Discontinued Operations

6 Months Ended

Mar. 31, 2013

Discontinued Operations [Abstract]

Discontinued Operations

3.DISCONTINUED OPERATIONS

In January 2012, the Board of Directors authorized the sale of our Homecare business, which had previously been reported as part of the Merchant Gases operating segment.On 8 January 2012, we reachedan agreement for The Linde Group (Linde) to purchase our Homecare business in Belgium, Germany, France, Portugal and Spain. This business represented approximately 80% of our total Homecare business revenues.

The transaction with Linde closed on 30April 2012. Total sale proceeds of €590 million ($777)were received in cash at closing.This amount included contingent proceeds of €110 million ($144) related to the outcome of certain retender arrangements. Thecontingent proceeds are deferred in other noncurrent liabilities until the contingencies are resolved. As of 31 March 2013, there has been no change to our assessment of this liability.As part of the sale, we subsequently received€32 million ($42) of additional cash proceeds based upon collection of certain accounts receivable balances.A gain of $207.4($150.3after-tax, or $.70 per share) was recognized on the sale of this business in the third quarter of fiscal year 2012.

We are actively marketing the remaining portion of the Homecare business, which is primarily in the United Kingdom and Ireland. We expect to close on the sale of this business by the end of fiscal year 2013.

The Homecare business is being accounted for as a discontinued operation. The results of operations and cash flows of this business have been reclassified from the results of continuing operations for all periods presented. The assets and liabilities of discontinued operations have been reclassified and are segregated in the consolidated balance sheets.

The results of discontinued operations are summarized below:
			Three Months Ended				Six Months Ended
			31 March				31 March
			2013		2012		2013		2012
	Sales	$	13.5	$	95.5	$	27.3	$	197.0
	Income before taxes	$	1.4	$	25.2	$	2.8	$	56.1
	Income tax provision		.3		8.2		.3		16.9
	Income from Discontinued Operations, net of tax	$	1.1	$	17.0	$	2.5	$	39.2

Assets and liabilities of discontinued operations consist of the following:
			31 March		30 September
			2013		2012
	Trade receivables, net	$	12.7	$	15.0
	Inventories		.4		.5
	Other current assets		-		.1
	Total Current Assets	$	13.1	$	15.6
	Plant and equipment, net	$	22.3	$	27.2
	Total Noncurrent Assets	$	22.3	$	27.2
	Payables and accrued liabilities	$	5.2	$	6.0
	Total Current Liabilities	$	5.2	$	6.0
	Other noncurrent liabilities	$	-	$	.2
	Total Noncurrent Liabilities	$	-	$	.2