Company Quick10K Filing
Quick10K
Air Products & Chemicals
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$204.44 220 $45,000
10-Q 2019-03-31 Quarter: 2019-03-31
10-Q 2018-12-31 Quarter: 2018-12-31
10-K 2018-09-30 Annual: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-Q 2017-12-31 Quarter: 2017-12-31
10-K 2017-09-30 Annual: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-Q 2016-12-31 Quarter: 2016-12-31
10-K 2016-09-30 Annual: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-Q 2015-12-31 Quarter: 2015-12-31
10-K 2015-09-30 Annual: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-Q 2014-12-31 Quarter: 2014-12-31
10-K 2014-09-30 Annual: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-Q 2013-12-31 Quarter: 2013-12-31
8-K 2019-04-24 Earnings, Exhibits
8-K 2019-01-25 Earnings, Exhibits
8-K 2019-01-25 Earnings, Exhibits
8-K 2019-01-24 Shareholder Vote
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 2018-01-25 Shareholder Vote
STI Suntrust Banks 28,140
SPH Suburban Propane Partners 1,430
OIS Oil States International 1,110
THFF First Financial 504
VTIQ Vectoiq Acquisition 298
HCAC Hennessy Capital Acquisition III 296
RDHL Redhill Biopharma 221
AMBO Ambow Education Holding 96
FCUV Focus Universal 0
MAMP Medamerica Properties 0
APD 2019-03-31
Part I. Financial Information
Item 1. 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 5. Other Information
Item 6. Exhibits.
EX-10.1 apd-exhibit101x31mar19.htm
EX-31.1 apd-exhibit311x31mar19.htm
EX-31.2 apd-exhibit312x31mar19.htm
EX-32.1 apd-exhibit321x31mar19.htm

Air Products & Chemicals Earnings 2019-03-31

APD 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________
FORM 10-Q
(Mark One)
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended 31 March 2019
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
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 x 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 x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 x
 
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 x
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 31 March 2019
Common Stock, $1 par value

220,132,561


Table of Contents

AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
INDEX
 
 
 
 
 
 
 
 
 
 
 
 
 

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:
changes in global or regional economic conditions, supply and demand dynamics in the market segments we serve, or in the financial markets;
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;
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;

2

Table of Contents

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 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 of price fluctuations in natural gas and disruptions in markets and the economy due to oil 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;
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 2018. 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.


3

Table of Contents

PART I. FINANCIAL INFORMATION
Item 1. 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)
2019
2018
2019
2018
Sales

$2,187.7


$2,155.7


$4,411.7


$4,372.3

Cost of sales
1,474.7

1,506.5

3,018.7

3,078.3

Facility closure


29.0


Selling and administrative
190.0

194.6

379.6

386.2

Research and development
16.9

14.5

31.9

29.1

Other income (expense), net
10.4

15.3

19.0

37.4

Operating Income
516.5

455.4

971.5

916.1

Equity affiliates' income
46.2

43.7

99.1

57.5

Interest expense
35.4

30.4

72.7

60.2

Other non-operating income (expense), net
13.7

11.1

32.2

20.9

Income From Continuing Operations Before Taxes
541.0

479.8

1,030.1

934.3

Income tax provision
107.5

56.2

239.6

348.0

Income From Continuing Operations
433.5

423.6

790.5

586.3

Loss From Discontinued Operations, net of tax



(1.0
)
Net Income
433.5

423.6

790.5

585.3

Net Income Attributable to Noncontrolling Interests of Continuing Operations
12.2

7.2

21.7

14.3

Net Income Attributable to Air Products

$421.3


$416.4


$768.8


$571.0

Net Income Attributable to Air Products
 
 
 
 
Income from continuing operations

$421.3


$416.4


$768.8


$572.0

Loss from discontinued operations



(1.0
)
Net Income Attributable to Air Products

$421.3


$416.4


$768.8


$571.0

Basic Earnings Per Common Share Attributable to Air Products
 
 
 
 
Income from continuing operations

$1.91


$1.90


$3.49


$2.61

Loss from discontinued operations




Net Income Attributable to Air Products

$1.91


$1.90


$3.49


$2.61

Diluted Earnings Per Common Share Attributable to Air Products
 
 
 
 
Income from continuing operations

$1.90


$1.89


$3.48


$2.59

Loss from discontinued operations




Net Income Attributable to Air Products

$1.90


$1.89


$3.48


$2.59

Weighted Average Common Shares – Basic (in millions)
220.2

219.4

220.0

219.2

Weighted Average Common Shares – Diluted (in millions)
221.4

220.8

221.2

220.7

The accompanying notes are an integral part of these statements.

