Discontinued Operations (Tables)

12 Months Ended

Sep. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Operating Results and Assets and Liabilities of Discontinued Operation

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

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

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

Summarized Financial Information of Discontinued Operations

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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