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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended 31 March 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number 001-04534
apd-20210331_g1.jpg
AIR PRODUCTS AND CHEMICALS, INC.
(Exact name of registrant as specified in its charter)
Delaware23-1274455
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
7201 Hamilton Boulevard
Allentown, Pennsylvania 18195-1501
(Address of principal executive offices and Zip Code)
610-481-4911
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1.00 per shareAPDNew York Stock Exchange
0.375% Euro Notes due 2021APD21BNew York Stock Exchange
1.000% Euro Notes due 2025APD25New York Stock Exchange
0.500% Euro Notes due 2028APD28New York Stock Exchange
0.800% Euro Notes due 2032APD32New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
The number of shares of common stock, par value $1 per share, outstanding at 31 March 2021 was 221,314,258.


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AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
QUARTERLY REPORT ON FORM 10-Q
For the quarterly period ended 31 March 2021

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FORWARD-LOOKING STATEMENTS
This quarterly report contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts and can generally be identified by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” "future," “goal,” “intend,” “may,” “outlook,” “plan,” “positioned,” “possible,” “potential,” “project,” “should,” “target,” “will,” “would,” and similar expressions or variations thereof, or the negative thereof, but these terms are not the exclusive means of identifying such statements. Forward-looking statements are based on management’s expectations and assumptions as of the date of this report and are not guarantees of future performance. You are cautioned not to place undue reliance on our forward-looking statements.
Forward-looking statements may relate to a number of matters, including expectations regarding revenue, margins, expenses, earnings, tax provisions, cash flows, pension obligations, share repurchases or other statements regarding economic conditions or our business outlook; statements regarding plans, projects, strategies and objectives for our future operations, including our ability to win new projects and execute the projects in our backlog; and statements regarding our expectations with respect to pending legal claims or disputes. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including, without limitation:
the duration and impacts of the novel coronavirus (“COVID-19”) global pandemic and efforts to contain its transmission, including the effect of these factors on our business, our customers, economic conditions and markets generally;
changes in global or regional economic conditions, supply and demand dynamics in the market segments we serve, or in the financial markets that may affect the availability and terms on which we may obtain financing;
risks associated with having extensive international operations, including political risks, risks associated with unanticipated government actions and risks of investing in developing markets;
project delays, contract terminations, customer cancellations, or postponement of projects and sales;
our ability to develop and operate large scale and technically complex projects, including gasification projects;
the future financial and operating performance of major customers and joint venture partners;
our ability to develop, implement, and operate new technologies;
our ability to execute the projects in our backlog;
tariffs, economic sanctions and regulatory activities in jurisdictions in which we and our affiliates and joint ventures operate;
the impact of environmental, tax or other legislation, as well as regulations affecting our business and related compliance requirements, including legislation or regulations related to global climate change;
changes in tax rates and other changes in tax law;
the timing, impact, and other uncertainties relating to acquisitions and divestitures, including our ability to integrate acquisitions and separate divested businesses, respectively;
risks relating to cybersecurity incidents, including risks from the interruption, failure or compromise of our information systems;
catastrophic events, such as natural disasters and extreme weather events, public health crises, acts of war, or terrorism;
the impact on our business and customers of price fluctuations in oil and natural gas and disruptions in markets and the economy due to oil and natural gas price volatility;
costs and outcomes of legal or regulatory proceedings and investigations;
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FORWARD-LOOKING STATEMENTS (CONTINUED)
asset impairments due to economic conditions or specific events;
significant fluctuations in interest rates and foreign currency exchange rates from those currently anticipated;
damage to facilities, pipelines or delivery systems, including those we own or operate for third parties;
availability and cost of raw materials; and
the success of productivity and operational improvement programs.
