-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WSnScIGVk4sD6fsQp9XGTloAeD5Aetb72KJr8ScCNXVb6zo2K8TJYVNg5O5Q4rAI U0AOLgKGkgF9kCmPUzJMYw== 0000950123-10-005134.txt : 20100126 0000950123-10-005134.hdr.sgml : 20100126 20100126110040 ACCESSION NUMBER: 0000950123-10-005134 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20091231 FILED AS OF DATE: 20100126 DATE AS OF CHANGE: 20100126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIR PRODUCTS & CHEMICALS INC /DE/ CENTRAL INDEX KEY: 0000002969 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INORGANIC CHEMICALS [2810] IRS NUMBER: 231274455 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-04534 FILM NUMBER: 10546434 BUSINESS ADDRESS: STREET 1: 7201 HAMILTON BLVD CITY: ALLENTOWN STATE: PA ZIP: 18195-1501 BUSINESS PHONE: 6104814911 MAIL ADDRESS: STREET 1: 7201 HAMILTON BLVD CITY: ALLENTOWN STATE: PA ZIP: 18195-1501 10-Q 1 y81516e10vq.htm FORM 10-Q e10vq
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
(Mark One)
     
þ   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended 31 December 2009
OR
     
o   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission file number 1-4534
AIR PRODUCTS AND CHEMICALS, INC.
(Exact Name of Registrant as Specified in Its Charter)
     
Delaware   23-1274455
(State or Other Jurisdiction of Incorporation or Organization)   (I.R.S. Employer Identification No.)
     
7201 Hamilton Boulevard, Allentown, Pennsylvania   18195-1501
(Address of Principal Executive Offices)   (Zip Code)
610-481-4911
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
     Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
     Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o
     Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
             
     Large accelerated filer þ    Accelerated filer o    Non-accelerated filer o
(Do not check if a smaller reporting company)
  Smaller Reporting Company o 
     Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ
     Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
     
Class   Outstanding at 19 January 2010
Common Stock, $1 par value   212,152,350
 
 

 


 

AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
INDEX
         
    Page No
       
 
       
       
    3  
    4  
    5  
    6  
    7  
    20  
    28  
    28  
 
       
       
 
       
    29  
    30  
    31  
 EX-10.1
 EX-12
 EX-31.1
 EX-31.2
 EX-32
 EX-101 INSTANCE DOCUMENT
 EX-101 SCHEMA DOCUMENT
 EX-101 CALCULATION LINKBASE DOCUMENT
 EX-101 LABELS LINKBASE DOCUMENT
 EX-101 PRESENTATION LINKBASE DOCUMENT
 EX-101 DEFINITION LINKBASE DOCUMENT

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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Unaudited)
                 
    31 December   30 September
(Millions of dollars, except for share data)   2009   2009
 
ASSETS
               
 
CURRENT ASSETS
               
Cash and cash items
  $ 323.0     $ 488.2  
Trade receivables, less allowances for doubtful accounts
    1,377.8       1,363.2  
Inventories
    522.6       509.6  
Contracts in progress, less progress billings
    132.2       132.3  
Prepaid expenses
    136.8       99.7  
Other receivables and current assets
    286.6       399.8  
Current assets of discontinued operations
    4.2       5.0  
 
TOTAL CURRENT ASSETS
    2,783.2       2,997.8  
 
INVESTMENT IN NET ASSETS OF AND ADVANCES TO EQUITY AFFILIATES
    878.2       868.1  
PLANT AND EQUIPMENT, at cost
    15,957.2       15,751.3  
Less: Accumulated depreciation
    9,012.0       8,891.7  
 
PLANT AND EQUIPMENT, net
    6,945.2       6,859.6  
 
GOODWILL
    912.2       916.0  
INTANGIBLE ASSETS, net
    259.5       262.6  
NONCURRENT CAPITAL LEASE RECEIVABLES
    717.7       687.0  
OTHER NONCURRENT ASSETS
    418.5       438.0  
 
TOTAL ASSETS
  $ 12,914.5     $ 13,029.1  
 
 
               
LIABILITIES AND EQUITY
               
 
CURRENT LIABILITIES
               
Payables and accrued liabilities
  $ 1,378.5     $ 1,660.4  
Accrued income taxes
    43.9       42.9  
Short-term borrowings
    269.1       333.8  
Current portion of long-term debt
    444.5       452.1  
Current liabilities of discontinued operations
    8.9       14.4  
 
TOTAL CURRENT LIABILITIES
    2,144.9       2,503.6  
 
LONG-TERM DEBT
    3,705.1       3,715.6  
DEFERRED INCOME AND OTHER NONCURRENT LIABILITIES
    1,509.4       1,522.0  
DEFERRED INCOME TAXES
    371.0       357.9  
 
TOTAL LIABILITIES
    7,730.4       8,099.1  
 
COMMITMENTS AND CONTINGENCIES — SEE NOTE 10
               
EQUITY
               
Common stock (par value $1 per share; 2010 and 2009 — 249,455,584 shares)
    249.4       249.4  
Capital in excess of par value
    809.7       822.9  
Retained earnings
    7,389.8       7,234.6  
Accumulated other comprehensive income (loss)
    (1,115.2 )     (1,161.8 )
Treasury stock, at cost (2010 — 37,303,234 shares; 2009 — 38,195,320 shares)
    (2,299.8 )     (2,353.2 )
 
TOTAL AIR PRODUCTS SHAREHOLDERS’ EQUITY
    5,033.9       4,791.9  
NONCONTROLLING INTERESTS
    150.2       138.1  
 
TOTAL EQUITY
    5,184.1       4,930.0  
 
TOTAL LIABILITIES AND EQUITY
  $ 12,914.5     $ 13,029.1  
 
The accompanying notes are an integral part of these statements.

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AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED INCOME STATEMENTS
(Unaudited)
                 
    Three Months Ended
    31 December
(Millions of dollars, except for share data)   2009   2008
 
SALES
  $ 2,173.5     $ 2,195.3  
Cost of sales
    1,568.6       1,629.7  
Selling and administrative
    244.1       247.0  
Research and development
    27.2       33.2  
Global cost reduction plan
          174.2  
Other income, net
    11.4       2.9  
 
OPERATING INCOME
    345.0       114.1  
Equity affiliates’ income
    26.9       24.5  
Interest expense
    31.6       36.5  
 
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES
    340.3       102.1  
Income tax provision
    83.5       7.1  
 
INCOME FROM CONTINUING OPERATIONS
    256.8       95.0  
LOSS FROM DISCONTINUED OPERATIONS, net of tax
          (21.4 )
 
NET INCOME
    256.8       73.6  
 
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
    5.0       5.0  
 
NET INCOME ATTRIBUTABLE TO AIR PRODUCTS
  $ 251.8     $ 68.6  
 
 
NET INCOME ATTRIBUTABLE TO AIR PRODUCTS
               
 
Income from continuing operations
  $ 251.8     $ 90.0  
Loss from discontinued operations
          (21.4 )
 
Net Income Attributable to Air Products
  $ 251.8     $ 68.6  
 
 
BASIC EARNINGS PER COMMON SHARE ATTRIBUTABLE TO AIR PRODUCTS
               
Income from continuing operations
  $ 1.19     $ .43  
Loss from discontinued operations
          (.10 )
 
Net Income Attributable to Air Products
  $ 1.19     $ .33  
 
DILUTED EARNINGS PER COMMON SHARE ATTRIBUTABLE TO AIR PRODUCTS
               
Income from continuing operations
  $ 1.16     $ .42  
Loss from discontinued operations
          (.10 )
 
Net Income Attributable to Air Products
  $ 1.16     $ .32  
 
WEIGHTED AVERAGE OF COMMON SHARES OUTSTANDING (in millions)
    211.7       209.4  
 
WEIGHTED AVERAGE OF COMMON SHARES OUTSTANDING ASSUMING DILUTION
(in millions)
    217.0       212.1  
 
DIVIDENDS DECLARED PER COMMON SHARE — Cash
  $ .45     $ .44  
 
The accompanying notes are an integral part of these statements.

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AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS
(Unaudited)
                 
    Three Months Ended
    31 December
(Millions of dollars)   2009   2008
 
NET INCOME
  $ 256.8     $ 73.6  
 
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
               
Translation adjustments, net of tax (benefit) of $8.3 and $(16.0)
    34.9       (321.0 )
Net (loss) gain on derivatives, net of tax (benefit) of $(1.1) and $9.2
    (2.4 )     11.9  
Unrealized holding gain (loss) on available-for-sale securities, net of tax (benefit) of $.1 and $(.6)
    .1       (1.1 )
Reclassification adjustments:
               
Currency translation adjustment
          (3.2 )
Derivatives, net of tax (benefit) of $.8 and $(9.7)
    2.5       (14.4 )
Pension and postretirement benefits, net of tax of $6.5 and $1.3
    12.4       2.8  
 
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)
    47.5       (325.0 )
 
COMPREHENSIVE INCOME (LOSS)
    304.3       (251.4 )
 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
    5.9       1.8  
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO AIR PRODUCTS
  $ 298.4     $ (253.2 )
 
The accompanying notes are an integral part of these statements.

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AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
                 
    Three Months Ended
    31 December
(Millions of dollars)   2009   2008
 
OPERATING ACTIVITIES
               
Net Income
  $ 256.8     $ 73.6  
Less: Net income attributable to noncontrolling interests
    5.0       5.0  
 
Net income attributable to Air Products
    251.8       68.6  
Adjustments to reconcile income to cash provided by operating activities:
               
Depreciation and amortization
    217.1       200.6  
Impairment of assets of continuing operations
    .6       32.1  
Impairment of assets of discontinued operations
          48.7  
Deferred income taxes
    115.3       (.6 )
Undistributed earnings of unconsolidated affiliates
    (8.4 )     (10.9 )
Loss on sale of assets and investments
    .4       1.9  
Share-based compensation
    7.7       17.5  
Noncurrent capital lease receivables
    (30.7 )     (37.0 )
Other adjustments
    30.1       (5.6 )
Working capital changes that provided (used) cash, excluding effects of acquisitions and divestitures:
               
Trade receivables
    (27.0 )     101.7  
Inventories
    (18.1 )     (53.7 )
Contracts in progress
    9.3       (6.6 )
Other receivables
    11.8       (74.2 )
Payables and accrued liabilities
    (289.9 )     (42.9 )
Other working capital
    (76.1 )     (40.4 )
 
CASH PROVIDED BY OPERATING ACTIVITIES (a)
    193.9       199.2  
 
INVESTING ACTIVITIES
               
Additions to plant and equipment
    (288.8 )     (291.7 )
Acquisitions, less cash acquired
    (9.9 )     (1.6 )
Investment in and advances to unconsolidated affiliates
    (3.0 )     (.1 )
Proceeds from sale of assets and investments
    13.1       18.9  
Proceeds from sale of discontinued operations
          .9  
Change in restricted cash
    13.2       (31.7 )
 
CASH USED FOR INVESTING ACTIVITIES
    (275.4 )     (305.3 )
 
FINANCING ACTIVITIES
               
Long-term debt proceeds
    53.1       109.0  
Payments on long-term debt
    (26.0 )     (41.4 )
Net (decrease) increase in commercial paper and short-term borrowings
    (51.6 )     145.7  
Dividends paid to shareholders
    (95.1 )     (92.1 )
Proceeds from stock option exercises
    27.7       1.1  
Excess tax benefit from share-based compensation
    8.2       .6  
 
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES
    (83.7 )     122.9  
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
          (1.8 )
 
(Decrease) Increase in Cash and Cash Items
    (165.2 )     15.0  
Cash and Cash Items — Beginning of Year
    488.2       103.5  
 
Cash and Cash Items — End of Period
  $ 323.0     $ 118.5  
 
                 
(a) Pension plan contributions
  $ 255.7     $ 42.6  
The accompanying notes are an integral part of these statements.

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AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Millions of dollars, except for share data)
1. BASIS OF PRESENTATION AND MAJOR ACCOUNTING POLICIES
Refer to the Company’s 2009 Form 10-K for a description of major accounting policies. There have been no material changes to these accounting policies during the first three months of 2010 other than those detailed in Note 2.
The consolidated financial statements of Air Products and Chemicals, Inc. and its subsidiaries (the “Company,” “Air Products,” or “registrant”) included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of the Company, 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 LIFO cost basis, which can only be 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 the Company’s 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.
The Company has evaluated subsequent events for potential recognition and/or disclosure through 26 January 2010, the date the consolidated financial statements included in this report on Form 10-Q were issued. There were no subsequent events required to be recognized or disclosed in the financial statements.
2. NEW ACCOUNTING GUIDANCE
Guidance Implemented
Business Combinations
In December 2007, the Financial Accounting Standards Board (FASB) issued authoritative guidance to affirm that the acquisition method of accounting (previously referred to as the purchase method) be used for all business combinations and for an acquirer to be identified for each business combination. This guidance defines the acquirer as the entity that obtains control of one or more businesses in the business combination and establishes the acquisition date as the date that the acquirer achieves control. Among other requirements, the guidance requires the acquiring entity in a business combination to recognize at full fair value all the assets acquired and liabilities assumed in the transaction. If a business combination is achieved in stages, the previously-held ownership interest is adjusted to fair value at the acquisition date, and any resulting gain or loss is recognized in earnings. Contingent consideration is recognized at fair value at the acquisition date, and restructuring and acquisition-related costs are expensed as incurred. The fair value of assets and liabilities acquired, including uncertain tax positions, can be adjusted during the measurement period. Any adjustments after the measurement period, which cannot exceed one year, will be recognized in earnings. This guidance was effective for the Company on 1 October 2009 and will be applied prospectively. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. During the three months ended 31 December 2009, the Company did not enter into any significant business combinations.
Noncontrolling Interests
In December 2007, the FASB issued authoritative guidance that establishes the accounting and reporting standards for the noncontrolling interests in a subsidiary and for the deconsolidation of a subsidiary. It requires entities to report noncontrolling interests in subsidiaries separately within equity in the consolidated balance sheets. It also requires disclosure, on the face of the consolidated statement of income, of the amounts of consolidated net income attributable to the parent and noncontrolling interests. Changes in a parent’s ownership interests while the parent retains control are treated as equity transactions. If a parent loses control of a subsidiary, any retained noncontrolling interests would be measured at fair value with any gain or loss recognized in earnings. This guidance was effective for the Company on 1 October 2009 and will be applied prospectively, except for the presentation and disclosure requirements related to noncontrolling interests, which are applied retrospectively for

