Document_Entity_Information
Document Entity Information | 9 Months Ended |
Jun. 30, 2014 | |
Document And Entity Information [Abstract] | ' |
Entity Registrant Name | 'AIR PRODUCTS & CHEMICALS INC /DE/ |
Entity Central Index Key | '0000002969 |
Document Type | '10-Q |
Document Period End Date | 30-Jun-14 |
Amendment Flag | 'false |
Current Fiscal Year End Date | '--09-30 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 213,015,723 |
Consolidated_Income_Statements
Consolidated Income Statements (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Consolidated Income Statements [Abstract] | ' | ' | ' | ' |
Sales | $2,634.60 | $2,547.30 | $7,762 | $7,593.90 |
Cost of sales | 1,918.70 | 1,875.50 | 5,702.20 | 5,589.20 |
Selling and administrative | 272 | 271.3 | 816.3 | 806.1 |
Research and development | 33.8 | 33.5 | 100.5 | 99.1 |
Other income (expense), net | 3.7 | 16.1 | 41.1 | 45.7 |
Operating Income | 413.8 | 383.1 | 1,184.10 | 1,145.20 |
Equity affiliates' income | 43.1 | 44.2 | 111.7 | 125.4 |
Interest expense | 31.3 | 35.4 | 96.1 | 106.4 |
Income from Continuing Operations before Taxes | 425.6 | 391.9 | 1,199.70 | 1,164.20 |
Income tax provision | 102.1 | 94.1 | 288.7 | 282.1 |
Income from Continuing Operations | 323.5 | 297.8 | 911 | 882.1 |
Income from Discontinued Operations, net of tax | 0 | 0.6 | 3.1 | 3.1 |
Net Income | 323.5 | 298.4 | 914.1 | 885.2 |
Less: Net Income Attributable to Noncontrolling Interests | 9.5 | 10 | 26.4 | 28.1 |
Net Income Attributable to Air Products | 314 | 288.4 | 887.7 | 857.1 |
Net Income Attributable to Air Products | ' | ' | ' | ' |
Income from continuing operations | 314 | 287.8 | 884.6 | 854 |
Income from discontinued operations | 0 | 0.6 | 3.1 | 3.1 |
Net Income Attributable to Air Products | $314 | $288.40 | $887.70 | $857.10 |
Basic Earnings Per Common Share Attributable to Air Products | ' | ' | ' | ' |
Income from continuing operations | $1.47 | $1.38 | $4.17 | $4.08 |
Income from discontinued operations | $0 | $0 | $0.01 | $0.02 |
Net Income Attributable to Air Products | $1.47 | $1.38 | $4.18 | $4.10 |
Diluted Earnings Per Common Share Attributable to Air Products | ' | ' | ' | ' |
Income from continuing operations | $1.46 | $1.36 | $4.12 | $4.03 |
Income from discontinued operations | $0 | $0 | $0.01 | $0.01 |
Net Income Attributable to Air Products | $1.46 | $1.36 | $4.13 | $4.04 |
Weighted Average Common Shares - Basic (in millions) | 212.9 | 209.4 | 212.4 | 209.3 |
Weighted Average Common Shares - Diluted (in millions) | 215.4 | 211.9 | 214.9 | 211.9 |
Dividends Declared Per Common Share - Cash | $0.77 | $0.71 | $2.25 | $2.06 |
Consolidated_Comprehensive_Inc
Consolidated Comprehensive Income Statement (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Comprehensive Income, net of tax [Abstract] | ' | ' | ' | ' |
Net Income | $323.50 | $298.40 | $914.10 | $885.20 |
Translation adjustments, net of tax | 108 | -99.8 | 53.8 | -184.2 |
Net gain (loss) on derivatives, net of tax | -16.9 | 12 | 0.8 | 25.5 |
Pension and postretirement benefits, net of tax | 0 | 5.8 | 0 | 5.8 |
Reclassification Adjustments [Abstract] | ' | ' | ' | ' |
Currency translation adjustment | 0 | -0.6 | 0 | -0.6 |
Derivatives, net of tax | 0.9 | -2.1 | -21.8 | -9.8 |
Pension and postretirement plans, net of tax | 20.3 | 27.1 | 60.9 | 75.7 |
Total Other Comprehensive Income (Loss) | 112.3 | -57.6 | 93.7 | -87.6 |
Comprehensive Income | 435.8 | 240.8 | 1,007.80 | 797.6 |
Net income attributable to noncontrolling interests | 9.5 | 10 | 26.4 | 28.1 |
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 2.2 | -1.4 | -2.4 | -3.1 |
Comprehensive Income Attributable to Air Products | $424.10 | $232.20 | $983.80 | $772.60 |
Consolidated_Comprehensive_Inc1
Consolidated Comprehensive Income Statement (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Consolidated Comprehensive Income Statements [Abstract] | ' | ' | ' | ' |
Tax effect on translation adjustments | $4 | ($6.80) | ($17.70) | ($7.10) |
Tax effect on net gain (loss) on derivatives | -8.2 | 5.5 | -2.9 | 10.9 |
Tax effect on pension and postretirement benefits | 0 | 3.5 | 0 | 3.5 |
Tax effect on derivatives reclassified to earnings | 0.2 | -0.1 | -7.8 | -2.3 |
Tax effect on pension and postretirement benefits reclassified to earnings | $9.50 | $14.60 | $28.70 | $40.40 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash items | $337.60 | $450.40 |
Trade receivables, net | 1,612.70 | 1,544.30 |
Inventories | 690.2 | 706.1 |
Contracts in progress, less progress billings | 157.5 | 182.3 |
Prepaid expenses | 115.6 | 121.1 |
Other receivables and current assets | 426.2 | 432.4 |
Current assets of discontinued operations | 0 | 2.5 |
Total Current Assets | 3,339.80 | 3,439.10 |
Investment in net assets of and advances to equity affiliates | 1,256.30 | 1,195.50 |
Plant and Equipment, at cost | 20,447.30 | 19,529.90 |
Less: accumulated depreciation | 10,868.20 | 10,555.90 |
Plant and equipment, net | 9,579.10 | 8,974 |
Goodwill | 1,612.50 | 1,653.80 |
Intangible assets, net | 665.6 | 717.3 |
Noncurrent capital lease receivables | 1,436.60 | 1,476.90 |
Other noncurrent assets | 426.3 | 393.5 |
Total Noncurrent Assets | 14,976.40 | 14,411 |
Total Assets | 18,316.20 | 17,850.10 |
Current Liabilities | ' | ' |
Payables and accrued liabilities | 1,892.30 | 1,944.90 |
Accrued income taxes | 78.8 | 63 |
Short-term borrowings | 1,115.20 | 709.9 |
Current portion of long-term debt | 69.8 | 507.4 |
Current liabilities of discontinued operations | 0 | 2.4 |
Total Current Liabilities | 3,156.10 | 3,227.60 |
Long-term debt | 4,951 | 5,056.30 |
Other noncurrent liabilities | 1,153.20 | 1,164.30 |
Deferred income taxes | 858.3 | 827.2 |
Total Noncurrent Liabilities | 6,962.50 | 7,047.80 |
Total Liabilities | 10,118.60 | 10,275.40 |
Commitments and Contingencies - See Note 11 | ' | ' |
Redeemable Noncontrolling Interest | 341.4 | 375.8 |
Air Products Shareholders' Equity | ' | ' |
Common stock (par value $1 per share) | 249.4 | 249.4 |
Capital in excess of par value | 828.8 | 799.2 |
Retained earnings | 10,053.50 | 9,646.40 |
Accumulated other comprehensive loss | -924.5 | -1,020.60 |
Treasury stock, at cost | -2,510.50 | -2,632.30 |
Total Air Products Shareholders' Equity | 7,696.70 | 7,042.10 |
Noncontrolling Interests | 159.5 | 156.8 |
Total Equity | 7,856.20 | 7,198.90 |
Total Liabilities and Equity | $18,316.20 | $17,850.10 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
Air Products Shareholder's Equity [Abstract] | ' | ' |
Common stock, par value | $1 | $1 |
Common stock, issued shares | 249,455,584 | 249,455,584 |
Treasury stock, shares | 36,439,861 | 38,276,327 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating Activities | ' | ' |
Net Income | $914.10 | $885.20 |
Less: Net income attributable to noncontrolling interests | 26.4 | 28.1 |
Net Income Attributable to Air Products | 887.7 | 857.1 |
Income from discontinued operations | -3.1 | -3.1 |
Income from continuing operations attributable to Air Products | 884.6 | 854 |
Adjustments to reconcile income to cash provided by (used for) operating activities: | ' | ' |
Depreciation and amortization | 702.3 | 674.4 |
Deferred income taxes | 69.8 | 8.4 |
Undistributed earnings of unconsolidated affiliates | -36.7 | -47.6 |
Share-based compensation | 32.5 | 33 |
Noncurrent capital lease receivables | 11.8 | -124.2 |
Other adjustments | 102.8 | -96.9 |
Working capital changes that provided (used) cash, excluding effects of acquisitions and divestitures: | ' | ' |
Trade receivables | -77.1 | -88.9 |
Inventories | 12.6 | 68.5 |
Contracts in progress, less progress billings | -1.1 | -3.9 |
Other receivables | -3.1 | -65.9 |
Payables and accrued liabilities | -125.6 | -139.8 |
Other working capital | 11.2 | -19.9 |
Cash Provided by (Used for) Operating Activities | 1,584 | 1,051.20 |
Investing Activities | ' | ' |
Additions to plant and equipment | -1,264.90 | -1,115.40 |
Acquisitions, less cash acquired | 0 | -125.6 |
Proceeds from sale of assets and investments | 34 | 25.4 |
Other investing activities | 0.8 | -2.6 |
Cash Provided by (Used for) Investing Activities | -1,230.10 | -1,218.20 |
Financing Activities | ' | ' |
Long-term debt proceeds | 57.3 | 522.1 |
Payments on long-term debt | -591.7 | -415.7 |
Net increase (decrease) in commercial paper and short-term borrowings | 422.7 | 780.8 |
Dividends paid to shareholders | -463.7 | -416.8 |
Purchase of treasury shares | 0 | -461.6 |
Proceeds from stock option exercises | 106.5 | 133.1 |
Excess tax benefit from share-based compensation | 22.5 | 24.6 |
Payment for subsidiary shares from noncontrolling interests | -0.5 | -12.6 |
Other financing activities | -35.8 | -28.8 |
Cash Provided by (Used for) Financing Activities | -482.7 | 125.1 |
Discontinued Operations | ' | ' |
Cash provided by operating activities | 0.7 | 13.3 |
Cash provided by (used for) investing activities | 9.8 | -1.2 |
Cash provided by (used for) financing activities | 0 | 0 |
Cash Provided by (Used for) Discontinued Operations | 10.5 | 12.1 |
Effect of Exchange Rate Changes on Cash | 5.5 | -5.8 |
Increase (Decrease) in Cash and Cash Items | -112.8 | -35.6 |
Cash and Cash Items - Beginning of Year | 450.4 | 454.4 |
Cash and Cash Items - End of Period | $337.60 | $418.80 |
Basis_of_Presentation_and_Majo
Basis of Presentation and Major Accounting Policies | 9 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation and Major Accounting Policies | ' |
1. BASIS OF PRESENTATION AND MAJOR ACCOUNTING POLICIES | |
Refer to our 2013 Form 10-K for a description of major accounting policies. There have been no material changes to these accounting policies during the first nine months of fiscal year 2014. | |
The 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 (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. 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 disclosure to make the information presented not misleading. Adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the Notes. The interim results for the periods indicated herein, however, do not reflect certain adjustments, such as the valuation of inventories on the last-in, first-out (LIFO) cost basis, which are only finally determined on an annual basis. The consolidated financial statements and related Notes included herein should be read in conjunction with the financial statements and Notes thereto included in our latest Form 10-K in order to fully understand the basis of presentation. Results of operations for interim periods are not necessarily indicative of the results of operations for a full year. |
New_Accounting_Guidance
New Accounting Guidance | 9 Months Ended |
Jun. 30, 2014 | |
New Accounting Guidance [Abstract] | ' |
New Accounting Guidance | ' |
2. NEW ACCOUNTING GUIDANCE | |
Accounting Guidance Implemented in 2014 | |
Amounts Reclassified out of Accumulated Other Comprehensive Income | |
In February 2013, the Financial Accounting Standards Board (FASB) issued disclosure guidance to improve the transparency of items reclassified out of accumulated other comprehensive income to net income. The guidance requires an entity to present, in a single location, information about the amounts reclassified out of accumulated other comprehensive income, by component, including the income statement line items affected by the reclassification. This disclosure guidance was effective for us beginning in the first quarter of fiscal year 2014 and did not have a material impact on our consolidated financial statements. Refer to Note 14, Accumulated Other Comprehensive Loss, for the required disclosures. | |
Cumulative Translation Adjustment | |
In March 2013, the FASB issued an update to clarify existing guidance for the release of cumulative translation adjustments into net income when a parent sells all or a part of its investment in a foreign entity or achieves a business combination of a foreign entity in stages. We adopted this guidance, which is to be applied prospectively, at the beginning of fiscal year 2014. This guidance did not have an impact on our consolidated financial statements. | |
New Accounting Guidance to be Implemented | |
Unrecognized Tax Benefits | |
In July 2013, the FASB issued guidance to require standard presentation of an unrecognized tax benefit when a carryforward related to net operating losses or tax credits exists. This guidance will be applied prospectively and is effective for us beginning in the first quarter of fiscal year 2015, with early adoption permitted. We do not expect this guidance to have a material impact on our consolidated financial statements. | |
Discontinued Operations | |
In April 2014, the FASB issued an update to change the criteria for determining which disposals qualify as a discontinued operation and to expand related disclosure requirements. Under the new guidance, a disposal is required to be reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on operations and financial results. This guidance will be effective prospectively for new disposals and new disposal groups classified as held for sale beginning in fiscal year 2016, with early adoption permitted. | |
Revenue Recognition | |
In May 2014, the FASB issued guidance based on the principle that revenue is recognized in an amount which the entity expects to be entitled in exchange for the transfer of goods or services. This guidance is effective for us beginning in fiscal year 2018 and can be adopted either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted. We are currently evaluating the adoption alternatives and impact that this update will have on our consolidated financial statements. | |
Share-based Compensation | |
In June 2014, the FASB issued guidance clarifying that share-based compensation performance targets that could be achieved after the requisite service period should be treated as a performance condition that affects vesting, rather than a condition that affects the grant-date fair value of the award. This guidance is effective for us beginning in fiscal year 2017, with early adoption permitted. We do not expect this guidance to have a material impact on our consolidated financial statements. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Discontinued Operations [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
3. DISCONTINUED OPERATIONS | ||||||||||||||||
During the second quarter of 2012, the Board of Directors authorized the sale of our Homecare business, which had previously been reported as part of the Merchant Gases operating segment. | ||||||||||||||||
In the third quarter of 2012, we sold the majority of our Homecare business to The Linde Group for total sale proceeds of €590 million ($777). This amount included contingent proceeds of €110 million ($144) related to the outcome of certain retender arrangements. As of 30 June 2014, this liability is reflected in payables and accrued liabilities on our consolidated balance sheet. Based on the outcome of the retenders, the Company was contractually required to return the proceeds to The Linde Group. We settled this liability on 17 July 2014. | ||||||||||||||||
In the first quarter of 2014, we sold the remaining portion of the Homecare business, which was primarily in the United Kingdom and Ireland, for £6.1 million ($9.8) and recorded a gain on sale of $2.4. We entered into an operations guarantee related to the obligations under certain homecare contracts assigned in connection with the transaction. Our maximum potential payment under the guarantee is £20 million (approximately $34 at 30 June 2014), and our exposure will be extinguished by 2020. The fair value of the guarantee is not material. | ||||||||||||||||