4

Table of Contents

AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS
(Unaudited)
 
 
Three Months Ended
 
 
31 March
(Millions of dollars)
 
2019
 
2018
Net Income
 

$433.5

 

$423.6

Other Comprehensive Income, net of tax:
 
 
 
 
Translation adjustments, net of tax of $8.0 and ($13.2)
 
51.3

 
125.6

Net gain (loss) on derivatives, net of tax of ($8.7) and $4.0
 
(35.4
)
 
17.8

Reclassification adjustments:
 
 
 
 
Derivatives, net of tax of $11.5 and ($3.3)
 
36.9

 
(7.5
)
Pension and postretirement benefits, net of tax of $6.0 and $7.9
 
18.7

 
26.6

Total Other Comprehensive Income
 
71.5

 
162.5

Comprehensive Income
 
505.0

 
586.1

Net Income Attributable to Noncontrolling Interests
 
12.2

 
7.2

Other Comprehensive Income Attributable to Noncontrolling Interests
 
5.1

 
2.2

Comprehensive Income Attributable to Air Products
 

$487.7

 

$576.7

 
 
 
 
 
 
 
Six Months Ended
 
 
31 March
(Millions of dollars)
 
2019
 
2018
Net Income
 

$790.5

 

$585.3

Other Comprehensive Income, net of tax:
 
 
 
 
Translation adjustments, net of tax of $12.9 and ($19.8)
 
(16.8
)
 
262.0

Net gain (loss) on derivatives, net of tax of ($9.4) and ($1.3)
 
(45.7
)
 
8.3

Pension and postretirement benefits, net of tax of ($0.8) and $–
 
(3.9
)
 

Reclassification adjustments:
 
 
 
 
Currency translation adjustment
 

 
3.1

Derivatives, net of tax of $10.7 and ($1.6)
 
33.8

 
(6.7
)
Pension and postretirement benefits, net of tax of $11.0 and $18.9
 
33.9

 
49.5

Total Other Comprehensive Income
 
1.3

 
316.2

Comprehensive Income
 
791.8

 
901.5

Net Income Attributable to Noncontrolling Interests
 
21.7

 
14.3

Other Comprehensive Income Attributable to Noncontrolling Interests
 
4.2

 
4.1

Comprehensive Income Attributable to Air Products
 

$765.9

 

$883.1

The accompanying notes are an integral part of these statements.


5

Table of Contents

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)
 
2019
 
2018
Assets
 
 
 
 
Current Assets
 
 
 
 
Cash and cash items
 

$2,735.9

 

$2,791.3

Short-term investments
 
2.6

 
184.7

Trade receivables, net
 
1,258.5

 
1,207.2

Inventories
 
408.3

 
396.1

Prepaid expenses
 
102.4

 
129.6

Other receivables and current assets
 
387.5

 
373.3

Total Current Assets
 
4,895.2

 
5,082.2

Investment in net assets of and advances to equity affiliates
 
1,279.3

 
1,277.2

Plant and equipment, at cost
 
21,986.3

 
21,490.2

Less: accumulated depreciation
 
11,792.5

 
11,566.5

Plant and equipment, net
 
10,193.8

 
9,923.7

Goodwill, net
 
811.9

 
788.9

Intangible assets, net
 
418.6

 
438.5

Noncurrent capital lease receivables
 
974.7

 
1,013.3

Other noncurrent assets
 
671.0

 
654.5

Total Noncurrent Assets
 
14,349.3

 
14,096.1

Total Assets
 

$19,244.5

 

$19,178.3

Liabilities and Equity
 
 
 
 
Current Liabilities
 
 
 
 
Payables and accrued liabilities
 

$1,513.7

 

$1,817.8

Accrued income taxes
 
70.7

 
59.6

Short-term borrowings
 
54.1

 
54.3

Current portion of long-term debt
 
434.5

 
406.6

Total Current Liabilities
 
2,073.0

 
2,338.3

Long-term debt
 
2,933.0

 
2,967.4

Long-term debt – related party
 
369.2

 
384.3

Other noncurrent liabilities
 
1,560.5

 
1,536.9

Deferred income taxes
 
805.4

 
775.1

Total Noncurrent Liabilities
 
5,668.1

 
5,663.7

Total Liabilities
 
7,741.1

 
8,002.0

Commitments and Contingencies - See Note 10
 

 

Air Products Shareholders’ Equity
 
 
 