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all periods presented. The Company’s financial statements have been updated to reflect the new presentation. Prior year amounts have been reclassified to conform to the current year presentation.
Fair Value Measurements
In September 2006, the FASB issued authoritative guidance that defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Effective 1 October 2008, the Company adopted this guidance for financial assets and liabilities and any other assets and liabilities that are recognized and disclosed at fair value on a recurring basis. The requirement for other nonfinancial assets and liabilities was effective on 1 October 2009 for the Company. The adoption of this guidance did not impact the Company’s consolidated financial statements. During the three months ended 31 December 2009, the Company did not measure any significant nonfinancial assets or nonfinancial liabilities at fair value.
New Guidance to Be Implemented
Employers’ Disclosures about Postretirement Benefit Plan Assets
In December 2008, the FASB issued authoritative guidance to require employers to provide additional disclosures about plan assets of a defined benefit or other postretirement plan. Disclosures include information about investment policies and strategies, major categories of plan assets, the inputs and valuation techniques used to measure the fair value of plan assets, and significant concentrations of risk. This guidance is effective for the Company beginning with its fiscal year-end 2010. Upon initial application, this guidance is not required to be applied to earlier periods that are presented for comparative purposes. This guidance only requires additional disclosure and will not have an impact on the Company’s consolidated financial statements upon adoption.
Consolidation of Variable Interest Entities
In June 2009, the FASB issued authoritative guidance that amends previous guidance for determining whether an entity is a variable interest entity (VIE). It requires an enterprise to perform an analysis to determine whether the Company’s variable interests give it a controlling financial interest in a VIE. A company would be required to assess whether it has an implicit financial responsibility to ensure that a VIE operates as designed when determining whether it has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance. In addition, ongoing reassessments of whether an enterprise is the primary beneficiary of a VIE are required. This guidance is effective for the Company beginning in fiscal year 2011. The Company is currently evaluating the impact of this guidance.
Multiple-Deliverable Revenue Arrangements
In October 2009, the FASB issued authoritative guidance on multiple-deliverable revenue arrangements. This new guidance amends the existing criteria for separating consideration received in multiple-deliverable arrangements and requires that arrangement consideration be allocated at the inception of the arrangement to all deliverables based on their relative selling price. The guidance establishes a hierarchy for determining the selling price of a deliverable which is based on vendor-specific objective evidence, third-party evidence, or management estimates. Expanded disclosures related to multiple-deliverable revenue arrangements are also required. This guidance is effective for the Company beginning fiscal year 2011, with early adoption permitted. Upon adoption, the guidance may be applied either prospectively from the beginning of the fiscal year for new or materially modified arrangements, or it may be applied retrospectively. The Company is currently evaluating the impact of this guidance.
3. GLOBAL COST REDUCTION PLAN
In the first quarter of 2009, the results from continuing operations included a charge of $174.2 ($116.1 after-tax, or $.55 per share) for the global cost reduction plan. For additional information on this charge, as well as a subsequent charge for the plan in the third quarter of 2009, refer to the Company’s 2009 Form 10-K.
The planned actions associated with the global cost reduction plan are expected to be substantially completed within one year of when the related charges were recognized. As of 31 December 2009, the majority of the planned actions associated with the first quarter 2009 charge were completed, with the exception of certain position eliminations and/or associated benefit payments. These actions are expected to be completed in the second quarter of 2010.
During the first quarter of 2010, the Company revised its estimate of the costs associated with the 2009 global cost reduction plan. The unfavorable impact of additional severance and other benefits was offset by a favorable variance related to completed

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business exits and asset management actions. The adjustment to the charge was excluded from segment operating profit and did not have a material impact on any individual segment.
The following table summarizes changes to the carrying amount of the accrual for the global cost reduction plan:
                         
            Asset    
    Severance and   Impairments/    
    Other Benefits   Other Costs   Total
 
First quarter 2009 charge
  $ 120.0     $ 54.2     $ 174.2  
Third quarter 2009 charge
    90.0       34.0       124.0  
Environmental charge (a)
          (16.0 )     (16.0 )
Noncash items
    (33.8 ) (b)     (66.1 )     (99.9 )
Cash expenditures
    (75.3 )     (.9 )     (76.2 )
Currency translation adjustment
    4.3             4.3  
 
30 September 2009
  $ 105.2     $ 5.2     $ 110.4  
Adjustment to charge
    6.6       (6.6 )      
Noncash items
    (3.5 ) (b)     2.4       (1.1 )
Cash expenditures
    (34.4 )           (34.4 )
Currency translation adjustment
    (1.1 )           (1.1 )
 
31 December 2009
  $ 72.8     $ 1.0  (c)   $ 73.8  
 
 
(a)   Reflected in accrual for environmental obligations. See Note 10.
 
(b)   Primarily pension-related costs which are reflected in the accrual for pension benefits.
 
(c)   Relates to costs associated with the sale of an asset which is expected to be paid in the second quarter of 2010.
4. DISCONTINUED OPERATIONS
In fiscal 2009, the Company completed the divestiture of its U.S. Healthcare business which has been accounted for as discontinued operations. For additional historical information on this divestiture, refer to the Company’s 2009 Form 10-K.
In the first quarter of 2009, the U.S. Healthcare business generated sales of $48.2 and income from operations, net of tax, of $.7. In addition, the Company recorded an impairment charge of $48.7 ($30.9 after-tax, or $.15 per share) reflecting a revision in the estimated net realizable value of the U.S. Healthcare business. Also, a tax benefit of $8.8, or $.04 per share, was recorded to revise the estimated tax benefit related to previously recognized impairment charges. Assets and liabilities classified as discontinued operations for the U.S. Healthcare business were $4.2 and $8.9, respectively, at 31 December 2009 and $5.0 and $14.4, respectively, at 30 September 2009.
5. INVENTORIES
The components of inventories are as follows:
                 
    31 December   30 September
    2009   2009
 
Inventories at FIFO Cost
               
Finished goods
  $ 410.4     $ 405.5  
Work in process
    24.1       20.9  
Raw materials and supplies
    155.8       151.1  
 
 
    590.3       577.5  
Less: Excess of FIFO cost over LIFO cost
    (67.7 )     (67.9 )
 
 
  $ 522.6     $ 509.6  
 
FIFO cost approximates replacement cost. The Company’s inventories have a high turnover, and as a result, there is little difference between the original cost of an item and its current replacement cost.

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6. GOODWILL
Changes to the carrying amount of consolidated goodwill by segment for the three months ended 31 December 2009 are as follows:
                         
                 
    30 September   Currency   31 December
    2009   Translation   2009
 
Merchant Gases
  $ 601.3     $ (4.7 )   $ 596.6  
Tonnage Gases
    16.3       .1       16.4  
Electronics and Performance Materials
    298.4       .8       299.2  
 
 
  $ 916.0     $ (3.8 )   $ 912.2  
 
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.
7. FINANCIAL INSTRUMENTS
Currency Price Risk Management
The Company’s 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 the policy of the Company to minimize its cash flow volatility to changes in currency exchange rates. This is accomplished by identifying and evaluating the risk that the Company’s cash flows will change in value due to changes in exchange rates and by determining the appropriate strategies necessary to manage such exposures. The Company’s objective is to maintain economically balanced currency risk management strategies that provide adequate downside protection.
Forward Exchange Contracts
The Company enters 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. 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 the Company has a net equity position.
In addition to the foreign exchange contracts that are designated as hedges, the Company also hedges foreign currency exposures utilizing forward exchange contracts that are not designated as hedges. These contracts are used to hedge foreign currency-denominated monetary assets and liabilities, primarily working capital. The primary objective of these forward 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.
Option Contracts
In certain limited situations, the Company enters into option contracts to manage cash flow exposures to foreign currency fluctuations. Similar to forward contracts, these instruments are evaluated for hedge accounting treatment and are recognized on the balance sheet at fair value. As of 31 December 2009 and 30 September 2009, there were no outstanding option contracts.

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The table below summarizes the Company’s outstanding currency price risk management instruments:
                                 
    31 December 2009   30 September 2009
    US$   Years Average   US$   Years Average
    Notional   Maturity   Notional   Maturity
 
Forward exchange contracts:
                               
Cash flow hedges
  $ 1,809.8       .5     $ 1,799.3       .8  
Net investment hedges
    902.1       2.9       873.6       3.5  
Fair value hedges
                2.7       .4  
Hedges not designated
    349.4       .3       330.3       .6  
 
Total Forward Exchange Contracts
  $ 3,061.3       1.2     $ 3,005.9       1.6  
 
In addition to the above, the Company uses foreign currency denominated debt and qualifying intercompany loans to hedge the foreign currency exposures of the Company’s net investment in certain foreign affiliates. The designated foreign currency denominated debt includes 1,013.0 at 31 December 2009 and 30 September 2009. The designated intercompany loans include 437.0 at 31 December 2009 and 30 September 2009.
Debt Portfolio Management
It is the policy of the Company 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 of the Company are managed with the objectives and intent to (1) reduce funding risk with respect to borrowings made by the Company to preserve the Company’s 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 Swap Contracts
The Company enters into interest rate swap contracts to change the fixed/variable interest rate mix of its 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 optimize interest rate risks and costs inherent in the Company’s debt portfolio. In addition, the Company also uses interest rate swap agreements to hedge the interest rate on anticipated fixed-rate debt issuance. The notional amount of the interest rate swap agreements are equal to or less than the designated debt instrument being hedged. When variable-rate debt is hedged, the variable-rate indices of the swap instruments and the debt to which they are designated are the same. It is the Company’s policy not to enter into any interest rate swap contracts which lever a move in interest rates on a greater than one-to-one basis.
Cross Currency Interest Rate Swap Contracts
The Company also enters into cross currency interest rate swap contracts. 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 the Company has a net equity position while changing the interest rate characteristics of the instrument. The contracts are used to hedge intercompany and third-party borrowing transactions and certain net investments in foreign operations.
The following table summarizes the Company’s outstanding interest rate swaps and cross currency interest rate swaps:
                                                 
    31 December 2009   30 September 2009
    US$           Average   US$           Average
    Notional   Pay %   Receive %   Notional   Pay %   Receive %
 
Interest rate swaps (fair value hedge)
  $ 424.2     6 month LIBOR     3.99 %   $ 327.2     6 month LIBOR     4.47 %
 
Cross currency interest rate swaps
(net investment hedge)
  $ 32.2       5.54 %     5.48 %   $ 32.2       5.54 %     5.48 %
 

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Commodity Price Risk Management
The Company has entered into a limited number of commodity swap contracts in order to reduce the cash flow exposure to changes in the price of natural gas relative to certain oil-based feedstocks. As of 31 December 2009, the Company did not have outstanding commodity swap contracts. At 30 September 2009, the Company had outstanding contracts hedging the changes in the market price of energy with a notional value of $18.5 and with an average maturity of .2 years.
The table below summarizes the fair value and balance sheet location of the Company’s outstanding derivatives:
                                                 
            31 December   30 September           31 December   30 September
            2009   2009           2009   2009
    Balance Sheet                   Balance Sheet        
    Location   Fair Value   Fair Value   Location   Fair Value   Fair Value
 
Derivatives Designated as Hedging
Instruments:
                                       
Foreign exchange contracts
  Other receivables   $ 31.1     $ 48.8     Accrued liabilities   $ 34.0     $ 55.1  
Interest rate swap contracts
  Other receivables     6.9           Accrued liabilities     .9       .4  
Commodity swap contracts
  Other receivables           4.3     Accrued liabilities           2.4  
Foreign exchange contracts
  Other noncurrent assets     10.1       10.0     Other noncurrent liabilities     36.1       45.4  
Interest rate swap contracts
  Other noncurrent assets     6.7       15.1     Other noncurrent liabilities     3.5       3.0  
 
Total Derivatives Designated as Hedging Instruments
  $ 54.8     $ 78.2             $ 74.5     $ 106.3  
 
Derivatives Not Designated as Hedging Instruments:
                                       
Foreign exchange contracts
  Other receivables   $ 2.4     $ 1.0     Accrued liabilities   $ 1.0     $ 3.4  
 
Total Derivatives
          $ 57.2     $ 79.2             $ 75.5     $ 109.7  
 
Refer to Note 8, Fair Value Measurements, which defines fair value, describes the method for measuring fair value, provides additional disclosures regarding fair value measurements, and discusses the Company’s counterparty risk.
The table below summarizes the gain or loss related to the Company’s cash flow, net investment, and non-designated hedges. The amounts of gain or loss associated with the outstanding fair value hedges are not material.
                                                                 
    Three Months Ended 31 December
    Forward Exchange
Contract
  Foreign Currency
Debt
  Other (a)   Total
    2009   2008   2009   2008   2009   2008   2009   2008
 
Cash Flow Hedges:
Net (gain) loss recognized in OCI (effective portion)
  $ 2.2     $ (14.9 )   $     $     $ .2     $ 3.0     $ 2.4     $ (11.9 )
Net gain (loss) reclassified from OCI to sales/cost of sales (effective portion)
    (2.8 )     (3.7 )                 1.8       .5       (1.0 )     (3.2 )
Net gain (loss) reclassified from OCI to other (income) expense (effective portion)
    (1.5 )     17.6                               (1.5 )     17.6  
 
Net Investment Hedges:
                                                               
Net (gain) loss recognized in OCI
  $ (8.6 )   $ (13.7 )   $ (18.7 )   $ (15.3 )   $ .3     $ (4.5 )   $ (27.0 )   $ (33.5 )
 
Derivatives Not Designated as Hedging
Instruments:
                                                               
Net loss recognized in other (income) expense (b)
  $ 1.0     $ 2.0     $     $     $     $     $ 1.0     $ 2.0  
 
 
(a)   Other includes the impact on other comprehensive income (OCI) and earnings related to commodity swap contracts, interest rate swaps, and currency option contracts.
 
