sep. 30, 2023

Segment Reporting Information [Line Items]

Sales

$ 2,997.4

$ 3,174.7

Operating income (loss)

666.9

652.0

Depreciation and amortization

349.2

321.5

Equity affiliates' income

158.4

110.0

Total Assets

^[1]

34,118.2

$ 32,002.5

Operating Segments

Segment Reporting Information [Line Items]

Sales

2,997.4

3,174.7

Operating income (loss)

666.9

652.0

Depreciation and amortization

349.2

321.5

Equity affiliates' income

158.4

110.0

Total Assets

34,118.2

32,002.5

Americas | Operating Segments

Segment Reporting Information [Line Items]

Sales

1,252.1

1,384.2

Operating income (loss)

354.4

343.0

Depreciation and amortization

169.7

156.0

Equity affiliates' income

37.1

16.4

Total Assets

10,666.2

9,927.5

Asia | Operating Segments

Segment Reporting Information [Line Items]

Sales

793.8

777.8

Operating income (loss)

211.2

235.9

Depreciation and amortization

111.8

101.9

Equity affiliates' income

4.2

7.4

Total Assets

7,318.0

7,009.6

Europe | Operating Segments

Segment Reporting Information [Line Items]

Sales

731.2

791.9

Operating income (loss)

197.6

145.8

Depreciation and amortization

48.2

44.3

Equity affiliates' income

20.7

17.7

Total Assets

5,120.9

4,649.8

Middle East and India | Operating Segments

Segment Reporting Information [Line Items]

Sales

35.4

41.4

Operating income (loss)

3.9

6.7

Depreciation and amortization

6.6

Equity affiliates' income

92.9

64.1

Total Assets

6,214.1

5,708.4

Corporate and other | Operating Segments

Segment Reporting Information [Line Items]

Sales

184.9

179.4

Operating income (loss)

(100.2)

(79.4)

Depreciation and amortization

12.9

12.7

Equity affiliates' income

3.5

$ 4.4

Total Assets

$ 4,799.0

$ 4,707.2

[1]

Variable Interest Entities

3 Months Ended

Dec. 31, 2023

Consolidated Variable Interest Entities Disclosure [Abstract]

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 have an equity interest and 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. During the first quarter of fiscal year 2024, we determined that World Energy, LLC ("World Energy") is a VIE for which we have no equity interest and are not the primary beneficiary. Our variable interests in NGHC, JIGPC, and World Energy are further discussed below.

NGHC Joint Venture

The NEOM Green Hydrogen Project (the "NEOM project”) is a multi-billion dollar green hydrogen-based ammonia production facility that is being constructed in NEOM City, Saudi Arabia. Owned and operated by NGHC, the facility will be powered by renewable energy to produce green ammonia for Air Products as the exclusive offtaker 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. 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. Borrowings under the financing are reflected net of unamortized discounts and debt issuance costs within "Long-term debt" on our consolidated balance sheets. Principal borrowings totaled $2,129.4 and $1,364.8 as of 31 December 2023 and 30 September 2023, respectively. The increase from 30 September 2023 primarily relates to principal borrowings of approximately $620 as of 31 December 2023 on a 2.00% fixed-rate Saudi Riyal loan facility that matures in November 2040.

Air Products is an equal owner in NGHC with our joint venture partners, ACWA Power and NEOM Company. While we only hold one-third of the voting interests in the joint venture, 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 VIE. 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.

The table below summarizes balances associated with NGHC as reflected on our consolidated balance sheets:


	31 December	30 September
	2023	2023
Assets
Cash and cash items	$402.3	$78.2

Trade receivables, net	14.6	—

Prepaid expenses	30.5	21.4
Other receivables and current assets	183.3	181.6
Total current assets	$630.7	$281.2



Plant and equipment, net	1,831.6	1,396.1


Operating lease right-of-use assets, net	227.7	228.9


Other noncurrent assets	61.8	350.6
Total noncurrent assets	$2,121.1	$1,975.6
Total assets	$2,751.8	$2,256.8
Liabilities
Payables and accrued liabilities	$207.0	$141.0
Accrued income taxes	2.2	0.6


Total current liabilities	$209.2	$141.6
Long-term debt	1,930.4	1,274.4

Noncurrent operating lease liabilities	19.2	18.9
Other noncurrent liabilities	3.3	2.1
Deferred income taxes	4.0	24.1
Total noncurrent liabilities	$1,956.9	$1,319.5
Total liabilities	$2,166.1	$1,461.1
Equity
Accumulated other comprehensive income	$15.8	$77.7
Noncontrolling interests	580.1	723.6

JIGPC Joint Venture

JIGPC is a joint venture with Saudi Aramco Power Company (a subsidiary of Aramco), ACWA Power, and Air Products Qudra (“APQ”). JIGPC entered into project financing to purchase power blocks, gasifiers, air separation units, syngas cleanup assets, and utilities to supply electricity, steam, hydrogen, and utilities to Aramco’s refinery and terminal complex under a 25-year agreement, which commenced in the first quarter of fiscal year 2022. JIGPC recorded financing receivables upon acquisition of the assets and recognizes financing income over the supply term.

We determined JIGPC is a VIE for which we exercise significant influence but are not the primary beneficiary as we do not have the power to direct the activities that are most significant to its economic performance. Instead, these activities, including plant dispatch, operating and maintenance decisions, budgeting, capital expenditures, and financing, require unanimous approval of the owners or are controlled by the customer. Accordingly, we account for our 55% investment, which includes 4% that is attributable to the noncontrolling partner of APQ, under the equity method within the Middle East and India segment. The carrying value of our investment, including amounts attributable to noncontrolling interests, totaled $2,828.3 and $2,862.2 as of 31 December 2023 and 30 September 2023, respectively. Our loss exposure is limited to our investment in the joint venture.

