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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended 31 December 2024
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number 001-04534
airproductslogoa16.jpg
AIR PRODUCTS AND CHEMICALS, INC.
(Exact name of registrant as specified in its charter)
Delaware23-1274455
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1940 Air Products Boulevard
Allentown, Pennsylvania 18106-5500
(Address of principal executive offices and Zip Code)
610-481-4911
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1.00 per shareAPDNew York Stock Exchange
1.000% Euro Notes due 2025APD25New York Stock Exchange
0.500% Euro Notes due 2028APD28New York Stock Exchange
0.800% Euro Notes due 2032APD32New York Stock Exchange
4.000% Euro Notes due 2035APD35New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of common stock, par value $1 per share, outstanding at 31 December 2024 was 222,475,666.


AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
QUARTERLY REPORT ON FORM 10-Q
For the quarterly period ended 31 December 2024

TABLE OF CONTENTS
2
FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts and can generally be identified by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” "future," “goal,” “intend,” “may,” “outlook,” “plan,” “positioned,” “possible,” “potential,” “project,” “should,” “target,” “will,” “would,” and similar expressions or variations thereof, or the negative thereof, but these terms are not the exclusive means of identifying such statements. Forward-looking statements are based on management’s expectations and assumptions as of the date of this report and are not guarantees of future performance. You are cautioned not to place undue reliance on our forward-looking statements.
Forward-looking statements may relate to a number of matters, including expectations regarding revenue, margins, expenses, earnings, tax provisions, cash flows, pension obligations, share repurchases or other statements regarding economic conditions or our business outlook; statements regarding capital expenditures and plans, projects, strategies and objectives for our future operations, including our ability to win new projects and execute the projects in our backlog; and statements regarding our expectations with respect to pending legal claims or disputes. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including, without limitation:
•changes in global or regional economic conditions, inflation, and supply and demand dynamics in the market segments we serve, including demand for technologies and projects to limit the impact of global climate change;
•changes in the financial markets that may affect the availability and terms on which we may obtain financing;
•the ability to execute agreements with customers and implement price increases to offset cost increases;
•disruptions to our supply chain and related distribution delays and cost increases;
•risks associated with having extensive international operations, including political risks, risks associated with unanticipated government actions and risks of investing in developing markets;
•project delays, scope changes, cost escalations, contract terminations, customer cancellations, or postponement of projects and sales;
•our ability to safely develop, operate, and manage costs of large-scale and technically complex projects;
•the future financial and operating performance of major customers, joint ventures, and equity affiliates;
•our ability to develop, implement, and operate new technologies and to market products produced utilizing new technologies;
•our ability to execute the projects in our backlog and refresh our pipeline of new projects;
•tariffs, economic sanctions and regulatory activities in jurisdictions in which we and our affiliates and joint ventures operate;
•the impact of environmental, tax, safety, or other legislation, as well as regulations and other public policy initiatives affecting our business and the business of our affiliates and related compliance requirements, including legislation, regulations, or policies intended to address global climate change;
•changes in tax rates and other changes in tax law;
•safety incidents relating to our operations;
•the timing, impact, and other uncertainties relating to acquisitions, divestitures, and joint venture activities, as well as our ability to integrate acquisitions and separate divested businesses, respectively;
3
FORWARD-LOOKING STATEMENTS (CONTINUED)
•risks relating to cybersecurity incidents, including risks from the interruption, failure or compromise of our information systems or those of our business partners or service providers;
•catastrophic events, such as natural disasters and extreme weather events, pandemics and other public health crises, acts of war, including Russia’s invasion of Ukraine and new and ongoing conflicts in the Middle East, or terrorism;
•the impact on our business and customers of price fluctuations in oil and natural gas and disruptions in markets and the economy due to oil and natural gas price volatility;
•costs and outcomes of legal or regulatory proceedings and investigations;
•asset impairments due to economic conditions or specific events;
•significant fluctuations in inflation, interest rates, and foreign currency exchange rates from those currently anticipated;
•damage to facilities, pipelines or delivery systems, including those we are constructing or that we own or operate for third parties;
•availability and cost of electric power, natural gas, and other raw materials; and
•the commencement and success of any productivity and operational improvement programs.
In addition to the foregoing factors, forward-looking statements contained herein are qualified with respect to the risks disclosed elsewhere in this document, including in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations, and Item 3, Quantitative and Qualitative Disclosures About Market Risk, as well as with respect to the risks described in Item 1A, Risk Factors, to our Annual Report on Form 10-K for the fiscal year ended 30 September 2024. Any of these factors, as well as those not currently anticipated by management, could cause our results of operations, financial condition or liquidity to differ materially from what is expressed or implied by any forward-looking statement. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in assumptions, beliefs, or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

4
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements

Air Products and Chemicals, Inc. and Subsidiaries
CONSOLIDATED INCOME STATEMENTS
(Unaudited)
Three Months Ended
31 December
(Millions of U.S. Dollars, except for share and per share data)20242023
Sales$2,931.5 $2,997.4 
Cost of sales2,016.5 2,067.2 
Selling and administrative expense242.4 238.4 
Research and development expense22.0 25.7 
Shareholder activism costs29.9 — 
Other income (expense), net22.9 0.8 
Operating Income643.6 666.9 
Equity affiliates' income150.6 158.4 
Interest expense42.6 53.5 
Other non-operating income (expense), net38.9 (14.8)
Income Before Taxes790.5 757.0 
Income tax provision140.7 135.4 
Net Income649.8 621.6 
Net income attributable to noncontrolling interests32.4 12.3 
Net Income Attributable to Air Products$617.4 $609.3 
Per Share Data (U.S. Dollars per share)
Basic earnings per share attributable to Air Products$2.77 $2.74 
Diluted earnings per share attributable to Air Products$2.77 $2.73 
Weighted Average Common Shares (in millions)
Basic222.7 222.5 
Diluted222.9 222.8 
The accompanying notes are an integral part of these statements.
5
Air Products and Chemicals, Inc. and Subsidiaries
CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS
(Unaudited)
Three Months Ended
31 December
(Millions of U.S. Dollars)20242023
Net Income$649.8 $621.6 
Other Comprehensive (Loss) Income, net of tax:
Translation adjustments, net of tax of $46.2 and ($29.8)
(624.0)380.6 
Net gain (loss) on derivatives, net of tax of ($22.0) and $5.5
65.7 (161.1)
Reclassification adjustments:
Derivatives, net of tax of $27.8 and ($12.8)
91.9 (42.2)
Pension and postretirement benefits, net of tax of $3.3 and $4.2
11.0 13.7 
Total Other Comprehensive (Loss) Income(455.4)191.0 
Comprehensive Income$194.4 $812.6 
Net Income Attributable to Noncontrolling Interests32.4 12.3 
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interests103.1 (138.1)
Comprehensive Income Attributable to Air Products$58.9 $938.4 
The accompanying notes are an integral part of these statements.
6
Air Products and Chemicals, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Unaudited)
31 December30 September
(Millions of U.S. Dollars, except for share and per share data)20242024
Assets
Current Assets
Cash and cash items$1,845.5 $2,979.7 
Short-term investments117.5 5.0 
Trade receivables, net1,807.4 1,821.6 
Inventories739.0 766.0 
Prepaid expenses201.8 179.9 
Other receivables and current assets640.5 610.8 
Total Current Assets$5,351.7 $6,363.0 
Investment in net assets of and advances to equity affiliates4,772.1 4,792.5 
Plant and equipment, at cost41,097.9 39,950.9 
Less: accumulated depreciation
16,367.1 16,580.0 
Plant and equipment, net$24,730.8 $23,370.9 
Goodwill, net866.5 905.1 
Intangible assets, net287.5 311.6 
Operating lease right-of-use assets, net1,017.4 1,047.7 
Noncurrent lease receivables335.7 392.1 
Financing receivables1,245.4 1,220.2 
Other noncurrent assets1,410.1 1,171.5 
Total Noncurrent Assets$34,665.5 $33,211.6 
Total Assets(A)
$40,017.2 $39,574.6 
Liabilities and Equity  
Current Liabilities
Payables and accrued liabilities$3,023.7 $2,926.2 
Accrued income taxes586.1 558.5 
Short-term borrowings68.2 83.5 
Current portion of long-term debt1,131.4 611.4 
Total Current Liabilities$4,809.4 $4,179.6 
Long-term debt13,170.5 13,428.6 
Long-term debt – related party100.4 104.4 
Noncurrent operating lease liabilities655.1 677.9 
Other noncurrent liabilities1,348.1 1,350.5 
Deferred income taxes1,195.0 1,159.9 
Total Noncurrent Liabilities$16,469.1 $16,721.3 
Total Liabilities(A)
$21,278.5 $20,900.9 
Commitments and Contingencies - See Note 10
Air Products Shareholders’ Equity
Common stock (par value $1 per share; issued 2025 and 2024 - 249,455,584 shares)
249.4 249.4 
Capital in excess of par value1,260.9 1,253.2 
Retained earnings19,767.3 19,545.7 
Accumulated other comprehensive loss(2,586.2)(2,027.7)
Treasury stock, at cost (2025 - 26,979,918 shares; 2024 - 27,083,166 shares)
(1,999.1)(1,984.1)
Total Air Products Shareholders’ Equity$16,692.3 $17,036.5 
Noncontrolling Interests(A)
2,046.4 1,637.2 
Total Equity$18,738.7 $18,673.7 
Total Liabilities and Equity$40,017.2 $39,574.6 
(A)Includes balances associated with a consolidated variable interest entity ("VIE"), including amounts reflected in "Total Assets" that can only be used to settle obligations of the VIE of $5,692.4 and $4,393.9 as of 31 December 2024 and 30 September 2024, respectively, as well as liabilities of the VIE reflected within "Total Liabilities" for which creditors do not have recourse to the general credit of Air Products of $3,994.1 and $3,473.4 as of 31 December 2024 and 30 September 2024, respectively. Refer to Note 3, Variable Interest Entities, for additional information regarding the NEOM Green Hydrogen Company joint venture.
The accompanying notes are an integral part of these statements.
7
Air Products and Chemicals, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
 31 December
(Millions of U.S. Dollars)20242023
Operating Activities
Net income$649.8 $621.6 
Less: Net income attributable to noncontrolling interests32.4 12.3 
Net income attributable to Air Products$617.4 $609.3 
Adjustments to reconcile income to cash provided by operating activities:
Depreciation and amortization$366.8 $349.2 
Deferred income taxes(6.3)13.5 
Undistributed earnings of equity method investments(48.4)(41.5)
Gain on sale of assets and investments(10.1)(1.4)
Share-based compensation16.4 13.8 
Noncurrent lease receivables15.0 20.0 
Other adjustments(122.6)33.3 
Working capital changes that provided (used) cash, excluding effects of acquisitions:
Trade receivables(47.8)11.8 
Inventories6.4 (48.6)
Other receivables9.0 (64.5)
Payables and accrued liabilities30.5 (268.5)
Other working capital(14.6)0.2 
Cash Provided by Operating Activities$811.7 $626.6 
Investing Activities
Additions to plant and equipment, including long-term deposits($2,117.6)($1,445.5)
Investment in financing receivables(15.3)(301.8)
Proceeds from sale of assets and investments34.4 4.2 
Purchases of investments(117.6)(55.5)
Proceeds from investments5.0 120.1 
Other investing activities29.0 12.9 
Cash Used for Investing Activities($2,182.1)($1,665.6)
Financing Activities
Long-term debt proceeds$459.2 $810.4 
Payments on long-term debt(12.1)(54.8)
(Decrease) Increase in commercial paper and short-term borrowings(21.5)1,020.9 
Dividends paid to shareholders(393.6)(388.9)
Proceeds from stock option exercises 1.1 5.3 
Investments by noncontrolling interests280.9 34.5 
Other financing activities(39.8)(64.6)
Cash Provided by Financing Activities$274.2 $1,362.8 
Effect of Exchange Rate Changes on Cash(38.0)21.8 
(Decrease) Increase in cash and cash items($1,134.2)$345.6 
Cash and cash items – Beginning of year2,979.7 1,617.0 
Cash and Cash Items – End of Period$1,845.5 $1,962.6 
The accompanying notes are an integral part of these statements.
8
Air Products and Chemicals, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)

(Millions of U.S. Dollars, except for per share data)
Three Months Ended 31 December 2024
Common
 Stock		Capital in
 Excess of
 Par Value		Retained
 Earnings
AOCL(A)
Treasury
 Stock		Air
Products
Shareholders'
Equity		Non-
controlling
Interests		Total
Equity
Balance as of 30 September 2024
$249.4 $1,253.2 $19,545.7 ($2,027.7)($1,984.1)$17,036.5 $1,637.2 $18,673.7 
Net income— — 617.4 — — 617.4 32.4 649.8 
Other comprehensive income (loss)— — — (558.5)— (558.5)103.1 (455.4)
Dividends on common stock
    ($1.77 per share)
— — (393.8)— — (393.8)— (393.8)
Distributions to noncontrolling interests— — — — — — (1.4)(1.4)
Share-based compensation— 14.3 — — — 14.3 — 14.3 
Issuance of treasury shares for
    stock option and award plans
— (6.8)— — (15.0)(21.8)— (21.8)
Investments by noncontrolling interests— — — — — — 281.0 281.0 
Purchase of noncontrolling interests— — — — — — (5.9)(5.9)
Other equity transactions— 0.2 (2.0)— — (1.8)— (1.8)
Balance as of 31 December 2024
$249.4 $1,260.9 $19,767.3 ($2,586.2)($1,999.1)$16,692.3 $2,046.4 $18,738.7 


Three Months Ended 31 December 2023
Common
 Stock		Capital in
 Excess of
 Par Value		Retained
 Earnings
AOCL(A)
Treasury
 Stock		Air
Products
Shareholders'
Equity		Non-
controlling
Interests		Total
Equity
Balance as of 30 September 2023
$249.4 $1,190.5 $17,289.7 ($2,449.4)($1,967.3)$14,312.9 $1,347.4 $15,660.3 
Net income— — 609.3 — — 609.3 12.3 621.6 
Other comprehensive income (loss)— — — 329.1 — 329.1 (138.1)191.0 
Dividends on common stock
    ($1.75 per share)
— — (389.0)— — (389.0)— (389.0)
Share-based compensation— 13.8 — — — 13.8 — 13.8 
Issuance of treasury shares for
    stock option and award plans
— (4.4)— — 1.2 (3.2)— (3.2)
Investments by noncontrolling interests— — — — — — 34.5 34.5 
Other equity transactions— 0.1 — — — 0.1 — 0.1 
Balance as of 31 December 2023
$249.4 $1,200.0 $17,510.0 ($2,120.3)($1,966.1)$14,873.0 $1,256.1 $16,129.1 
(A)Accumulated other comprehensive loss

The accompanying notes are an integral part of these statements.

9
Air Products and Chemicals, Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Millions of U.S. Dollars, unless otherwise indicated

10
1. BASIS OF PRESENTATION AND MAJOR ACCOUNTING POLICIES
As used in this report, unless the context indicates otherwise, the terms “we”, “our”, “us”, the “Company”, "Air Products", or “registrant” include our controlled subsidiaries and affiliates.
Basis of Presentation
The interim consolidated financial statements of Air Products and Chemicals, Inc. and its subsidiaries included herein have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. In our opinion, the accompanying statements reflect adjustments necessary to fairly present the financial position, results of operations, and cash flows for those periods indicated and contain adequate disclosures to make the information presented not misleading. Adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the notes to the interim consolidated financial statements.
To fully understand the basis of presentation, the interim consolidated financial statements and related notes included herein should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended 30 September 2024 (the "2024 Form 10-K"), which was filed with the SEC on 21 November 2024. Results of operations for interim periods are not necessarily indicative of the results of operations for a full year.
Major Accounting Policies
Refer to our 2024 Form 10-K for a description of major accounting policies. There have been no significant changes to these accounting policies during the first three months of fiscal year 2025.

2. NEW ACCOUNTING GUIDANCE
New Accounting Guidance to be Implemented
Climate-Related Disclosures
In March 2024, the SEC issued Release No. 33-11275, “The Enhancement and Standardization of Climate-Related Disclosures for Investors", which includes final rules for providing qualitative and quantitative disclosures regarding certain climate-related topics on an annual basis. As a result of ongoing litigation in the U.S., the SEC issued an order in April 2024 to stay the effectiveness of the rules while judicial review is pending. If the rules are not overturned and take effect on schedule, prospective adoption will be permitted with phased-in compliance beginning with our Annual Report on Form 10-K for the fiscal year ending 30 September 2026. We are evaluating the impact these rules will have on our disclosures.
Reportable Segment Disclosures
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". The update includes enhanced disclosures about significant segment expenses and identification of the chief operating decision maker. The update will be effective in our Annual Report on Form 10-K for the fiscal year ending 30 September 2025 as well as interim periods thereafter, although early adoption is permitted. The amendments must be applied retrospectively to all prior periods presented. We are evaluating the impact this update will have on our disclosures.
Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740)—Improvements to Income Tax Disclosures”, to expand income tax disclosures, primarily through disaggregation requirements for the rate reconciliation and income taxes paid. The update will be effective in our Annual Report on Form 10-K for the fiscal year ending 30 September 2026, although early adoption is permitted. The amendments should be applied on a prospective basis with a retrospective option. We are evaluating the impact this update will have on our disclosures.
11
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, which requires additional disclosures of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, intangible asset amortization, as well as selling expenses in the notes to the financial statements. In January 2025, the FASB clarified that the update will be effective in our Annual Report on Form 10-K for the fiscal year ending 30 September 2028 as well as interim periods thereafter, although early adoption is permitted. The amendments should be applied either prospectively after the effective date or retrospectively to any or all periods presented. We are evaluating the impact this update will have on our disclosures.
3. VARIABLE INTEREST ENTITIES
We are the primary beneficiary of the NEOM Green Hydrogen Company joint venture ("NGHC"), which is a variable interest entity ("VIE") that is consolidated in our Middle East and India segment. We are not the primary beneficiary of any other material VIEs. We account for a VIE for which we have an equity interest and exercise significant influence but are not the primary beneficiary, such as the Jazan Integrated Gasification and Power Company joint venture ("JIGPC"), as an equity method investment. Additionally, World Energy, LLC ("World Energy") is a VIE for which we have no equity interest and are not the primary beneficiary. Our variable interests in NGHC, JIGPC, and World Energy are further discussed below.
NGHC Joint Venture
The NEOM Green Hydrogen Project is a multi-billion dollar green hydrogen-based ammonia production facility that is being constructed in NEOM City, Saudi Arabia. Owned and operated by NGHC, the facility will be powered by renewable energy to produce green ammonia for Air Products as the exclusive offtaker under a long-term take-if-tendered agreement. We intend to transport the green ammonia around the world to be dissociated to produce green hydrogen for transportation and industrial markets.
Air Products is an equal owner in NGHC with our joint venture partners, ACWA Power and NEOM Company. While we only hold one-third of the voting interests in the joint venture, substantially all the activities of the joint venture involve or are conducted on behalf of Air Products. Since we have disproportionately few voting rights relative to our economic interests in the joint venture, we determined that NGHC is a VIE. In addition, we determined that we are the primary beneficiary of NGHC since we have the power to unilaterally direct certain significant activities, including key design and construction decisions, and we share power with our joint venture partners related to other activities that are significant to the economic performance of NGHC. Therefore, we consolidate NGHC within the Middle East and India segment.
Under the project financing discussed below, the assets of NGHC can only be used to settle obligations of the joint venture, and creditors of NGHC do not have recourse to the general credit of Air Products. A table summarizing balances associated with NGHC as reflected on our consolidated balance sheets is provided on page 13.
Project Financing
In May 2023, NGHC finalized the $6.7 billion engineering, procurement, and construction ("EPC") agreement with Air Products named as the main contractor and system integrator for the facility. NGHC secured project financing that is non-recourse to Air Products of approximately $6.1 billion, which is expected to fund about 73% of the project and will be drawn over the construction period. At the same time, NGHC secured additional credit facilities that are non-recourse to Air Products, which total approximately $500 and are primarily for NGHC's working capital needs. Total principal borrowings were $3.8 billion and $3.3 billion as of 31 December 2024 and 30 September 2024, respectively. These balances include short-term borrowings of $60.4 and $51.6, respectively, from a 5.70% variable rate Saudi Riyal facility. The remaining borrowings include the long-term facilities that are reflected net of unamortized discounts and debt issuance costs within "Long-term debt" on our consolidated balance sheets.
12
In May 2023, NGHC entered into floating-to-fixed interest rate swaps designed to hedge the long-term variable rate debt facilities available under the project financing during the construction period of the project. We discontinued cash flow hedge accounting for certain swaps during the third quarter of fiscal year 2024. As a result of the de-designation, unrealized gains and losses are recorded to "Other non-operating income (expense), net" on our consolidated income statements. During the first quarter of fiscal year 2025, we recognized an unrealized gain of $38.8 ($10.3 attributable to Air Products after tax). The amount of the unrealized gain attributable to our noncontrolling partners was $25.2. Refer to Note 7, Financial Instruments, for additional information.
NGHC Balance Sheet
The table below summarizes balances associated with NGHC as reflected on our consolidated balance sheets:
31 December30 September
20242024
Assets
Cash and cash items$24.0 $34.5 
Trade receivables, net15.4 6.7 
Prepaid expenses30.7 31.2 
Other receivables and current assets126.3 120.6 
Total Current Assets
$196.4 $193.0 
Plant and equipment, net5,015.4 3,929.9 
Operating lease right-of-use assets, net226.2 233.9 
Other noncurrent assets254.4 37.1 
Total Noncurrent Assets
$5,496.0 $4,200.9 
Total Assets
$5,692.4 $4,393.9 
Liabilities
Payables and accrued liabilities$358.3 $308.4 
Accrued income taxes0.8 2.0 
Short-term borrowings60.4 51.6 
Total Current Liabilities
$419.5 $362.0 
Long-term debt3,499.4 3,053.3 
Noncurrent operating lease liabilities19.7 24.5 
Other noncurrent liabilities35.4 30.4 
Deferred income taxes20.1 3.2 
Total Noncurrent Liabilities
$3,574.6 $3,111.4 
Total Liabilities
$3,994.1 $3,473.4 
Equity
Accumulated other comprehensive income$61.8 $13.8 
Noncontrolling interests1,255.3 937.6 

13
JIGPC Joint Venture
JIGPC is a joint venture with Saudi Aramco Power Company (a subsidiary of Aramco), ACWA Power, and Air Products Qudra (“APQ”). JIGPC entered into project financing to purchase power blocks, gasifiers, air separation units, syngas cleanup assets, and utilities to supply electricity, steam, hydrogen, and utilities to Aramco’s refinery and terminal complex under a 25-year agreement, which commenced in the first quarter of fiscal year 2022. JIGPC recorded financing receivables upon acquisition of the assets and recognizes financing income over the supply term.
We determined JIGPC is a VIE for which we exercise significant influence but are not the primary beneficiary as we do not have the power to direct the activities that are most significant to its economic performance. Instead, these activities, including plant dispatch, operating and maintenance decisions, budgeting, capital expenditures, and financing, require unanimous approval of the owners or are controlled by the customer. Accordingly, we account for our 55% investment, which includes 4% that is attributable to the noncontrolling partner of APQ, under the equity method within the Middle East and India segment. The carrying value of our investment, including amounts attributable to noncontrolling interests, totaled $2,909.0 and $2,871.2 as of 31 December 2024 and 30 September 2024, respectively. Our loss exposure is limited to our investment in the joint venture.
Our investment primarily consists of shareholder loans that qualify as in-substance common stock in the joint venture. Certain shareholders receive a preferred cash distribution pursuant to the joint venture agreement, which specifies each shareholder’s share of income after considering the amount of cash available for distribution. As such, the earnings attributable to Air Products may not be proportionate to our ownership interest in the venture.
World Energy
In November 2023, we finalized an agreement to purchase a sustainable aviation fuel (“SAF”) facility in Paramount, California from World Energy. We determined the acquisition contains an embedded sales-type lease. As a result, we are accounting for the transaction as a financing arrangement and recorded a financing receivable, which had a carrying value of approximately $300 as of 31 December 2024.
At the time of acquisition, we entered into a Master Project Agreement (“MPA”) containing terms for operation of the acquired facility as well as amended terms for the construction and operation of an SAF expansion project subject to construction at the same location. The MPA includes a tolling arrangement whereby we will receive feedstock from and produce renewable fuels for World Energy over a term that will conclude 15 years after onstream of the expansion project with the option to renew for two five-year terms. This project is currently on hold pending receipt of permits.
During the first quarter of fiscal year 2024, we determined that World Energy is a VIE and our financing receivable represents a variable interest in World Energy. We are not the primary beneficiary as we do not have control over their key operating decisions, including feedstock supply, production of renewable fuels, and negotiating and executing supply agreements with customers. As of 31 December 2024, our maximum exposure to loss is approximately $2.1 billion. This primarily includes project-related spending of approximately $1.5 billion, of which $1.2 billion is capitalized within “Plant and equipment, net” and $336 is deferred within "Other noncurrent assets", and approximately $215 for open purchase commitments, all of which relate to the SAF expansion project. Our exposure also includes the financing receivable of $300 discussed above, which we begin to collect at the onstream of the expansion project, as well as trade receivables and accrued interest. The financing receivable is currently on non-accrual status as World Energy made no interest payments, and therefore we recorded no interest income, during the first quarter of fiscal year 2025.


14
4. REVENUE RECOGNITION
The majority of our revenue is generated from our sale of gas customers within the regional industrial gases segments. We distribute gases through either our on-site or merchant supply mode depending on various factors, including the customer's volume requirements and location. We also design and manufacture equipment for air separation, hydrocarbon recovery and purification, and liquid helium and liquid hydrogen transport and storage. The Corporate and other segment serves our sale of equipment customers.
Disaggregation of Revenue
The tables below present our consolidated sales disaggregated by supply mode for each of our reportable segments for the first three months of fiscal years 2025 and 2024. We believe this presentation best depicts the nature, timing, type of customer, and contract terms for our sales.
Three Months Ended 31 December 2024
AmericasAsiaEuropeMiddle East
 and India		Corporate
and other		Total%
On-site$713.1 $529.3 $228.3 $17.6 $— $1,488.3 51 %
Merchant574.5 287.8 468.9 15.2 — 1,346.4 46 %
Sale of equipment— — — — 96.8 96.8 3 %
Total $1,287.6 $817.1 $697.2 $32.8 $96.8 $2,931.5 100 %
Three Months Ended 31 December 2023
AmericasAsiaEuropeMiddle East
 and India		Corporate
and other		Total%
On-site$714.1 $503.2 $259.2 $17.5 $— $1,494.0 50 %
Merchant538.0 290.6 472.0 17.9 — 1,318.5 44 %
Sale of equipment— — — — 184.9 184.9 6 %
Total $1,252.1 $793.8 $731.2 $35.4 $184.9 $2,997.4 100 %
Interest income associated with financing and lease arrangements accounted for approximately 1% of our total consolidated sales during the three months ended 31 December 2024 and 2023.
Remaining Performance Obligations
As of 31 December 2024, the transaction price allocated to remaining performance obligations is estimated to be approximately $26 billion. This amount includes fixed-charge contract provisions associated with our on-site and sale of equipment supply modes. We estimate that approximately half of this revenue will be recognized over the next five years and the balance thereafter.
Our remaining performance obligations do not include (1) expected revenue associated with new on-site plants that are not yet on-stream; (2) consideration associated with contracts that have an expected duration of less than one year; and (3) variable consideration for which we recognize revenue at the amount to which we have the right to invoice, including energy cost pass-through to customers.
In the future, actual amounts will differ due to events outside of our control, including, but not limited to, inflationary price escalations; currency exchange rates; and amended, terminated, or renewed contracts.
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Contract Balances
The table below details balances arising from contracts with customers:
31 December30 September
Balance Sheet Location20242024
Assets
Contract assets – currentOther receivables and current assets$100.1 $76.2 
Contract fulfillment costs – currentOther receivables and current assets96.9 103.7 
Liabilities
Contract liabilities – currentPayables and accrued liabilities$202.8 $240.0 
Contract liabilities – noncurrentOther noncurrent liabilities283.2 290.0 
During the first three months of fiscal year 2025, we recognized sales of approximately $55 associated with sale of equipment contracts that were included within our current contract liabilities as of 30 September 2024.
5. INVENTORIES
The components of inventories are as follows:
31 December30 September
20242024
Finished goods$189.8 $210.2 
Work in process47.9 42.2 
Raw materials, supplies, and other501.3 513.6 
Inventories$739.0 $766.0 
6. GOODWILL
Changes to the carrying amount of consolidated goodwill by segment for the three months ended 31 December 2024 are as follows:
AmericasAsiaEuropeMiddle East and IndiaCorporate and otherTotal
Goodwill, net as of 30 September 2024
$146.3 $174.7 $534.3 $15.8 $34.0 $905.1 
Currency translation(4.2)(4.4)(29.7)— (0.3)(38.6)
Goodwill, net as of 31 December 2024
$142.1 $170.3 $504.6 $15.8 $33.7 $866.5 