In addition to the foregoing factors, forward-looking statements contained herein are qualified with respect to the risks disclosed elsewhere in this document, including in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations, and Item 3, Quantitative and Qualitative Disclosures About Market Risk, as well as with respect to the risks described in Item 1A, Risk Factors, to our Annual Report on Form 10-K for the fiscal year ended 30 September 2020. Any of these factors, as well as those not currently anticipated by management, could cause our results of operations, financial condition or liquidity to differ materially from what is expressed or implied by any forward-looking statement. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in assumptions, beliefs, or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

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PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED INCOME STATEMENTS
(Unaudited)
Three Months EndedSix Months Ended
31 March31 March
(Millions of dollars, except for share and per share data)2021202020212020
Sales$2,502.0 $2,216.3 $4,877.2 $4,471.0 
Cost of sales1,745.5 1,460.1 3,377.9 2,946.7 
Facility closure23.2  23.2  
Selling and administrative210.3 201.7 413.0 403.4 
Research and development21.1 19.2 44.6 36.9 
Gain on exchange with joint venture partner36.8  36.8  
Company headquarters relocation income (expense) 33.8  33.8 
Other income (expense), net9.8 8.1 32.3 20.4 
Operating Income548.5 577.2 1,087.6 1,138.2 
Equity affiliates' income69.8 88.2 139.1 146.4 
Interest expense36.1 19.3 72.8 38.0 
Other non-operating income (expense), net16.8 7.1 35.4 16.2 
Income From Continuing Operations Before Taxes599.0 653.2 1,189.3 1,262.8 
Income tax provision121.9 148.5 235.8 269.2 
Income From Continuing Operations477.1 504.7 953.5 993.6 
Income (Loss) from discontinued operations, net of tax (14.3)10.3 (14.3)
Net Income477.1 490.4 963.8 979.3 
Net income attributable to noncontrolling interests of continuing operations4.0 12.6 8.7 25.9 
Net Income Attributable to Air Products$473.1 $477.8 $955.1 $953.4 
Net Income Attributable to Air Products
Net income from continuing operations$473.1 $492.1 $944.8 $967.7 
Net income (loss) from discontinued operations (14.3)10.3 (14.3)
Net Income Attributable to Air Products$473.1 $477.8 $955.1 $953.4 
Per Share Data*
Basic EPS from continuing operations$2.13 $2.22 $4.26 $4.38 
Basic EPS from discontinued operations (0.06)0.05 (0.06)
Basic EPS Attributable to Air Products$2.13 $2.16 $4.31 $4.31 
Diluted EPS from continuing operations$2.13 $2.21 $4.25 $4.36 
Diluted EPS from discontinued operations (0.06)0.05 (0.06)
Diluted EPS Attributable to Air Products$2.13 $2.15 $4.29 $4.29 
Weighted Average Common Shares (in millions)
Basic221.6 221.2 221.6 221.0 
Diluted
222.5 222.3 222.5 222.2 
*Earnings per share ("EPS") is calculated independently for each component and may not sum to total EPS due to rounding.

The accompanying notes are an integral part of these statements.
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AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS
(Unaudited)
Three Months Ended
31 March
(Millions of dollars)20212020
Net Income$477.1 $490.4 
Other Comprehensive Loss, net of tax:
Translation adjustments, net of tax of $22.6 and $11.3
(144.6)(398.2)
Net gain (loss) on derivatives, net of tax of ($13.2) and $6.0
(5.2)(27.4)
Reclassification adjustments:
Derivatives, net of tax of $12.0 and ($5.0)
36.0 (17.0)
Pension and postretirement benefits, net of tax of $5.9 and $6.5
18.3 21.2 
Total Other Comprehensive Loss(95.5)(421.4)
Comprehensive Income381.6 69.0 
Net Income Attributable to Noncontrolling Interests4.0 12.6 
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interests15.6 (31.8)
Comprehensive Income Attributable to Air Products$362.0 $88.2 
Six Months Ended
31 March
(Millions of dollars)20212020
Net Income$963.8 $979.3 
Other Comprehensive Income (Loss), net of tax:
Translation adjustments, net of tax of ($1.6) and $0.5
271.1 (134.2)
Net gain (loss) on derivatives, net of tax of ($10.5) and $8.6
8.6 (5.3)
Reclassification adjustments:
Derivatives, net of tax of $11.2 and ($5.8)
34.7 (20.6)
Pension and postretirement benefits, net of tax of $11.8 and $13.0
36.6 40.9 
Total Other Comprehensive Income (Loss)351.0 (119.2)
Comprehensive Income1,314.8 860.1 
Net Income Attributable to Noncontrolling Interests8.7 25.9 
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interests35.3 (16.6)
Comprehensive Income Attributable to Air Products$1,270.8 $850.8 
The accompanying notes are an integral part of these statements.
