Company Quick10K Filing
Air Products & Chemicals
Price221.06 EPS8
Shares222 P/E27
MCap49,097 P/FCF17
Net Debt1,026 EBIT2,456
TEV50,124 TEV/EBIT20
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-04-23
10-Q 2019-12-31 Filed 2020-01-24
10-K 2019-09-30 Filed 2019-11-26
10-Q 2019-06-30 Filed 2019-07-25
10-Q 2019-03-31 Filed 2019-04-24
10-Q 2018-12-31 Filed 2019-01-25
10-K 2018-09-30 Filed 2018-11-20
10-Q 2018-06-30 Filed 2018-07-26
10-Q 2018-03-31 Filed 2018-04-26
10-Q 2017-12-31 Filed 2018-01-26
10-K 2017-09-30 Filed 2017-11-16
10-Q 2017-06-30 Filed 2017-08-01
10-Q 2017-03-31 Filed 2017-04-27
10-Q 2016-12-31 Filed 2017-01-27
10-K 2016-09-30 Filed 2016-11-21
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-04-28
10-Q 2015-12-31 Filed 2016-01-29
10-K 2015-09-30 Filed 2015-11-24
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-30
10-Q 2014-12-31 Filed 2015-01-30
10-K 2014-09-30 Filed 2014-11-24
10-Q 2014-06-30 Filed 2014-07-24
10-Q 2014-03-31 Filed 2014-04-24
10-Q 2013-12-31 Filed 2014-01-29
10-K 2013-09-30 Filed 2013-11-26
10-Q 2013-06-30 Filed 2013-07-24
10-Q 2013-03-31 Filed 2013-04-25
10-K 2012-09-30 Filed 2012-11-20
10-Q 2012-06-30 Filed 2012-07-27
10-Q 2012-03-31 Filed 2012-04-27
10-Q 2011-12-31 Filed 2012-01-27
10-K 2011-09-30 Filed 2011-11-22
10-Q 2011-06-30 Filed 2011-07-27
10-Q 2011-03-31 Filed 2011-04-26
10-Q 2010-12-31 Filed 2011-01-26
10-K 2010-09-30 Filed 2010-11-23
10-Q 2010-06-30 Filed 2010-07-26
10-Q 2010-03-31 Filed 2010-04-26
10-Q 2009-12-31 Filed 2010-01-26
8-K 2020-05-21 Officers, Exhibits
8-K 2020-04-27 Other Events, Exhibits
8-K 2020-04-23 Earnings, Exhibits
8-K 2020-03-04 Officers, Exhibits
8-K 2020-01-24 Earnings, Exhibits
8-K 2020-01-23 Shareholder Vote
8-K 2019-11-26 Amend Bylaw, Exhibits
8-K 2019-11-07 Earnings, Exhibits
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-04-24 Earnings, Exhibits
8-K 2019-01-25 Earnings, Exhibits
8-K 2019-01-24 Shareholder Vote
8-K 2019-01-01 Code of Ethics, Exhibits
8-K 2018-11-06 Earnings, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-07-24 Accountant, Exhibits
8-K 2018-06-26 Officers, Other Events
8-K 2018-05-16 Officers
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-01-26 Regulation FD, Exhibits
8-K 2018-01-26 Earnings, Exhibits
8-K 2018-01-25 Shareholder Vote

APD 10Q Quarterly Report

Part I. Financial Information
Item 1. Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1A. Risk Factors
Item 6. Exhibits.
EX-10.1 apd-exhibit101x31mar20.htm
EX-10.2 apd-exhibit102x31mar20.htm
EX-31.1 apd-exhibit311x31mar20.htm
EX-31.2 apd-exhibit312x31mar20.htm
EX-32.1 apd-exhibit321x31mar20.htm

Air Products & Chemicals Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
2.82.11.50.80.2-0.52012201420172020
Rev, G Profit, Net Income
1.00.4-0.1-0.7-1.2-1.82012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended 31 March 2020
OR
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 001-04534
airproductslogoa16.jpg
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 and 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)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $1.00 per share
APD
New York Stock Exchange
2.000% Euro Notes due 2020
APD20
New York Stock Exchange
0.375% Euro Notes due 2021
APD21B
New York Stock Exchange
1.000% Euro Notes due 2025
APD25
New York Stock Exchange
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 No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).    Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
Smaller reporting company
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
The number of shares of common stock, $1 par value per share, outstanding at 31 March 2020 was 220,854,647.



AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
INDEX
 
 
 
 
 
 
 
 
 
 
 
 
 


2


FORWARD-LOOKING STATEMENTS
This quarterly report contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts and can generally be identified by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “outlook,” “plan,” “positioned,” “possible,” “potential,” “project,” “should,” “target,” “will,” “would,” and similar expressions or variations thereof, or the negative thereof, but these terms are not the exclusive means of identifying such statements. Forward-looking statements are based on management’s expectations and assumptions as of the date of this report and are not guarantees of future performance. You are cautioned not to place undue reliance on our forward-looking statements.
Forward-looking statements may relate to a number of matters, including expectations regarding revenue, margins, expenses, earnings, tax provisions, cash flows, pension obligations, share repurchases or other statements regarding economic conditions or our business outlook; statements regarding plans, projects, strategies and objectives for our future operations, including our ability to win new projects and execute the projects in our backlog; and statements regarding our expectations with respect to pending legal claims or disputes. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including, without limitation:
the duration and impacts of the novel coronavirus (“COVID-19”) global pandemic and efforts to contain its transmission, including the effect of these factors on our business, our customers, economic conditions and markets generally;
changes in global or regional economic conditions, supply and demand dynamics in the market segments we serve, or in the financial markets that may affect the availability and terms on which we may obtain financing;
risks associated with having extensive international operations, including political risks, risks associated with unanticipated government actions and risks of investing in developing markets;
project delays, contract terminations, customer cancellations, or postponement of projects and sales;
our ability to develop and operate large scale and technically complex projects, including gasification projects;
the future financial and operating performance of major customers and joint venture partners;
our ability to develop, implement, and operate new technologies, or to execute the projects in our backlog;
tariffs, economic sanctions and regulatory activities in jurisdictions in which we and our affiliates and joint ventures operate;
the impact of environmental, tax or other legislation, as well as regulations affecting our business and related compliance requirements, including legislation or regulations related to global climate change;
changes in tax rates and other changes in tax law;
the timing, impact, and other uncertainties relating to acquisitions and divestitures, including our ability to integrate acquisitions and separate divested businesses, respectively;
risks relating to cybersecurity incidents, including risks from the interruption, failure or compromise of our information systems;
catastrophic events, such as natural disasters, acts of war, or terrorism;
the impact on our business and customers of price fluctuations in oil and natural gas and disruptions in markets and the economy due to oil and natural gas price volatility;
costs and outcomes of legal or regulatory proceedings and investigations;
asset impairments due to economic conditions or specific events;
significant fluctuations in interest rates and foreign currency exchange rates from those currently anticipated;

3


damage to facilities, pipelines or delivery systems, including those we own or operate for third parties;
availability and cost of raw materials; and
the success of productivity and operational improvement programs.
In addition to the foregoing factors, forward-looking statements contained herein are qualified with respect to the risks disclosed elsewhere in this document, including in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations, and Item 3, Quantitative and Qualitative Disclosures About Market Risk, as well as with respect to the risks described in Item 1A, Risk Factors, to our Annual Report on Form 10-K for the year ended 30 September 2019. Any of these factors, as well as those not currently anticipated by management, could cause our results of operations, financial condition or liquidity to differ materially from what is expressed or implied by any forward-looking statement. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in assumptions, beliefs, or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.


4


PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED INCOME STATEMENTS
(Unaudited)

Three Months Ended
Six Months Ended

31 March
31 March
(Millions of dollars, except for share and per share data)
2020
2019
2020
2019
Sales

$2,216.3


$2,187.7


$4,471.0


$4,411.7

Cost of sales
1,460.1

1,474.7

2,946.7

3,018.7

Facility closure



29.0

Selling and administrative
201.7

190.0

403.4

379.6

Research and development
19.2

16.9

36.9

31.9

Company headquarters relocation income (expense)
33.8


33.8


Other income (expense), net
8.1

10.4

20.4

19.0

Operating Income
577.2

516.5

1,138.2

971.5

Equity affiliates' income
88.2

46.2

146.4

99.1

Interest expense
19.3

35.4

38.0

72.7

Other non-operating income (expense), net
7.1

13.7

16.2

32.2

Income From Continuing Operations Before Taxes
653.2

541.0

1,262.8

1,030.1

Income tax provision
148.5

107.5

269.2

239.6

Income From Continuing Operations
504.7

433.5

993.6

790.5

Loss from discontinued operations, net of tax
(14.3
)

(14.3
)

Net Income
490.4

433.5

979.3

790.5

Net income attributable to noncontrolling interests of continuing operations
12.6

12.2

25.9

21.7

Net Income Attributable to Air Products

$477.8


$421.3


$953.4


$768.8

Net Income Attributable to Air Products
 
 
 
 
Net income from continuing operations

$492.1


$421.3


$967.7


$768.8

Net loss from discontinued operations
(14.3
)

(14.3
)

