XML 37 R25.htm IDEA: XBRL DOCUMENT v3.7.0.1
Discontinued Operations (Tables)
6 Months Ended
Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Operating Results and Assets and Liabilities of Discontinued Operations
The following table details the major line items that comprise total assets and total liabilities of discontinued operations on the consolidated balance sheets as of 31 March 2017:
 
31 March 2017
 
 
 
Total
 
Performance
Energy-
Discontinued
 
Materials
from-Waste
Operations
Assets
 
 
 
Current Assets
 
 
 
Plant and equipment, net
$

$
9.6

$
9.6

Other receivables and current assets

.2

.2

Total Current Assets

9.8

9.8

Total Assets
$

$
9.8

$
9.8

Liabilities
 


Current Liabilities
 
 
 
Payables and accrued liabilities (A)
$
17.4

$
6.7

$
24.1

Total Current Liabilities
17.4

6.7

24.1

Total Liabilities
$
17.4

$
6.7

$
24.1

(A) 
Includes reserves associated with disposition of businesses.
The following table details the major line items that comprise total assets and total liabilities of discontinued operations on the consolidated balance sheets as of 30 September 2016:
 
30 September 2016
 
 
 
 
Total
 
Electronic
Performance
Energy-
Discontinued
 
Materials
Materials
from-Waste
Operations
Assets
 
 
 
 
Current Assets
 
 
 
 
Cash and cash items
$
170.6

$
37.5

$

$
208.1

Trade receivables, net
134.7

159.0


293.7

Inventories
138.1

226.8


364.9

Plant and equipment, net


18.2

18.2

Other receivables and current assets
34.5

5.6

1.2

41.3

Total Current Assets
477.9

428.9

19.4

926.2

Plant and equipment, net
296.5

296.5


593.0

Goodwill, net
180.0

125.0


305.0

Intangible assets, net
75.1

25.0


100.1

Other noncurrent assets
37.5

6.7


44.2

Total Noncurrent Assets
589.1

453.2


1,042.3

Total Assets
$
1,067.0

$
882.1

$
19.4

$
1,968.5

Liabilities




Current Liabilities




Payables and accrued liabilities
$
85.8

$
72.5

$
19.0

$
177.3

Accrued income taxes
22.7

6.0


28.7

Current portion of long-term debt
5.8



5.8

Total Current Liabilities
114.3

78.5

19.0

211.8

Long-term debt
981.8



981.8

Deferred income taxes
50.3

6.4


56.7

Other noncurrent liabilities
47.4

9.6


57.0

Total Noncurrent Liabilities
1,079.5

16.0


1,095.5

Total Liabilities
$
1,193.8

$
94.5

$
19.0

$
1,307.3

The following tables detail the businesses and major line items that comprise income from discontinued operations, net of tax, on the consolidated income statements for the three and six months ended 31 March 2017:
 
Three Months Ended
 
31 March 2017
 
 
 
Total
 
Performance
Energy-
Discontinued
 
Materials
from-Waste(A)
Operations
Cost of sales
$
3.3

$
3.0

$
6.3

Selling and administrative
2.1


2.1

Other income (expense), net
.7

(.4
)
.3

Income (Loss) Before Taxes
(4.7
)
(3.4
)
(8.1
)
Income tax provision
(.3
)
(.9
)
(1.2
)
Income (Loss) From Operations of Discontinued Operations, net of tax
(4.4
)
(2.5
)
(6.9
)
Gain on Disposal, net of tax (C)
1,832.5


1,832.5

Income (Loss) from Discontinued Operations, net of tax
$
1,828.1

$
(2.5
)
$
1,825.6

 
Six Months Ended
 
31 March 2017
 
 
 
Total
 
Performance
Energy-
Discontinued
 
Materials
from-Waste(A)
Operations
Sales
$
254.8

$

$
254.8

Cost of sales
182.3

9.6

191.9

Selling and administrative
22.5

.2

22.7

Research and development
5.1


5.1

Other income (expense), net
.3

(.1
)
.2

Operating Income (Loss)
45.2

(9.9
)
35.3

Equity affiliates’ income
.3


.3

Income (Loss) Before Taxes
45.5

(9.9
)
35.6

Income tax provision(B)
(50.8
)
(2.0
)
(52.8
)
Income (Loss) From Operations of Discontinued Operations, net of tax
96.3

(7.9
)
88.4

Gain (Loss) on Disposal, net of tax(C)
1,832.5

(47.1
)
1,785.4

Income (Loss) from Discontinued Operations, net of tax
$
1,928.8

$
(55.0
)
$
1,873.8

(A) 
The loss from operations of discontinued operations for EfW primarily relates to land leases, administrative costs, and costs incurred for ongoing project exit activities.
(B) 
As a result of the expected gain on sale of PMD, we released valuation allowances related to capital loss and net operating loss carryforwards during the first quarter of 2017 that favorably impacted our income tax provision within discontinued operations by approximately $66.
(C) 
After-tax gain on sale of $1,832.5 includes expense for income tax reserves for uncertain tax positions of $26.1 gross ($19.1 net) in various jurisdictions.

