Company Quick10K Filing
Quick10K
Air Products & Chemicals
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$204.44 220 $45,000
10-Q 2019-06-30 Quarter: 2019-06-30
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 2019-07-25 Earnings, Exhibits
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
CCI Crown Castle 51,560
TNET Trinet Group 4,390
I Intelsat 2,930
EFR Energy Fuels 489
TAOP Taoping 41
TAQR Traqer 0
VIVIC Vivic 0
GOVX Geovax Labs 0
BENH Bio-En 0
ADVV Adveco Group 0
APD 2019-06-30
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-31.1 apd-exhibit311x30jun2019.htm
EX-31.2 apd-exhibit312x30jun2019.htm
EX-32.1 apd-exhibit321x30jun2019.htm

Air Products & Chemicals Earnings 2019-06-30

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)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended 30 June 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)
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
2.0% Euro Notes due 2020
APD20
New York Stock Exchange
0.375% Euro Notes due 2021
APD21B
New York Stock Exchange
1.0% 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 30 June 2019 was 220,355,139.


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
Nine Months Ended

30 June
30 June
(Millions of dollars, except for share and per share data)
2019
2018
2019
2018
Sales

$2,224.0


$2,259.0


$6,635.7


$6,631.3

Cost of sales
1,466.0

1,545.4

4,484.7

4,623.7

Facility closure


29.0


Selling and administrative
188.5

188.6

568.1

574.8

Research and development
18.1

15.0

50.0

44.1

Cost reduction actions
25.5


25.5


Gain on exchange of equity affiliate investments
29.1


29.1


Other income (expense), net
14.7

5.8

33.7

43.2

Operating Income
569.7

515.8

1,541.2

1,431.9

Equity affiliates' income
56.4

58.1

155.5

115.6

Interest expense
34.2

34.9

106.9

95.1

Other non-operating income (expense), net
17.6

12.8

49.8

33.7

Income From Continuing Operations Before Taxes
609.5

551.8

1,639.6

1,486.1

Income tax provision
109.3

107.1

348.9

455.1

Income From Continuing Operations
500.2

444.7

1,290.7

1,031.0

Income From Discontinued Operations, net of tax

43.2


42.2

Net Income
500.2

487.9

1,290.7

1,073.2

Net Income Attributable to Noncontrolling Interests of Continuing Operations
12.2

14.0

33.9

28.3

Net Income Attributable to Air Products

$488.0


$473.9


$1,256.8


$1,044.9

Net Income Attributable to Air Products
 
 
 
 
Income from continuing operations

$488.0


$430.7


$1,256.8


$1,002.7

Income from discontinued operations

43.2


42.2

Net Income Attributable to Air Products

$488.0


$473.9


$1,256.8


$1,044.9

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

$2.21


$1.96


$5.71


$4.57

Income from discontinued operations

.20


.19

Net Income Attributable to Air Products

$2.21


$2.16


$5.71


$4.76

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

$2.20


$1.95


$5.68


$4.54

Income from discontinued operations

.20


.19

Net Income Attributable to Air Products

$2.20


$2.15


$5.68


$4.73

Weighted Average Common Shares – Basic (in millions)
220.6

219.5

220.2

219.3

Weighted Average Common Shares – Diluted (in millions)
221.9

220.9

221.4

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
 
 
30 June
(Millions of dollars)
 
2019
 
2018
Net Income
 

$500.2

 

$487.9

Other Comprehensive Loss, net of tax:
 
 
 
 
Translation adjustments, net of tax of ($3.3) and $5.2
 
(48.8
)
 
(392.4
)
Net gain on derivatives, net of tax of $4.5 and $8.8
 
7.5

 
27.1

Reclassification adjustments:
 
 
 
 
Currency translation adjustment
 
(2.6
)
 

Derivatives, net of tax of ($3.5) and ($5.5)
 
(13.1
)
 
(17.7
)
Pension and postretirement benefits, net of tax of $4.8 and $7.8
 
14.8

 
26.0

Total Other Comprehensive Loss
 
(42.2
)
 
(357.0
)
Comprehensive Income
 
458.0

 
130.9

Net Income Attributable to Noncontrolling Interests
 
12.2

 
14.0

Other Comprehensive Loss Attributable to Noncontrolling Interests
 
(5.6
)
 
(14.5
)
Comprehensive Income Attributable to Air Products
 

$451.4

 

$131.4

 
 
 
 
 
 
 
Nine Months Ended
 
 
30 June
(Millions of dollars)
 
2019
 
2018
Net Income
 

$1,290.7

 

$1,073.2

Other Comprehensive Loss, net of tax:
 
 
 
 
Translation adjustments, net of tax of $9.6 and ($14.6)
 
(65.6
)
 
