Air Products and Chemicals (APD) 10-Q 4 Feb 21 2021 Q1 Quarterly report Financial data

Cover

Cover	3 Months Ended
	Dec. 31, 2020shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-04534
Entity Registrant Name	AIR PRODUCTS AND CHEMICALS, INC.
Entity Central Index Key	0000002969
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	23-1274455
Entity Address, Address Line One	7201 Hamilton Boulevard
Entity Address, City or Town	Allentown
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	18195-1501
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	221,276,890
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
0.375% Euro Notes due 2021
Entity Information [Line Items]
Title of 12(b) Security	0.375% Euro Notes due 2021
Trading Symbol	APD21B
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

Consolidated Income Statements

Consolidated Income Statements (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Sales		$ 2,375.2	$ 2,254.7
Cost of sales		1,632.4	1,486.6
Selling and administrative		202.7	201.7
Research and development		23.5	17.7
Other income (expense), net		22.5	12.3
Operating Income		539.1	561
Equity affiliates' income		69.3	58.2
Interest expense		36.7	18.7
Other non-operating income (expense), net		18.6	9.1
Income From Continuing Operations Before Taxes		590.3	609.6
Income tax provision		113.9	120.7
Income From Continuing Operations		476.4	488.9
Income from discontinued operations, net of tax		10.3	0
Net Income		486.7	488.9
Net income attributable to noncontrolling interests of continuing operations		4.7	13.3
Net Income Attributable to Air Products		482	475.6
Net Income Attributable to Air Products
Net income from continuing operations		471.7	475.6
Net income from discontinued operations		10.3	0
Net Income Attributable to Air Products		$ 482	$ 475.6
Per Share Data
Basic EPS from continuing operations (in dollars per share)	[1]	$ 2.13	$ 2.15
Basic EPS from discontinued operations (in dollars per share)	[1]	0.05	0
Basic EPS Attributable to Air Products (in dollars per share)	[1]	2.18	2.15
Diluted EPS from continuing operations (in dollars per share)	[1]	2.12	2.14
Diluted EPS from discontinued operations (in dollars per share)	[1]	0.05	0
Diluted EPS Attributable to Air Products (in dollars per share)	[1]	$ 2.17	$ 2.14
Weighted Average Common Shares (in millions)
Basic		221.5	220.9
Diluted		222.6	222.2
[1]	*Earnings per share ("EPS") is calculated independently for each component and may not sum to total EPS due to rounding.

Consolidated Comprehensive Inco

Consolidated Comprehensive Income Statements (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net Income	$ 486.7	$ 488.9
Other Comprehensive Income (Loss), net of tax:
Translation adjustments, net of tax	415.7	264
Net gain (loss) on derivatives, net of tax	13.8	22.1
Reclassification adjustments:
Derivatives, net of tax	(1.3)	(3.6)
Pension and postretirement benefits, net of tax	18.3	19.7
Total Other Comprehensive Income	446.5	302.2
Comprehensive Income	933.2	791.1
Net Income Attributable to Noncontrolling Interests	4.7	13.3
Other Comprehensive Income Attributable to Noncontrolling Interests	19.7	15.2
Comprehensive Income Attributable to Air Products	$ 908.8	$ 762.6

Consolidated Comprehensive In_2

Consolidated Comprehensive Income Statements (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Tax effect on translation adjustments	$ (24.2)	$ (10.8)
Tax effect on net gain (loss) on derivatives	2.7	2.6
Tax effect on derivatives reclassification adjustments	(0.8)	(0.8)
Tax effect on pension and postretirement benefits reclassification adjustments	$ 5.9	$ 6.5

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Dec. 31, 2020	Sep. 30, 2020
Current Assets
Cash and cash items	$ 5,788	$ 5,253
Short-term investments	412	1,104.9
Trade receivables, net	1,419.7	1,274.8
Inventories	422.9	404.8
Prepaid expenses	178.5	164.5
Other receivables and current assets	588.7	482.9
Total Current Assets	8,809.8	8,684.9
Investment in net assets of and advances to equity affiliates	1,520.4	1,432.2
Plant and equipment, at cost	26,308.1	25,176.2
Less: accumulated depreciation	13,791	13,211.5
Plant and equipment, net	12,517.1	11,964.7
Goodwill, net	923.9	891.5
Intangible assets, net	452.5	435.8
Noncurrent lease receivables	816.2	816.3
Other noncurrent assets	1,048.2	943.1
Total Noncurrent Assets	17,278.3	16,483.6
Total Assets	26,088.1	25,168.5
Current Liabilities
Payables and accrued liabilities	1,962.2	1,833.2
Accrued income taxes	108.4	105.8
Short-term borrowings	9.2	7.7
Current portion of long-term debt	906.1	470
Total Current Liabilities	2,985.9	2,416.7
Long-term debt	6,779.1	7,132.9
Long-term debt – related party	312.5	297.2
Other noncurrent liabilities	1,935.7	1,916
Deferred income taxes	1,003	962.6
Total Noncurrent Liabilities	10,030.3	10,308.7
Total Liabilities	13,016.2	12,725.4
Commitments and Contingencies - See Note 10
Air Products Shareholders’ Equity
Common stock	249.4	249.4
Capital in excess of par value	1,083	1,094.8
Retained earnings	15,060.5	14,875.7
Accumulated other comprehensive loss	(1,713.3)	(2,140.1)
Treasury stock, at cost	(1,996)	(2,000)
Total Air Products Shareholders’ Equity	12,683.6	12,079.8
Noncontrolling Interests	388.3	363.3
Total Equity	13,071.9	12,443.1
Total Liabilities and Equity	$ 26,088.1	$ 25,168.5

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Dec. 31, 2020	Sep. 30, 2020
Air Products Shareholders’ Equity
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, issued shares	249,455,584	249,455,584
Treasury stock at cost, shares	28,178,694	28,438,125

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating Activities
Net Income	$ 486.7	$ 488.9
Less: Net income attributable to noncontrolling interest of continuing operations	4.7	13.3
Net income attributable to Air Products	482	475.6
Income from discontinued operations	(10.3)	0
Income from continuing operations attributable to Air Products	471.7	475.6
Adjustments to reconcile income to cash provided by operating activities:
Depreciation and amortization	323.7	289.2
Deferred income taxes	47.6	24.4
Undistributed earnings of equity method investments	(10.8)	(26.2)
Gain on sale of assets and investments	(1.1)	(1.1)
Share-based compensation	9.8	13.9
Noncurrent lease receivables	21.9	23.5
Other adjustments	19.3	30.8
Working capital changes that provided (used) cash, excluding effects of acquisitions:
Trade receivables	(44.1)	0.9
Inventories	(9.9)	(8.4)
Other receivables	(30.1)	1.4
Payables and accrued liabilities	24.2	(115.4)
Other working capital	(47.5)	(41.6)
Cash Provided by Operating Activities	774.7	667
Investing Activities
Additions to plant and equipment, including long-term deposits	(664.2)	(447.7)
Investment in and advances to equity method investments	(20)	(7.1)
Proceeds from sale of assets and investments	2.6	15.2
Purchases of investments	(158.5)	0
Proceeds from investments	855	177
Other investing activities	3.3	1.9
Cash Provided by (Used for) Investing Activities	18.2	(260.7)
Financing Activities
Payments on long-term debt	(1.1)	(2.8)
Net increase (decrease) in commercial paper and short-term borrowings	4.5	(10.4)
Dividends paid to shareholders	(296.2)	(255.7)
Proceeds from stock option exercises	1.6	5.5
Other financing activities	(15.9)	(6.9)
Cash Used for Financing Activities	(307.1)	(270.3)
Effect of Exchange Rate Changes on Cash	49.2	21.4
Increase in cash and cash items	535	157.4
Cash and Cash items – Beginning of Year	5,253	2,248.7
Cash and Cash Items – End of Period	$ 5,788	$ 2,406.1

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Air Products Shareholders' Equity	Non-controlling Interests
Beginning balance at Sep. 30, 2019	$ 11,388.3	$ 249.4	$ 1,070.9	$ 14,138.4	$ (2,375.6)	$ (2,029.5)	$ 11,053.6	$ 334.7
Stockholders' Equity [Roll Forward]
Net income	488.9			475.6			475.6	13.3
Other comprehensive income (loss)	302.2				287		287	15.2
Dividends on common stock	(256)			(256)			(256)
Dividends to noncontrolling interests	(1.3)							(1.3)
Share-based compensation	13.9		13.9				13.9
Issuance of treasury shares for stock option and award plans	(12.4)		(18.5)			6.1	(12.4)
Investments by noncontrolling interests	11.9							11.9
Other equity transactions	(5.7)		(4.6)	(1.1)			(5.7)	0
Ending balance at Dec. 31, 2019	11,929.8	249.4	1,061.7	14,356.9	(2,088.6)	(2,023.4)	11,556	373.8
Beginning balance at Sep. 30, 2020	12,443.1	249.4	1,094.8	14,875.7	(2,140.1)	(2,000)	12,079.8	363.3
Stockholders' Equity [Roll Forward]
Net income	486.7			482			482	4.7
Other comprehensive income (loss)	446.5				426.8		426.8	19.7
Dividends on common stock	(296.5)			(296.5)			(296.5)
Share-based compensation	10.3		10.3				10.3
Issuance of treasury shares for stock option and award plans	(17)		(21)			4	(17)
Investments by noncontrolling interests	0.6							0.6
Other equity transactions	(1.8)		(1.1)	(0.7)			(1.8)	0
Ending balance at Dec. 31, 2020	$ 13,071.9	$ 249.4	$ 1,083	$ 15,060.5	$ (1,713.3)	$ (1,996)	$ 12,683.6	$ 388.3

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends per share (in dollars per share)	$ 1.34	$ 1.16