Our investment primarily consists of shareholder loans that qualify as in-substance common stock in the joint venture. Certain shareholders receive a preferred cash distribution pursuant to the joint venture agreement, which specifies each shareholder’s share of income after considering the amount of cash available for distribution. As such, the earnings attributable to Air Products may not be proportionate to our ownership interest in the venture.

World Energy

In November 2023, we finalized an agreement to purchase a sustainable aviation fuel (“SAF”) facility in Paramount, California from World Energy. We determined the acquisition contains an embedded sales-type lease. As a result, we are accounting for the transaction as a financing arrangement and recorded a financing receivable of $210 as of 31 December 2023. We provided the remaining $90 million of financing available under this arrangement to World Energy in January 2024.

At the time of acquisition, we entered into a Master Project Agreement (“MPA”) containing terms for operation of the acquired facility as well as amended terms for the construction and operation of an SAF expansion project subject to construction at the same location. The MPA includes a tolling arrangement whereby we will receive feedstock from and produce renewable fuels for World Energy over a term that will conclude 15 years after onstream of the expansion project with the option to renew for two five-year terms.

During the first quarter of fiscal year 2024, we determined that World Energy is a VIE and our financing receivable represents a variable interest in World Energy. We are not the primary beneficiary as we do not have control over their key operating decisions, including feedstock supply, production of renewable fuels, and negotiating and executing supply agreements with customers. As of 31 December 2023, our maximum exposure to loss is approximately $1.9 billion. This includes project-related spending of $1.3 billion that is primarily capitalized within “Plant and equipment, net” and approximately $350 for open purchase commitments, both of which relate to the SAF expansion project, as well as $300 for our investment in the financing receivables discussed above.

Commitments and Contingencies (Pace, Piedmont, Pasadena - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Sep. 30, 2012	Sep. 30, 2008	Sep. 30, 2006	Dec. 31, 2023	Sep. 30, 2023
Environmental
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies					$ 63.3	$ 64.5
Accrual for environmental loss contingencies, maximum payout period					27 years
Pace, Florida
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies				$ 42.0	$ 36.7
Change in estimated exposure	$ 19.0
Pace, Florida \| Discontinued operations
Loss Contingencies [Line Items]
Pretax environmental expense	$ 19.0			$ 42.0
Piedmont, South Carolina
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies			$ 24.0		4.1
Piedmont, South Carolina \| Discontinued operations
Loss Contingencies [Line Items]
Pretax environmental expense			$ 24.0
Pasadena, Texas
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies					$ 10.4
Total anticipated exposure		$ 13.0

Retirement Benefits (Schedule of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
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 non-operating income (expense), net	Other non-operating income (expense), net
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 5.2	$ 6.0
Interest cost	48.5	46.9
Expected return on plan assets	(41.6)	(43.6)
Prior service cost amortization	0.5	0.3
Actuarial loss amortization	17.5	17.8
Curtailments	0.0	(1.9)
Other	0.1	0.3
Net Periodic Cost	30.2	25.8
U.S. \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	2.4	2.7
Interest cost	33.7	32.5
Expected return on plan assets	(30.0)	(31.8)
Prior service cost amortization	0.3	0.3
Actuarial loss amortization	14.3	14.8
Curtailments	0.0	0.0
Other	0.0	0.0
Net Periodic Cost	20.7	18.5
International \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	2.8	3.3
Interest cost	14.8	14.4
Expected return on plan assets	(11.6)	(11.8)
Prior service cost amortization	0.2	0.0
Actuarial loss amortization	3.2	3.0
Curtailments	0.0	(1.9)
Other	0.1	0.3
Net Periodic Cost	$ 9.5	$ 7.3

Commitments and Contingencies (Litigation and Environmental - Narrative) (Details) R$ in Millions	1 Months Ended	3 Months Ended
	Sep. 30, 2010 BRL (R$)	Dec. 31, 2023 USD ($) site	Dec. 31, 2023 BRL (R$) site	Sep. 30, 2023 USD ($)
Alleged Anticompete Litigation
Loss Contingencies [Line Items]
Civil fines imposed	R$ 179.2	$ 37,000,000
Provision for litigation		0
Maximum of loss contingency range subject to interest		$ 37,000,000	R$ 179.2
Environmental
Loss Contingencies [Line Items]
Approximate number of sites on which settlement has not been reached \| site		27	27
Accrual for environmental loss contingencies		$ 63,300,000		$ 64,500,000
Accrual for environmental loss contingencies, maximum payout period		27 years	27 years
Environmental \| Minimum
Loss Contingencies [Line Items]
Estimate of possible exposure from environmental loss contingencies		$ 63,000,000
Environmental \| Maximum
Loss Contingencies [Line Items]
Estimate of possible exposure from environmental loss contingencies		$ 77,000,000

Consolidated Comprehensive Income Statements (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Tax effect on translation adjustments	$ (29.8)	$ (38.0)
Tax effect on net (loss) gain on derivatives	5.5	38.2
Tax effect on pension and postretirement benefits	0.0	2.4
Tax effect on derivatives reclassification adjustments	(12.8)	(21.7)
Tax effect on pension and postretirement benefits reclassification adjustments	$ 4.2	$ 3.7

