Business and Asset Actions

12 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

BUSINESS AND ASSET ACTIONS

The charges we record for business and asset actions are not recorded in segment results.

Fiscal Year 2023

Our consolidated income statement for the fiscal year ended 30 September 2023 includes an expense of $244.6 ($204.9 attributable to Air Products after tax) resulting from strategic business and asset actions intended to optimize costs and focus resources on our growth projects. Of the expense, $217.6 resulted from noncash charges to write off assets associated with exited projects that were previously under construction in our Asia and Europe segments. The assets written off included those related to our withdrawal from coal gasification in Indonesia as well as a project in Ukraine that was permanently suspended due to Russia's invasion of the country. The remaining expense includes $27.0 for severance and other benefits payable to approximately 450 employees due to position eliminations and restructuring of certain organizations globally. The table below summarizes the carrying amount of the accrual for unpaid benefits as of 30 September 2023, which we expect to substantially pay through fiscal year 2024.


Charge for severance and other benefits			$27.0
Cash expenditures			(6.8)
Currency translation adjustment			(0.4)
Amount reflected in "Payables and accrued liabilities" as of 30 September 2023			$19.8

Fiscal Year 2022

We divested our small industrial gas business in Russia due to Russia's invasion of Ukraine in the fourth quarter of fiscal year 2022. As a result, we recorded a noncash business and asset actions charge of $73.7, which included transaction costs and cumulative currency translation losses. Prior to the divestiture, this business was reflected in our Europe segment.