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AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Unaudited)
31 March30 September
(Millions of dollars, except for share and per share data)20212020
Assets
Current Assets
Cash and cash items$5,786.3 $5,253.0 
Short-term investments409.2 1,104.9 
Trade receivables, net1,388.9 1,274.8 
Inventories430.3 404.8 
Prepaid expenses206.8 164.5 
Other receivables and current assets545.1 482.9 
Total Current Assets8,766.6 8,684.9 
Investment in net assets of and advances to equity affiliates1,538.2 1,432.2 
Plant and equipment, at cost26,438.5 25,176.2 
Less: accumulated depreciation13,810.2 13,211.5 
Plant and equipment, net12,628.3 11,964.7 
Goodwill, net914.7 891.5 
Intangible assets, net449.1 435.8 
Noncurrent lease receivables789.2 816.3 
Other noncurrent assets1,072.8 943.1 
Total Noncurrent Assets17,392.3 16,483.6 
Total Assets$26,158.9 $25,168.5 
Liabilities and Equity  
Current Liabilities
Payables and accrued liabilities$2,042.2 $1,833.2 
Accrued income taxes86.7 105.8 
Short-term borrowings15.4 7.7 
Current portion of long-term debt873.1 470.0 
Total Current Liabilities3,017.4 2,416.7 
Long-term debt6,804.6 7,132.9 
Long-term debt – related party311.3 297.2 
Other noncurrent liabilities1,840.0 1,916.0 
Deferred income taxes1,050.8 962.6 
Total Noncurrent Liabilities10,006.7 10,308.7 
Total Liabilities13,024.1 12,725.4 
Commitments and Contingencies - See Note 12
Air Products Shareholders’ Equity
Common stock (par value $1 per share; issued 2021 and 2020 - 249,455,584 shares)
249.4 249.4 
Capital in excess of par value1,094.4 1,094.8 
Retained earnings15,200.0 14,875.7 
Accumulated other comprehensive loss(1,824.4)(2,140.1)
Treasury stock, at cost (2021 - 28,141,326 shares; 2020 - 28,438,125 shares)
(1,993.2)(2,000.0)
Total Air Products Shareholders’ Equity12,726.2 12,079.8 
Noncontrolling Interests408.6 363.3 
Total Equity13,134.8 12,443.1 
Total Liabilities and Equity$26,158.9 $25,168.5 
The accompanying notes are an integral part of these statements.
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AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended
 31 March
(Millions of dollars)20212020
Operating Activities
Net income$963.8 $979.3 
Less: Net income attributable to noncontrolling interest of continuing operations8.7 25.9 
Net income attributable to Air Products955.1 953.4 
(Income) Loss from discontinued operations(10.3)14.3 
Income from continuing operations attributable to Air Products944.8 967.7 
Adjustments to reconcile income to cash provided by operating activities:
Depreciation and amortization653.0 583.9 
Deferred income taxes76.1 55.0 
Facility closure23.2  
Undistributed earnings of equity method investments(58.7)(101.6)
Gain on sale of assets and investments(26.2)(40.5)
Share-based compensation22.4 26.9 
Noncurrent lease receivables43.4 47.1 
Other adjustments(6.5)54.0 
Working capital changes that provided (used) cash, excluding effects of acquisitions:
Trade receivables(74.8)(111.9)
Inventories(25.4)(16.5)
Other receivables15.7 (0.7)
Payables and accrued liabilities135.7 (111.8)
Other working capital(142.4)(113.1)
Cash Provided by Operating Activities1,580.3 1,238.5 
Investing Activities
Additions to plant and equipment, including long-term deposits(1,227.8)(930.6)
Investment in and advances to unconsolidated affiliates(69.8)(22.7)
Proceeds from sale of assets and investments14.8 68.0 
Purchases of investments(569.0) 
Proceeds from investments1,265.5 177.0 
Other investing activities3.1 1.9 
Cash Used for Investing Activities(583.2)(706.4)
Financing Activities
Long-term debt proceeds92.8  
Payments on long-term debt(15.9)(3.4)
Net increase (decrease) in commercial paper and short-term borrowings33.6 (33.3)
Dividends paid to shareholders(592.7)(511.7)
Proceeds from stock option exercises 4.7 20.2 
Other financing activities(25.7)(9.6)
Cash Used for Financing Activities(503.2)(537.8)
Discontinued Operations
Cash provided by operating activities6.7  
Cash provided by investing activities  
Cash provided by financing activities  
Cash Provided by Discontinued Operations6.7  
Effect of Exchange Rate Changes on Cash32.7 (22.9)
Increase (Decrease) in cash and cash items533.3 (28.6)
Cash and Cash items – Beginning of Year5,253.0 2,248.7 
Cash and Cash Items – End of Period$5,786.3 $2,220.1 
The accompanying notes are an integral part of these statements.