Basis of Presentation and Major

Basis of Presentation and Major Accounting Policies	3 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Major Accounting Policies	BASIS OF PRESENTATION AND MAJOR ACCOUNTING POLICIES Basis of Presentation The interim consolidated financial statements of Air Products and Chemicals, Inc. and its subsidiaries (“we,” “our,” “us,” the “Company,” “Air Products,” or “registrant”) 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 present fairly 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. These notes, unless otherwise indicated, are presented on a continuing operations basis. 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 2020 ( the "2020 Form 10-K"). Results of operations for interim periods are not necessarily indicative of the results of operations for a full year. COVID-19 Risks and Uncertainties The novel strain of coronavirus ("COVID-19"), which was declared a global pandemic by the World Health Organization in March 2020, continues to impact our business operations and results globally. Due to numerous uncertainties, including the duration and severity of the outbreak, we are unable to predict the impact that COVID-19 will have on our future financial position and operating results. Major Accounting Policies Refer to our 2020 Form 10-K for a description of major accounting policies. In fiscal year 2021, accounting policies related to customer credit losses were impacted by the implementation of certain new accounting guidance, as further discussed below and in Note 2, New Accounting Guidance . There were no other notable changes to our accounting policies during the first three months of fiscal year 2021. Credit Losses We are exposed to credit losses through sales of products and services. When extending credit, we evaluate customer creditworthiness based on a combination of qualitative and quantitative factors that include, but are not limited to, the customer’s credit score from external providers, financial condition, and past payment experience. We assess allowances for credit losses on our trade receivables and lease receivable portfolios. Allowances are evaluated by portfolio on a collective basis where similar characteristics exist. A provision for customer defaults is made on a general formula basis as the risk of some default is expected but cannot yet be associated with specific customers. The assessment of the likelihood of default is based on various factors, including the length of time the receivables are past due, historical experience, existing economic conditions, and forward-looking information. When we identify specific customers with known collectability issues, the assessment for credit losses is performed on an individual basis, considering current and forward-looking information of the customer. The use of forward-looking information considers economic conditions that may affect the customers’ ability to pay. Although we historically have not experienced significant credit losses, our exposure to credit losses may increase if our customers are adversely affected by economic pressures or uncertainty associated with local or global economic recessions, disruption associated with the current COVID-19 pandemic, or other customer-specific factors. We review our reserves for credit losses on a quarterly basis. Trade receivables comprise amounts owed to us through our operating activities and are presented net of allowances for credit losses. Changes to the carrying amount of the allowance for credit losses on trade receivables are summarized below: Balance at 30 September 2020 $23.9 Adoption of new credit losses standard 0.5 Provision for credit losses 1.0 Write-offs charged against the allowance (0.8) Currency translation and other 1.6 Balance at 31 December 2020 $26.2

New Accounting Guidance

New Accounting Guidance	3 Months Ended
	Dec. 31, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Guidance	NEW ACCOUNTING GUIDANCE Accounting Guidance Implemented in Fiscal Year 2021 Credit Losses on Financial Instruments In June 2016, the FASB issued guidance on the measurement of credit losses, which requires measurement and recognition of expected credit losses for financial assets, including trade receivables and lease receivables, held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The method to determine a loss is different from the previous guidance, which delayed recognition of a credit loss until it was probable that a loss had been incurred. We adopted this guidance on 1 October 2020 using a modified retrospective approach with an after-tax cumulative-effect adjustment of $1.3 to retained earnings. Refer to Note 1, Basis of Presentation and Major Accounting Policies , for a description of our accounting policy on “Credit Losses." Cloud Computing Implementation Costs In August 2018, the FASB issued guidance which aligns the capitalization requirements for implementation costs incurred in a hosting arrangement that is a service contract with the existing capitalization requirements for implementation costs incurred to develop or obtain internal-use software. We adopted this guidance prospectively at the beginning of fiscal year 2021. Eligible implementation costs previously capitalized in "Plant and equipment, net" were reclassified to "Other noncurrent assets" on our consolidated balance sheets beginning in fiscal year 2021. This guidance did not have a material impact on our consolidated financial statements upon adoption. Simplifying the Accounting for Income Taxes In December 2019, the FASB issued an update to simplify the accounting for income taxes and improve consistent application by clarifying or amending existing guidance. We adopted this guidance at the beginning of fiscal year 2021. This guidance did not have a material impact on our consolidated financial statements upon adoption. New Accounting Guidance to be Implemented Reference Rate Reform In March 2020, the FASB issued an update to provide practical expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. This update is primarily applicable to our contracts and hedging relationships that reference LIBOR. The amendments may be applied to impacted contracts and hedges prospectively through 31 December 2022. To date, we have had no impacts on our hedging relationships related to reference rate reform. We will continue to evaluate the impact this guidance could have on our consolidated financial statements.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Dec. 31, 2020
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 Industrial Gases regional 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. The Industrial Gases – Global and the Corporate and other segments serve our sale of equipment customers. Disaggregation of Revenue The tables below present our consolidated sales disaggregated by supply mode for each of our reporting segments for the three months ended 31 December 2020 and 2019. We believe this presentation best depicts the nature, timing, type of customer, and contract terms for our sales. Industrial Industrial Industrial Industrial Corporate Total % Three Months Ended 31 December 2020 On-site $541.3 $188.7 $414.9 $— $— $1,144.9 48 % Merchant 391.7 374.3 302.6 — — 1,068.6 45 % Sale of Equipment — — — 104.5 57.2 161.7 7 % Total $933.0 $563.0 $717.5 $104.5 $57.2 $2,375.2 100 % Three Months Ended 31 December 2019 On-site $534.5 $171.4 $418.3 $— $— $1,124.2 50 % Merchant 401.7 327.3 274.5 — — 1,003.5 44 % Sale of Equipment — — — 92.6 34.4 127.0 6 % Total $936.2 $498.7 $692.8 $92.6 $34.4 $2,254.7 100 % Remaining Performance Obligations As of 31 December 2020, the transaction price allocated to remaining performance obligations is estimated to be approximately $23 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 approximately the next five years and the balance thereafter. Expected revenue associated with new on-site plants that are not yet onstream is excluded from this amount. In addition, this amount excludes consideration associated with contracts having an expected duration of less than one year and variable consideration for which we recognize revenue at the amount to which we have the right to invoice, including pass-through costs related to energy and natural gas. 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 terminated or renewed contracts. Contract Balances The table below details balances arising from contracts with customers: Balance Sheet Location 31 December 2020 30 September 2020 Assets Contract assets – current Other receivables and current assets $64.9 $55.9 Contract fulfillment costs – current Other receivables and current assets 140.9 109.9 Liabilities Contract liabilities – current Payables and accrued liabilities 434.0 313.8 Contract liabilities – noncurrent Other noncurrent liabilities 58.8 57.9 Changes to our contract balances primarily relate to our sale of equipment contracts. During the three months ended 31 December 2020, we recognized approximately $85 in revenue associated with sale of equipment contracts that was included within our contract liabilities as of 30 September 2020.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	DISCONTINUED OPERATIONS In the first quarter of fiscal year 2021, we recorded a tax benefit of $10.3 as a component of discontinued operations. This benefit primarily resulted from the settlement of a state tax appeal related to the gain on the sale of our former Performance Materials Division in fiscal year 2017. The benefit is reflected within "Income from discontinued operations, net of tax" on our consolidated income statement for the three months ended 31 December 2020. The settlement did not have an impact on our statement of cash flows for the first three months of fiscal year 2021.

Inventories

Inventories	3 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventories	INVENTORIES The components of inventories are as follows: 31 December 30 September 2020 2020 Finished goods $147.7 $134.5 Work in process 23.3 21.3 Raw materials, supplies and other 251.9 249.0 Inventories $422.9 $404.8

Goodwill

Goodwill	3 Months Ended
	Dec. 31, 2020
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 2020 are as follows: Industrial Industrial Industrial Industrial Corporate Total Goodwill, net at 30 September 2020 $152.6 $524.1 $180.4 $19.5 $14.9 $891.5 Currency translation and other 5.1 22.8 4.1 0.4 — 32.4 Goodwill, net at 31 December 2020 $157.7 $546.9 $184.5 $19.9 $14.9 $923.9 31 December 30 September 2020 2020 Goodwill, gross $1,298.5 $1,230.2 Accumulated impairment losses (A) (374.6) (338.7) Goodwill, net $923.9 $891.5 (A) Accumulated impairment losses include the impacts of currency translation. These losses are attributable to our Latin America reporting unit ("LASA") within the Industrial Gases – Americas segment. 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.