Fair Value Measurements (Schedule of the Carrying Values and Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion and related party, carrying value	$ 12,091.3	$ 10,046.3
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion and related party, fair value	11,692.9	9,173.5
Forward exchange contracts \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	78.8	76.4
Derivative liabilities	62.0	124.4
Forward exchange contracts \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	78.8	76.4
Derivative liabilities	62.0	124.4
Interest Rate Management Contracts \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	74.4	317.7
Derivative liabilities	60.3	87.0
Interest Rate Management Contracts \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	74.4	317.7
Derivative liabilities	$ 60.3	$ 87.0

- Definition

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+ Details

- Definition

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

+ References + Details

Accumulated Other Comprehensive Loss

3 Months Ended

Dec. 31, 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 for the three months ended 31 December 2023:



	Derivatives qualifying as hedges	Foreign currency translation adjustments	Pension and postretirement benefits	Total
Balance at 30 September 2023	$61.1	($1,913.3)	($597.2)	($2,449.4)
Other comprehensive (loss) income before reclassifications	(161.1)	380.6	—	219.5
Amounts reclassified from AOCL	(42.2)	—	13.7	(28.5)
Net current period other comprehensive (loss) income	(203.3)	380.6	13.7	191.0
Amount attributable to noncontrolling interests	(154.1)	16.0	—	(138.1)
Balance at 31 December 2023	$11.9	($1,548.7)	($583.5)	($2,120.3)

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


	Three Months Ended
	31 December
	2023	2022
Gain on Cash Flow Hedges, net of tax
Sales	$0.2	$—
Cost of sales	1.0	1.0

Interest expense	0.8	1.0
Other non-operating income (expense), net	(44.2)	(70.7)
Total Gain on Cash Flow Hedges, net of tax	($42.2)	($68.7)






Pension and Postretirement Benefits, net of tax(A)	$13.7	$11.9

Earnings Per Share (Tables)

3 Months Ended

Dec. 31, 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"):


	Three Months Ended
	31 December
	2023	2022
Numerator


Net income attributable to Air Products	$609.3	$572.2
Denominator (in millions)
Weighted average common shares — Basic	222.5	222.2
Effect of dilutive securities
Employee stock option and other award plans	0.3	0.4
Weighted average common shares — Diluted	222.8	222.6

Per Share Data (U.S. Dollars per share)


Basic EPS attributable to Air Products	$2.74	$2.58



Diluted EPS attributable to Air Products	$2.73	$2.57

Antidilutive outstanding share-based awards were not material for the three months ended 31 December 2023 and 2022.

Supplemental Information - Debt Reclassification (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Sep. 30, 2023
Nonrelated Party
Debt Instrument [Line Items]
Long-term debt	$ 11,715.4	$ 9,280.6
Note 3.35% due 2024 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, fixed percentage	3.35%
Long-term debt, Principal Amount	$ 400.0
Credit Agreement 2021 \| Revolving credit agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	2,750.0
Commercial Paper
Debt Instrument [Line Items]
Short-Term Debt, Refinanced, Amount	$ 1,300.0

Revenue Recognition (Tables)

3 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Consolidated Sales Disaggregated by Supply Mode

Disaggregation of Revenue


	Three Months Ended 31 December 2023
	Americas	Asia	Europe	Middle East and India	Corporate and other	Total	%

On-site	$714.1	$503.2	$259.2	$17.5	$—	$1,494.0	50	%
Merchant	538.0	290.6	472.0	17.9	—	1,318.5	44	%
Sale of equipment	—	—	—	—	184.9	184.9	6	%
Total	$1,252.1	$793.8	$731.2	$35.4	$184.9	$2,997.4	100	%


	Three Months Ended 31 December 2022

	Americas	Asia	Europe	Middle East and India	Corporate and other	Total	%

On-site	$845.8	$457.7	$328.1	$18.8	$—	$1,650.4	52	%
Merchant	538.4	320.1	463.8	22.6	—	1,344.9	42	%
Sale of equipment	—	—	—	—	179.4	179.4	6	%
Total	$1,384.2	$777.8	$791.9	$41.4	$179.4	$3,174.7	100	%

Interest income associated with financing and lease arrangements accounted for approximately 1% of our total consolidated sales during the three months ended 31 December 2023.

Schedule of Contract Assets and Liabilities

Contract Balances

The table below details balances arising from contracts with customers:


		31 December	30 September
	Balance Sheet Location	2023	2023
Assets
Contract assets – current	Other receivables and current assets	$119.3	$124.7
Contract fulfillment costs – current	Other receivables and current assets	96.2	89.0
Liabilities
Contract liabilities – current	Payables and accrued liabilities	$386.0	$413.0
Contract liabilities – noncurrent	Other noncurrent liabilities	130.7	136.9

Goodwill (Schedule of Accumulated Impairment Losses) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Goodwill [Line Items]
Goodwill, gross	$ 1,200.2	$ 1,158.4
Goodwill, net	899.4	861.7
Americas
Goodwill [Line Items]
Goodwill, accumulated impairment losses	(300.8)	(296.7)
Goodwill, net	$ 147.2	$ 146.6

- Definition

+ References + Details

- Definition

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.

