Business Segment and Geographic Information

12 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Business Segment and Geographic Information

BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION

We determine our reportable segments based on the manner in which our Chief Operating Decision Maker ("CODM") reviews financial results and allocates resources. The accounting policies applied to our reportable segments are consistent with those used in the preparation of our consolidated financial statements. Our reportable segments are as follows:

•Americas;

•Asia;

•Europe;

•Middle East and India; and

•Corporate and other

The Americas, Asia, Europe, and Middle East and India segments represent the operations of our regional industrial gases business. Each of these segments qualifies as an individual operating segment and does not reflect the aggregation of multiple operating segments. Corporate and other consists of two operating segments that meet the aggregation criteria under GAAP. All segments also include our share of results from several equity method joint ventures, the largest of which operate in Algeria, China, India, Italy, Mexico, and Saudi Arabia.

Our CODM, who is our Chief Executive Officer, evaluates the performance of our reportable segments through segment operating income. This measure is reviewed regularly in internal management reports and serves as a key metric to monitor actual results against forecasts and prior periods. Segment operating income informs decisions related to resource allocation, including capital investments and employees, and supports strategic planning and long-term project development.

Segment operating income does not include gains or losses that we do not consider to be indicative of our underlying business performance, such as charges related to business or asset actions.

Regional Industrial Gases

The industrial gases business in the regional segments produces and sells gases to diversified customers in dozens of industries, including those in refining, chemicals, metals, electronics, manufacturing, medical, and food. Our industrial gas portfolio includes atmospheric gases such as oxygen, nitrogen, and argon; process gases such as hydrogen, helium, carbon dioxide, carbon monoxide, and syngas (a mixture of hydrogen and carbon monoxide), and specialty gases. We offer our industrial gas products through either the on-site gases supply mode or the merchant gases supply mode, both of which are described in Note 7, Revenue Recognition.

This business also develops, builds, and operates equipment for the production or processing of gases. Electricity is the largest cost component in the production of atmospheric gases. To produce hydrogen, carbon monoxide, and syngas, steam methane reformers use natural gas as the primary raw material, while gasifiers use liquid and solid hydrocarbons. We mitigate electricity, natural gas, and hydrocarbon price fluctuations contractually through pricing formulas, surcharges, cost pass-through provisions, and tolling arrangements.

Each of the regional industrial gases segments competes against global industrial gas companies as well as regional competitors. Competition in industrial gases is based primarily on price, reliability of supply, and the development of industrial gas applications. We derive a competitive advantage in locations where we have pipeline networks, which enable us to provide a reliable and economic supply of products to our larger customers.

Corporate and other

The Corporate and other segment includes sales of cryogenic and gas processing equipment for air separation that is sold worldwide to customers in a variety of industries, including chemical and petrochemical manufacturing, oil and gas recovery and processing, and steel and primary metals processing. Our Corporate and other segment also includes the results of our turbo machinery and distribution sale of equipment businesses. Competition for our sale of equipment businesses is based primarily on plant efficiency and technological performance, service, technical know-how, and price, as well as schedule and plant performance guarantees.

Our Corporate and other segment also incurs costs to provide corporate support functions and global management activities that benefit all segments. These costs include those for product development, research and development, and administrative support. The results of our Corporate and other segment also include income and expense not directly associated with the regional segments, such as foreign exchange gains and losses.

In addition to assets of the global businesses included in this segment, other assets include cash and cash items, short-term investments, deferred tax assets, and financial instruments.

Through the end of fiscal year 2024, our Corporate and other segment also included the liquefied natural gas ("LNG") process technology and equipment business, which was sold to Honeywell International Inc. on 30 September 2024. Refer to Note 4, Gain on Sale of Business, to the consolidated financial statements for additional information regarding the sale.