Financial Instruments

Financial Instruments	3 Months Ended
	Dec. 31, 2020
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 2020 is 2.6 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 many different foreign currency pairs, with a profile that changes from time to time depending on business activity and sourcing decisions. The table below summarizes our outstanding currency price risk management instruments: 31 December 2020 30 September 2020 US$ Years US$ Years Forward Exchange Contracts: Cash flow hedges $2,752.9 0.4 $2,842.1 0.5 Net investment hedges 694.9 3.5 636.6 3.8 Not designated 947.8 0.3 1,685.2 0.3 Total Forward Exchange Contracts $4,395.6 0.9 $5,163.9 0.8 The decrease in the notional value of forward exchange contracts that are not designated is primarily due to maturities. 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 €1,306.9 million ($1,596.4) at 31 December 2020 and €1,288.7 million ($1,510.8) at 30 September 2020. The designated foreign currency-denominated debt is presented within "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, our debt portfolio and hedging program are managed 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 2020, 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 U.S. Dollars and Chinese Renminbi, U.S. Dollars and Indian Rupee, and U.S. Dollars and Chilean Pesos. The following table summarizes our outstanding interest rate management contracts and cross currency interest rate swaps: 31 December 2020 30 September 2020 US$ Average Average Years US$ Average Average Years Interest rate swaps $200.0 LIBOR 2.76 % 0.8 $200.0 LIBOR 2.76 % 1.1 Cross currency interest rate swaps $205.6 4.30 % 3.13 % 3.0 $201.6 4.27 % 3.12 % 3.2 Cross currency interest rate swaps $1,099.6 4.85 % 2.94 % 2.5 $1,057.9 4.83 % 2.98 % 2.5 Cross currency interest rate swaps $8.8 5.39 % 3.54 % 2.9 $12.8 5.39 % 3.54 % 3.2 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 item Cumulative hedging adjustment, included in carrying amount Balance Sheet Location 31 December 2020 30 September 2020 31 December 2020 30 September 2020 Current portion of long-term debt $404.2 $— $4.4 $— Long-term debt — 405.4 — 5.7 The table below summarizes the fair value and balance sheet location of our outstanding derivatives: Balance Sheet 31 December 2020 30 September 2020 Balance Sheet 31 December 2020 30 September 2020 Derivatives Designated as Hedging Instruments: Forward exchange contracts Other receivables and current assets $97.2 $51.1 Payables and accrued liabilities $42.8 $22.5 Interest rate management contracts Other receivables and current assets 13.1 14.7 Payables and accrued liabilities 7.2 0.4 Forward exchange contracts Other noncurrent assets 3.3 0.8 Other noncurrent liabilities 53.9 33.0 Interest rate management contracts Other noncurrent 14.6 44.3 Other noncurrent liabilities 32.7 1.7 Total Derivatives Designated as Hedging Instruments $128.2 $110.9 $136.6 $57.6 Derivatives Not Designated as Hedging Instruments: Forward exchange contracts Other receivables and current assets $18.4 $31.7 Payables and accrued liabilities $17.2 $28.0 Forward exchange contracts Other noncurrent assets — — Other noncurrent liabilities 0.2 — Interest rate management contracts Other noncurrent assets — 0.7 Other noncurrent liabilities 0.1 — Total Derivatives Not Designated as Hedging Instruments $18.4 $32.4 $17.5 $28.0 Total Derivatives $146.6 $143.3 $154.1 $85.6 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 2020 2019 Net Investment Hedging Relationships Forward exchange contracts ($35.9) ($9.1) Foreign currency debt (64.2) (29.9) Cross currency interest rate swaps (14.2) (3.5) Total Amount Recognized in OCI (114.3) (42.5) Tax effects 28.6 10.2 Net Amount Recognized in OCI ($85.7) ($32.3) Three Months Ended 31 December 2020 2019 Derivatives in Cash Flow Hedging Relationships Forward exchange contracts $64.7 $26.3 Forward exchange contracts, excluded components (2.7) (4.5) Other (A) (45.5) 2.9 Total Amount Recognized in OCI 16.5 24.7 Tax effects (2.7) (2.6) Net Amount Recognized in OCI $13.8 $22.1 (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 tables below summarize 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 Sales Cost of Sales Other Income (Expense), Net Interest Expense Other Non-Operating Income (Expense), Net 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 Total Amounts Presented in the Consolidated Income Statement in which the Effects of Cash Flow and Fair Value Hedges are Recorded $2,375.2 $2,254.7 $1,632.4 $1,486.6 $22.5 $12.3 $36.7 $18.7 $18.6 $9.1 (Gain) Loss Effects of Cash Flow Hedging: Forward Exchange Contracts: Amount reclassified from OCI into income $0.1 $0.1 ($0.1) ($0.2) $— $— $— $— ($51.6) ($23.4) Amount excluded from effectiveness testing recognized in earnings based on amortization approach — — — — — — — — 2.8 4.5 Other: Amount reclassified from OCI into income (A) — — — — — — 1.4 1.0 45.3 13.6 Total (Gain) Loss Reclassified from OCI to Income 0.1 0.1 (0.1) (0.2) — — 1.4 1.0 (3.5) (5.3) Tax effects — — 0.2 0.1 — — (0.5) (0.3) 1.1 1.0 Net (Gain) Loss Reclassified from OCI to Income $0.1 $0.1 $0.1 ($0.1) $— $— $0.9 $0.7 ($2.4) ($4.3) (Gain) Loss Effects of Fair Value Hedging: Other: Hedged items $— $— $— $— $— $— ($1.3) ($0.9) $— $— Derivatives designated as hedging instruments — — — — — — 1.3 0.9 — — Total (Gain) Loss Recognized in Income $— $— $— $— $— $— $— $— $— $— (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. 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), Net Other Non-Operating Income (Expense), Net 2020 2019 2020 2019 The Effects of Derivatives Not Designated as Hedging Instruments: Forward Exchange Contracts $2.8 $0.2 ($1.3) ($0.6) Other — — 0.5 0.4 Total (Gain) Loss Recognized in Income $2.8 $0.2 ($0.8) ($0.2) The amount of unrealized gains and losses related to cash flow hedges as of 31 December 2020 that are expected to be reclassified to earnings in the next twelve months is not material. The cash flows related to all derivative contracts are 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 $90.7 and $30.0 as of 31 December 2020 and 30 September 2020, 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 or Moody’s. The collateral that the counterparties would be required to post was $69.4 and $76.5 as of 31 December 2020 and 30 September 2020, respectively. No financial institution is required to post collateral at this time as all have credit ratings at or above threshold.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 2020
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. We generally perform the computation of the fair value of these instruments. The carrying values and fair values of financial instruments were as follows: 31 December 2020 30 September 2020 Carrying Value Fair Value Carrying Value Fair Value Assets Derivatives Forward exchange contracts $118.9 $118.9 $83.6 $83.6 Interest rate management contracts 27.7 27.7 59.7 59.7 Liabilities Derivatives Forward exchange contracts $114.1 $114.1 $83.5 $83.5 Interest rate management contracts 40.0 40.0 2.1 2.1 Long-term debt, including current portion and related party 7,997.7 8,477.4 7,900.1 8,278.4 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 following table summarizes assets and liabilities on the consolidated balance sheets that are measured at fair value on a recurring basis: 31 December 2020 30 September 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets at Fair Value Derivatives Forward exchange contracts $118.9 $— $118.9 $— $83.6 $— $83.6 $— Interest rate management contracts 27.7 — 27.7 — 59.7 — 59.7 — Total Assets at Fair Value $146.6 $— $146.6 $— $143.3 $— $143.3 $— Liabilities at Fair Value Derivatives Forward exchange contracts $114.1 $— $114.1 $— $83.5 $— $83.5 $— Interest rate management contracts 40.0 — 40.0 — 2.1 — 2.1 — Total Liabilities at Fair Value $154.1 $— $154.1 $— $85.6 $— $85.6 $—

Retirement Benefits

Retirement Benefits	3 Months Ended
	Dec. 31, 2020
Retirement Benefits [Abstract]
Retirement Benefits	RETIREMENT BENEFITS The components of net periodic benefit cost for our defined benefit pension plans for the three months ended 31 December 2020 and 2019 were as follows: Pension Benefits 2020 2019 Three Months Ended 31 December U.S. International U.S. International Service cost $5.4 $5.7 $5.8 $5.9 Interest cost 17.2 6.1 22.8 6.2 Expected return on plan assets (48.6) (20.2) (47.2) (19.5) Prior service cost amortization 0.3 — 0.3 — Actuarial loss amortization 19.7 4.6 21.0 4.9 Other — 0.3 — 0.2 Net Periodic (Benefit) Cost ($6.0) ($3.5) $2.7 ($2.3) Our service costs are primarily included within "Cost of sales" and "Selling and administrative" on our consolidated income statements. The amount of service costs capitalized in the first three months of fiscal years 2021 and 2020 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 2020 and 2019, our cash contributions to funded pension plans and benefit payments under unfunded pension plans were $21.2 and $8.3, respectively. Total contributions for fiscal year 2021 are expected to be approximately $45 to $55. During fiscal year 2020, total contributions were $37.5. During the three months ended 31 December 2020, we recognized actuarial gain amortization of $0.4 for our other postretirement benefits plan. There was no amortization in fiscal year 2020 as the corridor for the plan was not exceeded.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 31, 2020
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. 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 $35 at 31 December 2020) on Air Products Brasil Ltda. This fine was based on a recommendation by a unit of the Brazilian Ministry of Justice, whose investigation began in 2003, alleging 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. We estimate the maximum possible loss to be the full amount of the fine of R$179.2 million (approximately $35 at 31 December 2020) plus interest accrued thereon until final disposition of the proceedings. We do not currently believe there are any legal proceedings, individually or in the aggregate, that are reasonably possible to have a material impact on our financial condition, results of operations, or cash flows. 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), Resource Conservation and Recovery Act ("RCRA"), and similar state and foreign environmental laws relating to the designation of certain sites for investigation or remediation. Presently, there are 31 sites on which a final settlement has not been reached where we, along with others, have been designated a potentially responsible party by the Environmental Protection Agency or are otherwise engaged in investigation or remediation, including cleanup activity at certain of our current and 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. The consolidated balance sheets at 31 December 2020 and 30 September 2020 included an accrual of $83.0 and $84.7, respectively, primarily as part of other noncurrent liabilities. The environmental liabilities will be paid over a period of up to 30 years. We estimate the exposure for environmental loss contingencies to range from $82 to a reasonably possible upper exposure of $96 as of 31 December 2020. 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 the inherent uncertainties related to environmental exposures, 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 2020, $41.9 of the environmental accrual was related to the Pace facility. In 2006, we sold our Amines business, which included operations at Pace, Florida, and recognized a liability for retained environmental obligations associated with remediation activities at Pace. 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. During the second quarter of fiscal year 2020, we completed an updated cost review of the environmental remediation status at the Pace facility. The review was completed in conjunction with requirements to maintain financial assurance per the Consent Order issued by the FDEP discussed below. Based on our review, we expect ongoing activities to continue for 30 years. Additionally, we will require near-term spending to install new groundwater recovery wells and piping, in addition to future capital to consider the extended time horizon for remediation at the site. 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 the second quarter of fiscal year 2020. There has been no change to the estimated exposure range related to the Pace facility in fiscal year 2021. We have implemented many of the remedial corrective measures at the Pace facility required under 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 suitable to more quickly and effectively remediate groundwater. Based on assessment results, we completed a focused feasibility study that has identified alternative approaches that may more effectively remove contaminants. We continue to review alternative remedial approaches with the FDEP and have started additional field work to support the design of an improved groundwater recovery network with the objective of targeting areas of higher contaminant concentration and avoiding areas of high groundwater iron which has proven to be a significant operability issue for the project. In the first quarter of 2015, we entered into a new Consent Order with the FDEP requiring us to continue our remediation efforts at the Pace facility, along with the completion of a cost review every 5 years. In the second quarter of fiscal year 2020, we completed an updated cost review which resulted in a change in assumptions regarding future operating costs as discussed above. Piedmont At 31 December 2020, $12.2 of the environmental accrual was related to the Piedmont site. On 30 June 2008, we sold our Elkton, Maryland, and Piedmont, South Carolina, production facilities and the related North American atmospheric emulsions and global pressure sensitive adhesives businesses. In connection with the sale, we recognized a liability for retained environmental obligations associated with remediation activities at the Piedmont site. This site is under active remediation for contamination caused by an insolvent prior owner. We are required by the South Carolina Department of Health and Environmental Control ("SCDHEC") to address both contaminated soil and groundwater. Numerous areas of soil contamination have been addressed, and contaminated groundwater is being recovered and treated. The SCDHEC issued its final approval to the site-wide feasibility study on 13 June 2017 and the Record of Decision for the site on 27 June 2018. Field work has started to support the remedial design, and in the fourth quarter of fiscal year 2018, we signed a Consent Agreement Amendment memorializing our obligations to complete the cleanup of the site. We estimate that source area remediation and groundwater recovery and treatment will continue through 2029. Thereafter, we expect this site to go into a state of monitored natural attenuation through 2047. We recognized a before-tax expense of $24 in 2008 as a component of income from discontinued operations and recorded an environmental liability of $24 in continuing operations on the consolidated balance sheets. There have been no significant changes to the estimated exposure. Pasadena At 31 December 2020, $11.4 of the environmental accrual was related to the Pasadena site. During the fourth quarter of 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 plan to perform additional work to address other environmental obligations at the site. This additional work includes remediating, as required, impacted soils, investigating groundwater west of the former PUI facility, performing post closure care for two closed RCRA surface impoundment units, and establishing engineering controls. In 2012, we estimated the total exposure at this site to be $13. There have been no significant changes to the estimated exposure. Future Lease Obligations As of 31 December 2020, operating leases that have not yet commenced are estimated to have lease payments totaling approximately $250.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	SHARE-BASED COMPENSATION We have various share-based compensation programs, which include deferred stock units, stock options, and restricted stock. During the three months ended 31 December 2020, 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, the exercise of stock options, and the issuance of restricted stock awards. At the annual shareholders meeting held on 28 January 2021, the shareholders approved a new Long-Term Incentive Plan ("LTIP"), which has an authorized pool of 1,500,000 shares available for future grant, plus additional shares underlying awards outstanding on the date the LTIP was adopted but that are not issued. Share-based compensation cost recognized on the consolidated income statements is summarized below: Three Months Ended 31 December 2020 2019 Before-tax share-based compensation cost $9.5 $15.4 Income tax benefit (2.3) (3.7) After-tax share-based compensation cost $7.2 $11.7 Before-tax share-based compensation cost is primarily included in "Selling and administrative" on our consolidated income statements. The amount of share-based compensation cost capitalized in the first three months of fiscal years 2021 and 2020 was not material. Deferred Stock Units During the three months ended 31 December 2020, we granted 76,747 market-based deferred stock units. The market-based deferred stock units are earned over the performance period beginning 1 October 2020 and ending 30 September 2023, conditioned on the level of our total shareholder return in relation to a defined peer group over the three-year performance period. The market-based deferred stock units had an estimated grant-date fair value of $235.48 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 vesting period. The calculation of the fair value of market-based deferred stock units used the following assumptions: Expected volatility 29.9 % Risk-free interest rate 0.2 % Expected dividend yield 2.1 % In addition, during the three months ended 31 December 2020, we granted 99,246 time-based deferred stock units at a weighted average grant-date fair value of $280.51.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Dec. 31, 2020
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 2020: Derivatives Foreign Pension and Total Balance at 30 September 2020 ($54.5) ($1,142.8) ($942.8) ($2,140.1) Other comprehensive income before reclassifications 13.8 415.7 — 429.5 Amounts reclassified from AOCL (1.3) — 18.3 17.0 Net current period other comprehensive income 12.5 415.7 18.3 446.5 Amount attributable to noncontrolling interests 4.7 15.0 — 19.7 Balance at 31 December 2020 ($46.7) ($742.1) ($924.5) ($1,713.3) The table below summarizes the reclassifications out of AOCL and the affected line item on the consolidated income statements: Three Months Ended 31 December 2020 2019 (Gain) Loss on Cash Flow Hedges, net of tax Sales/Cost of sales $0.2 $— Interest expense 0.9 0.7 Other non-operating income (expense), net (2.4) (4.3) Total (Gain) Loss on Cash Flow Hedges, net of tax ($1.3) ($3.6) Pension and Postretirement Benefits, net of tax (A) $18.3 $19.7 (A) The components of net periodic benefit cost reclassified out of AOCL include items such as prior service cost amortization, actuarial loss amortization, and settlements and are included in “Other non-operating income (expense), net” on the consolidated income statements. Refer to Note 9, Retirement Benefits , for additional information.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share ("EPS"): Three Months Ended 31 December 2020 2019 Numerator Net income from continuing operations $471.7 $475.6 Net income from discontinued operations 10.3 — Net Income Attributable to Air Products $482.0 $475.6 Denominator (in millions) Weighted average common shares — Basic 221.5 220.9 Effect of dilutive securities Employee stock option and other award plans 1.1 1.3 Weighted average common shares — Diluted 222.6 222.2 Per Share Data* Basic EPS from continuing operations $2.13 $2.15 Basic EPS from discontinued operations 0.05 — Basic EPS Attributable to Air Products $2.18 $2.15 Diluted EPS from continuing operations $2.12 $2.14 Diluted EPS from discontinued operations 0.05 — Diluted EPS Attributable to Air Products $2.17 $2.14 *EPS is calculated independently for each component and may not sum to total EPS due to rounding.

