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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 2022
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
apd-20220331_g1.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.)
1940 Air Products Boulevard
Allentown, Pennsylvania 18106-5500
(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
1.000% Euro Notes due 2025 APD25 New York Stock Exchange
0.500% Euro Notes due 2028 APD28 New York Stock Exchange
0.800% Euro Notes due 2032 APD32 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, par value $1 per share, outstanding at 31 March 2022 was 221,773,327.


AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
QUARTERLY REPORT ON FORM 10-Q
For the quarterly period ended 31 March 2022

TABLE OF CONTENTS
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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,” "future," “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 ongoing 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, inflation and 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;
the ability to implement price increases to offset cost increases;
disruptions to our supply chain and related distribution delays and cost increases;
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, operate, and manage costs of large scale and technically complex projects, including gasification and hydrogen projects;
the future financial and operating performance of major customers, joint ventures, and equity affiliates;
our ability to develop, implement, and operate new technologies;
our ability to execute the projects in our backlog and refresh our pipeline of new projects;
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 and other public policy initiatives affecting our business and the business of our affiliates and related compliance requirements, including legislation, regulations, or policies intended to address 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;

3

FORWARD-LOOKING STATEMENTS (CONTINUED)
catastrophic events, such as natural disasters and extreme weather events, public health crises, acts of war, including Russia’s invasion of Ukraine and the ongoing civil war in Yemen, 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 inflation, 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 electric power, natural gas, and other 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 fiscal year ended 30 September 2021. 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. 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) 2022 2021 2022 2021
Sales $2,945.1  $2,502.0  $5,939.3  $4,877.2 
Cost of sales 2,151.6  1,745.5  4,375.2  3,377.9 
Facility closure —  23.2  —  23.2 
Selling and administrative 227.0  210.3  459.8  413.0 
Research and development 23.7  21.1  47.0  44.6 
Gain on exchange with joint venture partner —  36.8  —  36.8 
Other income (expense), net 19.1  9.8  27.6  32.3 
Operating Income 561.9  548.5  1,084.9  1,087.6 
Equity affiliates' income 120.8  69.8  268.6  139.1 
Interest expense 32.3  36.1  62.8  72.8 
Other non-operating income (expense), net 9.1  16.8  31.7  35.4 
Income From Continuing Operations Before Taxes 659.5  599.0  1,322.4  1,189.3 
Income tax provision 122.7  121.9  236.0  235.8 
Income From Continuing Operations 536.8  477.1  1,086.4  953.5 
Income from discontinued operations, net of tax —  —  —  10.3 
Net Income 536.8  477.1  1,086.4  963.8 
Net income (loss) attributable to noncontrolling interests of continuing operations 6.3  4.0  (4.5) 8.7 
Net Income Attributable to Air Products $530.5  $473.1  $1,090.9  $955.1 
Net Income Attributable to Air Products
Net income from continuing operations $530.5  $473.1  $1,090.9  $944.8 
Net income from discontinued operations —  —  —  10.3 
Net Income Attributable to Air Products $530.5  $473.1  $1,090.9  $955.1 
Per Share Data*
Basic EPS from continuing operations $2.39  $2.13  $4.91  $4.26 
Basic EPS from discontinued operations —  —  —  0.05 
Basic EPS Attributable to Air Products $2.39  $2.13  $4.91  $4.31 
Diluted EPS from continuing operations $2.38  $2.13  $4.90  $4.25 
Diluted EPS from discontinued operations —  —  —  0.05 
Diluted EPS Attributable to Air Products $2.38  $2.13  $4.90  $4.29 
Weighted Average Common Shares (in millions)
Basic 222.0  221.6  222.0  221.6 
Diluted
222.5  222.5  222.5  222.5 
*Earnings per share ("EPS") is calculated independently for each component and may not sum to total EPS due to rounding.