The results of discontinued operations are summarized below: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Sales | $ | - | $ | 12.7 | $ | 8.5 | $ | 40 | ||||||||
Income before taxes | $ | - | $ | 0.5 | $ | 0.7 | $ | 3.3 | ||||||||
Income tax provision | - | -0.1 | - | 0.2 | ||||||||||||
Income from operations of discontinued operations | - | 0.6 | 0.7 | 3.1 | ||||||||||||
Gain on sale of business, net of tax | - | - | 2.4 | - | ||||||||||||
Income from Discontinued Operations, net of tax | $ | - | $ | 0.6 | $ | 3.1 | $ | 3.1 | ||||||||
The assets and liabilities classified as discontinued operations for the Homecare business at 30 September 2013 consisted of $2.5 in trade receivables, net, and $2.4 in payables and accrued liabilities. As of 30 June 2014, no assets or liabilities were classified as discontinued operations. |
Business_Restructuring_and_Cos
Business Restructuring and Cost Reduction Plans | 9 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Business Restructuring and Cost Reduction Plans [Abstract] | ' | ||||||||||||
Business Restructuring and Cost Reduction Plans | ' | ||||||||||||
4. BUSINESS RESTRUCTURING AND COST REDUCTION PLANS | |||||||||||||
2013 Plan | |||||||||||||
During the fourth quarter of 2013, we recorded an expense of $231.6 ($157.9 after-tax, or $.74 per share) reflecting actions to better align our cost structure with current market conditions. The asset and contract actions primarily impacted the Electronics business due to continued weakness in the photovoltaic (PV) and light-emitting diode (LED) markets. The severance and other contractual benefits primarily impacted our Merchant Gases business and corporate functions in response to weaker than expected business conditions in Europe and Asia, reorganization of our operations and functional areas, and previously announced senior executive changes. The planned actions are expected to be completed by the end of fiscal year 2014. | |||||||||||||
The following table summarizes the carrying amount of the accrual for the 2013 plan at 30 June 2014: | |||||||||||||
Severance and | Asset | Contract | |||||||||||
Other Benefits | Actions | Actions/Other | Total | ||||||||||
2013 Charge | $ | 71.9 | $ | 100.4 | $ | 59.3 | $ | 231.6 | |||||
Amount reflected in pension liability | -6.9 | - | - | -6.9 | |||||||||
Noncash expenses | - | -100.4 | - | -100.4 | |||||||||
Cash expenditures | -3 | - | -58.5 | -61.5 | |||||||||
Currency translation adjustment | 0.4 | - | - | 0.4 | |||||||||
30-Sep-13 | $ | 62.4 | $ | - | $ | 0.8 | $ | 63.2 | |||||
Cash expenditures | -31.3 | - | -0.8 | -32.1 | |||||||||
Currency translation adjustment | 0.1 | - | - | 0.1 | |||||||||
Accrued balance | $ | 31.2 | $ | - | $ | - | $ | 31.2 | |||||
2012 Plans | |||||||||||||
In 2012, we recorded an expense of $327.4 ($222.4 after-tax, or $1.03 per share) for business restructuring and cost reduction plans in our Polyurethane Intermediates, Electronics, and European Merchant businesses. As of 30 September 2013, the planned actions were substantially complete. |
Business_Combinations
Business Combinations | 9 Months Ended |
Jun. 30, 2014 | |
Business Combinations | ' |
Business Combinations | ' |
5. BUSINESS COMBINATIONS | |
2013 Business Combinations | |
We completed two acquisitions during the third quarter of 2013. The acquisitions were accounted for as business combinations, and their results of operations were consolidated within their respective segments after the acquisition dates. The aggregate purchase price, net of cash acquired, for these acquisitions was $134. | |
On 31 May 2013, we acquired EPCO Carbondioxide Products, Inc. (EPCO), the largest independent U.S. producer of liquid carbon dioxide (CO2). This acquisition expanded our North American offerings of bulk industrial process gases in the Merchant Gases segment. In addition, we acquired Wuxi Chem-Gas Company, Ltd. (WCG) on 1 April 2013. This acquisition provided our Merchant Gases segment with additional gases presence in the Jiangsu Province of China. |
Inventories
Inventories | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
6. INVENTORIES | |||||||||
The components of inventories are as follows: | |||||||||
30-Jun | 30-Sep | ||||||||
2014 | 2013 | ||||||||
Finished goods | $ | 514.5 | $ | 527.3 | |||||
Work in process | 37.9 | 38.7 | |||||||
Raw materials, supplies and other | 234.3 | 234.9 | |||||||
$ | 786.7 | $ | 800.9 | ||||||
Less: Excess of FIFO cost over LIFO cost | -96.5 | -94.8 | |||||||
$ | 690.2 | $ | 706.1 | ||||||
First-in, first-out (FIFO) cost approximates replacement cost. Our inventories generally have a high turnover, and as a result, there is little difference between the original cost of an item and its current replacement cost. |
Goodwill
Goodwill | 9 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Goodwill Disclosure [Abstract] | ' | |||||||||||
Goodwill disclosure | ' | |||||||||||
7. GOODWILL | ||||||||||||
Changes to the carrying amount of consolidated goodwill by segment for the nine months ended 30 June 2014 are as follows: | ||||||||||||
Electronics and | ||||||||||||
Merchant | Tonnage | Performance | ||||||||||
Gases | Gases | Materials | Total | |||||||||
Balance at 30 September 2013 | $ | 1,192.00 | $ | 15.2 | $ | 446.6 | $ | 1,653.80 | ||||
Currency translation and other | -48.7 | 0.7 | 6.7 | -41.3 | ||||||||
Balance at 30 June 2014 | $ | 1,143.30 | $ | 15.9 | $ | 453.3 | $ | 1,612.50 | ||||
Goodwill is subject to impairment testing at least annually. In addition, goodwill is tested more frequently if a change in circumstances or the occurrence of events indicates that potential impairment exists. |
Financial_Instruments
Financial Instruments | 9 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Financial Instruments [Abstract] | ' | |||||||||||||||||||||||||||
Financial Instruments | ' | |||||||||||||||||||||||||||
8. 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 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 the appropriate 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. This portfolio of forward exchange contracts consists primarily of Euros and British Pound Sterling as well as Euros and U.S. dollars. The maximum remaining term of any forward exchange contract currently outstanding and designated as a cash flow hedge at 30 June 2014 is 3.6 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 the Euro and U.S. dollar. | ||||||||||||||||||||||||||||
In addition to the forward exchange contracts that are designated as hedges, we 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 comprises 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: | ||||||||||||||||||||||||||||
30-Jun-14 | 30-Sep-13 | |||||||||||||||||||||||||||
Years | Years | |||||||||||||||||||||||||||
US$ | Average | US$ | Average | |||||||||||||||||||||||||
Notional | Maturity | Notional | Maturity | |||||||||||||||||||||||||
Forward exchange contracts: | ||||||||||||||||||||||||||||
Cash flow hedges | $ | 2,456.60 | 0.4 | $ | 2,653.40 | 0.6 | ||||||||||||||||||||||
Net investment hedges | 742.4 | 3.1 | 1,231.80 | 2.4 | ||||||||||||||||||||||||
Not designated | 431.1 | 0.1 | 751.9 | 0.1 | ||||||||||||||||||||||||
Total Forward Exchange Contracts | $ | 3,630.10 | 0.9 | $ | 4,637.10 | 1 | ||||||||||||||||||||||
In addition to the above, we 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 included €892.5 million ($1,222.0) and Chinese Renminbi 748.5 million ($120.7) at 30 June 2014 and €908.3 million ($1,228.4) at 30 September 2013. | ||||||||||||||||||||||||||||
Debt Portfolio Management | ||||||||||||||||||||||||||||
It is our policy to identify on a continuing basis the need for debt capital and evaluate the financial risks inherent in funding the Company with debt capital. Reflecting the result of this ongoing review, the debt portfolio and hedging program are managed with the objectives and 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). At 30 June 2014, the outstanding interest rate swaps were denominated in U.S. dollars, Euros, and Chilean Pesos. The maximum remaining term of any interest rate swap designated as a cash flow hedge is .7 years. 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. These contracts effectively convert the currency denomination of a debt instrument into another currency in which we have a net equity position while changing the interest rate characteristics of the instrument. 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 between U.S. dollars and Chilean Pesos, U.S. dollars and offshore Chinese Renminbi, U.S. dollars and British Pound Sterling, as well as U.S. dollars and Euros. | ||||||||||||||||||||||||||||
The following table summarizes our outstanding interest rate management contracts and cross currency interest rate swaps: | ||||||||||||||||||||||||||||
30-Jun-14 | 30-Sep-13 | |||||||||||||||||||||||||||
Average | Years | Average | Years | |||||||||||||||||||||||||
US$ | Average | Receive | Average | US$ | Average | Receive | Average | |||||||||||||||||||||
Notional | Pay % | % | Maturity | Notional | Pay % | % | Maturity | |||||||||||||||||||||
Interest rate swaps (fair value hedge) | $ | 400 | LIBOR | 3.25 | % | 5.1 | $ | 300 | LIBOR | 3.61 | % | 5.9 | ||||||||||||||||
Cross currency interest rate swaps | ||||||||||||||||||||||||||||
(net investment hedge) | $ | 371.2 | 3.62 | % | 0.82 | % | 2.4 | $ | 310.8 | 3.87 | % | 0.72 | % | 2.4 | ||||||||||||||
Interest rate swaps (cash flow hedge) | $ | 863.6 | 2.7 | % | 0.53 | % | 0.5 | $ | 52.8 | 6.84 | % | 5.64 | % | 1.4 | ||||||||||||||
Cross currency interest rate swaps | ||||||||||||||||||||||||||||
(cash flow hedge) | $ | 446.3 | 3.39 | % | 2.86 | % | 4.3 | $ | 169.3 | 3.48 | % | 2.53 | % | 4.8 | ||||||||||||||
The table below summarizes the fair value and balance sheet location of our outstanding derivatives: | ||||||||||||||||||||||||||||
Balance Sheet | 30-Jun | 30-Sep | Balance Sheet | 30-Jun | 30-Sep | |||||||||||||||||||||||
Location | 2014 | 2013 | Location | 2014 | 2013 | |||||||||||||||||||||||
Derivatives Designated as | ||||||||||||||||||||||||||||
Hedging Instruments: | ||||||||||||||||||||||||||||
Forward exchange contracts | Other receivables | $ | 64.9 | $ | 52.2 | Accrued liabilities | $ | 42.9 | $ | 22.5 | ||||||||||||||||||
Interest rate management contracts | Other receivables | - | - | Accrued liabilities | 19.6 | 3.5 | ||||||||||||||||||||||
Other noncurrent | Other noncurrent | |||||||||||||||||||||||||||
Forward exchange contracts | assets | 0.9 | 28.7 | liabilities | 27.6 | 7.7 | ||||||||||||||||||||||
Other noncurrent | Other noncurrent | |||||||||||||||||||||||||||
Interest rate management contracts | assets | 56.2 | 35.4 | liabilities | 5.6 | 6.1 | ||||||||||||||||||||||
Total Derivatives Designated as | ||||||||||||||||||||||||||||
Hedging Instruments | $ | 122 | $ | 116.3 | $ | 95.7 | $ | 39.8 | ||||||||||||||||||||
Derivatives Not Designated as | ||||||||||||||||||||||||||||
Hedging Instruments: | ||||||||||||||||||||||||||||
Forward exchange contracts | Other receivables | $ | 1 | $ | 9.6 | Accrued liabilities | $ | 2.2 | $ | 1.5 | ||||||||||||||||||
Total Derivatives | $ | 123 | $ | 125.9 | $ | 97.9 | $ | 41.3 | ||||||||||||||||||||
Refer to Note 9, Fair Value Measurements, which defines fair value, describes the method for measuring fair value, and provides additional disclosures regarding fair value measurements. | ||||||||||||||||||||||||||||
The table below summarizes the gain or loss related to our cash flow hedges, fair value hedges, net investment hedges, and derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||
Three Months Ended 30 June | ||||||||||||||||||||||||||||
Forward | Foreign Currency | |||||||||||||||||||||||||||
Exchange Contracts | Debt | Other (A) | Total | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Cash Flow Hedges, net of tax: | ||||||||||||||||||||||||||||
Net gain (loss) recognized in OCI | ||||||||||||||||||||||||||||
(effective portion) | $ | -8.7 | $ | 5.9 | $ | - | $ | - | $ | -8.2 | $ | 6.1 | $ | -16.9 | $ | 12 | ||||||||||||
Net (gain) loss reclassified from OCI | ||||||||||||||||||||||||||||
to sales/cost of sales (effective portion) | -1.2 | - | - | - | - | - | -1.2 | - | ||||||||||||||||||||
Net (gain) loss reclassified from OCI to other | ||||||||||||||||||||||||||||
income, net (effective portion) | 3 | -4.4 | - | - | -0.5 | 1.9 | 2.5 | -2.5 | ||||||||||||||||||||
Net (gain) loss reclassified from OCI | ||||||||||||||||||||||||||||
to interest expense (effective portion) | -0.6 | 0.2 | - | - | - | 0.2 | -0.6 | 0.4 | ||||||||||||||||||||
Net (gain) loss reclassified from OCI to other | ||||||||||||||||||||||||||||
income, net (ineffective portion) | 0.2 | - | - | - | - | - | 0.2 | - | ||||||||||||||||||||
Fair Value Hedges: | ||||||||||||||||||||||||||||
Net gain (loss) recognized in interest expense (B) | $ | - | $ | - | $ | - | $ | - | $ | 2.8 | $ | -13 | $ | 2.8 | $ | -13 | ||||||||||||
Net Investment Hedges, net of tax: | ||||||||||||||||||||||||||||
Net gain (loss) recognized in OCI | $ | 1.5 | $ | -4.9 | $ | 4.6 | $ | -8.6 | $ | -0.9 | $ | 6 | $ | 5.2 | $ | -7.5 | ||||||||||||
Derivatives Not Designated as Hedging Instruments: | ||||||||||||||||||||||||||||
Net gain (loss) recognized in other income, net (C) | $ | -4.7 | $ | -2.1 | $ | - | $ | - | $ | - | $ | - | $ | -4.7 | $ | -2.1 | ||||||||||||
Nine Months Ended 30 June | ||||||||||||||||||||||||||||
Forward | Foreign Currency | |||||||||||||||||||||||||||
Exchange Contracts | Debt | Other (A) | Total | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Cash Flow Hedges, net of tax: | ||||||||||||||||||||||||||||
Net gain (loss) recognized in OCI | ||||||||||||||||||||||||||||
(effective portion) | $ | 10.7 | $ | 13.6 | $ | - | $ | - | $ | -9.9 | $ | 11.9 | $ | 0.8 | $ | 25.5 | ||||||||||||
Net (gain) loss reclassified from OCI | ||||||||||||||||||||||||||||
to sales/cost of sales (effective portion) | -0.2 | 0.7 | - | - | - | - | -0.2 | 0.7 | ||||||||||||||||||||
Net (gain) loss reclassified from OCI to other | ||||||||||||||||||||||||||||
income, net (effective portion) | -15.6 | -12.7 | - | - | -4.2 | 1.9 | -19.8 | -10.8 | ||||||||||||||||||||
Net (gain)loss reclassified from OCI | ||||||||||||||||||||||||||||
to interest expense (effective portion) | -1.4 | -0.8 | - | - | 0.1 | 0.8 | -1.3 | - | ||||||||||||||||||||
Net (gain) loss reclassified from OCI to other | ||||||||||||||||||||||||||||
income, net (ineffective portion) | -0.5 | 0.3 | - | - | - | - | -0.5 | 0.3 | ||||||||||||||||||||
Fair Value Hedges: | ||||||||||||||||||||||||||||
Net gain (loss) recognized in interest expense(B) | $ | - | $ | - | $ | - | $ | - | $ | -0.6 | $ | -20 | $ | -0.6 | $ | -20 | ||||||||||||
Net Investment Hedges, net of tax: | ||||||||||||||||||||||||||||
Net gain (loss) recognized in OCI | $ | -15.1 | $ | -4.7 | $ | -7.1 | $ | -9.1 | $ | 6.7 | $ | 3.7 | $ | -15.5 | $ | -10.1 | ||||||||||||
Derivatives Not Designated as Hedging Instruments: | ||||||||||||||||||||||||||||
Net gain (loss) recognized in other income, net(C) | $ | -4.9 | $ | -2.9 | $ | - | $ | - | $ | 0.2 | $ | - | $ | -4.7 | $ | -2.9 | ||||||||||||
(A) Other includes the impact on other comprehensive income (OCI) and earnings primarily related to interest rate and cross currency interest | ||||||||||||||||||||||||||||
rate swaps. | ||||||||||||||||||||||||||||
(B) The impact of fair value hedges noted above was largely offset by gains and losses resulting from the impact of changes in | ||||||||||||||||||||||||||||
