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Business Segment Information
 9 Months Ended
Jun. 30, 2019
Segment Reporting [Abstract]  
Business Segment Information BUSINESS SEGMENT INFORMATION
Our reporting segments reflect the manner in which our chief operating decision maker reviews results and allocates resources. Except in the Industrial Gases – EMEA and Corporate and other segments, each reporting segment meets the definition of an operating segment and does not include the aggregation of multiple operating segments. Our Industrial Gases – EMEA and Corporate and other segments each include the aggregation of two operating segments that meet the aggregation criteria under GAAP.
Our reporting segments are:
•
Industrial Gases – Americas
•
Industrial Gases – EMEA (Europe, Middle East, and Africa)
•
Industrial Gases – Asia
•
Industrial Gases – Global
•
Corporate and other
 
Industrial
Gases –
Americas
Industrial
Gases –
EMEA
Industrial
Gases –
Asia
Industrial
Gases –
Global
Corporate
and other
Segment
Total
Three Months Ended 30 June 2019
Sales

$955.3


$494.6


$679.4


$57.9


$36.8


$2,224.0

Operating income (loss)
262.2

123.4

231.4

(9.6
)
(41.3
)
566.1

Depreciation and amortization
126.3

47.8

87.9

2.2

4.9

269.1

Equity affiliates' income
21.7

18.8

14.9

1.0

—

56.4

Three Months Ended 30 June 2018
Sales

$948.7


$561.1


$623.8


$101.1


$24.3


$2,259.0

Operating income (loss)
237.1

118.8

185.5

19.8

(45.4
)
515.8

Depreciation and amortization
120.5

49.8

69.5

2.3

3.5

245.6

Equity affiliates' income
24.1

17.5

15.1

1.4

—

58.1


 
 
 
 
 
 
 
 
Industrial
Gases –
Americas
Industrial
Gases –
EMEA
Industrial
Gases –
Asia
Industrial
Gases –
Global
Corporate
and other
Segment
Total
Nine Months Ended 30 June 2019
Sales

$2,936.2


$1,513.2


$1,931.6


$179.9


$74.8


$6,635.7

Operating income (loss)
737.0

351.5

632.9

(17.9
)
(136.9
)
1,566.6

Depreciation and amortization
376.8

140.4

252.7

6.3

13.0

789.2

Equity affiliates' income
62.1

45.8

44.9

2.7

—

155.5

Nine Months Ended 30 June 2018
Sales

$2,771.7


$1,638.6


$1,825.0


$335.8


$60.2


$6,631.3

Operating income (loss)
676.6

340.0

509.7

41.4

(135.8
)
1,431.9

Depreciation and amortization
360.6

149.6

188.9

5.8

8.6

713.5

Equity affiliates' income
59.6

41.7

44.7

2.1

—

148.1

Total Assets
30 June 2019

$5,896.6


$3,399.7


$6,357.6


$284.3


$3,593.7


$19,531.9

30 September 2018
5,904.0

3,280.4

5,899.5

240.1

3,854.3

19,178.3


The sales information noted above relates to external customers only. All intersegment sales are eliminated in consolidation. These sales are generally transacted at market pricing.
We generally do not have intersegment sales from our regional industrial gases businesses. Equipment manufactured for our industrial gases segments is generally transferred at cost and not reflected as an intersegment sale.
Changes in estimates on projects accounted for under the cost incurred input method are recognized as a cumulative adjustment for the inception-to-date effect of such change. For the nine months ended 30 June 2019 and 2018, changes in estimates favorably impacted operating income by approximately $15 and $25, respectively.
Below is a reconciliation of segment total operating income to consolidated operating income:
 
 
 
 
 
 
Three Months Ended
Nine Months Ended
 
30 June
30 June
Operating Income
2019
2018
2019
2018
Segment total

$566.1


$515.8


$1,566.6


$1,431.9

Facility closure
—

—

(29.0
)
—

Cost reduction actions
(25.5
)
—

(25.5
)
—

Gain on exchange of equity affiliate investments
29.1

—

29.1

—

Consolidated Total

$569.7


$515.8


$1,541.2


$1,431.9


Below is a reconciliation of segment total equity affiliates' income to consolidated equity affiliates' income:
 
Three Months Ended
Nine Months Ended
 
30 June
30 June
Equity Affiliates' Income
2019
2018
2019
2018
Segment total

$56.4


$58.1


$155.5


$148.1

Tax reform repatriation - equity method investment
—

—

—

(32.5
)
Consolidated Total

$56.4


$58.1


$155.5


$115.6