The following tables detail the businesses and major line items that comprise income from discontinued operations, net of tax on the consolidated income statements for the three and six months ended 31 March 2016:
 
Three Months Ended
 
31 March 2016
 
 
 
 
Total

Electronic
Performance
Energy-
Discontinued
 
Materials
Materials
from-Waste(A)
Operations
Sales
$
230.7

$
263.1

$

$
493.8

Cost of sales
127.6

178.3

3.2

309.1

Selling and administrative
20.0

19.5

.9

40.4

Research and development
9.5

4.9

.3

14.7

Other income (expense), net
2.8

4.9

.6

8.3

Operating Income (Loss)
76.4

65.3

(3.8
)
137.9

Equity affiliates’ income

.2


.2

Income (Loss) Before Taxes(B)
76.4

65.5

(3.8
)
138.1

Income tax provision
16.7

22.3

2.7

41.7

Income (Loss) From Operations of Discontinued Operations
59.7

43.2

(6.5
)
96.4

Loss on Disposal, net of tax


(846.6
)
(846.6
)
Income (Loss) from Operations of Discontinued Operations, net of tax
59.7

43.2

(853.1
)
(750.2
)
Net Income Attributable to Noncontrolling Interests of Discontinued Operations
2.0



2.0

Net Income (Loss) From Discontinued Operations, net of tax
$
57.7

$
43.2

$
(853.1
)
$
(752.2
)
 
Six Months Ended
 
31 March 2016
 
 
 
 
Total
 
Electronic
Performance
Energy-
Discontinued
 
Materials
Materials
from-Waste(A)
Operations
Sales
$
473.3

$
510.0

$

$
983.3

Cost of sales
254.9

350.9

5.3

611.1

Selling and administrative
38.4

38.5

1.6

78.5

Research and development
19.6

9.9

.7

30.2

Other income (expense), net
5.0

3.7

(13.7
)
(5.0
)
Operating Income (Loss)
165.4

114.4

(21.3
)
258.5

Equity affiliates’ income
.2

.4


.6

Income (Loss) Before Taxes(B)
165.6

114.8

(21.3
)
259.1

Income tax provision
41.6

36.9

(.6
)
77.9

Income (Loss) From Operations of Discontinued Operations
124.0

77.9

(20.7
)
181.2

Loss on Disposal, net of tax


(846.6
)
(846.6
)
Income (Loss) from Operations of Discontinued Operations, net of tax
124.0

77.9

(867.3
)
(665.4
)
Net Income Attributable to Noncontrolling Interests of Discontinued Operations
4.1



4.1

Net Income (Loss) From Discontinued Operations, net of tax
$
119.9

$
77.9

$
(867.3
)
$
(669.5
)
(A) 
The loss from operations of discontinued operations for EfW primarily relates to project suspension costs, land leases, and administrative costs.
(B) 
For the three and six months ended 31 March 2016, income before taxes from operations of discontinued operations attributable to Air Products was $135.7 and $254.1, respectively.
The following table summarizes the carrying amount of the accrual for our actions to dispose of the EfW business at 31 March 2017:
 
 
Asset
Actions
 
Contract
Actions/Other
 
Total
Loss on disposal of business
 
$
913.5

 
$
32.2

 
$
945.7

Noncash expenses
 
(913.5
)
 

 
(913.5
)
Cash expenditures
 

 
(18.6
)
 
(18.6
)
Currency translation adjustment
 

 
(1.4
)
 
(1.4
)
30 September 2016
 
$

 
$
12.2

 
$
12.2

Loss on disposal of business
 
6.3

 
53.0

 
59.3

Noncash expenses
 
(6.3
)
 

 
(6.3
)
Cash expenditures
 

 
(1.4
)
 
(1.4
)
Currency translation adjustments
 

 
1.1

 
1.1

31 March 2017
 
$

 
$
64.9

 
$
64.9