related interest rates on recognized outstanding debt. | ||||||||||||||||||||||||||||
(C) The impact of the non-designated hedges noted above was largely offset by gains and losses, respectively, resulting from the | ||||||||||||||||||||||||||||
impact of changes in exchange rates on recognized assets and liabilities denominated in nonfunctional currencies. | ||||||||||||||||||||||||||||
The amount of cash flow hedges’ unrealized gains and losses at 30 June 2014 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 $19.2 as of 30 June 2014 and $10.0 as of 30 September 2013. 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 all 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. These are the same agreements referenced in Credit Risk-Related Contingent Features above. The collateral that the counterparties would be required to post was $55.4 as of 30 June 2014 and $80.6 as of 30 September 2013. No financial institution is required to post collateral at this time, as all have credit ratings at or above the threshold. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||||||
9. FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||||||
Fair value is defined as an exit price, i.e., 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: | ||||||||||||||||||||||||||||
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 take into account 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. The computation of the fair values of these instruments is generally performed by the Company. These standard pricing models utilize inputs which are derived from or corroborated by observable market data such as interest rate yield curves and currency spot and forward rates. In addition, 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 8, Financial Instruments, for a description of derivative instruments, including details on the balance sheet line classifications. | ||||||||||||||||||||||||||||
Long-term Debt | ||||||||||||||||||||||||||||
The fair value of our debt is based on estimates using standard pricing models that take into account 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: | ||||||||||||||||||||||||||||
30-Jun-14 | 30-Sep-13 | |||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||
Forward exchange contracts | $ | 66.8 | $ | 66.8 | $ | 90.5 | $ | 90.5 | ||||||||||||||||||||
Interest rate management contracts | 56.2 | 56.2 | 35.4 | 35.4 | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||
Forward exchange contracts | $ | 72.7 | $ | 72.7 | $ | 31.7 | $ | 31.7 | ||||||||||||||||||||
Interest rate management contracts | 25.2 | 25.2 | 9.6 | 9.6 | ||||||||||||||||||||||||
Long-term debt, including current portion | 5,020.80 | 5,258.00 | 5,563.70 | 5,804.10 | ||||||||||||||||||||||||
The carrying amounts reported in the balance sheet for cash and cash items, 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 measured at fair value on a recurring basis in the consolidated balance sheets: | ||||||||||||||||||||||||||||
30-Jun-14 | 30-Sep-13 | |||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Assets at Fair Value | ||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||
Forward exchange contracts | $ | 66.8 | $ | - | $ | 66.8 | $ | - | $ | 90.5 | $ | - | $ | 90.5 | $ | - | ||||||||||||
Interest rate management contracts | 56.2 | - | 56.2 | - | 35.4 | - | 35.4 | - | ||||||||||||||||||||
Total Assets at Fair Value | $ | 123 | $ | - | $ | 123 | $ | - | $ | 125.9 | $ | - | $ | 125.9 | $ | - | ||||||||||||
Liabilities at Fair Value | ||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||
Forward exchange contracts | $ | 72.7 | $ | - | $ | 72.7 | $ | - | $ | 31.7 | $ | - | $ | 31.7 | $ | - | ||||||||||||
Interest rate management contracts | 25.2 | - | 25.2 | - | 9.6 | - | 9.6 | - | ||||||||||||||||||||
Total Liabilities at Fair Value | $ | 97.9 | $ | - | $ | 97.9 | $ | - | $ | 41.3 | $ | - | $ | 41.3 | $ | - |
Retirement_Benefits
Retirement Benefits | 9 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Retirement Benefits [Abstract] | ' | |||||||||||||||||||||||
Retirement Benefits | ' | |||||||||||||||||||||||
10. RETIREMENT BENEFITS | ||||||||||||||||||||||||
The components of net periodic benefit cost for the defined benefit pension and other postretirement benefit plans for the three and nine months ended 30 June 2014 and 2013 were as follows: | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Three Months Ended 30 June | U.S. | International | U.S. | International | ||||||||||||||||||||
Service cost | $ | 10.6 | $ | 9.2 | $ | 13 | $ | 8 | $ | 0.9 | $ | 1.1 | ||||||||||||
Interest cost | 32.7 | 16.9 | 29.3 | 14.1 | 0.5 | 0.4 | ||||||||||||||||||
Expected return on plan assets | -47 | -19.7 | -46.4 | -17.6 | - | - | ||||||||||||||||||
Prior service cost amortization | 0.7 | - | 0.7 | 0.1 | - | - | ||||||||||||||||||
Actuarial loss amortization | 19.6 | 9.1 | 29.1 | 6.7 | 0.4 | 0.6 | ||||||||||||||||||
Settlements | - | - | 4.5 | - | - | - | ||||||||||||||||||
Special termination benefits | - | - | 0.1 | 0.4 | - | - | ||||||||||||||||||
Other | - | 0.6 | - | 0.5 | - | - | ||||||||||||||||||
Net periodic benefit cost | $ | 16.6 | $ | 16.1 | $ | 30.3 | $ | 12.2 | $ | 1.8 | $ | 2.1 | ||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Nine Months Ended 30 June | U.S. | International | U.S. | International | ||||||||||||||||||||
Service cost | $ | 31.9 | $ | 27 | $ | 39 | $ | 24.3 | $ | 2.5 | $ | 3.2 | ||||||||||||
Interest cost | 98.1 | 50.4 | 87.7 | 43.1 | 1.7 | 1.4 | ||||||||||||||||||
Expected return on plan assets | -140.9 | -58.5 | -139 | -53.5 | - | - | ||||||||||||||||||
Prior service cost amortization | 2.1 | 0.1 | 2.1 | 0.3 | - | - | ||||||||||||||||||
Actuarial loss amortization | 58.8 | 26.8 | 87.3 | 20.1 | 1.3 | 1.8 | ||||||||||||||||||
Settlements | - | 0.5 | 4.5 | - | - | - | ||||||||||||||||||
Special termination benefits | 0.2 | - | 0.1 | 0.4 | - | - | ||||||||||||||||||
Other | - | 1.6 | - | 1.6 | - | - | ||||||||||||||||||
Net periodic benefit cost | $ | 50.2 | $ | 47.9 | $ | 81.7 | $ | 36.3 | $ | 5.5 | $ | 6.4 | ||||||||||||
Net periodic benefit cost is primarily included in cost of sales and selling and administrative expense on our consolidated income statements. The amount of net periodic benefit cost capitalized in 2014 and 2013 was not material. | ||||||||||||||||||||||||
For the nine months ended 30 June 2014 and 2013, our cash contributions to funded pension plans and benefit payments under unfunded pension plans were $64.7 and $258.6, respectively. Total contributions for fiscal 2014 are expected to be approximately $80 to $100. During fiscal 2013, total contributions were $300.8. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Jun. 30, 2014 | |
Commitments And Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
11. COMMITMENTS AND CONTINGENCIES | |
Litigation | |
We are involved in various legal proceedings, including competition, environmental, health, safety, 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 $81 at 30 June 2014) 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 $81 at 30 June 2014) plus interest accrued thereon until final disposition of the proceedings. | |
While we do not expect that any sums we may have to pay in connection with this or any other legal proceeding would have a material adverse effect on our consolidated financial position or net cash flows, a future charge for regulatory fines or damage awards could have a significant impact on our net income in the period in which it is recorded. | |
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 approximately 35 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 30 June 2014 and 30 September 2013 included an accrual of $84.9 and $86.7, 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 $84 to a reasonably possible upper exposure of $98 as of 30 June 2014. | |
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 30 June 2014, $32.3 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 estimated that it would take about 20 years to complete the groundwater remediation, and the costs through completion were estimated to range from $42 to $52. As no amount within the range was a better estimate than another, we recognized a pretax expense in fiscal 2006 of $42.0 as a component of income from discontinued operations and recorded an environmental accrual of $42.0 in continuing operations on the consolidated balance sheets. There has been no change to the estimated exposure range related to the Pace facility. | |
We have implemented many of the remedial corrective measures at the Pace, Florida 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 disposal cell. Several groundwater recovery systems have been installed to contain and remove contamination from groundwater. We completed an extensive assessment of the site to determine how well existing measures are working, 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 remove groundwater contaminants. Based on assessment results, we completed a focused feasibility study that appears to have identified new and alternative approaches that should more effectively remove contaminants and achieve the targeted remediation goals. We continue to review the new approaches with the FDEP. | |
PIEDMONT | |
At 30 June 2014, $19.0 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. The sale of the site triggered expense recognition. Prior to the sale, remediation costs had been capitalized since they improved the property as compared to its condition when originally acquired. We are required by the South Carolina Department of Health and Environmental Control to address both contaminated soil and groundwater. Numerous areas of soil contamination have been addressed, and contaminated groundwater is being recovered and treated. We estimate that it will take until 2017 to complete source area remediation and another 15 years thereafter to complete groundwater recovery, with costs through completion estimated to be $24. We recognized a pretax expense in 2008 of $24.0 as a component of income from discontinued operations and recorded an environmental liability of $24.0 in continuing operations on the consolidated balance sheets. There has been no change to the estimated exposure. | |
PAULSBORO | |
At 30 June 2014, $4.5 of the environmental accrual was related to the Paulsboro site. | |
During the first quarter of 2009, management committed to a plan to sell the production facility in Paulsboro, New Jersey and recognized a $16.0 environmental liability associated with this site. The change in the liability balance since it was established is a result of spending and changes in the estimated exposure. In December 2009, we completed the sale of this facility. We are required by the New Jersey state law to investigate and, if contaminated, remediate a site upon its sale. We estimate that it will take several years to complete the investigation/remediation efforts at this site. | |
PASADENA | |
At 30 June 2014, $12.4 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 will undertake certain remediation obligations related to soil and groundwater contaminants. We have been pumping and treating the groundwater to control off-site migration of contaminated groundwater in compliance with regulatory requirements and under the approval of the Texas Commission on Environmental Quality (TCEQ). We estimate that we will continue this program for 30 years subsequent to the shutdown of the PUI production facility. In addition, we will perform additional work to address other environmental obligations at the site. This additional work includes investigating other potential solid waste management units, 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 $13.0. There has been no change to the estimated exposure. |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Share-Based Compensation [Abstract] | ' | ||||||||||||||
Share-Based Compensation | ' | ||||||||||||||
12. SHARE-BASED COMPENSATION | |||||||||||||||
We have various share-based compensation programs, which include stock options, deferred stock units, and restricted stock. Under all programs, the terms of the awards are fixed at the grant date. We issue shares from treasury stock upon the exercise of stock options, the payout of deferred stock units, and the issuance of restricted stock awards. As of 30 June 2014, there were 5,693,543 shares available for future grant under our Long-Term Incentive Plan, which is shareholder approved. | |||||||||||||||
During the nine months ended 30 June 2014, we granted 778,928 stock options at a weighted-average exercise price of $107.69 and an estimated fair value of $28.72 per option. The fair value of these options was estimated using a Black Scholes option valuation model that used the following assumptions: | |||||||||||||||
Expected volatility | 29.8%–30.3 | % | |||||||||||||
Expected dividend yield | 2.5 | % | |||||||||||||
Expected life (in years) | 7.4–8.4 | ||||||||||||||
Risk-free interest rate | 2.3%–2.7 | % | |||||||||||||
In addition, we granted 223,195 deferred stock units at a weighted-average grant-date fair value of $108.68 and 12,649 restricted shares at a weighted-average grant-date fair value of $107.69. | |||||||||||||||
Share-based compensation cost recognized in the consolidated income statement is summarized below: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
30-Jun | 30-Jun | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Before-Tax Share-Based Compensation Cost | $ | 9.1 | $ | 10.6 | $ | 32.5 | $ | 33 | |||||||
Income tax benefit | -3.2 | -3.8 | -11.4 | -11.9 | |||||||||||
After-Tax Share-Based Compensation Cost | $ | 5.9 | $ | 6.8 | $ | 21.1 | $ | 21.1 | |||||||
Before-tax share-based compensation cost is primarily included in selling and administrative expense on our consolidated income statements. The amount of share-based compensation cost capitalized in 2014 and 2013 was not material. |
Equity
Equity | 9 Months Ended | ||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||
Stockholders Equity Note [Abstract] | ' | ||||||||||||||||||||||
Equity | ' | ||||||||||||||||||||||
13. EQUITY | |||||||||||||||||||||||
The following is a summary of the changes in total equity for the three and nine months ended 30 June: | |||||||||||||||||||||||
Three Months Ended 30 June | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Non- | Non- | ||||||||||||||||||||||
Air | controlling | Total | Air | controlling | Total | ||||||||||||||||||
Products | Interests | Equity | Products | Interests | Equity | ||||||||||||||||||
Balance at 31 March | $ | 7,370.90 | $ | 156.9 | $ | 7,527.80 | $ | 6,365.50 | $ | 151.9 | $ | 6,517.40 | |||||||||||
Net income (A) | 314 | 8.4 | 322.4 | 288.4 | 7.4 | 295.8 | |||||||||||||||||
Other comprehensive income (loss) | 110.1 | 2.2 | 112.3 | -56.2 | -1.4 | -57.6 | |||||||||||||||||
Dividends on common stock (per share $.77, $.71) | -164.1 | - | -164.1 | -148.8 | - | -148.8 | |||||||||||||||||
Dividends to noncontrolling interests | - | -8 | -8 | - | -7.2 | -7.2 | |||||||||||||||||
Share-based compensation expense | 9.1 | - | 9.1 | 10.6 | - | 10.6 | |||||||||||||||||
Issuance of treasury shares for stock option and | |||||||||||||||||||||||
award plans | 48.5 | - | 48.5 | 69 | - | 69 | |||||||||||||||||
Tax benefit of stock option and award plans | 9.1 | - | 9.1 | 14.5 | - | 14.5 | |||||||||||||||||
Purchase of noncontrolling interests | - | - | - | -1.3 | - | -1.3 | |||||||||||||||||
Other equity transactions | -0.9 | - | -0.9 | -0.9 | -0.1 | -1 | |||||||||||||||||
Balance at 30 June | $ | 7,696.70 | $ | 159.5 | $ | 7,856.20 | $ | 6,540.80 | $ | 150.6 | $ | 6,691.40 | |||||||||||