(130.4
)
Net gain (loss) on derivatives, net of tax of ($4.9) and $7.5
 
(38.2
)
 
35.4

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

Reclassification adjustments:
 
 
 
 
Currency translation adjustment
 
(2.6
)
 
3.1

Derivatives, net of tax of $7.2 and ($7.1)
 
20.7

 
(24.4
)
Pension and postretirement benefits, net of tax of $15.8 and $26.7
 
48.7

 
75.5

Total Other Comprehensive Loss
 
(40.9
)
 
(40.8
)
Comprehensive Income
 
1,249.8

 
1,032.4

Net Income Attributable to Noncontrolling Interests
 
33.9

 
28.3

Other Comprehensive Loss Attributable to Noncontrolling Interests
 
(1.4
)
 
(10.4
)
Comprehensive Income Attributable to Air Products
 

$1,217.3

 

$1,014.5

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)
 
 
30 June
 
30 September
(Millions of dollars, except for share and per share data)
 
2019
 
2018
Assets
 
 
 
 
Current Assets
 
 
 
 
Cash and cash items
 

$2,696.8

 

$2,791.3

Short-term investments
 

 
184.7

Trade receivables, net
 
1,340.7

 
1,207.2

Inventories
 
408.3

 
396.1

Prepaid expenses
 
97.2

 
129.6

Other receivables and current assets
 
372.2

 
373.3

Total Current Assets
 
4,915.2

 
5,082.2

Investment in net assets of and advances to equity affiliates
 
1,290.4

 
1,277.2

Plant and equipment, at cost
 
22,425.6

 
21,490.2

Less: accumulated depreciation
 
11,998.0

 
11,566.5

Plant and equipment, net
 
10,427.6

 
9,923.7

Goodwill, net
 
820.4

 
788.9

Intangible assets, net
 
441.1

 
438.5

Noncurrent capital lease receivables
 
938.4

 
1,013.3

Other noncurrent assets
 
698.8

 
654.5

Total Noncurrent Assets
 
14,616.7

 
14,096.1

Total Assets
 

$19,531.9

 

$19,178.3

Liabilities and Equity
 
 
 
 
Current Liabilities
 
 
 
 
Payables and accrued liabilities
 

$1,543.2

 

$1,817.8

Accrued income taxes
 
65.6

 
59.6

Short-term borrowings
 
79.9

 
54.3

Current portion of long-term debt
 
466.5

 
406.6

Total Current Liabilities
 
2,155.2

 
2,338.3

Long-term debt
 
2,951.7

 
2,967.4

Long-term debt – related party
 
321.6

 
384.3

Other noncurrent liabilities
 
1,553.6

 
1,536.9

Deferred income taxes
 
823.2

 
775.1

Total Noncurrent Liabilities
 
5,650.1

 
5,663.7

Total Liabilities
 
7,805.3

 
8,002.0

Commitments and Contingencies - See Note 12
 

 

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
 
1,059.9

 
1,029.3

Retained earnings
 
13,891.9

 
13,409.9

Accumulated other comprehensive loss
 
(1,781.4
)
 
(1,741.9
)
Treasury stock, at cost (2019 - 29,100,445 shares; 2018 - 29,940,339 shares)
 
(2,033.7
)
 
(2,089.2
)
Total Air Products Shareholders’ Equity
 
11,386.1

 
10,857.5

Noncontrolling Interests
 
340.5

 
318.8

Total Equity
 
11,726.6

 
11,176.3

Total Liabilities and Equity
 

$19,531.9

 

$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)
 
Nine Months Ended
 
30 June
(Millions of dollars)
2019
2018
Operating Activities
 
 
Net income

$1,290.7


$1,073.2

Less: Net income attributable to noncontrolling interests of continuing operations
33.9

28.3

Net income attributable to Air Products
1,256.8

1,044.9

Income from discontinued operations

(42.2
)
Income from continuing operations attributable to Air Products
1,256.8

1,002.7

Adjustments to reconcile income to cash provided by operating activities:
 
 
Depreciation and amortization
789.2

713.5

Deferred income taxes
37.8

(86.9
)
Tax reform repatriation
49.4

310.3

Facility closure
29.0


Undistributed earnings of unconsolidated affiliates
(56.9
)
(34.8
)
Gain on sale of assets and investments
(17.5
)
(5.2
)
Share-based compensation
31.0

30.4

Noncurrent capital lease receivables
71.7

73.7

Other adjustments
(.7
)
(23.2
)
Working capital changes that provided (used) cash, excluding effects of acquisitions:
 
 
Trade receivables
(139.5
)
(50.5
)
Inventories
(13.5
)
16.0

Other receivables
70.6

85.5

Payables and accrued liabilities
(94.8
)
(164.9
)
Other working capital
(9.2
)
(10.4
)
Cash Provided by Operating Activities
2,003.4

