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 |
|
|