Income Taxes

Income Taxes	3 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Effective Tax Rate The effective tax rate was 19.3% and 19.8% for the three months ended 31 December 2020 and 2019, respectively. Cash Paid for Taxes (Net of Cash Refunds) Income tax payments, net of refunds, were $73.4 and $66.2 for the three months ended 31 December 2020 and 2019, respectively.

Supplemental Information

Supplemental Information	3 Months Ended
	Dec. 31, 2020
Disclosure Text Block Supplement [Abstract]
Supplemental Information	SUPPLEMENTAL INFORMATION Related Party Transactions We have related party sales to some 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 $50 and $90 for the three months ended 31 December 2020 and 2019, 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 2020 and 30 September 2020, our consolidated balance sheets included related party trade receivables of approximately $105 and $95, respectively. We also have related party debt primarily resulting from the 2018 acquisition of gasification and syngas clean-up assets from our joint venture partner, Lu'An Clean Energy Company, which partially funded the acquisition with a loan to the joint venture. Total related party debt, including the current portion, was $355.5 and $338.5 as of 31 December 2020 and 30 September 2020, respectively.

Business Segment Information

Business Segment Information	3 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Business Segment Information	BUSINESS SEGMENT INFORMATION Our reporting segments reflect the manner in which our chief operating decision maker reviews results and allocates resources. Except in the Industrial Gases – EMEA and Corporate and other segments, each reporting segment meets the definition of an operating segment and does not include the aggregation of multiple operating segments. Our Industrial Gases – EMEA and Corporate and other segments each include the aggregation of two operating segments that meet the aggregation criteria under GAAP. Our reporting segments are: • Industrial Gases – Americas; • Industrial Gases – EMEA (Europe, Middle East, and Africa); • Industrial Gases – Asia; • Industrial Gases – Global; and • Corporate and other Industrial Industrial Industrial Industrial Corporate Total Three Months Ended 31 December 2020 Sales $933.0 $563.0 $717.5 $104.5 $57.2 $2,375.2 (A) Operating income (loss) 225.8 141.5 214.8 (4.6) (38.4) 539.1 Depreciation and amortization 151.8 55.4 107.9 2.6 6.0 323.7 Equity affiliates' income 22.3 25.0 19.9 2.1 — 69.3 Three Months Ended 31 December 2019 Sales $936.2 $498.7 $692.8 $92.6 $34.4 $2,254.7 (A) Operating income (loss) 257.2 120.5 228.5 3.6 (48.8) 561.0 Depreciation and amortization 131.8 48.4 101.6 2.4 5.0 289.2 Equity affiliates' income 20.6 19.3 16.9 1.4 — 58.2 Total Assets 31 December 2020 $6,749.8 $4,249.2 $7,274.7 $485.3 $7,329.1 $26,088.1 30 September 2020 6,610.1 3,917.0 6,842.9 397.8 7,400.7 25,168.5 (A) The sales information presented above relates to external customers only. All intersegment sales are eliminated in consolidation. Intersegment sales are generally transacted at market pricing. We generally do not have intersegment sales from our regional industrial gases businesses. Equipment manufactured for our regional industrial gases segments are generally transferred at cost and are not reflected as an intersegment sale.

Basis of Presentation and Maj_2

Basis of Presentation and Major Accounting Policies (Policies)	3 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The interim consolidated financial statements of Air Products and Chemicals, Inc. and its subsidiaries (“we,” “our,” “us,” the “Company,” “Air Products,” or “registrant”) 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 present fairly 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. These notes, unless otherwise indicated, are presented on a continuing operations basis. 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 2020 ( the "2020 Form 10-K"). Results of operations for interim periods are not necessarily indicative of the results of operations for a full year.
Credit Losses	Credit Losses We are exposed to credit losses through sales of products and services. When extending credit, we evaluate customer creditworthiness based on a combination of qualitative and quantitative factors that include, but are not limited to, the customer’s credit score from external providers, financial condition, and past payment experience. We assess allowances for credit losses on our trade receivables and lease receivable portfolios. Allowances are evaluated by portfolio on a collective basis where similar characteristics exist. A provision for customer defaults is made on a general formula basis as the risk of some default is expected but cannot yet be associated with specific customers. The assessment of the likelihood of default is based on various factors, including the length of time the receivables are past due, historical experience, existing economic conditions, and forward-looking information. When we identify specific customers with known collectability issues, the assessment for credit losses is performed on an individual basis, considering current and forward-looking information of the customer. The use of forward-looking information considers economic conditions that may affect the customers’ ability to pay. Although we historically have not experienced significant credit losses, our exposure to credit losses may increase if our customers are adversely affected by economic pressures or uncertainty associated with local or global economic recessions, disruption associated with the current COVID-19 pandemic, or other customer-specific factors. We review our reserves for credit losses on a quarterly basis. Trade receivables comprise amounts owed to us through our operating activities and are presented net of allowances for credit losses. Changes to the carrying amount of the allowance for credit losses on trade receivables are summarized below: Balance at 30 September 2020 $23.9 Adoption of new credit losses standard 0.5 Provision for credit losses 1.0 Write-offs charged against the allowance (0.8) Currency translation and other 1.6 Balance at 31 December 2020 $26.2

Basis of Presentation and Maj_3

Basis of Presentation and Major Accounting Policies (Tables)	3 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of Changes in Carrying Amount of Allowance for Credit Losses	Changes to the carrying amount of the allowance for credit losses on trade receivables are summarized below: Balance at 30 September 2020 $23.9 Adoption of new credit losses standard 0.5 Provision for credit losses 1.0 Write-offs charged against the allowance (0.8) Currency translation and other 1.6 Balance at 31 December 2020 $26.2

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The tables below present our consolidated sales disaggregated by supply mode for each of our reporting segments for the three months ended 31 December 2020 and 2019. We believe this presentation best depicts the nature, timing, type of customer, and contract terms for our sales. Industrial Industrial Industrial Industrial Corporate Total % Three Months Ended 31 December 2020 On-site $541.3 $188.7 $414.9 $— $— $1,144.9 48 % Merchant 391.7 374.3 302.6 — — 1,068.6 45 % Sale of Equipment — — — 104.5 57.2 161.7 7 % Total $933.0 $563.0 $717.5 $104.5 $57.2 $2,375.2 100 % Three Months Ended 31 December 2019 On-site $534.5 $171.4 $418.3 $— $— $1,124.2 50 % Merchant 401.7 327.3 274.5 — — 1,003.5 44 % Sale of Equipment — — — 92.6 34.4 127.0 6 % Total $936.2 $498.7 $692.8 $92.6 $34.4 $2,254.7 100 %
Contract Assets and Liabilities	The table below details balances arising from contracts with customers: Balance Sheet Location 31 December 2020 30 September 2020 Assets Contract assets – current Other receivables and current assets $64.9 $55.9 Contract fulfillment costs – current Other receivables and current assets 140.9 109.9 Liabilities Contract liabilities – current Payables and accrued liabilities 434.0 313.8 Contract liabilities – noncurrent Other noncurrent liabilities 58.8 57.9