(b)   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.

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Credit Risk-Related Contingent Features
Certain derivative instruments are executed under agreements that require the Company to maintain a credit rating of at least A- from Standard & Poor’s and A3 from Moody’s. If the Company’s credit rating falls below these levels, 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 $23.0 as of 31 December 2009 and $35.0 as of 30 September 2009. Because of the Company’s current credit rating of A from Standard & Poor’s and A2 from Moody’s, no collateral has been posted on these liability positions.
Counterparty Credit Risk Management
The Company executes all derivative transactions with counterparties that are highly rated financial institutions and all of which are investment grade at this time. Some of the Company’s underlying derivative agreements give the Company the right to require the institution to post collateral if its credit rating falls below A- from Standard & Poor’s or A3 from 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 $4.3 as of 31 December 2009 and $14.7 as of 30 September 2009. No financial institution is required to post collateral at this time, as all have credit ratings at or above the threshold.
8. 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 methods and assumptions used to measure the fair value of financial instruments are as follows:
Derivatives
The fair value of the Company’s interest rate swap agreements and foreign exchange contracts are based on estimates using standard pricing models that take into account the present value of future cash flows as of the balance sheet date. 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, the Company randomly tests a subset of its valuations against valuations received from the counterparty to the transaction to validate the accuracy of its standard pricing models. The fair value of commodity swaps is based on current market price as provided by the financial institutions with which the commodity swaps have been executed. Counterparties to these derivative contracts are highly rated financial institutions.
Other Investments
The fair value of other investments is based on quoted market prices in publicly traded companies from the New York and Tokyo Stock Exchanges. Other investments are reported within other noncurrent assets on the balance sheet.
Long-term Debt
The fair value of the Company’s debt is based on estimates using standard pricing models that take into account the present value of future cash flows as of the balance sheet date, and these standard valuation models utilize observable market data such as interest rate yield curves and currency spot rates. The computation of the fair value of these instruments is generally performed by the Company.

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The carrying values and fair values of financial instruments were as follows:
                                 
    31 December 2009   30 September 2009
    Carrying Value   Fair Value   Carrying Value   Fair Value
     
Assets
                               
Derivatives
                               
Foreign exchange contracts
  $ 43.6     $ 43.6     $ 59.8     $ 59.8  
Interest rate swap contracts
    13.6       13.6       15.1       15.1  
Commodity swap contracts
                4.3       4.3  
Other investments
    19.5       19.5       19.4       19.4  
 
 
                               
Liabilities
                               
Derivatives
                               
Foreign exchange contracts
  $ 71.1     $ 71.1     $ 103.9     $ 103.9  
Interest rate swap contracts
    4.4       4.4       3.4       3.4  
Commodity swap contracts
                2.4       2.4  
Long-term debt, including current portion
    4,149.6       4,344.0       4,167.7       4,479.5  
 
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 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 the Company’s own assumptions (about the assumptions market participants would use in pricing the asset or liability).
The following table summarizes assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheets:
                                 
31 December 2009   Total   Level 1   Level 2   Level 3
 
Assets at Fair Value
                               
Derivatives
                               
Foreign exchange contracts
  $ 43.6     $     $ 43.6     $  
Interest rate swap contracts
    13.6             13.6        
Other investments
    19.5       19.5              
 
Total Assets at Fair Value
  $ 76.7     $ 19.5     $ 57.2     $  
 
 
                               
Liabilities at Fair Value
                               
Derivatives
                               
Foreign exchange contracts
  $ 71.1     $     $ 71.1     $  
Interest rate swap contracts
    4.4             4.4        
 
Total Liabilities at Fair Value
  $ 75.5     $     $ 75.5     $  
 
Refer to Note 1 in the Company’s 2009 Form 10-K and Note 7 in this quarterly filing for additional information on the Company’s accounting and reporting of the fair value of financial instruments.

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9. RETIREMENT BENEFITS
The components of net pension cost for the defined benefit pension plans and other postretirement benefit cost for the three months ended 31 December 2009 and 2008 were as follows:
                                                 
    Three Months Ended 31 December
    2009   2008   2009   2008
    Pension Benefits   Other Benefits
    U.S.   International   U.S.   International                
 
Service cost
  $ 10.6     $ 6.2     $ 8.5     $ 6.6     $ 1.2     $ 1.5  
Interest cost
    30.9       15.9       30.7       15.1       1.1       1.4  
Expected return on plan assets
    (41.1 )     (16.8 )     (35.5 )     (13.5 )            
Prior service cost (credit) amortization
    .7       .2       .6       .4             (.3 )
Actuarial loss amortization
    11.7       5.1       1.5       2.3       .7       .4  
Settlement and curtailment charges
          .5                          
Special termination benefits
          3.5       4.4       10.0              
Other
          .8             .1              
 
Net periodic benefit cost
  $ 12.8     $ 15.4     $ 10.2     $ 21.0     $ 3.0     $ 3.0  
 
Special termination benefits for the three months ended 31 December 2009 and 2008 included $3.5 and $14.2 for the global cost reduction plan, respectively.
For the three months ended 31 December 2009 and 2008, the Company’s cash contributions to funded plans and benefit payments under unfunded plans were $255.7 and $42.6, respectively. Total contributions for fiscal 2010 are expected to be approximately $360. During fiscal 2009, total contributions were $184.8.
10. COMMITMENTS AND CONTINGENCIES
Litigation
The Company is involved in various legal proceedings, including competition, environmental, health, safety, product liability, and insurance matters. During the third quarter of 2008, a unit of the Brazilian Ministry of Justice issued a report (previously issued in January 2007, and then withdrawn) on its investigation of the Company’s Brazilian subsidiary, Air Products Brasil Ltda., and several other Brazilian industrial gas companies. The report recommended that the Brazilian Administrative Council for Economic Defense impose sanctions on Air Products Brasil Ltda. and the other industrial gas companies for alleged anticompetitive activities. The Company is actively defending this action and cannot, at this time, reasonably predict the ultimate outcome of the proceedings or sanctions, if any, that will be imposed. While the Company does not expect that any sums it may have to pay in connection with this or any other legal proceeding would have a materially adverse effect on its consolidated financial position or net cash flows, a future charge for regulatory fines or damage awards could have a significant impact on the Company’s net income in the period in which it is recorded.
Environmental
Accruals for environmental loss contingencies are recorded when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The consolidated balance sheets at 31 December 2009 and 30 September 2009 included an accrual of $93.3 and $95.0, respectively, primarily as part of other noncurrent liabilities. The environmental liabilities will be paid over a period of up to 30 years. The Company estimates the exposure for environmental loss contingencies to range from $93 to a reasonably possible upper exposure of $107 as of 31 December 2009.
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. In December 2009, the Company completed the sale of this facility. The Company is required by the New Jersey state law to investigate and, if contaminated, remediate a site upon its sale. The Company estimates that it will take at least several years to complete the investigation/remediation efforts at this site.
Refer to Note 16 to the consolidated financial statements in the Company’s 2009 Form 10-K for information on the Company’s environmental accruals related to the Pace, Florida, Piedmont, S.C., and Paulsboro, N.J. facilities. At 31 December 2009, the

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accrual balances associated with the Pace, Florida, Piedmont, S.C., and Paulsboro, N.J. facilities totaled $37.7, $22.1, and $15.7, respectively.
11. SHARE-BASED COMPENSATION
The Company has various share-based compensation programs, which include stock options, deferred stock units, and restricted shares. During the three months ended 31 December 2009, the Company granted 1.0 million stock options at a weighted-average exercise price of $83.60 and an estimated fair value of $25.94 per option. The fair value of these options was estimated using a lattice-based option valuation model that used the following assumptions: expected volatility of 32.6%; expected dividend yield of 2.1%; expected life in years of 6.7-8.0; and a risk-free interest rate of 2.9%-3.3%. In addition, the Company granted 241,606 deferred stock units at a weighted-average grant-date fair value of $83.58 and 30,886 restricted shares at a weighted-average grant-date fair value of $83.60. Refer to Note 18 in the Company’s 2009 Form 10-K for information on the valuation and accounting for these programs.
Share-based compensation cost charged against income in the three months ended 31 December 2009 was $7.7 ($4.8 after-tax). Of the share-based compensation cost recognized, $5.7 was a component of selling and administrative expense, $1.6 a component of cost of sales, and $.4 a component of research and development. Share-based compensation cost charged against income in the three months ended 31 December 2008 was $17.5 ($10.7 after-tax). The amount of share-based compensation cost capitalized in 2010 and 2009 was not material.

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12. EQUITY
The following is a summary of the changes in total equity for the three months ended 31 December:
                                                 
    2009   2008
            Non-                   Non-    
    Air   controlling   Total   Air   controlling   Total
    Products   Interests   Equity   Products   Interests   Equity
 
Balance at 30 September
  $ 4,791.9     $ 138.1     $ 4,930.0     $ 5,030.7     $ 136.2     $ 5,166.9  
Defined benefit plans measurement date change, net of tax of $14.0
                      27.7             27.7  
 
Adjusted Balance at 30 September
  $ 4,791.9     $ 138.1     $ 4,930.0     $ 5,058.4     $ 136.2     $ 5,194.6  
Net Income
    251.8       5.0       256.8       68.6       5.0       73.6  
Components of Other Comprehensive Income (Loss), net of tax:
                                               
Translation adjustments, net of tax (benefit) of $8.3 and $(16.0)
    34.2       .7       34.9       (317.8 )     (3.2 )     (321.0 )
Net (loss) gain on derivatives, net of tax (benefit) of $(1.1) and $9.2
    (2.4 )           (2.4 )     11.9             11.9  
Unrealized holding gain (loss) on available-for-sale securities, net of tax (benefit) of $.1 and $(.6)
    .1             .1       (1.1 )           (1.1 )
Reclassification adjustments:
                                               
Currency translation adjustment
                      (3.2 )           (3.2 )
Derivatives, net of tax (benefit) of $.8 and $(9.7)
    2.5             2.5       (14.4 )           (14.4 )
Pension and postretirement benefits, net of tax of $6.5 and $1.3
    12.2       .2       12.4       2.8             2.8  
 
Total Other Comprehensive Income (Loss)
    46.6       .9       47.5       (321.8 )     (3.2 )     (325.0 )
 
Comprehensive Income (Loss)
    298.4       5.9       304.3       (253.2 )     1.8       (251.4 )
 
Dividends on common stock (per share $.45, $.44)
    (95.5 )           (95.5 )     (92.2 )           (92.2 )
Dividends to noncontrolling interests
          (.2 )     (.2 )                  
Share-based compensation expense
    7.7             7.7       17.5             17.5  
Issuance of treasury shares for stock option and award plans
    20.6             20.6       (4.5 )           (4.5 )
Tax benefits of stock option and award plans
    11.9             11.9       .9             .9  
Contribution from noncontrolling interests
          6.5       6.5                    
Other equity transactions
    (1.1 )     (.1 )     (1.2 )     (.8 )     (.1 )     (.9 )
 
Balance at 31 December
  $ 5,033.9     $ 150.2     $ 5,184.1     $ 4,726.1     $ 137.9     $ 4,864.0  
 

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13. EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per share (EPS):
                 
    Three Months Ended
    31 December
    2009   2008
 
NUMERATOR
               
Net Income Attributable to Air Products (used in basic and diluted EPS)
               
Income from continuing operations
  $ 251.8     $ 90.0  
Loss from discontinued operations
          (21.4 )
 
Net Income Attributable to Air Products
  $ 251.8     $ 68.6  
 
DENOMINATOR (in millions)
               
Weighted average number of common shares used in basic EPS
    211.7       209.4  
Effect of dilutive securities
               
Employee stock options
    4.4       1.7  
Other award plans
    .9       1.0  
 
 
    5.3       2.7  
 
Weighted average number of common shares and dilutive potential common shares used in diluted EPS
    217.0       212.1  
 
BASIC EPS ATTRIBUTABLE TO AIR PRODUCTS
               
Income from continuing operations
  $ 1.19     $ .43  
Loss from discontinued operations
          (.10 )
 
Net Income Attributable to Air Products
  $ 1.19     $ .33  
 
DILUTED EPS ATTRIBUTABLE TO AIR PRODUCTS
               
Income from continuing operations
  $ 1.16     $ .42  
Loss from discontinued operations
          (.10 )
 
Net Income Attributable to Air Products
  $ 1.16     $ .32  
 
Options on 2.2 million shares and 8.8 million shares were antidilutive and therefore excluded from the computation of diluted earnings per share for the three months ended 31 December 2009 and 2008, respectively.
14. SUPPLEMENTAL INFORMATION
2009 Customer Bankruptcy
As a result of events which occurred during the third quarter of 2009, the Company recognized a $22.2 charge primarily for the write-off of certain receivables due to a customer bankruptcy. This customer, who principally receives product from the Tonnage Gases segment, began operating under Chapter 11 bankruptcy protection on 6 January 2009. Sales and operating income associated with this customer are not material to the Tonnage Gases segment’s results. At 31 December 2009, the Company had remaining outstanding receivables with the customer of $16.3. At the present time, the Company does not expect to recognize additional charges related to this customer.
Share Repurchase Program
On 20 September 2007, the Board of Directors authorized the repurchase of up to $1,000 of the Company’s outstanding common stock. In the first quarter of 2010, the Company did not purchase any shares under this authorization. At 31 December 2009, $649.2 in share repurchase authorization remains.