Net Income Attributable to Air Products

$477.8


$421.3


$953.4


$768.8

Basic Earnings Per Common Share Attributable to Air Products*
 
 
 
 
Basic earnings per share from continuing operations

$2.22


$1.91


$4.38


$3.49

Basic earnings per share from discontinued operations
(0.06
)

(0.06
)

Basic Earnings Per Common Share Attributable to Air Products

$2.16


$1.91


$4.31


$3.49

Diluted Earnings Per Common Share Attributable to Air Products*
 
 
 
 
Diluted earnings per share from continuing operations

$2.21


$1.90


$4.36


$3.48

Diluted earnings per share from discontinued operations
(0.06
)

(0.06
)

Diluted Earnings Per Common Share Attributable to Air Products

$2.15


$1.90


$4.29


$3.48

Weighted Average Common Shares – Basic (in millions)
221.2

220.2

221.0

220.0

Weighted Average Common Shares – Diluted (in millions)
222.3

221.4

222.2

221.2

The accompanying notes are an integral part of these statements.

*Earnings per share ("EPS") is calculated independently for each component and may not sum to total EPS due to rounding.

5


AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS
(Unaudited)
 
Three Months Ended
 
31 March
(Millions of dollars)
2020
 
2019
Net Income

$490.4

 

$433.5

Other Comprehensive Income (Loss), net of tax:
 
 
 
Translation adjustments, net of tax of $11.3 and $8.0
(398.2
)
 
51.3

Net gain (loss) on derivatives, net of tax of $6.0 and ($8.7)
(27.4
)
 
(35.4
)
Reclassification adjustments:
 
 
 
Derivatives, net of tax of ($5.0) and $11.5
(17.0
)
 
36.9

Pension and postretirement benefits, net of tax of $6.5 and $6.0
21.2

 
18.7

Total Other Comprehensive Income (Loss)
(421.4
)
 
71.5

Comprehensive Income
69.0

 
505.0

Net Income Attributable to Noncontrolling Interests
12.6

 
12.2

Other Comprehensive Income (Loss) Attributable to Noncontrolling Interests
(31.8
)
 
5.1

Comprehensive Income Attributable to Air Products

$88.2

 

$487.7

 
 
 
 
 
Six Months Ended
 
31 March
(Millions of dollars)
2020
 
2019
Net Income

$979.3

 

$790.5

Other Comprehensive Income (Loss), net of tax:
 
 
 
Translation adjustments, net of tax of $0.5 and $12.9
(134.2
)
 
(16.8
)
Net gain (loss) on derivatives, net of tax of $8.6 and ($9.4)
(5.3
)
 
(45.7
)
Pension and postretirement benefits, net of tax of $– and ($0.8)

 
(3.9
)
Reclassification adjustments:
 
 
 
Derivatives, net of tax of ($5.8) and $10.7
(20.6
)
 
33.8

Pension and postretirement benefits, net of tax of $13.0 and $11.0
40.9

 
33.9

Total Other Comprehensive Income (Loss)
(119.2
)
 
1.3

Comprehensive Income
860.1

 
791.8

Net Income Attributable to Noncontrolling Interests
25.9

 
21.7

Other Comprehensive Income (Loss) Attributable to Noncontrolling Interests
(16.6
)
 
4.2

Comprehensive Income Attributable to Air Products

$850.8

 

$765.9

The accompanying notes are an integral part of these statements.




6


AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
31 March
 
30 September
(Millions of dollars, except for share and per share data)
2020
 
2019
Assets
 
 
 
Current Assets
 
 
 
Cash and cash items

$2,220.1

 

$2,248.7

Short-term investments

 
166.0

Trade receivables, net
1,399.4

 
1,260.2

Inventories
399.7

 
388.3

Prepaid expenses
129.6

 
77.4

Other receivables and current assets
539.7

 
477.7

Total Current Assets
4,688.5

 
4,618.3

Investment in net assets of and advances to equity affiliates
1,314.6

 
1,276.2

Plant and equipment, at cost
23,005.2

 
22,333.7

Less: accumulated depreciation
12,381.5

 
11,996.1

Plant and equipment, net
10,623.7

 
10,337.6

Goodwill, net
785.3

 
797.1

Intangible assets, net
377.9

 
419.5

Noncurrent lease receivables
840.8

 
890.0

Other noncurrent assets
870.4

 
604.1

Total Noncurrent Assets
14,812.7

 
14,324.5

Total Assets

$19,501.2

 

$18,942.8

Liabilities and Equity
 
 
 
Current Liabilities
 
 
 
Payables and accrued liabilities

$1,649.1

 

