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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 2023
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
airproductslogoa16.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.)
1940 Air Products Boulevard
Allentown, Pennsylvania 18106-5500
(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
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
4.000% Euro Notes due 2035APD35New 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 filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging 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 2023 was 222,122,719.

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AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
QUARTERLY REPORT ON FORM 10-Q
For the quarterly period ended 31 March 2023

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FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q 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 ongoing 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, inflation, and supply and demand dynamics in the market segments we serve, including demand for technologies and projects to limit the impact of global climate change;
•changes in the financial markets that may affect the availability and terms on which we may obtain financing;
•the ability to implement price increases to offset cost increases;
•disruptions to our supply chain and related distribution delays and cost increases;
•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 safely develop, operate, and manage costs of large-scale and technically complex projects;
•the future financial and operating performance of major customers, joint ventures, and equity affiliates;
•our ability to develop, implement, and operate new technologies and to market products produced utilizing new technologies;
•our ability to execute the projects in our backlog and refresh our pipeline of new projects;
•tariffs, economic sanctions and regulatory activities in jurisdictions in which we and our affiliates and joint ventures operate;
•the impact of environmental, tax, safety, or other legislation, as well as regulations and other public policy initiatives affecting our business and the business of our affiliates and related compliance requirements, including legislation, regulations, or policies intended to address global climate change;
•changes in tax rates and other changes in tax law;
•safety incidents relating to our operations;
•the timing, impact, and other uncertainties relating to acquisitions and divestitures, including our ability to integrate acquisitions and separate divested businesses, respectively;

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FORWARD-LOOKING STATEMENTS (CONTINUED)
•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, including Russia’s invasion of Ukraine and the ongoing civil war in Yemen, 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;
•asset impairments due to economic conditions or specific events;
•significant fluctuations in inflation, 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 electric power, natural gas, and other 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 2022. 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 U.S. Dollars, except for share and per share data)2023202220232022
Sales$3,200.1 $2,945.1 $6,374.8 $5,939.3 
Cost of sales2,282.8 2,151.6 4,555.1 4,375.2 
Selling and administrative expense251.2 227.0 485.6 459.8 
Research and development expense27.2 23.7 51.6 47.0 
Business and asset actions185.6 — 185.6 — 
Other income (expense), net6.5 19.1 14.9 27.6 
Operating Income459.8 561.9 1,111.8 1,084.9 
Equity affiliates' income165.9 120.8 275.9 268.6 
Interest expense40.9 32.3 82.1 62.8 
Other non-operating income (expense), net(13.9)9.1 (14.5)31.7 
Income Before Taxes570.9 659.5 1,291.1 1,322.4 
Income tax provision121.0 122.7 257.4 236.0 
Net Income449.9 536.8 1,033.7 1,086.4 
Net income (loss) attributable to noncontrolling interests10.1 6.3 21.7 (4.5)
Net Income Attributable to Air Products$439.8 $530.5 $1,012.0 $1,090.9 
Per Share Data (U.S. Dollars per share)
Basic earnings per share attributable to Air Products$1.98 $2.39 $4.55 $4.91 
Diluted earnings per share attributable to Air Products$1.97 $2.38 $4.54 $4.90 
Weighted Average Common Shares (in millions)
Basic222.3 222.0 222.3 222.0 
Diluted
222.7 222.5 222.7 222.5 
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 U.S. Dollars)20232022
Net Income$449.9 $536.8 
Other Comprehensive Income (Loss), net of tax:
Translation adjustments, net of tax of ($10.6) and $9.2
51.0 (58.8)
Net loss on derivatives, net of tax of ($0.6) and ($15.3)
(14.6)(39.4)
Reclassification adjustments:
Currency translation adjustment(0.3)— 
Derivatives, net of tax of $1.9 and $8.6
5.8 26.0 
Pension and postretirement benefits, net of tax of $4.7 and $5.5
14.4 15.9 
Total Other Comprehensive Income (Loss)56.3 (56.3)
Comprehensive Income506.2 480.5 
Net Income Attributable to Noncontrolling Interests10.1 6.3 
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interests1.3 (3.0)
Comprehensive Income Attributable to Air Products$494.8 $477.2 