+ References

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
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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

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

+ Details

Retirement Benefits (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Company contributions	$ 12.0	$ 8.0	$ 32.6
Defined Benefit Pension Plan \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Total expected contributions for current fiscal year	35.0
Defined Benefit Pension Plan \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Total expected contributions for current fiscal year	45.0
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Amortization of actuarial gain	$ 0.1	$ 0.6

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

Dec. 31, 2023

Sep. 30, 2023

Current Assets

Cash and cash items

$ 1,962.6

$ 1,617.0

Short-term investments

271.8

332.2

Trade receivables, net

1,725.4

1,700.4

Inventories

709.3

651.8

Prepaid expenses

206.8

177.0

Other receivables and current assets

773.6

722.1

Total Current Assets

5,649.5

5,200.5

Investment in net assets of and advances to equity affiliates

4,685.2

4,617.8

Plant and equipment, at cost

34,793.9

32,746.3

Less: accumulated depreciation

15,858.4

15,274.2

Plant and equipment, net

18,935.5

17,472.1

Goodwill, net

899.4

861.7

Intangible assets, net

339.1

334.6

Operating lease right-of-use assets, net

978.8

974.0

Noncurrent lease receivables

485.9

494.7

Financing receivables

1,119.1

817.2

Other noncurrent assets

1,025.7

1,229.9

Total Noncurrent Assets

28,468.7

26,802.0

Total assets

^[1]

34,118.2

32,002.5

Current Liabilities

Payables and accrued liabilities

2,717.9

2,890.1

Accrued income taxes

166.9

131.2

Short-term borrowings

16.4

259.5

Current portion of long-term debt

218.0

615.0

Total Current Liabilities

3,119.2

3,895.8

Noncurrent operating lease liabilities

635.1

631.1

Other noncurrent liabilities

1,111.5

1,118.0

Deferred income taxes

1,250.0

1,266.0

Total Noncurrent Liabilities

14,869.9

12,446.4

Total Liabilities

^[1]

17,989.1

16,342.2

Commitments and Contingencies - See Note 10

Air Products Shareholders’ Equity

Common stock (par value $1 per share; issued 2024 and 2023 - 249,455,584 shares)

249.4

Capital in excess of par value

1,200.0

1,190.5

Retained earnings

17,510.0

17,289.7

Accumulated other comprehensive income

(2,120.3)

(2,449.4)

Treasury stock, at cost (2024 - 27,154,533 shares; 2023 - 27,255,739 shares)

(1,966.1)

(1,967.3)

Total Air Products Shareholders’ Equity

14,873.0

14,312.9

Noncontrolling interests

^[1]

1,256.1

1,347.4

Total Equity

16,129.1

15,660.3

Total Liabilities and Equity

34,118.2

32,002.5

Nonrelated Party

Current Liabilities

Long-term debt

11,715.4

9,280.6

Related Party

Current Assets

Trade receivables, net

90.0

80.0

Current Liabilities

Current portion of long-term debt

136.9

177.6

Long-term debt

$ 157.9

$ 150.7

[1]

Financial Instruments (Interest Rate Management Contracts and Cross Currency Interest Rate Swaps) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023
Interest Rate Swaps Contracts \| Designated as hedging instrument \| Fair Value Hedges
Derivative [Line Items]
US$ Notional	$ 800.0	$ 800.0
Average Pay %	SOFR	SOFR
Average Receive %	1.64%	1.64%
Years Average Maturity	3 years 8 months 12 days	4 years
Interest Rate Swaps Contracts \| Designated as hedging instrument \| Cash flow hedges
Derivative [Line Items]
US$ Notional	$ 1,371.4	$ 1,182.5
Average Pay %	2.82%	2.82%
Average Receive %	SOFR	SOFR
Years Average Maturity	21 years 10 months 24 days	22 years 1 month 6 days
Cross currency interest rate swaps \| Designated as hedging instrument \| Net investment hedges
Derivative [Line Items]
US$ Notional	$ 37.3	$ 80.8
Average Pay %	3.67%	4.60%
Average Receive %	3.69%	3.65%
Years Average Maturity	6 months	10 months 24 days
Cross currency interest rate swaps \| Designated as hedging instrument \| Cash flow hedges
Derivative [Line Items]
US$ Notional	$ 569.2	$ 598.2
Average Pay %	4.95%	4.89%
Average Receive %	3.23%	3.22%
Years Average Maturity	2 years	2 years 2 months 12 days
Cross currency interest rate swaps \| Not designated as hedging instrument
Derivative [Line Items]
US$ Notional	$ 36.6	$ 44.5
Average Pay %	5.39%	5.39%
Average Receive %	3.64%	3.54%
Years Average Maturity	1 year	2 months 12 days

Financial Instruments (Fair Value and Balance Sheet Location of Derivatives) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Derivative [Line Items]
Total Derivatives, Assets	$ 153.2	$ 394.1
Total Derivatives, Liabilities	122.3	211.4
Designated as hedging instrument
Derivative [Line Items]
Total Derivatives, Assets	148.2	383.8
Total Derivatives, Liabilities	116.7	206.8
Designated as hedging instrument \| Other Receivables and Current Assets \| Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Assets	61.1	50.2
Designated as hedging instrument \| Other Receivables and Current Assets \| Interest Rate Management Contracts
Derivative [Line Items]
Total Derivatives, Assets	7.9	13.0
Designated as hedging instrument \| Other Noncurrent Assets \| Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Assets	13.9	19.8
Designated as hedging instrument \| Other Noncurrent Assets \| Interest Rate Management Contracts
Derivative [Line Items]
Total Derivatives, Assets	65.3	300.8
Designated as hedging instrument \| Payables and Accrued Liabilities \| Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Liabilities	37.2	94.1
Designated as hedging instrument \| Payables and Accrued Liabilities \| Interest Rate Management Contracts
Derivative [Line Items]
Total Derivatives, Liabilities	0.2	0.0
Designated as hedging instrument \| Other Noncurrent Liabilities \| Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Liabilities	19.2	25.7
Designated as hedging instrument \| Other Noncurrent Liabilities \| Interest Rate Management Contracts
Derivative [Line Items]
Total Derivatives, Liabilities	60.1	87.0
Not designated as hedging instrument
Derivative [Line Items]
Total Derivatives, Assets	5.0	10.3
Total Derivatives, Liabilities	5.6	4.6
Not designated as hedging instrument \| Other Receivables and Current Assets \| Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Assets	3.7	6.4
Not designated as hedging instrument \| Other Receivables and Current Assets \| Interest Rate Management Contracts
Derivative [Line Items]
Total Derivatives, Assets	1.2	3.9
Not designated as hedging instrument \| Other Noncurrent Assets \| Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Assets	0.1	0.0
Not designated as hedging instrument \| Payables and Accrued Liabilities \| Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Liabilities	5.5	4.6
Not designated as hedging instrument \| Payables and Accrued Liabilities \| Interest Rate Management Contracts
Derivative [Line Items]
Total Derivatives, Liabilities	0.0	0.0
Not designated as hedging instrument \| Other Noncurrent Liabilities \| Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Liabilities	$ 0.1	$ 0.0