31 December30 September
20242024
Goodwill, gross$1,131.5 $1,199.8 
Accumulated impairment losses(A)
(265.0)(294.7)
Goodwill, net$866.5 $905.1 
(A)Accumulated impairment losses are attributable to our Latin America reporting unit ("LASA") within the Americas segment and include the impact of currency translation.
We review goodwill for impairment annually in the fourth quarter of the fiscal year and whenever events or changes in circumstances indicate that the carrying value of goodwill might not be recoverable.
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7. FINANCIAL INSTRUMENTS
Currency Price Risk Management
Our earnings, cash flows, and financial position are exposed to foreign currency risk from foreign currency-denominated transactions and net investments in foreign operations. It is our policy to seek to minimize our cash flow volatility from changes in currency exchange rates. This is accomplished by identifying and evaluating the risk that our cash flows will change in value due to changes in exchange rates and by executing strategies necessary to manage such exposures. Our objective is to maintain economically balanced currency risk management strategies that provide adequate downside protection.
Forward Exchange Contracts
We enter into forward exchange contracts to reduce the cash flow exposure to foreign currency fluctuations associated with highly anticipated cash flows and certain firm commitments, such as the purchase of plant and equipment. We also enter into forward exchange contracts to hedge the cash flow exposure on intercompany loans and third-party debt. This portfolio of forward exchange contracts consists primarily of Euros and U.S. Dollars. The maximum remaining term of any forward exchange contract currently outstanding and designated as a cash flow hedge at 31 December 2024 is 2.9 years.
Forward exchange contracts are also used to hedge the value of investments in certain foreign subsidiaries and affiliates by creating a liability in a currency in which we have a net equity position. The primary currency pair in this portfolio of forward exchange contracts is Euros and U.S. Dollars.
We also utilize forward exchange contracts that are not designated as hedges. These contracts are used to economically hedge foreign currency-denominated monetary assets and liabilities, primarily working capital. The primary objective of these forward exchange contracts is to protect the value of foreign currency-denominated monetary assets and liabilities from the effects of volatility in foreign exchange rates that might occur prior to their receipt or settlement. This portfolio of forward exchange contracts consists of multiple foreign currency pairs, with a profile that changes from time to time depending on our business activity and sourcing decisions.
The table below summarizes our outstanding currency price risk management instruments:
31 December 202430 September 2024
US$
Notional		Years
Average
Maturity		US$
Notional		Years
Average
Maturity
Forward Exchange Contracts:
Cash flow hedges$3,685.3 0.5$4,003.2 0.6
Net investment hedges850.6 2.2911.4 2.5
Not designated1,333.7 0.31,880.0 0.3
Total Forward Exchange Contracts$5,869.6 0.7$6,794.6 0.8
We also use foreign currency-denominated debt to hedge the foreign currency exposures of our net investment in certain foreign subsidiaries. The designated foreign currency-denominated debt and related accrued interest was €1,927.1 million ($2,004.5) at 31 December 2024 and €1,905.7 million ($2,121.9) at 30 September 2024. The designated foreign currency-denominated debt is presented within "Long-term debt" and "Current portion of long-term debt" on the consolidated balance sheets.
Debt Portfolio Management
It is our policy to identify, on a continuing basis, the need for debt capital and to evaluate the financial risks inherent in funding the Company with debt capital. Reflecting the result of this ongoing review, we manage our debt portfolio and hedging program with the intent to (1) reduce funding risk with respect to borrowings made by us to preserve our access to debt capital and provide debt capital as required for funding and liquidity purposes, and (2) manage the aggregate interest rate risk and the debt portfolio in accordance with certain debt management parameters.
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Interest Rate Management Contracts
We enter into interest rate swaps to change the fixed/variable interest rate mix of our debt portfolio in order to maintain the percentage of fixed- and variable-rate debt within the parameters set by management. In accordance with these parameters, the agreements are used to manage interest rate risks and costs inherent in our debt portfolio. Our interest rate management portfolio generally consists of fixed-to-floating interest rate swaps (which are designated as fair value hedges), pre-issuance interest rate swaps and treasury locks (which hedge the interest rate risk associated with anticipated fixed-rate debt issuances and are designated as cash flow hedges), and floating-to-fixed interest rate swaps (which are designated as cash flow hedges). As of 31 December 2024, the outstanding interest rate swaps were denominated in U.S. Dollars. The notional amount of the interest rate swap agreements is equal to or less than the designated debt being hedged. When interest rate swaps are used to hedge variable-rate debt, the indices of the swaps and the debt to which they are designated are the same. It is our policy not to enter into any interest rate management contracts which lever a move in interest rates on a greater than one-to-one basis.
Cross Currency Interest Rate Swap Contracts
We enter into cross currency interest rate swap contracts when our risk management function deems necessary. These contracts may entail both the exchange of fixed- and floating-rate interest payments periodically over the life of the agreement and the exchange of one currency for another currency at inception and at a specified future date. The contracts are used to hedge either certain net investments in foreign operations or non-functional currency cash flows related to intercompany loans. The current cross currency interest rate swap portfolio consists of fixed-to-fixed swaps primarily between the U.S. Dollar and each of the Chinese Renminbi, Indian Rupee, and Chilean Peso.
The table below summarizes our outstanding interest rate management contracts and cross currency interest rate swaps:
31 December 202430 September 2024
US$
Notional		Average
Pay %		Average
Receive %		Years
Average
Maturity		US$
Notional		Average
Pay %		Average
Receive %		Years
Average
Maturity
Interest rate swaps
(fair value hedge)		$800.0 SOFR1.64 %2.7$800.0 SOFR1.64 %3.0
Interest rate swaps
(cash flow hedge)(A)
$2,372.2 2.72 %SOFR21.0$2,159.3 2.72 %SOFR21.2
Interest rate swaps
(not designated)(A)
$506.7 3.27 %SOFR20.2$461.4 3.27 %SOFR20.5
Cross currency interest rate swaps
(net investment hedge)		$— — %— %0.0$16.7 5.39 %3.64 %0.2
Cross currency interest rate swaps
(cash flow hedge)		$381.3 4.97 %2.84 %1.8$410.6 4.96 %2.80 %1.9
Cross currency interest rate swaps
(not designated)		$— — %— %0.0$34.7 5.39 %3.64 %0.2
(A)In May 2023, NGHC entered into floating-to-fixed interest rate swaps designed to hedge long-term variable rate debt facilities available under non-recourse project financing during the construction period of the NEOM Green Hydrogen Project. During the third quarter of fiscal year 2024, we discontinued cash flow hedge accounting for certain instruments that will remain de-designated until outstanding borrowings from the available financing are commensurate with the notional value of the instruments.
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The table below provides the amounts recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:
Carrying amounts of hedged itemCumulative hedging adjustment, included in carrying amount
31 December30 September31 December30 September
Balance Sheet Location2024202420242024
Current portion of long-term debt$544.4 $— ($5.2)$— 
Long-term debt$1,502.3 $2,057.1 ($42.3)($36.6)
The table below summarizes the fair value and balance sheet location of our outstanding derivatives:
Balance Sheet Location31 December30 SeptemberBalance Sheet Location31 December30 September
2024202420242024
Derivatives Designated as Hedging Instruments:
Forward exchange contractsOther receivables and current assets$59.5 $74.5 Payables and accrued liabilities$143.6 $21.6 
Interest rate management contractsOther receivables and current assets4.8 1.2 Payables and accrued liabilities5.2 1.2 
Forward exchange contractsOther noncurrent assets22.3 9.6 Other noncurrent liabilities10.7 15.6 
Interest rate management contractsOther noncurrent assets224.9 34.3 Other noncurrent liabilities43.1 40.2 
Total Derivatives Designated as Hedging Instruments$311.5 $119.6 $202.6 $78.6 
Derivatives Not Designated as Hedging Instruments:
Forward exchange contractsOther receivables and current assets$15.8 $16.5 Payables and accrued liabilities$13.4 $21.8 
Interest rate management contractsOther receivables and current assets— 1.7 Payables and accrued liabilities— — 
Forward exchange contractsOther noncurrent assets0.4 0.2 Other noncurrent liabilities— 0.2 
Interest rate management contractsOther noncurrent assets41.6 4.6 Other noncurrent liabilities— — 
Total Derivatives Not Designated as Hedging Instruments$57.8 $23.0 $13.4 $22.0 
Total Derivatives$369.3 $142.6 $216.0 $100.6 
Refer to Note 8, Fair Value Measurements, which defines fair value, describes the method for measuring fair value, and provides additional disclosures regarding fair value measurements.
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The tables below summarize gains (losses) recognized in other comprehensive income during the period related to our net investment and cash flow hedging relationships:
Three Months Ended
31 December
20242023
Net Investment Hedging Relationships
Forward exchange contracts$53.9 ($31.8)
Foreign currency debt140.4 (89.9)
Cross currency interest rate swaps0.4 (1.9)
Total Amount Recognized in OCI194.7 (123.6)
Tax effects(47.5)30.1 
Net Amount Recognized in OCI$147.2 ($93.5)
Three Months Ended
31 December
20242023
Derivatives in Cash Flow Hedging Relationships
Forward exchange contracts($177.8)$115.1 
Forward exchange contracts, excluded components(1.5)(9.0)
Other(A)
223.0 (261.7)
Total Amount Recognized in OCI43.7 (155.6)
Tax effects22.0 (5.5)
Net Amount Recognized in OCI$65.7 ($161.1)
(A)Other primarily includes interest rate and cross currency interest rate swaps for which excluded components are recognized in “Payables and accrued liabilities” and “Other receivables and current assets” as a component of accrued interest payable and accrued interest receivable, respectively. These excluded components are recorded in “Other non-operating income (expense), net” over the life of the cross currency interest rate swap. Other also includes the recognition of our share of gains and losses, net of tax, related to interest rate swaps held by our equity affiliates.
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The table below summarizes the location and amounts recognized in income related to our cash flow and fair value hedging relationships by contract type:
Three Months Ended 31 December
SalesCost of SalesInterest ExpenseOther Non-Operating Income (Expense), Net
20242023202420232024202320242023
Total presented in consolidated income statements that includes effects of hedging below$2,931.5 $2,997.4 $2,016.5 $2,067.2 $42.6 $53.5 $38.9 ($14.8)
(Gain) Loss Effects of Cash Flow Hedging:
Forward Exchange Contracts:
Amount reclassified from OCI into income$0.2 $0.3 $0.9 $1.3 $— $— $129.3 ($74.9)
Amount excluded from effectiveness testing recognized in earnings based on amortization approach— — — — — — 6.1 5.7 
Other:
Amount reclassified from OCI into income— — — — 0.5 1.3 (17.3)11.3 
Total (Gain) Loss Reclassified from OCI to Income0.2 0.3 0.9 1.3 0.5 1.3 118.1 (57.9)
Tax effects— (0.1)(0.1)(0.3)(0.2)(0.5)(27.5)13.7 
Net (Gain) Loss Reclassified from OCI to Income$0.2 $0.2 $0.8 $1.0 $0.3 $0.8 $90.6 ($44.2)
(Gain) Loss Effects of Fair Value Hedging:
Other:
Hedged items$— $— $— $— ($10.9)$26.1 $— $— 
Derivatives designated as hedging instruments— — — — 10.9 (26.1)— — 
Total (Gain) Loss Recognized in Income$— $— $— $— $— $— $— $— 
The tables below summarize the location and amounts recognized in income related to our derivatives not designated as hedging instruments by contract type:
Three Months Ended 31 December
Other Income (Expense), NetOther Non-Operating Income (Expense), Net
2024202320242023
The Effects of Derivatives Not Designated as Hedging Instruments:
Forward exchange contracts($3.9)$3.2 ($1.9)($1.2)
De-designated interest rate swaps— — (38.8)— 
Other— — (1.7)0.8 
Total (Gain) Loss Recognized in Income($3.9)$3.2 ($42.4)($0.4)
The amount of unrealized gains and losses related to cash flow hedges as of 31 December 2024 that are expected to be reclassified to earnings in the next twelve months is not material.
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The cash flows related to derivative contracts are generally reported in the operating activities section of the consolidated statements of cash flows.
Credit Risk-Related Contingent Features
Certain derivative instruments are executed under agreements that require us to maintain a minimum credit rating with both Standard & Poor’s and Moody’s. If our credit rating falls below this threshold, the counterparty to the derivative instruments has the right to request full collateralization on the derivatives’ net liability position. The net liability position of derivatives with credit risk-related contingent features was $61.9 and $47.3 as of 31 December 2024 and 30 September 2024, respectively. Because our current credit rating is above the various pre-established thresholds, no collateral has been posted on these liability positions.
Counterparty Credit Risk Management
We execute financial derivative transactions with counterparties that are highly rated financial institutions, all of which are investment grade at this time. Some of our underlying derivative agreements give us the right to require the institution to post collateral if its credit rating falls below the pre-established thresholds with Standard & Poor’s, Moody’s, or Fitch. The collateral that the counterparties would be required to post was $293.1 and $57.2 as of 31 December 2024 and 30 September 2024, respectively. No financial institution is required to post collateral at this time, as all have credit ratings at or above threshold.
8. FAIR VALUE MEASUREMENTS
Fair value is defined as an exit price, or the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as follows:
Level 1    — Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2    — Inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the asset or liability.
Level 3    — Inputs that are unobservable for the asset or liability based on our own assumptions about the assumptions market participants would use in pricing the asset or liability.
The methods and assumptions used to measure the fair value of financial instruments are as follows:
Short-term Investments
Short-term investments primarily include time deposits with original maturities greater than three months and less than one year. We estimated the fair value of our short-term investments, which approximates carrying value as of the balance sheet date, using Level 2 inputs within the fair value hierarchy. Level 2 measurements were based on current interest rates for similar investments with comparable credit risk and time to maturity.
Derivatives
The fair value of our interest rate management contracts and forward exchange contracts are quantified using the income approach and are based on estimates using standard pricing models. These models consider the value of future cash flows as of the balance sheet date, discounted to a present value using discount factors that match both the time to maturity and currency of the underlying instruments. These standard pricing models utilize inputs that are derived from or corroborated by observable market data such as interest rate yield curves as well as currency spot and forward rates; therefore, the fair value of our derivatives is classified as a Level 2 measurement. On an ongoing basis, we randomly test a subset of our valuations against valuations received from the transaction’s counterparty to validate the accuracy of our standard pricing models. Counterparties to these derivative contracts are highly rated financial institutions.
Refer to Note 7, Financial Instruments, for a description of derivative instruments, including details related to the balance sheet line classifications.
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Long-term Debt, Including Related Party
The fair value of our debt is based on estimates using standard pricing models that consider the value of future cash flows as of the balance sheet date, discounted to a present value using discount factors that match both the time to maturity and currency of the underlying instruments. These standard valuation models utilize observable market data such as interest rate yield curves and currency spot rates; therefore, the fair value of our debt is classified as a Level 2 measurement.
The carrying values and fair values of financial instruments were as follows:
31 December 202430 September 2024
Carrying ValueFair ValueCarrying ValueFair Value
Assets
Derivatives
Forward exchange contracts$98.0 $98.0 $100.8 $100.8 
Interest rate management contracts271.3 271.3 41.8 41.8 
Liabilities
Derivatives
Forward exchange contracts$167.7 $167.7 $59.2 $59.2 
Interest rate management contracts48.3 48.3 41.4 41.4 
Long-term debt, including current portion and related party14,402.3 13,900.1 14,144.4 13,897.3 
The carrying amounts reported on the consolidated balance sheets for cash and cash items, short-term investments, trade receivables, payables and accrued liabilities, accrued income taxes, and short-term borrowings approximate fair value due to the short-term nature of these instruments. Accordingly, these items have been excluded from the above table.
The table below summarizes assets and liabilities on the consolidated balance sheets that are measured at fair value on a recurring basis:
31 December 202430 September 2024
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets at Fair Value
Derivatives
Forward exchange contracts$98.0 $— $98.0 $— $100.8 $— $100.8 $— 
Interest rate management contracts271.3 — 271.3 — 41.8 — 41.8 — 
Total Assets at Fair Value$369.3 $— $369.3 $— $142.6 $— $142.6 $— 
Liabilities at Fair Value
Derivatives
Forward exchange contracts$167.7 $— $167.7 $— $59.2 $— $59.2 $— 
Interest rate management contracts48.3 — 48.3 — 41.4 — 41.4 — 
Total Liabilities at Fair Value$216.0 $— $216.0 $— $100.6 $— $100.6 $— 

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9. RETIREMENT BENEFITS
The components of net periodic cost for our defined benefit pension plans for the three months ended 31 December 2024 and 2023 were as follows:
Pension Benefits
20242023
Three Months Ended 31 DecemberU.S.InternationalTotalU.S.InternationalTotal
Service cost$2.3 $2.9 $5.2 $2.4 $2.8 $5.2 
Non-service cost:
  Interest cost29.9 13.9 43.8 33.7 14.8 48.5 
  Expected return on plan assets(33.2)(14.7)(47.9)(30.0)(11.6)(41.6)
  Prior service cost amortization0.3 0.2 0.5 0.3 0.2 0.5 
  Actuarial loss amortization11.7 2.4 14.1 14.3 3.2 17.5 
Other— 0.1 0.1 — 0.1 0.1 
Net Periodic Cost$11.0 $4.8 $15.8 $20.7 $9.5 $30.2 
Our service costs are primarily included within "Cost of sales" and "Selling and administrative expense" on our consolidated income statements. The amount of service costs capitalized in the first three months of fiscal years 2025 and 2024 were not material. The non-service related impacts are presented outside operating income within "Other non-operating income (expense), net."
For the three months ended 31 December 2024 and 2023, our cash contributions to funded pension plans and benefit payments under unfunded pension plans were $8.2 and $12.0, respectively. Total contributions for fiscal year 2025 are expected to be approximately $30 to $40. During fiscal year 2024, total contributions were $34.7.
During the three months ended 31 December 2024 and 2023, we recognized actuarial gain amortization of $0.3 and $0.1, respectively, for our other postretirement benefits plan.
10. COMMITMENTS AND CONTINGENCIES
Litigation
We are involved in various legal proceedings, including commercial, competition, environmental, intellectual property, regulatory, product liability, and insurance matters. We do not currently believe there are any legal proceedings for which it is reasonably possible, individually or in the aggregate, to have a material impact on our financial condition, results of operations, or cash flows.
In September 2010, the Brazilian Administrative Council for Economic Defense ("CADE") issued a decision against our Brazilian subsidiary, Air Products Brasil Ltda., and several other Brazilian industrial gas companies for alleged anticompetitive activities. CADE imposed a civil fine of R$179.2 million (approximately $29 at 31 December 2024) on Air Products Brasil Ltda. This fine was based on a recommendation by a unit of the Brazilian Ministry of Justice, following an investigation beginning in 2003, which alleged violation of competition laws with respect to the sale of industrial and medical gases. The fines are based on a percentage of our total revenue in Brazil in 2003.
We have denied the allegations made by the authorities and filed an appeal in October 2010 with the Brazilian courts. On 6 May 2014, our appeal was granted and the fine against Air Products Brasil Ltda. was dismissed. CADE has appealed that ruling and the matter remains pending. We, with advice of our outside legal counsel, have assessed the status of this matter and have concluded that, although an adverse final judgment after exhausting all appeals is possible, such a judgment is not probable. As a result, no provision has been made in the consolidated financial statements. In the event of an adverse final judgment, we estimate the maximum possible loss to be the full amount of the fine of R$179.2 million (approximately $29 at 31 December 2024) plus interest accrued thereon until final disposition of the proceedings.
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Environmental
In the normal course of business, we are involved in legal proceedings under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA," the federal Superfund law), the Resource Conservation and Recovery Act ("RCRA"), and similar state environmental laws relating to the designation of certain sites for investigation or remediation. Presently, there are 26 sites on which a final settlement or remediation has not been achieved where we, usually along with others, have been designated as a potentially responsible party by environmental authorities or are otherwise engaged in investigation or remediation, including cleanup activity at certain of our former manufacturing sites. We continually monitor these sites for which we have environmental exposure.
Accruals for environmental loss contingencies are recorded when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. As of 31 December 2024 and 30 September 2024, the consolidated balance sheets included an accrual of $79.6 and $79.1, respectively, primarily as part of other noncurrent liabilities. These environmental liabilities will be paid over a period of up to 30 years. We estimate the exposure for environmental loss contingencies to range from $79 to a reasonably possible upper exposure of $92 as of 31 December 2024.
Actual costs to be incurred at identified sites in future periods may vary from the estimates, given inherent uncertainties in evaluating environmental exposures. Using reasonably possible alternative assumptions of the exposure level could result in an increase to the environmental accrual. Due to these inherent uncertainties, a significant increase to the reasonably possible upper exposure level could occur if a new site is designated, the scope of remediation is increased, a different remediation alternative is identified, or a significant increase in our proportionate share occurs. We do not expect that any sum we may have to pay in connection with environmental matters in excess of the amounts recorded or disclosed above would have a material adverse impact on our financial position or results of operations in any one year.
Pace
At 31 December 2024, $54.5 of the environmental accrual was related to our facility in Pace, Florida.
In 2006, we sold our Amines business, which included operations at the Pace facility and recognized a liability for retained environmental obligations associated with remediation activities at the facility. We are required by the Florida Department of Environmental Protection ("FDEP") and the United States Environmental Protection Agency ("USEPA") to continue our remediation efforts. We recognized a before-tax expense of $42 in fiscal year 2006 in results from discontinued operations and recorded an environmental accrual of $42 in continuing operations on the consolidated balance sheets.
In the first quarter of 2015, we entered into a consent order with the FDEP requiring us to continue our remediation efforts at the Pace facility and complete a cost review every five years. In fiscal year 2020, we completed an updated cost review of the environmental remediation status at the Pace facility and increased our environmental accrual for this site by $19 in continuing operations on the consolidated balance sheet and recognized a before-tax expense of $19 in results from discontinued operations. In fiscal year 2024, we completed our most recent cost review of the environmental remediation status at the Pace facility. Based on our review, we expect ongoing activities to continue for 30 years. Additionally, we increased our estimate of near-term spending for an improved groundwater recovery system and future annual costs due to higher inflation. As a result of these changes, we increased our environmental accrual for this site by $19 in continuing operations on the consolidated balance sheets and recognized a before-tax expense of $19 in results from discontinued operations in fiscal year 2024. There have been no significant changes to the estimated exposure.
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We have implemented many of the remedial corrective measures at the Pace facility required under the 1995 consent orders issued by the FDEP and the USEPA. Contaminated soils have been bioremediated, and the treated soils have been secured in a lined on-site corrective action management unit. Several groundwater recovery systems have been installed to contain and remove contamination from groundwater. We completed an extensive assessment of the site to determine the efficacy of existing measures, what additional corrective measures may be needed, and whether newer remediation technologies that were not available in the 1990s might be better suited for groundwater remediation. Based on assessment results, we completed a focused feasibility study that identified alternative approaches that may more effectively remove contaminants. We continue to review alternative remedial approaches with the FDEP, and we completed additional field work during 2021 to support the design of an improved groundwater recovery network. This network targets areas of higher contaminant concentration and avoids areas of high groundwater iron which has proven to be a significant operability issue for the project. The design of the optimized recovery system was completed in fiscal year 2024, with construction expected to begin in fiscal year 2025. In fiscal years 2025 and 2026, we expect to connect the additional groundwater recovery wells and ancillary equipment to the existing groundwater recovery system. In the fourth quarter of fiscal year 2024, we completed an updated cost review which resulted in a change in assumptions regarding future operating costs as discussed above.
Pasadena
At 31 December 2024, $10.2 of the environmental accrual was related to a production facility site in Pasadena, Texas.
During fiscal year 2012, management committed to permanently shutting down our polyurethane intermediates ("PUI") production facility in Pasadena, Texas. In shutting down and dismantling the facility, we have undertaken certain obligations related to soil and groundwater contaminants. We have been pumping and treating groundwater to control off-site contaminant migration in compliance with regulatory requirements and under the approval of the Texas Commission on Environmental Quality ("TCEQ"). We estimate that the pump and treat system will continue to operate until 2042.
We continue to perform additional work to address other environmental obligations at the site. This additional work includes remediating impacted soils as required, investigating groundwater west of the former PUI facility, continuing post closure care for two closed RCRA surface impoundment units, and maintaining engineering controls. Additionally, we have conducted an interim corrective action to treat impacted soils as recommended in the TCEQ 2019 Annual Report. In 2012, we estimated the total exposure at this site to be $13. There have been no significant changes to the estimated exposure.
11. SHARE-BASED COMPENSATION
Our outstanding share-based compensation programs include deferred stock units and stock options. During the three months ended 31 December 2024, we granted market-based and time-based deferred stock units. Under all programs, the terms of the awards are fixed at the grant date. We issue shares from treasury stock upon the payout of deferred stock units and the exercise of stock options. As of 31 December 2024, there were 0.8 million shares available for future grant under our Long-Term Incentive Plan ("LTIP"), which is shareholder approved.

Share-based compensation cost recognized on the consolidated income statements is summarized below:
Three Months Ended
31 December
20242023
Before-tax share-based compensation cost$16.5 $13.6 
Income tax benefit(4.0)(3.3)
After-tax share-based compensation cost$12.5 $10.3 
Before-tax share-based compensation cost is primarily included in "Selling and administrative expense" on our consolidated income statements. The amount of share-based compensation cost capitalized in the first three months of fiscal years 2025 and 2024 was not material.
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Deferred Stock Units
During the three months ended 31 December 2024, we granted 78,770 market-based deferred stock units. The market-based deferred stock units are earned over the performance period beginning 1 October 2024 and ending 30 September 2027, conditioned on the level of our total shareholder return in relation to the S&P 500 Index over the three-year performance period.
The market-based deferred stock units had an estimated grant-date fair value of $480.94 per unit, which was estimated using a Monte Carlo simulation model. The model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the grant and calculates the fair value of the awards. We generally expense the grant-date fair value of these awards on a straight-line basis over the applicable vesting period. The calculation of the fair value of market-based deferred stock units used the following assumptions:
Expected volatility30.4 %
Risk-free interest rate4.1 %
Expected dividend yield2.1 %
In addition, during the three months ended 31 December 2024, we granted 106,098 time-based deferred stock units at a weighted average grant-date fair value of $334.52.

12. ACCUMULATED OTHER COMPREHENSIVE LOSS
The table below summarizes changes in accumulated other comprehensive loss ("AOCL"), net of tax, attributable to Air Products for the three months ended 31 December 2024:
Derivatives
qualifying
as hedges		Foreign
currency
translation
adjustments		Pension and
postretirement
benefits		Total
Balance at 30 September 2024$27.2 ($1,545.3)($509.6)($2,027.7)
Other comprehensive income (loss) before reclassifications65.7 (624.0)— (558.3)
Amounts reclassified from AOCL91.9 — 11.0 102.9 
Net current period other comprehensive income (loss)$157.6 ($624.0)$11.0 ($455.4)
Amount attributable to noncontrolling interests119.6 (16.5)— 103.1 
Balance at 31 December 2024$65.2 ($2,152.8)($498.6)($2,586.2)
27
The table below summarizes the reclassifications out of AOCL and the affected line item on the consolidated income statements:
Three Months Ended
31 December
20242023
Loss (Gain) on Cash Flow Hedges, net of tax
Sales$0.2 $0.2 
Cost of sales0.8 1.0 
Interest expense0.3 0.8 
Other non-operating income (expense), net90.6 (44.2)
Total Loss (Gain) on Cash Flow Hedges, net of tax
$91.9 ($42.2)
Pension and Postretirement Benefits, net of tax(A)
$11.0 $13.7 
(A)The components of net periodic benefit/cost reclassified out of AOCL include items such as prior service cost amortization, actuarial loss amortization, settlements, and curtailments and are included in “Other non-operating income (expense), net” on the consolidated income statements. Refer to Note 9, Retirement Benefits, for additional information.

13. EARNINGS PER SHARE
The table below details the computation of basic and diluted earnings per share ("EPS"):
Three Months Ended
31 December
20242023
Numerator
Net income attributable to Air Products$617.4 $609.3 
Denominator (in millions)
Weighted average common shares — Basic222.7 222.5 
Effect of dilutive securities
Employee stock option and other award plans0.2 0.3 
Weighted average common shares — Diluted222.9 222.8 
Per Share Data (U.S. Dollars per share)
Basic EPS attributable to Air Products$2.77 $2.74 
Diluted EPS attributable to Air Products$2.77 $2.73 
During the three months ended 31 December 2024, outstanding share-based awards of 0.1 million shares were antidilutive and therefore excluded from the computation of diluted earnings per share. There were no antidilutive outstanding share-based awards during the three months ended 31 December 2023.
28
14. SUPPLEMENTAL INFORMATION
Related Party Transactions
We have related party sales to certain of our equity affiliates and joint venture partners as well as other income primarily from fees charged for use of Air Products' patents and technology. Sales to and other income from related parties totaled approximately $80 and $95 for the three months ended 31 December 2024 and 2023, respectively. Sales agreements with related parties include terms that are consistent with those that we believe would have been negotiated at an arm’s length with an independent party. As of 31 December 2024 and 30 September 2024, our consolidated balance sheets included related party trade receivables of approximately $185 and $120, respectively.
Total debt owed to related parties was $292.7 and $304.4 as of 31 December 2024 and 30 September 2024, respectively, of which $192.3 and $200.0, respectively, was reflected within "Current portion of long-term debt" on our consolidated balance sheets. Our related party debt primarily includes a loan with our joint venture partner, Lu’An Clean Energy Company.
Shareholder Activism Costs
During the first quarter of fiscal year 2025, we incurred costs of $29.9 ($21.9 after tax) in connection with our response to a proxy contest. These costs, which are reflected on our consolidated income statement as “Shareholder activism costs”, include legal and other professional service fees as well as incremental proxy solicitation costs related to the 2025 Annual Meeting of Shareholders. As of 31 December 2024, $15.4 remained accrued within “Payables and accrued liabilities” on our consolidated balance sheet.
Uzbekistan Asset Purchase
On 25 May 2023, we entered into an investment agreement with the Government of the Republic of Uzbekistan and Uzbekneftegaz JSC (“UNG”) to purchase a natural gas-to-syngas processing facility in Qashqadaryo Province, Uzbekistan, for $1 billion. Under the agreement, Air Products will acquire, own, and operate the facility and supply all offtake products to UNG under a 15-year on-site contract, with UNG supplying the feedstock natural gas and utilities. Throughout this term, we receive a fixed monthly fee (regardless of whether UNG requires the output) comprised of two components: a plant capacity fee and an operating and maintenance fee.
We are accounting for the transaction as a financing arrangement as we did not obtain accounting control of the facility due to UNG having the unilateral right to reacquire the facility at the end of the contract term. The repurchase price on a discounted basis, which consists of the total monthly plant capacity fees received over the term of the arrangement plus the repurchase option price, exceeds our purchase price. Accordingly, our progress payments are reflected within "Financing receivables" on our consolidated balance sheets. Financing receivables associated with the Uzbekistan transaction were approximately $945 and $920 as of 31 December 2024 and 30 September 2024, respectively.
29
Accrual for Business and Asset Actions
We initiated a global cost reduction plan in 2023 that provides involuntarily separated employees with severance and other postemployment benefits per our ongoing benefit arrangements. Costs incurred in connection with the plan totaled $84.0 through fiscal year 2024 for approximately 1,100 eligible employees globally. These costs, which were not recorded in segment results, were reflected within “Business and asset actions” on our consolidated income statements in fiscal years 2023 and 2024. We did not record any costs related to the plan during the first quarter of fiscal year 2025.
As of 30 September 2024, the liability for unpaid benefits reflected within "Payables and accrued liabilities" on our consolidated balance sheet was $34.0 and primarily related to employees identified in 2024. The table below reconciles this balance to the remaining liability as of 31 December 2024, the majority of which we expect to pay during the second quarter of fiscal year 2025.
Amount accrued as of 30 September 2024
$34.0 
Cash payments(10.4)
Currency translation adjustment(1.3)
Amount accrued as of 31 December 2024
$22.3 
Changes in Estimates
Changes in estimates on sale of equipment projects accounted for under the cost incurred input method are recognized as a cumulative adjustment for the inception-to-date effect of such change. We recorded changes to project revenue and cost estimates that unfavorably impacted operating income by approximately $28 and $30 during the first quarter of fiscal years 2025 and 2024, respectively.
Income Taxes
Our effective tax rate was 17.8% and 17.9% for the three months ended 31 December 2024 and 2023, respectively.
Income tax payments, net of refunds, were $123.6 and $90.1 for the three months ended 31 December 2024 and 2023, respectively.
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15. BUSINESS SEGMENT INFORMATION
We manage our operations, assess performance, and report earnings under the following reportable segments:
•Americas;
•Asia;
•Europe;
•Middle East and India; and
•Corporate and other.
Our reportable segments reflect the manner in which our chief operating decision maker reviews results and allocates resources. We evaluate the performance of our segments based upon segment operating income. Except for the Corporate and other segment, each reportable segment meets the definition of an operating segment and does not include the aggregation of multiple operating segments. Our Corporate and other segment includes the aggregation of two operating segments that meet the aggregation criteria under GAAP.
Summary by Business Segment
AmericasAsiaEuropeMiddle East and IndiaCorporate and otherTotal
Three Months Ended 31 December 2024
Sales$1,287.6 $817.1 $697.2 $32.8 $96.8 $2,931.5 
(A)
Operating income (loss)388.2 216.4 186.5 (0.6)(117.0)673.5 
(B)
Depreciation and amortization173.4 122.9 54.5 6.5 9.5 366.8 
Equity affiliates' income35.1 10.3 18.2 85.0 2.0 150.6 
Three Months Ended 31 December 2023
Sales$1,252.1 $793.8 $731.2 $35.4 $184.9 $2,997.4 
(A)
Operating income (loss)354.4 211.2 197.6 3.9 (100.2)666.9 
(B)
Depreciation and amortization169.7 111.8 48.2 6.6 12.9 349.2 
Equity affiliates' income37.1 4.2 20.7 92.9 3.5 158.4 
Total Assets
31 December 2024$12,796.2 $7,153.1 $5,760.9 $9,586.0 $4,721.0 $40,017.2 
30 September 202412,383.8 7,436.5 5,849.2 8,477.4 5,427.7 39,574.6 
(A)Sales relate to external customers only. All intersegment sales are eliminated in consolidation.
(B) Refer to the "Reconciliation to Consolidated Results" section below.
Reconciliation to Consolidated Results
The table below reconciles total operating income disclosed in the table above to consolidated operating income as reflected on our consolidated income statements:
Three Months Ended
31 December
Operating Income20242023
Total$673.5 $666.9 
Shareholder activism costs(29.9)— 
Consolidated Operating Income$643.6 $666.9 

31
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Management’s Discussion and Analysis contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about business outlook. These forward-looking statements are based on management’s expectations and assumptions as of the date of this Quarterly Report on Form 10-Q and are not guarantees of future performance. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including, without limitation, those described in "Forward-Looking Statements" and Item 1A, Risk Factors, of our Annual Report on Form 10-K for the fiscal year ended 30 September 2024 (the "2024 Form 10-K"), which was filed with the SEC on 21 November 2024.
This discussion should be read in conjunction with the interim consolidated financial statements and the accompanying notes contained in this Quarterly Report on Form 10-Q. Financial information is presented on a continuing operations basis. Unless otherwise stated, amounts discussed are in millions of U.S. Dollars, except for per share data, which is calculated and presented on a diluted basis in U.S. Dollars per weighted average common share.
The financial measures discussed below are presented in accordance with U.S. generally accepted accounting principles ("GAAP"), except as noted. We present certain financial measures on an "adjusted", or "non-GAAP", basis because we believe such measures, when viewed together with financial results computed in accordance with GAAP, provide a more complete understanding of the factors and trends affecting our historical financial performance. For each non-GAAP financial measure, including adjusted earnings per share ("EPS"), adjusted EBITDA, adjusted EBITDA margin, adjusted effective tax rate, and capital expenditures, we present a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP. These reconciliations and explanations regarding the use of non-GAAP financial measures are presented under the “Reconciliations of Non-GAAP Financial Measures” section beginning on page 41.
Comparisons included in the discussion that follows are for the first quarter of fiscal year 2025 versus ("vs.") the first quarter of fiscal year 2024. The disclosures provided in this Quarterly Report on Form 10-Q are complementary to those made in our 2024 Form 10-K.
We manage our operations, assess performance, and report earnings under five reportable segments: Americas, Asia, Europe, Middle East and India, and Corporate and other. The discussion that follows is based on these operations. Refer to Note 15, Business Segment Information, to the consolidated financial statements for additional information.
For information concerning activity with our related parties, refer to Note 14, Supplemental Information, to the consolidated financial statements.

32
FIRST QUARTER 2025 VS. FIRST QUARTER 2024
FIRST QUARTER 2025 IN SUMMARY
•Sales of $2,931.5 decreased 2%, or $65.9, due to lower volumes of 2% and an unfavorable impact from currency of 1%, which were partially offset by favorable pricing of 1%. Lower volumes driven by the LNG business divestiture in September 2024, which resulted in a headwind of approximately 2%, and a lower contribution from on-sites and merchant in the Europe segment were partially offset by a significant, non-recurring sale of helium to an existing merchant customer in the Americas segment. Energy cost pass-through to customers was flat versus the prior year.
•Operating income of $643.6 decreased 3%, or $23.3, as higher costs and lower volumes were partially offset by higher pricing, net of power and fuel costs, and favorable currency. The recently divested LNG business contributed operating income of approximately $25 in the prior year. Operating margin of 22.0% decreased 20 basis points ("bp").
•Equity affiliates' income of $150.6 decreased 5%, or $7.8, driven by lower income from JIGPC in the Middle East & India segment.
•Net income of $649.8 increased 5%, or $28.2, as higher pricing, net of power and fuel costs, lower non-service pension costs, and a gain on de-designated cash flow hedges were partially offset by higher costs. Net income margin of 22.2% increased 150 bp.
•Adjusted EBITDA of $1,190.9 increased 1%, or $16.4, as higher pricing, net of power and fuel costs, was partially offset by higher costs and lower equity affiliates' income. Adjusted EBITDA margin of 40.6% increased 140 bp.
•EPS of $2.77 increased 1%, or $0.04 per share. On a non-GAAP basis, adjusted EPS of $2.86 increased 1%, or $0.04 per share. A summary table of changes to EPS is presented below.