Six Months Ended
31 March
(Millions of U.S. Dollars)20232022
Net Income$1,033.7 $1,086.4 
Other Comprehensive Income, net of tax:
Translation adjustments, net of tax of ($48.6) and $16.8
560.6 (18.2)
Net gain (loss) on derivatives, net of tax of $37.6 and ($26.4)
106.4 (39.9)
Pension and postretirement benefits, net of tax of $2.4 and $—
6.7 — 
Reclassification adjustments:
Currency translation adjustment(0.3)— 
Derivatives, net of tax of ($19.8) and $14.7
(62.9)44.7 
Pension and postretirement benefits, net of tax of $8.4 and $10.9
26.3 31.9 
Total Other Comprehensive Income636.8 18.5 
Comprehensive Income1,670.5 1,104.9 
Net Income (Loss) Attributable to Noncontrolling Interests21.7 (4.5)
Other Comprehensive Income Attributable to Noncontrolling Interests14.0 8.2 
Comprehensive Income Attributable to Air Products$1,634.8 $1,101.2 
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 U.S. Dollars, except for share and per share data)20232022
Assets
Current Assets
Cash and cash items$2,242.4 $2,711.0 
Short-term investments271.3 590.7 
Trade receivables, net1,714.7 1,794.4 
Inventories645.6 514.2 
Prepaid expenses224.7 156.8 
Other receivables and current assets622.9 515.8 
Total Current Assets5,721.6 6,282.9 
Investment in net assets of and advances to equity affiliates4,420.2 3,353.8 
Plant and equipment, at cost30,751.8 28,160.1 
Less: accumulated depreciation15,053.4 13,999.6 
Plant and equipment, net15,698.4 14,160.5 
Goodwill, net883.9 823.0 
Intangible assets, net367.2 347.5 
Operating lease right-of-use assets, net766.9 694.8 
Noncurrent lease receivables561.7 583.1 
Other noncurrent assets1,015.5 947.0 
Total Noncurrent Assets23,713.8 20,909.7 
Total Assets$29,435.4 $27,192.6 
Liabilities and Equity  
Current Liabilities
Payables and accrued liabilities$2,489.3 $2,771.6 
Accrued income taxes128.2 135.2 
Short-term borrowings7.0 10.7 
Current portion of long-term debt173.4 548.3 
Total Current Liabilities2,797.9 3,465.8 
Long-term debt8,271.9 6,433.8 
Long-term debt – related party688.6 652.0 
Noncurrent operating lease liabilities632.3 592.1 
Other noncurrent liabilities1,096.3 1,099.1 
Deferred income taxes1,258.2 1,247.4 
Total Noncurrent Liabilities11,947.3 10,024.4 
Total Liabilities14,745.2 13,490.2 
Commitments and Contingencies - See Note 13
Air Products Shareholders’ Equity
Common stock (par value $1 per share; issued 2023 and 2022 - 249,455,584 shares)
249.4 249.4 
Capital in excess of par value1,163.4 1,141.4 
Retained earnings16,781.3 16,520.3 
Accumulated other comprehensive loss(2,163.3)(2,786.1)
Treasury stock, at cost (2023 - 27,332,865 shares; 2022 - 27,616,888 shares)
(1,972.5)(1,981.0)
Total Air Products Shareholders’ Equity14,058.3 13,144.0 
Noncontrolling Interests631.9 558.4 
Total Equity14,690.2 13,702.4 
Total Liabilities and Equity$29,435.4 $27,192.6 
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 U.S. Dollars)20232022
Operating Activities
Net income$1,033.7 $1,086.4 
Less: Net income (loss) attributable to noncontrolling interests21.7 (4.5)
Net income attributable to Air Products1,012.0 1,090.9 
Adjustments to reconcile income to cash provided by operating activities:
Depreciation and amortization661.1 668.2 
Deferred income taxes29.0 51.3 
Business and asset actions185.6 — 
Undistributed earnings of equity method investments(78.1)(200.8)
Gain on sale of assets and investments(3.9)(11.8)
Share-based compensation31.2 26.5 
Noncurrent lease receivables39.5 43.9 
Other adjustments70.9 (101.0)
Working capital changes that provided (used) cash, excluding effects of acquisitions:
Trade receivables162.0 (203.1)
Inventories(112.3)(57.3)
Other receivables(63.0)13.8 
Payables and accrued liabilities(451.3)123.1 
Other working capital(124.7)(138.7)
Cash Provided by Operating Activities1,358.0 1,305.0 
Investing Activities
Additions to plant and equipment, including long-term deposits(1,841.1)(1,433.6)
Acquisitions, less cash acquired— (65.1)
Investment in and advances to unconsolidated affiliates(912.0)(1,650.9)
Proceeds from sale of assets and investments7.2 25.3 
Purchases of investments(290.5)(909.4)
Proceeds from investments611.6 1,391.4 
Other investing activities(51.2)6.5 
Cash Used for Investing Activities(2,476.0)(2,635.8)
Financing Activities
Long-term debt proceeds1,891.6 87.5 
Payments on long-term debt(596.0)(400.0)
Net (decrease) increase in commercial paper and short-term borrowings(16.3)210.9 
Dividends paid to shareholders(719.2)(664.7)
Proceeds from stock option exercises 17.1 14.4 
Investments by noncontrolling interests72.8 3.6 
Other financing activities(46.6)(37.3)
Cash Provided by (Used for) Financing Activities603.4 (785.6)
Effect of Exchange Rate Changes on Cash46.0 (3.8)
Decrease in cash and cash items(468.6)(2,120.2)
Cash and Cash items – Beginning of year2,711.0 4,468.9 
Cash and Cash Items – End of Period$2,242.4 $2,348.7 
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
(Unaudited)