$1,635.7

Accrued income taxes
90.4

 
86.6

Short-term borrowings
29.0

 
58.2

Current portion of long-term debt
38.4

 
40.4

Total Current Liabilities
1,806.9

 
1,820.9

Long-term debt
2,922.1

 
2,907.3

Long-term debt – related party
323.1

 
320.1

Other noncurrent liabilities
1,881.0

 
1,712.4

Deferred income taxes
844.4

 
793.8

Total Noncurrent Liabilities
5,970.6

 
5,733.6

Total Liabilities
7,777.5

 
7,554.5

Commitments and Contingencies - See Note 13

 

Air Products Shareholders’ Equity
 
 
 
Common stock (par value $1 per share; issued 2020 and 2019 - 249,455,584 shares)
249.4

 
249.4

Capital in excess of par value
1,074.6

 
1,070.9

Retained earnings
14,537.2

 
14,138.4

Accumulated other comprehensive loss
(2,478.2
)
 
(2,375.6
)
Treasury stock, at cost (2020 - 28,600,937 shares; 2019 - 29,040,322 shares)
(2,011.1
)
 
(2,029.5
)
Total Air Products Shareholders’ Equity
11,371.9

 
11,053.6

Noncontrolling Interests
351.8

 
334.7

Total Equity
11,723.7

 
11,388.3

Total Liabilities and Equity

$19,501.2

 

$18,942.8

The accompanying notes are an integral part of these statements.

7


AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Six Months Ended
 
31 March
(Millions of dollars)
2020
2019
Operating Activities
 
 
Net income

$979.3


$790.5

Less: Net income attributable to noncontrolling interests of continuing operations
25.9

21.7

Net income attributable to Air Products
953.4

768.8

Loss from discontinued operations
14.3


Income from continuing operations attributable to Air Products
967.7

768.8

Adjustments to reconcile income to cash provided by operating activities:
 
 
Depreciation and amortization
583.9

520.1

Deferred income taxes
55.0

27.5

Tax reform repatriation

46.2

Facility closure

29.0

Undistributed (earnings) losses of unconsolidated affiliates
(101.6
)
(27.2
)
Gain on sale of assets and investments
(40.5
)
(2.3
)
Share-based compensation
26.9

21.2

Noncurrent lease receivables
47.1

47.6

Other adjustments
54.0

(3.5
)
Working capital changes that provided (used) cash, excluding effects of acquisitions:
 
 
Trade receivables
(111.9
)
(55.4
)
Inventories
(16.5
)
(14.2
)
Other receivables
(0.7
)
49.6

Payables and accrued liabilities
(111.8
)
(125.5
)
Other working capital
(113.1
)
3.9

Cash Provided by Operating Activities
1,238.5

1,285.8

Investing Activities
 
 
Additions to plant and equipment
(930.6
)
(963.5
)
Acquisitions, less cash acquired

(106.3
)
Investment in and advances to unconsolidated affiliates
(22.7
)
(1.4
)
Proceeds from sale of assets and investments
68.0

3.8

Purchases of investments

(5.3
)
Proceeds from investments
177.0

187.9

Other investing activities
1.9

2.7

Cash Used for Investing Activities
(706.4
)
(882.1
)
Financing Activities
 
 
Payments on long-term debt
(3.4
)
(2.7
)
Net decrease in commercial paper and short-term borrowings
(33.3
)
(6.6
)
Dividends paid to shareholders
(511.7
)
(483.1
)
Proceeds from stock option exercises
20.2

45.4

Other financing activities
(9.6
)
(12.8
)
Cash Used for Financing Activities
(537.8
)
(459.8
)
Effect of Exchange Rate Changes on Cash
(22.9
)
0.7

Decrease in cash and cash items
(28.6
)
(55.4
)
Cash and Cash items – Beginning of Year
2,248.7

2,791.3

Cash and Cash Items – End of Period

$2,220.1


$2,735.9

The accompanying notes are an integral part of these statements.

8


AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
 
Six Months Ended
 
31 March 2020
(Millions of dollars, except for per share data)
Common Stock

Capital in Excess of Par Value

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Treasury Stock

Air
Products Shareholders' Equity

Non-
controlling
Interests

Total
Equity

Balance at 30 September 2019

$249.4


$1,070.9


$14,138.4


($2,375.6
)

($2,029.5
)

$11,053.6


$334.7


$11,388.3

Net income


953.4



953.4

25.9

979.3

Other comprehensive income (loss)



(102.6
)

(102.6
)
(16.6
)
(119.2
)
Dividends on common stock (per share $2.50)


(551.9
)


(551.9
)

(551.9
)
Dividends to noncontrolling interests






(4.4
)
(4.4
)
Share-based compensation