The accompanying notes are an integral part of these statements.
5

Air Products and Chemicals, Inc. and Subsidiaries
CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS
(Unaudited)
Three Months Ended
31 March
(Millions of dollars) 2022 2021
Net Income $536.8  $477.1 
Other Comprehensive Loss, net of tax:
Translation adjustments, net of tax of $9.2 and $22.6
(58.8) (144.6)
Net loss on derivatives, net of tax of ($15.3) and ($13.2)
(39.4) (5.2)
Reclassification adjustments:
Derivatives, net of tax of $8.6 and $12.0
26.0  36.0 
Pension and postretirement benefits, net of tax of $5.5 and $5.9
15.9  18.3 
Total Other Comprehensive Loss (56.3) (95.5)
Comprehensive Income 480.5  381.6 
Net Income Attributable to Noncontrolling Interests 6.3  4.0 
Other Comprehensive (Loss) Income Attributable to Noncontrolling Interests (3.0) 15.6 
Comprehensive Income Attributable to Air Products $477.2  $362.0 
Six Months Ended
31 March
(Millions of dollars) 2022 2021
Net Income $1,086.4  $963.8 
Other Comprehensive Income, net of tax:
Translation adjustments, net of tax of $16.8 and ($1.6)
(18.2) 271.1 
Net (loss) gain on derivatives, net of tax of ($26.4) and ($10.5)
(39.9) 8.6 
Reclassification adjustments:
Derivatives, net of tax of $14.7 and $11.2
44.7  34.7 
Pension and postretirement benefits, net of tax of $10.9 and $11.8
31.9  36.6 
Total Other Comprehensive Income 18.5  351.0 
Comprehensive Income 1,104.9  1,314.8 
Net (Loss) Income Attributable to Noncontrolling Interests (4.5) 8.7 
Other Comprehensive Income Attributable to Noncontrolling Interests 8.2  35.3 
Comprehensive Income Attributable to Air Products $1,101.2  $1,270.8 
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) 2022 2021
Assets
Current Assets
Cash and cash items $2,348.7  $4,468.9 
Short-term investments 848.9  1,331.9 
Trade receivables, net 1,728.2  1,451.3 
Inventories 507.5  453.9 
Prepaid expenses 195.5  119.4 
Other receivables and current assets 620.6  550.9 
Total Current Assets 6,249.4  8,376.3 
Investment in net assets of and advances to equity affiliates 3,423.8  1,649.3 
Plant and equipment, at cost 28,720.4  27,488.8 
Less: accumulated depreciation 14,625.2  14,234.2 
Plant and equipment, net 14,095.2  13,254.6 
Goodwill, net 912.8  911.5 
Intangible assets, net 419.2  420.7 
Noncurrent lease receivables 692.3  740.3 
Other noncurrent assets 1,657.0  1,506.5 
Total Noncurrent Assets 21,200.3  18,482.9 
Total Assets $27,449.7  $26,859.2 
Liabilities and Equity    
Current Liabilities
Payables and accrued liabilities $2,407.1  $2,218.3 
Accrued income taxes 104.6  93.9 
Short-term borrowings 207.2  2.4 
Current portion of long-term debt 486.2  484.5 
Total Current Liabilities 3,205.1  2,799.1 
Long-term debt 6,462.2  6,875.7 
Long-term debt – related party 285.9  274.6 
Other noncurrent liabilities 1,736.8  1,640.9 
Deferred income taxes 1,249.0  1,180.9 
Total Noncurrent Liabilities 9,733.9  9,972.1 
Total Liabilities 12,939.0  12,771.2 
Commitments and Contingencies - See Note 13
Air Products Shareholders’ Equity
Common stock (par value $1 per share; issued 2022 and 2021 - 249,455,584 shares)
249.4  249.4 
Capital in excess of par value 1,120.8  1,115.8 
Retained earnings 16,075.9  15,678.3 
Accumulated other comprehensive loss (1,505.6) (1,515.9)
Treasury stock, at cost (2022 - 27,682,257 shares; 2021 - 28,058,829 shares)
(1,985.4) (1,987.9)
Total Air Products Shareholders’ Equity 13,955.1  13,539.7 
Noncontrolling Interests 555.6  548.3 
Total Equity 14,510.7  14,088.0 
Total Liabilities and Equity $27,449.7  $26,859.2 
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) 2022 2021
Operating Activities
Net income $1,086.4  $963.8 
Less: Net (loss) income attributable to noncontrolling interests of continuing operations (4.5) 8.7 
Net income attributable to Air Products 1,090.9  955.1 
Income from discontinued operations —  (10.3)
Income from continuing operations attributable to Air Products 1,090.9  944.8 
Adjustments to reconcile income to cash provided by operating activities:
Depreciation and amortization 668.2  653.0 