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15. BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION
The Company’s segments are organized based on differences in product and/or type of customer. The Company has four business segments consisting of Merchant Gases, Tonnage Gases, Electronics and Performance Materials, and Equipment and Energy.
Business Segment Information
                 
    Three Months Ended
    31 December
    2009   2008
 
Revenues from External Customers
               
Merchant Gases
  $ 933.6     $ 925.2  
Tonnage Gases
    697.9       744.0  
Electronics and Performance Materials
    433.4       406.6  
Equipment and Energy
    108.6       119.5  
 
Segment and Consolidated Totals
  $ 2,173.5     $ 2,195.3  
 
 
               
Operating Income
               
Merchant Gases
  $ 189.6     $ 170.5  
Tonnage Gases
    100.2       108.8  
Electronics and Performance Materials
    48.4       24.6  
Equipment and Energy
    7.8       7.0  
 
Segment Totals
  $ 346.0     $ 310.9  
Global cost reduction plan
          (174.2 )
Other
    (1.0 )     (22.6 )
 
Consolidated Totals
  $ 345.0     $ 114.1  
 
 
    31 December   30 September
    2009   2009
 
Identifiable Assets (a)
               
Merchant Gases
  $ 4,916.5     $ 4,917.0  
Tonnage Gases
    3,752.3       3,597.8  
Electronics and Performance Materials
    2,234.6       2,249.5  
Equipment and Energy
    307.1       303.3  
 
Segment Totals
  $ 11,210.5     $ 11,067.6  
Other
    821.6       1,088.4  
Discontinued operations
    4.2       5.0  
 
Consolidated Totals
  $ 12,036.3     $ 12,161.0  
 
 
(a)   Identifiable assets are equal to total assets less investments in and advances to equity affiliates.
Geographic Information
                 
    Three Months Ended
    31 December
    2009   2008
 
Revenues from External Customers
               
North America
  $ 1,027.9     $ 1,110.5  
Europe
    724.3       717.4  
Asia
    371.5       325.6  
Latin America
    49.8       41.8  
 
Total
  $ 2,173.5     $ 2,195.3  
 
Geographic information is based on country of origin. The Europe segment operates principally in Belgium, France, Germany, the Netherlands, Poland, the U.K., and Spain. The Asia segment operates principally in China, Japan, Korea, and Taiwan.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Millions of dollars, except for share data)
The disclosures in this quarterly report are complementary to those made in the Company’s 2009 Form 10-K. An analysis of results for the first quarter of 2010 is provided in the Management’s Discussion and Analysis to follow.
All comparisons in the discussion are to the corresponding prior year unless otherwise stated. All amounts presented are in accordance with U.S. generally accepted accounting principles, except as noted. All amounts are presented in millions of dollars, except for share data, unless otherwise indicated.
Unless otherwise indicated, captions such as income from continuing operations attributable to Air Products and net income attributable to Air Products are simply referred to as “income from continuing operations” and “net income” throughout this Management’s Discussion and Analysis.
FIRST QUARTER 2010 VS. FIRST QUARTER 2009
FIRST QUARTER 2010 IN SUMMARY
    Sales of $2,173.5 declined 1%. Lower energy and raw material cost pass-through to customers due to lower natural gas prices reduced sales by 7%. This decline was partially offset by favorable currency of 4% and higher underlying sales of 2% led by volume increases in the Tonnage and Electronics and Performance Materials segments.
 
    Operating income of $345.0 increased $230.9 due to the prior year cost reduction charge of $174.2, higher volumes, cost improvements and favorable currency and foreign exchange.
 
    Income from continuing operations of $251.8 increased $161.8 and diluted earnings per share from continuing operations of $1.16 increased $.74. A summary table of changes in diluted earnings per share is presented below.
 
    Loss from discontinued operations in the prior year of $21.4 included an after-tax impairment charge of $30.9, or $.15 per share, and a tax benefit of $8.8, or $.04 per share, related to the U.S. Healthcare business.

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Changes in Diluted Earnings per Share Attributable to Air Products
                         
    Three Months    
    Ended 31 December   Increase
    2009   2008   (Decrease)
 
Diluted Earnings per Share
                       
 
                       
Net Income
  $ 1.16     $ .32     $ .84  
Discontinued Operations
          (.10 )     .10  
 
Continuing Operations
  $ 1.16     $ .42     $ .74  
 
 
                       
Operating Income (after-tax)
                       
Underlying business
                       
Volume
                    .12  
Price/raw materials
                    (.05 )
Costs
                    .06  
Currency
                    .07  
Global cost reduction plan
                    .55  
 
Operating Income
                    .75  
 
                       
Other (after-tax)
                       
Equity affiliate income
                    .01  
Interest expense
                    .02  
Income tax rate
                    (.01 )
Average shares outstanding
                    (.03 )
 
Other
                    (.01 )
 
                       
 
Total Change in Diluted Earnings per Share from Continuing Operations
                  $ .74  
 
RESULTS OF OPERATIONS
Discussion of Consolidated Results
                         
    Three Months    
    Ended 31 December    
    2009   2008   % Change
 
Sales
  $ 2,173.5     $ 2,195.3       (1 )%
Operating income
    345.0       114.1       202 %
Equity affiliates’ income
    26.9       24.5       10 %
 
Sales
         
    % Change from
    Prior Year
 
Underlying business
       
Volume
    3 %
Price
    (1 )%
Currency
    4 %
Energy and raw material cost pass-through
    (7 )%
 
Total Consolidated Change
    (1 )%
 
Sales of $2,173.5 decreased 1% or $21.8. Energy and raw material contractual cost pass-through to customers reduced sales by 7% due to significantly lower natural gas prices. Currency favorably impacted sales by 4%, due to the weaker U.S. dollar. Underlying business increased 2% due to higher volumes in the Tonnage and Electronics and Performance Materials segments. Volume performance in the Merchant Gases segment decreased, with declines in the U.S. and Europe more than offsetting strength in Asia.

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Operating Income
Operating income of $345.0 increased $230.9.
    Underlying business increased $37, primarily from higher volumes in the Tonnage and Electronics and Performance Material segments and improved cost performance.
 
    Favorable currency translation and foreign exchange impacts increased operating income by $20.
 
    In the prior year, the global cost reduction charge reduced operating income by $174.
Equity Affiliates’ Income
Income from equity affiliates of $26.9 increased $2.4.
Selling and Administrative Expense (S&A)
S&A expense of $244.1 decreased 1%, or $2.9. S&A as a percent of sales decreased to 11.2% from 11.3%. Reduced costs, due primarily to cost reduction efforts, were offset partially by unfavorable currency.
Research and Development (R&D)
R&D expense of $27.2 decreased 18%, or $6.0, primarily due to the impact of cost reduction actions. R&D, as a percent of sales, decreased from 1.5% to 1.3%.
Global Cost Reduction Plan
In the first quarter of 2009, the results from continuing operations included a charge of $174.2 ($116.1 after-tax, or $.55 per share) for the global cost reduction plan. For additional information on this charge, as well as a subsequent charge for the plan in the third quarter of 2009, refer to the Company’s 2009 Form 10-K.
The planned actions associated with the global cost reduction plan are expected to be substantially completed within one year of when the related charges were recognized. As of 31 December 2009, the majority of the planned actions associated with the first quarter 2009 charge were completed, with the exception of certain position eliminations and/or associated benefit payments. These actions are expected to be completed in the second quarter of 2010.
Cost savings of approximately $155 are expected for 2010. Beyond 2010, the Company expects annualized savings of approximately $180, of which the majority is related to personnel costs.
Other Income, Net
Items recorded to other income arise from transactions and events not directly related to the principal income earning activities of the Company.
Other income of $11.4 increased $8.5, primarily due to foreign exchange losses in the prior year. Otherwise, no individual items were significant in comparison to the prior year.
Interest Expense
                 
    Three Months
    Ended 31 December
    2009   2008
 
Interest incurred
  $ 36.4     $ 41.7  
Less: capitalized interest
    4.8       5.2  
 
Interest expense
  $ 31.6     $ 36.5  
 
Interest incurred decreased $5.3. The decrease was primarily driven by lower average interest rates on variable rate debt, partially offset by a higher average debt balance and the impact of a weaker dollar on the translation of foreign currency interest.

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Effective Tax Rate
The effective tax rate equals the income tax provision divided by income from continuing operations before taxes less noncontrolling interests. The effective tax rate was 24.9% and 7.3% in the first quarter of 2010 and 2009, respectively. The effective tax rate was higher in 2010 as tax credits had a lower relative impact due to higher taxable income. The global cost reduction charge in 2009 significantly reduced income from continuing operations before taxes.
Discontinued Operations
In fiscal 2009, the Company completed the divestiture of its U.S. Healthcare business which has been accounted for as discontinued operations. For additional historical information on this divestiture, refer to the Company’s 2009 Form 10-K.
In the first quarter of 2009, the U.S. Healthcare business generated sales of $48.2 and income from operations, net of tax, of $.7. In addition, the Company recorded an impairment charge of $48.7 ($30.9 after-tax, or $.15 per share) reflecting a revision in the estimated net realizable value of the U.S. Healthcare business. Also, a tax benefit of $8.8, or $.04 per share, was recorded to revise the estimated tax benefit related to previously recognized impairment charges.
Net Income
Net income was $251.8 compared to $68.6. Diluted earnings per share was $1.16 compared to $.32. A summary table of changes in earnings per share is presented on page 21.
Segment Analysis
Merchant Gases
                         
    Three Months    
    Ended 31 December    
    2009   2008   %Change
 
Sales
  $ 933.6     $ 925.2       1 %
Operating income
    189.6       170.5       11 %
Equity affiliates’ income
    21.3       22.0       (3 )%
 
Merchant Gases Sales
         
    % Change from
    Prior Year
 
Underlying business
       
Volume
    (5 )%
Price
    %
Currency
    6 %
 
Total Merchant Gases Sales Change
    1 %
 
Sales of $933.6 increased 1%, or $8.4. Sales increased 6% from favorable currency effects, driven primarily by the weakening of the U.S. dollar. Volumes declined 5% due to lower demand in North America and Europe more than offsetting volume increases in Asia.
In North America, sales decreased 11%, with volumes down 9% and price down 2%. Volumes in the first two months of the prior year first quarter were relatively strong as the global economic crisis impacted volumes late in the first quarter. The price decline was due to lower surcharge activity and lower liquid hydrogen pricing. In Europe, sales increased 6%, primarily due to favorable currency impacts of 9%. Volumes unfavorably impacted sales by 4%, with price adding 1%. The unfavorable impact of the weak manufacturing environment was partially offset by increased pricing and Healthcare volumes. In Asia, sales increased 13%, with volumes up 11% and a favorable currency impact of 5%. Lower pricing decreased sales by 3%. Volumes continued to improve across Asia, driven by steel and electronics customers. The price decline is principally in liquid argon as increased capacity came on-stream in the region.
Merchant Gases Operating Income
Operating income of $189.6 increased 11%, or $19.1. The increase was primarily due to higher pricing and lower costs of $26 and favorable currency of $12, partially offset by reduced volume of $19. The improved costs were a result of global cost actions focused on workforce reduction, distribution efficiency, and reduced plant operating costs.

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Tonnage Gases
                         
    Three Months    
    Ended 31 December    
    2009   2008   % Change
 
Sales
  $ 697.9     $ 744.0       (6 )%
Operating income
    100.2       108.8       (8 )%
 
Tonnage Gases Sales
         
    % Change from
    Prior Year
 
Underlying business
       
Volume
    11 %
Currency
    4 %
Energy and raw material costs pass-through
    (21 )%
 
Total Tonnage Gases Sales Change
    (6 )%
 
Sales of $697.9 decreased 6%, or $46.1. Lower energy and raw material contractual cost pass-through to customers due to lower natural gas prices reduced sales by 21%. Volumes increased 11% due to continued improvement in steel and chemical customers and new plants coming on-stream. Currency favorably impacted sales by 4%, driven primarily by the weakening of the U.S. dollar.
Tonnage Gases Operating Income
Operating income of $100.2 decreased 8%, or $8.6. The decline was a result of lower operating efficiencies and higher planned maintenance costs of $34, partially offset by increased volumes of $23 and favorable currency impacts of $2.
Electronics and Performance Materials
                         
    Three Months    
    Ended 31 December    
    2009   2008   % Change
 
Sales
  $ 433.4     $ 406.6       7 %
Operating income
    48.4       24.6       97 %
 
Electronics and Performance Materials Sales
         
    % Change from
    Prior Year
 
Underlying business
       
Volume
    11 %
Price
    (6 )%
Currency
    2 %
 
Total Electronics and Performance Materials Sales Change
    7 %
 
Sales of $433.4 increased 7%, or $26.8, due to higher volumes of 11% and favorable currency impacts of 2%. These increases were partially offset by unfavorable pricing of 6%. Electronics sales were down 2% and were impacted by lower prices and lower services and equipment sales. Performance Materials sales increased 18%, reflecting increased demand across end markets in Asia.
Electronics and Performance Materials Operating Income
Operating income of $48.4 increased 97%, or $23.8, primarily due to improved sales volumes and reduced costs due to productivity and cost reduction efforts, partially offset by reduced pricing.

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Equipment and Energy
                         
    Three Months    
    Ended 31 December    
    2009   2008   %Change
 
Sales
  $ 108.6     $ 119.5       (9 )%
Operating income
    7.8       7.0       11 %
 
Equipment and Energy Sales and Operating Income
Sales of $108.6 decreased 9%, or $10.9, due to lower project activity. Operating income of $7.8 increased primarily from lower energy development spending, which was partially offset by restructuring costs to close a European manufacturing facility.
The sales backlog for the Equipment business at 31 December 2009 was $327, compared to $239 at 30 September 2009.
Other
Other operating income (loss) includes expense and income that cannot be directly associated with the business segments, including foreign exchange gains and losses, interest income and costs previously allocated to businesses now reported as discontinued operations. Also included are LIFO inventory adjustments, as the business segments use FIFO and the LIFO pool adjustments are not allocated to the business segments. Corporate general and administrative costs and research and development costs are fully allocated to the business segments.
Other operating loss was $(1.0) compared to a loss of $(22.6) primarily due to unfavorable foreign exchange and an unfavorable LIFO inventory adjustment in the prior year. No other individual items were significant in comparison to the prior year.
                 