Variable Interest Entities (Tables)

3 Months Ended

Dec. 31, 2023

Consolidated Variable Interest Entities Disclosure [Abstract]

Schedule of Variable Interest Entities

The table below summarizes balances associated with NGHC as reflected on our consolidated balance sheets:


	31 December	30 September
	2023	2023
Assets
Cash and cash items	$402.3	$78.2

Trade receivables, net	14.6	—

Prepaid expenses	30.5	21.4
Other receivables and current assets	183.3	181.6
Total current assets	$630.7	$281.2



Plant and equipment, net	1,831.6	1,396.1


Operating lease right-of-use assets, net	227.7	228.9


Other noncurrent assets	61.8	350.6
Total noncurrent assets	$2,121.1	$1,975.6
Total assets	$2,751.8	$2,256.8
Liabilities
Payables and accrued liabilities	$207.0	$141.0
Accrued income taxes	2.2	0.6


Total current liabilities	$209.2	$141.6
Long-term debt	1,930.4	1,274.4

Noncurrent operating lease liabilities	19.2	18.9
Other noncurrent liabilities	3.3	2.1
Deferred income taxes	4.0	24.1
Total noncurrent liabilities	$1,956.9	$1,319.5
Total liabilities	$2,166.1	$1,461.1
Equity
Accumulated other comprehensive income	$15.8	$77.7
Noncontrolling interests	580.1	723.6

- Definition

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.

+ References + Details

Financial Instruments (Effects of Derivatives Not Designated as a Hedging Instrument) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Other Income (Expense), Net
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	$ 3.2	$ 0.6
Other Income (Expense), Net \| Forward exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	3.2	0.6
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	(0.4)	(0.5)
Other Non-Operating Income (Expense), Net \| Forward exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	(1.2)	(1.6)
Other Non-Operating Income (Expense), Net \| Other
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	$ 0.8	$ 1.1

Inventories (Tables)

3 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

The components of inventories are as follows:


	31 December	30 September
	2023	2023
Finished goods	$229.4	$211.6
Work in process	32.3	28.4
Raw materials, supplies, and other	447.6	411.8
Inventories	$709.3	$651.8

Share-Based Compensation (Tables)

3 Months Ended

Dec. 31, 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:


	Three Months Ended
	31 December
	2023	2022
Before-tax share-based compensation cost	$13.6	$16.9
Income tax benefit	(3.3)	(4.1)
After-tax share-based compensation cost	$10.3	$12.8

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:


Expected volatility	25.0	%
Risk-free interest rate	4.3	%
Expected dividend yield	2.6	%

Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Carrying Value and Fair Value of Financial Instruments

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


	31 December 2023		30 September 2023
	Carrying Value	Fair Value	Carrying Value	Fair Value
Assets
Derivatives
Forward exchange contracts	$78.8	$78.8	$76.4	$76.4
Interest rate management contracts	74.4	74.4	317.7	317.7
Liabilities
Derivatives
Forward exchange contracts	$62.0	$62.0	$124.4	$124.4
Interest rate management contracts	60.3	60.3	87.0	87.0
Long-term debt, including current portion and related party	12,091.3	11,692.9	10,046.3	9,173.5

Schedule of Fair Value Assets and Liabilities Measured On Recurring Basis

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


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



Derivatives
Forward exchange contracts	$78.8	$—	$78.8	$—	$76.4	$—	$76.4	$—
Interest rate management contracts	74.4	—	74.4	—	317.7	—	317.7	—
Total Assets at Fair Value	$153.2	$—	$153.2	$—	$394.1	$—	$394.1	$—
Liabilities at Fair Value
Derivatives
Forward exchange contracts	$62.0	$—	$62.0	$—	$124.4	$—	$124.4	$—
Interest rate management contracts	60.3	—	60.3	—	87.0	—	87.0	—
Total Liabilities at Fair Value	$122.3	$—	$122.3	$—	$211.4	$—	$211.4	$—

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

Dec. 31, 2023

Sep. 30, 2023

Variable Interest Entity [Line Items]

Cash and cash items

$ 1,962.6

$ 1,617.0

Trade receivables, net

1,725.4

1,700.4

Prepaid expenses

206.8

177.0

Other receivables and current assets

773.6

722.1

Total Current Assets

5,649.5

5,200.5

Plant and equipment, net

18,935.5

17,472.1

Operating lease right-of-use assets, net

978.8

974.0

Other noncurrent assets

1,025.7

1,229.9

Total noncurrent assets

28,468.7

26,802.0

Total assets

^[1]