 
Common stock (par value $1 per share; issued 2019 and 2018 - 249,455,584 shares)
 
249.4

 
249.4

Capital in excess of par value
 
1,047.7

 
1,029.3

Retained earnings
 
13,662.0

 
13,409.9

Accumulated other comprehensive loss
 
(1,744.8
)
 
(1,741.9
)
Treasury stock, at cost (2019 - 29,323,023 shares; 2018 - 29,940,339 shares)
 
(2,048.6
)
 
(2,089.2
)
Total Air Products Shareholders’ Equity
 
11,165.7

 
10,857.5

Noncontrolling Interests
 
337.7

 
318.8

Total Equity
 
11,503.4

 
11,176.3

Total Liabilities and Equity
 

$19,244.5

 

$19,178.3

The accompanying notes are an integral part of these statements.

6

Table of Contents

AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Six Months Ended
 
31 March
(Millions of dollars)
2019
2018
Operating Activities
 
 
Net income

$790.5


$585.3

Less: Net income attributable to noncontrolling interests of continuing operations
21.7

14.3

Net income attributable to Air Products
768.8

571.0

Loss from discontinued operations

1.0

Income from continuing operations attributable to Air Products
768.8

572.0

Adjustments to reconcile income to cash provided by operating activities:
 
 
Depreciation and amortization
520.1

467.9

Deferred income taxes
27.5

(94.4
)
Tax reform repatriation
46.2

310.3

Facility closure
29.0


Undistributed earnings of unconsolidated affiliates
(27.2
)
(1.0
)
Gain on sale of assets and investments
(2.3
)
(2.4
)
Share-based compensation
21.2

22.5

Noncurrent capital lease receivables
47.6

47.2

Other adjustments
(3.5
)
44.7

Working capital changes that provided (used) cash, excluding effects of acquisitions:
 
 
Trade receivables
(55.4
)
(30.2
)
Inventories
(14.2
)
5.5

Other receivables
49.6

11.0

Payables and accrued liabilities
(125.5
)
(260.4
)
Other working capital
3.9

13.3

Cash Provided by Operating Activities
1,285.8

1,106.0

Investing Activities
 
 
Additions to plant and equipment
(963.5
)
(572.5
)
Acquisitions, less cash acquired
(106.3
)
(271.4
)
Investment in and advances to unconsolidated affiliates
(1.4
)

Proceeds from sale of assets and investments
3.8

34.4

Purchases of investments
(5.3
)
(345.7
)
Proceeds from investments
187.9

612.9

Other investing activities
2.7

1.5

Cash Used for Investing Activities
(882.1
)
(540.8
)
Financing Activities
 
 
Long-term debt proceeds

.5

Payments on long-term debt
(2.7
)
(409.2
)
Net decrease in commercial paper and short-term borrowings
(6.6
)
(22.4
)
Dividends paid to shareholders
(483.1
)
(415.5
)
Proceeds from stock option exercises
45.4

52.7

Other financing activities
(12.8
)
(21.7
)
Cash Used for Financing Activities
(459.8
)
(815.6
)
Discontinued Operations
 
 
Cash used for operating activities

(3.1
)
Cash provided by investing activities

18.6

Cash provided by financing activities


Cash Provided by Discontinued Operations

15.5

Effect of Exchange Rate Changes on Cash
.7

28.2

Decrease in cash and cash items
(55.4
)
(206.7
)
Cash and Cash items – Beginning of Year
2,791.3

3,273.6

Cash and Cash Items  End of Period

$2,735.9


$3,066.9

The accompanying notes are an integral part of these statements.

7

Table of Contents

AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
 
Six Months Ended
 
31 March 2019
(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 2018

$249.4


$1,029.3


$13,409.9


($1,741.9
)

($2,089.2
)

$10,857.5


$318.8


$11,176.3

Net income


768.8



768.8

21.7

790.5

Other comprehensive income (loss)



(2.9
)

(2.9
)
4.2

1.3

Dividends on common stock (per share $2.26)


(497.5
)


(497.5
)

(497.5
)
Dividends to noncontrolling interests






(7.0
)
(7.0
)
Share-based compensation

20.7




20.7


20.7

Issuance of treasury shares for stock option and award plans

(.9
)


40.6

39.7


39.7

Cumulative change in accounting principle


(17.1
)


(17.1
)

(17.1
)
Other equity transactions

(1.4
)
(2.1
)


(3.5
)


(3.5
)
Balance at 31 March 2019

$249.4


$1,047.7


$13,662.0


($1,744.8
)

