Discontinued Operations (Tables)

3 Months Ended

Dec. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Operating Results and Assets and Liabilities of Discontinued Operations

The following table details the businesses and major line items that comprise income from discontinued operations, net of tax, on the consolidated income statements for the three months ended 31 December 2016:

	Three Months Ended
	31 December 2016
							Total
	Performance			Energy-			Discontinued
	Materials			from-Waste(A)			Operations
Sales	$	254.8		$	—		$	254.8
Cost of sales	179.0			—			179.0
Selling and administrative	20.4			—			20.4
Research and development	5.1			—			5.1
Other income (expense), net	(.4		)	(6.5		)	(6.9		)
Operating Income (Loss)	49.9			(6.5		)	43.4
Equity affiliates’ income	.3			—			.3
Income (Loss) Before Taxes	50.2			(6.5		)	43.7
Income tax provision(B)	(50.5		)	(1.1		)	(51.6		)
Income (Loss) From Operations of Discontinued Operations, net of tax	100.7			(5.4		)	95.3
Loss on Disposal, net of tax	—			(47.1		)	(47.1		)
Income (Loss) from Discontinued Operations, net of tax	$	100.7		$	(52.5	)	$	48.2

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

^(B)  As a result of the expected gain on sale of PMD that closed in the second quarter of 2017, we released valuation allowances related to capital loss and net operating loss carryforwards that favorably impacted our income tax provision within discontinued operations by approximately $66 during the first quarter of 2017.

The following table details the businesses and major line items that comprise income from discontinued operations, net of tax on the consolidated income statements for the three months ended 31 December 2015:

	Three Months Ended
	31 December 2015
									Total
	Electronic		Performance			Energy-			Discontinued
	Materials		Materials			from-Waste(A)			Operations
Sales	$	242.6	$	246.9		$	—		$	489.5
Cost of sales	127.3		172.6			—			299.9
Selling and administrative	18.4		19.0			—			37.4
Research and development	10.1		5.0			—			15.1
Other income (expense), net	2.2		(1.2		)	(17.6		)	(16.6		)
Operating Income (Loss)	89.0		49.1			(17.6		)	120.5
Equity affiliates’ income	.2		.2			—			.4
Income (Loss) Before Taxes(B)	89.2		49.3			(17.6		)	120.9
Income tax provision	24.9		14.5			(3.3		)	36.1
Income (Loss) from Operations of Discontinued Operations, net of tax	64.3		34.8			(14.3		)	84.8
Net Income Attributable to Noncontrolling Interests of Discontinued Operations	2.1		—			—			2.1
Net Income (Loss) From Discontinued Operations, net of tax	$	62.2	$	34.8		$	(14.3	)	$	82.7

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

^(B)  For the three months ended 31 December 2015, income before taxes from operations of discontinued operations attributable to Air Products was $118.4.

The following table summarizes the carrying amount of the accrual for our actions to dispose of the EfW business at 31 December 2016:

	Asset Actions			Contract Actions/Other			Total
Loss on disposal of business	$	913.5		$	32.2		$	945.7
Noncash expenses	(913.5		)	—			(913.5		)
Cash expenditures	—			(18.6		)	(18.6		)
Currency translation adjustment	—			(1.4		)	(1.4		)
30 September 2016	$	—		$	12.2		$	12.2
Loss on disposal of business	6.3			53.0			59.3
Noncash expenses	(6.3		)	—			(6.3		)
31 December 2016	$	—		$	65.2		$	65.2

The following table details the major line items that comprise total assets and total liabilities of discontinued operations on the consolidated balance sheets as of 31 December 2016:

	31 December 2016
					Total
	Performance		Energy-		Discontinued
	Materials		from-Waste		Operations
Assets
Current Assets
Cash and cash items	$	11.3	$	—	$	11.3
Trade receivables, net	149.5		—		149.5
Inventories	222.2		—		222.2
Plant and equipment, net	306.8		11.0		317.8
Goodwill, net	122.4		—		122.4
Intangible assets, net	23.1		—		23.1
Other receivables and current assets	12.5		1.4		13.9
Total Current Assets	847.8		12.4		860.2
Total Assets	$	847.8	$	12.4	$	860.2
Liabilities
Current Liabilities
Payables and accrued liabilities	$	59.3	$	10.9	$	70.2
Accrued income taxes	11.2		—		11.2
Other current liabilities	7.8		—		7.8
Total Current Liabilities	78.3		10.9		89.2
Total Liabilities	$	78.3	$	10.9	$	89.2

The following table details the major line items that comprise total assets and total liabilities of discontinued operations on the consolidated balance sheets as of 30 September 2016:

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