    Three Months
    Ended 31 December
    2009   2008
 
Operating loss
  $ (1.0 )   $ (22.6 )
 
PENSION BENEFITS
Refer to Note 9 to the consolidated financial statements for details on pension cost and cash contributions. For additional information on the Company’s pension benefits and associated accounting policies, refer to the Pension Benefits section of Management’s Discussion and Analysis and Note 15 to the consolidated financial statements in the Company’s 2009 Form 10-K.
LIQUIDITY AND CAPITAL RESOURCES
Cash Flow
The narrative below refers to the consolidated statements of cash flows included on page 6.
Operating Activities
Net cash provided by operating activities decreased $5.3, or 3%. The decrease resulted from unfavorable changes in working capital of $273.9, mostly offset by an increase in net income of $183.2 combined with the favorable impact of noncash adjustments to income of $85.4.
Noncash adjustments include depreciation and amortization, impairment charges, deferred income taxes, and share-based compensation cost. These adjustments also include changes in operating assets, such as noncurrent capital lease receivables, and liabilities which reflect timing differences between the receipt or disbursement of cash and their recognition in earnings.
    Net income in the current year included a noncash expense for deferred income taxes as the benefit of higher pension plan contributions and the utilization of tax benefit carry-forwards were reflected in the current provision. Net income in 2009 included noncash impairment charges of $80.8 related to the global cost reduction plan and the discontinued U.S. Healthcare business.

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Changes in working capital resulted in a $273.9 negative cash flow variance and included:
    A $247.0 negative cash flow variance due to a higher use of cash for payables and accrued liabilities. This variance was due primarily to pension contributions of $255.7 in 2010 compared to $42.6 in 2009.
 
    A $128.7 negative cash flow variance in trade receivables. The prior year reflected a positive cash flow of $101.7 resulting from a significant drop off in sales.
 
    An $86.0 positive cash flow variance from other receivables due primarily to changes in derivative receivables.
Investing Activities
Cash used for investing activities decreased $29.9, due principally to changes in restricted cash of $44.9.
    Decreases in the restricted cash balances caused by project spending resulted in a source of cash of $13.2 in 2010. Prior year activity resulted in a use of cash of $31.7 as new bond proceeds exceeded project spending. The proceeds from the issuance of certain Industrial Revenue Bonds must be held in escrow until related project spending occurs and are classified as noncurrent assets in the balance sheet.
Capital expenditures are detailed in the table below.
                 
    Three Months Ended
    31 December
    2009   2008
 
Additions to plant and equipment
  $ 288.8     $ 291.7  
Acquisitions, less cash acquired
    9.9       1.6  
Investment in and advances to unconsolidated affiliates
    3.0       0.1  
 
Capital expenditures on a GAAP basis
  $ 301.7     $ 293.4  
Capital lease expenditures (a)
    43.5       39.5  
 
Capital expenditures on a Non-GAAP basis
  $ 345.2     $ 332.9  
 
 
(a)   The Company utilizes a non-GAAP measure in the computation of capital expenditures and includes spending associated with facilities accounted for as capital leases. Certain contracts associated with facilities that are built to provide product to a specific customer are required to be accounted for as leases, and such spending is reflected as a use of cash within cash provided by operating activities. The presentation of this non-GAAP measure is intended to enhance the usefulness of information by providing a measure which the Company’s management uses internally to evaluate and manage the Company’s expenditures.
Financing Activities
Cash used for financing activities increased $206.6, primarily due to a net decrease in borrowings of $237.8, partially offset by higher proceeds of $26.6 from stock option exercises.
    Company borrowings (short- and long-term proceeds, net of repayments) were a net repayment of $24.5 as compared to net borrowings of $213.3 during 2009. Borrowings in 2009 included the issuance of $80.0 of Industrial Revenue Bonds and $165.8 of commercial paper.
Total debt at 31 December 2009 and 30 September 2009, expressed as a percentage of the sum of total debt and total equity, was 46.0% and 47.7%, respectively. Total debt decreased from $4,501.5 at 30 September 2009 to $4,418.7 at 31 December 2009.
The Company’s total multicurrency revolving facility, maturing in May 2011, amounted to $1,450.0 at 31 December 2009. No borrowings were outstanding under these commitments. Additional commitments totaling $449.9 are maintained by the Company’s foreign subsidiaries, of which $293.2 were utilized at 31 December 2009.
On 20 September 2007, the Board of Directors authorized the repurchase of up to $1,000 of the Company’s outstanding common stock. In the first quarter of 2010, the Company did not purchase any shares under this authorization. At 31 December 2009, $649.2 in share repurchase authorization remained.

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CONTRACTUAL OBLIGATIONS
The Company is obligated to make future payments under various contracts such as debt agreements, lease agreements, unconditional purchase obligations and other long-term obligations. There have been no material changes to contractual obligations as reflected in the Management’s Discussion and Analysis in the Company’s 2009 Form 10-K.
COMMITMENTS AND CONTINGENCIES
Refer to Note 16 to the consolidated financial statements in the Company’s 2009 Form 10-K and Note 10 in this quarterly filing.
OFF-BALANCE SHEET ARRANGEMENTS
There have been no material changes to off-balance sheet arrangements as reflected in the Management’s Discussion and Analysis in the Company’s 2009 Form 10-K. The Company is not a primary beneficiary in any material variable interest entity. The Company’s off-balance sheet arrangements are not reasonably likely to have a material impact on financial condition, changes in financial condition, and results of operations or liquidity.
RELATED PARTY TRANSACTIONS
The Company’s principal related parties are equity affiliates operating in the industrial gas business. The Company did not engage in any material transactions involving related parties that included terms or other aspects that differ from those which would be negotiated at arm’s length with clearly independent parties.
MARKET RISKS AND SENSITIVITY ANALYSIS
Information on the Company’s utilization of financial instruments and an analysis of the sensitivity of these instruments to selected changes in market rates and prices is included in the Company’s 2009 Form 10-K.
There were no material changes to market risk sensitivities for interest rate risk on fixed debt, foreign currency exchange rate risk, or commodity price risk since 30 September 2009.
The net financial instrument position decreased from a liability of $4,510 at 30 September 2009 to a liability of $4,362 at 31 December 2009, primarily due to the impact of a stronger U.S. dollar on the translation of foreign currency debt and the impact of higher interest rates on the market value of long-term debt.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Management’s Discussion and Analysis of the Company’s financial condition and results of operations is based on the consolidated financial statements and accompanying notes that have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
The significant accounting policies of the Company are described in Note 1 to the consolidated financial statements and the critical accounting policies and estimates are described in the Management’s Discussion and Analysis included in the 2009 Form 10-K. Information concerning the Company’s implementation and impact of new accounting standards issued by the FASB is included in Note 2 to the consolidated financial statements. There have been no changes in accounting policy in the current period that had a material impact on the Company’s financial condition, change in financial condition, liquidity or results of operations.
NEW ACCOUNTING GUIDANCE
See Note 2 to the consolidated financial statements for information concerning the Company’s implementation and impact of new accounting guidance.

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FORWARD-LOOKING STATEMENTS
This document contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date this Report is filed regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including, without limitation, longer than anticipated delay in global economic recovery; renewed deterioration in economic and business conditions; weakening demand for the Company’s products; future financial and operating performance of major customers and industries served by the Company; inability to collect receivables from or recovery of payments made by customers in bankruptcy proceedings; unanticipated contract terminations or customer cancellations or postponement of projects and sales; asset impairments due to economic conditions or specific product or customer events; costs associated with future restructuring actions which are not currently planned or anticipated; the impact of competitive products and pricing; interruption in ordinary sources of supply of raw materials; the ability to recover unanticipated increased energy and raw material costs from customers; costs and outcomes of litigation or regulatory activities; consequences of acts of war or terrorism impacting the United States and other markets; the effects of a pandemic or epidemic or a natural disaster; charges related to current portfolio management and cost reduction actions; the success of implementing cost reduction programs and achieving anticipated acquisition synergies; the timing, impact, and other uncertainties of future acquisitions or divestitures; significant fluctuations in interest rates and foreign currencies from that currently anticipated; the continued availability of capital funding sources in all of the Company’s foreign operations; the impact of new or changed environmental, healthcare, tax or other legislation and regulations in jurisdictions in which the Company and its affiliates operate; the impact of new or changed financial accounting guidance; the timing and rate at which tax credits can be utilized and other risk factors described in the Company’s Form 10-K for its fiscal year ended 30 September 2009. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this document to reflect any change in the Company’s assumptions, beliefs or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Refer to the Market Risks and Sensitivity Analysis on page 27 of Item 2 in Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Item 4. Controls and Procedures
We maintain a comprehensive set of disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) designed to ensure that information required to be disclosed in our filings under the Exchange Act is recorded, processed, summarized and reported accurately and within the time periods specified in the SEC’s rules and forms. As of 31 December 2009 (the Evaluation Date), an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures was carried out under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the Evaluation Date, the design and operation of these disclosure controls and procedures were effective to provide reasonable assurance of the achievement of the objectives described above.
During the quarter that ended on the Evaluation Date, there was no change in internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION
Item 6. Exhibits.
Exhibits required by Item 601 of Regulation S-K
     
10.1
  Form of Award Agreement under the Long-Term Incentive Plan of the Company, used for FY2010 awards.
 
   
12.
  Computation of Ratios of Earnings to Fixed Charges.
 
   
31.1.
  Certification by the Principal Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
 
   
31.2.
  Certification by the Principal Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
 
   
32.
  Certification by the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. †
 
   
101.INS
  XBRL Instance Document††
 
   
101.SCH
  XBRL Taxonomy Extension Schema††
 
   
101.CAL
  XBRL Taxonomy Extension Calculation Linkbase††
 
   
101.LAB
  XBRL Taxonomy Extension Label Linkbase††
 
   
101.PRE
  XBRL Taxonomy Extension Presentation Linkbase††
 
   
101.DEF
  XBRL Taxonomy Extension Definition Linkbase††
 
  The certification attached as Exhibit 32 that accompanies this Quarterly Report on Form 10-Q, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Air Products and Chemicals, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Form 10-Q, irrespective of any general incorporation language contained in such filing.
 
††   In accordance with Rule 402 of Regulation S-T, the information in these exhibits shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
             
    Air Products and Chemicals, Inc.    
         
    (Registrant)    
 
           
Date: 26 January 2010
  By:   /s/ Paul E. Huck    
 
           
 
      Paul E. Huck    
    Senior Vice President and Chief Financial Officer    

30


Table of Contents

EXHIBIT INDEX
     
10.1
  Form of Award Agreement under the Long-Term Incentive Plan of the Company, used for FY2010 awards.
 
   
12.
  Computation of Ratios of Earnings to Fixed Charges.
 
   
31.1.
  Certification by the Principal Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
 
   
31.2.
  Certification by the Principal Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
 
   
32.
  Certification by the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. †
 
   
101.INS
  XBRL Instance Document††
 
   
101.SCH
  XBRL Taxonomy Extension Schema††
 
   
101.CAL
  XBRL Taxonomy Extension Calculation Linkbase††
 
   
101.LAB
  XBRL Taxonomy Extension Label Linkbase††
 
   
101.PRE
  XBRL Taxonomy Extension Presentation Linkbase††
 
   
101.DEF
  XBRL Taxonomy Extension Definition Linkbase††
 
  The certification attached as Exhibit 32 that accompanies this Quarterly Report on Form 10-Q, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Air Products and Chemicals, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Form 10-Q, irrespective of any general incorporation language contained in such filing.
 
††   In accordance with Rule 402 of Regulation S-T, the information in these exhibits shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

31

EX-10.1 2 y81516exv10w1.htm EX-10.1 exv10w1
Exhibit 10.1
IMPORTANT — ACTION REQUIRED: In order for your FY10 stock awards to become effective, you must use the voting button at the top of this email, click on “I agree to the award terms & conditions” and reply by 28 February 2010. Failure to respond by this date will result in forfeiture of your award.
 
Company Confidential Communication to: «First_name» «Last_name»
I would like to take this opportunity to thank you for your commitment to the Company both in the past and most importantly looking forward. You play an important role in the future performance of our Company.
One of the priorities of our management compensation program is to provide you with the opportunity to share in the long-term success of Air Products. As a result, I am pleased to present your 2010 stock awards under the Company’s Long-Term Incentive Plan. These awards make up the long-term component of your total pay package and link your personal wealth to the performance of the Company.
Your 2010 awards are valued at $<Tot Value> and include:
  A Nonstatutory Stock Option to purchase «Stock_Option» shares of Common Stock at a purchase price of $83.60 per share, which is the 1 December 2009 closing sale price of a share of Common Stock, valued at $«SO Value»; and
 
  An award of «RSU» 4-Year Restricted Shares of Company Common Stock issued to you as of 1 December 2009 valued at $<RS Value>; and
 
  «Perf_Share» Deferred Stock Units with a three year performance period valued at $<PS Value>, each Unit (a “Performance Share”) being equivalent in value to one share of Common Stock.
Thank you again for your dedication and on-going contributions to Air Products.
Your 2010 Awards are subject to and contingent upon your agreement to the attached conditions described in Exhibit A. Please read these conditions carefully, particularly the descriptions of “Prohibited Activities”. This letter, together with its Exhibit, constitutes the agreement governing your 2010 Awards (“Awards Agreement”). Your 2010 Awards are also at all times subject to the applicable provisions of the Long-Term Incentive Plan (the “Plan”) and to any determinations made by the Committee (or its delegate) with respect to your 2010 Awards as contemplated or permitted by the Plan or the Conditions.
Neither your 2010 Awards, this Awards Agreement or the Plan constitute a contract of employment; nor do they guarantee your continued employment for any period required for all or any of your 2010 Awards to vest, become exercisable, be earned or be paid out. Except as otherwise indicated all capitalized words used in this Awards Agreement have the meanings described in the Plan.