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	The components of inventories are as follows: 31 December 30 September 2020 2020 Finished goods $147.7 $134.5 Work in process 23.3 21.3 Raw materials, supplies and other 251.9 249.0 Inventories $422.9 $404.8

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Dec. 31, 2020
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 2020 are as follows: Industrial Industrial Industrial Industrial Corporate Total Goodwill, net at 30 September 2020 $152.6 $524.1 $180.4 $19.5 $14.9 $891.5 Currency translation and other 5.1 22.8 4.1 0.4 — 32.4 Goodwill, net at 31 December 2020 $157.7 $546.9 $184.5 $19.9 $14.9 $923.9 31 December 30 September 2020 2020 Goodwill, gross $1,298.5 $1,230.2 Accumulated impairment losses (A) (374.6) (338.7) Goodwill, net $923.9 $891.5 (A) Accumulated impairment losses include the impacts of currency translation. These losses are attributable to our Latin America reporting unit ("LASA") within the Industrial Gases – Americas segment.

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Dec. 31, 2020
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 2020 30 September 2020 US$ Years US$ Years Forward Exchange Contracts: Cash flow hedges $2,752.9 0.4 $2,842.1 0.5 Net investment hedges 694.9 3.5 636.6 3.8 Not designated 947.8 0.3 1,685.2 0.3 Total Forward Exchange Contracts $4,395.6 0.9 $5,163.9 0.8 The following table summarizes our outstanding interest rate management contracts and cross currency interest rate swaps: 31 December 2020 30 September 2020 US$ Average Average Years US$ Average Average Years Interest rate swaps $200.0 LIBOR 2.76 % 0.8 $200.0 LIBOR 2.76 % 1.1 Cross currency interest rate swaps $205.6 4.30 % 3.13 % 3.0 $201.6 4.27 % 3.12 % 3.2 Cross currency interest rate swaps $1,099.6 4.85 % 2.94 % 2.5 $1,057.9 4.83 % 2.98 % 2.5 Cross currency interest rate swaps $8.8 5.39 % 3.54 % 2.9 $12.8 5.39 % 3.54 % 3.2
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 item Cumulative hedging adjustment, included in carrying amount Balance Sheet Location 31 December 2020 30 September 2020 31 December 2020 30 September 2020 Current portion of long-term debt $404.2 $— $4.4 $— Long-term debt — 405.4 — 5.7
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 31 December 2020 30 September 2020 Balance Sheet 31 December 2020 30 September 2020 Derivatives Designated as Hedging Instruments: Forward exchange contracts Other receivables and current assets $97.2 $51.1 Payables and accrued liabilities $42.8 $22.5 Interest rate management contracts Other receivables and current assets 13.1 14.7 Payables and accrued liabilities 7.2 0.4 Forward exchange contracts Other noncurrent assets 3.3 0.8 Other noncurrent liabilities 53.9 33.0 Interest rate management contracts Other noncurrent 14.6 44.3 Other noncurrent liabilities 32.7 1.7 Total Derivatives Designated as Hedging Instruments $128.2 $110.9 $136.6 $57.6 Derivatives Not Designated as Hedging Instruments: Forward exchange contracts Other receivables and current assets $18.4 $31.7 Payables and accrued liabilities $17.2 $28.0 Forward exchange contracts Other noncurrent assets — — Other noncurrent liabilities 0.2 — Interest rate management contracts Other noncurrent assets — 0.7 Other noncurrent liabilities 0.1 — Total Derivatives Not Designated as Hedging Instruments $18.4 $32.4 $17.5 $28.0 Total Derivatives $146.6 $143.3 $154.1 $85.6
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 2020 2019 Net Investment Hedging Relationships Forward exchange contracts ($35.9) ($9.1) Foreign currency debt (64.2) (29.9) Cross currency interest rate swaps (14.2) (3.5) Total Amount Recognized in OCI (114.3) (42.5) Tax effects 28.6 10.2 Net Amount Recognized in OCI ($85.7) ($32.3) Three Months Ended 31 December 2020 2019 Derivatives in Cash Flow Hedging Relationships Forward exchange contracts $64.7 $26.3 Forward exchange contracts, excluded components (2.7) (4.5) Other (A) (45.5) 2.9 Total Amount Recognized in OCI 16.5 24.7 Tax effects (2.7) (2.6) Net Amount Recognized in OCI $13.8 $22.1
Schedule of Amounts Recognized in Income Related to Cash Flow and Fair Value Hedges	The tables below summarize 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 Sales Cost of Sales Other Income (Expense), Net Interest Expense Other Non-Operating Income (Expense), Net 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 Total Amounts Presented in the Consolidated Income Statement in which the Effects of Cash Flow and Fair Value Hedges are Recorded $2,375.2 $2,254.7 $1,632.4 $1,486.6 $22.5 $12.3 $36.7 $18.7 $18.6 $9.1 (Gain) Loss Effects of Cash Flow Hedging: Forward Exchange Contracts: Amount reclassified from OCI into income $0.1 $0.1 ($0.1) ($0.2) $— $— $— $— ($51.6) ($23.4) Amount excluded from effectiveness testing recognized in earnings based on amortization approach — — — — — — — — 2.8 4.5 Other: Amount reclassified from OCI into income (A) — — — — — — 1.4 1.0 45.3 13.6 Total (Gain) Loss Reclassified from OCI to Income 0.1 0.1 (0.1) (0.2) — — 1.4 1.0 (3.5) (5.3) Tax effects — — 0.2 0.1 — — (0.5) (0.3) 1.1 1.0 Net (Gain) Loss Reclassified from OCI to Income $0.1 $0.1 $0.1 ($0.1) $— $— $0.9 $0.7 ($2.4) ($4.3) (Gain) Loss Effects of Fair Value Hedging: Other: Hedged items $— $— $— $— $— $— ($1.3) ($0.9) $— $— Derivatives designated as hedging instruments — — — — — — 1.3 0.9 — — Total (Gain) Loss Recognized in Income $— $— $— $— $— $— $— $— $— $— (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.
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), Net Other Non-Operating Income (Expense), Net 2020 2019 2020 2019 The Effects of Derivatives Not Designated as Hedging Instruments: Forward Exchange Contracts $2.8 $0.2 ($1.3) ($0.6) Other — — 0.5 0.4 Total (Gain) Loss Recognized in Income $2.8 $0.2 ($0.8) ($0.2)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Dec. 31, 2020
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 2020 30 September 2020 Carrying Value Fair Value Carrying Value Fair Value Assets Derivatives Forward exchange contracts $118.9 $118.9 $83.6 $83.6 Interest rate management contracts 27.7 27.7 59.7 59.7 Liabilities Derivatives Forward exchange contracts $114.1 $114.1 $83.5 $83.5 Interest rate management contracts 40.0 40.0 2.1 2.1 Long-term debt, including current portion and related party 7,997.7 8,477.4 7,900.1 8,278.4
Schedule of Fair Value Assets and Liabilities Measured On Recurring Basis	The following table summarizes assets and liabilities on the consolidated balance sheets that are measured at fair value on a recurring basis: 31 December 2020 30 September 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets at Fair Value Derivatives Forward exchange contracts $118.9 $— $118.9 $— $83.6 $— $83.6 $— Interest rate management contracts 27.7 — 27.7 — 59.7 — 59.7 — Total Assets at Fair Value $146.6 $— $146.6 $— $143.3 $— $143.3 $— Liabilities at Fair Value Derivatives Forward exchange contracts $114.1 $— $114.1 $— $83.5 $— $83.5 $— Interest rate management contracts 40.0 — 40.0 — 2.1 — 2.1 — Total Liabilities at Fair Value $154.1 $— $154.1 $— $85.6 $— $85.6 $—

Retirement Benefits (Tables)

Retirement Benefits (Tables)	3 Months Ended
	Dec. 31, 2020
Retirement Benefits [Abstract]
Schedule of Net Periodic Benefit Cost	The components of net periodic benefit cost for our defined benefit pension plans for the three months ended 31 December 2020 and 2019 were as follows: Pension Benefits 2020 2019 Three Months Ended 31 December U.S. International U.S. International Service cost $5.4 $5.7 $5.8 $5.9 Interest cost 17.2 6.1 22.8 6.2 Expected return on plan assets (48.6) (20.2) (47.2) (19.5) Prior service cost amortization 0.3 — 0.3 — Actuarial loss amortization 19.7 4.6 21.0 4.9 Other — 0.3 — 0.2 Net Periodic (Benefit) Cost ($6.0) ($3.5) $2.7 ($2.3)

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Dec. 31, 2020
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 2020 2019 Before-tax share-based compensation cost $9.5 $15.4 Income tax benefit (2.3) (3.7) After-tax share-based compensation cost $7.2 $11.7
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 volatility 29.9 % Risk-free interest rate 0.2 % Expected dividend yield 2.1 %

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Dec. 31, 2020
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 2020: Derivatives Foreign Pension and Total Balance at 30 September 2020 ($54.5) ($1,142.8) ($942.8) ($2,140.1) Other comprehensive income before reclassifications 13.8 415.7 — 429.5 Amounts reclassified from AOCL (1.3) — 18.3 17.0 Net current period other comprehensive income 12.5 415.7 18.3 446.5 Amount attributable to noncontrolling interests 4.7 15.0 — 19.7 Balance at 31 December 2020 ($46.7) ($742.1) ($924.5) ($1,713.3)
Schedule of Reclassification out of Accumulated Other Comprehensive Income (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 2020 2019 (Gain) Loss on Cash Flow Hedges, net of tax Sales/Cost of sales $0.2 $— Interest expense 0.9 0.7 Other non-operating income (expense), net (2.4) (4.3) Total (Gain) Loss on Cash Flow Hedges, net of tax ($1.3) ($3.6) Pension and Postretirement Benefits, net of tax (A) $18.3 $19.7 (A) The components of net periodic benefit cost reclassified out of AOCL include items such as prior service cost amortization, actuarial loss amortization, and settlements and are included in “Other non-operating income (expense), net” on the consolidated income statements. Refer to Note 9, Retirement Benefits , for additional information.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share ("EPS"): Three Months Ended 31 December 2020 2019 Numerator Net income from continuing operations $471.7 $475.6 Net income from discontinued operations 10.3 — Net Income Attributable to Air Products $482.0 $475.6 Denominator (in millions) Weighted average common shares — Basic 221.5 220.9 Effect of dilutive securities Employee stock option and other award plans 1.1 1.3 Weighted average common shares — Diluted 222.6 222.2 Per Share Data* Basic EPS from continuing operations $2.13 $2.15 Basic EPS from discontinued operations 0.05 — Basic EPS Attributable to Air Products $2.18 $2.15 Diluted EPS from continuing operations $2.12 $2.14 Diluted EPS from discontinued operations 0.05 — Diluted EPS Attributable to Air Products $2.17 $2.14