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AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
Six Months Ended
31 March 2021
(Millions of dollars, except for per share data)Common
 Stock
Capital in
 Excess of
 Par Value
Retained
 Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
 Stock
Air
Products
Shareholders'
Equity
Non-
controlling
Interests
Total
Equity
Balance at 30 September 2020$249.4 $1,094.8 $14,875.7 ($2,140.1)($2,000.0)$12,079.8 $363.3 $12,443.1 
Net income— — 955.1 — — 955.1 8.7 963.8 
Other comprehensive income (loss)— — — 315.7 — 315.7 35.3 351.0 
Dividends on common stock (per share $2.84)
— — (628.5)— — (628.5)— (628.5)
Dividends to noncontrolling interests— — — — — — (3.4)(3.4)
Share-based compensation— 22.3 — — — 22.3 — 22.3 
Issuance of treasury shares for stock option and award plans— (21.7)— — 6.8 (14.9)— (14.9)
Investments by noncontrolling interests— — — — — — 8.7 8.7 
Purchase of noncontrolling interests— (1.2)— — — (1.2)(4.1)(5.3)
Other equity transactions— 0.2 (2.3)— — (2.1)0.1 (2.0)
Balance at 31 March 2021$249.4 $1,094.4 $15,200.0 ($1,824.4)($1,993.2)$12,726.2 $408.6 $13,134.8 
Six Months Ended
31 March 2020
(Millions of dollars, except for per share data)Common
 Stock
Capital in
 Excess of
 Par Value
Retained
 Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
 Stock
Air
Products
Shareholders'
Equity
Non-
controlling
Interests
Total
Equity
Balance at 30 September 2019$249.4 $1,070.9 $14,138.4 ($2,375.6)($2,029.5)$11,053.6 $334.7 $11,388.3 
Net income— — 953.4 — — 953.4 25.9 979.3 
Other comprehensive income (loss)— — — (102.6)— (102.6)(16.6)(119.2)
Dividends on common stock (per share $2.50)
— — (551.9)— — (551.9)— (551.9)
Dividends to noncontrolling interests— — — — — — (4.4)(4.4)
Share-based compensation— 24.6 — — — 24.6 — 24.6 
Issuance of treasury shares for stock option and award plans— (16.2)— — 18.4 2.2 — 2.2 
Investments by noncontrolling interests— — — — — — 11.9 11.9 
Other equity transactions— (4.7)(2.7)— — (7.4)0.3 (7.1)
Balance at 31 March 2020$249.4 $1,074.6 $14,537.2 ($2,478.2)($2,011.1)$11,371.9 $351.8 $11,723.7 
The accompanying notes are an integral part of these statements.

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AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED STATEMENTS OF EQUITY (cont.)
(Unaudited)
Three Months Ended
31 March 2021
(Millions of dollars, except for per share data)Common
 Stock
Capital in
 Excess of
 Par Value
Retained
 Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
 Stock
Air
Products
Shareholders'
Equity
Non-
controlling
Interests
Total
Equity
Balance at 31 December 2020$249.4 $1,083.0 $15,060.5 ($1,713.3)($1,996.0)$12,683.6 $388.3 $13,071.9 
Net income— — 473.1 — — 473.1 4.0 477.1 
Other comprehensive income (loss)— — — (111.1)— (111.1)15.6 (95.5)
Dividends on common stock (per share $1.50)
— — (332.0)— — (332.0)— (332.0)
Dividends to noncontrolling interests— — — — — — (3.4)(3.4)
Share-based compensation— 12.0 — — — 12.0 — 12.0 
Issuance of treasury shares for stock option and award plans— (0.7)— — 2.8 2.1 — 2.1 
Investment by noncontrolling interests— — — — — — 4.0 4.0 
Other equity transactions— 0.1 (1.6)— — (1.5)0.1 (1.4)
Balance at 31 March 2021$249.4 $1,094.4 $15,200.0 ($1,824.4)($1,993.2)$12,726.2 $408.6 $13,134.8 
Three Months Ended
31 March 2020
(Millions of dollars, except for per share data)Common
 Stock
Capital in
 Excess of
 Par Value
Retained
 Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
 Stock
Air
Products
Shareholders'
Equity
Non-
controlling
Interests
Total
Equity
Balance at 31 December 2019$249.4 $1,061.7 $14,356.9 ($2,088.6)($2,023.4)$11,556.0 $373.8 $11,929.8 
Net income— — 477.8 — — 477.8 12.6 490.4 
Other comprehensive income (loss)— — — (389.6)— (389.6)(31.8)(421.4)
Dividends on common stock (per share $1.34)
— — (295.9)— — (295.9)— (295.9)
Dividends to noncontrolling interests— — — — — — (3.1)(3.1)
Share-based compensation— 10.7 — — — 10.7 — 10.7 
Issuance of treasury shares for stock option and award plans— 2.3 — — 12.3 14.6 — 14.6 
Other equity transactions— (0.1)(1.6)— — (1.7)0.3 (1.4)
Balance at 31 March 2020$249.4 $1,074.6 $14,537.2 ($2,478.2)($2,011.1)$11,371.9 $351.8 $11,723.7 
The accompanying notes are an integral part of these statements.

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AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Millions of dollars unless otherwise indicated, except for share and per share data)
1.
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