Business Segment Information

	Americas	Asia	Europe	Middle East and India	Corporate and other	Total
2025
Sales(A)	$5,125.9	$3,271.0	$2,984.5	$135.9	$520.0	$12,037.3
Cost of sales	(3,423.5)	(2,323.3)	(1,893.2)	(107.4)	(508.6)	(8,256.0)
Selling and administrative expense	(206.6)	(118.3)	(254.0)	(24.1)	(303.1)	(906.1)
Other segment items(B)	23.8	21.7	7.4	5.2	(75.6)	(17.5)
Operating income (loss)(C)	$1,519.6	$851.1	$844.7	$9.6	($367.3)	$2,857.7
Other segment information:
Depreciation and amortization	732.1	518.9	247.4	25.9	39.9	1,564.2
Equity affiliates' income(D)	157.0	42.3	101.9	340.9	12.4	654.5
Investments in net assets of and advances to equity affiliates	555.2	331.3	649.9	3,713.2	116.5	5,366.1
Total assets	12,058.7	6,712.2	6,916.8	10,919.4	4,452.4	41,059.5
Expenditures for long-lived assets	2,610.7	406.6	1,010.6	2,868.6	126.1	7,022.6
2024
Sales(A)	$5,040.1	$3,224.3	$2,823.4	$134.4	$878.4	$12,100.6
Cost of sales	(3,284.8)	(2,255.8)	(1,783.7)	(101.0)	(743.4)	(8,168.7)
Selling and administrative expense	(212.5)	(122.0)	(243.2)	(28.2)	(336.5)	(942.4)
Other segment items(B)	22.3	12.7	13.5	0.7	(91.2)	(42.0)
Operating income (loss)(C)	$1,565.1	$859.2	$810.0	$5.9	($292.7)	$2,947.5
Other segment information:
Depreciation and amortization	699.3	471.0	207.1	26.6	47.1	1,451.1
Equity affiliates' income	158.8	32.9	88.1	347.5	20.4	647.7
Investments in net assets of and advances to equity affiliates	472.9	322.9	573.8	3,317.7	105.2	4,792.5
Total assets	12,383.8	7,436.5	5,849.2	8,477.4	5,427.7	39,574.6
Expenditures for long-lived assets	2,733.1	574.8	865.2	2,517.5	106.1	6,796.7
2023
Sales(A)	$5,369.3	$3,216.1	$2,963.1	$162.5	$889.0	$12,600.0
Cost of sales	(3,715.5)	(2,194.6)	(2,080.1)	(120.0)	(722.8)	(8,833.0)
Selling and administrative expense	(222.4)	(123.7)	(224.0)	(26.9)	(360.0)	(957.0)
Other segment items(B)	8.3	8.7	4.4	1.3	(93.5)	(70.8)
Operating income (loss)(C)	$1,439.7	$906.5	$663.4	$16.9	($287.3)	$2,739.2
Other segment information:
Depreciation and amortization	649.3	433.5	196.2	27.5	51.8	1,358.3
Equity affiliates' income	109.2	29.7	102.5	349.8	13.1	604.3
Expenditures for long-lived assets	2,033.7	663.4	482.4	1,312.7	134.2	4,626.4

(A)Sales relate to external customers only. We do not have a homogeneous customer base or end market, and no single customer accounts for more than 10% of our consolidated sales. All intersegment sales are eliminated in consolidation.

(B)For the regional segments, other segment items primarily include impacts from transactions not directly related to our principal earnings activities, such as technology and royalty income and gains and losses on asset sales. For the Corporate and other segment, other segment items primarily include research and development expense and the net impact of gains and losses on foreign currency transactions.

(C)Refer to the Reconciliation of Segment Operating Income to Consolidated Results section below.

(D)Segment equity affiliates’ income in fiscal year 2025 excludes a $6.8 impairment charge related to a joint venture in China, which was recorded as part of our business and asset actions during the second quarter. As a result, total segment equity affiliates’ income does not reconcile to equity affiliates’ income for the total company as reported on the consolidated income statement for the fiscal year ended 30 September 2025.

Reconciliation of Segment Operating Income to Consolidated Results

The table below reconciles segment operating income to income (loss) from continuing operations before taxes as reflected on our consolidated income statements:

Fiscal Year Ended 30 September	2025	2024	2023
Segment Operating Income	$2,857.7	$2,947.5	$2,739.2
Business and asset actions	(3,747.0)	(57.0)	(244.6)
Shareholder activism-related costs	(86.3)	—	—
Gain on sale of business	67.3	1,575.6	—
Gain on sale of other assets (A)	31.3	—	—
Consolidated Operating Income (Loss)	($877.0)	$4,466.1	$2,494.6
Equity affiliates' income	647.7	647.7	604.3
Interest expense	214.0	218.8	177.5
Other non-operating income (expense), net	2.6	(73.8)	(39.0)
Income (Loss) From Continuing Operations Before Taxes	($440.7)	$4,821.2	$2,882.4

(A) Reflected on the consolidated income statements within "Other income (expense), net."

Geographic Information

The geographic information presented below is based on country of origin.

Sales to External Customers

Fiscal Year Ended 30 September	2025	2024	2023
United States	$4,692.5	$4,914.0	$5,234.2
China	1,933.5	1,951.5	1,988.1
Other foreign operations	5,411.3	5,235.1	5,377.7
Total	$12,037.3	$12,100.6	$12,600.0
Long-Lived Assets(A) (Plant and equipment, net)
30 September	2025	2024	2023
United States	$8,909.1	$9,159.3	$7,431.0
Saudi Arabia(B)	6,910.6	5,080.2	1,818.1
China	2,654.6	3,845.7	3,744.7
Other foreign operations	6,863.5	5,285.7	4,478.3
Total	$25,337.8	$23,370.9	$17,472.1

(A)In fiscal year 2025, we recorded impairment charges to long-lived assets associated with various project exits, as described in Note 5, Business and Asset Actions. These charges impacted all regions, with the majority related to projects in the United States.

(B)Long-lived assets in Saudi Arabia primarily relate to the NEOM Green Hydrogen Project as discussed in Note 3, Variable Interest Entities.