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Industrial Industrial Industrial Industrial Corporate Total Three Months Ended 31 December 2020 Sales $933.0 $563.0 $717.5 $104.5 $57.2 $2,375.2 (A) Operating income (loss) 225.8 141.5 214.8 (4.6) (38.4) 539.1 Depreciation and amortization 151.8 55.4 107.9 2.6 6.0 323.7 Equity affiliates' income 22.3 25.0 19.9 2.1 — 69.3 Three Months Ended 31 December 2019 Sales $936.2 $498.7 $692.8 $92.6 $34.4 $2,254.7 (A) Operating income (loss) 257.2 120.5 228.5 3.6 (48.8) 561.0 Depreciation and amortization 131.8 48.4 101.6 2.4 5.0 289.2 Equity affiliates' income 20.6 19.3 16.9 1.4 — 58.2 Total Assets 31 December 2020 $6,749.8 $4,249.2 $7,274.7 $485.3 $7,329.1 $26,088.1 30 September 2020 6,610.1 3,917.0 6,842.9 397.8 7,400.7 25,168.5 (A) The sales information presented above relates to external customers only. All intersegment sales are eliminated in consolidation. Intersegment sales are generally transacted at market pricing. We generally do not have intersegment sales from our regional industrial gases businesses. Equipment manufactured for our regional industrial gases segments are generally transferred at cost and are not reflected as an intersegment sale.

Basis of Presentation and Maj_4

Basis of Presentation and Major Accounting Policies (Schedule of Changes in Carrying Amount of Allowance for Credit Losses) (Details) $ in Millions	3 Months Ended
	Dec. 31, 2020USD ($)
Allowance for Credit Losses
Beginning balance	$ 23.9
Adoption of new credit losses standard	0.5
Provision for credit losses	1
Write-offs charged against the allowance	(0.8)
Currency translation and other	1.6
Ending balance	$ 26.2

Basis of Presentation and Maj_5

Basis of Presentation and Major Accounting Policies (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Sep. 30, 2020
Accounting Policies [Abstract]
Lease Receivables, net	$ 903.9	$ 903

New Accounting Guidance (Narrat

New Accounting Guidance (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
New Accounting Pronouncements [Line Items]
Equity	$ 13,071.9	$ 12,443.1	$ 11,929.8	$ 11,388.3
Retained Earnings
New Accounting Pronouncements [Line Items]
Equity	$ 15,060.5	14,875.7	$ 14,356.9	$ 14,138.4
Cumulative-effect adjustment | Retained Earnings
New Accounting Pronouncements [Line Items]
Equity		$ (1.3)

Revenue Recognition (Disaggrega

Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Sales	$ 2,375.2	$ 2,254.7
Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 2,375.2	$ 2,254.7
Percent sales by supply mode	100.00%	100.00%
Industrial Gases - Americas | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 933	$ 936.2
Industrial Gases - EMEA | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	563	498.7
Industrial Gases - Asia | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	717.5	692.8
Industrial Gases - Global | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	104.5	92.6
Corporate and other | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	57.2	34.4
On-site | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 1,144.9	$ 1,124.2
Percent sales by supply mode	48.00%	50.00%
On-site | Industrial Gases - Americas | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 541.3	$ 534.5
On-site | Industrial Gases - EMEA | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	188.7	171.4
On-site | Industrial Gases - Asia | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	414.9	418.3
On-site | Industrial Gases - Global | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0	0
On-site | Corporate and other | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0	0
Merchant | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 1,068.6	$ 1,003.5
Percent sales by supply mode	45.00%	44.00%
Merchant | Industrial Gases - Americas | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 391.7	$ 401.7
Merchant | Industrial Gases - EMEA | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	374.3	327.3
Merchant | Industrial Gases - Asia | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	302.6	274.5
Merchant | Industrial Gases - Global | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0	0
Merchant | Corporate and other | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0	0
Sale of Equipment | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 161.7	$ 127
Percent sales by supply mode	7.00%	6.00%
Sale of Equipment | Industrial Gases - Americas | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 0	$ 0
Sale of Equipment | Industrial Gases - EMEA | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0	0
Sale of Equipment | Industrial Gases - Asia | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0	0
Sale of Equipment | Industrial Gases - Global | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	104.5	92.6
Sale of Equipment | Corporate and other | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 57.2	$ 34.4

Revenue Recognition (Remaining

Revenue Recognition (Remaining Performance Obligations) (Details) $ in Billions	Dec. 31, 2020USD ($)
Revenue from Contract with Customer [Abstract]
Transaction price allocated to remaining performance obligations	$ 23
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
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]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligation	50.00%
Estimated timing of recognition of performance obligation

Revenue Recognition (Contract A

Revenue Recognition (Contract Assets and Liabilities) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Sep. 30, 2020
Contract Assets and Liabilities
Contract assets - current	$ 64.9	$ 55.9
Contract fulfillment costs - current	140.9	109.9
Contract liabilities - current	434	313.8
Contract liabilities - noncurrent	58.8	$ 57.9
Revenue recognized that was previously included in current contract liabilities	$ 85

Discontinued Operations (Narrat

Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Income from discontinued operations, net of tax	$ 10.3	$ 0

Inventories (Schedule of Invent

Inventories (Schedule of Inventory) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Sep. 30, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 147.7	$ 134.5
Work in process	23.3	21.3
Raw materials, supplies and other	251.9	249
Inventories	$ 422.9	$ 404.8

Goodwill (Schedule of Goodwill

Goodwill (Schedule of Goodwill by Segment) (Details) $ in Millions	3 Months Ended
	Dec. 31, 2020USD ($)
Goodwill [Roll Forward]
Goodwill, net, beginning balance	$ 891.5
Currency translation and other	32.4
Goodwill, net, ending balance	923.9
Industrial Gases - Americas
Goodwill [Roll Forward]
Goodwill, net, beginning balance	152.6
Currency translation and other	5.1
Goodwill, net, ending balance	157.7
Industrial Gases - EMEA
Goodwill [Roll Forward]
Goodwill, net, beginning balance	524.1
Currency translation and other	22.8
Goodwill, net, ending balance	546.9
Industrial Gases - Asia
Goodwill [Roll Forward]
Goodwill, net, beginning balance	180.4
Currency translation and other	4.1
Goodwill, net, ending balance	184.5
Industrial Gases - Global
Goodwill [Roll Forward]
Goodwill, net, beginning balance	19.5
Currency translation and other	0.4
Goodwill, net, ending balance	19.9
Corporate and other
Goodwill [Roll Forward]
Goodwill, net, beginning balance	14.9
Currency translation and other	0
Goodwill, net, ending balance	$ 14.9

Goodwill (Schedule of Accumulat

Goodwill (Schedule of Accumulated Impairment Losses) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Sep. 30, 2020
Goodwill [Line Items]
Goodwill, gross	$ 1,298.5	$ 1,230.2
Goodwill, net	923.9	891.5
Industrial Gases - Americas
Goodwill [Line Items]
Goodwill, accumulated impairment losses	(374.6)	(338.7)
Goodwill, net	$ 157.7	$ 152.6

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Details) € in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2020EUR (€)	Dec. 31, 2020USD ($)	Sep. 30, 2020EUR (€)	Sep. 30, 2020USD ($)
Derivative [Line Items]
Net liability position of derivatives with credit risk-related contingent features		$ 90,700,000		$ 30,000,000
Collateral posted on liability positions with credit risk-related contingent features		0
Collateral amount that counterparties would be required to post		$ 69,400,000		76,500,000
Forward exchange contracts | Cash Flow Hedges
Derivative [Line Items]
Maximum remaining maturity of foreign currency derivatives	2 years 7 months 6 days	2 years 7 months 6 days
Foreign currency debt | Euro Denominated
Derivative [Line Items]
Notional amount included in designated foreign currency denominated debt	€ 1,306.9	$ 1,596,400,000	€ 1,288.7	$ 1,510,800,000

Financial Instruments (Currency

Financial Instruments (Currency Price Risk Management Instruments) (Details) - Forward exchange contracts - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020
Derivative [Line Items]
US$ Notional	$ 4,395.6	$ 5,163.9
Years Average Maturity	10 months 24 days	9 months 18 days
Designated as Hedging Instrument | Cash Flow Hedges
Derivative [Line Items]
US$ Notional	$ 2,752.9	$ 2,842.1
Years Average Maturity	4 months 24 days	6 months
Designated as Hedging Instrument | Net Investment Hedges
Derivative [Line Items]
US$ Notional	$ 694.9	$ 636.6
Years Average Maturity	3 years 6 months	3 years 9 months 18 days
Not Designated as Hedging Instrument
Derivative [Line Items]
US$ Notional	$ 947.8	$ 1,685.2
Years Average Maturity	3 months 18 days	3 months 18 days

Financial Instruments (Interest

Financial Instruments (Interest Rate Management Contracts and Cross Currency Interest Rate Swaps) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020
Interest Rate Swaps Contracts | Designated as Hedging Instrument | Fair Value Hedges
Derivative [Line Items]
US$ Notional	$ 200	$ 200
Average Pay %	LIBOR	LIBOR
Average Receive %	2.76%	2.76%
Years Average Maturity	9 months 18 days	1 year 1 month 6 days
Cross currency interest rate swaps | Designated as Hedging Instrument | Net Investment Hedges
Derivative [Line Items]
US$ Notional	$ 205.6	$ 201.6
Average Pay %	4.30%	4.27%
Average Receive %	3.13%	3.12%
Years Average Maturity	3 years	3 years 2 months 12 days
Cross currency interest rate swaps | Designated as Hedging Instrument | Cash Flow Hedges
Derivative [Line Items]
US$ Notional	$ 1,099.6	$ 1,057.9
Average Pay %	4.85%	4.83%
Average Receive %	2.94%	2.98%
Years Average Maturity	2 years 6 months	2 years 6 months
Cross currency interest rate swaps | Not Designated as Hedging Instrument
Derivative [Line Items]
US$ Notional	$ 8.8	$ 12.8
Average Pay %	5.39%	5.39%
Average Receive %	3.54%	3.54%
Years Average Maturity	2 years 10 months 24 days	3 years 2 months 12 days