34,118.2

32,002.5

Payables and accrued liabilities

2,717.9

2,890.1

Accrued income taxes

166.9

131.2

Total Current Liabilities

3,119.2

3,895.8

Noncurrent operating lease liabilities

635.1

631.1

Other noncurrent liabilities

1,111.5

1,118.0

Deferred income taxes

1,250.0

1,266.0

Total noncurrent liabilities

14,869.9

12,446.4

Total Liabilities

^[1]

17,989.1

16,342.2

Accumulated other comprehensive income

(2,120.3)

(2,449.4)

Noncontrolling interests

^[1]

1,256.1

1,347.4

Variable Interest Entity, Primary Beneficiary | NEOM Green Hydrogen Company

Variable Interest Entity [Line Items]

Cash and cash items

402.3

78.2

Trade receivables, net

14.6

0.0

Prepaid expenses

30.5

21.4

Other receivables and current assets

183.3

181.6

Total Current Assets

630.7

281.2

Plant and equipment, net

1,831.6

1,396.1

Operating lease right-of-use assets, net

227.7

228.9

Other noncurrent assets

61.8

350.6

Total noncurrent assets

2,121.1

1,975.6

Total assets

2,751.8

2,256.8

Payables and accrued liabilities

207.0

141.0

Accrued income taxes

2.2

0.6

Total Current Liabilities

209.2

141.6

Long-term debt

1,930.4

1,274.4

Noncurrent operating lease liabilities

19.2

18.9

Other noncurrent liabilities

3.3

2.1

Deferred income taxes

4.0

24.1

Total noncurrent liabilities

1,956.9

1,319.5

Total Liabilities

2,166.1

1,461.1

Accumulated other comprehensive income

15.8

77.7

Noncontrolling interests

$ 580.1

$ 723.6

[1]

Share-Based Compensation

3 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

SHARE-BASED COMPENSATION

Our outstanding share-based compensation programs include deferred stock units and stock options. During the three months ended 31 December 2023, we granted market-based and time-based deferred stock units. 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 31 December 2023, there were 1.0 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:


	Three Months Ended
	31 December
	2023	2022
Before-tax share-based compensation cost	$13.6	$16.9
Income tax benefit	(3.3)	(4.1)
After-tax share-based compensation cost	$10.3	$12.8

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 the first three months of fiscal years 2024 and 2023 was not material.

Deferred Stock Units

During the three months ended 31 December 2023, we granted 102,120 market-based deferred stock units. The market-based deferred stock units are earned over the performance period beginning 1 October 2023 and ending 30 September 2026, conditioned on the level of our total shareholder return in relation to the S&P 500 Index over the three-year performance period.

The market-based deferred stock units had an estimated grant-date fair value of $302.10 per unit, which was estimated using a Monte Carlo simulation model. The model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the grant and calculates the fair value of the awards. We generally expense the grant-date fair value of these awards on a straight-line basis over the vesting period. The calculation of the fair value of market-based deferred stock units used the following assumptions:


Expected volatility	25.0	%
Risk-free interest rate	4.3	%
Expected dividend yield	2.6	%

In addition, during the three months ended 31 December 2023, we granted 132,317 time-based deferred stock units at a weighted average grant-date fair value of $273.02.

Supplemental Information (Changes in Estimates) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Change in Accounting Estimate [Line Items]
Operating income (loss)	$ 666.9	$ 652.0
Contracts accounted for under percentage of completion
Change in Accounting Estimate [Line Items]
Operating income (loss)	$ (30.0)	$ (25.0)

Consolidated Comprehensive Income Statements (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 621.6	$ 583.8
Other Comprehensive Income, net of tax:
Translation adjustments, net of tax	380.6	509.6
Net (loss) gain on derivatives, net of tax	(161.1)	121.0
Pension and postretirements benefits, net of tax	0.0	6.7
Reclassification adjustments:
Derivatives, net of tax	(42.2)	(68.7)
Pension and postretirement benefits, net of tax	13.7	11.9
Total Other Comprehensive Income	191.0	580.5
Comprehensive Income	812.6	1,164.3
Net Income Attributable to Noncontrolling Interests	12.3	11.6
Other Comprehensive (Loss) Income Attributable to Noncontrolling Interests	(138.1)	12.7
Comprehensive Income Attributable to Air Products	$ 938.4	$ 1,140.0

Supplemental Information - Schedule of Business and Asset Actions (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023
Disclosure Text Block Supplement [Abstract]
Charge for severance and other benefits		$ 27.0
Cash payments	$ (3.4)	(6.8)
Currency translation adjustment	0.4	(0.4)
Accrual for unpaid benefits reflected in "Payables and Accrued Liabilities" as of 31 December 2023	$ 16.8	$ 19.8

Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Sales	$ 2,997.4	$ 3,174.7
Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 2,997.4	$ 3,174.7
Percent sales by supply mode	100.00%	100.00%
Americas \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 1,252.1	$ 1,384.2
Asia \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	793.8	777.8
Europe \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	731.2	791.9
Middle East and India \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	35.4	41.4
Corporate and other \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	184.9	179.4
On-site \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 1,494.0	$ 1,650.4
Percent sales by supply mode	50.00%	52.00%
On-site \| Americas \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 714.1	$ 845.8
On-site \| Asia \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	503.2	457.7
On-site \| Europe \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	259.2	328.1
On-site \| Middle East and India \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	17.5	18.8
On-site \| Corporate and other \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
Merchant \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 1,318.5	$ 1,344.9
Percent sales by supply mode	44.00%	42.00%
Merchant \| Americas \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 538.0	$ 538.4
Merchant \| Asia \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	290.6	320.1
Merchant \| Europe \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	472.0	463.8
Merchant \| Middle East and India \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	17.9	22.6
Merchant \| Corporate and other \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
Sale of Equipment \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 184.9	$ 179.4
Percent sales by supply mode	6.00%	6.00%
Sale of Equipment \| Americas \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 0.0	$ 0.0
Sale of Equipment \| Asia \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
Sale of Equipment \| Europe \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
Sale of Equipment \| Middle East and India \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
Sale of Equipment \| Corporate and other \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 184.9	$ 179.4