33
Summary of Changes in EPS
The diluted per share impacts presented in the tables below were calculated independently and do not sum to the total change in EPS due to rounding.
Three Months EndedChange vs.
Prior Year
31 December
20242023
EPS$2.77 $2.73 $0.04 
% Change from prior year1 %
Operating Items
Underlying business:
Volume(0.01)
Price, net of variable costs0.10 
Other costs(0.07)
Currency0.01 
Shareholder activism costs(0.10)
Total Operating Items($0.07)
Other Items
Equity affiliates' income($0.03)
Interest expense0.04 
Other non-operating income/expense, net:
Gain on de-designation of cash flow hedges(A)
0.05 
Non-service pension cost, net0.04 
Change in effective tax rate(0.02)
Noncontrolling interests(A)
0.02 
Total Other Items$0.10 
Total Change in EPS$0.04 
% Change from prior year1 %
(A)EPS impact reflected within "Gain on de-designation of cash flow hedges" was calculated based on an after-tax gain attributable to Air Products of $10.3. The gain attributable to our noncontrolling partners was $25.2.
The table below summarizes the diluted per share impact of our non-GAAP adjustments for the first quarter of fiscal years 2025 and 2024:
Three Months EndedChange vs.
Prior Year
31 December
20242023
EPS$2.77 $2.73 $0.04 
Shareholder activism costs0.10 — 0.10 
Gain on de-designation of cash flow hedges(0.05)— (0.05)
Non-service pension cost, net0.04 0.08 (0.04)
Adjusted EPS$2.86 $2.82 $0.04 
% Change from prior year1 %

34
FIRST QUARTER 2025 RESULTS OF OPERATIONS
Discussion of First Quarter Consolidated Results
Three Months Ended
31 DecemberChange vs. Prior Year
20242023$%/bp
GAAP Measures
Sales$2,931.5 $2,997.4 ($65.9)(2 %)
Operating income643.6 666.9 (23.3)(3 %)
Operating margin22.0 %22.2 %(20  bp)
Equity affiliates’ income$150.6 $158.4 ($7.8)(5 %)
Net income649.8 621.6 28.2 5 %
Net income margin22.2 %20.7 %150  bp
Non-GAAP Measures
Adjusted EBITDA$1,190.9 $1,174.5 $16.4 1 %
Adjusted EBITDA margin40.6 %39.2 %140  bp
Sales
The table below summarizes the major factors that impacted consolidated sales for the periods presented:
Volume(2 %)
Price1 %
Energy cost pass-through to customers— %
Currency(1 %)
Total Consolidated Sales Change(2 %)
Sales of $2,931.5 decreased 2%, or $65.9, due to lower volumes of 2% and an unfavorable impact from currency of 1%, partially offset by favorable pricing of 1%. Unfavorable volumes were driven by the divestiture of the LNG business in September 2024 and a lower contribution from on-sites and merchant in the Europe segment, which were partially offset by a significant, non-recurring sale of helium to an existing merchant customer in the Americas segment. The impact attributable to the LNG divestiture was approximately 2%. The modest 1% total company price improvement, which equates to a 2% improvement for the merchant business, was driven by pricing in the Americas and Europe segments. The unfavorable currency impact was primarily attributable to the strengthening of the U.S. Dollar against currencies in South America and Asia. Energy cost pass-through to customers was flat versus the prior year.
Cost of Sales and Gross Margin
Cost of sales of $2,016.5 decreased 2%, or $50.7, primarily due to lower costs of $61 attributable to sales volumes and a favorable currency impact of $13, partially offset by higher costs of $26 that were driven by inflation and incentive compensation. Gross margin of 31.2% increased 20 bp from 31.0% in the prior year as pricing and favorable business mix more than offset the impact of higher costs.
Selling and Administrative Expense
Selling and administrative expense of $242.4 increased 2%, or $4.0, primarily due to incentive compensation and inflation, partially offset by productivity improvements. Selling and administrative expense as a percentage of sales increased to 8.3% from 8.0% in the prior year.
Research and Development Expense
Research and development expense of $22.0 decreased 14%, or $3.7. Research and development expense as a percentage of sales decreased to 0.8% from 0.9% in the prior year.
35
Shareholder Activism Costs
During the first quarter of fiscal year 2025, we incurred costs of $29.9 ($21.9 after tax, or $0.10 per share) in connection with our response to a proxy contest. These costs, which are reflected on our consolidated income statements as “Shareholder activism costs”, include legal and other professional service fees as well as incremental proxy solicitation costs related to the 2025 Annual Meeting of Shareholders.
Other Income (Expense), Net
Other income of $22.9 increased $22.1 primarily due to the sale of a U.S. equity method investment and a prior year unfavorable foreign exchange impact from the devaluation of the Argentine peso.
Operating Income and Operating Margin
Operating income of $643.6 decreased 3%, or $23.3, as shareholder activism costs of $30, higher costs of $20, and lower volumes of $2 were partially offset by positive pricing, net of power and fuel costs, of $26 and favorable currency of $3. Higher costs related to incentive compensation and inflation were partially offset by productivity improvements as well as the sale of a U.S. equity method investment. The recently divested LNG business contributed operating income of approximately $25 in the prior year. Operating margin of 22.0% decreased 20 bp from 22.2% in the prior year primarily due to the impact of higher costs, which was partially offset by higher pricing and business mix.
Equity Affiliates' Income
Equity affiliates' income of $150.6 decreased 5%, or $7.8, driven by lower income from JIGPC in the Middle East & India segment.
Interest Expense
Three Months Ended
31 December
20242023
Interest incurred$139.9 $108.6 
Less: Capitalized interest97.3 55.1 
Interest expense$42.6 $53.5 
Interest incurred increased 29%, or $31.3, primarily due to a higher debt balance from senior notes issued in February 2024 as well as borrowings on financing available for the NEOM Green Hydrogen Project. Capitalized interest increased 77%, or $42.2, due to a higher carrying value of projects under construction, including the NEOM Green Hydrogen Project.
Other Non-Operating Income (Expense), Net
Other non-operating income of $38.9 increased $53.7 from an expense of $14.8 in the prior year. The increase was driven by an unrealized gain of $38.8 ($10.3 attributable to Air Products after tax, or $0.05 per share) that was recorded for certain de-designated interest rate swaps associated with the financing for the NEOM Green Hydrogen Project. Refer to Note 3, Variable Interest Entities, and Note 7, Financial Instruments, to the consolidated financial statements for additional information. Additionally, non-service pension costs were $10.5 ($7.9 after tax, or $0.04 per share) for the first quarter of fiscal year 2025 compared to $24.9 ($18.7 after tax, or $0.08 per share) in the prior year. This decrease was driven by a higher expected return on plan assets, lower interest cost, and a decrease in actuarial loss amortization.
36
Net Income and Net Income Margin
Net income of $649.8 increased 5%, or $28.2. Higher pricing, net of power and fuel costs, was partially offset by higher costs related to shareholder activism, incentive compensation, and inflation. These costs were partially mitigated by productivity improvements. We also recognized lower non-service pension costs as well as a gain on de-designated cash flow hedges during the first quarter of fiscal year 2025. Net income margin of 22.2% increased 150 bp from 20.7% in the prior year due to these factors as well as favorable business mix.
In December 2024, the Internal Revenue Service and U.S. Department of the Treasury published final regulations that clarified certain investment tax credit eligibility requirements for Section 48 energy investment tax credits that were enacted as part of the U.S. Inflation Reduction Act of 2022. We are in the process of evaluating the impact of these regulations and expect to realize significant benefits from the tax incentives once qualifying projects come onstream in the U.S. We have not included any forecasted benefits in the calculation of our annual effective tax rate for the period ending 31 December 2024 due to uncertainty in the timing and amount of such benefits.
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA of $1,190.9 increased 1%, or $16.4, as higher pricing, net of power and fuel costs, was partially offset by higher costs and lower equity affiliates' income. Adjusted EBITDA margin of 40.6% increased 140 bp from 39.2% in the prior year primarily due to favorable business mix and higher pricing.
Effective Tax Rate
The effective tax rate equals the income tax provision divided by income before taxes. Equity affiliates' income is primarily included net of income taxes within income before taxes on our consolidated income statements.
Our effective tax rate was 17.8% and 17.9% for the three months ended 31 December 2024 and 2023, respectively. The current quarter effective tax rate was lower due to earning a greater share of income in jurisdictions with lower tax rates and a benefit from a U.S. state tax law change in the current period, which were mostly offset by higher net costs on foreign-related income taxed in the U.S., lower U.S. tax benefits for foreign-derived income, and the release of certain previously unrecognized tax benefits in the prior year.
Our adjusted effective tax rate, which excludes the impact of adjustments presented in the "Reconciliations of Non-GAAP Financial Measures" section beginning on page 41, was 18.7% and 18.1% for the three months ended 31 December 2024 and 2023, respectively.
37
Discussion of First Quarter Results by Business Segment
Americas
Three Months Ended
31 DecemberChange vs. Prior Year
20242023$%/bp
Sales$1,287.6 $1,252.1 $35.5 3 %
Operating income388.2 354.4 33.8 10 %
Operating margin30.1 %28.3 %180  bp
Equity affiliates’ income$35.1 $37.1 ($2.0)(5 %)
Adjusted EBITDA596.7 561.2 35.5 6 %
Adjusted EBITDA margin46.3 %44.8 %150  bp
The table below summarizes the major factors that impacted sales in the Americas segment for the periods presented:
Volume3 %
Price2 %
Energy cost pass-through to customers(1 %)
Currency(1 %)
Total Americas Sales Change
3 %

Sales of $1,287.6 increased 3%, or $35.5, as higher volumes of 3% and higher pricing of 2% were partially offset by lower energy cost pass-through to customers of 1% and an unfavorable currency impact of 1%. The volume improvement was primarily due to a significant, non-recurring sale of helium to an existing merchant customer. The total segment pricing increase of 2% equates to a 4% improvement in our merchant business, where pricing was favorable across most product lines.
Operating income of $388.2 increased 10%, or $33.8, as higher volumes of $35 and positive pricing, net of power and fuel costs, of $18 were partially offset by higher costs of $15 and unfavorable currency of $4. Higher costs for inflation, planned maintenance expense, depreciation expense, and incentive compensation were partially offset by income recognized on the sale of an equity method investment. Operating margin of 30.1% increased 180 bp from 28.3% in the prior year.
Equity affiliates’ income of $35.1 decreased 5%, or $2.0.
38
Asia
Three Months Ended
31 DecemberChange vs. Prior Year
20242023$%/bp
Sales$817.1 $793.8 $23.3 3 %
Operating income216.4 211.2 5.2 2 %
Operating margin26.5 %26.6 %(10  bp)
Equity affiliates’ income$10.3 $4.2 $6.1 145 %
Adjusted EBITDA349.6 327.2 22.4 7 %
Adjusted EBITDA margin42.8 %41.2 %160  bp
The table below summarizes the major factors that impacted sales in the Asia segment for the periods presented:
Volume2 %
Price— %
Energy cost pass-through to customers2 %
Currency(1 %)
Total Asia Sales Change
3 %

Sales of $817.1 increased 3%, or $23.3, as higher volumes of 2% driven by new on-site assets and higher energy cost pass-through to customers of 2% were partially offset by an unfavorable currency impact of 1%. Pricing was flat versus the prior year.
Operating income of $216.4 increased 2%, or $5.2, due to lower costs of $6 and favorable volumes of $3, partially offset by lower pricing, net of power and fuel costs, of $2 and unfavorable currency of $2. The cost improvement was primarily attributable to productivity improvements, which were partially offset by higher costs related to incentive compensation and inflation. Operating margin of 26.5% decreased 10 bp from 26.6% in the prior year.
Equity affiliates’ income of $10.3 increased 145%, or $6.1, driven by prior year maintenance expense at an affiliate in China.

39
Europe
Three Months Ended
31 DecemberChange vs. Prior Year
20242023$%/bp
Sales$697.2 $731.2 ($34.0)(5 %)
Operating income186.5 197.6 (11.1)(6 %)
Operating margin26.7 %27.0 %(30  bp)
Equity affiliates’ income$18.2 $20.7 ($2.5)(12 %)
Adjusted EBITDA259.2 266.5 (7.3)(3 %)
Adjusted EBITDA margin37.2 %36.4 %80  bp
The table below summarizes the major factors that impacted sales in the Europe segment for the periods presented:

Volume(5 %)
Price1 %
Energy cost pass-through to customers(1 %)
Currency— %
Total Europe Sales Change
(5 %)

Sales of $697.2 decreased 5%, or $34.0, due to lower volumes of 5% and lower energy cost pass-through to customers of 1%, partially offset by higher pricing of 1%. The unfavorable volumes were driven by a lower contribution from our on-site business and lower helium in our merchant business. Currency remained flat versus the prior year.
Operating income of $186.5 decreased 6%, or $11.1, due to lower volumes of $23, partially offset by higher pricing, net of power and fuel costs, of $10 and favorable costs of $2. The lower costs were driven by productivity improvements and lower costs for planned maintenance outages, which were partially offset by inflation and higher depreciation expense. Operating margin of 26.7% decreased 30 bp from 27.0% in the prior year.
Equity affiliates’ income of $18.2 decreased 12%, or $2.5.
Middle East and India

Three Months Ended
31 DecemberChange vs. Prior Year
20242023$%
Sales$32.8 $35.4 ($2.6)(7 %)
Operating (loss) income(0.6)3.9 (4.5)(115 %)
Equity affiliates' income85.0 92.9 (7.9)(9 %)
Adjusted EBITDA90.9 103.4 (12.5)(12 %)

Sales of $32.8 decreased 7%, or $2.6, primarily due to lower demand for merchant products. Operating loss was $0.6 compared to income of $3.9 in the prior year, which also reflects the impact of higher costs.
Equity affiliates' income of $85.0 decreased 9%, or $7.9, as a higher portion of income from the JIGPC joint venture was allocated to shareholders entitled to preferred distributions. Refer to Note 3, Variable Interest Entities, to the consolidated financial statements for additional information.

40
Corporate and other
Three Months Ended
31 DecemberChange vs. Prior Year
20242023$%
Sales$96.8 $184.9 ($88.1)(48 %)
Operating loss(117.0)(100.2)(16.8)(17 %)
Equity affiliates' income2.0 3.5 (1.5)(43 %)
Adjusted EBITDA(105.5)(83.8)(21.7)(26 %)
Sales of $96.8 decreased 48%, or $88.1, primarily due to the divestiture of the LNG business in September 2024.
Operating loss of $117.0 increased 17%, or $16.8. The increase was driven by the divestiture of the LNG business, which generated operating income of approximately $25 for the first quarter of fiscal year 2024, as well as higher costs for incentive compensation.
Equity affiliates' income of $2.0 decreased 43%, or $1.5.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(Millions of U.S. Dollars unless otherwise indicated, except for per share data)
We present certain financial measures, other than in accordance with U.S. generally accepted accounting principles ("GAAP"), on an "adjusted" or "non-GAAP" basis. On a consolidated basis, these measures include adjusted earnings per share ("EPS"), adjusted EBITDA, adjusted EBITDA margin, the adjusted effective tax rate, and capital expenditures. On a segment basis, these measures include adjusted EBITDA and adjusted EBITDA margin. In addition to these measures, we also present certain supplemental non-GAAP financial measures to help the reader understand the impact that certain disclosed items, or "non-GAAP adjustments," have on the calculation of our adjusted EPS. For each non-GAAP financial measure, we present a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP.
In many cases, non-GAAP financial measures are determined by adjusting the most directly comparable GAAP measure to exclude non-GAAP adjustments that we believe are not representative of our underlying business performance. For example, we exclude the impact of the non-service components of net periodic benefit/cost for our defined benefit pension plans. Non-service related components are recurring, non-operating items that include interest cost, expected returns on plan assets, prior service cost amortization, actuarial loss amortization, as well as special termination benefits, curtailments, and settlements. The net impact of non-service related components is reflected within “Other non-operating income (expense), net” on our consolidated income statements. Adjusting for the impact of non-service pension components provides management and users of our financial statements with a more accurate representation of our underlying business performance because these components are driven by factors that are unrelated to our operations, such as volatility in equity and debt markets. Further, non-service related components are not indicative of our defined benefit plans’ future contribution needs due to the funded status of the plans. Additionally, during the first quarter of fiscal year 2025, we excluded costs associated with our response to actions of activist shareholders, which are not associated with the ongoing operation of our business and are difficult to predict in future periods. We may also exclude certain expenses associated with cost reduction actions and impairment charges as well as gains on disclosed transactions. The reader should be aware that we may recognize similar losses or gains in the future.
When applicable, the tax impact of our pre-tax non-GAAP adjustments reflects the expected current and deferred income tax impact of our non-GAAP adjustments. These tax impacts are primarily driven by the statutory tax rate of the various relevant jurisdictions and the taxability of the adjustments in those jurisdictions.
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We provide these non-GAAP financial measures to allow investors, potential investors, securities analysts, and others to evaluate the performance of our business in the same manner as our management. We believe these measures, when viewed together with financial results computed in accordance with GAAP, provide a more complete understanding of the factors and trends affecting our historical financial performance and projected future results. However, we caution readers not to consider these measures in isolation or as a substitute for the most directly comparable measures calculated in accordance with GAAP. Readers should also consider the limitations associated with these non-GAAP financial measures, including the potential lack of comparability of these measures from one company to another.
ADJUSTED EPS
The table below provides a reconciliation to the most directly comparable GAAP measure for each of the major components used to calculate adjusted EPS, which we view as a key performance metric. In periods that we have non-GAAP adjustments, we believe it is important for the reader to understand the per share impact of each such adjustment because management does not consider these impacts when evaluating underlying business performance. Per share impacts are calculated independently and may not sum to total GAAP EPS and total adjusted EPS due to rounding.
Q1 2025 vs. Q1 2024Operating
Income		Other Non-Operating Income/Expense, NetIncome Tax
Provision		Net Income
Attributable to Air Products		EPS
Q1 2025 GAAP
$643.6 $38.9 $140.7 $617.4 $2.77 
Q1 2024 GAAP
666.9 (14.8)135.4 609.3 2.73 
$ Change GAAP$0.04 
% Change GAAP1 %
Q1 2025 GAAP
$643.6 $38.9 $140.7 $617.4 $2.77 
Shareholder activism costs29.9 — 8.0 21.9 0.10 
Gain on de-designation of cash flow hedges(A)
— (38.8)(3.3)(10.3)(0.05)
Non-service pension cost, net— 10.5 2.6 7.9 0.04 
Q1 2025 Non-GAAP ("Adjusted")
$673.5 $10.6 $148.0 $636.9 $2.86 
Q1 2024 GAAP
$666.9 ($14.8)$135.4 $609.3 $2.73 
Non-service pension cost, net— 24.9 6.2 18.7 0.08 
Q1 2024 Non-GAAP ("Adjusted")
$666.9 $10.1 $141.6 $628.0 $2.82 
$ Change Non-GAAP ("Adjusted")$0.04 
% Change Non-GAAP ("Adjusted")1 %
(A) Unrealized gain attributable to noncontrolling partners was $25.2.
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ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN
We define adjusted EBITDA as net income less income from discontinued operations, net of tax, and excluding non-GAAP adjustments, which we do not believe to be indicative of underlying business trends, before interest expense, other non-operating income (expense), net, income tax provision, and depreciation and amortization expense. Adjusted EBITDA and adjusted EBITDA margin provide useful metrics for management to assess operating performance. Margins are calculated independently for each period by dividing each line item by consolidated sales for the respective period and may not sum to total margin due to rounding.
The table below presents consolidated sales and a reconciliation of net income on a GAAP basis to adjusted EBITDA and net income margin on a GAAP basis to adjusted EBITDA margin:
Three Months Ended
31 December
20242023
$Margin$Margin
Sales$2,931.5 $2,997.4 
Net income and net income margin$649.8 22.2 %$621.6 20.7 %
Add: Interest expense42.6 1.5 %53.5 1.8 %
Less: Other non-operating income (expense), net38.9 1.3 %(14.8)(0.5 %)
Add: Income tax provision140.7 4.8 %135.4 4.5 %
Add: Depreciation and amortization366.8 12.5 %349.2 11.7 %
Add: Shareholder activism costs
29.9 1.0 %— — %
Adjusted EBITDA and adjusted EBITDA margin$1,190.9 40.6 %$1,174.5 39.2 %
Change GAAP
Net income $ change$28.2
Net income % change5%
Net income margin change150bp
Change Non-GAAP
Adjusted EBITDA $ change$16.4
Adjusted EBITDA % change1%
Adjusted EBITDA margin change140bp

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The tables below present sales and a reconciliation of operating income and operating margin by segment to adjusted EBITDA and adjusted EBITDA margin by segment for the three months ended 31 December 2024 and 2023:

Three Months Ended
31 December
Change vs. Prior Year
Americas
20242023$%/bp
Sales$1,287.6 $1,252.1 $35.5 3 %
Operating income388.2 354.4 33.8 10 %
Operating margin30.1 %28.3 %180  bp
Reconciliation of GAAP to Non-GAAP:
Operating income$388.2 $354.4 
Add: Depreciation and amortization173.4 169.7 
Add: Equity affiliates' income35.1 37.1 
Adjusted EBITDA$596.7 $561.2 $35.5 6 %
Adjusted EBITDA margin46.3 %44.8 %150  bp


Three Months Ended
31 December
Change vs. Prior Year
Asia
20242023$%/bp
Sales$817.1 $793.8 $23.3 3 %
Operating income216.4 211.2 5.2 2 %
Operating margin26.5 %26.6 %(10  bp)
Reconciliation of GAAP to Non-GAAP:
Operating income$216.4 $211.2 
Add: Depreciation and amortization122.9 111.8 
Add: Equity affiliates' income10.3 4.2 
Adjusted EBITDA$349.6 $327.2 $22.4 7 %
Adjusted EBITDA margin42.8 %41.2 %160  bp

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Three Months Ended
31 December
Change vs. Prior Year
Europe
20242023$%/bp
Sales$697.2 $731.2 ($34.0)(5 %)
Operating income186.5 197.6 (11.1)(6 %)
Operating margin26.7 %27.0 %(30  bp)
Reconciliation of GAAP to Non-GAAP:
Operating income$186.5 $197.6 
Add: Depreciation and amortization54.5 48.2 
Add: Equity affiliates' income18.2 20.7 
Adjusted EBITDA$259.2 $266.5 ($7.3)(3 %)
Adjusted EBITDA margin37.2 %36.4 %80  bp


Three Months Ended
31 December
Change vs. Prior Year
Middle East and India
20242023$%
Sales$32.8 $35.4 ($2.6)(7 %)
Operating (loss) income
(0.6)3.9 (4.5)(115 %)
Reconciliation of GAAP to Non-GAAP:
Operating (loss) income
($0.6)$3.9 
Add: Depreciation and amortization6.5 6.6 
Add: Equity affiliates' income85.0 92.9 
Adjusted EBITDA$90.9 $103.4 ($12.5)(12 %)


Three Months Ended
31 December
Change vs. Prior Year
Corporate and other
20242023$%
Sales$96.8 $184.9 ($88.1)(48 %)
Operating loss(117.0)(100.2)(16.8)(17 %)
Reconciliation of GAAP to Non-GAAP:
Operating loss($117.0)($100.2)
Add: Depreciation and amortization9.5 12.9 
Add: Equity affiliates' income2.0 3.5 
Adjusted EBITDA($105.5)($83.8)($21.7)(26 %)
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ADJUSTED EFFECTIVE TAX RATE
The effective tax rate equals the income tax provision divided by income before taxes. We calculate our adjusted effective tax rate by adjusting the numerator and denominator to exclude the tax and before tax impacts of our non-GAAP adjustments, respectively. The table below presents a reconciliation of the GAAP effective tax rate to our adjusted effective tax rate:
Three Months Ended
31 December
  20242023
Income tax provision$140.7 $135.4 
Income before taxes790.5 757.0 
Effective tax rate17.8 %17.9 %
Income tax provision$140.7 $135.4 
Shareholder activism costs tax impact
8.0 — 
Gain on de-designation of cash flow hedges tax impact(3.3)— 
Non-service pension cost, net tax impact
2.6 6.2 
Adjusted income tax provision$148.0 $141.6 
Income before taxes$790.5 $757.0 
Shareholder activism costs
29.9 — 
Gain on de-designation of cash flow hedges(38.8)— 
Non-service pension cost, net10.5 24.9 
Adjusted income before taxes$792.1 $781.9 
Adjusted effective tax rate18.7 %18.1 %

CAPITAL EXPENDITURES
Capital expenditures is a non-GAAP financial measure that we define as the sum of cash flows for additions to plant and equipment, including long-term deposits, acquisitions (less cash acquired), investment in and advances to unconsolidated affiliates, and investment in financing receivables on our consolidated statements of cash flows. Additionally, we adjust additions to plant and equipment to exclude NEOM Green Hydrogen Company (“NGHC”) expenditures funded by the joint venture's project financing, which is non-recourse to Air Products, as well as our partners’ equity contributions to arrive at a measure that we believe is more representative of our investment activities. Substantially all the funding we provide to NGHC is limited for use by the venture for its capital expenditures.
A reconciliation of cash used for investing activities to our reported capital expenditures is provided below:
Three Months Ended
31 December
20242023
Cash used for investing activities$2,182.1 $1,665.6 
Proceeds from sale of assets and investments34.4 4.2 
Purchases of investments(117.6)(55.5)
Proceeds from investments5.0 120.1 
Other investing activities29.0 12.9 
NGHC expenditures not funded by Air Products' equity(A)
(923.1)(361.6)
Capital expenditures$1,209.8 $1,385.7 
(A)Reflects the portion of "Additions to plant and equipment, including long-term deposits" that is associated with NGHC, less our approximate cash investment in the joint venture.
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LIQUIDITY AND CAPITAL RESOURCES
We believe we have sufficient cash, cash flows from operations, and funding sources to meet our liquidity needs. As further discussed in the "Cash Flows From Financing Activities" section below, we have the ability to raise capital through a variety of financing activities, including accessing capital or commercial paper markets or drawing upon our credit facilities.
As of 31 December 2024, we had $1,474.2 of foreign cash and cash items compared to total cash and cash items of $1,845.5. We do not expect that a significant portion of the earnings of our foreign subsidiaries and affiliates will be subject to U.S. income tax upon repatriation to the U.S. Depending on the country in which the subsidiaries and affiliates reside, the repatriation of these earnings may be subject to foreign withholding and other taxes. However, since we have significant current investment plans outside the U.S., it is our intent to permanently reinvest the majority of our foreign cash and cash items that would be subject to additional taxes outside the U.S.
Cash Flows From Operations
Three Months Ended
31 December
20242023
Net income attributable to Air Products$617.4 $609.3 
Adjustments to reconcile income to cash provided by operating activities:
Depreciation and amortization366.8 349.2 
Deferred income taxes(6.3)13.5 
Undistributed earnings of equity method investments(48.4)(41.5)
Gain on sale of assets and investments(10.1)(1.4)
Share-based compensation16.4 13.8 
Noncurrent lease receivables15.0 20.0 
Other adjustments(122.6)33.3 
Changes in working capital accounts(16.5)(369.6)
Cash Provided by Operating Activities$811.7 $626.6 
For the first three months of fiscal year 2025, cash provided by operating activities was $811.7. Other adjustments of $122.6 primarily included adjustments for noncash currency impacts of intercompany balances. The working capital accounts were a use of cash of $16.5. A use of cash of $47.8 within "Trade receivables" due to the timing of cash collections was partially offset by a source of cash of $30.5 within "Payables and accrued liabilities". The source of cash within "Payables and accrued liabilities" primarily resulted from an increase in accrued utilities and changes in the fair value of derivative contracts that hedge intercompany loans, partially offset by payments for incentive compensation under the fiscal year 2024 plan.
In January 2025, we made U.S. Federal and State income tax payments of approximately $395 that primarily related to the gain on the sale of the LNG business in September 2024.
For the first three months of fiscal year 2024, cash provided by operating activities was $626.6. The working capital accounts were a use of cash of $369.6, primarily driven by $268.5 from payables and accrued liabilities, $64.5 from other receivables, and $48.6 from inventories. The use of cash within "Payables and Accrued Liabilities" primarily resulted from payments for incentive compensation, a reduction of customer advances for sale of equipment projects as we recognized revenue, and a reduction of liabilities associated with accrued utilities. The use of cash within "Other receivables" primarily related to the payment of value added taxes incurred in the construction of our larger projects, for which we claimed a refund. The use of cash within "Inventories" primarily related to purchases of helium.

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Cash Flows From Investing Activities
Three Months Ended
31 December
20242023
Additions to plant and equipment, including long-term deposits($2,117.6)($1,445.5)
Investment in financing receivables(15.3)(301.8)
Proceeds from sale of assets and investments34.4 4.2 
Purchases of investments(117.6)(55.5)
Proceeds from investments5.0 120.1 
Other investing activities29.0 12.9 
Cash Used for Investing Activities($2,182.1)($1,665.6)
For the first three months of fiscal year 2025, cash used for investing activities was $2,182.1. The use of cash primarily resulted from additions to plant and equipment, including long-term deposits, of $2,117.6. Refer to the "Capital Expenditures" section below for further detail. Purchases of investments of $117.6 included purchases of time deposits, which have terms greater than three months but less than one year, and exceeded proceeds from investments of $5.0.
For the first three months of fiscal year 2024, cash used for investing activities was $1,665.6. The use of cash primarily resulted from additions to plant and equipment, including long-term deposits, of $1,445.5 and an investment in financing receivables of $301.8. Refer to the Capital Expenditures section below for further detail. Proceeds from investments of $120.1 resulted from maturities of time deposits and treasury securities with terms greater than three months but less than one year and exceeded purchases of investments of $55.5.
Capital Expenditures (Non-GAAP Financial Measure)
The components of our capital expenditures are detailed in the table below. Refer to page 46 for a definition of this non-GAAP financial measure as well as a reconciliation to cash used for investing activities.
Three Months Ended
31 December
20242023
Additions to plant and equipment, including long-term deposits
$2,117.6 $1,445.5 
Investment in financing receivables
15.3 301.8 
NGHC expenditures not funded by Air Products' equity(A)
(923.1)(361.6)
Capital Expenditures$1,209.8 $1,385.7 
(A)Reflects the portion of "Additions to plant and equipment, including long-term deposits" that is associated with NGHC, less our approximate cash investment in the joint venture.
Capital expenditures for the first three months of fiscal year 2025 totaled $1,209.8 compared to $1,385.7 for the first three months of fiscal year 2024. Spending for plant and equipment primarily included project spending for our clean energy projects such as the NEOM Green Hydrogen Project in NEOM City, Saudi Arabia, as well as our clean energy complexes in Louisiana, United States, and Alberta, Canada. Additionally, we continue to invest capital in our core industrial gas business for new industrial gas plants as well as maintaining and replacing existing facilities. The investment in financing receivables of $15.3 during the first quarter of fiscal year 2025 relates to remaining payments associated with the purchase of a natural gas-to-syngas processing facility in Uzbekistan. The prior year investment in financing receivables of $301.8 included a payment of $100 related to this facility as well as payments associated with the purchase of renewable fuel assets from World Energy. Refer to Note 14, Supplemental Information, and Note 3, Variable Interest Entities, to the consolidated financial statements, respectively, for additional information.
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Outlook for Investing Activities
It is not possible, without unreasonable efforts, to reconcile our forecasted capital expenditures to future cash used for investing activities because we are unable to identify the timing or occurrence of our future investment activity, which is driven by our assessment of competing opportunities at the time we enter into transactions. These decisions, either individually or in the aggregate, could have a significant effect on our cash used for investing activities.
We expect capital expenditures for fiscal year 2025 in the range of $4.5 billion to $5.0 billion. We anticipate capital expenditures to be funded with our current cash balance, cash generated from continuing operations, and additional financing activities.
Cash Flows From Financing Activities
Three Months Ended
31 December
20242023
Long-term debt proceeds$459.2 $810.4 
Payments on long-term debt(12.1)(54.8)
(Decrease) Increase in commercial paper and short-term borrowings(21.5)1,020.9 
Dividends paid to shareholders(393.6)(388.9)
Proceeds from stock option exercises 1.1 5.3 
Investments by noncontrolling interests280.9 34.5 
Other financing activities(39.8)(64.6)
Cash Provided by Financing Activities$274.2 $1,362.8 
For the first three months of fiscal year 2025, cash provided by financing activities was $274.2. The source of cash was driven by long-term debt proceeds of $459.2 and investments by noncontrolling interests of $280.9, both of which primarily relate to capital spending by NGHC. These sources of cash were partially offset by dividend payments to shareholders of $393.6.
For the first three months of fiscal year 2024, cash provided by financing activities was $1,362.8. The source of cash was primarily driven by a net increase in commercial paper and short-term borrowings of $1,020.9 and long-term debt proceeds of $810.4. The long-term debt proceeds primarily related to capital spending by NGHC. These sources of cash were partially offset by dividend payments to shareholders of $388.9 and payments on long-term debt of $54.8.
Financing and Capital Structure
Debt
Total debt increased to $14.5 billion as of 31 December 2024 from $14.2 billion as of 30 September 2024 due to additional borrowings under project financing associated with the NEOM Green Hydrogen Project as further discussed below. Total debt includes related party debt of $292.7 and $304.4 as of 31 December 2024 and 30 September 2024, respectively.
Various debt agreements to which we are a party include financial covenants and other restrictions, including restrictions pertaining to the ability to create property liens and enter into certain sale and leaseback transactions. As of 31 December 2024, we were in compliance with all of the financial and other covenants under our debt agreements.
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Credit Facilities
We have a five-year $3.0 billion revolving credit agreement maturing 31 March 2029 (the “2024 Five-Year Credit Agreement”) as well as a 364-day $500 revolving credit agreement maturing 27 March 2025 that we have the ability to convert into a term loan maturing 27 March 2026 (the "2024 364-Day Credit Agreement" and, together with the 2024 Five-Year Credit Agreement, the "2024 Credit Agreements"). Both of the 2024 Credit Agreements are syndicated facilities that provide a source of liquidity and support our commercial paper program through availability of senior unsecured debt to us and certain of our subsidiaries. No borrowings were outstanding under either of the 2024 Credit Agreements as of 31 December 2024.
We also have credit facilities available to certain of our foreign subsidiaries totaling $1,196.9, of which $1,102.0 was borrowed and outstanding as of 31 December 2024. The amount borrowed and outstanding as of 30 September 2024 was $1,129.0.
NEOM Green Hydrogen Project Financing
NGHC has access to project financing of approximately $6.1 billion, which is expected to fund approximately 73% of the NEOM Green Hydrogen Project and is being drawn over the construction period, as well as additional credit facilities totaling approximately $500 primarily for NGHC's working capital needs. Creditors of NGHC do not have recourse to the general credit of Air Products. As of 31 December 2024, the joint venture had borrowed short- and long-term principal amounts totaling $3.8 billion compared to $3.3 billion as of 30 September 2024. Refer to Note 3, Variable Interest Entities, to the consolidated financial statements for additional information.
Dividends
The Board of Directors determines whether to declare cash dividends on our common stock and the timing and amount based on financial condition and other factors it deems relevant. We believe providing a consistent dividend plays a critical part in the creation of shareholder value and expect to return approximately $1.6 billion to shareholders in 2025.
Dividends are paid quarterly, usually during the sixth week after the close of the fiscal quarter. On 21 November 2024, the Board of Directors declared a quarterly dividend of $1.77 per share that is payable on 10 February 2025 to shareholders of record at the close of business on 2 January 2025. Additionally, on 22 January 2025, the Board of Directors approved a $0.02 per share increase to our quarterly dividend, marking the 43rd consecutive year of dividend increases. The dividend declared in January is payable on 12 May 2025 to shareholders of record at the close of business on 1 April 2025. We expect to continue our history of increasing our quarterly dividend.
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PENSION BENEFITS
We and certain of our subsidiaries sponsor defined benefit pension plans and defined contribution plans that cover a substantial portion of our worldwide employees. The principal defined benefit pension plans are the U.S. salaried pension plan and the U.K. pension plan. These plans were closed to new participants in 2005, after which defined contribution plans were offered to new employees. The shift to defined contribution plans is expected to continue to reduce volatility of both plan expense and contributions. For additional information, refer to Note 9, Retirement Benefits, to the consolidated financial statements.
Net Periodic Cost
The table below summarizes the components of net periodic cost for our U.S. and international defined benefit pension plans:
Three Months Ended
31 December
20242023
Service cost$5.2 $5.2 
Non-service cost10.5 24.9 
Other0.1 0.1 
Net Periodic Cost$15.8 $30.2 
Net periodic cost was $15.8 and $30.2 for the three months ended 31 December 2024 and 2023, respectively. The decrease in costs versus the prior year were primarily attributable to non-service costs, which were driven by a higher expected return on plan assets due to a higher beginning balance of plan assets, lower interest cost, and a decrease in actuarial loss amortization. Non-service related components of net periodic cost are reflected within "Other non-operating income (expense), net" on our consolidated income statements.
Service costs result from benefits earned by active employees and are reflected as operating expenses primarily within "Cost of sales" and "Selling and administrative expense" on our consolidated income statements. The amount of service costs capitalized in the first three months of fiscal years 2025 and 2024 was not material.
Company Contributions
Management considers various factors when making pension funding decisions, including tax, cash flow, and regulatory implications. For the three months ended 31 December 2024 and 2023, our cash contributions to funded pension plans and benefit payments for unfunded pension plans were $8.2 and $12.0, respectively.
Total contributions for fiscal year 2025 are expected to be approximately $30 to $40. During fiscal year 2024, total contributions were $34.7.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
A description of our major accounting policies, including those that we consider to be the most critical to understanding our financial statements, is included in our 2024 Form 10-K. There were no significant changes to our accounting policies during the first three months of fiscal year 2025.
Management’s Discussion and Analysis of our financial condition and results of operations is based on the consolidated financial statements and accompanying notes that have been prepared in accordance with GAAP. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates reflect our best judgment about current and/or future economic and market conditions and their effect based on information available as of the date of our consolidated financial statements. If conditions change, actual results may differ materially from these estimates.
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Judgments and estimates of uncertainties are required to apply our accounting policies in many areas. However, application of policies that management has identified as critical places significant importance on management’s judgment, often as the result of the need to make estimates about the effects of matters that are inherently uncertain. During the first three months of fiscal year 2025, we recorded changes to project revenue and cost estimates on certain sale of equipment projects that are accounted for under the cost incurred input method. Accordingly, we recorded cumulative effect adjustments that unfavorably impacted operating income by approximately $28 for the three months ended 31 December 2024. There were no other changes to our estimates during the first three months of fiscal year 2025 that had a significant impact on our financial condition, change in financial condition, liquidity, or results of operations.

Item 3. Quantitative and Qualitative Disclosures About Market Risk
Information on our utilization of financial instruments and an analysis of the sensitivity of these instruments to selected changes in market rates and prices is included in our 2024 Form 10-K.
Our net financial instrument position decreased from a liability of $13,855.3 at 30 September 2024 to a liability of $13,746.8 at 31 December 2024. The decrease was primarily due to the strengthening of the U.S. Dollar that was offset by additional borrowings under the project financing associated with the NEOM Green Hydrogen Project as discussed in Note 3, Variable Interest Entities, to the consolidated financial statements.
Interest Rate Risk
Our debt portfolio as of 31 December 2024 and 30 September 2024, including the effect of currency and interest rate swap agreements, was composed of 87% fixed-rate debt and 13% variable-rate debt.
The sensitivity analysis related to the interest rate risk on the fixed portion of our debt portfolio assumes an instantaneous 100 bp parallel move in interest rates from the level at 31 December 2024, with all other variables held constant. A 100 bp increase in market interest rates would result in a decrease of $977 and $1,035 in the net liability position of financial instruments at 31 December 2024 and 30 September 2024, respectively. A 100 bp decrease in market interest rates would result in an increase of $1,128 and $1,197 in the net liability position of financial instruments at 31 December 2024 and 30 September 2024, respectively.
There were no material changes to the sensitivity analysis related to the variable portion of our debt portfolio since 30 September 2024.
Foreign Currency Exchange Rate Risk
The sensitivity analysis related to foreign currency exchange rates assumes an instantaneous 10% change in the foreign currency exchange rates from their levels at 31 December 2024, with all other variables held constant. A 10% strengthening or weakening of the functional currency of an entity versus all other currencies would result in a decrease or increase, respectively, of $422 and $408 in the net liability position of financial instruments at 31 December 2024 and 30 September 2024, respectively.