Nine Months Ended 30 June | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Non- | Non- | ||||||||||||||||||||||
Air | controlling | Total | Air | controlling | Total | ||||||||||||||||||
Products | Interests | Equity | Products | Interests | Equity | ||||||||||||||||||
Balance at 30 September | $ | 7,042.10 | $ | 156.8 | $ | 7,198.90 | $ | 6,477.20 | $ | 146.1 | $ | 6,623.30 | |||||||||||
Net income(A) | 887.7 | 23.3 | 911 | 857.1 | 21.3 | 878.4 | |||||||||||||||||
Other comprehensive income (loss) | 96.1 | -2.4 | 93.7 | -84.5 | -3.1 | -87.6 | |||||||||||||||||
Dividends on common stock (per share $2.25, $2.06) | -477.8 | - | -477.8 | -429.6 | - | -429.6 | |||||||||||||||||
Dividends to noncontrolling interests | - | -18.2 | -18.2 | - | -13.6 | -13.6 | |||||||||||||||||
Share-based compensation expense | 32.5 | - | 32.5 | 33 | - | 33 | |||||||||||||||||
Purchase of treasury shares | - | - | - | -461.6 | - | -461.6 | |||||||||||||||||
Issuance of treasury shares for stock option and | |||||||||||||||||||||||
award plans | 96.4 | - | 96.4 | 118.5 | - | 118.5 | |||||||||||||||||
Tax benefit of stock option and award plans | 23.1 | - | 23.1 | 34.2 | - | 34.2 | |||||||||||||||||
Purchase of noncontrolling interests | -0.5 | - | -0.5 | -1.6 | - | -1.6 | |||||||||||||||||
Other equity transactions | -2.9 | - | -2.9 | -1.9 | -0.1 | -2 | |||||||||||||||||
Balance at 30 June | $ | 7,696.70 | $ | 159.5 | $ | 7,856.20 | $ | 6,540.80 | $ | 150.6 | $ | 6,691.40 | |||||||||||
(A) | Net income attributable to noncontrolling interests excludes net income related to redeemable noncontrolling interests, which is not included in total equity. Refer to Note 15, Noncontrolling Interests, for additional information. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Accumulated Other Comprehensive Loss Net Of Tax [Abstract] | ' | ||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||
14. 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 and nine months ended 30 June 2014: | |||||||||||||||
Net loss on derivatives qualifying as hedges | Foreign currency translation adjustments | Pension and postretirement benefits | Total | ||||||||||||
Balance at 31 March 2014 | $ | -9.2 | $ | -110.9 | $ | -914.5 | $ | -1,034.60 | |||||||
Other comprehensive income (loss) before reclassifications | -16.9 | 108 | - | 91.1 | |||||||||||
Amounts reclassified from AOCL | 0.9 | - | 20.3 | 21.2 | |||||||||||
Net current period other comprehensive income (loss) | $ | -16 | $ | 108 | $ | 20.3 | $ | 112.3 | |||||||
Amount attributable to noncontrolling interest | -0.1 | 2.3 | - | 2.2 | |||||||||||
Balance at 30 June 2014 | $ | -25.1 | $ | -5.2 | $ | -894.2 | $ | -924.5 | |||||||
Net loss on derivatives qualifying as hedges | Foreign currency translation adjustments | Pension and postretirement benefits | Total | ||||||||||||
Balance at 30 September 2013 | $ | -4.1 | $ | -61.5 | $ | -955 | $ | -1,020.60 | |||||||
Other comprehensive income (loss) before reclassifications | 0.8 | 53.8 | - | 54.6 | |||||||||||
Amounts reclassified from AOCL | -21.8 | - | 60.9 | 39.1 | |||||||||||
Net current period other comprehensive income (loss) | $ | -21 | $ | 53.8 | $ | 60.9 | $ | 93.7 | |||||||
Amount attributable to noncontrolling interest | - | -2.5 | 0.1 | -2.4 | |||||||||||
Balance at 30 June 2014 | $ | -25.1 | $ | -5.2 | $ | -894.2 | $ | -924.5 | |||||||
The table below summarizes the reclassifications out of accumulated other comprehensive loss and the affected line item on the consolidated income statements: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
30-Jun | 30-Jun | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(Gain) Loss on Cash Flow Hedges, net of tax | |||||||||||||||
Sales/cost of sales | $ | -1.2 | $ | ― | $ | -0.2 | $ | 0.7 | |||||||
Other income/expense, net | 2.7 | -2.5 | -20.3 | -10.5 | |||||||||||
Interest expense | -0.6 | 0.4 | -1.3 | ― | |||||||||||
Total (Gain) Loss on Cash Flow Hedges, net of tax | $ | 0.9 | $ | -2.1 | $ | -21.8 | $ | -9.8 | |||||||
Pension and Postretirement Benefits, net of tax(A) | $ | 20.3 | $ | 27.1 | $ | 60.9 | $ | 75.7 | |||||||
Currency Translation Adjustment(B) | $ | ― | $ | -0.6 | $ | ― | $ | -0.6 | |||||||
(A) | The components include prior service cost amortization, actuarial loss amortization, and settlements and are reflected in net periodic benefit cost. Refer to Note 10, Retirement Benefits. | ||||||||||||||
(B) | The impact is reflected in Income from Discontinued Operations, net of tax. |
Noncontrolling_Interests
Noncontrolling Interests | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Noncontrolling Interests [Abstract] | ' | ||||||||
Noncontrolling Interests | ' | ||||||||
15. NONCONTROLLING INTERESTS | |||||||||
INDURA S.A. | |||||||||
Redeemable Noncontrolling Interest | |||||||||
In 2012, we purchased a controlling equity interest in the outstanding shares of Indura S.A. As part of the purchase agreement, the largest minority shareholder in Indura S.A. has the right to exercise a put option to require us to purchase up to a 30.5% equity interest during the two-year period beginning on 1 July 2015, at a redemption value equal to fair market value (subject to a minimum price based upon the acquisition date value escalated by an inflation factor). The put option is embedded within the minority interest shares that are subject to the put option. The redemption feature requires classification of the minority shareholder’s interest in the consolidated balance sheet outside of equity under the caption “Redeemable Noncontrolling Interest.” This business has not performed as well as anticipated in the current year. We continue to evaluate the long-term outlook for the business. | |||||||||
Adjustments to the value of the redeemable noncontrolling interest due to the redemption feature, if any, will be recognized as they occur and recorded within capital in excess of par value. | |||||||||
The following is a summary of the changes in redeemable noncontrolling interest for the three and nine months ended 30 June: | |||||||||
Three Months Ended 30 June | |||||||||
2014 | 2013 | ||||||||
Balance at 31 March | $ | 343.6 | $ | 398.7 | |||||
Net income | 1.1 | 2.6 | |||||||
Dividends | -1.2 | -1.1 | |||||||
Currency translation adjustment | -2.1 | -28.4 | |||||||
Balance at 30 June | $ | 341.4 | $ | 371.8 | |||||
Nine Months Ended 30 June | |||||||||
2014 | 2013 | ||||||||
Balance at 30 September | $ | 375.8 | $ | 392.5 | |||||
Net income | 3.1 | 6.8 | |||||||
Dividends | -4.7 | -1.1 | |||||||
Currency translation adjustment | -32.8 | -26.4 | |||||||
Balance at 30 June | $ | 341.4 | $ | 371.8 | |||||
As of 30 June 2014, we have a 67.3% controlling equity interest in Indura S.A |
Earnings_per_Share
Earnings per Share | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Earnings per Share | ' | ||||||||||||||||
16. EARNINGS PER SHARE | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share (EPS): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
30-Jun | 30-Jun | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator | |||||||||||||||||
Income from continuing operations | $ | 314 | $ | 287.8 | $ | 884.6 | $ | 854 | |||||||||
Income from discontinued operations | - | 0.6 | 3.1 | 3.1 | |||||||||||||
Net Income Attributable to Air Products | $ | 314 | $ | 288.4 | $ | 887.7 | $ | 857.1 | |||||||||
Denominator (in millions) | |||||||||||||||||
Weighted average common shares — Basic | 212.9 | 209.4 | 212.4 | 209.3 | |||||||||||||
Effect of dilutive securities | |||||||||||||||||
Employee stock option and other award plans | 2.5 | 2.5 | 2.5 | 2.6 | |||||||||||||
Weighted average common shares — Diluted | 215.4 | 211.9 | 214.9 | 211.9 | |||||||||||||
Basic EPS Attributable to Air Products | |||||||||||||||||
Income from continuing operations | $ | 1.47 | $ | 1.38 | $ | 4.17 | $ | 4.08 | |||||||||
Income from discontinued operations | - | - | 0.01 | 0.02 | |||||||||||||
Net Income Attributable to Air Products | $ | 1.47 | $ | 1.38 | $ | 4.18 | $ | 4.1 | |||||||||
Diluted EPS Attributable to Air Products | |||||||||||||||||
Income from continuing operations | $ | 1.46 | $ | 1.36 | $ | 4.12 | $ | 4.03 | |||||||||
Income from discontinued operations | - | - | 0.01 | 0.01 | |||||||||||||
Net Income Attributable to Air Products | $ | 1.46 | $ | 1.36 | $ | 4.13 | $ | 4.04 | |||||||||
Options on .7 million and .8 million shares were antidilutive and therefore excluded from the computation of diluted earnings per share for the three and nine months ended 30 June 2014, respectively. Options on 1.1 million and 2.8 million shares were antidilutive and therefore excluded from the computation of diluted earnings per share for the three and nine months ended 30 June 2013, respectively. |
Supplemental_Information
Supplemental Information | 9 Months Ended |
Jun. 30, 2014 | |
Supplemental Information [Abstract] | ' |
Supplemental Information | ' |
17. SUPPLEMENTAL INFORMATION | |
Credit Agreement | |
On 30 April 2013, we entered into a five-year $2,500.0 revolving credit agreement with a syndicate of banks (the “2013 Credit Agreement”), under which senior unsecured debt is available to us and certain of our subsidiaries until maturity on 30 April 2018. On 30 June 2014, we amended the 2013 Credit Agreement to exercise our option to increase the facility to $2,595.0. All other terms remain unchanged from the original agreement. The 2013 Credit Agreement provides us with a source of liquidity and supports our commercial paper program. No borrowings were outstanding under the 2013 Credit Agreement as of 30 June 2014. | |
Debt | |
As of 30 June 2014, we have classified $400.0 of commercial paper and a 3.875% Eurobond for €300.0 million ($411) maturing in March 2015 as long-term debt because we have the ability to refinance the debt on a long-term basis under the 2013 Credit Agreement. Our current intent is to refinance this debt via the U.S. or European public or private placement markets. | |
Share Repurchase Program | |
On 15 September 2011, the Board of Directors authorized the repurchase of up to $1,000 of our outstanding common stock. We repurchase shares pursuant to Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended, through repurchase agreements established with several brokers. During fiscal year 2013, we purchased 5.7 million of our outstanding shares at a cost of $461.6. There were no purchases during the first nine months of fiscal year 2014. At 30 June 2014, $485.3 in share repurchase authorization remains | |
Subsequent Event | |
On 17 July 2014, the Board of Directors declared the fourth quarter dividend of $.77. The dividend is payable on 10 November 2014 to shareholders of record at the close of business on 1 October 2014. |
Business_Segment_Information
Business Segment Information | 9 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ' | ||||||||||||||||||
Business Segment and Geographic Information | ' | ||||||||||||||||||
18. BUSINESS SEGMENT INFORMATION | |||||||||||||||||||
Our segments are organized based on differences in product and/or type of customer. We have four business segments consisting of Merchant Gases, Tonnage Gases, Electronics and Performance Materials, and Equipment and Energy. | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
30-Jun | 30-Jun | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Sales to External Customers | |||||||||||||||||||
Merchant Gases | $ | 1,077.30 | $ | 1,032.50 | $ | 3,165.10 | $ | 3,044.80 | |||||||||||
Tonnage Gases | 835.3 | 845.5 | 2,483.30 | 2,552.40 | |||||||||||||||
Electronics and Performance Materials | 617.8 | 565.7 | 1,788.60 | 1,663.50 | |||||||||||||||
Equipment and Energy | 104.2 | 103.6 | 325 | 333.2 | |||||||||||||||
Segment and Consolidated Totals | $ | 2,634.60 | $ | 2,547.30 | $ | 7,762.00 | $ | 7,593.90 | |||||||||||
Operating Income | |||||||||||||||||||
Merchant Gases | $ | 173.5 | $ | 164.9 | $ | 486.1 | $ | 504 | |||||||||||
Tonnage Gases | 117.5 | 119.9 | 347.3 | 381.2 | |||||||||||||||
Electronics and Performance Materials | 107 | 86.8 | 297.6 | 225.6 | |||||||||||||||
Equipment and Energy | 17.4 | 16 | 60.8 | 45 | |||||||||||||||
Segment Total | $ | 415.4 | $ | 387.6 | $ | 1,191.80 | $ | 1,155.80 | |||||||||||
Other | -1.6 | -4.5 | -7.7 | -10.6 | |||||||||||||||
Consolidated Total | $ | 413.8 | $ | 383.1 | $ | 1,184.10 | $ | 1,145.20 | |||||||||||
30-Jun | 30-Sep | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Identifiable Assets (A) | |||||||||||||||||||
Merchant Gases | $ | 6,756.20 | $ | 6,729.90 | |||||||||||||||
Tonnage Gases | 5,591.70 | 5,397.00 | |||||||||||||||||
Electronics and Performance Materials | 2,909.00 | 2,859.40 | |||||||||||||||||
Equipment and Energy | 957.3 | 675.2 | |||||||||||||||||
Segment total | $ | 16,214.20 | $ | 15,661.50 | |||||||||||||||
Other | 845.7 | 990.6 | |||||||||||||||||
Discontinued operations | - | 2.5 | |||||||||||||||||
Consolidated Total | $ | 17,059.90 | $ | 16,654.60 | |||||||||||||||
(A) Identifiable assets are equal to total assets less investment in net assets of and advances to equity affiliates. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Discontinued Operations [Abstract] | ' | |||||||||||||||
Schedule of Operating Results and Assets and Liabilities of Discontinued Operations | ' | |||||||||||||||
The results of discontinued operations are summarized below: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Sales | $ | - | $ | 12.7 | $ | 8.5 | $ | 40 | ||||||||
Income before taxes | $ | - | $ | 0.5 | $ | 0.7 | $ | 3.3 | ||||||||
Income tax provision | - | -0.1 | - | 0.2 | ||||||||||||
Income from operations of discontinued operations | - | 0.6 | 0.7 | 3.1 | ||||||||||||
Gain on sale of business, net of tax | - | - | 2.4 | - | ||||||||||||
Income from Discontinued Operations, net of tax | $ | - | $ | 0.6 | $ | 3.1 | $ | 3.1 | ||||||||
Business_Restructuring_and_Cos1
Business Restructuring and Cost Reduction Plans (Tables) | 9 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Business Restructuring and Cost Reduction Plans [Abstract] | ' | ||||||||||||
Summary of Carrying Amount of Accrual for Business Restructuring and Cost Reduction Plans | ' | ||||||||||||
The following table summarizes the carrying amount of the accrual for the 2013 plan at 30 June 2014: | |||||||||||||
Severance and | Asset | Contract | |||||||||||
Other Benefits | Actions | Actions/Other | Total | ||||||||||
2013 Charge | $ | 71.9 | $ | 100.4 | $ | 59.3 | $ | 231.6 | |||||
Amount reflected in pension liability | -6.9 | - | - | -6.9 | |||||||||
Noncash expenses | - | -100.4 | - | -100.4 | |||||||||
Cash expenditures | -3 | - | -58.5 | -61.5 | |||||||||
Currency translation adjustment | 0.4 | - | - | 0.4 | |||||||||
30-Sep-13 | $ | 62.4 | $ | - | $ | 0.8 | $ | 63.2 | |||||
Cash expenditures | -31.3 | - | -0.8 | -32.1 | |||||||||
Currency translation adjustment | 0.1 | - | - | 0.1 | |||||||||
Accrued balance | $ | 31.2 | $ | - | $ | - | $ | 31.2 |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventories [Abstract] | ' | ||||||||
Schedule of Inventory | ' | ||||||||
30-Jun | 30-Sep | ||||||||
2014 | 2013 | ||||||||
Finished goods | $ | 514.5 | $ | 527.3 | |||||
Work in process | 37.9 | 38.7 | |||||||
Raw materials, supplies and other | 234.3 | 234.9 | |||||||
$ | 786.7 | $ | 800.9 | ||||||
Less: Excess of FIFO cost over LIFO cost | -96.5 | -94.8 | |||||||
$ | 690.2 | $ | 706.1 |
Goodwill_Tables
Goodwill (Tables) | 9 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Goodwill Disclosure [Abstract] | ' | |||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||