Financial Instruments (Carrying

Financial Instruments (Carrying Amount and Cumulative Hedging Adjustment) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Sep. 30, 2020
Current portion of long-term debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying amounts of hedged item	$ 404.2	$ 0
Cumulative hedging adjustment, included in carrying amount	4.4	0
Long-term debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying amounts of hedged item	0	405.4
Cumulative hedging adjustment, included in carrying amount	$ 0	$ 5.7

Financial Instruments (Fair Val

Financial Instruments (Fair Value and Balance Sheet Location of Derivatives) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Sep. 30, 2020
Derivative [Line Items]
Total Derivatives, Assets	$ 146.6	$ 143.3
Total Derivatives, Liabilities	154.1	85.6
Designated as Hedging Instrument
Derivative [Line Items]
Total Derivatives, Assets	128.2	110.9
Total Derivatives, Liabilities	136.6	57.6
Designated as Hedging Instrument | Other Receivables and Current Assets | Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Assets	97.2	51.1
Designated as Hedging Instrument | Other Receivables and Current Assets | Interest Rate Management Contracts
Derivative [Line Items]
Total Derivatives, Assets	13.1	14.7
Designated as Hedging Instrument | Other Noncurrent Assets | Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Assets	3.3	0.8
Designated as Hedging Instrument | Other Noncurrent Assets | Interest Rate Management Contracts
Derivative [Line Items]
Total Derivatives, Assets	14.6	44.3
Designated as Hedging Instrument | Accrued Liabilities | Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Liabilities	42.8	22.5
Designated as Hedging Instrument | Accrued Liabilities | Interest Rate Management Contracts
Derivative [Line Items]
Total Derivatives, Liabilities	7.2	0.4
Designated as Hedging Instrument | Other Noncurrent Liabilities | Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Liabilities	53.9	33
Designated as Hedging Instrument | Other Noncurrent Liabilities | Interest Rate Management Contracts
Derivative [Line Items]
Total Derivatives, Liabilities	32.7	1.7
Not Designated as Hedging Instrument
Derivative [Line Items]
Total Derivatives, Assets	18.4	32.4
Total Derivatives, Liabilities	17.5	28
Not Designated as Hedging Instrument | Other Receivables and Current Assets | Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Assets	18.4	31.7
Not Designated as Hedging Instrument | Other Noncurrent Assets | Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Assets	0	0
Not Designated as Hedging Instrument | Other Noncurrent Assets | Interest Rate Management Contracts
Derivative [Line Items]
Total Derivatives, Assets	0	0.7
Not Designated as Hedging Instrument | Accrued Liabilities | Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Liabilities	17.2	28
Not Designated as Hedging Instrument | Other Noncurrent Liabilities | Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Liabilities	0.2	0
Not Designated as Hedging Instrument | Other Noncurrent Liabilities | Interest Rate Management Contracts
Derivative [Line Items]
Total Derivatives, Liabilities	$ 0.1	$ 0

Financial Instruments (Gains an

Financial Instruments (Gains and Losses Recognized In Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net Investment Hedging Relationships
Tax effects	$ 24.2	$ 10.8
Net Amount Recognized in OCI	415.7	264
Derivatives in Cash Flow Hedging Relationships
Tax effects	(2.7)	(2.6)
Net Amount Recognized in OCI	13.8	22.1
Net Investment Hedges
Net Investment Hedging Relationships
Total Amount Recognized in OCI	(114.3)	(42.5)
Tax effects	28.6	10.2
Net Amount Recognized in OCI	(85.7)	(32.3)
Net Investment Hedges | Forward exchange contracts
Net Investment Hedging Relationships
Total Amount Recognized in OCI	(35.9)	(9.1)
Net Investment Hedges | Foreign currency debt
Net Investment Hedging Relationships
Total Amount Recognized in OCI	(64.2)	(29.9)
Net Investment Hedges | Cross currency interest rate swaps
Net Investment Hedging Relationships
Total Amount Recognized in OCI	(14.2)	(3.5)
Cash Flow Hedges
Derivatives in Cash Flow Hedging Relationships
Total Amount Recognized in OCI	16.5	24.7
Tax effects	(2.7)	(2.6)
Net Amount Recognized in OCI	13.8	22.1
Cash Flow Hedges | Forward exchange contracts
Derivatives in Cash Flow Hedging Relationships
Total Amount Recognized in OCI	64.7	26.3
Cash Flow Hedges | Forward exchange contracts, excluded components
Derivatives in Cash Flow Hedging Relationships
Total Amount Recognized in OCI	(2.7)	(4.5)
Cash Flow Hedges | Other
Derivatives in Cash Flow Hedging Relationships
Total Amount Recognized in OCI	$ (45.5)	$ 2.9

Financial Instruments (Cash Flo

Financial Instruments (Cash Flow and Fair Value Hedges Location and Amounts Recognized) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Total Amounts Presented in the Consolidated Income Statement in which the Effects of Cash Flow and Fair Value Hedges are Recorded
Sales	$ 2,375.2	$ 2,254.7
Cost of sales	1,632.4	1,486.6
Other income (expense), net	22.5	12.3
Interest expense	36.7	18.7
Other non-operating income (expense), net	18.6	9.1
(Gain) Loss Effects of Cash Flow Hedging:
Tax effects	0.8	0.8
Net (Gain) Loss Reclassified from OCI to Income	(1.3)	(3.6)
Cash Flow Hedges | Sales
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	0.1	0.1
Tax effects	0	0
Net (Gain) Loss Reclassified from OCI to Income	0.1	0.1
Cash Flow Hedges | Cost of Sales
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	(0.1)	(0.2)
Tax effects	0.2	0.1
Net (Gain) Loss Reclassified from OCI to Income	0.1	(0.1)
Cash Flow Hedges | Other Income (Expense), Net
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	0	0
Tax effects	0	0
Net (Gain) Loss Reclassified from OCI to Income	0	0
Cash Flow Hedges | Interest Expense
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	1.4	1
Tax effects	(0.5)	(0.3)
Net (Gain) Loss Reclassified from OCI to Income	0.9	0.7
Cash Flow Hedges | Other Non-Operating Income (Expense), Net
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	(3.5)	(5.3)
Tax effects	1.1	1
Net (Gain) Loss Reclassified from OCI to Income	(2.4)	(4.3)
Cash Flow Hedges | Forward exchange contracts | Sales
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	0.1	0.1
Cash Flow Hedges | Forward exchange contracts | Cost of Sales
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	(0.1)	(0.2)
Cash Flow Hedges | Forward exchange contracts | Other Income (Expense), Net
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	0	0
Cash Flow Hedges | Forward exchange contracts | Interest Expense
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	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	(51.6)	(23.4)
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
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
Cash Flow Hedges | Forward exchange contracts, excluded components | Other Income (Expense), Net
(Gain) Loss Effects of Cash Flow Hedging:
Amount excluded from effectiveness testing recognized in earnings based on amortization approach	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
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	2.8	4.5
Cash Flow Hedges | Other | Sales
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	0	0
Cash Flow Hedges | Other | Cost of Sales
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	0	0
Cash Flow Hedges | Other | Other Income (Expense), Net
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	0	0
Cash Flow Hedges | Other | Interest Expense
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	1.4	1
Cash Flow Hedges | Other | Other Non-Operating Income (Expense), Net
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	45.3	13.6
Fair Value Hedges | Sales
(Gain) Loss Effects of Fair Value Hedging:
Total (Gain) Loss Recognized in Income	0	0
Fair Value Hedges | Cost of Sales
(Gain) Loss Effects of Fair Value Hedging:
Total (Gain) Loss Recognized in Income	0	0
Fair Value Hedges | Other Income (Expense), Net
(Gain) Loss Effects of Fair Value Hedging:
Total (Gain) Loss Recognized in Income	0	0
Fair Value Hedges | Interest Expense
(Gain) Loss Effects of Fair Value Hedging:
Total (Gain) Loss Recognized in Income	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
Fair Value Hedges | Other | Sales
(Gain) Loss Effects of Fair Value Hedging:
Hedged items	0	0
Derivatives designated as hedging instruments	0	0
Fair Value Hedges | Other | Cost of Sales
(Gain) Loss Effects of Fair Value Hedging:
Hedged items	0	0
Derivatives designated as hedging instruments	0	0
Fair Value Hedges | Other | Other Income (Expense), Net
(Gain) Loss Effects of Fair Value Hedging:
Hedged items	0	0
Derivatives designated as hedging instruments	0	0
Fair Value Hedges | Other | Interest Expense
(Gain) Loss Effects of Fair Value Hedging:
Hedged items	(1.3)	(0.9)
Derivatives designated as hedging instruments	1.3	0.9
Fair Value Hedges | Other | Other Non-Operating Income (Expense), Net
(Gain) Loss Effects of Fair Value Hedging:
Hedged items	0	0
Derivatives designated as hedging instruments	$ 0	$ 0

Financial Instruments (Effects

Financial Instruments (Effects of Derivatives Not Designated as a Hedging Instrument) (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Other Income (Expense), Net
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	$ 2.8	$ 0.2
Other Income (Expense), Net | Forward exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	2.8	0.2
Other Income (Expense), Net | Other
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	0	0
Other Non-Operating Income (Expense), Net
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	(0.8)	(0.2)
Other Non-Operating Income (Expense), Net | Forward exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	(1.3)	(0.6)
Other Non-Operating Income (Expense), Net | Other
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	$ 0.5	$ 0.4

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of the Carrying Values and Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Sep. 30, 2020
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion and related party, carrying value	$ 7,997.7	$ 7,900.1
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion and related party, fair value	8,477.4	8,278.4
Forward exchange contracts | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	118.9	83.6
Derivative liabilities	114.1	83.5
Forward exchange contracts | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	118.9	83.6
Derivative liabilities	114.1	83.5
Interest Rate Management Contracts | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	27.7	59.7
Derivative liabilities	40	2.1
Interest Rate Management Contracts | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	27.7	59.7
Derivative liabilities	$ 40	$ 2.1