Item 4. Controls and Procedures
Disclosure Controls and Procedures
We maintain a comprehensive set of disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Under the supervision of the Chief Executive Officer and Chief Financial Officer, our management conducted an evaluation of the effectiveness of our disclosure controls and procedures as of 31 December 2024. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of 31 December 2024, our disclosure controls and procedures were effective.
Internal Control Over Financial Reporting
There was no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended 31 December 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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PART II—OTHER INFORMATION
Item 5. Other Information
None of the Company’s directors or Section 16 reporting officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K) during the first quarter of fiscal year 2025.

Item 6. Exhibits
(a) Exhibits required by Item 601 of Regulation S-K
Exhibit No.Description
(10)
Material Contracts
10.1
10.2
(31)Rule 13a-14(a)/15d-14(a) Certifications
31.1
31.2
(32)Section 1350 Certifications
32.1
(101)Interactive Data Files
101.INSInline XBRL Instance Document. The XBRL Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Schema Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
104Cover Page Interactive Data File, formatted in Inline XBRL (included in Exhibit 101).
†
Indicates management contract or compensatory arrangement
††
The certification attached as Exhibit 32.1 that accompanies this Quarterly Report on Form 10-Q is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Air Products and Chemicals, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Form 10-Q, irrespective of any general incorporation language contained in such filing.
53
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Air Products and Chemicals, Inc.
(Registrant)
By:/s/ Melissa N. Schaeffer
Melissa N. Schaeffer
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Date:6 February 2025
54
Exhibit 10.1
Air Products and Chemicals, Inc. (the “Company”)
Restricted Stock Unit Award Agreement

Company Confidential Communication to: «Participant Name»

You have been granted a Restricted Stock Unit Award (“Award”) under the Air Products and Chemicals, Inc. 2021 Long-Term Incentive Plan (the “Plan”).

Your FY2025 Award consists of «Shares Granted» 4-Year Restricted Stock Units, each Unit being equivalent in value to one share of Common Stock.

Your FY2025 Restricted Stock Unit Award is subject to and contingent upon your agreement to the conditions described in Exhibit A and the terms described in Exhibit B (collectively, the “Conditions”). Please read the Conditions carefully, particularly the descriptions of the “Restrictive Covenants.” This letter, together with its Exhibits, constitutes the agreement governing your FY2025 Restricted Stock Unit Award (“Award Agreement”). Your FY2025 Restricted Stock Unit Award is also at all times subject to the applicable provisions of the Plan and to any determinations made by the Administrator or its delegate, with respect to your FY2025 Restricted Stock Unit Award as contemplated or permitted by the Plan or the Conditions. By accepting this Award, you will be deemed to have accepted and agreed to the terms and conditions of the Award Agreement and the Plan.
None of your FY2025 Restricted Stock Unit Award, this Award Agreement or the Plan constitute a contract of employment; nor do they guarantee your continued employment for any period required for all or any of your FY2025 Restricted Stock Unit Award to vest, become exercisable, be earned or be paid out. Except as otherwise indicated all capitalized words used in this Award Agreement have the meanings described in the Plan.
    WITNESSETH the due execution of this Award Agreement by the Company effective as of the 2nd day of December 2024 and your acceptance of the Award Agreement intending to be legally bound hereby.

    AIR PRODUCTS AND CHEMICALS, INC.

    
By: /s/ Seifi Ghasemi
Seifi Ghasemi
Chairman, President, and Chief Executive Officer


EXHIBIT A

FY2025 AWARDS UNDER THE PLAN ARE SUBJECT TO THE FOLLOWING CONDITIONS:

In the event the Company determines, in its sole discretion, that you have violated the restrictive covenants set forth in Paragraph 1 (the “Restrictive Covenants”), at any time during your employment, or within two years after termination of your employment from the Company, the Company shall be entitled to (i) preliminary and permanent injunctive relief, without the necessity of providing actual damages or posting of a bond, (ii) damages equal to an equitable accounting of all earnings, profits and other benefits arising from such violation of Paragraph 1, (iii) cancel, not deliver, modify, rescind, suspend, withhold, or otherwise limit or restrict any unexpired, unpaid, unexercised or deferred Awards outstanding under the Plan, and (iv) recoup the proceeds from any exercise, payment or delivery of an Award or any shares of Common Stock issued pursuant to an Award. In the event that the Company determines that you are subject to recoupment under these Restrictive Covenants, you shall repay the Company the amount determined by the Company, in such manner and on such terms as may be required by the Company, and the Company shall be entitled to set off against the amount due under this provision any amount owed to you by the Company (including by causing the cancellation of any outstanding incentive Award due to you).
1.Restrictive Covenants.
(a)Definitions. For purposes of this Paragraph 1, the following words shall have the following definitions.
(i)“Affiliate” of a specified Person shall mean any Person which is under common control with the specified Person, or of which the specified Person is an executive officer, manager, trustee, executor or similar controlling Person.
(ii)“Company” shall include Air Products and Chemicals, Inc. and the subsidiaries and Affiliates of Air Products and Chemicals, Inc.
(iii)“Business of the Company” means the production, manufacturing and distribution of industrial gases, including atmospheric and process gases; the designing and manufacturing of equipment for the production, processing, purification distribution or storage of gases or for natural gas liquefaction; and any other line of business conducted, developed or being developed by the Company during your employment with the Company, in each case, in which you are or were involved during the course of your employment with the Company or about which you possess Confidential Information.
(iv)“Confidential Information” means any non-public, proprietary confidential or trade secret information of the Company and/or its customers, including but not limited to, business processes, know-how, practices, methods, plans, research, operations, services, strategies, techniques, formulae, manuals, data, notes, diagrams, customer or vendor information, pricing or


cost information, product plans, designs, experimental processes and inventions.
(v)“Person” means any natural person, corporation, general partnership, limited partnership, limited liability company or partnership, joint venture, proprietorship or other business organization.
(vi)“Provide Services” means to directly or indirectly, own, manage, control, or participate in the ownership, management or control of, or be employed or engaged by, participate in, serve on the board of directors of, consult with, contribute to, hold a security interest in, render services for, give advice to, provide assistance to or be otherwise affiliated or associated with.
(vii)“Restricted Area” means any country in which you worked during your employment with the Company, over which you had supervisory responsibility for the Business of the Company while employed by the Company, or with respect to which you have Confidential Information pertaining to the Business of the Company.
(b)Acknowledgment.
(i)You hereby expressly acknowledge and agree that the obligations in this Award Agreement are in addition to, and shall not supersede, the obligations you may have pursuant to other agreements with the Company, including, without limitation, your obligations under your Employee Patent and Confidential Information Agreement that you entered into when you were employed by the Company, which shall continue to apply in accordance with its terms.
(ii)You acknowledge and agree that (A) the Business of the Company is intensely competitive and that your employment with the Company has required you to have access to, and knowledge of, Confidential Information, which is of vital importance to the success of the Business of the Company; (B) the use, disclosure or dissemination of any Confidential Information, except on behalf of the Company, could place the Company at a serious competitive disadvantage and could do serious damage, financial and otherwise, to the Business of the Company; and (C) the Company is engaged in business, and has customers, throughout the world.
(iii)You further understand and acknowledge that the Company invests in customer relationships and as a result, has developed and will develop considerable goodwill with and among its customers. You agree that the Restrictive Covenants articulated herein are necessary to protect the Company’s legitimate business interests in its Confidential Information and goodwill, and that the Company would not have provided the good and valuable consideration set forth in this Award Agreement in absence of such restrictions. You further understand and acknowledge that the Company will be irreparably harmed if you violate the Restrictive Covenants articulated herein.
(c)Confidential Information. You agree that you have and will at all times hereafter, (A) treat all Confidential Information as strictly confidential; and (B) not directly


or indirectly disclose, publish, communicate or make available Confidential Information, or allow it to be disclosed, published, communicated, or made available, in whole or part, to any Person who is not authorized by the Company to know such Confidential Information in the furtherance of the Company’s business.
(d)Non-Disparagement. During your employment by the Company and for two years after your employment with the Company terminates for any reason, you agree not to directly or indirectly make, or cause to be made, any statement, observation or opinion that disparages or impugns the business or reputation of the Company, its products, services, agents or employees. You understand that this Section 1(d) does not, in any way, restrict or impede me from (i) exercising my rights under Section 7 of the National Labor Relations Act (or any other protected rights) to the extent that such rights cannot be waived by agreement.
(e)Permitted Disclosures. Pursuant to 18 U.S.C. § 1833(b), you understand that you will not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret of the Company that (i) is made (A) in confidence to a Federal, State, or local government official, either directly or indirectly, or to your attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.  You understand that if you file a lawsuit for retaliation by the Company for reporting a suspected violation of law, you may disclose the trade secret to your attorney and use the trade secret information in the court proceeding if you (I) file any document containing the trade secret under seal, and (II) do not disclose the trade secret, except pursuant to court order.  Nothing in this Award Agreement, or any other agreement you have with the Company, is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such section. Further, nothing in this Award Agreement or any other agreement you have with the Company shall prohibit or restrict you from making any disclosure of information or documents to any governmental agency or legislative body, or any self-regulatory organization, in each case, without advance notice to the Company.
(f)Return of Company Property. You represent that upon request from the Company at any time and, without request, upon termination of your employment with the Company for any reason, you will deliver to the Company all memoranda, notes, records, manuals, or other documents, including all electronic or other copies of such materials and all documentation prepared or produced in connection therewith, containing Confidential Information, which is in your possession, custody and control, whether made or compiled by you or furnished to you by virtue of your employment with the Company. You further represent that you will deliver to the Company all vehicles, computers, credit cards, telephones, handheld electronic devices, office equipment and other property furnished to you by virtue of your employment with the Company.
(g)Notice. You agree that during your employment with the Company and for two years after your employment with the Company terminates for any reason (the “Restricted Period”), you will give the Company ten (10) business days’ written notice of your intention to Provide Services to any other Person that engages in or is preparing to engage in the Business of the Company within the Restricted Area. Such written notice must provide sufficiently detailed information so as to allow


the Company to determine if you will be in breach of this Award Agreement if you Provide Services to such other Person.
(h)Non-Competition. During your employment by the Company and, unless you are an Excluded Service Provider, during the Restricted Period, you agree that you will not Provide Services to any Person, other than the Company, that engages in or is preparing to engage in the Business of the Company within the Restricted Area, unless (i) such other Person also engages in lines of business that are separate, distinct and divisible from the Business of the Company, (ii) you do not Provide Services, Confidential Information or strategy to the Business of the Company conducted by such other Person, and (iii) you do not attend meetings where the Business of the Company conducted by such other Person is discussed or where you could, even inadvertently, disclose Confidential Information. Your passive ownership of not more than one percent (1%) of the capital stock or other ownership or equity interest, or voting power, in a public company, registered under the Securities Exchange Act of 1934, as amended, shall not be deemed to be a violation of this paragraph. For the avoidance of doubt, if you are an Excluded Service Provider, as described in Section 1(l) below (Grantees in California and Certain Other Jurisdictions), this Section 1(h) applies to you while you are providing services to the Company and does not apply to you during the Restricted Period.
(i)Non-Solicitation; Non-Interference. During your employment by the Company and, unless you are an Excluded Service Provider, during the Restricted Period, you also agree that you will not, directly or indirectly without the prior written consent of the Company:
(i)encourage, persuade, induce, or attempt to encourage or persuade or induce, any person who is an employee at the grade level of 118 or above, an officer, or a director of the Company, in each case, to terminate such relationship with the Company; or hire or engage, participate in the hiring or engagement of, or solicit or make an offer of employment or engagement to any employee at the grade level of 118 or above, officer or director of the Company who was employed or engaged by the Company as of your last day of employment with the Company.
(ii)on behalf of any Person engaged in the Business of the Company (other than the Company) solicit, contact, or attempt to solicit or contact any current, former or prospective customer of the Company whom you had contacted within the twenty-four (24) months prior to your last day of employment with the Company or about whom you have any Confidential Information.
(iii)encourage or persuade, or attempt to encourage or persuade any (A) customer of the Company, (B) potential customer of the Company during the last twenty-four (24) months of your employment with the Company with which or with whom you knew to be such a potential customer, or (C) prior customer of the Company, in each case, not to do business with the Company or to reduce the amount of business it is doing or might do in the future with or through the Company.
For the avoidance of doubt, if you are an Excluded Service Provider, as described in Section 1(l) below (Grantees in California and Certain Other Jurisdictions), this


Section 1(i) applies to you while you are providing services to the Company and does not apply to you during the Restricted Period.
(j)Tolling. If you violate any of the terms of the Restrictive Covenant obligations articulated herein, the obligation at issue will run from the first date on which you cease to be in violation of such obligation.
(k)Successors and Assigns. The Award Agreement (including this Paragraph 1) shall inure to the benefit of the successors and assigns of the Company. The Company may assign this Award Agreement (including this Paragraph 1), without your consent. You may not assign the Award Agreement (or the obligations set forth in this Paragraph 1).
(l)Grantees in California and Certain Other Jurisdictions. If you primarily reside and work in California or another jurisdiction that would render, at the time your service with the Company terminates, (i) the non-competition provision in Section 2(h) (Non-Competition), and/or (ii) the non-solicitation or non-interference provisions in Section 2(i) (Non-Solicitation; Non-Interference) unenforceable during the Restricted Period, you will be considered an “Excluded Service Provider.” If you are an Excluded Service Provider, the non-competition restrictions described in Section 2(h) and/or the non-solicitation and non-interference provisions in Section 2(i), as applicable, shall not apply to you during the Restricted Period, except as provided in the next sentence. If you are an Excluded Service Provider, during the Restricted Period, to the fullest extent enforceable by law, you will not directly or indirectly solicit, or attempt to solicit, any employee or consultant of the Company, or any individual who was an employee or consultant of the Company within the six (6) months preceding such solicitation or attempt.
2.Interpretation. All determinations regarding the interpretation, construction, enforcement, waiver, or modification of this Award Agreement and/or the Plan shall be made in the Administrator’s sole discretion and shall be final and binding. Determinations made under this Award Agreement and the Plan need not be uniform and may be made selectively among individuals, whether or not such individuals are similarly situated.
3.Conflict. If any of the terms of this Award Agreement in the opinion of the Administrator conflict or are inconsistent with any applicable law or regulation of any governmental agency having jurisdiction, the Administrator reserves the right to modify this Award Agreement to be consistent with applicable laws or regulations.
4.Personal Data. You understand and acknowledge that the Company holds certain personal information about you, including but not limited to your name, home address, telephone number, date of birth, social security number, salary, nationality, job title, and details of all Shares awarded, cancelled, vested, unvested, or outstanding (the “personal data”). Certain personal data may also constitute “sensitive personal data” within the meaning of applicable local law. Such data include but are not limited to the information provided above and any changes thereto and other appropriate personal and financial data about you. You hereby provide explicit consent to the Company to process any such personal data and sensitive personal data. You also hereby provide explicit consent to the Company to transfer any such personal data and sensitive personal data outside the country in which you are employed, and to the United States. The legal persons for


whom such personal data are intended are the Company and any third party providing services to the Company in connection with the administration of the Plan.
5.Plan Documents. By accepting this award, you acknowledge having received and read this Award Agreement and the Plan, and you consent to receiving information and materials in connection with this Award or any subsequent awards under the Company’s long-term performance plans, including without limitation any prospectuses and plan documents, by any means of electronic delivery available now and/or in the future (including without limitation by e-mail, by website access, and/or by facsimile), such consent to remain in effect unless and until revoked in writing by you. This Award Agreement and the Plan, which is incorporated herein by reference, constitute the entire agreement between you and the Company regarding the terms and conditions of this Award.
6.Jurisdiction; Governing Law. Any action arising out of or related to this Award Agreement or the Plan shall be brought exclusively in the United States District Court for the Eastern District of Pennsylvania, or in any court of general jurisdiction in Allentown, Pennsylvania; you and the Company consent to personal jurisdiction in any such court and waive any objection to the laying of venue of any such suit, action or proceeding in any such court. This Award Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania without reference to its principles of conflict/choice of law. You and the Company also irrevocably and unconditionally consent to the service of any process, pleadings, notices, or other papers with respect thereto. YOU AND THE COMPANY IRREVOCABLY AGREE TO WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM, OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS AWARD AGREEMENT.
7.Modification; Severability. If any court of competent jurisdiction finds any provision of this Award Agreement, and particularly the covenants set forth in Paragraph 1, or portion thereof, to not be fully enforceable, it is the intention and desire of the parties that the provision be fully enforced to the extent the court finds them enforceable and, if necessary, that the court modify any provisions of this Award Agreement to the extent deemed necessary by the court to render them reasonable and enforceable and that the court enforce them to such extent. To the extent that such provisions cannot be modified, it is the intention of the parties that the provisions be severable and that the invalidity of any one or more provisions of this Award Agreement shall not affect the legality, validity and enforceability of the remaining provisions of this Award Agreement. If Paragraph 1 is unenforceable in its entirety, then this Award Agreement shall be considered null and void ab initio.
8.Waiver. The failure of the Company to enforce any terms, provisions or covenants of this Exhibit shall not be construed as a waiver of the same or of the right of the Company to enforce the same. Waiver by the Company of any breach or default by you of any term or provision of the Award Agreement (including these Restrictive Covenants) shall not operate as a waiver of any other breach or default.
9.No Contract. None of your FY2025 Restricted Stock Unit Awards, this Award Agreement, nor the Plan constitute a contract of employment; nor do they guarantee your continued employment for any period required for all or any of your Awards to vest or become exercisable.




EXHIBIT B

RESTRICTED STOCK UNITS

1.Grant of Restricted Stock Units. Restricted Stock Units (“Units”) are granted to you subject to the terms of the Plan, as amended from time to time, and the terms and conditions of this Award Agreement. The Units are “Deferred Stock Units” as described in Section 9 of the Plan. The Deferral Period for Units begins on 2 December 2024 and ends on 2 December 2028.

2.Payment of Restricted Stock Units. Each Unit granted to you represents the value of one share of Common Stock. Subject to the conditions described in this Award Agreement, payment in respect of the Units will be delivered in shares of Common Stock, cash, or both, as determined by the Administrator or its delegate, in its sole discretion, as soon as administratively practical following the end of the Deferral Period (but in no event later than 60 days thereafter) or at such other time as is specified below.

3.Dividend Equivalents. No cash dividends or other amounts shall be payable with respect to the Units during the Deferral Period. For each Unit that vests under this Award Agreement, you will be entitled to receive a payment equal to the dividends which would have been paid with respect to a share of Common Stock during the Deferral Period without interest (“Dividend Equivalents”). Such Dividend Equivalents will be paid in cash or shares of Common Stock following the end of the Deferral Period (but in no event later than 60 days thereafter) or at such other time as is specified below.

4.Termination of Employment. Except as provided below (with respect to a qualifying “Involuntary Termination,” as such term is defined below), if your employment by the Company and all of its affiliates is terminated for any reason prior to 2 December 2025 for any reason other than death or Disability, all of your Units will be automatically forfeited in their entirety. If your employment by the Company and all its affiliates terminates on or after 2 December 2025, but during the Deferral Period, other than due to death, Disability, Retirement or a termination by the Company without Cause, all of your Units will be automatically forfeited in their entirety. For purposes of this Award Agreement, (i) a termination without Cause by the Company during the Deferral Period shall be referred to as an “Involuntary Termination,” and (ii) Cause shall have the meaning set forth in the Plan, provided that if the administrator of the Air Products and Chemicals, Inc. Executive Separation Program (the “Program”) determines that you are eligible for the benefits of the Program, Cause shall have the meaning set forth in the Program.

5.Termination Upon Death or Disability. If your employment by the Company and all its affiliates is terminated during the Deferral Period (including before 2 December 2025), due to death or Disability, you will vest in all of your Units.    



6.Retirement. If your employment by the Company and all its affiliates is terminated on or after 2 December 2025, but during the Deferral Period, due to Retirement, you will vest in all of your Units.

7.Involuntary Termination. If your employment is terminated at any time during the Deferral Period (including before 2 December 2025) due to Involuntary Termination and you execute a general release of claims in favor of the Company within 50 days following your termination in a form satisfactory to the Administrator (a “Release”), you will vest in a pro-rata portion of your Units (which portion shall be based on the number of full months you worked during the Deferral Period and the total number of months in the Deferral Period) and all of your remaining Units will be forfeited. If you do not execute a Release, all of your Units will be automatically forfeited in their entirety.

With respect to an Involuntary Termination that also meets the definition of Retirement: (i) if services to the Company are terminated before 2 December 2025, such termination of employment shall be deemed to be, and shall be treated as, an Involuntary Separation for purposes of this Award Agreement; and (ii) if services to the Company are terminated on or after 2 December 2025 and prior to the end of the Deferral Period, such termination of employment shall be deemed to be, and shall be treated as, a Retirement for purposes of this Award Agreement.

8.Dividend Equivalents (in cases of Retirement, Involuntary Termination, Death, or Disability).
a.In the event of your termination of employment due to Retirement on or after 2 December 2025 and prior to the end of the Deferral Period, payment in respect of the Units due to you and of related Dividend Equivalents shall be made as soon as administratively practical following the end of the Deferral Period (but in no event later than 60 days thereafter).

b.If your employment by the Company and all its affiliates terminates during the Deferral Period due to Involuntary Termination, payment in respect of Units that have not been forfeited and of related Dividend Equivalents shall be made as soon as administratively practical following your termination (but in no event later than 60 days thereafter).

c.If your employment by the Company and all its affiliates terminates at any time during the Deferral Period (including before 2 December 2025) due to death or Disability, payment in respect of Units due to you and of related Dividend Equivalents shall be made as soon as practicable following the end of the Deferral Period (but in no event later than 60 days thereafter) to you, or, in the event of death, your Designated Beneficiary or, if none, your legal representative.

9.Notwithstanding anything to the contrary above, if your employment by the Company and its affiliates is terminated and such termination constitutes a “Termination of


Employment” within the meaning of the Program and the administrator of the Program determines you are entitled to the benefits of the Program, your outstanding Awards under this Agreement shall be treated in accordance with the Program.

10.Recoupment and Forfeiture. This Award, and any proceeds hereunder, shall be subject to the terms of the Air Products and Chemicals, Inc. Compensation Recoupment Policy and Air Products and Chemicals, Inc. Supplemental Executive Officer Recoupment Policy (each a “Policy”), each as may be amended from time to time. By accepting this Award, you acknowledge that this Award, and proceeds hereunder, are subject to reimbursement, repayment, recoupment, or forfeiture pursuant to the terms of each Policy in the event of an accounting restatement or covered conduct under the terms of the applicable Policy.

11.Taxes. The Company shall have the right to deduct from all Awards hereunder paid or any payment in respect of an Award, any federal, state, local or foreign taxes required or permitted by law to be withheld. In the case of a payment in respect of Units made in Common Stock, the Company shall reduce number of the shares of Common Stock to be distributed by an amount with a value equal to the value of such taxes required or permitted to be withheld.

12.Adjustments. In the event of any change in the outstanding shares of Common Stock of the Company or the occurrence of certain other events as described in Section 12 of the Plan, an equitable adjustment of the number of Units covered by this Award Agreement shall be made as provided in the Plan.

13.Code section 409A. It is intended that the provisions of this Award Agreement avoid the adverse consequences under section 409A of the Internal Revenue Code (the “Code”), and all provisions of the Award Agreement shall be construed and interpreted in a manner consistent with that intent. The Administrator reserves the right to make amendments to the Award Agreement as the Administrator deems necessary or desirable to avoid the imposition of taxes or penalties under section 409A of the Code. In any case, you shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on you or for your account in connection with an Award (including any taxes and penalties under section 409A of the Code), and neither the Company nor any of its affiliates shall have any obligation to indemnify or otherwise hold you harmless from any or all of such taxes or penalties.




Exhibit 10.2

Air Products and Chemicals, Inc. (the “Company”)
Performance Share Award Agreement

Company Confidential Communication to: «Participant Name»

You have been granted a Performance Share Award under the Air Products and Chemicals, Inc. 2021 Long-Term Incentive Plan (the “Plan”).

Your FY2025 award consists of «Shares Granted» Deferred Stock Units with a three-year performance period, each unit (a “Performance Share”) being equivalent in value to one share of Common Stock.

Your FY2025 Performance Share Award is subject to and contingent upon your agreement to the conditions described in Exhibit A and the terms described in Exhibit B (collectively, the “Conditions”). Please read the Conditions carefully, particularly the descriptions of the “Restrictive Covenants.” This letter, together with its Exhibits, constitutes the agreement governing your FY2025 Performance Share Award (“Award Agreement”). Your FY2025 Performance Share Award is also at all times subject to the applicable provisions of the Plan and to any determinations made by the Administrator or its delegate, with respect to your FY2025 Performance Share Award as contemplated or permitted by the Plan or the Conditions. By accepting this award, you will be deemed to have accepted and agreed to the terms and conditions of the Award Agreement and the Plan.
None of your FY2025 Performance Share Award, this Award Agreement or the Plan constitute a contract of employment; nor do they guarantee your continued employment for any period required for all or any of your FY2025 Performance Share Award to vest, become exercisable, be earned or be paid out. Except as otherwise indicated all capitalized words used in this Award Agreement have the meanings described in the Plan.
    WITNESSETH the due execution of this Award Agreement by the Company effective as of the 2nd day of December 2024 and your acceptance of the Award Agreement intending to be legally bound hereby.

    AIR PRODUCTS AND CHEMICALS, INC.

    
    
By: /s/ Seifi Ghasemi
Seifi Ghasemi
Chairman, President, and Chief Executive Officer



EXHIBIT A

FY2025 AWARDS UNDER THE PLAN ARE SUBJECT TO THE FOLLOWING CONDITIONS:

In the event the Company determines, in its sole discretion, that you have violated the restrictive covenants set forth in Paragraph 1 (the “Restrictive Covenants”), at any time during your employment, or within two years after termination of your employment from the Company, the Company shall be entitled to (i) preliminary and permanent injunctive relief, without the necessity of providing actual damages or posting of a bond, (ii) damages equal to an equitable accounting of all earnings, profits and other benefits arising from such violation of Paragraph 1, (iii) cancel, not deliver, modify, rescind, suspend, withhold, or otherwise limit or restrict any unexpired, unpaid, unexercised or deferred Awards outstanding under the Plan, and (iv) recoup the proceeds from any exercise, payment or delivery of an Award or any shares of Common Stock issued pursuant to an Award. In the event that the Company determines that you are subject to recoupment under these Restrictive Covenants, you shall repay the Company the amount determined by the Company in such manner and on such terms as may be required by the Company, and the Company shall be entitled to set off against the amount due under this provision any amount owed to you by the Company (including by causing the cancellation of any outstanding incentive Award due to you).

1.Restrictive Covenants.
a.Definitions. For purposes of this Paragraph 1, the following words shall have the following definitions.
(i)“Affiliate” of a specified Person shall mean any Person which is under common control with the specified Person, or of which the specified Person is an executive officer, manager, trustee, executor or similar controlling Person.
(ii)“Company” shall include Air Products and Chemicals, Inc. and the subsidiaries and Affiliates of Air Products and Chemicals, Inc.
(iii)“Business of the Company” means the production, manufacturing and distribution of industrial gases, including atmospheric and process gases; the designing and manufacturing of equipment for the production, processing, purification distribution or storage of gases or for natural gas liquefaction; and any other line of business conducted, developed or being developed by the Company during your employment with the Company, in each case, in which you are or were involved during the course of your employment with the Company or about which you possess Confidential Information.
(iv)“Confidential Information” means any non-public, proprietary confidential or trade secret information of the Company and/or its customers, including but not limited to, business processes, know-how, practices, methods, plans, research, operations, services, strategies, techniques, formulae, manuals, data, notes, diagrams, customer or vendor information, pricing or


cost information, product plans, designs, experimental processes and inventions.
(v)“Person” means any natural person, corporation, general partnership, limited partnership, limited liability company or partnership, joint venture, proprietorship or other business organization.
(vi)“Provide Services” means to directly or indirectly, own, manage, control, or participate in the ownership, management or control of, or be employed or engaged by, participate in, serve on the board of directors of, consult with, contribute to, hold a security interest in, render services for, give advice to, provide assistance to or be otherwise affiliated or associated with.
(vii)“Restricted Area” means any country in which you worked during your employment with the Company, over which you had supervisory responsibility for the Business of the Company while employed by the Company, or with respect to which you have Confidential Information pertaining to the Business of the Company.
2.Acknowledgment.
a.You hereby expressly acknowledge and agree that the obligations in this Award Agreement are in addition to, and shall not supersede, the obligations you may have pursuant to other agreements with the Company, including, without limitation, your obligations under your Employee Patent and Confidential Information Agreement that you entered into when you were employed by the Company, which shall continue to apply in accordance with its terms.

b.You acknowledge and agree that (i) the Business of the Company is intensely competitive and that your employment with the Company has required you to have access to, and knowledge of, Confidential Information, which is of vital importance to the success of the Business of the Company; (ii) the use, disclosure or dissemination of any Confidential Information, except on behalf of the Company, could place the Company at a serious competitive disadvantage and could do serious damage, financial and otherwise, to the Business of the Company; and (iii) the Company is engaged in business, and has customers, throughout the world.

c.You further understand and acknowledge that the Company invests in customer relationships and as a result, has developed and will develop considerable goodwill with and among its customers. You agree that the Restrictive Covenants articulated herein are necessary to protect the Company’s legitimate business interests in its Confidential Information and goodwill, and that the Company would not have provided the good and valuable consideration set forth in this Award Agreement in absence of such restrictions. You further understand and acknowledge that the Company will


be irreparably harmed if you violate the Restrictive Covenants articulated herein.
3.Confidential Information. You agree that you have and will at all times hereafter, (A) treat all Confidential Information as strictly confidential; and (B) not directly or indirectly disclose, publish, communicate or make available Confidential Information, or allow it to be disclosed, published, communicated, or made available, in whole or part, to any Person who is not authorized by the Company to know such Confidential Information in the furtherance of the Company’s business.
4.Non-Disparagement. During your employment by the Company and for two years after your employment with the Company terminates for any reason, you agree not to directly or indirectly make, or cause to be made, any statement, observation or opinion that disparages or impugns the business or reputation of the Company, its products, services, agents or employees. You understand that this Section 1(d) does not, in any way, restrict or impede me from (i) exercising my rights under Section 7 of the National Labor Relations Act (or any other protected rights) to the extent that such rights cannot be waived by agreement.
5.Permitted Disclosures. Pursuant to 18 U.S.C. § 1833(b), you understand that you will not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret of the Company that (i) is made (A) in confidence to a Federal, State, or local government official, either directly or indirectly, or to your attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.  You understand that if you file a lawsuit for retaliation by the Company for reporting a suspected violation of law, you may disclose the trade secret to your attorney and use the trade secret information in the court proceeding if you (I) file any document containing the trade secret under seal, and (II) do not disclose the trade secret, except pursuant to court order.  Nothing in this Award Agreement, or any other agreement you have with the Company, is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such section. Further, nothing in this Award Agreement or any other agreement you have with the Company shall prohibit or restrict you from making any disclosure of information or documents to any governmental agency or legislative body, or any self-regulatory organization, in each case, without advance notice to the Company.
6.Return of Company Property. You represent that upon request from the Company at any time and, without request, upon termination of your employment with the Company for any reason, you will deliver to the Company all memoranda, notes, records, manuals, or other documents, including all electronic or other copies of such materials and all documentation prepared or produced in connection therewith, containing Confidential Information, which is in your possession, custody and control, whether made or compiled by you or furnished to you by virtue of your employment with the Company. You further represent that you will deliver to the Company all vehicles, computers, credit cards, telephones, handheld electronic devices, office equipment and other property furnished to you by virtue of your employment with the Company.
7.Notice. You agree that during your employment with the Company and for two years after your employment with the Company terminates for any reason (the “Restricted Period”), you will give the Company 10 business days’ written notice of your intention to Provide Services to any other Person that engages in or is preparing to engage in the Business of the Company within the Restricted Area. Such written notice must provide


sufficiently detailed information so as to allow the Company to determine if you will be in breach of this Award Agreement if you Provide Services to such other Person.
8.Non-Competition. During your employment by the Company and, unless you are an Excluded Service Provider, during the Restricted Period, you agree that you will not Provide Services to any Person, other than the Company, that engages in or is preparing to engage in the Business of the Company within the Restricted Area, unless (i) such other Person also engages in lines of business that are separate, distinct and divisible from the Business of the Company, (ii) you do not Provide Services, Confidential Information or strategy to the Business of the Company conducted by such other Person, and (iii) you do not attend meetings where the Business of the Company conducted by such other Person is discussed or where you could, even inadvertently, disclose Confidential Information. Your passive ownership of not more than one percent (1%) of the capital stock or other ownership or equity interest, or voting power, in a public company, registered under the Securities Exchange Act of 1934, as amended, shall not be deemed to be a violation of this paragraph. For the avoidance of doubt, if you are an Excluded Service Provider, as described in Section 1(l) below (Grantees in California and Certain Other Jurisdictions), this Section 1(h) applies to you while you are providing services to the Company and does not apply to you during the Restricted Period.
9.Non-Solicitation; Non-Interference. During your employment by the Company and, unless you are an Excluded Service Provider, during the Restricted Period, you also agree that you will not, directly or indirectly without the prior written consent of the Company:
a.encourage, persuade, induce, or attempt to encourage or persuade or induce, any person who is an employee at the grade level of 118 or above, an officer, or a director of the Company, in each case, to terminate such relationship with the Company; or hire or engage, participate in the hiring or engagement of, or solicit or make an offer of employment or engagement to any employee at the grade level of 118 or above, officer or director of the Company who was employed or engaged by the Company as of your last day of employment with the Company.
b.on behalf of any Person engaged in the Business of the Company (other than the Company) solicit, contact, or attempt to solicit or contact any current, former or prospective customer of the Company whom you had contacted within the 24 months prior to your last day of employment with the Company or about whom you have any Confidential Information.
c.encourage or persuade, or attempt to encourage or persuade any (A) customer of the Company, (B) potential customer of the Company during the last 24 months of your employment with the Company with which or with whom you knew to be such a potential customer, or (C) prior customer of the Company, in each case, not to do business with the Company or to reduce the amount of business it is doing or might do in the future with or through the Company.
For the avoidance of doubt, if you are an Excluded Service Provider, as described in Section 1(l) below (Grantees in California and Certain Other Jurisdictions), this Section 1(i) applies to you while you are providing services to the Company and does not apply to you during the Restricted Period.