1,856.2

Investing Activities
 
 
Additions to plant and equipment
(1,507.6
)
(1,158.1
)
Acquisitions, less cash acquired
(107.0
)
(320.2
)
Investment in and advances to unconsolidated affiliates
(15.7
)

Proceeds from sale of assets and investments
8.8

45.8

Purchases of investments
(5.3
)
(349.8
)
Proceeds from investments
190.5

745.2

Other investing activities
.8

5.3

Cash Used for Investing Activities
(1,435.5
)
(1,031.8
)
Financing Activities
 
 
Long-term debt proceeds

.5

Payments on long-term debt
(5.4
)
(418.2
)
Net increase (decrease) in commercial paper and short-term borrowings
37.7

(46.1
)
Dividends paid to shareholders
(738.4
)
(656.6
)
Proceeds from stock option exercises
63.3

58.2

Other financing activities
(18.0
)
(35.6
)
Cash Used for Financing Activities
(660.8
)
(1,097.8
)
Discontinued Operations
 
 
Cash used for operating activities

(12.8
)
Cash provided by investing activities

18.6

Cash provided by financing activities


Cash Provided by Discontinued Operations

5.8

Effect of Exchange Rate Changes on Cash
(1.6
)
(19.5
)
Decrease in cash and cash items
(94.5
)
(287.1
)
Cash and Cash items – Beginning of Year
2,791.3

3,273.6

Cash and Cash Items  End of Period

$2,696.8


$2,986.5

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)
 
Nine Months Ended
 
30 June 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


1,256.8



1,256.8

33.9

1,290.7

Other comprehensive income (loss)



(39.5
)

(39.5
)
(1.4
)
(40.9
)
Dividends on common stock (per share $3.42)


(752.6
)


(752.6
)

(752.6
)
Dividends to noncontrolling interests






(10.0
)
(10.0
)
Share-based compensation

30.5




30.5


30.5

Issuance of treasury shares for stock option and award plans

1.5



55.5

57.0


57.0

Cumulative change in accounting principle


(17.1
)


(17.1
)

(17.1
)
Other equity transactions

(1.4
)
(5.1
)


(6.5
)
(.8
)
(7.3
)
Balance at 30 June 2019

$249.4


$1,059.9


$13,891.9


($1,781.4
)

($2,033.7
)

$11,386.1


$340.5


$11,726.6

 
Nine Months Ended
 
30 June 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


1,044.9



1,044.9

28.3

1,073.2

Other comprehensive income (loss)



(30.4
)

(30.4
)
(10.4
)
(40.8
)
Dividends on common stock (per share $3.15)


(690.3
)


(690.3
)

(690.3
)
Dividends to noncontrolling interests






(26.0
)
(26.0
)
Share-based compensation

29.7




29.7


29.7

Issuance of treasury shares for stock option and award plans

(12.3
)


57.8

45.5


45.5

Lu'An joint venture






227.4

227.4

Other equity transactions

1.3

(.9
)


.4

5.4

5.8

Balance at 30 June 2018

$249.4


$1,019.8


$13,200.3


($1,877.8
)

($2,105.7
)

$10,486.0


$324.0


$10,810.0



8

Table of Contents

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

$249.4


$1,047.7


$13,662.0


($1,744.8
)

($2,048.6
)

$11,165.7


$337.7


$11,503.4

Net income


488.0



488.0

12.2

500.2

Other comprehensive income (loss)



(36.6
)

(36.6
)
(5.6
)
(42.2
)
Dividends on common stock (per share $1.16)


(255.1
)


(255.1
)

(255.1
)
Dividends to noncontrolling interests






(3.0
)
(3.0
)
Share-based compensation

9.8




9.8


9.8

Issuance of treasury shares for stock option and award plans

2.4



14.9

17.3


17.3

Other equity transactions


(3.0
)


(3.0
)
(.8
)
(3.8
)
Balance at 30 June 2019

$249.4


$1,059.9


$13,891.9


($1,781.4
)

($2,033.7
)

$11,386.1


$340.5


$11,726.6

 
Three Months Ended
 
30 June 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 March 2018

$249.4


$1,011.2


$12,966.6


($1,535.3
)

($2,111.1
)

$10,580.8


$112.4


$10,693.2

Net income


473.9



473.9

14.0

487.9

Other comprehensive income (loss)



(342.5
)

(342.5
)
(14.5
)
(357.0
)
Dividends on common stock (per share $1.10)


(241.2
)


(241.2
)

(241.2
)
Dividends to noncontrolling interests






(15.4
)
(15.4
)
Share-based compensation

7.9




7.9


7.9

Issuance of treasury shares for stock option and award plans




5.4

5.4


5.4

Lu'An joint venture






227.4