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Summarized Financial Information of Equity Affiliates
 12 Months Ended
Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Summarized Financial Information of Equity Affiliates SUMMARIZED FINANCIAL INFORMATION OF EQUITY AFFILIATES
The summarized financial information below is on a combined 100% basis and has been compiled based on financial statements of the companies accounted for by the equity method. The amounts presented include the accounts of the following equity affiliates:
Abdullah Hashim Industrial Gases & Equipment Co., Ltd. (25%);
INOX Air Products Private Limited (50%);
Air Products South Africa (Proprietary) Limited (50%);
Jazan Gas Projects Company (26%);
Bangkok Cogeneration Company Limited (49%);
Kulim Industrial Gases Sdn. Bhd. (50%);
Bangkok Industrial Gases Co., Ltd. (49%);
Sapio Produzione Idrogeno Ossigeno S.r.l. (49%);
Chengdu Air & Gas Products Ltd. (50%);
Tecnologia en Nitrogeno S. de R.L. de C.V. (50%);
Helios S.p.A. (49%);
Tyczka Industrie-Gases GmbH (50%);
INFRA Group (40%);
and principally, other industrial gas producers.
30 September  20202019
Current assets$1,943.5 $1,660.6 
Noncurrent assets4,529.2 4,400.4 
Current liabilities765.3 725.1 
Noncurrent liabilities 2,958.8 2,853.6 
Year Ended 30 September202020192018
Net sales$2,809.1 $2,885.6 $2,663.1 
Sales less cost of sales1,212.5 1,193.4 1,050.6 
Operating income748.6 763.4 635.3 
Net income567.8 492.4 388.0 
Dividends received from equity affiliates were $107.0, $144.3, and $122.5 in fiscal years 2020, 2019, and 2018, respectively.
The investment in net assets of and advances to equity affiliates as of 30 September 2020 and 2019 included investment in foreign affiliates of $1,431.3 and $1,275.4, respectively.
As of 30 September 2020 and 2019, the amount of investment in companies accounted for by the equity method included equity method goodwill of $50.0 and $42.8, respectively.
India Finance Act 2020
For the fiscal year ended 30 September 2020, equity affiliates' income includes a benefit of $33.8 due to tax legislation passed by the Indian government (the "India Finance Act"). This benefit relates to INOX Air Products Private Limited for the release of our share of accumulated dividend distribution taxes and is included in the fiscal year 2020 net income on a 100% basis in the table above. Refer to Note 22, Income Taxes, for additional information.
U.S. Tax Cuts and Jobs Act
For the fiscal year ended 30 September 2018, equity affiliates' income includes an expense of $28.5 for our proportionate share of the impact of the U.S. Tax Cuts and Jobs Act primarily recorded during the first quarter of fiscal year 2018. This expense is included in the fiscal year 2018 net income on a 100% basis in the table above. Refer to Note 22, Income Taxes, for additional information.
Jazan Gas Project Company
On 19 April 2015, a joint venture between Air Products and ACWA Holding entered into a 20-year oxygen and nitrogen supply agreement to supply Saudi Aramco’s oil refinery and power plant being built in Jazan, Saudi Arabia. Air Products owns 26% of the joint venture and guarantees the repayment of its share of an equity bridge loan. ACWA also guarantees their share of the loan. We determined that the joint venture is a variable interest entity, for which we are not the primary beneficiary. As of 30 September 2020, our consolidated balance sheets included $94.4 reflected within "Payables and accrued liabilities" for our obligation to make future equity contributions in 2021 based on our proportionate share of the advances received by the joint venture under the loan.