Electronics and | ||||||||||||
Merchant | Tonnage | Performance | ||||||||||
Gases | Gases | Materials | Total | |||||||||
Balance at 30 September 2013 | $ | 1,192.00 | $ | 15.2 | $ | 446.6 | $ | 1,653.80 | ||||
Currency translation and other | -48.7 | 0.7 | 6.7 | -41.3 | ||||||||
Balance at 30 June 2014 | $ | 1,143.30 | $ | 15.9 | $ | 453.3 | $ | 1,612.50 | ||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Financial Instruments [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Outstanding Currency Price Risk Management Instruments | ' | |||||||||||||||||||||||||||
30-Jun-14 | 30-Sep-13 | |||||||||||||||||||||||||||
Years | Years | |||||||||||||||||||||||||||
US$ | Average | US$ | Average | |||||||||||||||||||||||||
Notional | Maturity | Notional | Maturity | |||||||||||||||||||||||||
Forward exchange contracts: | ||||||||||||||||||||||||||||
Cash flow hedges | $ | 2,456.60 | 0.4 | $ | 2,653.40 | 0.6 | ||||||||||||||||||||||
Net investment hedges | 742.4 | 3.1 | 1,231.80 | 2.4 | ||||||||||||||||||||||||
Not designated | 431.1 | 0.1 | 751.9 | 0.1 | ||||||||||||||||||||||||
Total Forward Exchange Contracts | $ | 3,630.10 | 0.9 | $ | 4,637.10 | 1 | ||||||||||||||||||||||
Schedule of Interest Rate Swaps and Cross Currency Interest Rate Swaps | ' | |||||||||||||||||||||||||||
30-Jun-14 | 30-Sep-13 | |||||||||||||||||||||||||||
Average | Years | Average | Years | |||||||||||||||||||||||||
US$ | Average | Receive | Average | US$ | Average | Receive | Average | |||||||||||||||||||||
Notional | Pay % | % | Maturity | Notional | Pay % | % | Maturity | |||||||||||||||||||||
Interest rate swaps (fair value hedge) | $ | 400 | LIBOR | 3.25 | % | 5.1 | $ | 300 | LIBOR | 3.61 | % | 5.9 | ||||||||||||||||
Cross currency interest rate swaps | ||||||||||||||||||||||||||||
(net investment hedge) | $ | 371.2 | 3.62 | % | 0.82 | % | 2.4 | $ | 310.8 | 3.87 | % | 0.72 | % | 2.4 | ||||||||||||||
Interest rate swaps (cash flow hedge) | $ | 863.6 | 2.7 | % | 0.53 | % | 0.5 | $ | 52.8 | 6.84 | % | 5.64 | % | 1.4 | ||||||||||||||
Cross currency interest rate swaps | ||||||||||||||||||||||||||||
(cash flow hedge) | $ | 446.3 | 3.39 | % | 2.86 | % | 4.3 | $ | 169.3 | 3.48 | % | 2.53 | % | 4.8 | ||||||||||||||
Fair Value of Derivative Instruments | ' | |||||||||||||||||||||||||||
Balance Sheet | 30-Jun | 30-Sep | Balance Sheet | 30-Jun | 30-Sep | |||||||||||||||||||||||
Location | 2014 | 2013 | Location | 2014 | 2013 | |||||||||||||||||||||||
Derivatives Designated as | ||||||||||||||||||||||||||||
Hedging Instruments: | ||||||||||||||||||||||||||||
Forward exchange contracts | Other receivables | $ | 64.9 | $ | 52.2 | Accrued liabilities | $ | 42.9 | $ | 22.5 | ||||||||||||||||||
Interest rate management contracts | Other receivables | - | - | Accrued liabilities | 19.6 | 3.5 | ||||||||||||||||||||||
Other noncurrent | Other noncurrent | |||||||||||||||||||||||||||
Forward exchange contracts | assets | 0.9 | 28.7 | liabilities | 27.6 | 7.7 | ||||||||||||||||||||||
Other noncurrent | Other noncurrent | |||||||||||||||||||||||||||
Interest rate management contracts | assets | 56.2 | 35.4 | liabilities | 5.6 | 6.1 | ||||||||||||||||||||||
Total Derivatives Designated as | ||||||||||||||||||||||||||||
Hedging Instruments | $ | 122 | $ | 116.3 | $ | 95.7 | $ | 39.8 | ||||||||||||||||||||
Derivatives Not Designated as | ||||||||||||||||||||||||||||
Hedging Instruments: | ||||||||||||||||||||||||||||
Forward exchange contracts | Other receivables | $ | 1 | $ | 9.6 | Accrued liabilities | $ | 2.2 | $ | 1.5 | ||||||||||||||||||
Total Derivatives | $ | 123 | $ | 125.9 | $ | 97.9 | $ | 41.3 | ||||||||||||||||||||
Schedule of Gain/Loss Related to Derivative Instruments | ' | |||||||||||||||||||||||||||
Three Months Ended 30 June | ||||||||||||||||||||||||||||
Forward | Foreign Currency | |||||||||||||||||||||||||||
Exchange Contracts | Debt | Other (A) | Total | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Cash Flow Hedges, net of tax: | ||||||||||||||||||||||||||||
Net gain (loss) recognized in OCI | ||||||||||||||||||||||||||||
(effective portion) | $ | -8.7 | $ | 5.9 | $ | - | $ | - | $ | -8.2 | $ | 6.1 | $ | -16.9 | $ | 12 | ||||||||||||
Net (gain) loss reclassified from OCI | ||||||||||||||||||||||||||||
to sales/cost of sales (effective portion) | -1.2 | - | - | - | - | - | -1.2 | - | ||||||||||||||||||||
Net (gain) loss reclassified from OCI to other | ||||||||||||||||||||||||||||
income, net (effective portion) | 3 | -4.4 | - | - | -0.5 | 1.9 | 2.5 | -2.5 | ||||||||||||||||||||
Net (gain) loss reclassified from OCI | ||||||||||||||||||||||||||||
to interest expense (effective portion) | -0.6 | 0.2 | - | - | - | 0.2 | -0.6 | 0.4 | ||||||||||||||||||||
Net (gain) loss reclassified from OCI to other | ||||||||||||||||||||||||||||
income, net (ineffective portion) | 0.2 | - | - | - | - | - | 0.2 | - | ||||||||||||||||||||
Fair Value Hedges: | ||||||||||||||||||||||||||||
Net gain (loss) recognized in interest expense (B) | $ | - | $ | - | $ | - | $ | - | $ | 2.8 | $ | -13 | $ | 2.8 | $ | -13 | ||||||||||||
Net Investment Hedges, net of tax: | ||||||||||||||||||||||||||||
Net gain (loss) recognized in OCI | $ | 1.5 | $ | -4.9 | $ | 4.6 | $ | -8.6 | $ | -0.9 | $ | 6 | $ | 5.2 | $ | -7.5 | ||||||||||||
Derivatives Not Designated as Hedging Instruments: | ||||||||||||||||||||||||||||
Net gain (loss) recognized in other income, net (C) | $ | -4.7 | $ | -2.1 | $ | - | $ | - | $ | - | $ | - | $ | -4.7 | $ | -2.1 | ||||||||||||
Nine Months Ended 30 June | ||||||||||||||||||||||||||||
Forward | Foreign Currency | |||||||||||||||||||||||||||
Exchange Contracts | Debt | Other (A) | Total | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Cash Flow Hedges, net of tax: | ||||||||||||||||||||||||||||
Net gain (loss) recognized in OCI | ||||||||||||||||||||||||||||
(effective portion) | $ | 10.7 | $ | 13.6 | $ | - | $ | - | $ | -9.9 | $ | 11.9 | $ | 0.8 | $ | 25.5 | ||||||||||||
Net (gain) loss reclassified from OCI | ||||||||||||||||||||||||||||
to sales/cost of sales (effective portion) | -0.2 | 0.7 | - | - | - | - | -0.2 | 0.7 | ||||||||||||||||||||
Net (gain) loss reclassified from OCI to other | ||||||||||||||||||||||||||||
income, net (effective portion) | -15.6 | -12.7 | - | - | -4.2 | 1.9 | -19.8 | -10.8 | ||||||||||||||||||||
Net (gain)loss reclassified from OCI | ||||||||||||||||||||||||||||
to interest expense (effective portion) | -1.4 | -0.8 | - | - | 0.1 | 0.8 | -1.3 | - | ||||||||||||||||||||
Net (gain) loss reclassified from OCI to other | ||||||||||||||||||||||||||||
income, net (ineffective portion) | -0.5 | 0.3 | - | - | - | - | -0.5 | 0.3 | ||||||||||||||||||||
Fair Value Hedges: | ||||||||||||||||||||||||||||
Net gain (loss) recognized in interest expense(B) | $ | - | $ | - | $ | - | $ | - | $ | -0.6 | $ | -20 | $ | -0.6 | $ | -20 | ||||||||||||
Net Investment Hedges, net of tax: | ||||||||||||||||||||||||||||
Net gain (loss) recognized in OCI | $ | -15.1 | $ | -4.7 | $ | -7.1 | $ | -9.1 | $ | 6.7 | $ | 3.7 | $ | -15.5 | $ | -10.1 | ||||||||||||
Derivatives Not Designated as Hedging Instruments: | ||||||||||||||||||||||||||||
Net gain (loss) recognized in other income, net(C) | $ | -4.9 | $ | -2.9 | $ | - | $ | - | $ | 0.2 | $ | - | $ | -4.7 | $ | -2.9 | ||||||||||||
(A) Other includes the impact on other comprehensive income (OCI) and earnings primarily related to interest rate and cross currency interest | ||||||||||||||||||||||||||||
rate swaps. | ||||||||||||||||||||||||||||
(B) The impact of fair value hedges noted above was largely offset by gains and losses resulting from the impact of changes in | ||||||||||||||||||||||||||||
related interest rates on recognized outstanding debt. | ||||||||||||||||||||||||||||
(C) The impact of the non-designated hedges noted above was largely offset by gains and losses, respectively, resulting from the | ||||||||||||||||||||||||||||
impact of changes in exchange rates on recognized assets and liabilities denominated in nonfunctional currencies. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Carrying Value and Fair Values of Financial Instruments | ' | |||||||||||||||||||||||||||
30-Jun-14 | 30-Sep-13 | |||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||
Forward exchange contracts | $ | 66.8 | $ | 66.8 | $ | 90.5 | $ | 90.5 | ||||||||||||||||||||
Interest rate management contracts | 56.2 | 56.2 | 35.4 | 35.4 | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||
Forward exchange contracts | $ | 72.7 | $ | 72.7 | $ | 31.7 | $ | 31.7 | ||||||||||||||||||||
Interest rate management contracts | 25.2 | 25.2 | 9.6 | 9.6 | ||||||||||||||||||||||||
Long-term debt, including current portion | 5,020.80 | 5,258.00 | 5,563.70 | 5,804.10 | ||||||||||||||||||||||||
Schedule of Fair Value of Assets and Liabilities | ' | |||||||||||||||||||||||||||
The following table summarizes assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheets: | ||||||||||||||||||||||||||||
30-Jun-14 | 30-Sep-13 | |||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Assets at Fair Value | ||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||
Forward exchange contracts | $ | 66.8 | $ | - | $ | 66.8 | $ | - | $ | 90.5 | $ | - | $ | 90.5 | $ | - | ||||||||||||
Interest rate management contracts | 56.2 | - | 56.2 | - | 35.4 | - | 35.4 | - | ||||||||||||||||||||
Total Assets at Fair Value | $ | 123 | $ | - | $ | 123 | $ | - | $ | 125.9 | $ | - | $ | 125.9 | $ | - | ||||||||||||
Liabilities at Fair Value | ||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||
Forward exchange contracts | $ | 72.7 | $ | - | $ | 72.7 | $ | - | $ | 31.7 | $ | - | $ | 31.7 | $ | - | ||||||||||||
Interest rate management contracts | 25.2 | - | 25.2 | - | 9.6 | - | 9.6 | - | ||||||||||||||||||||
Total Liabilities at Fair Value | $ | 97.9 | $ | - | $ | 97.9 | $ | - | $ | 41.3 | $ | - | $ | 41.3 | $ | - |
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 9 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Schedule of Net Periodic Benefit Cost | ' | |||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Three Months Ended 30 June | U.S. | International | U.S. | International | ||||||||||||||||||||
Service cost | $ | 10.6 | $ | 9.2 | $ | 13 | $ | 8 | $ | 0.9 | $ | 1.1 | ||||||||||||
Interest cost | 32.7 | 16.9 | 29.3 | 14.1 | 0.5 | 0.4 | ||||||||||||||||||
Expected return on plan assets | -47 | -19.7 | -46.4 | -17.6 | - | - | ||||||||||||||||||
Prior service cost amortization | 0.7 | - | 0.7 | 0.1 | - | - | ||||||||||||||||||
Actuarial loss amortization | 19.6 | 9.1 | 29.1 | 6.7 | 0.4 | 0.6 | ||||||||||||||||||
Settlements | - | - | 4.5 | - | - | - | ||||||||||||||||||
Special termination benefits | - | - | 0.1 | 0.4 | - | - | ||||||||||||||||||
Other | - | 0.6 | - | 0.5 | - | - | ||||||||||||||||||
Net periodic benefit cost | $ | 16.6 | $ | 16.1 | $ | 30.3 | $ | 12.2 | $ | 1.8 | $ | 2.1 | ||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Nine Months Ended 30 June | U.S. | International | U.S. | International | ||||||||||||||||||||
Service cost | $ | 31.9 | $ | 27 | $ | 39 | $ | 24.3 | $ | 2.5 | $ | 3.2 | ||||||||||||
Interest cost | 98.1 | 50.4 | 87.7 | 43.1 | 1.7 | 1.4 | ||||||||||||||||||
Expected return on plan assets | -140.9 | -58.5 | -139 | -53.5 | - | - | ||||||||||||||||||
Prior service cost amortization | 2.1 | 0.1 | 2.1 | 0.3 | - | - | ||||||||||||||||||
Actuarial loss amortization | 58.8 | 26.8 | 87.3 | 20.1 | 1.3 | 1.8 | ||||||||||||||||||
Settlements | - | 0.5 | 4.5 | - | - | - | ||||||||||||||||||
Special termination benefits | 0.2 | - | 0.1 | 0.4 | - | - | ||||||||||||||||||
Other | - | 1.6 | - | 1.6 | - | - | ||||||||||||||||||
Net periodic benefit cost | $ | 50.2 | $ | 47.9 | $ | 81.7 | $ | 36.3 | $ | 5.5 | $ | 6.4 |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Share-Based Compensation [Abstract] | ' | ||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||
Expected volatility | 29.8%–30.3 | % | |||||||||||||
Expected dividend yield | 2.5 | % | |||||||||||||
Expected life (in years) | 7.4–8.4 | ||||||||||||||
Risk-free interest rate | 2.3%–2.7 | % | |||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||
Share-based compensation cost recognized in the consolidated income statement is summarized below: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
30-Jun | 30-Jun | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Before-Tax Share-Based Compensation Cost | $ | 9.1 | $ | 10.6 | $ | 32.5 | $ | 33 | |||||||
Income tax benefit | -3.2 | -3.8 | -11.4 | -11.9 | |||||||||||
After-Tax Share-Based Compensation Cost | $ | 5.9 | $ | 6.8 | $ | 21.1 | $ | 21.1 | |||||||
Equity_Tables
Equity (Tables) | 9 Months Ended | ||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||
Stockholders Equity Note [Abstract] | ' | ||||||||||||||||||||||
Equity [Table Text Block] | ' | ||||||||||||||||||||||
Three Months Ended 30 June | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Non- | Non- | ||||||||||||||||||||||
Air | controlling | Total | Air | controlling | Total | ||||||||||||||||||
Products | Interests | Equity | Products | Interests | Equity | ||||||||||||||||||
Balance at 31 March | $ | 7,370.90 | $ | 156.9 | $ | 7,527.80 | $ | 6,365.50 | $ | 151.9 | $ | 6,517.40 | |||||||||||
Net income (A) | 314 | 8.4 | 322.4 | 288.4 | 7.4 | 295.8 | |||||||||||||||||
Other comprehensive income (loss) | 110.1 | 2.2 | 112.3 | -56.2 | -1.4 | -57.6 | |||||||||||||||||
Dividends on common stock (per share $.77, $.71) | -164.1 | - | -164.1 | -148.8 | - | -148.8 | |||||||||||||||||
Dividends to noncontrolling interests | - | -8 | -8 | - | -7.2 | -7.2 | |||||||||||||||||
Share-based compensation expense | 9.1 | - | 9.1 | 10.6 | - | 10.6 | |||||||||||||||||
Issuance of treasury shares for stock option and | |||||||||||||||||||||||
award plans | 48.5 | - | 48.5 | 69 | - | 69 | |||||||||||||||||
Tax benefit of stock option and award plans | 9.1 | - | 9.1 | 14.5 | - | 14.5 | |||||||||||||||||
Purchase of noncontrolling interests | - | - | - | -1.3 | - | -1.3 | |||||||||||||||||
Other equity transactions | -0.9 | - | -0.9 | -0.9 | -0.1 | -1 | |||||||||||||||||
Balance at 30 June | $ | 7,696.70 | $ | 159.5 | $ | 7,856.20 | $ | 6,540.80 | $ | 150.6 | $ | 6,691.40 | |||||||||||
Nine Months Ended 30 June | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Non- | Non- | ||||||||||||||||||||||
Air | controlling | Total | Air | controlling | Total | ||||||||||||||||||
Products | Interests | Equity | Products | Interests | Equity | ||||||||||||||||||
Balance at 30 September | $ | 7,042.10 | $ | 156.8 | $ | 7,198.90 | $ | 6,477.20 | $ | 146.1 | $ | 6,623.30 | |||||||||||
Net income(A) | 887.7 | 23.3 | 911 | 857.1 | 21.3 | 878.4 | |||||||||||||||||
Other comprehensive income (loss) | 96.1 | -2.4 | 93.7 | -84.5 | -3.1 | -87.6 | |||||||||||||||||
Dividends on common stock (per share $2.25, $2.06) | -477.8 | - | -477.8 | -429.6 | - | -429.6 | |||||||||||||||||
Dividends to noncontrolling interests | - | -18.2 | -18.2 | - | -13.6 | -13.6 | |||||||||||||||||
Share-based compensation expense | 32.5 | - | 32.5 | 33 | - | 33 | |||||||||||||||||
Purchase of treasury shares | - | - | - | -461.6 | - | -461.6 | |||||||||||||||||
Issuance of treasury shares for stock option and | |||||||||||||||||||||||
award plans | 96.4 | - | 96.4 | 118.5 | - | 118.5 | |||||||||||||||||
Tax benefit of stock option and award plans | 23.1 | - | 23.1 | 34.2 | - | 34.2 | |||||||||||||||||
Purchase of noncontrolling interests | -0.5 | - | -0.5 | -1.6 | - | -1.6 | |||||||||||||||||
Other equity transactions | -2.9 | - | -2.9 | -1.9 | -0.1 | -2 | |||||||||||||||||