10.Tolling. If you violate any of the terms of the Restrictive Covenant obligations articulated herein, the obligation at issue will run from the first date on which you cease to be in violation of such obligation.
11.Successors and Assigns. The Award Agreement (including this Paragraph 1) shall inure to the benefit of the successors and assigns of the Company. The Company may assign this Award Agreement (including this Paragraph 1), without your consent. You may not assign the Award Agreement (or the obligations set forth in this Paragraph 1).
12.Grantees in California and Certain Other Jurisdictions. If you primarily reside and work in California or another jurisdiction that would render, at the time your service with the Company terminates, (i) the non-competition provision in Section 2(h) (Non-Competition), and/or (ii) the non-solicitation or non-interference provisions in Section 2(i) (Non-Solicitation; Non-Interference) unenforceable during the Restricted Period, you will be considered an “Excluded Service Provider.” If you are an Excluded Service Provider, the non-competition restrictions described in Section 2(h) and/or the non-solicitation and non-interference provisions in Section 2(i), as applicable, shall not apply to you during the Restricted Period, except as provided in the next sentence. If you are an Excluded Service Provider, during the Restricted Period, to the fullest extent enforceable by law, you will not directly or indirectly solicit, or attempt to solicit, any employee or consultant of the Company, or any individual who was an employee or consultant of the Company within the six (6) months preceding such solicitation or attempt.
13.Interpretation. All determinations regarding the interpretation, construction, enforcement, waiver, or modification of this Award Agreement and/or the Plan shall be made in the Administrator’s sole discretion and shall be final and binding. Determinations made under this Award Agreement and the Plan need not be uniform and may be made selectively among individuals, whether or not such individuals are similarly situated.
14.Conflict. If any of the terms of this Award Agreement in the opinion of the Administrator conflict or are inconsistent with any applicable law or regulation of any governmental agency having jurisdiction, the Administrator reserves the right to modify this Award Agreement to be consistent with applicable laws or regulations.
15.Personal Data. You understand and acknowledge that the Company holds certain personal information about you, including but not limited to your name, home address, telephone number, date of birth, social security number, salary, nationality, job title, and details of all Shares awarded, cancelled, vested, unvested, or outstanding (the “personal data”). Certain personal data may also constitute “sensitive personal data” within the meaning of applicable local law. Such data include but are not limited to the information provided above and any changes thereto and other appropriate personal and financial data about you. You hereby provide explicit consent to the Company to process any such personal data and sensitive personal data. You also hereby provide explicit consent to the Company to transfer any such personal data and sensitive personal data outside the country in which you are employed, and to the United States. The legal persons for whom such personal data are intended are the Company and any third party providing services to the Company in connection with the administration of the Plan.
16.Plan Documents. By accepting this award, you acknowledge having received and read this Award Agreement and the Plan, and you consent to receiving information and materials in connection with this Award or any subsequent awards under the Company’s long-term performance plans, including without limitation any prospectuses and plan documents, by any means of electronic delivery available now and/or in the future


(including without limitation by e-mail, by website access, and/or by facsimile), such consent to remain in effect unless and until revoked in writing by you. This Award Agreement and the Plan, which is incorporated herein by reference, constitute the entire agreement between you and the Company regarding the terms and conditions of this Award.
17.Jurisdiction; Governing Law. Any action arising out of or related to this Award Agreement or the Plan shall be brought exclusively in the United States District Court for the Eastern District of Pennsylvania, or in any court of general jurisdiction in Allentown, Pennsylvania; you and the Company consent to personal jurisdiction in any such court and waive any objection to the laying of venue of any such suit, action or proceeding in any such court. This Award Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania without reference to its principles of conflict/choice of law. You and the Company also irrevocably and unconditionally consent to the service of any process, pleadings, notices, or other papers with respect thereto. YOU AND THE COMPANY IRREVOCABLY AGREE TO WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM, OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS AWARD AGREEMENT.
18.Modification; Severability. If any court of competent jurisdiction finds any provision of this Award Agreement, and particularly the covenants set forth in Paragraph 1, or portion thereof, to not be fully enforceable, it is the intention and desire of the parties that the provision be fully enforced to the extent the court finds them enforceable and, if necessary, that the court modify any provisions of this Award Agreement to the extent deemed necessary by the court to render them reasonable and enforceable and that the court enforce them to such extent. To the extent that such provisions cannot be modified, it is the intention of the parties that the provisions be severable and that the invalidity of any one or more provisions of this Award Agreement shall not affect the legality, validity and enforceability of the remaining provisions of this Award Agreement. If Paragraph 1 is unenforceable in its entirety, then this Award Agreement shall be considered null and void ab initio.
19.Waiver. The failure of the Company to enforce any terms, provisions or covenants of this Exhibit shall not be construed as a waiver of the same or of the right of the Company to enforce the same. Waiver by the Company of any breach or default by you of any term or provision of the Award Agreement (including these Restrictive Covenants) shall not operate as a waiver of any other breach or default.
20.No Contract. None of your FY2025 Performance Share Awards, this Award Agreement, nor the Plan constitute a contract of employment; nor do they guarantee your continued employment for any period required for all or any of your Awards to vest or become exercisable.


EXHIBIT B
PERFORMANCE SHARES

1.Grant of Performance Shares. Performance Shares are granted to you subject to the terms of the Plan, as amended from time to time and the terms and conditions described in this Award Agreement. The Performance Shares are “Deferred Stock Units” as described in Section 9 of the Plan. The Deferral Period begins on 2 December 2024 and ends on 2 December 2027.

2.Payment of Deferred Stock Units. The Performance Shares granted to you will be earned in accordance with the formula indicated in Attachment I based on Air Products’ relative “Total Shareholder Return” in relation to the “TSR comparator group” (as such terms are defined in Attachment I) over the three fiscal year performance period beginning 1 October 2024 and ending 30 September 2027 (the “Performance Period”). Subject to the conditions described in this Award Agreement, Performance Shares earned and not forfeited (including in the event of your termination of employment during the Deferral Period) shall be paid in shares of Common Stock, cash, or both, as determined by the Administrator or its delegate, in its sole discretion, as soon as administratively practical following the end of the Deferral Period (but in no event later than 60 days thereafter).

3.Dividends. No cash dividends or other amounts shall be payable with respect to the Performance Shares during the Deferral Period. For each earned Performance Share that vests under this Award Agreement, you will be entitled to receive a payment equal to the dividends which would have been paid with respect to a share of Common Stock during the Deferral Period without interest (“Dividend Equivalents”). Such Dividend Equivalents will be paid in cash or shares of Common Stock following the end of the Deferral Period (but in no event later than 60 days thereafter) or at such other time as is specified below.

4.Termination of Employment. Except as provided below (with respect to a qualifying “Involuntary Termination” as such term is defined below), if your employment by the Company and all of its affiliates is terminated for any reason prior to 2 December 2025 for any reason other than death or Disability, all of your Performance Shares will be automatically forfeited in their entirety. If your employment by the Company and all its affiliates terminates on or after 2 December 2025, but during the Deferral Period, other than due to death, Disability, Retirement or a termination by the Company without Cause, all of your Performance Shares will be automatically forfeited in their entirety. For purposes of this Award Agreement, (i) a termination without Cause by the Company during the Deferral Period shall be referred to as an “Involuntary Termination,” and (ii) Cause shall have the meaning set forth in the Plan, provided that if the administrator of the Air Products and Chemicals, Inc. Executive Separation Program (the “Program”) determines that you are eligible for the benefits of the Program, Cause shall have the meaning set forth in the Program.


a.Death or Disability. If your employment by the Company and all its affiliates is terminated during the Deferral Period (including before 2 December 2025), due to death or Disability, you will vest in a pro-rata portion of your earned Performance Shares, based on actual financial performance, as determined by the Administrator in its sole discretion, (which portion in each case shall be based on the number of full months you worked during the Performance Period before your termination of employment divided by 36) and your remaining Performance Shares will be forfeited. If your employment by the Company and all its affiliates terminates at any time during the Deferral Period (including before 2 December 2025) due to death or Disability, payment in respect of earned Performance Shares that have not been forfeited and of related Dividend Equivalents shall be made, as soon as practicable following the end of the Deferral Period (but in no event later than 60 days thereafter), to you, or, in the event of death, your Designated Beneficiary or, if none, your legal representative.
b.Retirement. If your employment by the Company and all its affiliates is terminated on or after 2 December 2025, but during the Deferral Period, due to Retirement, you will vest in a pro-rata portion of your earned Performance Shares, based on actual financial performance, as determined by the Administrator in its sole discretion, (which portion in each case shall be based on the number of full months you worked during the Performance Period before your termination of employment divided by 36) and your remaining Performance Shares will be forfeited. In the event of your termination of employment due to Retirement on or after 2 December 2025 and prior to the end of the Deferral Period, payment in respect of the Performance Shares due to you and of related Dividend Equivalents shall be made as soon as administratively practical following the end of the Deferral Period (but in no event later than 60 days thereafter).

5.Involuntary Termination. If your employment is terminated at any time during the Deferral Period (including before 2 December 2025) due to Involuntary Termination and you execute a general release of claims in favor of the Company within 50 days following your termination in a form satisfactory to the Administrator (a “Release”), you will vest in a pro-rata portion of your earned Performance Shares, based on actual financial performance, as determined by the Administrator in its sole discretion, (which portion shall be based on the number of full months you worked during the Performance Period before your termination of employment divided by 36) and all of your remaining Performance Shares will be forfeited. If you do not execute a Release, all of your Performance Shares will be automatically forfeited in their entirety. With respect to an Involuntary Termination that also meets the definition of Retirement: (i) if services to the Company are terminated before 2 December 2025, such termination of employment shall be deemed to be, and shall be treated as, an Involuntary Separation for purposes of this Award Agreement; and (ii) if services to the Company are terminated on or after 2 December 2025 and prior to the end of the Deferral Period, such termination of employment shall be deemed to be, and shall be treated as, a Retirement for purposes of this Award Agreement. If your employment by the Company and all its affiliates


terminates at any time during the Deferral Period due to Involuntary Termination, payment in respect of Performance Shares that have not been forfeited and of related Dividend Equivalents shall be made as soon as administratively practical following the end of the Deferral Period (but in no event later than 60 days thereafter).

6.Notwithstanding anything to the contrary above, if your employment by the Company and its affiliates is terminated and such termination constitutes a “Termination of Employment” within the meaning of the Program and the administrator of the Program determines you are entitled to the benefits of the Program, your outstanding Awards under this Agreement shall be treated in accordance with the Program.
7.Recoupment and Forfeiture. This award, and any proceeds hereunder, shall be subject to the terms of the Air Products and Chemicals, Inc. Compensation Recoupment Policy and Air Products and Chemicals, Inc. Supplemental Executive Officer Recoupment Policy (each a “Policy”), each as may be amended from time to time. By accepting this award, you acknowledge that this award, and proceeds hereunder, are subject to reimbursement, repayment, recoupment, or forfeiture pursuant to the terms of each Policy in the event of an accounting restatement or covered conduct under the terms of the applicable Policy.
8.Taxes. The Company shall have the right to deduct from all Awards hereunder paid or any payment in respect of an Award, any federal, state, local or foreign taxes required or permitted by law to be withheld. In the case of a payment in respect of Performance Shares made in Common Stock, the Company shall reduce number of the shares of Common Stock to be distributed by an amount with a value equal to the value of such taxes required or permitted to be withheld.
9.Adjustments. In the event of any change in the outstanding shares of Common Stock of the Company or the occurrence of certain other events as described in Section 12 of the Plan, an equitable adjustment of the number of Performance Shares covered by this Award Agreement shall be made as provided in the Plan.
10.Code section 409A. It is intended that the provisions of this Award Agreement avoid the adverse consequences under section 409A of the Internal Revenue Code (the “Code”), and all provisions of the Award Agreement shall be construed and interpreted in a manner consistent with that intent. The Administrator reserves the right to make amendments to the Award Agreement as the Administrator deems necessary or desirable to avoid the imposition of taxes or penalties under section 409A of the Code. In any case, you shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on you or for your account in connection with an Award (including any taxes and penalties under section 409A of the Code), and neither the Company nor any of its affiliates shall have any obligation to indemnify or otherwise hold you harmless from any or all of such taxes or penalties.


FY2025-2027 Performance Share Payout Schedule

1.Performance Shares Earned. For the avoidance of doubt, capitalized terms that are otherwise not defined in this Attachment will have the same definition as in the Award Agreement. The number of Performance Shares earned will be determined in accordance with the following formula:

(PERFORMANCE SHARES AWARDED) x (PAYOUT FACTOR) =
(PERFORMANCE SHARES EARNED)

2.Payout Factor. The “Payout Factor” is the percentage determined under this Section 2. The Payout Factor is based on the Company’s TSR Percentile Rank among the TSR comparator group for the Performance Period. The “Initial Payout Factor” is determined in accordance with the following schedule:

Company’s TSR Percentile Rank
Initial Payout Factor
> 75th %ile
200%
> 55th %ile
100%
> 30th %ile
30%
< 30th %ile
0%

If the absolute TSR performance for the 3-year performance period is negative, the initial payout factor based on the Company’s TSR Percentile Rank among the TSR comparator group will be capped at 100%.

The Initial Payout Factor will be interpolated for TSR Percentile Rank between discrete points, from a minimum Initial Payout Factor of 30 percentage points to a maximum Initial Payout Factor of 200 percentage points.

The Initial Payout Factor will be increased by 15 percentage points to determine the maximum Payout Factor (the “Maximum Payout Factor”), but in no event will the Maximum Payout Factor exceed 215 percentage points. The Committee, in its discretion, may decrease the Maximum Payout Factor by up to 30 percentage points (i.e., a decrease of 15 percentage points from the Initial Payout Factor) to determine the Payout Factor. The Committee, in its discretion, may adjust the amount of any individual’s payout, but the Payout Factor used for such payout may not exceed the Maximum Payout Factor.
3.Definitions.

a.Beginning Price means, with respect to the Company’s and any other TSR comparator group company’s common stock, the average of the closing sale prices of a share of such common stock on the principal exchange on which such stock is traded for the thirty (30) calendar days preceding the first day of the of the Performance Period.



b.Ending Price means, with respect to the Company’s and any other TSR comparator group company’s common stock, the average of the closing sale prices of a share of such company’s common stock on the principal exchange on which such stock is traded for thirty (30) calendar days ending with the last day of the Performance Period.

c.TSR Comparator Group for purposes of calculating the TSR Percentile Rank, shall be a fixed group of the companies that comprise the S&P 500 index at the beginning of the Performance Period (i.e., 1 October 2024), subject to the modifications described below. The TSR Comparator Group will be modified to reflect merger and acquisition activity during the Performance Period. If an S&P 500 constituent is acquired during the Performance Period, they will be removed from the index when calculating the payout. If an S&P 500 constituent has a spin, the RemainCo stays when calculating the payout, and SpinCo will be treated as a dividend. If an S&P 500 constituent goes bankrupt during the Performance Period, the company will remain in the comparator group, ranked at the bottom.
d.Total Shareholder Return or TSR shall be the percent increase/decrease in value that would be experienced from purchasing a share of the Company’s or a TSR comparator group company’s common stock at the Beginning Price and holding it for the Performance Period and selling at the Ending Price of such a share, assuming that dividends and other distributions are reinvested in additional shares of such stock at the closing market price on the ex-dividend date. Any non-cash distributions shall be valued at market value that shall be determined by the Committee.

e.TSR Rank means the ranking of the Company’s TSR among the TSRs for the TSR Comparator Group companies for the Performance Period. TSR Rank is determined by ordering the TSR comparator group companies and the Company from highest to lowest based on TSR for the Performance Period and counting down from the company with the highest TSR (ranked first) to the Company’s position on the list. If two companies are ranked equally, the ranking of the next company shall account for the tie, so that if one company is ranked first, and two companies are tied for second, the next company is ranked fourth. In the event of any ambiguity, the determination of the Committee shall be final and binding.










4.TSR Percentile Rank. The TSR Percentile Rank will be determined as follows:

The nth ranked company out of the N companies (including Air Products) would have the following TSR Percentile Rank

TSR Percentile Rank =
(N — n)
(N — 1)


That is, if Air Products ranked 5th out of 16 companies, its TSR Percentile Rank would be 73.3% ((16-5)/(16-1)), which would give an Initial Payout Factor of 191.6%.




Exhibit 31.1
PRINCIPAL EXECUTIVE OFFICER’S CERTIFICATION
I, Seifi Ghasemi, certify that:
 
1.I have reviewed this Quarterly Report of Air Products and Chemicals, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: 6 February 2025
 
/s/ Seifi Ghasemi
Seifi Ghasemi
President and Chief Executive Officer


Exhibit 31.2
PRINCIPAL FINANCIAL OFFICER’S CERTIFICATION
I, Melissa N. Schaeffer, certify that:
 
1.I have reviewed this Quarterly Report of Air Products and Chemicals, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: 6 February 2025
 
/s/ Melissa N. Schaeffer
Melissa N. Schaeffer
Executive Vice President and Chief Financial Officer


Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Air Products and Chemicals, Inc. (the “Company”) on Form 10-Q for the period ending 31 December 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Seifi Ghasemi, Chairman, President, and Chief Executive Officer of the Company, and Melissa N. Schaeffer, Senior Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
 
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
 /s/ Seifi Ghasemi
Date: 6 February 2025 Seifi Ghasemi
 President and Chief Executive Officer
   /s/ Melissa N. Schaeffer
 Melissa N. Schaeffer
 Executive Vice President and Chief Financial Officer

v3.25.0.1
Cover
 3 Months Ended
Dec. 31, 2024
shares
Entity Information [Line Items]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Dec. 31, 2024
Document Transition Report false
Entity File Number 001-04534
Entity Registrant Name AIR PRODUCTS AND CHEMICALS, INC.
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 23-1274455
Entity Address, Address Line One 1940 Air Products Boulevard
Entity Address, City or Town Allentown
Entity Address, State or Province PA
Entity Address, Postal Zip Code 18106-5500
City Area Code 610
Local Phone Number 481-4911
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 222,475,666
Entity Central Index Key 0000002969
Current Fiscal Year End Date --09-30
Document Fiscal Year Focus 2025
Document Fiscal Period Focus Q1
Amendment Flag false
Common Stock, par value $1.00 per share  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, par value $1.00 per share
Trading Symbol APD
Security Exchange Name NYSE
1.000% Euro Notes due 2025  
Entity Information [Line Items]  
Title of 12(b) Security 1.000% Euro Notes due 2025
Trading Symbol APD25
Security Exchange Name NYSE
0.500% Euro Notes due 2028  
Entity Information [Line Items]  
Title of 12(b) Security 0.500% Euro Notes due 2028
Trading Symbol APD28
Security Exchange Name NYSE
0.800% Euro Notes due 2032  
Entity Information [Line Items]  
Title of 12(b) Security 0.800% Euro Notes due 2032
Trading Symbol APD32
Security Exchange Name NYSE
4.000% Euro Notes due 2035  
Entity Information [Line Items]  
Title of 12(b) Security 4.000% Euro Notes due 2035
Trading Symbol APD35
Security Exchange Name NYSE
v3.25.0.1
Consolidated Income Statements (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]    
Sales $ 2,931.5 $ 2,997.4
Cost of sales 2,016.5 2,067.2
Selling and administrative expense 242.4 238.4
Research and development expense 22.0 25.7
Shareholder activism costs 29.9 0.0
Other income (expense), net 22.9 0.8
Operating Income 643.6 666.9
Equity affiliates' income 150.6 158.4
Interest expense 42.6 53.5
Other non-operating income (expense), net 38.9 (14.8)
Income Before Taxes 790.5 757.0
Income tax provision 140.7 135.4
Net Income 649.8 621.6
Net Income Attributable to Noncontrolling Interests 32.4 12.3
Net Income Attributable to Air Products $ 617.4 $ 609.3
Per Share Data (U.S. Dollars per share)    
Basic earnings per share attributable to Air Products (in dollars per share) $ 2.77 $ 2.74
Diluted earnings per share attributable to Air Products (in dollars per share) $ 2.77 $ 2.73
Weighted Average Common Shares (in millions)    
Basic (in shares) 222.7 222.5
Diluted (in shares) 222.9 222.8
v3.25.0.1
Consolidated Comprehensive Income Statements (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]    
Net Income $ 649.8 $ 621.6
Other Comprehensive (Loss) Income, net of tax:    
Translation adjustments, net of tax (624.0) 380.6
Net gain (loss) on derivatives, net of tax 65.7 (161.1)
Reclassification adjustments:    
Derivatives, net of tax 91.9 (42.2)
Pension and postretirement benefits, net of tax 11.0 13.7
Net current period other comprehensive income (loss) (455.4) 191.0
Comprehensive Income 194.4 812.6
Net Income Attributable to Noncontrolling Interests 32.4 12.3
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interests 103.1 (138.1)
Comprehensive Income Attributable to Air Products $ 58.9 $ 938.4
v3.25.0.1
Consolidated Comprehensive Income Statements (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]    
Tax effect on translation adjustments $ 46.2 $ (29.8)
Tax effect on net gain (loss) on derivatives (22.0) 5.5
Tax effect on derivatives reclassification adjustments 27.8 (12.8)
Tax effect on pension and postretirement benefits reclassification adjustments $ 3.3 $ 4.2
v3.25.0.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Dec. 31, 2024
Sep. 30, 2024
Current Assets    
Cash and cash items $ 1,845.5 $ 2,979.7
Short-term investments 117.5 5.0
Trade receivables, net 1,807.4 1,821.6
Inventories 739.0 766.0
Prepaid expenses 201.8 179.9
Other receivables and current assets 640.5 610.8
Total Current Assets 5,351.7 6,363.0
Investment in net assets of and advances to equity affiliates 4,772.1 4,792.5
Plant and equipment, at cost 41,097.9 39,950.9
Less: accumulated depreciation 16,367.1 16,580.0
Plant and equipment, net 24,730.8 23,370.9
Goodwill, net 866.5 905.1
Intangible assets, net 287.5 311.6
Operating lease right-of-use assets, net 1,017.4 1,047.7
Noncurrent lease receivables 335.7 392.1
Financing receivables 1,245.4 1,220.2
Other noncurrent assets 1,410.1 1,171.5
Total Noncurrent Assets 34,665.5 33,211.6
Total Assets [1] 40,017.2 39,574.6
Current Liabilities    
Payables and accrued liabilities 3,023.7 2,926.2
Accrued income taxes 586.1 558.5
Short-term borrowings 68.2 83.5
Current portion of long-term debt 1,131.4 611.4
Total Current Liabilities 4,809.4 4,179.6
Noncurrent operating lease liabilities 655.1 677.9
Other noncurrent liabilities 1,348.1 1,350.5
Deferred income taxes 1,195.0 1,159.9
Total Noncurrent Liabilities 16,469.1 16,721.3
Total Liabilities [1] 21,278.5 20,900.9
Commitments and Contingencies - See Note 10
Air Products Shareholders’ Equity    
Common stock (par value $1 per share; issued 2025 and 2024 - 249,455,584 shares) 249.4 249.4
Capital in excess of par value 1,260.9 1,253.2
Retained earnings 19,767.3 19,545.7
Accumulated other comprehensive loss (2,586.2) (2,027.7)
Treasury stock, at cost (2025 - 26,979,918 shares; 2024 - 27,083,166 shares) (1,999.1) (1,984.1)
Total Air Products Shareholders’ Equity 16,692.3 17,036.5
Noncontrolling interests [1] 2,046.4 1,637.2
Total Equity 18,738.7 18,673.7
Total Liabilities and Equity 40,017.2 39,574.6
Nonrelated Party    
Current Liabilities    
Long-term debt 13,170.5 13,428.6
Related Party    
Current Assets    
Trade receivables, net 185.0 120.0
Current Liabilities    
Current portion of long-term debt 192.3 200.0
Long-term debt $ 100.4 $ 104.4
[1] Includes balances associated with a consolidated variable interest entity ("VIE"), including amounts reflected in "Total Assets" that can only be used to settle obligations of the VIE of $5,692.4 and $4,393.9 as of 31 December 2024 and 30 September 2024, respectively, as well as liabilities of the VIE reflected within "Total Liabilities" for which creditors do not have recourse to the general credit of Air Products of $3,994.1 and $3,473.4 as of 31 December 2024 and 30 September 2024, respectively. Refer to Note 3, Variable Interest Entities, for additional information regarding the NEOM Green Hydrogen Company joint venture.
v3.25.0.1
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2024
Sep. 30, 2024
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, issued (in shares) 249,455,584 249,455,584
Treasury stock, at cost (in shares) 26,979,918 27,083,166
Total Assets [1] $ 40,017.2 $ 39,574.6
Total Liabilities [1] 21,278.5 20,900.9
Variable Interest Entity, Primary Beneficiary | NEOM Green Hydrogen Company    
Total Assets 5,692.4 4,393.9
Total Liabilities $ 3,994.1 $ 3,473.4
[1] Includes balances associated with a consolidated variable interest entity ("VIE"), including amounts reflected in "Total Assets" that can only be used to settle obligations of the VIE of $5,692.4 and $4,393.9 as of 31 December 2024 and 30 September 2024, respectively, as well as liabilities of the VIE reflected within "Total Liabilities" for which creditors do not have recourse to the general credit of Air Products of $3,994.1 and $3,473.4 as of 31 December 2024 and 30 September 2024, respectively. Refer to Note 3, Variable Interest Entities, for additional information regarding the NEOM Green Hydrogen Company joint venture.
v3.25.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating Activities    
Net Income $ 649.8 $ 621.6
Less: Net income attributable to noncontrolling interests 32.4 12.3
Net income attributable to Air Products 617.4 609.3
Adjustments to reconcile income to cash provided by operating activities:    
Depreciation and amortization 366.8 349.2
Deferred income taxes (6.3) 13.5
Undistributed earnings of equity method investments (48.4) (41.5)
Gain on sale of assets and investments (10.1) (1.4)
Share-based compensation 16.4 13.8
Noncurrent lease receivables 15.0 20.0
Other adjustments (122.6) 33.3
Working capital changes that provided (used) cash, excluding effects of acquisitions:    
Trade receivables (47.8) 11.8
Inventories 6.4 (48.6)
Other receivables 9.0 (64.5)
Payables and accrued liabilities 30.5 (268.5)
Other working capital (14.6) 0.2
Cash Provided by Operating Activities 811.7 626.6
Investing Activities    
Additions to plant and equipment, including long-term deposits (2,117.6) (1,445.5)
Investment in financing receivables (15.3) (301.8)
Proceeds from sale of assets and investments 34.4 4.2
Purchases of investments (117.6) (55.5)
Proceeds from investments 5.0 120.1
Other investing activities 29.0 12.9
Cash Used for Investing Activities (2,182.1) (1,665.6)
Financing Activities    
Long-term debt proceeds 459.2 810.4
Payments on long-term debt (12.1) (54.8)
(Decrease) Increase in commercial paper and short-term borrowings (21.5) 1,020.9
Dividends paid to shareholders (393.6) (388.9)
Proceeds from stock option exercises 1.1 5.3
Investments by noncontrolling interests 280.9 34.5
Other financing activities (39.8) (64.6)
Cash Provided by Financing Activities 274.2 1,362.8
Effect of Exchange Rate Changes on Cash (38.0) 21.8
(Decrease) Increase in cash and cash items (1,134.2) 345.6
Cash and cash items – Beginning of year 2,979.7 1,617.0
Cash and Cash Items – End of Period $ 1,845.5 $ 1,962.6
v3.25.0.1
Consolidated Statements of Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Stock
Capital in Excess of Par Value
Retained Earnings
AOCL
 [1]
Treasury Stock
Air Products Shareholders' Equity
Non- controlling Interests
Beginning balance at Sep. 30, 2023 $ 15,660.3 $ 249.4 $ 1,190.5 $ 17,289.7 $ (2,449.4) $ (1,967.3) $ 14,312.9 $ 1,347.4
Stockholders' Equity [Roll Forward]                
Net income 621.6     609.3     609.3 12.3
Other comprehensive income (loss) 191.0       329.1   329.1 (138.1)
Dividends on common stock (389.0)     (389.0)     (389.0)  
Share-based compensation 13.8   13.8       13.8  
Issuance of treasury shares for stock option and award plans (3.2)   (4.4)     1.2 (3.2)  
Investments by noncontrolling interests 34.5             34.5
Other equity transactions 0.1   0.1       0.1  
Ending balance at Dec. 31, 2023 16,129.1 249.4 1,200.0 17,510.0 (2,120.3) (1,966.1) 14,873.0 1,256.1
Beginning balance at Sep. 30, 2024 18,673.7 249.4 1,253.2 19,545.7 (2,027.7) (1,984.1) 17,036.5 1,637.2
Stockholders' Equity [Roll Forward]                
Net income 649.8     617.4     617.4 32.4
Other comprehensive income (loss) (455.4)       (558.5)   (558.5) 103.1
Dividends on common stock (393.8)     (393.8)     (393.8)  
Distributions to noncontrolling interests (1.4)             (1.4)
Share-based compensation 14.3   14.3       14.3  
Issuance of treasury shares for stock option and award plans (21.8)   (6.8)     (15.0) (21.8)  
Investments by noncontrolling interests 281.0             281.0
Purchase of noncontrolling interests (5.9)             (5.9)
Other equity transactions (1.8)   0.2 (2.0)     (1.8)  
Ending balance at Dec. 31, 2024 $ 18,738.7 $ 249.4 $ 1,260.9 $ 19,767.3 $ (2,586.2) $ (1,999.1) $ 16,692.3 $ 2,046.4
[1]
(A)Accumulated other comprehensive loss
v3.25.0.1
Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]    
Dividends per share (in dollars per share) $ 1.77 $ 1.75
v3.25.0.1
Basis of Presentation and Major Accounting Policies
 3 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation and Major Accounting Policies BASIS OF PRESENTATION AND MAJOR ACCOUNTING POLICIES
As used in this report, unless the context indicates otherwise, the terms “we”, “our”, “us”, the “Company”, "Air Products", or “registrant” include our controlled subsidiaries and affiliates.
Basis of Presentation
The interim consolidated financial statements of Air Products and Chemicals, Inc. and its subsidiaries included herein have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. In our opinion, the accompanying statements reflect adjustments necessary to fairly present the financial position, results of operations, and cash flows for those periods indicated and contain adequate disclosures to make the information presented not misleading. Adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the notes to the interim consolidated financial statements.
To fully understand the basis of presentation, the interim consolidated financial statements and related notes included herein should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended 30 September 2024 (the "2024 Form 10-K"), which was filed with the SEC on 21 November 2024. Results of operations for interim periods are not necessarily indicative of the results of operations for a full year.
Major Accounting Policies
Refer to our 2024 Form 10-K for a description of major accounting policies. There have been no significant changes to these accounting policies during the first three months of fiscal year 2025.
v3.25.0.1
New Accounting Guidance
 3 Months Ended
Dec. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New Accounting Guidance NEW ACCOUNTING GUIDANCE
New Accounting Guidance to be Implemented
Climate-Related Disclosures
In March 2024, the SEC issued Release No. 33-11275, “The Enhancement and Standardization of Climate-Related Disclosures for Investors", which includes final rules for providing qualitative and quantitative disclosures regarding certain climate-related topics on an annual basis. As a result of ongoing litigation in the U.S., the SEC issued an order in April 2024 to stay the effectiveness of the rules while judicial review is pending. If the rules are not overturned and take effect on schedule, prospective adoption will be permitted with phased-in compliance beginning with our Annual Report on Form 10-K for the fiscal year ending 30 September 2026. We are evaluating the impact these rules will have on our disclosures.
Reportable Segment Disclosures
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". The update includes enhanced disclosures about significant segment expenses and identification of the chief operating decision maker. The update will be effective in our Annual Report on Form 10-K for the fiscal year ending 30 September 2025 as well as interim periods thereafter, although early adoption is permitted. The amendments must be applied retrospectively to all prior periods presented. We are evaluating the impact this update will have on our disclosures.
Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740)—Improvements to Income Tax Disclosures”, to expand income tax disclosures, primarily through disaggregation requirements for the rate reconciliation and income taxes paid. The update will be effective in our Annual Report on Form 10-K for the fiscal year ending 30 September 2026, although early adoption is permitted. The amendments should be applied on a prospective basis with a retrospective option. We are evaluating the impact this update will have on our disclosures.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, which requires additional disclosures of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, intangible asset amortization, as well as selling expenses in the notes to the financial statements. In January 2025, the FASB clarified that the update will be effective in our Annual Report on Form 10-K for the fiscal year ending 30 September 2028 as well as interim periods thereafter, although early adoption is permitted. The amendments should be applied either prospectively after the effective date or retrospectively to any or all periods presented. We are evaluating the impact this update will have on our disclosures.
v3.25.0.1
Variable Interest Entities
 3 Months Ended
Dec. 31, 2024
Consolidated Variable Interest Entities Disclosure [Abstract]  
Variable Interest Entities VARIABLE INTEREST ENTITIES
We are the primary beneficiary of the NEOM Green Hydrogen Company joint venture ("NGHC"), which is a variable interest entity ("VIE") that is consolidated in our Middle East and India segment. We are not the primary beneficiary of any other material VIEs. We account for a VIE for which we have an equity interest and exercise significant influence but are not the primary beneficiary, such as the Jazan Integrated Gasification and Power Company joint venture ("JIGPC"), as an equity method investment. Additionally, World Energy, LLC ("World Energy") is a VIE for which we have no equity interest and are not the primary beneficiary. Our variable interests in NGHC, JIGPC, and World Energy are further discussed below.
NGHC Joint Venture
The NEOM Green Hydrogen Project is a multi-billion dollar green hydrogen-based ammonia production facility that is being constructed in NEOM City, Saudi Arabia. Owned and operated by NGHC, the facility will be powered by renewable energy to produce green ammonia for Air Products as the exclusive offtaker under a long-term take-if-tendered agreement. We intend to transport the green ammonia around the world to be dissociated to produce green hydrogen for transportation and industrial markets.
Air Products is an equal owner in NGHC with our joint venture partners, ACWA Power and NEOM Company. While we only hold one-third of the voting interests in the joint venture, substantially all the activities of the joint venture involve or are conducted on behalf of Air Products. Since we have disproportionately few voting rights relative to our economic interests in the joint venture, we determined that NGHC is a VIE. In addition, we determined that we are the primary beneficiary of NGHC since we have the power to unilaterally direct certain significant activities, including key design and construction decisions, and we share power with our joint venture partners related to other activities that are significant to the economic performance of NGHC. Therefore, we consolidate NGHC within the Middle East and India segment.
Under the project financing discussed below, the assets of NGHC can only be used to settle obligations of the joint venture, and creditors of NGHC do not have recourse to the general credit of Air Products. A table summarizing balances associated with NGHC as reflected on our consolidated balance sheets is provided on page 13.
Project Financing
In May 2023, NGHC finalized the $6.7 billion engineering, procurement, and construction ("EPC") agreement with Air Products named as the main contractor and system integrator for the facility. NGHC secured project financing that is non-recourse to Air Products of approximately $6.1 billion, which is expected to fund about 73% of the project and will be drawn over the construction period. At the same time, NGHC secured additional credit facilities that are non-recourse to Air Products, which total approximately $500 and are primarily for NGHC's working capital needs. Total principal borrowings were $3.8 billion and $3.3 billion as of 31 December 2024 and 30 September 2024, respectively. These balances include short-term borrowings of $60.4 and $51.6, respectively, from a 5.70% variable rate Saudi Riyal facility. The remaining borrowings include the long-term facilities that are reflected net of unamortized discounts and debt issuance costs within "Long-term debt" on our consolidated balance sheets.
In May 2023, NGHC entered into floating-to-fixed interest rate swaps designed to hedge the long-term variable rate debt facilities available under the project financing during the construction period of the project. We discontinued cash flow hedge accounting for certain swaps during the third quarter of fiscal year 2024. As a result of the de-designation, unrealized gains and losses are recorded to "Other non-operating income (expense), net" on our consolidated income statements. During the first quarter of fiscal year 2025, we recognized an unrealized gain of $38.8 ($10.3 attributable to Air Products after tax). The amount of the unrealized gain attributable to our noncontrolling partners was $25.2. Refer to Note 7, Financial Instruments, for additional information.
NGHC Balance Sheet
The table below summarizes balances associated with NGHC as reflected on our consolidated balance sheets:
31 December30 September
20242024
Assets
Cash and cash items$24.0 $34.5 
Trade receivables, net15.4 6.7 
Prepaid expenses30.7 31.2 
Other receivables and current assets126.3 120.6 
Total Current Assets
$196.4 $193.0 
Plant and equipment, net5,015.4 3,929.9 
Operating lease right-of-use assets, net226.2 233.9 
Other noncurrent assets254.4 37.1 
Total Noncurrent Assets
$5,496.0 $4,200.9 
Total Assets
$5,692.4 $4,393.9 
Liabilities
Payables and accrued liabilities$358.3 $308.4 
Accrued income taxes0.8 2.0 
Short-term borrowings60.4 51.6 
Total Current Liabilities
$419.5 $362.0 
Long-term debt3,499.4 3,053.3 
Noncurrent operating lease liabilities19.7 24.5 
Other noncurrent liabilities35.4 30.4 
Deferred income taxes20.1 3.2 
Total Noncurrent Liabilities
$3,574.6 $3,111.4 
Total Liabilities
$3,994.1 $3,473.4 
Equity
Accumulated other comprehensive income$61.8 $13.8 
Noncontrolling interests1,255.3 937.6 
JIGPC Joint Venture
JIGPC is a joint venture with Saudi Aramco Power Company (a subsidiary of Aramco), ACWA Power, and Air Products Qudra (“APQ”). JIGPC entered into project financing to purchase power blocks, gasifiers, air separation units, syngas cleanup assets, and utilities to supply electricity, steam, hydrogen, and utilities to Aramco’s refinery and terminal complex under a 25-year agreement, which commenced in the first quarter of fiscal year 2022. JIGPC recorded financing receivables upon acquisition of the assets and recognizes financing income over the supply term.
We determined JIGPC is a VIE for which we exercise significant influence but are not the primary beneficiary as we do not have the power to direct the activities that are most significant to its economic performance. Instead, these activities, including plant dispatch, operating and maintenance decisions, budgeting, capital expenditures, and financing, require unanimous approval of the owners or are controlled by the customer. Accordingly, we account for our 55% investment, which includes 4% that is attributable to the noncontrolling partner of APQ, under the equity method within the Middle East and India segment. The carrying value of our investment, including amounts attributable to noncontrolling interests, totaled $2,909.0 and $2,871.2 as of 31 December 2024 and 30 September 2024, respectively. Our loss exposure is limited to our investment in the joint venture.
Our investment primarily consists of shareholder loans that qualify as in-substance common stock in the joint venture. Certain shareholders receive a preferred cash distribution pursuant to the joint venture agreement, which specifies each shareholder’s share of income after considering the amount of cash available for distribution. As such, the earnings attributable to Air Products may not be proportionate to our ownership interest in the venture.
World Energy
In November 2023, we finalized an agreement to purchase a sustainable aviation fuel (“SAF”) facility in Paramount, California from World Energy. We determined the acquisition contains an embedded sales-type lease. As a result, we are accounting for the transaction as a financing arrangement and recorded a financing receivable, which had a carrying value of approximately $300 as of 31 December 2024.
At the time of acquisition, we entered into a Master Project Agreement (“MPA”) containing terms for operation of the acquired facility as well as amended terms for the construction and operation of an SAF expansion project subject to construction at the same location. The MPA includes a tolling arrangement whereby we will receive feedstock from and produce renewable fuels for World Energy over a term that will conclude 15 years after onstream of the expansion project with the option to renew for two five-year terms. This project is currently on hold pending receipt of permits.
During the first quarter of fiscal year 2024, we determined that World Energy is a VIE and our financing receivable represents a variable interest in World Energy. We are not the primary beneficiary as we do not have control over their key operating decisions, including feedstock supply, production of renewable fuels, and negotiating and executing supply agreements with customers. As of 31 December 2024, our maximum exposure to loss is approximately $2.1 billion. This primarily includes project-related spending of approximately $1.5 billion, of which $1.2 billion is capitalized within “Plant and equipment, net” and $336 is deferred within "Other noncurrent assets", and approximately $215 for open purchase commitments, all of which relate to the SAF expansion project. Our exposure also includes the financing receivable of $300 discussed above, which we begin to collect at the onstream of the expansion project, as well as trade receivables and accrued interest. The financing receivable is currently on non-accrual status as World Energy made no interest payments, and therefore we recorded no interest income, during the first quarter of fiscal year 2025.
v3.25.0.1
Revenue Recognition
 3 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition REVENUE RECOGNITION
The majority of our revenue is generated from our sale of gas customers within the regional industrial gases segments. We distribute gases through either our on-site or merchant supply mode depending on various factors, including the customer's volume requirements and location. We also design and manufacture equipment for air separation, hydrocarbon recovery and purification, and liquid helium and liquid hydrogen transport and storage. The Corporate and other segment serves our sale of equipment customers.
Disaggregation of Revenue
The tables below present our consolidated sales disaggregated by supply mode for each of our reportable segments for the first three months of fiscal years 2025 and 2024. We believe this presentation best depicts the nature, timing, type of customer, and contract terms for our sales.
Three Months Ended 31 December 2024
AmericasAsiaEuropeMiddle East
 and India		Corporate
and other		Total%
On-site$713.1 $529.3 $228.3 $17.6 $— $1,488.3 51 %
Merchant574.5 287.8 468.9 15.2 — 1,346.4 46 %
Sale of equipment— — — — 96.8 96.8 3 %
Total $1,287.6 $817.1 $697.2 $32.8 $96.8 $2,931.5 100 %
Three Months Ended 31 December 2023
AmericasAsiaEuropeMiddle East
 and India		Corporate
and other		Total%
On-site$714.1 $503.2 $259.2 $17.5 $— $1,494.0 50 %
Merchant538.0 290.6 472.0 17.9 — 1,318.5 44 %
Sale of equipment— — — — 184.9 184.9 6 %
Total $1,252.1 $793.8 $731.2 $35.4 $184.9 $2,997.4 100 %
Interest income associated with financing and lease arrangements accounted for approximately 1% of our total consolidated sales during the three months ended 31 December 2024 and 2023.
Remaining Performance Obligations
As of 31 December 2024, the transaction price allocated to remaining performance obligations is estimated to be approximately $26 billion. This amount includes fixed-charge contract provisions associated with our on-site and sale of equipment supply modes. We estimate that approximately half of this revenue will be recognized over the next five years and the balance thereafter.
Our remaining performance obligations do not include (1) expected revenue associated with new on-site plants that are not yet on-stream; (2) consideration associated with contracts that have an expected duration of less than one year; and (3) variable consideration for which we recognize revenue at the amount to which we have the right to invoice, including energy cost pass-through to customers.
In the future, actual amounts will differ due to events outside of our control, including, but not limited to, inflationary price escalations; currency exchange rates; and amended, terminated, or renewed contracts.
Contract Balances
The table below details balances arising from contracts with customers:
31 December30 September
Balance Sheet Location20242024
Assets
Contract assets – currentOther receivables and current assets$100.1 $76.2 
Contract fulfillment costs – currentOther receivables and current assets96.9 103.7 
Liabilities
Contract liabilities – currentPayables and accrued liabilities$202.8 $240.0 
Contract liabilities – noncurrentOther noncurrent liabilities283.2 290.0 
During the first three months of fiscal year 2025, we recognized sales of approximately $55 associated with sale of equipment contracts that were included within our current contract liabilities as of 30 September 2024.
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Inventories
 3 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Inventories INVENTORIES
The components of inventories are as follows:
31 December30 September
20242024
Finished goods$189.8 $210.2 
Work in process47.9 42.2 
Raw materials, supplies, and other501.3 513.6 
Inventories$739.0 $766.0 
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Goodwill
 3 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill GOODWILL
Changes to the carrying amount of consolidated goodwill by segment for the three months ended 31 December 2024 are as follows:
AmericasAsiaEuropeMiddle East and IndiaCorporate and otherTotal
Goodwill, net as of 30 September 2024
$146.3 $174.7 $534.3 $15.8 $34.0 $905.1 
Currency translation(4.2)(4.4)(29.7)— (0.3)(38.6)
Goodwill, net as of 31 December 2024
$142.1 $170.3 $504.6 $15.8 $33.7 $866.5 