Six Months Ended 31 March 2023
(Millions of U.S. 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 2022$249.4 $1,141.4 $16,520.3 ($2,786.1)($1,981.0)$13,144.0 $558.4 $13,702.4 
Net income— — 1,012.0 — — 1,012.0 21.7 1,033.7 
Other comprehensive income— — — 622.8 — 622.8 14.0 636.8 
Dividends on common stock (per share $3.37)
— — (748.5)— — (748.5)— (748.5)
Dividends to noncontrolling interests— — — — — — (5.6)(5.6)
Share-based compensation— 29.0 — — — 29.0 — 29.0 
Issuance of treasury shares for stock option and award plans— (7.3)— — 8.5 1.2 — 1.2 
Investments by noncontrolling interests— — — — — — 72.8 72.8 
Other equity transactions(A)
— 0.3 (2.5)— — (2.2)(29.4)(31.6)
Balance at 31 March 2023$249.4 $1,163.4 $16,781.3 ($2,163.3)($1,972.5)$14,058.3 $631.9 $14,690.2 

Six Months Ended 31 March 2022
(Millions of U.S. 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 2021$249.4 $1,115.8 $15,678.3 ($1,515.9)($1,987.9)$13,539.7 $548.3 $14,088.0 
Net income— — 1,090.9 — — 1,090.9 (4.5)1,086.4 
Other comprehensive income— — — 10.3 — 10.3 8.2 18.5 
Dividends on common stock (per share $3.12)
— — (691.8)— — (691.8)— (691.8)
Dividends to noncontrolling interests— — — — — — (1.0)(1.0)
Share-based compensation— 25.7 — — — 25.7 — 25.7 
Issuance of treasury shares for stock option and award plans— (21.0)— — 2.5 (18.5)— (18.5)
Investments by noncontrolling interests— — — — — — 3.6 3.6 
Purchase of noncontrolling interests— — — — — — (1.9)(1.9)
Other equity transactions— 0.3 (1.5)— — (1.2)2.9 1.7 
Balance at 31 March 2022$249.4 $1,120.8 $16,075.9 ($1,505.6)($1,985.4)$13,955.1 $555.6 $14,510.7 
(A)Reflects noncash activity related to the NEOM Green Hydrogen Company joint venture. Refer to Note 3, Variable Interest Entities, for additional information.
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 2023
(Millions of U.S. 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 2022$249.4 $1,148.4 $16,731.4 ($2,218.3)($1,975.2)$13,935.7 $581.7 $14,517.4 
Net income— — 439.8 — — 439.8 10.1 449.9 
Other comprehensive loss— — — 55.0 — 55.0 1.3 56.3 
Dividends on common stock (per share $1.75)
— — (388.7)— — (388.7)— (388.7)
Dividends to noncontrolling interests— — — — — — (4.8)(4.8)
Share-based compensation— 14.8 — — — 14.8 — 14.8 
Issuance of treasury shares for stock option and award plans— 0.1 — — 2.7 2.8 — 2.8 
Investments by noncontrolling interests— — — — — — 72.8 72.8 
Purchase of noncontrolling interests— — — — — — — — 
Other equity transactions(A)
— 0.1 (1.2)— — (1.1)(29.2)(30.3)
Balance at 31 March 2023$249.4 $1,163.4 $16,781.3 ($2,163.3)($1,972.5)$14,058.3 $631.9 $14,690.2 
Three Months Ended 31 March 2022
(Millions of U.S. 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 2021$249.4 $1,112.0 $15,905.2 ($1,452.3)($1,989.2)$13,825.1 $550.5 $14,375.6 
Net income— — 530.5 — — 530.5 6.3 536.8 
Other comprehensive income— — — (53.3)— (53.3)(3.0)(56.3)
Dividends on common stock (per share $1.62)
— — (359.3)— — (359.3)— (359.3)
Dividends to noncontrolling interests— — — — — — (1.0)(1.0)
Share-based compensation— 11.6 — — — 11.6 — 11.6 
Issuance of treasury shares for stock option and award plans— (2.9)— — 3.8 0.9 — 0.9 
Other equity transactions— 0.1 (0.5)— — (0.4)2.8 2.4 
Balance at 31 March 2022$249.4 $1,120.8 $16,075.9 ($1,505.6)($1,985.4)$13,955.1 $555.6 $14,510.7 