Balance at 30 June | $ | 7,696.70 | $ | 159.5 | $ | 7,856.20 | $ | 6,540.80 | $ | 150.6 | $ | 6,691.40 | |||||||||||
(A) | Net income attributable to noncontrolling interests excludes net income related to redeemable noncontrolling interests, which is not included in total equity. Refer to Note 15, Noncontrolling Interests, for additional information. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Accumulated Other Comprehensive Loss Net Of Tax [Abstract] | ' | ||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||
The table below summarizes changes in accumulated other comprehensive loss (AOCL), net of tax, attributable to Air Products for the three and nine months ended 30 June 2014: | |||||||||||||||
Net loss on derivatives qualifying as hedges | Foreign currency translation adjustments | Pension and postretirement benefits | Total | ||||||||||||
Balance at 31 March 2014 | $ | -9.2 | $ | -110.9 | $ | -914.5 | $ | -1,034.60 | |||||||
Other comprehensive income (loss) before reclassifications | -16.9 | 108 | - | 91.1 | |||||||||||
Amounts reclassified from AOCL | 0.9 | - | 20.3 | 21.2 | |||||||||||
Net current period other comprehensive income (loss) | $ | -16 | $ | 108 | $ | 20.3 | $ | 112.3 | |||||||
Amount attributable to noncontrolling interest | -0.1 | 2.3 | - | 2.2 | |||||||||||
Balance at 30 June 2014 | $ | -25.1 | $ | -5.2 | $ | -894.2 | $ | -924.5 | |||||||
Net loss on derivatives qualifying as hedges | Foreign currency translation adjustments | Pension and postretirement benefits | Total | ||||||||||||
Balance at 30 September 2013 | $ | -4.1 | $ | -61.5 | $ | -955 | $ | -1,020.60 | |||||||
Other comprehensive income (loss) before reclassifications | 0.8 | 53.8 | - | 54.6 | |||||||||||
Amounts reclassified from AOCL | -21.8 | - | 60.9 | 39.1 | |||||||||||
Net current period other comprehensive income (loss) | $ | -21 | $ | 53.8 | $ | 60.9 | $ | 93.7 | |||||||
Amount attributable to noncontrolling interest | - | -2.5 | 0.1 | -2.4 | |||||||||||
Balance at 30 June 2014 | $ | -25.1 | $ | -5.2 | $ | -894.2 | $ | -924.5 | |||||||
Schedule Of Reclassification Out Of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||
The table below summarizes the reclassifications out of accumulated other comprehensive loss and the affected line item on the consolidated income statements: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
30-Jun | 30-Jun | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(Gain) Loss on Cash Flow Hedges, net of tax | |||||||||||||||
Sales/cost of sales | $ | -1.2 | $ | ― | $ | -0.2 | $ | 0.7 | |||||||
Other income/expense, net | 2.7 | -2.5 | -20.3 | -10.5 | |||||||||||
Interest expense | -0.6 | 0.4 | -1.3 | ― | |||||||||||
Total (Gain) Loss on Cash Flow Hedges, net of tax | $ | 0.9 | $ | -2.1 | $ | -21.8 | $ | -9.8 | |||||||
Pension and Postretirement Benefits, net of tax(A) | $ | 20.3 | $ | 27.1 | $ | 60.9 | $ | 75.7 | |||||||
Currency Translation Adjustment(B) | $ | ― | $ | -0.6 | $ | ― | $ | -0.6 | |||||||
(A) | The components include prior service cost amortization, actuarial loss amortization, and settlements and are reflected in net periodic benefit cost. Refer to Note 10, Retirement Benefits. | ||||||||||||||
(B) | The impact is reflected in Income from Discontinued Operations, net of tax. |
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Noncontrolling Interests [Abstract] | ' | ||||||||
Redeemable Noncontrolling Interest Rollforward | ' | ||||||||
Three Months Ended 30 June | |||||||||
2014 | 2013 | ||||||||
Balance at 31 March | $ | 343.6 | $ | 398.7 | |||||
Net income | 1.1 | 2.6 | |||||||
Dividends | -1.2 | -1.1 | |||||||
Currency translation adjustment | -2.1 | -28.4 | |||||||
Balance at 30 June | $ | 341.4 | $ | 371.8 | |||||
Nine Months Ended 30 June | |||||||||
2014 | 2013 | ||||||||
Balance at 30 September | $ | 375.8 | $ | 392.5 | |||||
Net income | 3.1 | 6.8 | |||||||
Dividends | -4.7 | -1.1 | |||||||
Currency translation adjustment | -32.8 | -26.4 | |||||||
Balance at 30 June | $ | 341.4 | $ | 371.8 |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
30-Jun | 30-Jun | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator | |||||||||||||||||
Income from continuing operations | $ | 314 | $ | 287.8 | $ | 884.6 | $ | 854 | |||||||||
Income from discontinued operations | - | 0.6 | 3.1 | 3.1 | |||||||||||||
Net Income Attributable to Air Products | $ | 314 | $ | 288.4 | $ | 887.7 | $ | 857.1 | |||||||||
Denominator (in millions) | |||||||||||||||||
Weighted average common shares — Basic | 212.9 | 209.4 | 212.4 | 209.3 | |||||||||||||
Effect of dilutive securities | |||||||||||||||||
Employee stock option and other award plans | 2.5 | 2.5 | 2.5 | 2.6 | |||||||||||||
Weighted average common shares — Diluted | 215.4 | 211.9 | 214.9 | 211.9 | |||||||||||||
Basic EPS Attributable to Air Products | |||||||||||||||||
Income from continuing operations | $ | 1.47 | $ | 1.38 | $ | 4.17 | $ | 4.08 | |||||||||
Income from discontinued operations | - | - | 0.01 | 0.02 | |||||||||||||
Net Income Attributable to Air Products | $ | 1.47 | $ | 1.38 | $ | 4.18 | $ | 4.1 | |||||||||
Diluted EPS Attributable to Air Products | |||||||||||||||||
Income from continuing operations | $ | 1.46 | $ | 1.36 | $ | 4.12 | $ | 4.03 | |||||||||
Income from discontinued operations | - | - | 0.01 | 0.01 | |||||||||||||
Net Income Attributable to Air Products | $ | 1.46 | $ | 1.36 | $ | 4.13 | $ | 4.04 |
Business_Segment_Information_T
Business Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ' | ||||||||||||||||||
Segment Revenue from External Customers and Operating Income | ' | ||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
30-Jun | 30-Jun | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Sales to External Customers | |||||||||||||||||||
Merchant Gases | $ | 1,077.30 | $ | 1,032.50 | $ | 3,165.10 | $ | 3,044.80 | |||||||||||
Tonnage Gases | 835.3 | 845.5 | 2,483.30 | 2,552.40 | |||||||||||||||
Electronics and Performance Materials | 617.8 | 565.7 | 1,788.60 | 1,663.50 | |||||||||||||||
Equipment and Energy | 104.2 | 103.6 | 325 | 333.2 | |||||||||||||||
Segment and Consolidated Totals | $ | 2,634.60 | $ | 2,547.30 | $ | 7,762.00 | $ | 7,593.90 | |||||||||||
Operating Income | |||||||||||||||||||
Merchant Gases | $ | 173.5 | $ | 164.9 | $ | 486.1 | $ | 504 | |||||||||||
Tonnage Gases | 117.5 | 119.9 | 347.3 | 381.2 | |||||||||||||||
Electronics and Performance Materials | 107 | 86.8 | 297.6 | 225.6 | |||||||||||||||
Equipment and Energy | 17.4 | 16 | 60.8 | 45 | |||||||||||||||
Segment Total | $ | 415.4 | $ | 387.6 | $ | 1,191.80 | $ | 1,155.80 | |||||||||||
Other | -1.6 | -4.5 | -7.7 | -10.6 | |||||||||||||||
Consolidated Total | $ | 413.8 | $ | 383.1 | $ | 1,184.10 | $ | 1,145.20 | |||||||||||
Schedule of Identifiable Assets Information | ' | ||||||||||||||||||
30-Jun | 30-Sep | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Identifiable Assets (A) | |||||||||||||||||||
Merchant Gases | $ | 6,756.20 | $ | 6,729.90 | |||||||||||||||
Tonnage Gases | 5,591.70 | 5,397.00 | |||||||||||||||||
Electronics and Performance Materials | 2,909.00 | 2,859.40 | |||||||||||||||||
Equipment and Energy | 957.3 | 675.2 | |||||||||||||||||
Segment total | $ | 16,214.20 | $ | 15,661.50 | |||||||||||||||
Other | 845.7 | 990.6 | |||||||||||||||||
Discontinued operations | - | 2.5 | |||||||||||||||||
Consolidated Total | $ | 17,059.90 | $ | 16,654.60 | |||||||||||||||
(A) Identifiable assets are equal to total assets less investment in net assets of and advances to equity affiliates. |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
USD ($) | USD ($) | USD ($) | USD ($) | European Homecare Business [Member] | European Homecare Business [Member] | U K and Ireland Homecare Business [Member] | U K and Ireland Homecare Business [Member] | U K and Ireland Homecare Business [Member] | U K and Ireland Homecare Business [Member] | |
USD ($) | EUR (€) | USD ($) | GBP (£) | USD ($) | GBP (£) | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of business | ' | ' | ' | ' | $777 | € 590 | $9.80 | £ 6.1 | ' | ' |
Contingent proceeds related to retender arrangements | ' | ' | ' | ' | 144 | 110 | ' | ' | ' | ' |
Gain on sale of business, after-tax | 0 | 0 | 2.4 | 0 | ' | ' | 2.4 | ' | ' | ' |
Guarantor obligations, maximum exposure | ' | ' | ' | ' | ' | ' | ' | ' | $34 | £ 20 |
Exposures under the guarantee completion year | ' | ' | ' | ' | ' | ' | ' | ' | '2020 | '2020 |
Discontinued_Operations_Schedu
Discontinued Operations (Schedule of Operating Results) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Sales | $0 | $12.70 | $8.50 | $40 |
Income before taxes | 0 | 0.5 | 0.7 | 3.3 |
Income tax provision | 0 | -0.1 | 0 | 0.2 |
Income from operations of discontinued operations | 0 | 0.6 | 0.7 | 3.1 |
Gain on sale of businesses, after-tax | 0 | 0 | 2.4 | 0 |
Income from Discontinued Operations, net of tax | $0 | $0.60 | $3.10 | $3.10 |
Discontinued_Operations_Schedu1
Discontinued Operations (Schedule of Assets and Liabilities) (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Trade receivables, net | $0 | $2.50 |
Total Current Assets | 0 | 2.5 |
Payables and accrued liabilities | 0 | 2.4 |
Total Current Liabilities | $0 | $2.40 |
Business_Restructuring_and_Cos2
Business Restructuring and Cost Reduction Plans (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Plan 2013 [Member] | Plan 2013 [Member] | Plan 2012 [Member] | |
Restructuring and Related Cost [Line Items] | ' | ' | ' |
Business restructuring and cost reduction plans | $231.60 | $231.60 | $327.40 |
Business restructuring and cost reduction plans, after-tax | $157.90 | ' | $222.40 |
Business restructuring and cost reduction plans, per share | $0.74 | ' | $1.03 |
Business_Restructuring_and_Cos3
Business Restructuring and Cost Reduction Plans (Carrying Amount of Accrual) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 |
Plan 2013 [Member] | Plan 2013 [Member] | Plan 2013 [Member] | Plan 2012 [Member] | Severance And Other Benefits [Member] | Severance And Other Benefits [Member] | Asset Actions [Member] | Asset Actions [Member] | Contract Actions [Member] | Contract Actions [Member] | |
Plan 2013 [Member] | Plan 2013 [Member] | Plan 2013 [Member] | Plan 2013 [Member] | Plan 2013 [Member] | Plan 2013 [Member] | |||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charge | $231.60 | ' | $231.60 | $327.40 | ' | $71.90 | ' | $100.40 | ' | $59.30 |
Amount reflected in pension liability | ' | ' | -6.9 | ' | ' | -6.9 | ' | 0 | ' | 0 |
Noncash expenses | ' | ' | -100.4 | ' | ' | 0 | ' | -100.4 | ' | 0 |
Cash expenditures | ' | -32.1 | -61.5 | ' | -31.3 | -3 | 0 | 0 | -0.8 | -58.5 |
Currency translation adjustment | ' | 0.1 | 0.4 | ' | 0.1 | 0.4 | 0 | 0 | 0 | 0 |
Accrued Balance | $63.20 | $31.20 | $63.20 | ' | $31.20 | $62.40 | $0 | $0 | $0 | $0.80 |
Business_Combinations_Narrativ
Business Combinations (Narrative) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Business Acquisition [Line Items] | ' | ' |
Acquisitions, less cash acquired | $0 | $125.60 |
Epco Wuxi [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Purchase price of acquired entity | ' | $134 |
Inventories_Schedule_of_Invent
Inventories (Schedule of Inventory) (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Finished goods | $514.50 | $527.30 |
Work in process | 37.9 | 38.7 |
Raw materials, supplies and other | 234.3 | 234.9 |
Total FIFO value | 786.7 | 800.9 |
Less: Excess of FIFO cost over LIFO cost | -96.5 | -94.8 |
Inventories | $690.20 | $706.10 |
Goodwill_Schedule_of_Goodwill_
Goodwill (Schedule of Goodwill by Segment) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Goodwill [Line Items] | ' |
Goodwill, Beginning Balance | $1,653.80 |
Goodwill, Currency Translation and Other | -41.3 |
Goodwill, Ending Balance | 1,612.50 |
Merchant Gases [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill, Beginning Balance | 1,192 |
Goodwill, Currency Translation and Other | -48.7 |
Goodwill, Ending Balance | 1,143.30 |
Tonnage Gases [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill, Beginning Balance | 15.2 |
Goodwill, Currency Translation and Other | 0.7 |
Goodwill, Ending Balance | 15.9 |
Electronics and Performance Materials [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill, Beginning Balance | 446.6 |
Goodwill, Currency Translation and Other | 6.7 |
Goodwill, Ending Balance | $453.30 |
Financial_Instruments_Narrativ
Financial Instruments (Narrative) (Details) | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Foreign Currency Debt [Member] | Foreign Currency Debt [Member] | Foreign Currency Debt [Member] | Foreign Currency Debt [Member] | Foreign Currency Debt [Member] | Foreign Currency Debt [Member] | Forward Exchange Contracts [Member] | Interest rate management contract [Member] |
EURO Denominated [Member] | EURO Denominated [Member] | EURO Denominated [Member] | EURO Denominated [Member] | RMB Denominated [Member] | RMB Denominated [Member] | |||||
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | CNY | |||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount included in designated foreign currency denominated debt | ' | ' | $1,222 | € 892.50 | $1,228.40 | € 908.30 | $120.70 | 748.5 | ' | ' |
Maximum Remaining Maturity of Foreign Currency Derivatives | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 7 months | ' |
Maximum length of time of hedged exposures, years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '0 years 8 months |
Net liability position of derivatives with credit risk-related contingent features | 19.2 | 10 | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral posted on liability positions with credit risk-related contingent features | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral amount counterparties would be required to post if rating falls below threshold | $55.40 | $80.60 | ' | ' | ' | ' | ' | ' | ' | ' |
Financial_Instruments_Schedule
Financial Instruments (Schedule of Outstanding Currency Price Risk Management Instruments) (Details) (Forward Exchange Contracts [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2013 |
Derivative [Line Items] | ' | ' |
US$ Notional | $3,630.10 | $4,637.10 |
Years Average Maturity | '11 months | '1 year |
Cash Flow Hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
US$ Notional | 2,456.60 | 2,653.40 |
Years Average Maturity | '5 months | '7 months |
Net Investment Hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
US$ Notional | 742.4 | 1,231.80 |
Years Average Maturity | '3 years 1 month | '2 years 5 months |
Hedges Not Designated [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
US$ Notional | $431.10 | $751.90 |
Years Average Maturity | '1 month | '1 month |
Financial_Instruments_Schedule1
Financial Instruments (Schedule of Interest Rate Swaps and Cross Currency Interest Rate Swaps) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2013 |
Interest Rate Swaps Contracts [Member] | Fair Value Hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
US$ Notional | $400 | $300 |
Pay % | 'LIBOR | 'LIBOR |
Average Receive % | 3.25% | 3.61% |
Years Average Maturity | '5 years 1 month | '5 years 11 months |
Interest Rate Swaps Contracts [Member] | Cash Flow Hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
US$ Notional | 863.6 | 52.8 |
Pay % | 2.70% | 6.84% |
Average Receive % | 0.53% | 5.64% |
Years Average Maturity | '0 years 6 months | '1 year 5 months |
Cross Currency Interest Rate Swaps [Member] | Net Investment Hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
US$ Notional | 371.2 | 310.8 |
Pay % | 3.62% | 3.87% |
Average Receive % | 0.82% | 0.72% |
Years Average Maturity | '2 years 5 months | '2 years 5 months |