31 December30 September
20242024
Goodwill, gross$1,131.5 $1,199.8 
Accumulated impairment losses(A)
(265.0)(294.7)
Goodwill, net$866.5 $905.1 
(A)Accumulated impairment losses are attributable to our Latin America reporting unit ("LASA") within the Americas segment and include the impact of currency translation.
We review goodwill for impairment annually in the fourth quarter of the fiscal year and whenever events or changes in circumstances indicate that the carrying value of goodwill might not be recoverable.
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Financial Instruments
 3 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments FINANCIAL INSTRUMENTS
Currency Price Risk Management
Our earnings, cash flows, and financial position are exposed to foreign currency risk from foreign currency-denominated transactions and net investments in foreign operations. It is our policy to seek to minimize our cash flow volatility from changes in currency exchange rates. This is accomplished by identifying and evaluating the risk that our cash flows will change in value due to changes in exchange rates and by executing strategies necessary to manage such exposures. Our objective is to maintain economically balanced currency risk management strategies that provide adequate downside protection.
Forward Exchange Contracts
We enter into forward exchange contracts to reduce the cash flow exposure to foreign currency fluctuations associated with highly anticipated cash flows and certain firm commitments, such as the purchase of plant and equipment. We also enter into forward exchange contracts to hedge the cash flow exposure on intercompany loans and third-party debt. This portfolio of forward exchange contracts consists primarily of Euros and U.S. Dollars. The maximum remaining term of any forward exchange contract currently outstanding and designated as a cash flow hedge at 31 December 2024 is 2.9 years.
Forward exchange contracts are also used to hedge the value of investments in certain foreign subsidiaries and affiliates by creating a liability in a currency in which we have a net equity position. The primary currency pair in this portfolio of forward exchange contracts is Euros and U.S. Dollars.
We also utilize forward exchange contracts that are not designated as hedges. These contracts are used to economically hedge foreign currency-denominated monetary assets and liabilities, primarily working capital. The primary objective of these forward exchange contracts is to protect the value of foreign currency-denominated monetary assets and liabilities from the effects of volatility in foreign exchange rates that might occur prior to their receipt or settlement. This portfolio of forward exchange contracts consists of multiple foreign currency pairs, with a profile that changes from time to time depending on our business activity and sourcing decisions.
The table below summarizes our outstanding currency price risk management instruments:
31 December 202430 September 2024
US$
Notional		Years
Average
Maturity		US$
Notional		Years
Average
Maturity
Forward Exchange Contracts:
Cash flow hedges$3,685.3 0.5$4,003.2 0.6
Net investment hedges850.6 2.2911.4 2.5
Not designated1,333.7 0.31,880.0 0.3
Total Forward Exchange Contracts$5,869.6 0.7$6,794.6 0.8
We also use foreign currency-denominated debt to hedge the foreign currency exposures of our net investment in certain foreign subsidiaries. The designated foreign currency-denominated debt and related accrued interest was €1,927.1 million ($2,004.5) at 31 December 2024 and €1,905.7 million ($2,121.9) at 30 September 2024. The designated foreign currency-denominated debt is presented within "Long-term debt" and "Current portion of long-term debt" on the consolidated balance sheets.
Debt Portfolio Management
It is our policy to identify, on a continuing basis, the need for debt capital and to evaluate the financial risks inherent in funding the Company with debt capital. Reflecting the result of this ongoing review, we manage our debt portfolio and hedging program with the intent to (1) reduce funding risk with respect to borrowings made by us to preserve our access to debt capital and provide debt capital as required for funding and liquidity purposes, and (2) manage the aggregate interest rate risk and the debt portfolio in accordance with certain debt management parameters.
Interest Rate Management Contracts
We enter into interest rate swaps to change the fixed/variable interest rate mix of our debt portfolio in order to maintain the percentage of fixed- and variable-rate debt within the parameters set by management. In accordance with these parameters, the agreements are used to manage interest rate risks and costs inherent in our debt portfolio. Our interest rate management portfolio generally consists of fixed-to-floating interest rate swaps (which are designated as fair value hedges), pre-issuance interest rate swaps and treasury locks (which hedge the interest rate risk associated with anticipated fixed-rate debt issuances and are designated as cash flow hedges), and floating-to-fixed interest rate swaps (which are designated as cash flow hedges). As of 31 December 2024, the outstanding interest rate swaps were denominated in U.S. Dollars. The notional amount of the interest rate swap agreements is equal to or less than the designated debt being hedged. When interest rate swaps are used to hedge variable-rate debt, the indices of the swaps and the debt to which they are designated are the same. It is our policy not to enter into any interest rate management contracts which lever a move in interest rates on a greater than one-to-one basis.
Cross Currency Interest Rate Swap Contracts
We enter into cross currency interest rate swap contracts when our risk management function deems necessary. These contracts may entail both the exchange of fixed- and floating-rate interest payments periodically over the life of the agreement and the exchange of one currency for another currency at inception and at a specified future date. The contracts are used to hedge either certain net investments in foreign operations or non-functional currency cash flows related to intercompany loans. The current cross currency interest rate swap portfolio consists of fixed-to-fixed swaps primarily between the U.S. Dollar and each of the Chinese Renminbi, Indian Rupee, and Chilean Peso.
The table below summarizes our outstanding interest rate management contracts and cross currency interest rate swaps:
31 December 202430 September 2024
US$
Notional		Average
Pay %		Average
Receive %		Years
Average
Maturity		US$
Notional		Average
Pay %		Average
Receive %		Years
Average
Maturity
Interest rate swaps
(fair value hedge)		$800.0 SOFR1.64 %2.7$800.0 SOFR1.64 %3.0
Interest rate swaps
(cash flow hedge)(A)
$2,372.2 2.72 %SOFR21.0$2,159.3 2.72 %SOFR21.2
Interest rate swaps
(not designated)(A)
$506.7 3.27 %SOFR20.2$461.4 3.27 %SOFR20.5
Cross currency interest rate swaps
(net investment hedge)		$— — %— %0.0$16.7 5.39 %3.64 %0.2
Cross currency interest rate swaps
(cash flow hedge)		$381.3 4.97 %2.84 %1.8$410.6 4.96 %2.80 %1.9
Cross currency interest rate swaps
(not designated)		$— — %— %0.0$34.7 5.39 %3.64 %0.2
(A)In May 2023, NGHC entered into floating-to-fixed interest rate swaps designed to hedge long-term variable rate debt facilities available under non-recourse project financing during the construction period of the NEOM Green Hydrogen Project. During the third quarter of fiscal year 2024, we discontinued cash flow hedge accounting for certain instruments that will remain de-designated until outstanding borrowings from the available financing are commensurate with the notional value of the instruments.
The table below provides the amounts recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:
Carrying amounts of hedged itemCumulative hedging adjustment, included in carrying amount
31 December30 September31 December30 September
Balance Sheet Location2024202420242024
Current portion of long-term debt$544.4 $— ($5.2)$— 
Long-term debt$1,502.3 $2,057.1 ($42.3)($36.6)
The table below summarizes the fair value and balance sheet location of our outstanding derivatives:
Balance Sheet Location31 December30 SeptemberBalance Sheet Location31 December30 September
2024202420242024
Derivatives Designated as Hedging Instruments:
Forward exchange contractsOther receivables and current assets$59.5 $74.5 Payables and accrued liabilities$143.6 $21.6 
Interest rate management contractsOther receivables and current assets4.8 1.2 Payables and accrued liabilities5.2 1.2 
Forward exchange contractsOther noncurrent assets22.3 9.6 Other noncurrent liabilities10.7 15.6 
Interest rate management contractsOther noncurrent assets224.9 34.3 Other noncurrent liabilities43.1 40.2 
Total Derivatives Designated as Hedging Instruments$311.5 $119.6 $202.6 $78.6 
Derivatives Not Designated as Hedging Instruments:
Forward exchange contractsOther receivables and current assets$15.8 $16.5 Payables and accrued liabilities$13.4 $21.8 
Interest rate management contractsOther receivables and current assets— 1.7 Payables and accrued liabilities— — 
Forward exchange contractsOther noncurrent assets0.4 0.2 Other noncurrent liabilities— 0.2 
Interest rate management contractsOther noncurrent assets41.6 4.6 Other noncurrent liabilities— — 
Total Derivatives Not Designated as Hedging Instruments$57.8 $23.0 $13.4 $22.0 
Total Derivatives$369.3 $142.6 $216.0 $100.6 
Refer to Note 8, Fair Value Measurements, which defines fair value, describes the method for measuring fair value, and provides additional disclosures regarding fair value measurements.
The tables below summarize gains (losses) recognized in other comprehensive income during the period related to our net investment and cash flow hedging relationships:
Three Months Ended
31 December
20242023
Net Investment Hedging Relationships
Forward exchange contracts$53.9 ($31.8)
Foreign currency debt140.4 (89.9)
Cross currency interest rate swaps0.4 (1.9)
Total Amount Recognized in OCI194.7 (123.6)
Tax effects(47.5)30.1 
Net Amount Recognized in OCI$147.2 ($93.5)
Three Months Ended
31 December
20242023
Derivatives in Cash Flow Hedging Relationships
Forward exchange contracts($177.8)$115.1 
Forward exchange contracts, excluded components(1.5)(9.0)
Other(A)
223.0 (261.7)
Total Amount Recognized in OCI43.7 (155.6)
Tax effects22.0 (5.5)
Net Amount Recognized in OCI$65.7 ($161.1)
(A)Other primarily includes interest rate and cross currency interest rate swaps for which excluded components are recognized in “Payables and accrued liabilities” and “Other receivables and current assets” as a component of accrued interest payable and accrued interest receivable, respectively. These excluded components are recorded in “Other non-operating income (expense), net” over the life of the cross currency interest rate swap. Other also includes the recognition of our share of gains and losses, net of tax, related to interest rate swaps held by our equity affiliates.
The table below summarizes the location and amounts recognized in income related to our cash flow and fair value hedging relationships by contract type:
Three Months Ended 31 December
SalesCost of SalesInterest ExpenseOther Non-Operating Income (Expense), Net
20242023202420232024202320242023
Total presented in consolidated income statements that includes effects of hedging below$2,931.5 $2,997.4 $2,016.5 $2,067.2 $42.6 $53.5 $38.9 ($14.8)
(Gain) Loss Effects of Cash Flow Hedging:
Forward Exchange Contracts:
Amount reclassified from OCI into income$0.2 $0.3 $0.9 $1.3 $— $— $129.3 ($74.9)
Amount excluded from effectiveness testing recognized in earnings based on amortization approach— — — — — — 6.1 5.7 
Other:
Amount reclassified from OCI into income— — — — 0.5 1.3 (17.3)11.3 
Total (Gain) Loss Reclassified from OCI to Income0.2 0.3 0.9 1.3 0.5 1.3 118.1 (57.9)
Tax effects— (0.1)(0.1)(0.3)(0.2)(0.5)(27.5)13.7 
Net (Gain) Loss Reclassified from OCI to Income$0.2 $0.2 $0.8 $1.0 $0.3 $0.8 $90.6 ($44.2)
(Gain) Loss Effects of Fair Value Hedging:
Other:
Hedged items$— $— $— $— ($10.9)$26.1 $— $— 
Derivatives designated as hedging instruments— — — — 10.9 (26.1)— — 
Total (Gain) Loss Recognized in Income$— $— $— $— $— $— $— $— 
The tables below summarize the location and amounts recognized in income related to our derivatives not designated as hedging instruments by contract type:
Three Months Ended 31 December
Other Income (Expense), NetOther Non-Operating Income (Expense), Net
2024202320242023
The Effects of Derivatives Not Designated as Hedging Instruments:
Forward exchange contracts($3.9)$3.2 ($1.9)($1.2)
De-designated interest rate swaps— — (38.8)— 
Other— — (1.7)0.8 
Total (Gain) Loss Recognized in Income($3.9)$3.2 ($42.4)($0.4)
The amount of unrealized gains and losses related to cash flow hedges as of 31 December 2024 that are expected to be reclassified to earnings in the next twelve months is not material.
The cash flows related to derivative contracts are generally reported in the operating activities section of the consolidated statements of cash flows.
Credit Risk-Related Contingent Features
Certain derivative instruments are executed under agreements that require us to maintain a minimum credit rating with both Standard & Poor’s and Moody’s. If our credit rating falls below this threshold, the counterparty to the derivative instruments has the right to request full collateralization on the derivatives’ net liability position. The net liability position of derivatives with credit risk-related contingent features was $61.9 and $47.3 as of 31 December 2024 and 30 September 2024, respectively. Because our current credit rating is above the various pre-established thresholds, no collateral has been posted on these liability positions.
Counterparty Credit Risk Management
We execute financial derivative transactions with counterparties that are highly rated financial institutions, all of which are investment grade at this time. Some of our underlying derivative agreements give us the right to require the institution to post collateral if its credit rating falls below the pre-established thresholds with Standard & Poor’s, Moody’s, or Fitch. The collateral that the counterparties would be required to post was $293.1 and $57.2 as of 31 December 2024 and 30 September 2024, respectively. No financial institution is required to post collateral at this time, as all have credit ratings at or above threshold.
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Fair Value Measurements
 3 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
Fair value is defined as an exit price, or the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as follows:
Level 1    — Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2    — Inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the asset or liability.
Level 3    — Inputs that are unobservable for the asset or liability based on our own assumptions about the assumptions market participants would use in pricing the asset or liability.
The methods and assumptions used to measure the fair value of financial instruments are as follows:
Short-term Investments
Short-term investments primarily include time deposits with original maturities greater than three months and less than one year. We estimated the fair value of our short-term investments, which approximates carrying value as of the balance sheet date, using Level 2 inputs within the fair value hierarchy. Level 2 measurements were based on current interest rates for similar investments with comparable credit risk and time to maturity.
Derivatives
The fair value of our interest rate management contracts and forward exchange contracts are quantified using the income approach and are based on estimates using standard pricing models. These models consider the value of future cash flows as of the balance sheet date, discounted to a present value using discount factors that match both the time to maturity and currency of the underlying instruments. These standard pricing models utilize inputs that are derived from or corroborated by observable market data such as interest rate yield curves as well as currency spot and forward rates; therefore, the fair value of our derivatives is classified as a Level 2 measurement. On an ongoing basis, we randomly test a subset of our valuations against valuations received from the transaction’s counterparty to validate the accuracy of our standard pricing models. Counterparties to these derivative contracts are highly rated financial institutions.
Refer to Note 7, Financial Instruments, for a description of derivative instruments, including details related to the balance sheet line classifications.
Long-term Debt, Including Related Party
The fair value of our debt is based on estimates using standard pricing models that consider the value of future cash flows as of the balance sheet date, discounted to a present value using discount factors that match both the time to maturity and currency of the underlying instruments. These standard valuation models utilize observable market data such as interest rate yield curves and currency spot rates; therefore, the fair value of our debt is classified as a Level 2 measurement.
The carrying values and fair values of financial instruments were as follows:
31 December 202430 September 2024
Carrying ValueFair ValueCarrying ValueFair Value
Assets
Derivatives
Forward exchange contracts$98.0 $98.0 $100.8 $100.8 
Interest rate management contracts271.3 271.3 41.8 41.8 
Liabilities
Derivatives
Forward exchange contracts$167.7 $167.7 $59.2 $59.2 
Interest rate management contracts48.3 48.3 41.4 41.4 
Long-term debt, including current portion and related party14,402.3 13,900.1 14,144.4 13,897.3 
The carrying amounts reported on the consolidated balance sheets for cash and cash items, short-term investments, trade receivables, payables and accrued liabilities, accrued income taxes, and short-term borrowings approximate fair value due to the short-term nature of these instruments. Accordingly, these items have been excluded from the above table.
The table below summarizes assets and liabilities on the consolidated balance sheets that are measured at fair value on a recurring basis:
31 December 202430 September 2024
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets at Fair Value
Derivatives
Forward exchange contracts$98.0 $— $98.0 $— $100.8 $— $100.8 $— 
Interest rate management contracts271.3 — 271.3 — 41.8 — 41.8 — 
Total Assets at Fair Value$369.3 $— $369.3 $— $142.6 $— $142.6 $— 
Liabilities at Fair Value
Derivatives
Forward exchange contracts$167.7 $— $167.7 $— $59.2 $— $59.2 $— 
Interest rate management contracts48.3 — 48.3 — 41.4 — 41.4 — 
Total Liabilities at Fair Value$216.0 $— $216.0 $— $100.6 $— $100.6 $— 
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Retirement Benefits
 3 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Retirement Benefits RETIREMENT BENEFITS
The components of net periodic cost for our defined benefit pension plans for the three months ended 31 December 2024 and 2023 were as follows:
Pension Benefits
20242023
Three Months Ended 31 DecemberU.S.InternationalTotalU.S.InternationalTotal
Service cost$2.3 $2.9 $5.2 $2.4 $2.8 $5.2 
Non-service cost:
  Interest cost29.9 13.9 43.8 33.7 14.8 48.5 
  Expected return on plan assets(33.2)(14.7)(47.9)(30.0)(11.6)(41.6)
  Prior service cost amortization0.3 0.2 0.5 0.3 0.2 0.5 
  Actuarial loss amortization11.7 2.4 14.1 14.3 3.2 17.5 
Other— 0.1 0.1 — 0.1 0.1 
Net Periodic Cost$11.0 $4.8 $15.8 $20.7 $9.5 $30.2 
Our service costs are primarily included within "Cost of sales" and "Selling and administrative expense" on our consolidated income statements. The amount of service costs capitalized in the first three months of fiscal years 2025 and 2024 were not material. The non-service related impacts are presented outside operating income within "Other non-operating income (expense), net."
For the three months ended 31 December 2024 and 2023, our cash contributions to funded pension plans and benefit payments under unfunded pension plans were $8.2 and $12.0, respectively. Total contributions for fiscal year 2025 are expected to be approximately $30 to $40. During fiscal year 2024, total contributions were $34.7.
During the three months ended 31 December 2024 and 2023, we recognized actuarial gain amortization of $0.3 and $0.1, respectively, for our other postretirement benefits plan.
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Commitments and Contingencies
 3 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
Litigation
We are involved in various legal proceedings, including commercial, competition, environmental, intellectual property, regulatory, product liability, and insurance matters. We do not currently believe there are any legal proceedings for which it is reasonably possible, individually or in the aggregate, to have a material impact on our financial condition, results of operations, or cash flows.
In September 2010, the Brazilian Administrative Council for Economic Defense ("CADE") issued a decision against our Brazilian subsidiary, Air Products Brasil Ltda., and several other Brazilian industrial gas companies for alleged anticompetitive activities. CADE imposed a civil fine of R$179.2 million (approximately $29 at 31 December 2024) on Air Products Brasil Ltda. This fine was based on a recommendation by a unit of the Brazilian Ministry of Justice, following an investigation beginning in 2003, which alleged violation of competition laws with respect to the sale of industrial and medical gases. The fines are based on a percentage of our total revenue in Brazil in 2003.
We have denied the allegations made by the authorities and filed an appeal in October 2010 with the Brazilian courts. On 6 May 2014, our appeal was granted and the fine against Air Products Brasil Ltda. was dismissed. CADE has appealed that ruling and the matter remains pending. We, with advice of our outside legal counsel, have assessed the status of this matter and have concluded that, although an adverse final judgment after exhausting all appeals is possible, such a judgment is not probable. As a result, no provision has been made in the consolidated financial statements. In the event of an adverse final judgment, we estimate the maximum possible loss to be the full amount of the fine of R$179.2 million (approximately $29 at 31 December 2024) plus interest accrued thereon until final disposition of the proceedings.
Environmental
In the normal course of business, we are involved in legal proceedings under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA," the federal Superfund law), the Resource Conservation and Recovery Act ("RCRA"), and similar state environmental laws relating to the designation of certain sites for investigation or remediation. Presently, there are 26 sites on which a final settlement or remediation has not been achieved where we, usually along with others, have been designated as a potentially responsible party by environmental authorities or are otherwise engaged in investigation or remediation, including cleanup activity at certain of our former manufacturing sites. We continually monitor these sites for which we have environmental exposure.
Accruals for environmental loss contingencies are recorded when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. As of 31 December 2024 and 30 September 2024, the consolidated balance sheets included an accrual of $79.6 and $79.1, respectively, primarily as part of other noncurrent liabilities. These environmental liabilities will be paid over a period of up to 30 years. We estimate the exposure for environmental loss contingencies to range from $79 to a reasonably possible upper exposure of $92 as of 31 December 2024.
Actual costs to be incurred at identified sites in future periods may vary from the estimates, given inherent uncertainties in evaluating environmental exposures. Using reasonably possible alternative assumptions of the exposure level could result in an increase to the environmental accrual. Due to these inherent uncertainties, a significant increase to the reasonably possible upper exposure level could occur if a new site is designated, the scope of remediation is increased, a different remediation alternative is identified, or a significant increase in our proportionate share occurs. We do not expect that any sum we may have to pay in connection with environmental matters in excess of the amounts recorded or disclosed above would have a material adverse impact on our financial position or results of operations in any one year.
Pace
At 31 December 2024, $54.5 of the environmental accrual was related to our facility in Pace, Florida.
In 2006, we sold our Amines business, which included operations at the Pace facility and recognized a liability for retained environmental obligations associated with remediation activities at the facility. We are required by the Florida Department of Environmental Protection ("FDEP") and the United States Environmental Protection Agency ("USEPA") to continue our remediation efforts. We recognized a before-tax expense of $42 in fiscal year 2006 in results from discontinued operations and recorded an environmental accrual of $42 in continuing operations on the consolidated balance sheets.
In the first quarter of 2015, we entered into a consent order with the FDEP requiring us to continue our remediation efforts at the Pace facility and complete a cost review every five years. In fiscal year 2020, we completed an updated cost review of the environmental remediation status at the Pace facility and increased our environmental accrual for this site by $19 in continuing operations on the consolidated balance sheet and recognized a before-tax expense of $19 in results from discontinued operations. In fiscal year 2024, we completed our most recent cost review of the environmental remediation status at the Pace facility. Based on our review, we expect ongoing activities to continue for 30 years. Additionally, we increased our estimate of near-term spending for an improved groundwater recovery system and future annual costs due to higher inflation. As a result of these changes, we increased our environmental accrual for this site by $19 in continuing operations on the consolidated balance sheets and recognized a before-tax expense of $19 in results from discontinued operations in fiscal year 2024. There have been no significant changes to the estimated exposure.
We have implemented many of the remedial corrective measures at the Pace facility required under the 1995 consent orders issued by the FDEP and the USEPA. Contaminated soils have been bioremediated, and the treated soils have been secured in a lined on-site corrective action management unit. Several groundwater recovery systems have been installed to contain and remove contamination from groundwater. We completed an extensive assessment of the site to determine the efficacy of existing measures, what additional corrective measures may be needed, and whether newer remediation technologies that were not available in the 1990s might be better suited for groundwater remediation. Based on assessment results, we completed a focused feasibility study that identified alternative approaches that may more effectively remove contaminants. We continue to review alternative remedial approaches with the FDEP, and we completed additional field work during 2021 to support the design of an improved groundwater recovery network. This network targets areas of higher contaminant concentration and avoids areas of high groundwater iron which has proven to be a significant operability issue for the project. The design of the optimized recovery system was completed in fiscal year 2024, with construction expected to begin in fiscal year 2025. In fiscal years 2025 and 2026, we expect to connect the additional groundwater recovery wells and ancillary equipment to the existing groundwater recovery system. In the fourth quarter of fiscal year 2024, we completed an updated cost review which resulted in a change in assumptions regarding future operating costs as discussed above.
Pasadena
At 31 December 2024, $10.2 of the environmental accrual was related to a production facility site in Pasadena, Texas.
During fiscal year 2012, management committed to permanently shutting down our polyurethane intermediates ("PUI") production facility in Pasadena, Texas. In shutting down and dismantling the facility, we have undertaken certain obligations related to soil and groundwater contaminants. We have been pumping and treating groundwater to control off-site contaminant migration in compliance with regulatory requirements and under the approval of the Texas Commission on Environmental Quality ("TCEQ"). We estimate that the pump and treat system will continue to operate until 2042.
We continue to perform additional work to address other environmental obligations at the site. This additional work includes remediating impacted soils as required, investigating groundwater west of the former PUI facility, continuing post closure care for two closed RCRA surface impoundment units, and maintaining engineering controls. Additionally, we have conducted an interim corrective action to treat impacted soils as recommended in the TCEQ 2019 Annual Report. In 2012, we estimated the total exposure at this site to be $13. There have been no significant changes to the estimated exposure.
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Share-Based Compensation
 3 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation SHARE-BASED COMPENSATION
Our outstanding share-based compensation programs include deferred stock units and stock options. During the three months ended 31 December 2024, we granted market-based and time-based deferred stock units. Under all programs, the terms of the awards are fixed at the grant date. We issue shares from treasury stock upon the payout of deferred stock units and the exercise of stock options. As of 31 December 2024, there were 0.8 million shares available for future grant under our Long-Term Incentive Plan ("LTIP"), which is shareholder approved.