($2,048.6
)

$11,165.7


$337.7


$11,503.4

 
Six Months Ended
 
31 March 2018
(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 2017

$249.4


$1,001.1


$12,846.6


($1,847.4
)

($2,163.5
)

$10,086.2


$99.3


$10,185.5

Net income attributable to Air Products


571.0



571.0

14.3

585.3

Other comprehensive income (loss)



312.1


312.1

4.1

316.2

Dividends on common stock (per share $2.05)


(449.1
)


(449.1
)

(449.1
)
Dividends to noncontrolling interests






(10.6
)
(10.6
)
Share-based compensation

21.8




21.8


21.8

Issuance of treasury shares for stock option and award plans

(12.3
)


52.4

40.1


40.1

Other equity transactions

.6

(1.9
)


(1.3
)
5.3

4.0

Balance at 31 March 2018

$249.4


$1,011.2


$12,966.6


($1,535.3
)

($2,111.1
)

$10,580.8


$112.4


$10,693.2



8

Table of Contents

AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED STATEMENTS OF EQUITY (cont.)
(Unaudited)
 
Three Months Ended
 
31 March 2019
(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 31 December 2018

$249.4


$1,030.4


$13,497.9


($1,811.2
)

($2,083.6
)

$10,882.9


$320.5


$11,203.4

Net income


421.3



421.3

12.2

433.5

Other comprehensive income (loss)



66.4


66.4

5.1

71.5

Dividends on common stock (per share $1.16)


(255.9
)


(255.9
)

(255.9
)
Dividends to noncontrolling interests






(.1
)
(.1
)
Share-based compensation

11.8




11.8


11.8

Issuance of treasury shares for stock option and award plans

6.7



35.0

41.7


41.7

Other equity transactions

(1.2
)
(1.3
)


(2.5
)

(2.5
)
Balance at 31 March 2019

$249.4


$1,047.7


$13,662.0


($1,744.8
)

($2,048.6
)

$11,165.7


$337.7


$11,503.4

 
Three Months Ended
 
31 March 2018
(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 31 December 2017

$249.4


$998.1


$12,792.3


($1,695.6
)

($2,128.9
)

$10,215.3


$105.9


$10,321.2

Net income


416.4



416.4

7.2

423.6

Other comprehensive income (loss)



160.3


160.3

2.2

162.5

Dividends on common stock (per share $1.10)


(241.1
)


(241.1
)

(241.1
)
Dividends to noncontrolling interests






(2.9
)
(2.9
)
Share-based compensation

10.7




10.7


10.7

Issuance of treasury shares for stock option and award plans

2.4



17.8

20.2


20.2

Other equity transactions


(1.0
)


(1.0
)

(1.0
)
Balance at 31 March 2018

$249.4


$1,011.2


$12,966.6


($1,535.3
)

($2,111.1
)

$10,580.8


$112.4


$10,693.2

The accompanying notes are an integral part of these statements.


9

Table of Contents

AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Millions of dollars unless otherwise indicated, except for share and per share data)
1
.
 
2
.
 
3
.
 
4
.
 
5
.
 
6
.
 
7
.
 
8
.
 
9
.
 
10
.
 
11
.
 
12
.
 
13
.
 
14
.
 
15
.
 
16
.
 

1. BASIS OF PRESENTATION AND MAJOR ACCOUNTING POLICIES
The interim consolidated financial statements of Air Products and Chemicals, Inc. and its subsidiaries (“we,” “our,” “us,” the “Company,” “Air Products,” or “registrant”) included herein have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. In our opinion, 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 notes to the interim consolidated financial statements, unless otherwise indicated, are on a continuing operations basis.
To fully understand the basis of presentation, the consolidated financial statements and related notes included herein should be read in conjunction with the consolidated financial statements and notes thereto included in our 2018 Form 10-K. Results of operations for interim periods are not necessarily indicative of the results of operations for a full year.
Refer to our 2018 Form 10-K for a description of major accounting policies. During the first six months of fiscal year 2019, these policies were impacted by the implementation of certain new accounting guidance, including the adoption of Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers, and all related amendments (“the new revenue standard”). We adopted the new revenue standard as of 1 October 2018 under the modified retrospective approach. Comparative prior year information has not been restated and continues to be reported under the accounting standards in effect for those periods. Our updated revenue recognition policy, which reflects the principles under the new revenue standard, is discussed below.
Other than the adoption of new accounting guidance as discussed in Note 2, New Accounting Guidance, there have been no notable changes to our acco