Cross Currency Interest Rate Swaps [Member] | Cash Flow Hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
US$ Notional | $446.30 | $169.30 |
Pay % | 3.39% | 3.48% |
Average Receive % | 2.86% | 2.53% |
Years Average Maturity | '4 years 4 months | '4 years 10 months |
Financial_Instruments_Fair_Val
Financial Instruments (Fair Value of Derivative Instruments) (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Total Derivatives, Assets | $123 | $125.90 |
Total Derivatives, Liabilities | 97.9 | 41.3 |
Designated as Hedging Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total Derivatives, Assets | 122 | 116.3 |
Total Derivatives, Liabilities | 95.7 | 39.8 |
Designated as Hedging Instrument [Member] | Other Receivables [Member] | Interest rate management contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total Derivatives, Assets | 0 | 0 |
Designated as Hedging Instrument [Member] | Other Receivables [Member] | Forward Exchange Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total Derivatives, Assets | 64.9 | 52.2 |
Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Interest rate management contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total Derivatives, Assets | 56.2 | 35.4 |
Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Forward Exchange Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total Derivatives, Assets | 0.9 | 28.7 |
Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | Interest rate management contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total Derivatives, Liabilities | 19.6 | 3.5 |
Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | Forward Exchange Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total Derivatives, Liabilities | 42.9 | 22.5 |
Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | Interest rate management contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total Derivatives, Liabilities | 5.6 | 6.1 |
Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | Forward Exchange Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total Derivatives, Liabilities | 27.6 | 7.7 |
Hedges Not Designated [Member] | Other Receivables [Member] | Forward Exchange Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total Derivatives, Assets | 1 | 9.6 |
Hedges Not Designated [Member] | Accrued Liabilities [Member] | Forward Exchange Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total Derivatives, Liabilities | $2.20 | $1.50 |
Financial_Instruments_Schedule2
Financial Instruments (Schedule of Gain/Loss Related to Derivative Instruments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Interest expense | $31.30 | $35.40 | $96.10 | $106.40 | ||||
Other (income) expense, net | -3.7 | -16.1 | -41.1 | -45.7 | ||||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Interest expense | -0.6 | 0.4 | -1.3 | 0 | ||||
Other (income) expense, net | 2.7 | -2.5 | -20.3 | -10.5 | ||||
Forward Exchange Contracts [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Interest expense | 0 | 0.2 | -1.4 | -0.8 | ||||
Other Contracts [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Interest expense | 0 | 0.2 | 0.1 | 0.8 | ||||
Cash Flow Hedges [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Net gain (loss) recognized in OCI (effective portion) | -16.9 | 12 | 0.8 | 25.5 | ||||
Net (gain) loss reclassified from OCI to sales/cost of sales (effective portion) | -1.2 | 0 | -0.2 | 0.7 | ||||
Net (gain) loss reclassified from OCI to other income, net (effective portion) | 2.5 | -2.5 | -19.8 | -10.8 | ||||
Net (gain) loss reclassified from OCI to interest expense (effective portion) | -0.6 | 0.4 | -1.3 | 0 | ||||
Net (gain) loss reclassified from OCI to other income, net (ineffective portion) | 0.2 | 0 | -0.5 | 0.3 | ||||
Cash Flow Hedges [Member] | Forward Exchange Contracts [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Net gain (loss) recognized in OCI (effective portion) | -8.7 | 5.9 | 10.7 | 13.6 | ||||
Net (gain) loss reclassified from OCI to sales/cost of sales (effective portion) | -1.2 | 0 | -0.2 | 0.7 | ||||
Net (gain) loss reclassified from OCI to other income, net (effective portion) | 3 | -4.4 | -15.6 | -12.7 | ||||
Net (gain) loss reclassified from OCI to interest expense (effective portion) | -0.6 | 0.2 | -1.4 | -0.8 | ||||
Net (gain) loss reclassified from OCI to other income, net (ineffective portion) | 0.2 | 0 | -0.5 | 0.3 | ||||
Cash Flow Hedges [Member] | Other Contracts [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Net gain (loss) recognized in OCI (effective portion) | -8.2 | [1] | 6.1 | [1] | -9.9 | [1] | 11.9 | [1] |
Net (gain) loss reclassified from OCI to sales/cost of sales (effective portion) | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Net (gain) loss reclassified from OCI to other income, net (effective portion) | -0.5 | [1] | 1.9 | [1] | -4.2 | [1] | 1.9 | [1] |
Net (gain) loss reclassified from OCI to interest expense (effective portion) | 0 | [1] | 0.2 | [1] | 0.1 | [1] | 0.8 | [1] |
Net (gain) loss reclassified from OCI to other income, net (ineffective portion) | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Fair Value Hedges [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Net (gain) loss recognized in interest expense | 2.8 | [2] | -13 | [2] | -0.6 | [2] | -20 | [2] |
Fair Value Hedges [Member] | Other Contracts [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Net (gain) loss recognized in interest expense | 2.8 | [1],[2] | -13 | [1],[2] | -0.6 | [1],[2] | -20 | [1],[2] |
Net Investment Hedges [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Net gain (loss) recognized in OCI | 5.2 | -7.5 | -15.5 | -10.1 | ||||
Net Investment Hedges [Member] | Forward Exchange Contracts [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Net gain (loss) recognized in OCI | 1.5 | -4.9 | -15.1 | -4.7 | ||||
Net Investment Hedges [Member] | Foreign Currency Debt [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Net gain (loss) recognized in OCI | 4.6 | -8.6 | -7.1 | -9.1 | ||||
Net Investment Hedges [Member] | Other Contracts [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Net gain (loss) recognized in OCI | -0.9 | [1] | 6 | [1] | 6.7 | [1] | 3.7 | [1] |
Hedges Not Designated [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Net gain (loss) recognized in net income (loss) | -4.7 | [3] | -2.1 | [3] | -4.7 | [3] | -2.9 | [3] |
Hedges Not Designated [Member] | Forward Exchange Contracts [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Net gain (loss) recognized in net income (loss) | -4.7 | [3] | -2.1 | [3] | -4.9 | [3] | -2.9 | [3] |
Hedges Not Designated [Member] | Other Contracts [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Net gain (loss) recognized in net income (loss) | $0 | [1],[3] | $0 | [1],[3] | $0.20 | [1],[3] | $0 | [1],[3] |
[1] | Other includes the impact on other comprehensive income (OCI) and earnings related to interest rate and cross currency interest rate swaps. | |||||||
[2] | The impact of the fair value hedges noted above was largely offset by gains and losses resulting from the impact of changes in related interest rates on recognized outstanding debt. | |||||||
[3] | The impact of the non-designated hedges noted above was largely offset by gains and losses, respectively, resulting from the impact of changes in exchange rates on recognized assets and liabilities denominated in nonfunctional currencies |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of the Carrying Values and Fair Values of Financial Instruments) (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Carrying Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, including current portion carrying value | $5,020.80 | $5,563.70 |
Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, including current portion fair value | 5,258 | 5,804.10 |
Interest rate management contract [Member] | Carrying Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative assets | 56.2 | 35.4 |
Derivative liabilities | 25.2 | 9.6 |
Interest rate management contract [Member] | Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative assets | 56.2 | 35.4 |
Derivative liabilities | 25.2 | 9.6 |
Forward Exchange Contracts [Member] | Carrying Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative assets | 66.8 | 90.5 |
Derivative liabilities | 72.7 | 31.7 |
Forward Exchange Contracts [Member] | Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative assets | 66.8 | 90.5 |
Derivative liabilities | $72.70 | $31.70 |
Fair_Value_Measurements_Schedu1
Fair Value Measurements (Schedule of Fair Value of Assets and Liabilities) (Details) (Fair Value [Member], USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total Assets at Fair Value | $123 | $125.90 |
Total Liabilities at Fair Value | 97.9 | 41.3 |
Level 1 [Member] | ' | ' |
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 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total Assets at Fair Value | 123 | 125.9 |
Total Liabilities at Fair Value | 97.9 | 41.3 |
Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total Assets at Fair Value | 0 | 0 |
Total Liabilities at Fair Value | 0 | 0 |
Interest rate management contract [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative assets | 56.2 | 35.4 |
Derivative liabilities | 25.2 | 9.6 |
Interest rate management contract [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Interest rate management contract [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative assets | 56.2 | 35.4 |
Derivative liabilities | 25.2 | 9.6 |
Interest rate management contract [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Forward Exchange Contracts [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative assets | 66.8 | 90.5 |
Derivative liabilities | 72.7 | 31.7 |
Forward Exchange Contracts [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Forward Exchange Contracts [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative assets | 66.8 | 90.5 |
Derivative liabilities | 72.7 | 31.7 |
Forward Exchange Contracts [Member] | Level 3 [Member] | ' | ' |
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 $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Cash contributions to funded pension plans and benefit payments under unfunded pension plans | $64.70 | $258.60 | $300.80 |
Minimum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total expected contributions for current fiscal year | 80 | ' | ' |
Maximum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total expected contributions for current fiscal year | $100 | ' | ' |
Retirement_Benefits_Schedule_o
Retirement Benefits (Schedule of Net Periodic Benefit Cost) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
US Pension Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $10.60 | $13 | $31.90 | $39 |
Interest cost | 32.7 | 29.3 | 98.1 | 87.7 |
Expected return on plan assets | -47 | -46.4 | -140.9 | -139 |
Prior service cost amortization | 0.7 | 0.7 | 2.1 | 2.1 |
Actuarial loss amortization | 19.6 | 29.1 | 58.8 | 87.3 |
Settlements | 0 | 4.5 | 0 | 4.5 |
Special termination benefits | 0 | 0.1 | 0.2 | 0.1 |
Other | 0 | 0 | 0 | 0 |
Net periodic benefit cost | 16.6 | 30.3 | 50.2 | 81.7 |
International Pension Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 9.2 | 8 | 27 | 24.3 |
Interest cost | 16.9 | 14.1 | 50.4 | 43.1 |
Expected return on plan assets | -19.7 | -17.6 | -58.5 | -53.5 |
Prior service cost amortization | 0 | 0.1 | 0.1 | 0.3 |
Actuarial loss amortization | 9.1 | 6.7 | 26.8 | 20.1 |
Settlements | 0 | 0 | 0.5 | 0 |
Special termination benefits | 0 | 0.4 | 0 | 0.4 |
Other | 0.6 | 0.5 | 1.6 | 1.6 |
Net periodic benefit cost | 16.1 | 12.2 | 47.9 | 36.3 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 0.9 | 1.1 | 2.5 | 3.2 |
Interest cost | 0.5 | 0.4 | 1.7 | 1.4 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Prior service cost amortization | 0 | 0 | 0 | 0 |
Actuarial loss amortization | 0.4 | 0.6 | 1.3 | 1.8 |
Special termination benefits | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Net periodic benefit cost | $1.80 | $2.10 | $5.50 | $6.40 |
Commitments_and_Contingencies_
Commitments and Contingencies (Litigation and Environmental) (Narrative) (Details) | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2010 | Jun. 30, 2014 | Jun. 30, 2014 |
Environmental [Member] | Environmental [Member] | Alleged Anticompete Litigation [Member] | Alleged Anticompete Litigation [Member] | Alleged Anticompete Litigation [Member] | ||
USD ($) | USD ($) | BRL | USD ($) | BRL | ||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' |
Civil fines imposed | ' | ' | ' | 179.2 | $81 | ' |
Provision for litigation | ' | ' | ' | ' | 0 | ' |
Maximum of loss contingency range subject to interest | ' | ' | ' | ' | 81 | 179.2 |
Approximate number of sites on which settlement has not been reached | ' | 35 | ' | ' | ' | ' |
Accrual for environmental loss contingencies | ' | 84.9 | 86.7 | ' | ' | ' |
Accrual for environmental loss contingencies, Maximum payout period, years | '30 years | ' | ' | ' | ' | ' |
Accrual for environmental loss contingencies, Minimum exposure | ' | 84 | ' | ' | ' | ' |
Accrual for environmental loss contingencies, Maximum exposure | ' | $98 | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Pace) (Narrative) (Details) (Pace, Florida [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2006 |
Loss Contingencies [Line Items] | ' | ' |
Accrual for environmental loss contingencies | $32.30 | $42 |
Estimated years to complete environmental remediation | ' | '20 years |
Change in estimated exposure | 0 | ' |
Environmental loss contingencies estimated costs through completion, maximum | ' | 52 |
Environmental loss contingencies estimated costs through completion, minimum | ' | 42 |
Segment Discontinued Operations [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Pretax environmental expense | ' | $42 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Piedmont) (Narrative) (Details) (Piedmont, Florida [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2008 |
Loss Contingencies [Line Items] | ' | ' |
Accrual for environmental loss contingencies | $19 | $24 |
Estimated years to complete environmental remediation (beginning in 2017) | ' | '15 years |
Change in estimated exposure | 0 | ' |
Total anticipated exposure at this site | ' | 24 |
Segment Discontinued Operations [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Pretax environmental expense | ' | $24 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Paulsboro) (Narrative) (Details) (Paulsboro, New Jersey [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2008 |
In Millions, unless otherwise specified | ||
Paulsboro, New Jersey [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Accrual for environmental loss contingencies | $4.50 | $16 |
Commitments_and_Contingencies_4
Commitments and Contingencies (Pasadena) (Narrative) (Details) (Pasadena Texas Member [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2012 |
Pasadena Texas Member [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Accrual for environmental loss contingencies | $12.40 | ' |
Estimated years to complete environmental remediation | ' | '30 years |
Total anticipated exposure at this site | ' | 13 |
Change in estimated exposure | $0 | ' |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narratives) (Details) (USD $) | 9 Months Ended |
Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Award [Line Items] | ' |
Shares available for future grant | 5,693,543 |
Employee Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Award [Line Items] | ' |
Number of stock options granted | 778,928 |
