Summarized Financial Information of Equity Affiliates

12 Months Ended

Sep. 30, 2015

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Joint Ventures Disclosure [Text Block]

8.  Summarized Financial Information of Equity Affiliates

The summarized financial information below is on a combined 100% basis and has been compiled based on financial statements of the companies accounted for by the equity method. The amounts presented include the accounts of the following equity affiliates:

Abdullah Hashim Industrial Gases & Equipment Co., Ltd. (25%);	INOX Air Products Limited (50%);
Air Products South Africa (Proprietary) Limited (50%);	Jazan Gas Projects Company (25%);
Bangkok Cogeneration Company Limited (49%);	Kulim Industrial Gases Sdn. Bhd. (50%);
Bangkok Industrial Gases Co., Ltd. (49%);	Sapio Produzione Idrogeno Ossigeno S.r.l. (49%);
Chengdu Air & Gas Products Ltd. (50%);	SembCorp Air Products (HyCo) Pte. Ltd. (40%);
Daido Air Products Electronics, Inc. (20%);	Tecnologia en Nitrogeno S. de R.L. de C.V. (50%);
Helap S.A. (50%);	Tyczka Industrie-Gases GmbH (50%);
High-Tech Gases (Beijing) Co., Ltd. (50%);	WuXi Hi-Tech Gas Co., Ltd. (50%);
INFRA Group (40%);	and principally, other industrial gas producers.

30 September				2015		2014
Current assets			$	1,296.4	$	1,440.0
Noncurrent assets				2,607.4		2,464.6
Current liabilities				654.0		745.2
Noncurrent liabilities				988.0		743.0
Year Ended 30 September		2015		2014		2013
Net sales	$	2,604.3	$	2,808.7	$	2,845.9
Sales less cost of sales		949.2		984.7		1,003.3
Operating income		524.0		542.9		547.3
Net income		351.0		359.5		360.5

On 19 April 2015, a joint venture between Air Products and ACWA Holding entered into a 20-year oxygen and nitrogen supply agreement to supply Saudi Aramco’s oil refinery and power plant being built in Jazan, Saudi Arabia. Air Products owns 25% of the joint venture and guarantees the repayment of its share of an equity bridge loan. ACWA also guarantees their share of the loan. As of 30 September 2015, we recorded a noncurrent liability of $67.5 for our obligation to make future equity contributions based on our proportionate share of the advances received by the joint venture under the loan. This represented a noncash transaction which resulted in a $67.5 increase to our investment in net assets of and advances to equity affiliates and is excluded from the consolidated statements of cash flows. In total, we expect to invest approximately $100 in this joint venture.We determined that the joint venture is a variable interest entity, for which we are not the primary beneficiary.

Air Products has also entered into a sale of equipment contract with the joint venture to engineer, procure, and construct the industrial gas facilities that will supply the gases to Saudi Aramco. We provided bank guarantees to the joint venture to support our performance under the contract. For further details on the guarantees, see Note 17, Commitments and Contingencies.

There have been no other significant changes to our investments in equity affiliates during fiscal year 2015.

Dividends received from equity affiliates were $51.9, $75.4, and $108.6in 2015, 2014, and 2013, respectively.

The investment in net assets of and advances to equity affiliates as of 30 September 2015 and 2014 included investment in foreign affiliates of $1,262.8and $1,254.7, respectively.

As of 30 September 2015 and 2014, the amount of investment in companies accounted for by the equity method included goodwill in the amount of $112.0 and $120.2, respectively.