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Equity Affiliates
 12 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Equity Affiliates EQUITY AFFILIATES
"Investment in net assets of and advances to equity affiliates" on our consolidated balance sheets were $4,792.5 and $4,617.8 as of 30 September 2024 and 2023, respectively. Substantially all our equity method investments are foreign affiliates.
As of 30 September 2024, our equity affiliates and related ownership percentages were as follows:
Abdullah Hashim Industrial Gases & Equipment Co., Ltd. (25%);
INFRA Group (40%);
Air Products South Africa (Proprietary) Limited (50%);
INOX Air Products Private Limited (50%);
Bangkok Cogeneration Company Limited (49%);
Jazan Integrated Gasification and Power Company (51%);
Bangkok Industrial Gases Co., Ltd. (49%);
Kulim Industrial Gases Sdn. Bhd. (50%);
Chengdu Air & Gas Products Ltd. (50%);
Sapio Produzione Idrogeno Ossigeno S.r.l. (49%);
Helios S.p.A. (49%);
and principally, other industrial gas producers.
Dividends and other distributions received from equity affiliates were $441.7, $344.3, and $285.1 in fiscal years 2024, 2023, and 2022, respectively.
As of 30 September 2024 and 2023, the amount of investment in companies accounted for by the equity method included equity method goodwill of $38.7 and $41.3, respectively.
Summarized Financial Information
The summarized financial information presented below is on a combined 100% basis and has been compiled based on the financial statements of our equity affiliates.
30 September  20242023
Current assets$3,197.2 $3,097.1 
Noncurrent assets14,719.8 14,468.2 
Current liabilities1,138.3 1,145.7 
Noncurrent liabilities 11,690.4 11,934.0 
Fiscal Year Ended 30 September202420232022
Net sales(A)
$5,666.4 $5,192.9 $4,124.4 
Gross profit2,722.0 2,465.5 1,894.0 
Operating income2,149.3 1,847.4 1,320.1 
Net income1,209.5 1,062.9 895.1 
(A)Includes financing revenue of $1,128.6, $1,011.3, and $674.6 in fiscal years 2024, 2023, and 2022, respectively. Financing revenue primarily relates to the JIGPC joint venture discussed below.
Investment in JIGPC
During the first quarter of fiscal year 2022, we made an initial investment of $1.6 billion to acquire a 55% ownership interest in the JIGPC joint venture, of which 4% is attributable to the noncontrolling partner of APQ. During the second quarter of fiscal year 2023, we completed a second investment of $908, which did not change our ownership interest. Our investments were executed to align with the timing of the joint venture's purchase of project assets. The amounts invested included approximately $130 and $73 received from the noncontrolling partner of APQ for the first and second investment, respectively. The carrying value of our investment in JIGPC, including amounts attributable to noncontrolling interests, totaled $2,871.2 and $2,862.2 as of 30 September 2024 and 2023, respectively.
We determined JIGPC is a VIE for which we have an equity interest and exercise significant influence but are not the primary beneficiary. Refer to Note 3, Variable Interest Entities, for additional information.
Jazan Gas Project Company
Jazan Gas Project Company (“JGPC”), a previous joint venture between Air Products and ACWA Holding, had a 20-year agreement to supply oxygen and nitrogen to Aramco’s oil refinery and power plant in Jazan. The parties terminated the supply agreement in October 2021, and JGPC sold its air separation units to Aramco. We initially sold these assets to JGPC and deferred profit proportionate to our 26% ownership in the joint venture. With the termination of the supply agreement and sale of the air separation units complete, we recognized the remaining deferred profit, net of other project finalization costs, in equity affiliates’ income in the first quarter of fiscal year 2022. Additionally, our consolidated statement of cash flows for fiscal year 2022 includes a noncash adjustment of $94.4 to reduce the carrying value of our investment in JGPC to zero and remove an obligation to make equity contributions to JGPC under an equity bridge loan that was no longer required.
Equity Method Investment Impairment
During the fourth quarter of fiscal year 2022, we determined there was an other-than-temporary impairment in two small equity affiliates in the Asia segment. As a result, we recorded a noncash charge of $14.8 to write down the full carrying value of the investments. This charge is reflected on our consolidated income statements within “Equity affiliates' income” and was not recorded in segment results.