Weighted-average exercise price of stock options granted, per option | $107.69 |
Estimated fair value of stock options granted, per option | $28.72 |
Deferred Stock Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Award [Line Items] | ' |
Weighted-average grant date fair value of shares/units | $108.68 |
Number of shares/units granted | 223,195 |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Award [Line Items] | ' |
Weighted-average grant date fair value of shares/units | $107.69 |
Number of shares/units granted | 12,649 |
ShareBased_Compensation_Arrang
Share-Based Compensation (Arrangement assumptions) (Details) | 9 Months Ended |
Jun. 30, 2014 | |
Share-Based Compensation [Abstract] | ' |
Expected volatility, minimum | 29.80% |
Expected volatility, maximum | 30.30% |
Expected dividend yield | 2.50% |
Share-based Compensation Arrangement by Share-based Award [Line Items] | ' |
Risk-free interest rate, minimum | 2.30% |
Risk-free interest rate, maximum | 2.70% |
Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Award [Line Items] | ' |
Expected life in years | '7 years 5 months |
Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Award [Line Items] | ' |
Expected life in years | '8 years 5 months |
ShareBased_Compensation_Cost_r
Share-Based Compensation (Cost recognized in Income Statement) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Before-Tax Share-Based Compensation | $9.10 | $10.60 | $32.50 | $33 |
Income Tax Benefit | -3.2 | -3.8 | -11.4 | -11.9 |
After-Tax Share-Based Compensation | $5.90 | $6.80 | $21.10 | $21.10 |
Equity_Changes_in_Equity_Detai
Equity (Changes in Equity) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | ||||
Schedule Of Capitalization [Line Items] | ' | ' | ' | ' | ' | ||||
Balance, beginning of period | $7,527.80 | $6,517.40 | $7,198.90 | $6,623.30 | $6,623.30 | ||||
Net Income | 322.4 | 295.8 | 911 | 878.4 | ' | ||||
Other comprehensive income (loss) | 112.3 | -57.6 | 93.7 | -87.6 | ' | ||||
Dividends on common stock | -164.1 | -148.8 | -477.8 | -429.6 | ' | ||||
Dividends to noncontrolling interests | -8 | -7.2 | -18.2 | -13.6 | ' | ||||
Share-based compensation expense | 9.1 | 10.6 | 32.5 | 33 | ' | ||||
Purchase of treasury shares | 0 | 0 | 0 | -461.6 | -461.6 | ||||
Issuance of treasury shares for stock option and award plans | 48.5 | 69 | 96.4 | 118.5 | ' | ||||
Tax benefit of stock option and award plans | 9.1 | 14.5 | 23.1 | 34.2 | ' | ||||
Purchase of noncontrolling interests | 0 | -1.3 | -0.5 | -1.6 | ' | ||||
Other equity transactions | -0.9 | -1 | -2.9 | -2 | ' | ||||
Balance, end of period | 7,856.20 | 6,691.40 | 7,856.20 | 6,691.40 | 7,198.90 | ||||
Air Products [Member] | ' | ' | ' | ' | ' | ||||
Schedule Of Capitalization [Line Items] | ' | ' | ' | ' | ' | ||||
Balance, beginning of period | 7,370.90 | 6,365.50 | 7,042.10 | 6,477.20 | 6,477.20 | ||||
Net Income | 314 | 288.4 | 887.7 | 857.1 | ' | ||||
Other comprehensive income (loss) | 110.1 | -56.2 | 96.1 | -84.5 | ' | ||||
Dividends on common stock | -164.1 | -148.8 | -477.8 | -429.6 | ' | ||||
Dividends to noncontrolling interests | 0 | 0 | 0 | 0 | ' | ||||
Share-based compensation expense | 9.1 | 10.6 | 32.5 | 33 | ' | ||||
Purchase of treasury shares | 0 | 0 | 0 | -461.6 | ' | ||||
Issuance of treasury shares for stock option and award plans | 48.5 | 69 | 96.4 | 118.5 | ' | ||||
Tax benefit of stock option and award plans | 9.1 | 14.5 | 23.1 | 34.2 | ' | ||||
Purchase of noncontrolling interests | 0 | -1.3 | -0.5 | -1.6 | ' | ||||
Other equity transactions | -0.9 | -0.9 | -2.9 | -1.9 | ' | ||||
Balance, end of period | 7,696.70 | 6,540.80 | 7,696.70 | 6,540.80 | ' | ||||
Noncontrolling Interests [Member] | ' | ' | ' | ' | ' | ||||
Schedule Of Capitalization [Line Items] | ' | ' | ' | ' | ' | ||||
Balance, beginning of period | 156.9 | 151.9 | 156.8 | 146.1 | 146.1 | ||||
Net Income | 8.4 | [1] | 7.4 | [1] | 23.3 | [1] | 21.3 | [1] | ' |
Other comprehensive income (loss) | 2.2 | -1.4 | -2.4 | -3.1 | ' | ||||
Dividends on common stock | 0 | 0 | 0 | 0 | ' | ||||
Dividends to noncontrolling interests | -8 | -7.2 | -18.2 | -13.6 | ' | ||||
Share-based compensation expense | 0 | 0 | 0 | 0 | ' | ||||
Purchase of treasury shares | 0 | 0 | 0 | 0 | ' | ||||
Issuance of treasury shares for stock option and award plans | 0 | 0 | 0 | 0 | ' | ||||
Tax benefit of stock option and award plans | 0 | 0 | 0 | 0 | ' | ||||
Purchase of noncontrolling interests | 0 | 0 | 0 | 0 | ' | ||||
Other equity transactions | 0 | -0.1 | 0 | -0.1 | ' | ||||
Balance, end of period | $159.50 | $150.60 | $159.50 | $150.60 | ' | ||||
[1] | Net income attributable to noncontrolling interests excludes net income related to redeemable noncontrolling interests, which is not included in total equity. Refer to Note 15, Noncontrolling Interests, for additional information. |
Equity_Changes_in_Equity_Paren
Equity (Changes in Equity) (Parenthetical) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stockholders Equity Note [Abstract] | ' | ' | ' | ' |
Dividends per share | $0.77 | $0.71 | $2.25 | $2.06 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Rollforward) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Beginning Balance | ($1,034.60) | ' | ($1,020.60) | ' |
Other comprehensive income (loss) before reclassifications | 91.1 | ' | 54.6 | ' |
Amounts reclassified from AOCL | 21.2 | ' | 39.1 | ' |
Net current period other comprehensive income (loss) | 112.3 | -57.6 | 93.7 | -87.6 |
Amount attributable to noncontrolling interest | 2.2 | -1.4 | -2.4 | -3.1 |
Ending Balance | -924.5 | ' | -924.5 | ' |
Net loss on derivatives qualifying as hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Beginning Balance | -9.2 | ' | -4.1 | ' |
Other comprehensive income (loss) before reclassifications | -16.9 | ' | 0.8 | ' |
Amounts reclassified from AOCL | 0.9 | ' | -21.8 | ' |
Net current period other comprehensive income (loss) | -16 | ' | -21 | ' |
Amount attributable to noncontrolling interest | -0.1 | ' | 0 | ' |
Ending Balance | -25.1 | ' | -25.1 | ' |
Foreign currency translation adjustments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Beginning Balance | -110.9 | ' | -61.5 | ' |
Other comprehensive income (loss) before reclassifications | 108 | ' | 53.8 | ' |
Amounts reclassified from AOCL | 0 | ' | 0 | ' |
Net current period other comprehensive income (loss) | 108 | ' | 53.8 | ' |
Amount attributable to noncontrolling interest | 2.3 | ' | -2.5 | ' |
Ending Balance | -5.2 | ' | -5.2 | ' |
Pension and postretirement benefits [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Beginning Balance | -914.5 | ' | -955 | ' |
Other comprehensive income (loss) before reclassifications | 0 | ' | 0 | ' |
Amounts reclassified from AOCL | 20.3 | ' | 60.9 | ' |
Net current period other comprehensive income (loss) | 20.3 | ' | 60.9 | ' |
Amount attributable to noncontrolling interest | 0 | ' | 0.1 | ' |
Ending Balance | ($894.20) | ' | ($894.20) | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss (Reclassification) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Other (income) expense, net | ($3.70) | ($16.10) | ($41.10) | ($45.70) | ||||
Interest expense | 31.3 | 35.4 | 96.1 | 106.4 | ||||
Net Income Attributable to Air Products | -314 | -288.4 | -887.7 | -857.1 | ||||
Income (Loss) from discontinued operations, net of tax | 0 | 0.6 | 3.1 | 3.1 | ||||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | (Gain) Loss on Cash Flow Hedges [Member] | ' | ' | ' | ' | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Sales/cost of sales | -1.2 | 0 | -0.2 | 0.7 | ||||
Other (income) expense, net | 2.7 | -2.5 | -20.3 | -10.5 | ||||
Interest expense | -0.6 | 0.4 | -1.3 | 0 | ||||
Net Income Attributable to Air Products | 0.9 | -2.1 | -21.8 | -9.8 | ||||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Pension and postretirement benefits [Member] | ' | ' | ' | ' | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Net Income Attributable to Air Products | 20.3 | [1] | 27.1 | [1] | 60.9 | [1] | 75.7 | [1] |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Accumulated Translation Adjustment [Member] | ' | ' | ' | ' | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Income (Loss) from discontinued operations, net of tax | $0 | [2] | ($0.60) | [2] | $0 | [2] | ($0.60) | [2] |
[1] | The components include prior service cost amortization, actuarial loss amortization, and settlements and are reflected in net periodic benefit cost. Refer to Note 10, Retirement Benefits. | |||||||
[2] | The impact is reflected in Income from Discontinued Operations, net of tax. |
Noncontrolling_Interests_Narra
Noncontrolling Interests (Narrative) (Details) (Indura [Member]) | 9 Months Ended |
Jun. 30, 2014 | |
Indura [Member] | ' |
Noncontrolling Interest [Line Items] | ' |
Agreement to purchase additional equity interest under put option | 30.50% |
Put option exercise period start date | '1 July 2015 |
Put option exercise period beginning 1 July 2015 | '2 years |
Current ownership percentage | 67.30% |
Noncontrolling_Interests_Rollf
Noncontrolling Interests (Rollforward Redeemable Noncontrolling Interest) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Redeemable Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | $343.60 | $398.70 | $375.80 | $392.50 |
Net income (loss) | 1.1 | 2.6 | 3.1 | 6.8 |
Dividends | -1.2 | -1.1 | -4.7 | -1.1 |
Currency translation adjustment | -2.1 | -28.4 | -32.8 | -26.4 |
Balance, end of period | $341.40 | $371.80 | $341.40 | $371.80 |
Earnings_per_Share_Narrative_D
Earnings per Share (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share | ' | ' | ' | ' |
Antidilutive options excluded from computation of diluted earnings per share | 0.7 | 1.1 | 0.8 | 2.8 |
Earnings_per_Share_Schedule_of
Earnings per Share (Schedule of Earnings per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share | ' | ' | ' | ' |
Income from continuing operations | $314 | $287.80 | $884.60 | $854 |
Income from discontinued operations | 0 | 0.6 | 3.1 | 3.1 |
Net Income Attributable to Air Products | $314 | $288.40 | $887.70 | $857.10 |
Weighted average common shares - Basic | 212.9 | 209.4 | 212.4 | 209.3 |
Employee stock option and other award plans | 2.5 | 2.5 | 2.5 | 2.6 |
Weighted average common shares - Diluted | 215.4 | 211.9 | 214.9 | 211.9 |
Income from Continuing Operations, Basic | $1.47 | $1.38 | $4.17 | $4.08 |
Income from Discontinued Operations, Basic | $0 | $0 | $0.01 | $0.02 |
Net Income Attributable to Air Products | $1.47 | $1.38 | $4.18 | $4.10 |
Income from Continuing Operations, Diluted | $1.46 | $1.36 | $4.12 | $4.03 |
Income from Discontinued Operations, Diluted | $0 | $0 | $0.01 | $0.01 |
Net Income Attributable to Air Products | $1.46 | $1.36 | $4.13 | $4.04 |
Supplemental_Information_Debt_
Supplemental Information (Debt) (Narrative) (Details) | 9 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Eurobond 3.875% [Member] | Eurobond 3.875% [Member] | Commercial Paper [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |
USD ($) | EUR (€) | USD ($) | 2013 Credit Agreement [Member] | 2013 Credit Agreement [Member] | |
USD ($) | USD ($) | ||||
Line Of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Initiation date | ' | ' | ' | 30-Apr-13 | ' |
Length credit agreement in years | ' | ' | ' | '5 years | ' |
Maximum borrowing capacity | ' | ' | ' | $2,595 | $2,500 |
Expiration date | ' | ' | ' | 30-Apr-18 | ' |
Borrowings outstanding | ' | ' | ' | 0 | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Amount classified as long-term debt based on ability and intent to refinance | $411 | € 300 | $400 | ' | ' |
Interest rate of debt, stated percentage | 3.88% | 3.88% | ' | ' | ' |
Maturity, month and year | 'March 2015 | 'March 2015 | ' | ' | ' |
Supplemental_Information_Share
Supplemental Information (Share Repurchase Program) (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 15, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 |
Supplemental Information [Line Items] | ' | ' | ' | ' | ' | ' |
Share repurchase program authorized amount | $1,000 | ' | ' | ' | ' | ' |
Shares repurchased during period, shares | ' | ' | ' | ' | 5.7 | 5.7 |
Purchase of treasury shares | ' | 0 | 0 | 0 | 461.6 | 461.6 |
Share repurchase authorization remaining, amount | ' | ' | ' | $485.30 | ' | ' |
Supplemental_Information_Subse
Supplemental Information (Subsequent Event) (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jul. 17, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Dividends per share | $0.77 | $0.71 | $2.25 | $2.06 | ' | $0.77 |
Dividend payable, date to be paid | ' | ' | ' | ' | 10-Nov-14 | ' |
Dividend payable, date of record | ' | ' | ' | ' | 1-Oct-14 | ' |
Business_Segment_Information_S
Business Segment Information (Schedule of Revenue from External Customers Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales to External Customers | $2,634.60 | $2,547.30 | $7,762 | $7,593.90 |
Merchant Gases [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales to External Customers | 1,077.30 | 1,032.50 | 3,165.10 | 3,044.80 |
Tonnage Gases [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales to External Customers | 835.3 | 845.5 | 2,483.30 | 2,552.40 |
Electronics and Performance Materials [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales to External Customers | 617.8 | 565.7 | 1,788.60 | 1,663.50 |
Equipment and Energy [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales to External Customers | $104.20 | $103.60 | $325 | $333.20 |
Business_Segment_Information_S1
Business Segment Information (Schedule of Income Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Other operating income | ($1.60) | ($4.50) | ($7.70) | ($10.60) |
Operating income | 413.8 | 383.1 | 1,184.10 | 1,145.20 |
Merchant Gases [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income | 173.5 | 164.9 | 486.1 | 504 |
Tonnage Gases [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income | 117.5 | 119.9 | 347.3 | 381.2 |
Electronics and Performance Materials [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income | 107 | 86.8 | 297.6 | 225.6 |
Equipment and Energy [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income | 17.4 | 16 | 60.8 | 45 |
Segment Total [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income | $415.40 | $387.60 | $1,191.80 | $1,155.80 |
Business_Segment_Information_S2
Business Segment Information (Schedule of Assets Information) (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | ||
In Millions, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ' | ' | ||
Identifiable Assets | $17,059.90 | [1] | $16,654.60 | [1] |
Merchant Gases [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Identifiable Assets | 6,756.20 | [1] | 6,729.90 | [1] |
Tonnage Gases [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Identifiable Assets | 5,591.70 | [1] | 5,397 | [1] |
Electronics and Performance Materials [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Identifiable Assets | 2,909 | [1] | 2,859.40 | [1] |
Equipment and Energy [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Identifiable Assets | 957.3 | [1] | 675.2 | [1] |
Segment Total [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Identifiable Assets | 16,214.20 | [1] | 15,661.50 | [1] |
All Other Segments [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Identifiable Assets | 845.7 | [1] | 990.6 | [1] |
Discontinued Operations [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Identifiable Assets | $0 | [1] | $2.50 | [1] |
[1] | Identifiable assets are equal to total assets less investment in net assets of and advances to equity affiliates. |