Share-based compensation cost recognized on the consolidated income statements is summarized below:
Three Months Ended
31 December
20242023
Before-tax share-based compensation cost$16.5 $13.6 
Income tax benefit(4.0)(3.3)
After-tax share-based compensation cost$12.5 $10.3 
Before-tax share-based compensation cost is primarily included in "Selling and administrative expense" on our consolidated income statements. The amount of share-based compensation cost capitalized in the first three months of fiscal years 2025 and 2024 was not material.
Deferred Stock Units
During the three months ended 31 December 2024, we granted 78,770 market-based deferred stock units. The market-based deferred stock units are earned over the performance period beginning 1 October 2024 and ending 30 September 2027, conditioned on the level of our total shareholder return in relation to the S&P 500 Index over the three-year performance period.
The market-based deferred stock units had an estimated grant-date fair value of $480.94 per unit, which was estimated using a Monte Carlo simulation model. The model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the grant and calculates the fair value of the awards. We generally expense the grant-date fair value of these awards on a straight-line basis over the applicable vesting period. The calculation of the fair value of market-based deferred stock units used the following assumptions:
Expected volatility30.4 %
Risk-free interest rate4.1 %
Expected dividend yield2.1 %
In addition, during the three months ended 31 December 2024, we granted 106,098 time-based deferred stock units at a weighted average grant-date fair value of $334.52.
v3.25.0.1
Accumulated Other Comprehensive Loss
 3 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Loss ACCUMULATED OTHER COMPREHENSIVE LOSS
The table below summarizes changes in accumulated other comprehensive loss ("AOCL"), net of tax, attributable to Air Products for the three months ended 31 December 2024:
Derivatives
qualifying
as hedges		Foreign
currency
translation
adjustments		Pension and
postretirement
benefits		Total
Balance at 30 September 2024$27.2 ($1,545.3)($509.6)($2,027.7)
Other comprehensive income (loss) before reclassifications65.7 (624.0)— (558.3)
Amounts reclassified from AOCL91.9 — 11.0 102.9 
Net current period other comprehensive income (loss)$157.6 ($624.0)$11.0 ($455.4)
Amount attributable to noncontrolling interests119.6 (16.5)— 103.1 
Balance at 31 December 2024$65.2 ($2,152.8)($498.6)($2,586.2)
The table below summarizes the reclassifications out of AOCL and the affected line item on the consolidated income statements:
Three Months Ended
31 December
20242023
Loss (Gain) on Cash Flow Hedges, net of tax
Sales$0.2 $0.2 
Cost of sales0.8 1.0 
Interest expense0.3 0.8 
Other non-operating income (expense), net90.6 (44.2)
Total Loss (Gain) on Cash Flow Hedges, net of tax
$91.9 ($42.2)
Pension and Postretirement Benefits, net of tax(A)
$11.0 $13.7 
(A)The components of net periodic benefit/cost reclassified out of AOCL include items such as prior service cost amortization, actuarial loss amortization, settlements, and curtailments and are included in “Other non-operating income (expense), net” on the consolidated income statements. Refer to Note 9, Retirement Benefits, for additional information.
v3.25.0.1
Earnings Per Share
 3 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
The table below details the computation of basic and diluted earnings per share ("EPS"):
Three Months Ended
31 December
20242023
Numerator
Net income attributable to Air Products$617.4 $609.3 
Denominator (in millions)
Weighted average common shares — Basic222.7 222.5 
Effect of dilutive securities
Employee stock option and other award plans0.2 0.3 
Weighted average common shares — Diluted222.9 222.8 
Per Share Data (U.S. Dollars per share)
Basic EPS attributable to Air Products$2.77 $2.74 
Diluted EPS attributable to Air Products$2.77 $2.73 
During the three months ended 31 December 2024, outstanding share-based awards of 0.1 million shares were antidilutive and therefore excluded from the computation of diluted earnings per share. There were no antidilutive outstanding share-based awards during the three months ended 31 December 2023.
v3.25.0.1
Supplemental Information
 3 Months Ended
Dec. 31, 2024
Disclosure Text Block Supplement [Abstract]  
Supplemental Information SUPPLEMENTAL INFORMATION
Related Party Transactions
We have related party sales to certain of our equity affiliates and joint venture partners as well as other income primarily from fees charged for use of Air Products' patents and technology. Sales to and other income from related parties totaled approximately $80 and $95 for the three months ended 31 December 2024 and 2023, respectively. Sales agreements with related parties include terms that are consistent with those that we believe would have been negotiated at an arm’s length with an independent party. As of 31 December 2024 and 30 September 2024, our consolidated balance sheets included related party trade receivables of approximately $185 and $120, respectively.
Total debt owed to related parties was $292.7 and $304.4 as of 31 December 2024 and 30 September 2024, respectively, of which $192.3 and $200.0, respectively, was reflected within "Current portion of long-term debt" on our consolidated balance sheets. Our related party debt primarily includes a loan with our joint venture partner, Lu’An Clean Energy Company.
Shareholder Activism Costs
During the first quarter of fiscal year 2025, we incurred costs of $29.9 ($21.9 after tax) in connection with our response to a proxy contest. These costs, which are reflected on our consolidated income statement as “Shareholder activism costs”, include legal and other professional service fees as well as incremental proxy solicitation costs related to the 2025 Annual Meeting of Shareholders. As of 31 December 2024, $15.4 remained accrued within “Payables and accrued liabilities” on our consolidated balance sheet.
Uzbekistan Asset Purchase
On 25 May 2023, we entered into an investment agreement with the Government of the Republic of Uzbekistan and Uzbekneftegaz JSC (“UNG”) to purchase a natural gas-to-syngas processing facility in Qashqadaryo Province, Uzbekistan, for $1 billion. Under the agreement, Air Products will acquire, own, and operate the facility and supply all offtake products to UNG under a 15-year on-site contract, with UNG supplying the feedstock natural gas and utilities. Throughout this term, we receive a fixed monthly fee (regardless of whether UNG requires the output) comprised of two components: a plant capacity fee and an operating and maintenance fee.
We are accounting for the transaction as a financing arrangement as we did not obtain accounting control of the facility due to UNG having the unilateral right to reacquire the facility at the end of the contract term. The repurchase price on a discounted basis, which consists of the total monthly plant capacity fees received over the term of the arrangement plus the repurchase option price, exceeds our purchase price. Accordingly, our progress payments are reflected within "Financing receivables" on our consolidated balance sheets. Financing receivables associated with the Uzbekistan transaction were approximately $945 and $920 as of 31 December 2024 and 30 September 2024, respectively.
Accrual for Business and Asset Actions
We initiated a global cost reduction plan in 2023 that provides involuntarily separated employees with severance and other postemployment benefits per our ongoing benefit arrangements. Costs incurred in connection with the plan totaled $84.0 through fiscal year 2024 for approximately 1,100 eligible employees globally. These costs, which were not recorded in segment results, were reflected within “Business and asset actions” on our consolidated income statements in fiscal years 2023 and 2024. We did not record any costs related to the plan during the first quarter of fiscal year 2025.
As of 30 September 2024, the liability for unpaid benefits reflected within "Payables and accrued liabilities" on our consolidated balance sheet was $34.0 and primarily related to employees identified in 2024. The table below reconciles this balance to the remaining liability as of 31 December 2024, the majority of which we expect to pay during the second quarter of fiscal year 2025.
Amount accrued as of 30 September 2024
$34.0 
Cash payments(10.4)
Currency translation adjustment(1.3)
Amount accrued as of 31 December 2024
$22.3 
Changes in Estimates
Changes in estimates on sale of equipment projects accounted for under the cost incurred input method are recognized as a cumulative adjustment for the inception-to-date effect of such change. We recorded changes to project revenue and cost estimates that unfavorably impacted operating income by approximately $28 and $30 during the first quarter of fiscal years 2025 and 2024, respectively.
Income Taxes
Our effective tax rate was 17.8% and 17.9% for the three months ended 31 December 2024 and 2023, respectively.
Income tax payments, net of refunds, were $123.6 and $90.1 for the three months ended 31 December 2024 and 2023, respectively.
v3.25.0.1
Business Segment Information
 3 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Business Segment Information BUSINESS SEGMENT INFORMATION
We manage our operations, assess performance, and report earnings under the following reportable segments:
•Americas;
•Asia;
•Europe;
•Middle East and India; and
•Corporate and other.
Our reportable segments reflect the manner in which our chief operating decision maker reviews results and allocates resources. We evaluate the performance of our segments based upon segment operating income. Except for the Corporate and other segment, each reportable segment meets the definition of an operating segment and does not include the aggregation of multiple operating segments. Our Corporate and other segment includes the aggregation of two operating segments that meet the aggregation criteria under GAAP.
Summary by Business Segment
AmericasAsiaEuropeMiddle East and IndiaCorporate and otherTotal
Three Months Ended 31 December 2024
Sales$1,287.6 $817.1 $697.2 $32.8 $96.8 $2,931.5 
(A)
Operating income (loss)388.2 216.4 186.5 (0.6)(117.0)673.5 
(B)
Depreciation and amortization173.4 122.9 54.5 6.5 9.5 366.8 
Equity affiliates' income35.1 10.3 18.2 85.0 2.0 150.6 
Three Months Ended 31 December 2023
Sales$1,252.1 $793.8 $731.2 $35.4 $184.9 $2,997.4 
(A)
Operating income (loss)354.4 211.2 197.6 3.9 (100.2)666.9 
(B)
Depreciation and amortization169.7 111.8 48.2 6.6 12.9 349.2 
Equity affiliates' income37.1 4.2 20.7 92.9 3.5 158.4 
Total Assets
31 December 2024$12,796.2 $7,153.1 $5,760.9 $9,586.0 $4,721.0 $40,017.2 
30 September 202412,383.8 7,436.5 5,849.2 8,477.4 5,427.7 39,574.6 
(A)Sales relate to external customers only. All intersegment sales are eliminated in consolidation.
(B) Refer to the "Reconciliation to Consolidated Results" section below.
Reconciliation to Consolidated Results
The table below reconciles total operating income disclosed in the table above to consolidated operating income as reflected on our consolidated income statements:
Three Months Ended
31 December
Operating Income20242023
Total$673.5 $666.9 
Shareholder activism costs(29.9)— 
Consolidated Operating Income$643.6 $666.9 
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure    
Net income attributable to Air Products $ 617.4 $ 609.3
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Basis of Presentation and Major Accounting Policies (Policies)
 3 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The interim consolidated financial statements of Air Products and Chemicals, Inc. and its subsidiaries included herein have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. In our opinion, the accompanying statements reflect adjustments necessary to fairly present the financial position, results of operations, and cash flows for those periods indicated and contain adequate disclosures to make the information presented not misleading. Adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the notes to the interim consolidated financial statements.
To fully understand the basis of presentation, the interim consolidated financial statements and related notes included herein should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended 30 September 2024 (the "2024 Form 10-K"), which was filed with the SEC on 21 November 2024. Results of operations for interim periods are not necessarily indicative of the results of operations for a full year.
New Accounting Guidance to be Implemented
New Accounting Guidance to be Implemented
Climate-Related Disclosures
In March 2024, the SEC issued Release No. 33-11275, “The Enhancement and Standardization of Climate-Related Disclosures for Investors", which includes final rules for providing qualitative and quantitative disclosures regarding certain climate-related topics on an annual basis. As a result of ongoing litigation in the U.S., the SEC issued an order in April 2024 to stay the effectiveness of the rules while judicial review is pending. If the rules are not overturned and take effect on schedule, prospective adoption will be permitted with phased-in compliance beginning with our Annual Report on Form 10-K for the fiscal year ending 30 September 2026. We are evaluating the impact these rules will have on our disclosures.
Reportable Segment Disclosures
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". The update includes enhanced disclosures about significant segment expenses and identification of the chief operating decision maker. The update will be effective in our Annual Report on Form 10-K for the fiscal year ending 30 September 2025 as well as interim periods thereafter, although early adoption is permitted. The amendments must be applied retrospectively to all prior periods presented. We are evaluating the impact this update will have on our disclosures.
Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740)—Improvements to Income Tax Disclosures”, to expand income tax disclosures, primarily through disaggregation requirements for the rate reconciliation and income taxes paid. The update will be effective in our Annual Report on Form 10-K for the fiscal year ending 30 September 2026, although early adoption is permitted. The amendments should be applied on a prospective basis with a retrospective option. We are evaluating the impact this update will have on our disclosures.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, which requires additional disclosures of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, intangible asset amortization, as well as selling expenses in the notes to the financial statements. In January 2025, the FASB clarified that the update will be effective in our Annual Report on Form 10-K for the fiscal year ending 30 September 2028 as well as interim periods thereafter, although early adoption is permitted. The amendments should be applied either prospectively after the effective date or retrospectively to any or all periods presented. We are evaluating the impact this update will have on our disclosures.
v3.25.0.1
Variable Interest Entities (Tables)
 3 Months Ended
Dec. 31, 2024
Consolidated Variable Interest Entities Disclosure [Abstract]  
Schedule of Variable Interest Entities (NGHC)
The table below summarizes balances associated with NGHC as reflected on our consolidated balance sheets:
31 December30 September
20242024
Assets
Cash and cash items$24.0 $34.5 
Trade receivables, net15.4 6.7 
Prepaid expenses30.7 31.2 
Other receivables and current assets126.3 120.6 
Total Current Assets
$196.4 $193.0 
Plant and equipment, net5,015.4 3,929.9 
Operating lease right-of-use assets, net226.2 233.9 
Other noncurrent assets254.4 37.1 
Total Noncurrent Assets
$5,496.0 $4,200.9 
Total Assets
$5,692.4 $4,393.9 
Liabilities
Payables and accrued liabilities$358.3 $308.4 
Accrued income taxes0.8 2.0 
Short-term borrowings60.4 51.6 
Total Current Liabilities
$419.5 $362.0 
Long-term debt3,499.4 3,053.3 
Noncurrent operating lease liabilities19.7 24.5 
Other noncurrent liabilities35.4 30.4 
Deferred income taxes20.1 3.2 
Total Noncurrent Liabilities
$3,574.6 $3,111.4 
Total Liabilities
$3,994.1 $3,473.4 
Equity
Accumulated other comprehensive income$61.8 $13.8 
Noncontrolling interests1,255.3 937.6 
v3.25.0.1
Revenue Recognition (Tables)
 3 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Consolidated Sales Disaggregated by Supply Mode
Disaggregation of Revenue
The tables below present our consolidated sales disaggregated by supply mode for each of our reportable segments for the first three months of fiscal years 2025 and 2024. We believe this presentation best depicts the nature, timing, type of customer, and contract terms for our sales.
Three Months Ended 31 December 2024
AmericasAsiaEuropeMiddle East
 and India		Corporate
and other		Total%
On-site$713.1 $529.3 $228.3 $17.6 $— $1,488.3 51 %
Merchant574.5 287.8 468.9 15.2 — 1,346.4 46 %
Sale of equipment— — — — 96.8 96.8 3 %
Total $1,287.6 $817.1 $697.2 $32.8 $96.8 $2,931.5 100 %
Three Months Ended 31 December 2023
AmericasAsiaEuropeMiddle East
 and India		Corporate
and other		Total%
On-site$714.1 $503.2 $259.2 $17.5 $— $1,494.0 50 %
Merchant538.0 290.6 472.0 17.9 — 1,318.5 44 %
Sale of equipment— — — — 184.9 184.9 6 %
Total $1,252.1 $793.8 $731.2 $35.4 $184.9 $2,997.4 100 %
Interest income associated with financing and lease arrangements accounted for approximately 1% of our total consolidated sales during the three months ended 31 December 2024 and 2023.
Schedule of Contract Assets and Liabilities
Contract Balances
The table below details balances arising from contracts with customers:
31 December30 September
Balance Sheet Location20242024
Assets
Contract assets – currentOther receivables and current assets$100.1 $76.2 
Contract fulfillment costs – currentOther receivables and current assets96.9 103.7 
Liabilities
Contract liabilities – currentPayables and accrued liabilities$202.8 $240.0 
Contract liabilities – noncurrentOther noncurrent liabilities283.2 290.0 
v3.25.0.1
Inventories (Tables)
 3 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventory
The components of inventories are as follows:
31 December30 September
20242024
Finished goods$189.8 $210.2 
Work in process47.9 42.2 
Raw materials, supplies, and other501.3 513.6 
Inventories$739.0 $766.0 
v3.25.0.1
Goodwill (Tables)
 3 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Changes to the carrying amount of consolidated goodwill by segment for the three months ended 31 December 2024 are as follows:
AmericasAsiaEuropeMiddle East and IndiaCorporate and otherTotal
Goodwill, net as of 30 September 2024
$146.3 $174.7 $534.3 $15.8 $34.0 $905.1 
Currency translation(4.2)(4.4)(29.7)— (0.3)(38.6)
Goodwill, net as of 31 December 2024
$142.1 $170.3 $504.6 $15.8 $33.7 $866.5 