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Air Products Shareholders' Equity	Non- controlling Interests
Beginning balance at Sep. 30, 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	583.8			572.2			572.2	11.6
Other comprehensive income (loss)	580.5				567.8		567.8	12.7
Dividends on common stock	(359.8)			(359.8)			(359.8)
Dividends to noncontrolling interests	(0.8)							(0.8)
Share-based compensation	14.2		14.2				14.2
Issuance of treasury shares for stock option and award plans	(1.6)		(7.4)			5.8	(1.6)
Other equity transactions	(1.3)		0.2	(1.3)			(1.1)	(0.2)
Ending balance at Dec. 31, 2022	$ 14,517.4	249.4	1,148.4	16,731.4	(2,218.3)	(1,975.2)	13,935.7	581.7
Stockholders' Equity [Roll Forward]
Common Stock, Dividends, Per Share, Declared	$ 1.62
Beginning 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
Stockholders' Equity [Roll Forward]
Net income	621.6			609.3			609.3	12.3
Other comprehensive income (loss)	191.0				329.1		329.1	(138.1)
Dividends on common stock	(389.0)			(389.0)			(389.0)
Share-based compensation	13.8		13.8				13.8
Issuance of treasury shares for stock option and award plans	(3.2)		(4.4)			1.2	(3.2)
Investments by noncontrolling interests	34.5							34.5
Other equity transactions	0.1		0.1	0.0			0.1	0.0
Ending balance at Dec. 31, 2023	$ 16,129.1	$ 249.4	$ 1,200.0	$ 17,510.0	$ (2,120.3)	$ (1,966.1)	$ 14,873.0	$ 1,256.1
Stockholders' Equity [Roll Forward]
Common Stock, Dividends, Per Share, Declared	$ 1.75

Supplemental Information (Tables)

3 Months Ended

Dec. 31, 2023

Disclosure Text Block Supplement [Abstract]

Summary of Carrying Amount of Accrual for Severance and Other Benefits

The table below reconciles the charge to the carrying amount of the accrual included within "Payables and accrued liabilities" on our consolidated balance sheets as of 31 December 2023:


Fiscal year 2023 charge			$27.0
Cash payments			(6.8)
Currency translation adjustment			(0.4)
Accrual as of 30 September 2023			$19.8
Cash payments			(3.4)
Currency translation adjustment			0.4
Accrual as of 31 December 2023			$16.8

Consolidated Income Statements (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Sales	$ 2,997.4	$ 3,174.7
Cost of sales	2,067.2	2,272.3
Selling and administrative expense	238.4	234.4
Research and development expense	25.7	24.4
Other income (expense), net	0.8	8.4
Operating Income	666.9	652.0
Equity affiliates' income	158.4	110.0
Interest expense	53.5	41.2
Other non-operating income (expense), net	(14.8)	(0.6)
Income Before Taxes	757.0	720.2
Income tax provision	135.4	136.4
Net Income	621.6	583.8
Less: Net income attributable to noncontrolling interests	12.3	11.6
Net Income Attributable to Air Products	$ 609.3	$ 572.2
Per Share Data
Basic earnings per share attributable to Air Products (in dollars per share)	$ 2.74	$ 2.58
Diluted earnings per share attributable to Air Products (in dollars per share)	$ 2.73	$ 2.57
Weighted Average Common Shares (in millions)
Basic (in shares)	222.5	222.2
Diluted (in shares)	222.8	222.6

Financial Instruments (Tables)

3 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Instruments

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


	31 December 2023		30 September 2023
	US$ Notional	Years Average Maturity	US$ Notional	Years Average Maturity
Forward Exchange Contracts:
Cash flow hedges	$4,658.6	0.6	$4,463.2	0.7
Net investment hedges	898.5	2.3	864.0	2.5
Not designated	585.1	0.3	709.4	0.3
Total Forward Exchange Contracts	$6,142.2	0.8	$6,036.6	0.9

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


	31 December 2023						30 September 2023
	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	%	3.7	$800.0	SOFR		1.64	%	4.0
Interest rate swaps (cash flow hedge)	$1,371.4	2.82	%	SOFR		21.9	$1,182.5	2.82	%	SOFR		22.1
Cross currency interest rate swaps (net investment hedge)	$37.3	3.67	%	3.69	%	0.5	$80.8	4.60	%	3.65	%	0.9
Cross currency interest rate swaps (cash flow hedge)	$569.2	4.95	%	3.23	%	2.0	$598.2	4.89	%	3.22	%	2.2
Cross currency interest rate swaps (not designated)	$36.6	5.39	%	3.64	%	1.0	$44.5	5.39	%	3.54	%	0.2

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
	31 December	30 September	31 December	30 September
Balance Sheet Location	2023	2023	2023	2023

Long-term debt	$2,037.9	$2,011.4	($54.4)	($80.5)