(A)Reflects noncash activity related to the NEOM Green Hydrogen Company joint venture. Refer to Note 3, Variable Interest Entities, for additional information.
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 U.S. Dollars, unless otherwise indicated

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
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1. BASIS OF PRESENTATION AND MAJOR ACCOUNTING POLICIES
Basis of Presentation
The interim consolidated financial statements of Air Products and Chemicals, Inc. and its subsidiaries (“we,” “our,” “us,” the “Company,” “Air Products,” or “registrant”) 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 2022 (the "2022 Form 10-K"), which was filed with the SEC on 22 November 2022. 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 2022 Form 10-K for a description of major accounting policies. There have been no significant changes to these accounting policies during the first six months of fiscal year 2023.
Risks and Uncertainties
We are subject to various risks and uncertainties, including, but not limited to, those resulting from the COVID-19 pandemic and increased inflationary pressures. Our results of operations for the periods covered by this report were not materially impacted by these events; however, there is uncertainty regarding how these events and others may affect our business, results of operations, and overall financial performance.
Reclassifications
Beginning in the first quarter of fiscal year 2023, we present "Operating lease right-of-use assets, net" and "Noncurrent operating lease liabilities" in separate captions on our consolidated balance sheets. These balances were previously presented within "Other noncurrent assets" and "Other noncurrent liabilities," respectively. Our balance sheet as of 30 September 2022 has been reclassified to conform to the fiscal year 2023 presentation.

2. NEW ACCOUNTING GUIDANCE
New Accounting Guidance to be Implemented
Government Assistance
In November 2021, the Financial Accounting Standards Board ("FASB") issued disclosure guidance to increase the transparency of transactions an entity has with a government that are accounted for by applying a grant or contribution accounting model. We are evaluating the impact this guidance will have on our annual disclosures to our consolidated financial statements. We will adopt this guidance prospectively in our Annual Report for fiscal year 2023.
Reference Rate Reform
In March 2020, the FASB issued an update to provide practical expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. This update is primarily applicable to our contracts and hedging relationships that reference the London Inter-Bank Offered Rate ("LIBOR"). In December 2022, the FASB extended the date through which the amendments may be applied to impacted contracts and hedges to 31 December 2024. We have had no reference rate reform modifications to date. We will adopt this update on a prospective basis in the event of any such modifications.
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3. 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 exercise significant influence but are not the primary beneficiary, such as the Jazan Integrated Gasification and Power Company joint venture, as an equity method investment. For additional information on this joint venture, refer to Note 7, Equity Affiliates.