 


 

WITNESSETH the due execution of this Awards Agreement at Allentown, Pennsylvania effective as of the 1st day of December 2009 intending to be legally bound hereby.
         
  AIR PRODUCTS AND CHEMICALS, INC.
 
 
  By:      
    (-s- John E. McGlade)   
    John E. McGlade   
 
Exhibit

 


 

EXHIBIT A
AIR PRODUCTS AND CHEMICALS, INC. (the “Company”)
LONG-TERM INCENTIVE PLAN
FY2010 AWARD AGREEMENT
1.   As described in the foregoing grant letter, you are hereby granted FY2010 Awards consisting of Stock Options (“Options”), Restricted Shares of Company Common Stock (“Restricted Shares”), and Deferred Stock Units to be called “Performance Shares” under the Air Products and Chemicals, Inc. Long-Term Incentive Plan (the “Plan”). The Options are “Nonstatutory Stock Options” as described in Section 6 of the Plan. The Restricted Shares are described in Section 8 of the Plan. The Deferred Stock Units are described in Section 9 of the Plan. The Management Development and Compensation Committee of the Company’s Board of Directors (the “Committee”) has approved these Awards subject to the applicable provisions of the Plan and the terms of this Agreement, and contingent upon your acceptance of this Agreement. Except as noted herein, all capitalized terms used in this Agreement have the meaning ascribed to them in the Plan. A copy of the Plan is available from the Corporate Secretary’s Office of the Company, 7201 Hamilton Boulevard, Allentown, PA 18195-1501.
2.   Each Option entitles you to purchase one share of Company Common Stock (“Share”) at a purchase price of $83.60 (the “Grant Price”) as described below. You can first purchase Shares as follows: (i) up to one-third of the Shares may be purchased on or after 1 December 2010 and (ii) up to an additional one-third of such Shares may be purchased on or after 1 December 2011 and 2012, respectively. The Options are granted as of 1 December 2009 and will continue for a period of ten (10) years from such grant date and will expire and no longer be exercisable after 1 December 2019.
3.   You may purchase Shares covered by an Option by providing to the Company’s agent, Fidelity Stock Plan Services, LLC or any successor thereto (“Fidelity”), notice of exercise of the Option in a form designated by Fidelity and the Grant Price of the Shares. Payment of the Grant Price and applicable taxes may be made in cash or by providing an irrevocable exercise notice coupled with irrevocable instructions to Fidelity to simultaneously sell the Shares and deliver to the Company on the settlement date the portion of the proceeds representing the Grant Price and any taxes to be withheld. Payment of the Grant Price may also be made by delivery or attestation of ownership of other Shares of Common Stock owned by you with a Fair Market Value equal to the Grant Price, in which case the number of Shares acquired in the exercise will be reduced by an amount equal in value to the amount of any taxes required to be withheld and by any Shares attested.
4.   Your Options terminate as of the close of business on the last day of your employment with the Company and all its Subsidiaries, unless your employment ends due to your death, Disability or Retirement on or after 30 November 2010. Upon your, death, Disability or Retirement on or after 30 November 2010, any unexercisable portion of the Options will be extended for the remaining term of the

 


 

    award (that is, will become exercisable) as if you have continued to be an active employee of the Company or a Subsidiary. Notwithstanding the above, if your employment with the Company or a Subsidiary is involuntarily terminated by the Company on or after 30 November 2010 due to action necessitated by business conditions, including, but not limited to, job eliminations, workforce reductions, divestitures of facilities, assets or businesses, sale by the Company of a Subsidiary or plant closing, your exercisable Options will not be terminated but will continue to be exercisable in accordance with their terms for six months following your last day of employment with the Company or a Subsidiary.
5.   In the event of a Change in Control, the Options shall become exercisable on the later of the Change in Control or the first date more than six months from grant. In the event of any other change in the outstanding shares of the Common Stock of the Company or the occurrence of certain other events described in Section 12 of the Plan, an equitable adjustment shall be made in the number or kind of Shares or the Grant Price for Shares covered by your Options.
6.   Options are nonassignable and nontransferable except to your Designated Beneficiary, by will or the laws of descent and distribution, or by gift to family members or to trusts of which only family members are beneficiaries. Such transfers by gift can be made only after the Option has become exercisable and subject to such administrative procedures and to such restrictions and conditions as the officers of the Company shall determine to be consistent with the purposes of the Plan and the interests of the Company and/or to be necessary or appropriate for compliance with all applicable tax and other legal requirements. Subject to the foregoing, you may transfer Options by gift only by delivering to the Company at its principal offices in Allentown, Pennsylvania, written notice of the intent to transfer the Options on forms to be provided by the Company.
7.   The Restricted Shares shall be issued to you as of 1 December 2009. Upon issuance of the Restricted Shares, you shall have all the rights of a shareholder with respect to the Restricted Shares, including the right to vote such Restricted Shares and receive all dividends or other distributions paid with respect to the Restricted Shares, subject to the restrictions contained in Paragraph 8 below. In the event of any change in the outstanding shares of Common Stock of the Company or the occurrence of certain other events described in Section 12 of the Plan, an equitable adjustment of the number of Restricted Shares covered by this Agreement shall be made consistent with the impact of such change or event upon the rights of the Company’s other shareholders, and any additional Shares of Common Stock issued to you as a result of such adjustment shall be Restricted Shares subject to this Agreement, including, without limitation, the restrictions contained in Paragraph 8.
8.   The “Restriction Period” with respect to the Restricted Shares shall be the period beginning 1 December 2009 and ending on the earliest of 1 December 2013; your death, Disability or Retirement on or after 30 November 2010, or a Change in Control of the Company. During the Restriction Period, the Restricted Shares may not be sold, assigned, transferred, encumbered, or otherwise disposed of by you; provided however, that such Restricted Shares may be used to pay the Grant Price

 


 

    by attestation upon your exercise of Stock Options, with the stipulation that the Restricted Shares attested will remain subject to the restrictions of this Paragraph 8 and the terms of this Agreement. If your employment by the Company and all its Subsidiaries is terminated for any reason prior to 30 November 2010, or for any reason other than death, Disability or Retirement prior to 30 November 2013, the Restricted Shares shall be forfeited in their entirety; provided that, in the event of a Change in Control of the Company, your rights to the Restricted Shares shall become immediately transferable and nonforfeitable. At the end of the Restriction Period, all nonforfeited Restricted Shares shall become transferable and otherwise be regular Shares.
9.   At the end of the Restriction Period, and, if earlier, upon your election to include the value of the Restricted Shares in your federal taxable income pursuant to Internal Revenue Code Section 83(b), payment of taxes required to be withheld by the Company must be made. When taxation occurs at the end of the Restriction Period, applicable taxes will be withheld by reducing the number of the Restricted Shares issued to you by an amount equal in market value to the taxes required to be withheld. In the event you make a Section 83(b) election, applicable taxes must be paid in cash to the Company at the time the election is filed with the Internal Revenue Service.
10.   In the event your employment is terminated due to your death on or after 30 November 2010, the Restricted Shares shall be transferred free of restriction, reduced by any applicable taxes, to your Designated Beneficiary or, if none, to your legal representative.
11.   The Performance Shares granted to you will be earned at the percentage indicated on the attached Earnout Schedule corresponding to the level of Earnings Per Share Growth and spread of Return on Capital Employed over the Company’s cost of capital achieved for a three fiscal year performance cycle ending 30 September 2012. Subject to the forfeiture conditions contained in Paragraph 12, each earned Performance Share will entitle you to receive, at the end of the Deferral Period (as defined below), one Share.
12.   The Deferral Period will begin on the date of this Agreement and will end on 30 September 2012. If your employment by the Company and all its affiliates is terminated for any reason prior to 30 September 2010, all your Performance Shares will be automatically forfeited in their entirety. If your employment by the Company and all its affiliates terminates on or after 30 September 2010, but during the Deferral Period, other than due to death, Disability or Retirement, you will forfeit all of your Performance Shares. If your employment by the Company and all its affiliates is terminated on or after 30 September 2010, but during the Deferral Period, due to death, Disability or Retirement, you will forfeit a pro-rata portion of your earned Performance Shares which portion in each case shall be based on the number of full months you worked during the Deferral Period.
13.   Performance Shares earned and not forfeited shall be paid, reduced by the number of Shares equal in market value to any applicable taxes, as soon as administratively

 


 

    practical after the end of the Deferral Period, in Shares. No cash dividends or other amounts shall be payable with respect to the Performance Shares during the Deferral Period. At the end of the Deferral Period, for each earned and nonforfeited Performance Share, the Company will also pay to you a cash payment equal to the dividends which would have been paid on a Share during the Deferral Period (“Dividend Equivalents”), net of applicable taxes.
14.   If your employment by the Company or a Subsidiary terminates during the Deferral Period due to death, payment in respect of earned Performance Shares that are not forfeited and of related Dividend Equivalents shall be made, as soon as practical after the Deferral Period, to your Designated Beneficiary or, if none, your legal representative, net of applicable taxes.
15.   In the event of any change in the outstanding Shares of Common Stock of the Company or the occurrence of certain other events as described in Section 12 of the Plan, an equitable adjustment of the number of Performance Shares covered by this Agreement shall be made as provided in the Plan.
16.   Notwithstanding anything to the contrary above, any Performance Shares earned or paid and any related Dividend Equivalents paid to you may be rescinded within three years of their payment in the event: the earning of such Performance Shares is predicated upon the achievement of financial results that are subsequently the subject of a restatement; the Committee determines in its sole discretion that you engaged in misconduct that caused or partially caused the need for the restatement; and the Performance Shares would not have been earned or a lesser amount of Performance Shares would have been earned based upon the restated financial results. In the event of any such rescission, you shall pay to the Company the amount of any gain realized or payment received as a result of any rescinded payment, in such manner and on such terms as may be required, and the Company shall be entitled to reduce the amount of any amount owed to you by the Company or any Subsidiary by such gain or payment.
17.   In the event the Company determines, in its sole discretion, that you have engaged in a “Prohibited Activity” (as defined below), at any time during your employment, or within one year after termination of your employment from the Company or any Subsidiary, the Company may forfeit, cancel, modify, rescind, suspend, withhold, or otherwise limit or restrict any unexpired, unpaid, unexercised, or deferred Awards outstanding under this Agreement, and any exercise, payment, or delivery of an Award or Shares pursuant to such an Award may be rescinded within six months after such exercise, payment, or delivery. In the event of any such rescission, you shall pay to the Company the amount of any gain realized or payment received as a result of the rescinded exercise, payment, or delivery, in such manner and on such terms as may be required by the Company, and the Company shall be entitled to reduce the amount of any amount owed to you by the Company or any Subsidiary by such gain or payment.
    The Prohibited Activities are:

 


 

  (a)   Your making any statement, written or verbal, in any forum or media, or taking any action in disparagement of the Company or any Subsidiary or affiliate thereof (hereinafter, the “Company”), including but not limited to negative references to the Company or its products, services, corporate policies, current or former officers or employees, customers, suppliers, or business partners or associates;
 
  (b)   Your publishing any opinion, fact, or material, delivering any lecture or address, participating in any film, radio broadcast, television transmission, internet postings, social media, and/or any other electronic medium; or communicating with any representative of the media relating to confidential matters regarding the business or affairs of the Company which you were involved with during your employment;
 
  (c)   Your failure to hold in confidence all Trade Secrets of the Company that came into your knowledge during your employment by the Company, or disclosing, publishing, or making use of at any time such Trade Secrets, where the term “Trade Secret” means any technical or nontechnical data, formula, pattern, compilation, program, device, method, technique, drawing, process, financial data, financial plan, product plan, list of actual or potential customers or suppliers, or other information similar to any of the foregoing, which (i) derives economic value, actual or potential, from not being generally known to and not being readily ascertainable by proper means by, other persons who can derive economic value from its disclosure or use, and (ii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy;
 
  (d)   Your failure to hold in confidence all Confidential Information of the Company that came into your knowledge during your employment by the Company, or disclosing, publishing, or making use of such Confidential Information, where the term “Confidential Information” means any data or information, other than Trade Secrets, that is valuable to the Company and not generally known to the public or to competitors of the Company;
 
  (e)   Your failure, in the event of your termination of employment for any reason, promptly to deliver to the Company all memoranda, notes, records, manuals, or other documents, including all electronic or other copies of such materials and all documentation prepared or produced in connection therewith, containing Trade Secrets or Confidential Information regarding the Company’s business, whether made or compiled by you or furnished to you by virtue of your employment with the Company; or your failure promptly to deliver to the Company all vehicles, computers, credit cards, telephones, handheld electronic devices, office equipment, and other property furnished to you by virtue of your employment with the Company;
 
  (f)   Your rendering of services for any organization as an employee, officer, director, consultant, advisor, agent, broker, independent contractor, principal, or partner, or engaging directly or indirectly in any business which, in the sole judgment of the Company, is or becomes competitive with the Company during

 


 

      the one (1) year period following the termination of your employment; or directly or indirectly soliciting any customer, supplier, contractor, employee, agent, or consultant of the Company with whom you had contact during the last two years of your employment with the Company or became aware of through your employment with the Company, to cease doing business with, or to terminate their employment or business relationship with, the Company; or
 
  (g)   Your violation of any written policies of the Company applicable to you, including, without limitation, the Company’s insider trading policy.
    The provisions of this Section 17 are in addition to, and shall not supersede, the terms of your Employee Patent and Confidential Information Agreement entered at the time you were employed by the Company.
 
    You expressly acknowledge and affirm that the foregoing provisions of this Section 17 are material and important terms of this Agreement and that your agreement to be bound by the terms of this Section 17 is a condition precedent to your FY2010 Awards.
18.   All determinations regarding the interpretation, construction, enforcement, waiver, or modification of this Agreement and/or the Plan shall be made in the Company’s sole discretion or, in the case of Executive Officer Awards, by the Committee in its sole discretion and shall be final and binding on you and the Company. Determinations made under this Agreement and the Plan need not be uniform and may be made selectively among individuals, whether or not such individuals are similarly situated.
 