Schedule of Fair Value and Balance Sheet Location of Derivative Instruments

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


	Balance Sheet	31 December	30 September	Balance Sheet	31 December	30 September
	Location	2023	2023	Location	2023	2023
Derivatives Designated as Hedging Instruments:
Forward exchange contracts	Other receivables and current assets	$61.1	$50.2	Payables and accrued liabilities	$37.2	$94.1
Interest rate management contracts	Other receivables and current assets	7.9	13.0	Payables and accrued liabilities	0.2	—
Forward exchange contracts	Other noncurrent assets	13.9	19.8	Other noncurrent liabilities	19.2	25.7
Interest rate management contracts	Other noncurrent assets	65.3	300.8	Other noncurrent liabilities	60.1	87.0
Total Derivatives Designated as Hedging Instruments		$148.2	$383.8		$116.7	$206.8
Derivatives Not Designated as Hedging Instruments:
Forward exchange contracts	Other receivables and current assets	$3.7	$6.4	Payables and accrued liabilities	$5.5	$4.6
Interest rate management contracts	Other receivables and current assets	1.2	3.9	Payables and accrued liabilities	—	—
Forward exchange contracts	Other noncurrent assets	0.1	—	Other noncurrent liabilities	0.1	—

Total Derivatives Not Designated as Hedging Instruments		$5.0	$10.3		$5.6	$4.6
Total Derivatives		$153.2	$394.1		$122.3	$211.4

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:


	Three Months Ended
	31 December
	2023	2022
Net Investment Hedging Relationships
Forward exchange contracts	($31.8)	($47.1)
Foreign currency debt	(89.9)	(115.3)
Cross currency interest rate swaps	(1.9)	(10.6)
Total Amount Recognized in OCI	(123.6)	(173.0)
Tax effects	30.1	42.5
Net Amount Recognized in OCI	($93.5)	($130.5)


	Three Months Ended
	31 December
	2023	2022
Derivatives in Cash Flow Hedging Relationships
Forward exchange contracts	$115.1	$188.8
Forward exchange contracts, excluded components	(9.0)	(5.6)
Other(A)	(261.7)	(24.0)
Total Amount Recognized in OCI	(155.6)	159.2
Tax effects	(5.5)	(38.2)
Net Amount Recognized in OCI	($161.1)	$121.0

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

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


	Three Months Ended 31 December
	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	$2,997.4	$3,174.7	$2,067.2	$2,272.3		$53.5	$41.2		($14.8)	($0.6)

(Gain) Loss Effects of Cash Flow Hedging:

Forward Exchange Contracts:
Amount reclassified from OCI into income	$0.3	$—	$1.3	$1.2		$—	$—		($74.9)	($117.8)

Amount excluded from effectiveness testing recognized in earnings based on amortization approach	—	—	—	—		—	—		5.7	2.0
Other:
Amount reclassified from OCI into income	—	—	—	—		1.3	1.5		11.3	22.7

Total (Gain) Loss Reclassified from OCI to Income	0.3	—	1.3	1.2		1.3	1.5		(57.9)	(93.1)
Tax effects	(0.1)	—	(0.3)	(0.2)		(0.5)	(0.5)		13.7	22.4
Net (Gain) Loss Reclassified from OCI to Income	$0.2	$—	$1.0	$1.0		$0.8	$1.0		($44.2)	($70.7)

(Gain) Loss Effects of Fair Value Hedging:

Other:
Hedged items	$—	$—	$—	$—		$26.1	$4.4		$—	$—
Derivatives designated as hedging instruments	—	—	—	—		(26.1)	(4.4)		—	—
Total (Gain) Loss Recognized in Income	$—	$—	$—	$—		$—	$—		$—	$—

Schedule of Effects of Derivatives Not Designated as a Hedging Instrument

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


	Three Months Ended 31 December
	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	$3.2	$0.6	($1.2)	($1.6)
Other	—	—	0.8	1.1
Total (Gain) Loss Recognized in Income	$3.2	$0.6	($0.4)	($0.5)

Inventories

3 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

The components of inventories are as follows:


	31 December	30 September
	2023	2023
Finished goods	$229.4	$211.6
Work in process	32.3	28.4
Raw materials, supplies, and other	447.6	411.8
Inventories	$709.3	$651.8

Accumulated Other Comprehensive Loss (Reclassification) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Sales	$ (2,997.4)	$ (3,174.7)
Cost of sales	2,067.2	2,272.3
Interest expense	53.5	41.2
Other non-operating income (expense), net	14.8	0.6
Net Income attributable to Air Products	(609.3)	(572.2)
Reclassification out of Accumulated Other Comprehensive Income \| (Gain) Loss on Cash Flow Hedges, net of tax
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Sales	0.2	0.0
Cost of sales	1.0	1.0
Interest expense	0.8	1.0
Other non-operating income (expense), net	(44.2)	(70.7)
Net Income attributable to Air Products	(42.2)	(68.7)
Reclassification out of Accumulated Other Comprehensive Income \| Pension and Postretirement Benefits, net of tax
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net Income attributable to Air Products	$ 13.7	$ 11.9

- Definition

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

+ References + Details

- Definition

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

+ References

+ Details

- Definition

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).

+ References

+ Details

Financial Instruments (Currency Price Risk Management Instruments) (Details) - Forward exchange contracts - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023
Derivative [Line Items]
US$ Notional	$ 6,142.2	$ 6,036.6
Years Average Maturity	9 months 18 days	10 months 24 days
Designated as hedging instrument \| Cash flow hedges
Derivative [Line Items]
US$ Notional	$ 4,658.6	$ 4,463.2
Years Average Maturity	7 months 6 days	8 months 12 days
Designated as hedging instrument \| Net investment hedges
Derivative [Line Items]
US$ Notional	$ 898.5	$ 864.0
Years Average Maturity	2 years 3 months 18 days	2 years 6 months
Not designated as hedging instrument
Derivative [Line Items]
US$ Notional	$ 585.1	$ 709.4
Years Average Maturity	3 months 18 days	3 months 18 days