Business Segment Information

6 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Business Segment Information

BUSINESS SEGMENT 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.

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.

Summary by Business Segment

	Americas	Asia	Europe	Middle East and India	Corporate and other	Total
Three Months Ended 31 March 2026
Sales(A)	$1,383.9	$832.6	$789.0	$29.2	$137.1	$3,171.8
Cost of sales	(959.5)	(561.6)	(508.9)	(21.5)	(132.9)	(2,184.4)
Selling and administrative expense	(53.8)	(33.0)	(69.7)	(4.6)	(66.1)	(227.2)
Other segment items(B)	3.3	2.0	1.2	1.5	(15.5)	(7.5)
Operating income (loss)(C)	373.9	240.0	211.6	4.6	(77.4)	752.7
Other segment information:
Depreciation and amortization	171.7	116.8	72.5	6.0	8.0	375.0
Equity affiliates' income	55.8	11.7	31.9	79.2	0.8	179.4
Three Months Ended 31 March 2025
Sales(A)	$1,287.2	$774.1	$727.4	$32.8	$94.7	$2,916.2
Cost of sales	(873.5)	(554.4)	(474.0)	(32.3)	(119.7)	(2,053.9)
Selling and administrative expense	(49.8)	(30.0)	(59.2)	(6.3)	(76.7)	(222.0)
Other segment items(B)	1.8	1.7	1.3	2.9	(16.7)	(9.0)
Operating income (loss)(C)	365.7	191.4	195.5	(2.9)	(118.4)	631.3
Other segment information:
Depreciation and amortization	178.4	131.8	56.8	6.4	10.2	383.6
Equity affiliates' income(D)	31.2	10.5	27.7	78.2	4.7	152.3
Six Months Ended 31 March 2026
Sales(A)	$2,725.6	$1,664.1	$1,571.0	$59.5	$254.1	$6,274.3
Cost of sales	(1,846.1)	(1,134.8)	(1,000.6)	(41.4)	(269.0)	(4,291.9)
Selling and administrative expense	(109.0)	(61.0)	(136.7)	(9.6)	(139.6)	(455.9)
Other segment items(B)	7.2	4.0	1.4	1.9	(31.8)	(17.3)
Operating income (loss)(C)	777.7	472.3	435.1	10.4	(186.3)	1,509.2
Other segment information:
Depreciation and amortization	343.6	229.5	142.3	12.2	18.1	745.7
Equity affiliates' income (loss)	107.5	25.5	55.3	163.7	(0.4)	351.6
Expenditures for long-lived assets	958.8	186.5	389.9	762.4	61.2	2,358.8
Six Months Ended 31 March 2025
Sales(A)	$2,574.8	$1,591.2	$1,424.6	$65.6	$191.5	$5,847.7
Cost of sales	(1,728.6)	(1,126.5)	(923.4)	(58.0)	(233.9)	(4,070.4)
Selling and administrative expense	(104.2)	(61.5)	(121.1)	(14.1)	(163.5)	(464.4)
Other segment items(B)	11.9	4.6	1.9	3.0	(29.5)	(8.1)
Operating income (loss)(C)	753.9	407.8	382.0	(3.5)	(235.4)	1,304.8
Other segment information:
Depreciation and amortization	351.8	254.7	111.3	12.9	19.7	750.4
Equity affiliates' income(D)	66.3	20.8	45.9	163.2	6.7	302.9
Expenditures for long-lived assets	1,488.7	192.7	545.6	1,721.5	60.6	4,009.1
As of 31 March 2026
Investment in net assets of and advances to equity affiliates	$632.2	$348.1	$661.3	$3,651.8	$115.9	$5,409.3
Total assets	12,651.3	6,736.1	7,118.7	11,520.1	3,618.5	41,644.7
As of 30 September 2025
Investment 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

(A)Sales relate to external customers only. 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)Operating income (loss) for our reportable segments does not include gains or losses that management does not consider to be indicative of underlying business performance, such as charges related to business and asset actions. Refer below for a reconciliation of total segment operating income to consolidated results.

(D)Segment equity affiliates’ income for the three and six months ended 31 March 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 of fiscal year 2025. 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 statements for the three and six months ended 31 March 2025.

Reconciliation of Total Segment Operating Income to Consolidated Results

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

	Three Months Ended		Six Months Ended
	31 March		31 March
	2026	2025	2026	2025
Total Segment Operating Income	$752.7	$631.3	$1,509.2	$1,304.8
Business and asset actions	—	(2,927.9)	(22.0)	(2,927.9)
Shareholder activism-related costs	—	(31.4)	—	(61.3)
Consolidated Operating Income (Loss)	$752.7	($2,328.0)	$1,487.2	($1,684.4)
Equity affiliates' income	179.4	145.5	351.6	296.1
Interest expense	49.5	42.2	104.0	84.8
Other non-operating income (expense), net	0.9	(18.6)	(0.5)	20.3
Income (Loss) Before Taxes	$883.5	($2,243.3)	$1,734.3	($1,452.8)