19.   If any of the terms of this Agreement in the opinion of the Company conflict or are inconsistent with any applicable law or regulation of any governmental agency having jurisdiction, the Company reserves the right to modify this Agreement to be consistent with applicable laws or regulations.
 
20.   You understand and acknowledge that the Company holds certain personal information about you, including but not limited to your name, home address, telephone number, date of birth, social security number, salary, nationality, job title, and details of all Shares awarded, cancelled, vested, unvested, or outstanding (the “personal data”). Certain personal data may also constitute “sensitive personal data” within the meaning of applicable local law. Such data include but are not limited to the information provided above and any changes thereto and other appropriate personal and financial data about you. You hereby provide explicit consent to the Company and any Subsidiary to process any such personal data and sensitive personal data. You also hereby provide explicit consent to the Company and any Subsidiary to transfer any such personal data and sensitive personal data outside the country in which you are employed, and to the United States. The legal persons for whom such personal data are intended are the Company and any third party providing services to the Company in connection with the administration of the Plan.

 


 

21.   By accepting this award, you acknowledge having received and read the Plan Prospectus, and you consent to receiving information and materials in connection with this Award or any subsequent awards under the Company’s long-term performance plans, including without limitation any prospectuses and plan documents, by any means of electronic delivery available now and/or in the future (including without limitation by e-mail, by Website access, and/or by facsimile), such consent to remain in effect unless and until revoked in writing by you. This Agreement and the Plan, which is incorporated herein by reference, constitute the entire agreement between you and the Company regarding the terms and conditions of this Award.
 
22.   You submit to the exclusive jurisdiction and venue of the federal or state courts of the Commonwealth of Pennsylvania to resolve all issues that may arise out of or relate to and all determinations made under this Agreement. This Agreement shall be governed by the laws of the Commonwealth of Pennsylvania, without regard to conflicts or choice of law rules or principles.
 
23.   If any court of competent jurisdiction finds any provision of this Agreement, or portion thereof, to be unenforceable, that provision shall be enforced to the maximum extent permissible so as to effect the intent of the parties, and the remainder of this Agreement shall continue in full force and effect.
 
24.   Neither your FY2010 Awards, this Award Agreement, nor the Plan constitute a contract of employment; nor do they guarantee your continued employment for any period required for all or any of your Options to vest or become exercisable.

 


 

ATTACHMENT
2010 Performance Share Earnout Schedule
(PERFORMANCE SHARES AWARDED) x (PAYOUT FACTOR) = (PERFORMANCE SHARES EARNED)
The Payout Factor is determined as follows:
                 
33%
EPS Growth
Factor
  +   67%
ROCE Spread
Factor
  =   Payout
Factor*
 
*   The Payout Factor will be increased by 15 percentage points to determine the maximum payout. The Committee, in its discretion may decrease the actual Payout Factor by up to 30 percentage points from the maximum payout (15 percentage points from the calculated Payout Factor).
The EPS Growth and ROCE Spread Factors are determined from the following schedules:
             
        EPS
EPS Growth(1)   Growth Factor
 
-10
%   0 %
 
0
%   35 %
 
4
%   50 %
 
7
%   80 %
 
9
%   100 %
 
10
%   120 %
 
11
%   130 %
 
13
%   160 %
 
15
%   180 %
 
16
%   200 %
             
ROCE Spread    
(ROCE over   ROCE
Cost of Capital) (2)   Spread Factor
 
<0
%   0 %
 
0
%   50 %
 
+3
%   100 %
 
+5
%   200 %
 
(1)     EPS growth is the average of annual growth in earnings per share over the prior year for each of fiscal years 2010, 2011, and 2012.
 
(2)    ROCE spread is the average of the difference between the Company’s Return on Capital Employed and cost of capital for each of fiscal years 2010, 2011, and 2012.

EX-12 3 y81516exv12.htm EX-12 exv12
Exhibit 12
AIR PRODUCTS AND CHEMICALS, INC., AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Unaudited)
                                                 
                                            Three  
                                            Months  
                                            Ended  
    Year Ended 30 September     31 Dec  
(Millions of dollars)   2005     2006     2007     2008     2009     2009  
Earnings:
                                               
Income from continuing operations (1)
  $ 672.4     $ 753.0     $ 1,040.4     $ 1,113.5     $ 651.3     $ 256.8  
 
                                               
Add (deduct):
                                               
Provision for income taxes
    235.7       271.9       289.0       381.7       196.2       88.3  
 
                                               
Fixed charges, excluding capitalized interest
    139.1       146.7       190.9       188.8       149.2       38.4  
 
                                               
Capitalized interest amortized during the period
    6.1       6.5       6.4       6.6       7.7       2.0  
 
                                               
Undistributed earnings of less-than-fifty-percent-owned affiliates
    (29.2 )     (29.2 )     (61.2 )     (72.7 )     (44.2 )     (7.4 )
 
                                               
 
                                   
Earnings, as adjusted
  $ 1,024.1     $ 1,148.9     $ 1,465.5     $ 1,617.9     $ 960.2     $ 378.1  
 
                                   
 
                                               
Fixed Charges:
                                               
 
                                               
Interest on indebtedness, including capital lease obligations
  $ 113.0     $ 119.8     $ 163.7     $ 164.4     $ 125.1     $ 31.9  
 
                                               
Capitalized interest
    14.9       18.8       14.6       27.3       22.2       4.7  
 
                                               
Amortization of debt discount premium and expense
    4.1       4.8       4.1       4.0       4.7       1.2  
 
                                               
Portion of rents under operating leases representative of the interest factor
    22.0       22.1       23.1       20.4       19.4       5.3  
 
                                   
 
Fixed charges
  $ 154.0     $ 165.5     $ 205.5     $ 216.1     $ 171.4     $ 43.1  
 
                                   
 
                                               
Ratio of Earnings to Fixed Charges (2):
    6.7       6.9       7.1       7.5       5.6       8.8  
 
                                   
 
(1)   During the twelve months ended 30 September 2009, income from continuing operations included a charge of $298.2 ($200.3 after-tax) for the global cost reduction plan.
 
(2)   The ratio of earnings to fixed charges is determined by dividing earnings, which includes income from continuing operations before taxes, undistributed earnings of less-than-fifty-percent-owned affiliates, and fixed charges, by fixed charges. Fixed charges consist of interest on all indebtedness plus that portion of operating lease rentals representative of the interest factor (deemed to be 21% of operating lease rentals).

EX-31.1 4 y81516exv31w1.htm EX-31.1 exv31w1
Exhibit 31.1
PRINCIPAL EXECUTIVE OFFICER’S CERTIFICATION
I, John E. McGlade, certify that:
  1.   I have reviewed this quarterly report on Form 10-Q of Air Products and Chemicals, Inc.;
 
  2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
  3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
  4.   The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
  5.   The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s

 


 

      auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: 26 January 2010
         
     
  /s/ John E. McGlade    
  John E. McGlade   
  President and Chief Executive Officer   
 

 

EX-31.2 5 y81516exv31w2.htm EX-31.2 exv31w2
Exhibit 31.2
PRINCIPAL FINANCIAL OFFICER’S CERTIFICATION
I, Paul E. Huck, certify that:
  1.   I have reviewed this quarterly report on Form 10-Q of Air Products and Chemicals, Inc.;
  2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
  3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
  4.   The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
  5.   The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s

 


 

      auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: 26 January 2010
         
     
  /s/ Paul E. Huck    
  Paul E. Huck    
  Senior Vice President and Chief Financial Officer   
 

 

EX-32 6 y81516exv32.htm EX-32 exv32
Exhibit 32
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002
     In connection with the Quarterly Report of Air Products and Chemicals, Inc. (the “Company”) on Form 10-Q for the period ending 31 December 2009, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, John E. McGlade, Chief Executive Officer of the Company, and Paul E. Huck, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
  1.   The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
  2.   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
         
     
Dated: 26 January 2010  /s/ John E. McGlade    
  John E. McGlade   
  Chief Executive Officer   
 