Fair Value Measurements (Sche_2

Fair Value Measurements (Schedule of Recurring Fair Value Measurements) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Dec. 31, 2020	Sep. 30, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets at Fair Value	$ 146.6	$ 143.3
Total Liabilities at Fair Value	154.1	85.6
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets at Fair Value	0	0
Total Liabilities at Fair Value	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets at Fair Value	146.6	143.3
Total Liabilities at Fair Value	154.1	85.6
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets at Fair Value	0	0
Total Liabilities at Fair Value	0	0
Forward exchange contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	118.9	83.6
Derivative liabilities	114.1	83.5
Forward exchange contracts | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Forward exchange contracts | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	118.9	83.6
Derivative liabilities	114.1	83.5
Forward exchange contracts | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Interest Rate Management Contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	27.7	59.7
Derivative liabilities	40	2.1
Interest Rate Management Contracts | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Interest Rate Management Contracts | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	27.7	59.7
Derivative liabilities	40	2.1
Interest Rate Management Contracts | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

Retirement Benefits (Narrative)

Retirement Benefits (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Company contributions	$ 21.2	$ 8.3	$ 37.5
Defined Benefit Pension Plan | Minimum
Defined Benefit Plan Disclosure [Line Items]
Total expected contributions for current fiscal year	45
Defined Benefit Pension Plan | Maximum
Defined Benefit Plan Disclosure [Line Items]
Total expected contributions for current fiscal year	55
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Amortization of actuarial gain	$ 0.4		$ 0

Retirement Benefits (Schedule o

Retirement Benefits (Schedule of Net Periodic Benefit Cost) (Details) - Defined Benefit Pension Plan - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
U.S.
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 5.4	$ 5.8
Interest cost	17.2	22.8
Expected return on plan assets	(48.6)	(47.2)
Prior service cost amortization	0.3	0.3
Actuarial loss amortization	19.7	21
Other	0	0
Net periodic benefit cost	(6)	2.7
International
Defined Benefit Plan Disclosure [Line Items]
Service cost	5.7	5.9
Interest cost	6.1	6.2
Expected return on plan assets	(20.2)	(19.5)
Prior service cost amortization	0	0
Actuarial loss amortization	4.6	4.9
Other	0.3	0.2
Net periodic benefit cost	$ (3.5)	$ (2.3)

Commitments and Contingencies (

Commitments and Contingencies (Litigation and Environmental - Narrative) (Details) R$ in Millions	1 Months Ended	3 Months Ended
	Sep. 30, 2010BRL (R$)	Dec. 31, 2020USD ($)	Dec. 31, 2020BRL (R$)site	Dec. 31, 2020USD ($)site	Sep. 30, 2020USD ($)
Alleged Anticompete Litigation
Loss Contingencies [Line Items]
Civil fines imposed	R$ 179.2	$ 35,000,000
Provision for litigation		$ 0
Maximum of loss contingency range subject to interest			R$ 179.2	$ 35,000,000
Environmental
Loss Contingencies [Line Items]
Approximate number of sites on which settlement has not been reached | site			31	31
Accrual for environmental loss contingencies				$ 83,000,000	$ 84,700,000
Accrual for environmental loss contingencies, maximum payout period		30 years
Environmental | Minimum
Loss Contingencies [Line Items]
Estimate of possible exposure from environmental loss contingencies				82,000,000
Environmental | Maximum
Loss Contingencies [Line Items]
Estimate of possible exposure from environmental loss contingencies				$ 96,000,000

Commitments and Contingencies_2

Commitments and Contingencies (Pace, Piedmont, Pasadena - Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Sep. 30, 2012	Sep. 30, 2008	Sep. 30, 2006
Pace, Florida
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	$ 41,900,000				$ 42,000,000
Change in estimated exposure	0	$ 19,000,000
Pace, Florida | Discontinued Operations
Loss Contingencies [Line Items]
Pretax environmental expense		$ 19,000,000			$ 42,000,000
Piedmont, South Carolina
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	12,200,000			$ 24,000,000
Piedmont, South Carolina | Discontinued Operations
Loss Contingencies [Line Items]
Pretax environmental expense				$ 24,000,000
Pasadena, Texas
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	$ 11,400,000
Total anticipated exposure			$ 13,000,000

Commitments and Contingencies_3

Commitments and Contingencies (Future Lease Obligations - Narrative) (Details) $ in Millions	Dec. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Expected lease payments for operating leases that have not yet commenced	$ 250

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - $ / shares	3 Months Ended
	Dec. 31, 2020	Jan. 28, 2021
Market-Based Deferred Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units/shares granted	76,747
Performance period	3 years
Weighted average grant date fair value (in dollars per unit/share)	$ 235.48
Time-Based Deferred Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units/shares granted	99,246
Weighted average grant date fair value (in dollars per unit/share)	$ 280.51
LTIP | Subsequent event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for future grants		1,500,000

Share-Based Compensation (Compe

Share-Based Compensation (Compensation Cost Recognized in Income Statement) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Before-tax share-based compensation cost	$ 9.5	$ 15.4
Income tax benefit	(2.3)	(3.7)
After-tax share-based compensation cost	$ 7.2	$ 11.7

Share-Based Compensation (Marke

Share-Based Compensation (Market-Based Deferred Stock Unit Valuation Assumptions) (Details) - Market-Based Deferred Stock Unit	3 Months Ended
	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	29.90%
Risk-free interest rate	0.20%
Expected dividend yield	2.10%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Rollforward) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 12,443.1	$ 11,388.3
Other comprehensive income before reclassifications	429.5
Amounts reclassified from AOCL	17
Total Other Comprehensive Income	446.5	302.2
Amount attributable to noncontrolling interests	19.7	15.2
Ending balance	13,071.9	11,929.8
Derivatives qualifying as hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(54.5)
Other comprehensive income before reclassifications	13.8
Amounts reclassified from AOCL	(1.3)
Total Other Comprehensive Income	12.5
Amount attributable to noncontrolling interests	4.7
Ending balance	(46.7)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(1,142.8)
Other comprehensive income before reclassifications	415.7
Amounts reclassified from AOCL	0
Total Other Comprehensive Income	415.7
Amount attributable to noncontrolling interests	15
Ending balance	(742.1)
Pension and postretirement benefits
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(942.8)
Other comprehensive income before reclassifications	0
Amounts reclassified from AOCL	18.3
Total Other Comprehensive Income	18.3
Amount attributable to noncontrolling interests	0
Ending balance	(924.5)
AOCL attributable to Air Products
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(2,140.1)	(2,375.6)
Total Other Comprehensive Income	426.8	287
Ending balance	$ (1,713.3)	$ (2,088.6)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss (Reclassification) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ 36.7	$ 18.7
Other non-operating income (expense), net	(18.6)	(9.1)
Net Income Attributable to Air Products	(482)	(475.6)
Reclassification out of Accumulated Other Comprehensive Income | (Gain) Loss on Cash Flow Hedges, net of tax
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Sales/Cost of sales	0.2	0
Interest expense	0.9	0.7
Other non-operating income (expense), net	(2.4)	(4.3)
Net Income Attributable to Air Products	(1.3)	(3.6)
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	$ 18.3	$ 19.7

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income from continuing operations		$ 471.7	$ 475.6
Net income from discontinued operations		10.3	0
Net Income Attributable to Air Products		$ 482	$ 475.6
Weighted average common shares — Basic		221.5	220.9
Employee stock option and other award plans		1.1	1.3
Weighted average common shares — Diluted		222.6	222.2
Per Share Data
Basic EPS from continuing operations (in dollars per share)	[1]	$ 2.13	$ 2.15
Basic EPS from discontinued operations (in dollars per share)	[1]	0.05	0
Basic EPS Attributable to Air Products (in dollars per share)	[1]	2.18	2.15
Diluted EPS from continuing operations (in dollars per share)	[1]	2.12	2.14
Diluted EPS from discontinued operations (in dollars per share)	[1]	0.05	0
Diluted EPS Attributable to Air Products (in dollars per share)	[1]	$ 2.17	$ 2.14
[1]	*Earnings per share ("EPS") is calculated independently for each component and may not sum to total EPS due to rounding.

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares shares in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Antidilutive share-based awards excluded from computation of diluted earnings per share (in shares)	0	0

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Effective tax rate (percent)	19.30%	19.80%
Income tax payments, net of refunds	$ 73.4	$ 66.2

Supplemental Information (Narra

Supplemental Information (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020
Related Party Transaction [Line Items]
Trade receivables, net	$ 105		$ 95
Related party debt, including current portion	355.5
Equity affiliate and joint venture partner
Related Party Transaction [Line Items]
Sales to and other income from related parties	$ 50	$ 90
Air Products Lu'an Changzhi Co Ltd [Member]
Related Party Transaction [Line Items]
Related party debt, including current portion			$ 338.5

Business Segment Information (S

Business Segment Information (Schedule of Segment Reporting Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020
Segment Reporting Information [Line Items]
Sales	$ 2,375.2	$ 2,254.7
Operating income (loss)	539.1	561
Depreciation and amortization	323.7	289.2
Equity affiliates' income	69.3	58.2
Total assets	26,088.1		$ 25,168.5
Operating Segments
Segment Reporting Information [Line Items]
Sales	2,375.2	2,254.7
Operating income (loss)	539.1	561
Depreciation and amortization	323.7	289.2
Equity affiliates' income	69.3	58.2
Total assets	26,088.1		25,168.5
Industrial Gases - Americas | Operating Segments
Segment Reporting Information [Line Items]
Sales	933	936.2
Operating income (loss)	225.8	257.2
Depreciation and amortization	151.8	131.8
Equity affiliates' income	22.3	20.6
Total assets	6,749.8		6,610.1
Industrial Gases - EMEA | Operating Segments
Segment Reporting Information [Line Items]
Sales	563	498.7
Operating income (loss)	141.5	120.5
Depreciation and amortization	55.4	48.4
Equity affiliates' income	25	19.3
Total assets	4,249.2		3,917
Industrial Gases - Asia | Operating Segments
Segment Reporting Information [Line Items]
Sales	717.5	692.8
Operating income (loss)	214.8	228.5
Depreciation and amortization	107.9	101.6
Equity affiliates' income	19.9	16.9
Total assets	7,274.7		6,842.9
Industrial Gases - Global | Operating Segments
Segment Reporting Information [Line Items]
Sales	104.5	92.6
Operating income (loss)	(4.6)	3.6
Depreciation and amortization	2.6	2.4
Equity affiliates' income	2.1	1.4
Total assets	485.3		397.8
Corporate and other | Operating Segments
Segment Reporting Information [Line Items]
Sales	57.2	34.4
Operating income (loss)	(38.4)	(48.8)
Depreciation and amortization	6	5
Equity affiliates' income	0	$ 0
Total assets	$ 7,329.1		$ 7,400.7