31 December30 September
20242024
Goodwill, gross$1,131.5 $1,199.8 
Accumulated impairment losses(A)
(265.0)(294.7)
Goodwill, net$866.5 $905.1 
(A)Accumulated impairment losses are attributable to our Latin America reporting unit ("LASA") within the Americas segment and include the impact of currency translation.
v3.25.0.1
Financial Instruments (Tables)
 3 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Instruments
The table below summarizes our outstanding currency price risk management instruments:
31 December 202430 September 2024
US$
Notional		Years
Average
Maturity		US$
Notional		Years
Average
Maturity
Forward Exchange Contracts:
Cash flow hedges$3,685.3 0.5$4,003.2 0.6
Net investment hedges850.6 2.2911.4 2.5
Not designated1,333.7 0.31,880.0 0.3
Total Forward Exchange Contracts$5,869.6 0.7$6,794.6 0.8
The table below summarizes our outstanding interest rate management contracts and cross currency interest rate swaps:
31 December 202430 September 2024
US$
Notional		Average
Pay %		Average
Receive %		Years
Average
Maturity		US$
Notional		Average
Pay %		Average
Receive %		Years
Average
Maturity
Interest rate swaps
(fair value hedge)		$800.0 SOFR1.64 %2.7$800.0 SOFR1.64 %3.0
Interest rate swaps
(cash flow hedge)(A)
$2,372.2 2.72 %SOFR21.0$2,159.3 2.72 %SOFR21.2
Interest rate swaps
(not designated)(A)
$506.7 3.27 %SOFR20.2$461.4 3.27 %SOFR20.5
Cross currency interest rate swaps
(net investment hedge)		$— — %— %0.0$16.7 5.39 %3.64 %0.2
Cross currency interest rate swaps
(cash flow hedge)		$381.3 4.97 %2.84 %1.8$410.6 4.96 %2.80 %1.9
Cross currency interest rate swaps
(not designated)		$— — %— %0.0$34.7 5.39 %3.64 %0.2
(A)In May 2023, NGHC entered into floating-to-fixed interest rate swaps designed to hedge long-term variable rate debt facilities available under non-recourse project financing during the construction period of the NEOM Green Hydrogen Project. During the third quarter of fiscal year 2024, we discontinued cash flow hedge accounting for certain instruments that will remain de-designated until outstanding borrowings from the available financing are commensurate with the notional value of the instruments.
Schedule of Cumulative Basis Adjustments for Fair Value Hedges
The table below provides the amounts recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:
Carrying amounts of hedged itemCumulative hedging adjustment, included in carrying amount
31 December30 September31 December30 September
Balance Sheet Location2024202420242024
Current portion of long-term debt$544.4 $— ($5.2)$— 
Long-term debt$1,502.3 $2,057.1 ($42.3)($36.6)
Schedule of Fair Value and Balance Sheet Location of Derivative Instruments
The table below summarizes the fair value and balance sheet location of our outstanding derivatives:
Balance Sheet Location31 December30 SeptemberBalance Sheet Location31 December30 September
2024202420242024
Derivatives Designated as Hedging Instruments:
Forward exchange contractsOther receivables and current assets$59.5 $74.5 Payables and accrued liabilities$143.6 $21.6 
Interest rate management contractsOther receivables and current assets4.8 1.2 Payables and accrued liabilities5.2 1.2 
Forward exchange contractsOther noncurrent assets22.3 9.6 Other noncurrent liabilities10.7 15.6 
Interest rate management contractsOther noncurrent assets224.9 34.3 Other noncurrent liabilities43.1 40.2 
Total Derivatives Designated as Hedging Instruments$311.5 $119.6 $202.6 $78.6 
Derivatives Not Designated as Hedging Instruments:
Forward exchange contractsOther receivables and current assets$15.8 $16.5 Payables and accrued liabilities$13.4 $21.8 
Interest rate management contractsOther receivables and current assets— 1.7 Payables and accrued liabilities— — 
Forward exchange contractsOther noncurrent assets0.4 0.2 Other noncurrent liabilities— 0.2 
Interest rate management contractsOther noncurrent assets41.6 4.6 Other noncurrent liabilities— — 
Total Derivatives Not Designated as Hedging Instruments$57.8 $23.0 $13.4 $22.0 
Total Derivatives$369.3 $142.6 $216.0 $100.6 
Schedule of Gains and Losses Recognized in Other Comprehensive Income Related Net Investment and Cash Flow Hedges
The tables below summarize gains (losses) recognized in other comprehensive income during the period related to our net investment and cash flow hedging relationships:
Three Months Ended
31 December
20242023
Net Investment Hedging Relationships
Forward exchange contracts$53.9 ($31.8)
Foreign currency debt140.4 (89.9)
Cross currency interest rate swaps0.4 (1.9)
Total Amount Recognized in OCI194.7 (123.6)
Tax effects(47.5)30.1 
Net Amount Recognized in OCI$147.2 ($93.5)
Three Months Ended
31 December
20242023
Derivatives in Cash Flow Hedging Relationships
Forward exchange contracts($177.8)$115.1 
Forward exchange contracts, excluded components(1.5)(9.0)
Other(A)
223.0 (261.7)
Total Amount Recognized in OCI43.7 (155.6)
Tax effects22.0 (5.5)
Net Amount Recognized in OCI$65.7 ($161.1)
(A)Other primarily includes interest rate and cross currency interest rate swaps for which excluded components are recognized in “Payables and accrued liabilities” and “Other receivables and current assets” as a component of accrued interest payable and accrued interest receivable, respectively. These excluded components are recorded in “Other non-operating income (expense), net” over the life of the cross currency interest rate swap. Other also includes the recognition of our share of gains and losses, net of tax, related to interest rate swaps held by our equity affiliates.
Schedule of Amounts Recognized in Income Related to Cash Flow and Fair Value Hedges
The table below summarizes the location and amounts recognized in income related to our cash flow and fair value hedging relationships by contract type:
Three Months Ended 31 December
SalesCost of SalesInterest ExpenseOther Non-Operating Income (Expense), Net
20242023202420232024202320242023
Total presented in consolidated income statements that includes effects of hedging below$2,931.5 $2,997.4 $2,016.5 $2,067.2 $42.6 $53.5 $38.9 ($14.8)
(Gain) Loss Effects of Cash Flow Hedging:
Forward Exchange Contracts:
Amount reclassified from OCI into income$0.2 $0.3 $0.9 $1.3 $— $— $129.3 ($74.9)
Amount excluded from effectiveness testing recognized in earnings based on amortization approach— — — — — — 6.1 5.7 
Other:
Amount reclassified from OCI into income— — — — 0.5 1.3 (17.3)11.3 
Total (Gain) Loss Reclassified from OCI to Income0.2 0.3 0.9 1.3 0.5 1.3 118.1 (57.9)
Tax effects— (0.1)(0.1)(0.3)(0.2)(0.5)(27.5)13.7 
Net (Gain) Loss Reclassified from OCI to Income$0.2 $0.2 $0.8 $1.0 $0.3 $0.8 $90.6 ($44.2)
(Gain) Loss Effects of Fair Value Hedging:
Other:
Hedged items$— $— $— $— ($10.9)$26.1 $— $— 
Derivatives designated as hedging instruments— — — — 10.9 (26.1)— — 
Total (Gain) Loss Recognized in Income$— $— $— $— $— $— $— $— 
Schedule of Effects of Derivatives Not Designated as a Hedging Instrument
The tables below summarize the location and amounts recognized in income related to our derivatives not designated as hedging instruments by contract type:
Three Months Ended 31 December
Other Income (Expense), NetOther Non-Operating Income (Expense), Net
2024202320242023
The Effects of Derivatives Not Designated as Hedging Instruments:
Forward exchange contracts($3.9)$3.2 ($1.9)($1.2)
De-designated interest rate swaps— — (38.8)— 
Other— — (1.7)0.8 
Total (Gain) Loss Recognized in Income($3.9)$3.2 ($42.4)($0.4)
v3.25.0.1
Fair Value Measurements (Tables)
 3 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Carrying Value and Fair Value of Financial Instruments
The carrying values and fair values of financial instruments were as follows:
31 December 202430 September 2024
Carrying ValueFair ValueCarrying ValueFair Value
Assets
Derivatives
Forward exchange contracts$98.0 $98.0 $100.8 $100.8 
Interest rate management contracts271.3 271.3 41.8 41.8 
Liabilities
Derivatives
Forward exchange contracts$167.7 $167.7 $59.2 $59.2 
Interest rate management contracts48.3 48.3 41.4 41.4 
Long-term debt, including current portion and related party14,402.3 13,900.1 14,144.4 13,897.3 
Schedule of Fair Value Assets and Liabilities Measured On Recurring Basis
The table below summarizes assets and liabilities on the consolidated balance sheets that are measured at fair value on a recurring basis:
31 December 202430 September 2024
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets at Fair Value
Derivatives
Forward exchange contracts$98.0 $— $98.0 $— $100.8 $— $100.8 $— 
Interest rate management contracts271.3 — 271.3 — 41.8 — 41.8 — 
Total Assets at Fair Value$369.3 $— $369.3 $— $142.6 $— $142.6 $— 
Liabilities at Fair Value
Derivatives
Forward exchange contracts$167.7 $— $167.7 $— $59.2 $— $59.2 $— 
Interest rate management contracts48.3 — 48.3 — 41.4 — 41.4 — 
Total Liabilities at Fair Value$216.0 $— $216.0 $— $100.6 $— $100.6 $— 
v3.25.0.1
Retirement Benefits (Tables)
 3 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Net Periodic (Benefit) Cost
The components of net periodic cost for our defined benefit pension plans for the three months ended 31 December 2024 and 2023 were as follows:
Pension Benefits
20242023
Three Months Ended 31 DecemberU.S.InternationalTotalU.S.InternationalTotal
Service cost$2.3 $2.9 $5.2 $2.4 $2.8 $5.2 
Non-service cost:
  Interest cost29.9 13.9 43.8 33.7 14.8 48.5 
  Expected return on plan assets(33.2)(14.7)(47.9)(30.0)(11.6)(41.6)
  Prior service cost amortization0.3 0.2 0.5 0.3 0.2 0.5 
  Actuarial loss amortization11.7 2.4 14.1 14.3 3.2 17.5 
Other— 0.1 0.1 — 0.1 0.1 
Net Periodic Cost$11.0 $4.8 $15.8 $20.7 $9.5 $30.2 
v3.25.0.1
Share-Based Compensation (Tables)
 3 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Recognized Share-Based Compensation Cost
Share-based compensation cost recognized on the consolidated income statements is summarized below:
Three Months Ended
31 December
20242023
Before-tax share-based compensation cost$16.5 $13.6 
Income tax benefit(4.0)(3.3)
After-tax share-based compensation cost$12.5 $10.3 
Schedule of Assumptions for Fair Value of Market-Based Deferred Stock Units The calculation of the fair value of market-based deferred stock units used the following assumptions:
Expected volatility30.4 %
Risk-free interest rate4.1 %
Expected dividend yield2.1 %
v3.25.0.1
Accumulated Other Comprehensive Loss (Tables)
 3 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income Loss
The table below summarizes changes in accumulated other comprehensive loss ("AOCL"), net of tax, attributable to Air Products for the three months ended 31 December 2024:
Derivatives
qualifying
as hedges		Foreign
currency
translation
adjustments		Pension and
postretirement
benefits		Total
Balance at 30 September 2024$27.2 ($1,545.3)($509.6)($2,027.7)
Other comprehensive income (loss) before reclassifications65.7 (624.0)— (558.3)
Amounts reclassified from AOCL91.9 — 11.0 102.9 
Net current period other comprehensive income (loss)$157.6 ($624.0)$11.0 ($455.4)
Amount attributable to noncontrolling interests119.6 (16.5)— 103.1 
Balance at 31 December 2024$65.2 ($2,152.8)($498.6)($2,586.2)
Schedule of Reclassification out of Accumulated Other Comprehensive Loss
The table below summarizes the reclassifications out of AOCL and the affected line item on the consolidated income statements:
Three Months Ended
31 December
20242023
Loss (Gain) on Cash Flow Hedges, net of tax
Sales$0.2 $0.2 
Cost of sales0.8 1.0 
Interest expense0.3 0.8 
Other non-operating income (expense), net90.6 (44.2)
Total Loss (Gain) on Cash Flow Hedges, net of tax
$91.9 ($42.2)
Pension and Postretirement Benefits, net of tax(A)
$11.0 $13.7 
(A)The components of net periodic benefit/cost reclassified out of AOCL include items such as prior service cost amortization, actuarial loss amortization, settlements, and curtailments and are included in “Other non-operating income (expense), net” on the consolidated income statements. Refer to Note 9, Retirement Benefits, for additional information.
v3.25.0.1
Earnings Per Share (Tables)
 3 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share
The table below details the computation of basic and diluted earnings per share ("EPS"):
Three Months Ended
31 December
20242023
Numerator
Net income attributable to Air Products$617.4 $609.3 
Denominator (in millions)
Weighted average common shares — Basic222.7 222.5 
Effect of dilutive securities
Employee stock option and other award plans0.2 0.3 
Weighted average common shares — Diluted222.9 222.8 
Per Share Data (U.S. Dollars per share)
Basic EPS attributable to Air Products$2.77 $2.74 
Diluted EPS attributable to Air Products$2.77 $2.73 
v3.25.0.1
Supplemental Information (Tables)
 3 Months Ended
Dec. 31, 2024
Disclosure Text Block Supplement [Abstract]  
Schedule of Restructuring Reserve
As of 30 September 2024, the liability for unpaid benefits reflected within "Payables and accrued liabilities" on our consolidated balance sheet was $34.0 and primarily related to employees identified in 2024. The table below reconciles this balance to the remaining liability as of 31 December 2024, the majority of which we expect to pay during the second quarter of fiscal year 2025.
Amount accrued as of 30 September 2024
$34.0 
Cash payments(10.4)
Currency translation adjustment(1.3)
Amount accrued as of 31 December 2024
$22.3 
v3.25.0.1
Business Segment Information (Tables)
 3 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Summary by Business Segment
AmericasAsiaEuropeMiddle East and IndiaCorporate and otherTotal
Three Months Ended 31 December 2024
Sales$1,287.6 $817.1 $697.2 $32.8 $96.8 $2,931.5 
(A)
Operating income (loss)388.2 216.4 186.5 (0.6)(117.0)673.5 
(B)
Depreciation and amortization173.4 122.9 54.5 6.5 9.5 366.8 
Equity affiliates' income35.1 10.3 18.2 85.0 2.0 150.6 
Three Months Ended 31 December 2023
Sales$1,252.1 $793.8 $731.2 $35.4 $184.9 $2,997.4 
(A)
Operating income (loss)354.4 211.2 197.6 3.9 (100.2)666.9 
(B)
Depreciation and amortization169.7 111.8 48.2 6.6 12.9 349.2 
Equity affiliates' income37.1 4.2 20.7 92.9 3.5 158.4 
Total Assets
31 December 2024$12,796.2 $7,153.1 $5,760.9 $9,586.0 $4,721.0 $40,017.2 
30 September 202412,383.8 7,436.5 5,849.2 8,477.4 5,427.7 39,574.6 
(A)Sales relate to external customers only. All intersegment sales are eliminated in consolidation.
(B) Refer to the "Reconciliation to Consolidated Results" section below.
Reconciliation of Segments to Consolidated Operating Income
Reconciliation to Consolidated Results
The table below reconciles total operating income disclosed in the table above to consolidated operating income as reflected on our consolidated income statements:
Three Months Ended
31 December
Operating Income20242023
Total$673.5 $666.9 
Shareholder activism costs(29.9)— 
Consolidated Operating Income$643.6 $666.9 
v3.25.0.1
Variable Interest Entities - NGHC Joint Venture Project Financing (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
May 31, 2023
Dec. 31, 2024
Sep. 30, 2024
Variable Interest Entity [Line Items]      
Short-term borrowings   $ 68.2 $ 83.5
Variable Interest Entity, Primary Beneficiary | NEOM Green Hydrogen Company      
Variable Interest Entity [Line Items]      
Voting interest in joint venture   33.30%  
Value of engineering, procurement, and construction agreement $ 6,700.0    
Short-term borrowings   $ 60.4 51.6
Variable Interest Entity, Primary Beneficiary | NEOM Green Hydrogen Company | De-designated interest rate swap      
Variable Interest Entity [Line Items]      
Unrealized gain on de-designated cash flow hedging instruments, before tax   38.8  
Unrealized gain on de-designated cash flow hedging instruments attributable to Air Products, after tax   10.3  
Unrealized Gain on De-Designated Cash Flow Hedging Instruments, Attributable To Noncontrolling Interest, Before Tax   25.2  
Variable Interest Entity, Primary Beneficiary | Nonrecourse | NEOM Green Hydrogen Company      
Variable Interest Entity [Line Items]      
Long-term debt, principal amount   3,800.0 3,300.0
Variable Interest Entity, Primary Beneficiary | NEOM Green Hydrogen Project Financing, Primary | Nonrecourse | NEOM Green Hydrogen Company      
Variable Interest Entity [Line Items]      
Project financing maximum borrowing capacity   $ 6,100.0  
Amount of expected debt funding (percent)   73.00%  
Variable Interest Entity, Primary Beneficiary | NEOM Green Hydrogen Project Financing, Working Capital | Nonrecourse | NEOM Green Hydrogen Company      
Variable Interest Entity [Line Items]      
Project financing maximum borrowing capacity   $ 500.0  
Variable Interest Entity, Primary Beneficiary | Saudi Riyal Loan Facility Variable-Rate 5.70% | NEOM Green Hydrogen Company      
Variable Interest Entity [Line Items]      
Short-term borrowings   $ 60.4 $ 51.6
Interest rate, variable percentage   5.70%  
v3.25.0.1
Variable Interest Entities - NGHC Joint Venture By Balance Sheet Items (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Sep. 30, 2024
Assets    
Cash and cash items $ 1,845.5 $ 2,979.7
Trade receivables, net 1,807.4 1,821.6
Prepaid expenses 201.8 179.9
Other receivables and current assets 640.5 610.8
Total Current Assets 5,351.7 6,363.0
Plant and equipment, net 24,730.8 23,370.9
Operating lease right-of-use assets, net 1,017.4 1,047.7
Other noncurrent assets 1,410.1 1,171.5
Total Noncurrent Assets 34,665.5 33,211.6
Total Assets [1] 40,017.2 39,574.6
Liabilities    
Payables and accrued liabilities 3,023.7 2,926.2
Accrued income taxes 586.1 558.5
Short-term borrowings 68.2 83.5
Total Current Liabilities 4,809.4 4,179.6
Noncurrent operating lease liabilities 655.1 677.9
Other noncurrent liabilities 1,348.1 1,350.5
Deferred income taxes 1,195.0 1,159.9
Total Noncurrent Liabilities 16,469.1 16,721.3
Total Liabilities [1] 21,278.5 20,900.9
Equity    
Accumulated other comprehensive income (2,586.2) (2,027.7)
Noncontrolling interests [1] 2,046.4 1,637.2
Variable Interest Entity, Primary Beneficiary | NEOM Green Hydrogen Company    
Assets    
Cash and cash items 24.0 34.5
Trade receivables, net 15.4 6.7
Prepaid expenses 30.7 31.2
Other receivables and current assets 126.3 120.6
Total Current Assets 196.4 193.0
Plant and equipment, net 5,015.4 3,929.9
Operating lease right-of-use assets, net 226.2 233.9
Other noncurrent assets 254.4 37.1
Total Noncurrent Assets 5,496.0 4,200.9
Total Assets 5,692.4 4,393.9
Liabilities    
Payables and accrued liabilities 358.3 308.4
Accrued income taxes 0.8 2.0
Short-term borrowings 60.4 51.6
Total Current Liabilities 419.5 362.0
Long-term debt 3,499.4 3,053.3
Noncurrent operating lease liabilities 19.7 24.5
Other noncurrent liabilities 35.4 30.4
Deferred income taxes 20.1 3.2
Total Noncurrent Liabilities 3,574.6 3,111.4
Total Liabilities 3,994.1 3,473.4
Equity    
Accumulated other comprehensive income 61.8 13.8
Noncontrolling interests $ 1,255.3 $ 937.6
[1] Includes balances associated with a consolidated variable interest entity ("VIE"), including amounts reflected in "Total Assets" that can only be used to settle obligations of the VIE of $5,692.4 and $4,393.9 as of 31 December 2024 and 30 September 2024, respectively, as well as liabilities of the VIE reflected within "Total Liabilities" for which creditors do not have recourse to the general credit of Air Products of $3,994.1 and $3,473.4 as of 31 December 2024 and 30 September 2024, respectively. Refer to Note 3, Variable Interest Entities, for additional information regarding the NEOM Green Hydrogen Company joint venture.
v3.25.0.1
Variable Interest Entities - JIGPC Joint Venture (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2021
Dec. 31, 2024
Sep. 30, 2024
Jazan Integrated Gasification and Power Company ("JIGPC")      
Schedule of Equity Method Investments [Line Items]      
Ownership interest percentage   55.00%  
Investment balance   $ 2,909.0 $ 2,871.2
Jazan Integrated Gasification and Power Company ("JIGPC") | Non- controlling Interests      
Schedule of Equity Method Investments [Line Items]      
Ownership percentage attributable to noncontrolling partner (in percent)   4.00%  
Jazan Integrated Gasification and Power Company ("JIGPC") | Aramco      
Schedule of Equity Method Investments [Line Items]      
Term of project agreement (in years) 25 years    
v3.25.0.1
Variable Interest Entities - World Energy (Details)
$ in Millions
 1 Months Ended
Nov. 30, 2023
renewal
Dec. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
Variable Interest Entity [Line Items]      
Financing receivables   $ 1,245.4 $ 1,220.2
World Energy | Variable Interest Entity, Not Primary Beneficiary      
Variable Interest Entity [Line Items]      
Financing receivables   300.0  
Term of project agreement (in years) 15 years    
Number of renewal terms of project agreement | renewal 2    
Project agreement, renewal term (in years) 5 years    
Maximum loss exposure, amount   2,100.0  
World Energy | Variable Interest Entity, Not Primary Beneficiary | Sustainable Aviation Fuel Facility Expansion Project      
Variable Interest Entity [Line Items]      
Maximum loss exposure, amount   1,500.0  
World Energy | Variable Interest Entity, Not Primary Beneficiary | Purchase Commitment | Sustainable Aviation Fuel Facility Expansion Project      
Variable Interest Entity [Line Items]      
Maximum loss exposure, amount   215.0  
World Energy | Variable Interest Entity, Not Primary Beneficiary | Property, Plant and Equipment | Sustainable Aviation Fuel Facility Expansion Project      
Variable Interest Entity [Line Items]      
Maximum loss exposure, amount   1,200.0  
World Energy | Variable Interest Entity, Not Primary Beneficiary | Other Noncurrent Assets | Sustainable Aviation Fuel Facility Expansion Project      
Variable Interest Entity [Line Items]      
Maximum loss exposure, amount   $ 336.0  
v3.25.0.1
Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]    
Sales $ 2,931.5 $ 2,997.4
Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales $ 2,931.5 $ 2,997.4
Percent sales by supply mode 100.00% 100.00%
Americas | Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales $ 1,287.6 $ 1,252.1
Asia | Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales 817.1 793.8
Europe | Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales 697.2 731.2
Middle East and India | Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales 32.8 35.4
Corporate and other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales 96.8 184.9
On-site | Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales $ 1,488.3 $ 1,494.0
Percent sales by supply mode 51.00% 50.00%
On-site | Americas | Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales $ 713.1 $ 714.1
On-site | Asia | Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales 529.3 503.2
On-site | Europe | Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales 228.3 259.2
On-site | Middle East and India | Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales 17.6 17.5
On-site | Corporate and other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales 0.0 0.0
Merchant | Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales $ 1,346.4 $ 1,318.5
Percent sales by supply mode 46.00% 44.00%
Merchant | Americas | Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales $ 574.5 $ 538.0
Merchant | Asia | Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales 287.8 290.6
Merchant | Europe | Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales 468.9 472.0
Merchant | Middle East and India | Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales 15.2 17.9
Merchant | Corporate and other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales 0.0 0.0
Sale of Equipment | Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales $ 96.8 $ 184.9
Percent sales by supply mode 3.00% 6.00%
Sale of Equipment | Americas | Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales $ 0.0 $ 0.0
Sale of Equipment | Asia | Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales 0.0 0.0
Sale of Equipment | Europe | Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales 0.0 0.0
Sale of Equipment | Middle East and India | Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales 0.0 0.0
Sale of Equipment | Corporate and other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Sales $ 96.8 $ 184.9
Financing And Lease Arrangment | Revenue Benchmark | Revenue Source Concentration Risk    
Disaggregation of Revenue [Line Items]    
Interest income associated with financing and lease arrangements as a percentage of total consolidated sales 1.00%  
v3.25.0.1
Revenue Recognition (Remaining Performance Obligations) (Details)
$ in Billions
Dec. 31, 2024
USD ($)
Revenue from Contract with Customer [Abstract]  
Transaction price allocated to remaining performance obligations $ 26
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Percentage of remaining performance obligation 50.00%
Estimated timing of recognition of performance obligation 5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Percentage of remaining performance obligation 50.00%
Estimated timing of recognition of performance obligation
v3.25.0.1
Revenue Recognition (Contract Assets and Liabilities) (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Contract Assets and Liabilities    
Contract assets - current $ 100.1 $ 76.2
Contract fulfillment costs - current 96.9 103.7
Contract liabilities - current 202.8 240.0
Contract liabilities - noncurrent 283.2 $ 290.0
Revenue recognized that was previously included in current contract liabilities $ 55.0  
v3.25.0.1
Inventories (Schedule of Inventory) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Sep. 30, 2024
Inventory Disclosure [Abstract]    
Finished goods $ 189.8 $ 210.2
Work in process 47.9 42.2
Raw materials, supplies, and other 501.3 513.6
Inventories $ 739.0 $ 766.0
v3.25.0.1
Goodwill (Schedule of Goodwill by Segment) (Details)
$ in Millions
 3 Months Ended
Dec. 31, 2024
USD ($)
Goodwill [Roll Forward]  
Goodwill, net, beginning balance $ 905.1
Currency translation (38.6)
Goodwill, net, ending balance 866.5
Americas  
Goodwill [Roll Forward]  
Goodwill, net, beginning balance 146.3
Currency translation (4.2)
Goodwill, net, ending balance 142.1
Asia  
Goodwill [Roll Forward]  
Goodwill, net, beginning balance 174.7
Currency translation (4.4)
Goodwill, net, ending balance 170.3
Europe  
Goodwill [Roll Forward]  
Goodwill, net, beginning balance 534.3
Currency translation (29.7)
Goodwill, net, ending balance 504.6
Middle East and India  
Goodwill [Roll Forward]  
Goodwill, net, beginning balance 15.8
Currency translation 0.0
Goodwill, net, ending balance 15.8
Corporate and other  
Goodwill [Roll Forward]  
Goodwill, net, beginning balance 34.0
Currency translation (0.3)
Goodwill, net, ending balance $ 33.7
v3.25.0.1
Goodwill (Schedule of Accumulated Impairment Losses) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Sep. 30, 2024
Goodwill [Line Items]    
Goodwill, gross $ 1,131.5 $ 1,199.8
Goodwill, net 866.5 905.1
Americas    
Goodwill [Line Items]    
Goodwill, accumulated impairment losses (265.0) (294.7)
Goodwill, net $ 142.1 $ 146.3
v3.25.0.1
Financial Instruments (Narrative) (Details)
€ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2024
EUR (€)
Dec. 31, 2024
USD ($)
Sep. 30, 2024
EUR (€)
Sep. 30, 2024
USD ($)
Derivative [Line Items]        
Net liability position of derivatives with credit risk-related contingent features   $ 61,900,000   $ 47,300,000
Collateral posted on liability positions with credit risk-related contingent features   0    
Collateral amount that counterparties would be required to post   $ 293,100,000   57,200,000
Forward exchange contracts | Cash flow hedges        
Derivative [Line Items]        
Maximum remaining maturity of foreign currency derivatives 2 years 10 months 24 days 2 years 10 months 24 days    
Foreign currency debt | Euro Denominated        
Derivative [Line Items]        
Notional amount included in designated foreign currency denominated debt € 1,927.1 $ 2,004,500,000 € 1,905.7 $ 2,121,900,000
v3.25.0.1
Financial Instruments (Currency Price Risk Management Instruments) (Details) - Forward exchange contracts - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Derivative [Line Items]    
US$ Notional $ 5,869.6 $ 6,794.6
Years Average Maturity 8 months 12 days 9 months 18 days
Designated as hedging instrument | Cash flow hedges    
Derivative [Line Items]    
US$ Notional $ 3,685.3 $ 4,003.2
Years Average Maturity 6 months 7 months 6 days
Designated as hedging instrument | Net investment hedges    
Derivative [Line Items]    
US$ Notional $ 850.6 $ 911.4
Years Average Maturity 2 years 2 months 12 days 2 years 6 months
Not designated as hedging instrument    
Derivative [Line Items]    
US$ Notional $ 1,333.7 $ 1,880.0
Years Average Maturity 3 months 18 days 3 months 18 days
v3.25.0.1
Financial Instruments (Interest Rate Management Contracts and Cross Currency Interest Rate Swaps) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Interest Rate Swaps Contracts | Designated as hedging instrument | Fair Value Hedges    
Derivative [Line Items]    
US$ Notional $ 800.0 $ 800.0
Average Pay % Secured Overnight Financing Rate (SOFR) [Member] Secured Overnight Financing Rate (SOFR) [Member]
Average Receive % 1.64% 1.64%
Years Average Maturity 2 years 8 months 12 days 3 years
Interest Rate Swaps Contracts | Designated as hedging instrument | Cash flow hedges    
Derivative [Line Items]    
US$ Notional $ 2,372.2 $ 2,159.3
Average Pay % 2.72% 2.72%
Average Receive % SOFR SOFR
Years Average Maturity 21 years 21 years 2 months 12 days
Interest Rate Swaps Contracts | Not designated as hedging instrument    
Derivative [Line Items]    
US$ Notional $ 506.7 $ 461.4
Average Pay % 3.27% 3.27%
Average Receive % SOFR SOFR
Years Average Maturity 20 years 2 months 12 days 20 years 6 months
Cross currency interest rate swaps | Designated as hedging instrument | Net investment hedges    
Derivative [Line Items]    
US$ Notional $ 0.0 $ 16.7
Average Pay % 0.00% 5.39%
Average Receive % 0.00% 3.64%
Years Average Maturity 0 years 2 months 12 days
Cross currency interest rate swaps | Designated as hedging instrument | Cash flow hedges    
Derivative [Line Items]    
US$ Notional $ 381.3 $ 410.6
Average Pay % 4.97% 4.96%
Average Receive % 2.84% 2.80%
Years Average Maturity 1 year 9 months 18 days 1 year 10 months 24 days
Cross currency interest rate swaps | Not designated as hedging instrument    
Derivative [Line Items]    
US$ Notional $ 0.0 $ 34.7
Average Pay % 0.00% 5.39%
Average Receive % 0.00% 3.64%
Years Average Maturity 0 years 2 months 12 days
v3.25.0.1
Financial Instruments (Carrying Amount and Cumulative Hedging Adjustment) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Sep. 30, 2024
Current portion of long-term debt    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying amounts of hedged item $ 544.4 $ 0.0
Cumulative hedging adjustment, included in carrying amount (5.2) 0.0
Long-term debt    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying amounts of hedged item 1,502.3 2,057.1
Cumulative hedging adjustment, included in carrying amount $ (42.3) $ (36.6)
v3.25.0.1
Financial Instruments (Fair Value and Balance Sheet Location of Derivatives) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Sep. 30, 2024
Derivative [Line Items]    
Total Derivatives, Assets $ 369.3 $ 142.6
Total Derivatives, Liabilities 216.0 100.6
Designated as hedging instrument    
Derivative [Line Items]    
Total Derivatives, Assets 311.5 119.6
Total Derivatives, Liabilities 202.6 78.6
Designated as hedging instrument | Other Receivables and Current Assets | Forward exchange contracts    
Derivative [Line Items]    
Total Derivatives, Assets 59.5 74.5
Designated as hedging instrument | Other Receivables and Current Assets | Interest Rate Management Contracts    
Derivative [Line Items]    
Total Derivatives, Assets 4.8 1.2
Designated as hedging instrument | Other Noncurrent Assets | Forward exchange contracts    
Derivative [Line Items]    
Total Derivatives, Assets 22.3 9.6
Designated as hedging instrument | Other Noncurrent Assets | Interest Rate Management Contracts    
Derivative [Line Items]    
Total Derivatives, Assets 224.9 34.3
Designated as hedging instrument | Payables and Accrued Liabilities | Forward exchange contracts    
Derivative [Line Items]    
Total Derivatives, Liabilities 143.6 21.6
Designated as hedging instrument | Payables and Accrued Liabilities | Interest Rate Management Contracts    
Derivative [Line Items]    
Total Derivatives, Liabilities 5.2 1.2
Designated as hedging instrument | Other Noncurrent Liabilities | Forward exchange contracts    
Derivative [Line Items]    
Total Derivatives, Liabilities 10.7 15.6
Designated as hedging instrument | Other Noncurrent Liabilities | Interest Rate Management Contracts    
Derivative [Line Items]    
Total Derivatives, Liabilities 43.1 40.2
Not designated as hedging instrument    
Derivative [Line Items]    
Total Derivatives, Assets 57.8 23.0
Total Derivatives, Liabilities 13.4 22.0
Not designated as hedging instrument | Other Receivables and Current Assets | Forward exchange contracts    
Derivative [Line Items]    
Total Derivatives, Assets 15.8 16.5
Not designated as hedging instrument | Other Receivables and Current Assets | Interest Rate Management Contracts    
Derivative [Line Items]    
Total Derivatives, Assets 0.0 1.7
Not designated as hedging instrument | Other Noncurrent Assets | Forward exchange contracts    
Derivative [Line Items]    
Total Derivatives, Assets 0.4 0.2
Not designated as hedging instrument | Other Noncurrent Assets | Interest Rate Management Contracts    
Derivative [Line Items]    
Total Derivatives, Assets 41.6 4.6
Not designated as hedging instrument | Payables and Accrued Liabilities | Forward exchange contracts    
Derivative [Line Items]    
Total Derivatives, Liabilities 13.4 21.8
Not designated as hedging instrument | Payables and Accrued Liabilities | Interest Rate Management Contracts    
Derivative [Line Items]    
Total Derivatives, Liabilities 0.0 0.0
Not designated as hedging instrument | Other Noncurrent Liabilities | Forward exchange contracts    
Derivative [Line Items]    
Total Derivatives, Liabilities 0.0 0.2
Not designated as hedging instrument | Other Noncurrent Liabilities | Interest Rate Management Contracts    
Derivative [Line Items]    
Total Derivatives, Liabilities $ 0.0 $ 0.0
v3.25.0.1
Financial Instruments (Gains and Losses Recognized In Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Net Investment Hedging Relationships    
Tax effects $ (46.2) $ 29.8
Net Amount Recognized in OCI (624.0) 380.6
Derivatives in Cash Flow Hedging Relationships    
Tax effects 22.0 (5.5)
Net Amount Recognized in OCI 65.7 (161.1)
Net investment hedges    
Net Investment Hedging Relationships    
Total Amount Recognized in OCI 194.7 (123.6)
Tax effects (47.5) 30.1
Net Amount Recognized in OCI 147.2 (93.5)
Net investment hedges | Forward exchange contracts    
Net Investment Hedging Relationships    
Total Amount Recognized in OCI 53.9 (31.8)
Net investment hedges | Foreign currency debt    
Net Investment Hedging Relationships    
Total Amount Recognized in OCI 140.4 (89.9)
Net investment hedges | Cross currency interest rate swaps    
Net Investment Hedging Relationships    
Total Amount Recognized in OCI 0.4 (1.9)
Cash flow hedges    
Derivatives in Cash Flow Hedging Relationships    
Total Amount Recognized in OCI 43.7 (155.6)
Tax effects 22.0 (5.5)
Net Amount Recognized in OCI 65.7 (161.1)
Cash flow hedges | Forward exchange contracts    
Derivatives in Cash Flow Hedging Relationships    
Total Amount Recognized in OCI (177.8) 115.1
Cash flow hedges | Forward exchange contracts, excluded components    
Derivatives in Cash Flow Hedging Relationships    
Total Amount Recognized in OCI (1.5) (9.0)
Cash flow hedges | Other    
Derivatives in Cash Flow Hedging Relationships    
Total Amount Recognized in OCI $ 223.0 $ (261.7)
v3.25.0.1
Financial Instruments (Cash Flow and Fair Value Hedges Location and Amounts Recognized) (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Total presented in consolidated income statements that includes effects of hedging below    
Sales $ 2,931.5 $ 2,997.4
Cost of sales 2,016.5 2,067.2
Other non-operating income (expense), net 38.9 (14.8)
(Gain) Loss Effects of Cash Flow Hedging:    
Tax effects (27.8) 12.8
Net (Gain) Loss Reclassified from OCI to Income 91.9 (42.2)
Cash flow hedges | Sales    
(Gain) Loss Effects of Cash Flow Hedging:    
Amount reclassified from OCI into income 0.2 0.3
Tax effects 0.0 (0.1)
Net (Gain) Loss Reclassified from OCI to Income 0.2 0.2
Cash flow hedges | Cost of Sales    
(Gain) Loss Effects of Cash Flow Hedging:    
Amount reclassified from OCI into income 0.9 1.3
Tax effects (0.1) (0.3)
Net (Gain) Loss Reclassified from OCI to Income 0.8 1.0
Cash flow hedges | Interest Expense    
(Gain) Loss Effects of Cash Flow Hedging:    
Amount reclassified from OCI into income 0.5 1.3
Tax effects (0.2) (0.5)
Net (Gain) Loss Reclassified from OCI to Income 0.3 0.8
Cash flow hedges | Other Non-Operating Income (Expense), Net    
(Gain) Loss Effects of Cash Flow Hedging:    
Amount reclassified from OCI into income 118.1 (57.9)
Tax effects (27.5) 13.7
Net (Gain) Loss Reclassified from OCI to Income 90.6 (44.2)
Cash flow hedges | Forward exchange contracts | Sales    
(Gain) Loss Effects of Cash Flow Hedging:    
Amount reclassified from OCI into income 0.2 0.3
Cash flow hedges | Forward exchange contracts | Cost of Sales    
(Gain) Loss Effects of Cash Flow Hedging:    
Amount reclassified from OCI into income 0.9 1.3
Cash flow hedges | Forward exchange contracts | Interest Expense    
(Gain) Loss Effects of Cash Flow Hedging:    
Amount reclassified from OCI into income 0.0 0.0
Cash flow hedges | Forward exchange contracts | Other Non-Operating Income (Expense), Net    
(Gain) Loss Effects of Cash Flow Hedging:    
Amount reclassified from OCI into income 129.3 (74.9)
Cash flow hedges | Forward exchange contracts, excluded components | Sales    
(Gain) Loss Effects of Cash Flow Hedging:    
Amount excluded from effectiveness testing recognized in earnings based on amortization approach 0.0 0.0
Cash flow hedges | Forward exchange contracts, excluded components | Cost of Sales    
(Gain) Loss Effects of Cash Flow Hedging:    
Amount excluded from effectiveness testing recognized in earnings based on amortization approach 0.0 0.0
Cash flow hedges | Forward exchange contracts, excluded components | Interest Expense    
(Gain) Loss Effects of Cash Flow Hedging:    
Amount excluded from effectiveness testing recognized in earnings based on amortization approach 0.0 0.0
Cash flow hedges | Forward exchange contracts, excluded components | Other Non-Operating Income (Expense), Net    
(Gain) Loss Effects of Cash Flow Hedging:    
Amount excluded from effectiveness testing recognized in earnings based on amortization approach 6.1 5.7
Cash flow hedges | Other | Sales    
(Gain) Loss Effects of Cash Flow Hedging:    
Amount reclassified from OCI into income 0.0 0.0
Cash flow hedges | Other | Cost of Sales    
(Gain) Loss Effects of Cash Flow Hedging:    
Amount reclassified from OCI into income 0.0 0.0
Cash flow hedges | Other | Interest Expense    
(Gain) Loss Effects of Cash Flow Hedging:    
Amount reclassified from OCI into income 0.5 1.3
Cash flow hedges | Other | Other Non-Operating Income (Expense), Net    
(Gain) Loss Effects of Cash Flow Hedging:    
Amount reclassified from OCI into income (17.3) 11.3
Fair Value Hedges | Sales    
(Gain) Loss Effects of Fair Value Hedging:    
Total (Gain) Loss Recognized in Income 0.0 0.0
Fair Value Hedges | Cost of Sales    
(Gain) Loss Effects of Fair Value Hedging:    
Total (Gain) Loss Recognized in Income 0.0 0.0
Fair Value Hedges | Interest Expense    
(Gain) Loss Effects of Fair Value Hedging:    
Total (Gain) Loss Recognized in Income 0.0 0.0
Fair Value Hedges | Other Non-Operating Income (Expense), Net    
(Gain) Loss Effects of Fair Value Hedging:    
Total (Gain) Loss Recognized in Income 0.0 0.0
Fair Value Hedges | Other | Sales    
(Gain) Loss Effects of Fair Value Hedging:    
Hedged items 0.0 0.0
Derivatives designated as hedging instruments 0.0 0.0
Fair Value Hedges | Other | Cost of Sales    
(Gain) Loss Effects of Fair Value Hedging:    
Hedged items 0.0 0.0
Derivatives designated as hedging instruments 0.0 0.0
Fair Value Hedges | Other | Interest Expense    
(Gain) Loss Effects of Fair Value Hedging:    
Hedged items (10.9) 26.1
Derivatives designated as hedging instruments 10.9 (26.1)
Fair Value Hedges | Other | Other Non-Operating Income (Expense), Net    
(Gain) Loss Effects of Fair Value Hedging:    
Hedged items 0.0 0.0
Derivatives designated as hedging instruments $ 0.0 $ 0.0
v3.25.0.1
Financial Instruments (Effects of Derivatives Not Designated as a Hedging Instrument) (Details) - Not Designated as Hedging Instrument [Member] - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Other Income (Expense), Net    
Derivative Instruments, Gain (Loss) [Line Items]    
Total (Gain) Loss Recognized in Income $ (3.9) $ 3.2
Other Income (Expense), Net | Forward exchange contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Total (Gain) Loss Recognized in Income (3.9) 3.2
Other Income (Expense), Net | De-designated interest rate swap    
Derivative Instruments, Gain (Loss) [Line Items]    
Total (Gain) Loss Recognized in Income 0.0 0.0
Other Income (Expense), Net | Other    
Derivative Instruments, Gain (Loss) [Line Items]    
Total (Gain) Loss Recognized in Income 0.0 0.0
Other Non-Operating Income (Expense), Net    
Derivative Instruments, Gain (Loss) [Line Items]    
Total (Gain) Loss Recognized in Income (42.4) (0.4)
Other Non-Operating Income (Expense), Net | Forward exchange contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Total (Gain) Loss Recognized in Income (1.9) (1.2)
Other Non-Operating Income (Expense), Net | De-designated interest rate swap    
Derivative Instruments, Gain (Loss) [Line Items]    
Total (Gain) Loss Recognized in Income (38.8) 0.0
Other Non-Operating Income (Expense), Net | Other    
Derivative Instruments, Gain (Loss) [Line Items]    
Total (Gain) Loss Recognized in Income $ (1.7) $ 0.8
v3.25.0.1
Fair Value Measurements (Schedule of the Carrying Values and Fair Values of Financial Instruments) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Sep. 30, 2024
Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, including current portion and related party, carrying value $ 14,402.3 $ 14,144.4
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, including current portion and related party, fair value 13,900.1 13,897.3
Forward exchange contracts | Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative assets 98.0 100.8
Derivative liabilities 167.7 59.2
Forward exchange contracts | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative assets 98.0 100.8
Derivative liabilities 167.7 59.2
Interest Rate Management Contracts | Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative assets 271.3 41.8
Derivative liabilities 48.3 41.4
Interest Rate Management Contracts | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative assets 271.3 41.8
Derivative liabilities $ 48.3 $ 41.4
v3.25.0.1
Fair Value Measurements (Schedule of Recurring Fair Value Measurements) (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Dec. 31, 2024
Sep. 30, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Assets at Fair Value $ 369.3 $ 142.6
Total Liabilities at Fair Value 216.0 100.6
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Assets at Fair Value 0.0 0.0
Total Liabilities at Fair Value 0.0 0.0
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Assets at Fair Value 369.3 142.6
Total Liabilities at Fair Value 216.0 100.6
Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Assets at Fair Value 0.0 0.0
Total Liabilities at Fair Value 0.0 0.0
Forward exchange contracts    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative assets 98.0 100.8
Derivative liabilities 167.7 59.2
Forward exchange contracts | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative assets 0.0 0.0
Derivative liabilities 0.0 0.0
Forward exchange contracts | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative assets 98.0 100.8
Derivative liabilities 167.7 59.2
Forward exchange contracts | Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative assets 0.0 0.0
Derivative liabilities 0.0 0.0
Interest Rate Management Contracts    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative assets 271.3 41.8
Derivative liabilities 48.3 41.4
Interest Rate Management Contracts | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative assets 0.0 0.0
Derivative liabilities 0.0 0.0
Interest Rate Management Contracts | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative assets 271.3 41.8
Derivative liabilities 48.3 41.4
Interest Rate Management Contracts | Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative assets 0.0 0.0
Derivative liabilities $ 0.0 $ 0.0
v3.25.0.1
Retirement Benefits (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Sep. 30, 2024
Defined Benefit Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Company contributions $ 8.2 $ 12.0 $ 34.7
Defined Benefit Pension Plan | Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Total expected contributions for current fiscal year 30.0    
Defined Benefit Pension Plan | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Total expected contributions for current fiscal year 40.0    
Other Postretirement Benefits Plan      
Defined Benefit Plan Disclosure [Line Items]      
Amortization of actuarial gain $ 0.3 $ 0.1  
v3.25.0.1
Retirement Benefits (Schedule of Net Periodic Benefit Cost) (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Other non-operating income (expense), net Other non-operating income (expense), net
Pension Plan    
Defined Benefit Plan Disclosure [Line Items]    
Service cost $ 5.2 $ 5.2
Interest cost 43.8 48.5
Expected return on plan assets (47.9) (41.6)
Prior service cost amortization 0.5 0.5
Actuarial loss amortization 14.1 17.5
Other 0.1 0.1
Net Periodic Cost 15.8 30.2
U.S. | Pension Plan    
Defined Benefit Plan Disclosure [Line Items]    
Service cost 2.3 2.4
Interest cost 29.9 33.7
Expected return on plan assets (33.2) (30.0)
Prior service cost amortization 0.3 0.3
Actuarial loss amortization 11.7 14.3
Other 0.0 0.0
Net Periodic Cost 11.0 20.7
International | Pension Plan    
Defined Benefit Plan Disclosure [Line Items]    
Service cost 2.9 2.8
Interest cost 13.9 14.8
Expected return on plan assets (14.7) (11.6)
Prior service cost amortization 0.2 0.2
Actuarial loss amortization 2.4 3.2
Other 0.1 0.1
Net Periodic Cost $ 4.8 $ 9.5
v3.25.0.1
Commitments and Contingencies (Litigation and Environmental - Narrative) (Details)
R$ in Millions
 1 Months Ended 3 Months Ended
Sep. 30, 2010
BRL (R$)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
BRL (R$)
site
Dec. 31, 2024
USD ($)
site
Sep. 30, 2024
USD ($)
Alleged Anticompete Litigation          
Loss Contingencies [Line Items]          
Civil fines imposed R$ 179.2 $ 29,000,000      
Provision for litigation   $ 0      
Maximum of loss contingency range subject to interest     R$ 179.2 $ 29,000,000  
Environmental          
Loss Contingencies [Line Items]          
Approximate number of sites on which settlement has not been reached | site     26 26  
Accrual for environmental loss contingencies       $ 79,600,000 $ 79,100,000
Accrual for environmental loss contingencies, maximum payout period     30 years 30 years  
Environmental | Minimum          
Loss Contingencies [Line Items]          
Estimate of possible exposure from environmental loss contingencies       $ 79,000,000  
Environmental | Maximum          
Loss Contingencies [Line Items]          
Estimate of possible exposure from environmental loss contingencies       $ 92,000,000  
v3.25.0.1
Commitments and Contingencies (Pace and Pasadena - Narrative) (Details)
$ in Millions
 12 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2012
USD ($)
surfaceImpoundmentUnit
Sep. 30, 2006
USD ($)
Dec. 31, 2024
USD ($)
Environmental          
Loss Contingencies [Line Items]          
Accrual for environmental loss contingencies $ 79.1       $ 79.6
Site Contingency, Cost Review, Period         5 years
Accrual for environmental loss contingencies, maximum payout period         30 years
Pace, Florida          
Loss Contingencies [Line Items]          
Accrual for environmental loss contingencies       $ 42.0 $ 54.5
Change in estimated exposure 19.0 $ 19.0      
Pace, Florida | Environmental          
Loss Contingencies [Line Items]          
Accrual for environmental loss contingencies, maximum payout period         30 years
Pace, Florida | Discontinued operations          
Loss Contingencies [Line Items]          
Pretax environmental expense $ 19.0 $ 19.0   $ 42.0  
Pasadena, Texas          
Loss Contingencies [Line Items]          
Accrual for environmental loss contingencies         $ 10.2
Number of closed facilities | surfaceImpoundmentUnit     2    
Total anticipated exposure     $ 13.0    
v3.25.0.1
Share-Based Compensation (Narrative) (Details)
 3 Months Ended
Dec. 31, 2024
$ / shares
shares
Market-Based Deferred Stock Unit  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of units/shares granted 78,770
Performance period 3 years
Weighted average grant date fair value (in dollars per unit/share) | $ / shares $ 480.94
Time-Based Deferred Stock Unit  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of units/shares granted 106,098
Weighted average grant date fair value (in dollars per unit/share) | $ / shares $ 334.52
LTIP  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares available for future grant 800,000
v3.25.0.1
Share-Based Compensation (Compensation Cost Recognized in Income Statement) (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Share-based Payment Arrangement, Additional Disclosure [Abstract]    
Before-tax share-based compensation cost $ 16.5 $ 13.6
Income tax benefit (4.0) (3.3)
After-tax share-based compensation cost $ 12.5 $ 10.3
v3.25.0.1
Share-Based Compensation (Market-Based Deferred Stock Unit Valuation Assumptions) (Details) - Market-Based Deferred Stock Unit
 3 Months Ended
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected volatility 30.40%
Risk-free interest rate 4.10%
Expected dividend yield 2.10%
v3.25.0.1
Accumulated Other Comprehensive Loss (Rollforward) (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Beginning balance $ 18,673.7 $ 15,660.3
Other comprehensive income (loss) before reclassifications (558.3)  
Amounts reclassified from AOCL 102.9  
Net current period other comprehensive income (loss) (455.4) 191.0
Amount attributable to noncontrolling interests 103.1 (138.1)
Ending balance 18,738.7 16,129.1
Derivatives qualifying as hedges    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Beginning balance 27.2  
Other comprehensive income (loss) before reclassifications 65.7  
Amounts reclassified from AOCL 91.9  
Net current period other comprehensive income (loss) 157.6  
Amount attributable to noncontrolling interests 119.6  
Ending balance 65.2  
Foreign currency translation adjustments    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Beginning balance (1,545.3)  
Other comprehensive income (loss) before reclassifications (624.0)  
Amounts reclassified from AOCL 0.0  
Net current period other comprehensive income (loss) (624.0)  
Amount attributable to noncontrolling interests (16.5)  
Ending balance (2,152.8)  
Pension and postretirement benefits    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Beginning balance (509.6)  
Other comprehensive income (loss) before reclassifications 0.0  
Amounts reclassified from AOCL 11.0  
Net current period other comprehensive income (loss) 11.0  
Amount attributable to noncontrolling interests 0.0  
Ending balance (498.6)  
AOCL attributable to Air Products    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Beginning balance [1] (2,027.7) (2,449.4)
Net current period other comprehensive income (loss) [1] (558.5) 329.1
Ending balance [1] $ (2,586.2) $ (2,120.3)
[1]
(A)Accumulated other comprehensive loss
v3.25.0.1
Accumulated Other Comprehensive Loss (Reclassification) (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Sales $ (2,931.5) $ (2,997.4)
Cost of sales 2,016.5 2,067.2
Other non-operating income (expense), net (38.9) 14.8
Net Income attributable to Air Products (617.4) (609.3)
Reclassification out of Accumulated Other Comprehensive Income | Loss (Gain) on Cash Flow Hedges, net of tax    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Sales 0.2 0.2
Cost of sales 0.8 1.0
Interest expense 0.3 0.8
Other non-operating income (expense), net 90.6 (44.2)
Net Income attributable to Air Products 91.9 (42.2)
Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Benefits, net of tax    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Net Income attributable to Air Products $ 11.0 $ 13.7
v3.25.0.1
Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Numerator    
Net income attributable to Air Products $ 617.4 $ 609.3
Denominator (in millions)    
Weighted average common shares — Basic (in shares) 222.7 222.5
Effect of dilutive securities    
Employee stock option and other award plans (in shares) 0.2 0.3
Weighted average common shares — Diluted (in shares) 222.9 222.8
Per Share Data (U.S. Dollars per share)    
Basic earnings per share attributable to Air Products (in dollars per share) $ 2.77 $ 2.74
Diluted earnings per share attributable to Air Products (in dollars per share) $ 2.77 $ 2.73
v3.25.0.1
Earnings Per Share (Narrative) (Details) - shares
shares in Millions
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]    
Antidilutive share-based awards excluded from computation of diluted earnings per share (in shares) 0.1 0.0
v3.25.0.1
Supplemental Information (Related Party Transactions) (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Sep. 30, 2024
Related Party Transaction [Line Items]      
Sales and other income $ 80.0 $ 95.0  
Trade receivables, net 1,807.4   $ 1,821.6
Current portion of long-term debt 1,131.4   611.4
Related Party      
Related Party Transaction [Line Items]      
Trade receivables, net 185.0   120.0
Total debt 292.7   304.4
Current portion of long-term debt $ 192.3   $ 200.0
v3.25.0.1
Supplemental Information (Shareholder Activism Costs) (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Disclosure Text Block Supplement [Abstract]    
Legal and other professional service fees in connection with response to proxy contest $ 29.9 $ 0.0
Legal and other professional service fees in connection with response to proxy contest, after tax 21.9  
Accrued legal and other professional service fees, current $ 15.4  
v3.25.0.1
Supplemental Information (Uzbekistan Asset Purchase) (Details) - USD ($)
$ in Millions
May 25, 2023
Dec. 31, 2024
Sep. 30, 2024
Asset Acquisition [Line Items]      
Financing receivables   $ 1,245.4 $ 1,220.2
Natural Gas-To-Syngas Processing Facility      
Asset Acquisition [Line Items]      
Price of acquisition $ 1,000.0    
Term of project agreement (in years) 15 years    
Financing receivables   $ 945.0 $ 920.0
v3.25.0.1
Supplemental Information (Accrual for Business and Asset Actions) (Details)
position in Millions, $ in Millions
 3 Months Ended 21 Months Ended
Dec. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
position
Dec. 31, 2024
USD ($)
Disclosure Text Block Supplement [Abstract]      
Charge for severance and other postemployment benefits     $ 84.0
Number of employees to whom involuntary termination benefits are payable | position   1,100  
Restructuring Reserve [Roll Forward]      
Amount accrued $ 22.3 $ 34.0 $ 22.3
Amount accrued as of 30 September 2024 34.0    
Cash payments (10.4)    
Currency translation adjustment $ (1.3)    
v3.25.0.1
Supplemental Information (Changes in Estimates) (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Change in Accounting Estimate [Line Items]    
Operating income (loss) $ 643.6 $ 666.9
Contracts accounted for under percentage of completion    
Change in Accounting Estimate [Line Items]    
Operating income (loss) $ 28.0 $ 30.0
v3.25.0.1
Supplemental Information (Income Taxes) (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Disclosure Text Block Supplement [Abstract]    
Effective tax rate 17.80% 17.90%
Income tax payments, net of refunds $ 123.6 $ 90.1
v3.25.0.1
Business Segment Information (Schedule of Segment Reporting Information) (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Sep. 30, 2024
Segment Reporting Information [Line Items]      
Sales $ 2,931.5 $ 2,997.4  
Operating income (loss) 643.6 666.9  
Depreciation and amortization 366.8 349.2  
Equity affiliates' income 150.6 158.4  
Total Assets [1] 40,017.2   $ 39,574.6
Operating Segments      
Segment Reporting Information [Line Items]      
Sales 2,931.5 2,997.4  
Operating income (loss) 673.5 666.9  
Depreciation and amortization 366.8 349.2  
Equity affiliates' income 150.6 158.4  
Total Assets 40,017.2   39,574.6
Americas | Operating Segments      
Segment Reporting Information [Line Items]      
Sales 1,287.6 1,252.1  
Operating income (loss) 388.2 354.4  
Depreciation and amortization 173.4 169.7  
Equity affiliates' income 35.1 37.1  
Total Assets 12,796.2   12,383.8
Asia | Operating Segments      
Segment Reporting Information [Line Items]      
Sales 817.1 793.8  
Operating income (loss) 216.4 211.2  
Depreciation and amortization 122.9 111.8  
Equity affiliates' income 10.3 4.2  
Total Assets 7,153.1   7,436.5
Europe | Operating Segments      
Segment Reporting Information [Line Items]      
Sales 697.2 731.2  
Operating income (loss) 186.5 197.6  
Depreciation and amortization 54.5 48.2  
Equity affiliates' income 18.2 20.7  
Total Assets 5,760.9   5,849.2
Middle East and India | Operating Segments      
Segment Reporting Information [Line Items]      
Sales 32.8 35.4  
Operating income (loss) (0.6) 3.9  
Depreciation and amortization 6.5 6.6  
Equity affiliates' income 85.0 92.9  
Total Assets 9,586.0   8,477.4
Corporate and other | Operating Segments      
Segment Reporting Information [Line Items]      
Sales 96.8 184.9  
Operating income (loss) (117.0) (100.2)  
Depreciation and amortization 9.5 12.9  
Equity affiliates' income 2.0 $ 3.5  
Total Assets $ 4,721.0   $ 5,427.7
[1] Includes balances associated with a consolidated variable interest entity ("VIE"), including amounts reflected in "Total Assets" that can only be used to settle obligations of the VIE of $5,692.4 and $4,393.9 as of 31 December 2024 and 30 September 2024, respectively, as well as liabilities of the VIE reflected within "Total Liabilities" for which creditors do not have recourse to the general credit of Air Products of $3,994.1 and $3,473.4 as of 31 December 2024 and 30 September 2024, respectively. Refer to Note 3, Variable Interest Entities, for additional information regarding the NEOM Green Hydrogen Company joint venture.
v3.25.0.1
Business Segment Information (Reconciliation of Operating Income) (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]    
Operating income (loss) $ 643.6 $ 666.9
Shareholder activism costs (29.9) 0.0
Operating Segments    
Segment Reporting Information [Line Items]    
Operating income (loss) $ 673.5 $ 666.9
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