     
  /s/ Paul E. Huck    
  Paul E. Huck   
  Chief Financial Officer   
 

EX-101.INS 7 apd-20091231.xml EX-101 INSTANCE DOCUMENT 0000002969 2008-10-01 2009-09-30 0000002969 2008-12-31 0000002969 2008-09-30 0000002969 2009-03-31 0000002969 2010-01-19 0000002969 2008-10-01 2008-12-31 0000002969 2009-12-31 0000002969 2009-09-30 0000002969 2009-10-01 2009-12-31 iso4217:USD xbrli:shares xbrli:shares iso4217:USD <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 1 - apd:BasisOfPresentationAndMajorAccountingPoliciesTextBlock--> <!-- xbrl,ns --> <div style="font-family: 'Times New Roman',Times,serif"> <div align="left"> </div> <div align="center" style="font-size: 10pt; margin-top: 0pt"><b> </b> </div> <div align="left" style="font-size: 10pt; margin-top: 0pt"> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b>1. BASIS OF PRESENTATION AND MAJOR ACCOUNTING POLICIES</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Refer to the Company&#8217;s 2009 Form 10-K for a description of major accounting policies. There have been no material changes to these accounting policies during the first three months of 2010 other than those detailed in Note 2. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The consolidated financial statements of Air Products and Chemicals, Inc. and its subsidiaries (the &#8220;Company,&#8221; &#8220;Air Products,&#8221; or &#8220;registrant&#8221;) included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of the Company, 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 LIFO cost basis, which can only be 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 the Company&#8217;s 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. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company has evaluated subsequent events for potential recognition and/or disclosure through 26 January&#160;2010, the date the consolidated financial statements included in this report on Form 10-Q were issued. There were no subsequent events required to be recognized or disclosed in the financial statements. </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 2 - us-gaap:ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock--> <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>2. NEW ACCOUNTING GUIDANCE</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b><i>Guidance Implemented</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Business Combinations</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In December&#160;2007, the Financial Accounting Standards Board (FASB)&#160;issued authoritative guidance to affirm that the acquisition method of accounting (previously referred to as the purchase method) be used for all business combinations and for an acquirer to be identified for each business combination. This guidance defines the acquirer as the entity that obtains control of one or more businesses in the business combination and establishes the acquisition date as the date that the acquirer achieves control. Among other requirements, the guidance requires the acquiring entity in a business combination to recognize at full fair value all the assets acquired and liabilities assumed in the transaction. If a business combination is achieved in stages, the previously-held ownership interest is adjusted to fair value at the acquisition date, and any resulting gain or loss is recognized in earnings. Contingent consideration is recognized at fair value at the acquisition date, and restructuring and acquisition-related costs are expensed as incurred. The fair value of assets and liabilities acquired, including uncertain tax positions, can be adjusted during the measurement period. Any adjustments after the measurement period, which cannot exceed one year, will be recognized in earnings. This guidance was effective for the Company on 1 October&#160;2009 and will be applied prospectively. The adoption of this guidance did not have a material impact on the Company&#8217;s consolidated financial statements. During the three months ended 31 December&#160;2009, the Company did not enter into any significant business combinations. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Noncontrolling Interests</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In December&#160;2007, the FASB issued authoritative guidance that establishes the accounting and reporting standards for the noncontrolling interests in a subsidiary and for the deconsolidation of a subsidiary. It requires entities to report noncontrolling interests in subsidiaries separately within equity in the consolidated balance sheets. It also requires disclosure, on the face of the consolidated statement of income, of the amounts of consolidated net income attributable to the parent and noncontrolling interests. Changes in a parent&#8217;s ownership interests while the parent retains control are treated as equity transactions. If a parent loses control of a subsidiary, any retained noncontrolling interests would be measured at fair value with any gain or loss recognized in earnings. This guidance was effective for the Company on 1 October&#160;2009 and will be applied prospectively, except for the presentation and disclosure requirements related to noncontrolling interests, which are applied retrospectively for all periods presented. The Company&#8217;s financial statements have been updated to reflect the new presentation. Prior year amounts have been reclassified to conform to the current year presentation. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Fair Value Measurements</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In September&#160;2006, the FASB issued authoritative guidance that defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Effective 1 October&#160;2008, the Company adopted this guidance for financial assets and liabilities and any other assets and liabilities that are recognized and disclosed at fair value on a recurring basis. The requirement for other nonfinancial assets and liabilities was effective on 1 October&#160;2009 for the Company. The adoption of this guidance did not impact the Company&#8217;s consolidated financial statements. 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margin-top: 6pt"><b>Credit Risk-Related Contingent Features</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Certain derivative instruments are executed under agreements that require the Company to maintain a credit rating of at least A- from Standard &#038; Poor&#8217;s and A3 from Moody&#8217;s. If the Company&#8217;s credit rating falls below these levels, the counterparty to the derivative instruments has the right to request full collateralization on the derivatives&#8217; net liability position. The net liability position of derivatives with credit risk-related contingent features was $23.0 as of 31 December&#160;2009 and $35.0 as of 30 September&#160;2009. Because of the Company&#8217;s current credit rating of A from Standard &#038; Poor&#8217;s and A2 from Moody&#8217;s, no collateral has been posted on these liability positions. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Counterparty Credit Risk Management</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company executes all derivative transactions with counterparties that are highly rated financial institutions and all of which are investment grade at this time. Some of the Company&#8217;s underlying derivative agreements give the Company the right to require the institution to post collateral if its credit rating falls below A- from Standard &#038; Poor&#8217;s or A3 from Moody&#8217;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 $4.3 as of 31 December&#160;2009 and $14.7 as of 30 September&#160;2009. No financial institution is required to post collateral at this time, as all have credit ratings at or above the threshold. </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 8 - us-gaap:FairValueMeasurementInputsDisclosureTextBlock--> <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>8. FAIR VALUE MEASUREMENTS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">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 methods and assumptions used to measure the fair value of financial instruments are as follows: </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Derivatives</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The fair value of the Company&#8217;s interest rate swap agreements and foreign exchange contracts are based on estimates using standard pricing models that take into account the present value of future cash flows as of the balance sheet date. 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, the Company randomly tests a subset of its valuations against valuations received from the counterparty to the transaction to validate the accuracy of its standard pricing models. The fair value of commodity swaps is based on current market price as provided by the financial institutions with which the commodity swaps have been executed. Counterparties to these derivative contracts are highly rated financial institutions. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Other Investments</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The fair value of other investments is based on quoted market prices in publicly traded companies from the New York and Tokyo Stock Exchanges. 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Total contributions for fiscal 2010 are expected to be approximately $360. During fiscal 2009, total contributions were $184.8. </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 10 - us-gaap:CommitmentsAndContingenciesDisclosureTextBlock--> <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>10. COMMITMENTS AND CONTINGENCIES</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Litigation</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company is involved in various legal proceedings, including competition, environmental, health, safety, product liability, and insurance matters. During the third quarter of 2008, a unit of the Brazilian Ministry of Justice issued a report (previously issued in January&#160;2007, and then withdrawn) on its investigation of the Company&#8217;s Brazilian subsidiary, Air Products Brasil Ltda., and several other Brazilian industrial gas companies. The report recommended that the Brazilian Administrative Council for Economic Defense impose sanctions on Air Products Brasil Ltda. and the other industrial gas companies for alleged anticompetitive activities. The Company is actively defending this action and cannot, at this time, reasonably predict the ultimate outcome of the proceedings or sanctions, if any, that will be imposed. While the Company does not expect that any sums it may have to pay in connection with this or any other legal proceeding would have a materially adverse effect on its consolidated financial position or net cash flows, a future charge for regulatory fines or damage awards could have a significant impact on the Company&#8217;s net income in the period in which it is recorded. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Environmental</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Accruals for environmental loss contingencies are recorded when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The consolidated balance sheets at 31 December&#160;2009 and 30 September&#160;2009 included an accrual of $93.3 and $95.0, respectively, primarily as part of other noncurrent liabilities. The environmental liabilities will be paid over a period of up to 30&#160;years. The Company estimates the exposure for environmental loss contingencies to range from $93 to a reasonably possible upper exposure of $107 as of 31 December&#160;2009. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">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. In December&#160;2009, the Company completed the sale of this facility. The Company is required by the New Jersey state law to investigate and, if contaminated, remediate a site upon its sale. The Company estimates that it will take at least several years to complete the investigation/remediation efforts at this site. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Refer to Note 16 to the consolidated financial statements in the Company&#8217;s 2009 Form 10-K for information on the Company&#8217;s environmental accruals related to the Pace, Florida, Piedmont, S.C., and Paulsboro, N.J. facilities. At 31 December&#160;2009, the accrual balances associated with the Pace, Florida, Piedmont, S.C., and Paulsboro, N.J. facilities totaled $37.7, $22.1, and $15.7, respectively. </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 11 - us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock--> <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>11. SHARE-BASED COMPENSATION</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company has various share-based compensation programs, which include stock options, deferred stock units, and restricted shares. During the three months ended 31 December&#160;2009, the Company granted 1.0&#160;million stock options at a weighted-average exercise price of $83.60 and an estimated fair value of $25.94 per option. The fair value of these options was estimated using a lattice-based option valuation model that used the following assumptions: expected volatility of 32.6%; expected dividend yield of 2.1%; expected life in years of 6.7-8.0; and a risk-free interest rate of 2.9%-3.3%. In addition, the Company granted 241,606 deferred stock units at a weighted-average grant-date fair value of $83.58 and 30,886 restricted shares at a weighted-average grant-date fair value of $83.60. 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margin-top: 12pt"><b>13. 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SUPPLEMENTAL INFORMATION</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b>2009 Customer Bankruptcy</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">As a result of events which occurred during the third quarter of 2009, the Company recognized a $22.2 charge primarily for the write-off of certain receivables due to a customer bankruptcy. This customer, who principally receives product from the Tonnage Gases segment, began operating under Chapter&#160;11 bankruptcy protection on 6 January&#160;2009. Sales and operating income associated with this customer are not material to the Tonnage Gases segment&#8217;s results. At 31 December&#160;2009, the Company had remaining outstanding receivables with the customer of $16.3. 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No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 15 R11.xml IDEA: Discontinued Operations 1.0.0.3 false Discontinued Operations false 1 $ false false Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 0 apd_DiscontinuedOperationsAbstract apd false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 1 us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 4 - us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock--> <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>4. DISCONTINUED OPERATIONS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In fiscal 2009, the Company completed the divestiture of its U.S. Healthcare business which has been accounted for as discontinued operations. For additional historical information on this divestiture, refer to the Company&#8217;s 2009 Form 10-K. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In the first quarter of 2009, the U.S. Healthcare business generated sales of $48.2 and income from operations, net of tax, of $.7. In addition, the Company recorded an impairment charge of $48.7 ($30.9 after-tax, or $.15 per share) reflecting a revision in the estimated net realizable value of the U.S. Healthcare business. Also, a tax benefit of $8.8, or $.04 per share, was recorded to revise the estimated tax benefit related to previously recognized impairment charges. 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margin-top: 6pt"><b>Credit Risk-Related Contingent Features</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Certain derivative instruments are executed under agreements that require the Company to maintain a credit rating of at least A- from Standard &#038; Poor&#8217;s and A3 from Moody&#8217;s. If the Company&#8217;s credit rating falls below these levels, the counterparty to the derivative instruments has the right to request full collateralization on the derivatives&#8217; net liability position. The net liability position of derivatives with credit risk-related contingent features was $23.0 as of 31 December&#160;2009 and $35.0 as of 30 September&#160;2009. Because of the Company&#8217;s current credit rating of A from Standard &#038; Poor&#8217;s and A2 from Moody&#8217;s, no collateral has been posted on these liability positions. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Counterparty Credit Risk Management</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company executes all derivative transactions with counterparties that are highly rated financial institutions and all of which are investment grade at this time. Some of the Company&#8217;s underlying derivative agreements give the Company the right to require the institution to post collateral if its credit rating falls below A- from Standard &#038; Poor&#8217;s or A3 from Moody&#8217;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 $4.3 as of 31 December&#160;2009 and $14.7 as of 30 September&#160;2009. No financial institution is required to post collateral at this time, as all have credit ratings at or above the threshold. </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note false false No definition available. 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FAIR VALUE MEASUREMENTS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">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 methods and assumptions used to measure the fair value of financial instruments are as follows: </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Derivatives</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The fair value of the Company&#8217;s interest rate swap agreements and foreign exchange contracts are based on estimates using standard pricing models that take into account the present value of future cash flows as of the balance sheet date. 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, the Company randomly tests a subset of its valuations against valuations received from the counterparty to the transaction to validate the accuracy of its standard pricing models. The fair value of commodity swaps is based on current market price as provided by the financial institutions with which the commodity swaps have been executed. Counterparties to these derivative contracts are highly rated financial institutions. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Other Investments</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The fair value of other investments is based on quoted market prices in publicly traded companies from the New York and Tokyo Stock Exchanges. 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NEW ACCOUNTING GUIDANCE</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b><i>Guidance Implemented</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Business Combinations</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In December&#160;2007, the Financial Accounting Standards Board (FASB)&#160;issued authoritative guidance to affirm that the acquisition method of accounting (previously referred to as the purchase method) be used for all business combinations and for an acquirer to be identified for each business combination. This guidance defines the acquirer as the entity that obtains control of one or more businesses in the business combination and establishes the acquisition date as the date that the acquirer achieves control. Among other requirements, the guidance requires the acquiring entity in a business combination to recognize at full fair value all the assets acquired and liabilities assumed in the transaction. If a business combination is achieved in stages, the previously-held ownership interest is adjusted to fair value at the acquisition date, and any resulting gain or loss is recognized in earnings. Contingent consideration is recognized at fair value at the acquisition date, and restructuring and acquisition-related costs are expensed as incurred. The fair value of assets and liabilities acquired, including uncertain tax positions, can be adjusted during the measurement period. Any adjustments after the measurement period, which cannot exceed one year, will be recognized in earnings. This guidance was effective for the Company on 1 October&#160;2009 and will be applied prospectively. The adoption of this guidance did not have a material impact on the Company&#8217;s consolidated financial statements. During the three months ended 31 December&#160;2009, the Company did not enter into any significant business combinations. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Noncontrolling Interests</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In December&#160;2007, the FASB issued authoritative guidance that establishes the accounting and reporting standards for the noncontrolling interests in a subsidiary and for the deconsolidation of a subsidiary. It requires entities to report noncontrolling interests in subsidiaries separately within equity in the consolidated balance sheets. It also requires disclosure, on the face of the consolidated statement of income, of the amounts of consolidated net income attributable to the parent and noncontrolling interests. Changes in a parent&#8217;s ownership interests while the parent retains control are treated as equity transactions. If a parent loses control of a subsidiary, any retained noncontrolling interests would be measured at fair value with any gain or loss recognized in earnings. This guidance was effective for the Company on 1 October&#160;2009 and will be applied prospectively, except for the presentation and disclosure requirements related to noncontrolling interests, which are applied retrospectively for all periods presented. The Company&#8217;s financial statements have been updated to reflect the new presentation. Prior year amounts have been reclassified to conform to the current year presentation. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Fair Value Measurements</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In September&#160;2006, the FASB issued authoritative guidance that defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Effective 1 October&#160;2008, the Company adopted this guidance for financial assets and liabilities and any other assets and liabilities that are recognized and disclosed at fair value on a recurring basis. The requirement for other nonfinancial assets and liabilities was effective on 1 October&#160;2009 for the Company. The adoption of this guidance did not impact the Company&#8217;s consolidated financial statements. During the three months ended 31 December&#160;2009, the Company did not measure any significant nonfinancial assets or nonfinancial liabilities at fair value. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b><i>New Guidance to Be Implemented</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Employers&#8217; Disclosures about Postretirement Benefit Plan Assets</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In December&#160;2008, the FASB issued authoritative guidance to require employers to provide additional disclosures about plan assets of a defined benefit or other postretirement plan. Disclosures include information about investment policies and strategies, major categories of plan assets, the inputs and valuation techniques used to measure the fair value of plan assets, and significant concentrations of risk. This guidance is effective for the Company beginning with its fiscal year-end 2010. Upon initial application, this guidance is not required to be applied to earlier periods that are presented for comparative purposes. This guidance only requires additional disclosure and will not have an impact on the Company&#8217;s consolidated financial statements upon adoption. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Consolidation of Variable Interest Entities</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In June&#160;2009, the FASB issued authoritative guidance that amends previous guidance for determining whether an entity is a variable interest entity (VIE). It requires an enterprise to perform an analysis to determine whether the Company&#8217;s variable interests give it a controlling financial interest in a VIE. 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Also included on this line item are other miscellaneous amounts within financing activities, not individually material nor of enough significance to be reported separately. No authoritative reference available. true 42 4 us-gaap_NetCashProvidedByUsedInFinancingActivities us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -83700000 -83.7 false false 2 false true 122900000 122.9 false false No definition available. No authoritative reference available. true 43 3 us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 0 0 false false 2 false true -1800000 -1.8 false false No definition available. 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No authoritative reference available. false 1 Pension plan contributions of $255.7 and $42.6, respectively false 2 42 false HundredThousands UnKnown UnKnown false true XML 38 R17.xml IDEA: Commitments and Contingencies 1.0.0.3 false Commitments and Contingencies false 1 $ false false Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 0 apd_CommitmentsAndContingenciesAbstract apd false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 1 us-gaap_CommitmentsAndContingenciesDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 10 - us-gaap:CommitmentsAndContingenciesDisclosureTextBlock--> <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>10. COMMITMENTS AND CONTINGENCIES</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Litigation</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company is involved in various legal proceedings, including competition, environmental, health, safety, product liability, and insurance matters. During the third quarter of 2008, a unit of the Brazilian Ministry of Justice issued a report (previously issued in January&#160;2007, and then withdrawn) on its investigation of the Company&#8217;s Brazilian subsidiary, Air Products Brasil Ltda., and several other Brazilian industrial gas companies. The report recommended that the Brazilian Administrative Council for Economic Defense impose sanctions on Air Products Brasil Ltda. and the other industrial gas companies for alleged anticompetitive activities. The Company is actively defending this action and cannot, at this time, reasonably predict the ultimate outcome of the proceedings or sanctions, if any, that will be imposed. While the Company does not expect that any sums it may have to pay in connection with this or any other legal proceeding would have a materially adverse effect on its consolidated financial position or net cash flows, a future charge for regulatory fines or damage awards could have a significant impact on the Company&#8217;s net income in the period in which it is recorded. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Environmental</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Accruals for environmental loss contingencies are recorded when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The consolidated balance sheets at 31 December&#160;2009 and 30 September&#160;2009 included an accrual of $93.3 and $95.0, respectively, primarily as part of other noncurrent liabilities. The environmental liabilities will be paid over a period of up to 30&#160;years. The Company estimates the exposure for environmental loss contingencies to range from $93 to a reasonably possible upper exposure of $107 as of 31 December&#160;2009. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">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. In December&#160;2009, the Company completed the sale of this facility. The Company is required by the New Jersey state law to investigate and, if contaminated, remediate a site upon its sale. The Company estimates that it will take at least several years to complete the investigation/remediation efforts at this site. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Refer to Note 16 to the consolidated financial statements in the Company&#8217;s 2009 Form 10-K for information on the Company&#8217;s environmental accruals related to the Pace, Florida, Piedmont, S.C., and Paulsboro, N.J. facilities. At 31 December&#160;2009, the accrual balances associated with the Pace, Florida, Piedmont, S.C., and Paulsboro, N.J. facilities totaled $37.7, $22.1, and $15.7, respectively. </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true
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