Deferred income taxes 51.3  76.1 
Facility closure —  23.2 
Undistributed earnings of equity method investments (200.8) (58.7)
Gain on sale of assets and investments (11.8) (26.2)
Share-based compensation 26.5  22.4 
Noncurrent lease receivables 43.9  43.4 
Other adjustments (101.0) (6.5)
Working capital changes that provided (used) cash, excluding effects of acquisitions:
Trade receivables (203.1) (74.8)
Inventories (57.3) (25.4)
Other receivables 13.8  15.7 
Payables and accrued liabilities 123.1  135.7 
Other working capital (138.7) (142.4)
Cash Provided by Operating Activities 1,305.0  1,580.3 
Investing Activities
Additions to plant and equipment, including long-term deposits (1,433.6) (1,227.8)
Acquisitions, less cash acquired (65.1) — 
Investment in and advances to unconsolidated affiliates (1,650.9) (69.8)
Proceeds from sale of assets and investments 25.3  14.8 
Purchases of investments (909.4) (569.0)
Proceeds from investments 1,391.4  1,265.5 
Other investing activities 6.5  3.1 
Cash Used for Investing Activities (2,635.8) (583.2)
Financing Activities
Long-term debt proceeds 87.5  92.8 
Payments on long-term debt (400.0) (15.9)
Net increase in commercial paper and short-term borrowings 210.9  33.6 
Dividends paid to shareholders (664.7) (592.7)
Proceeds from stock option exercises 14.4  4.7 
Other financing activities (33.7) (25.7)
Cash Used for Financing Activities (785.6) (503.2)
Discontinued Operations
Cash provided by operating activities —  6.7 
Cash provided by investing activities —  — 
Cash provided by financing activities —  — 
Cash Provided by Discontinued Operations —  6.7 
Effect of Exchange Rate Changes on Cash (3.8) 32.7 
(Decrease) Increase in cash and cash items (2,120.2) 533.3 
Cash and Cash items – Beginning of year 4,468.9  5,253.0 
Cash and Cash Items – End of Period $2,348.7  $5,786.3 
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 2022
(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 2021 $249.4  $1,115.8  $15,678.3  ($1,515.9) ($1,987.9) $13,539.7  $548.3  $14,088.0 
Net income —  —  1,090.9  —  —  1,090.9  (4.5) 1,086.4 
Other comprehensive income —  —  —  10.3  —  10.3  8.2  18.5 
Dividends on common stock (per share $3.12)
—  —  (691.8) —  —  (691.8) —  (691.8)
Dividends to noncontrolling interests —  —  —  —  —  —  (1.0) (1.0)
Share-based compensation —  25.7  —  —  —  25.7  —  25.7 
Issuance of treasury shares for stock option and award plans —  (21.0) —  —  2.5  (18.5) —  (18.5)
Investments by noncontrolling interests —  —  —  —  —  —  3.6  3.6 
Purchase of noncontrolling interests —  —  —  —  —  —  (1.9) (1.9)
Other equity transactions —  0.3  (1.5) —  —  (1.2) 2.9  1.7 
Balance at 31 March 2022 $249.4  $1,120.8  $16,075.9  ($1,505.6) ($1,985.4) $13,955.1  $555.6  $14,510.7 
Six Months Ended
31 March 2021
(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 2020 $249.4  $1,094.8  $14,875.7  ($2,140.1) ($2,000.0) $12,079.8  $363.3  $12,443.1 
Net income —  —  955.1  —  —  955.1  8.7  963.8 
Other comprehensive income —  —  —  315.7  —  315.7  35.3  351.0 
Dividends on common stock (per share $2.84)
—  —  (628.5) —  —  (628.5) —  (628.5)
Dividends to noncontrolling interests —  —  —  —  —  —  (3.4) (3.4)
Share-based compensation —  22.3  —  —  —  22.3  —  22.3 
Issuance of treasury shares for stock option and award plans —  (21.7) —  —  6.8  (14.9) —  (14.9)
Investments by noncontrolling interests —  —  —  —  —  —  8.7  8.7 
Purchase of noncontrolling interests —  (1.2) —  —  —  (1.2) (4.1) (5.3)
Other equity transactions —  0.2  (2.3) —  —  (2.1) 0.1  (2.0)
Balance at 31 March 2021 $249.4  $1,094.4  $15,200.0  ($1,824.4) ($1,993.2) $12,726.2  $408.6  $13,134.8 
The accompanying notes are an integral part of these statements.

9

Air Products and Chemicals, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF EQUITY (cont.)
(Unaudited)
Three Months Ended
31 March 2022
(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 2021 $249.4  $1,112.0  $15,905.2  ($1,452.3) ($1,989.2) $13,825.1  $550.5  $14,375.6 
Net income —  —  530.5  —  —  530.5  6.3  536.8 
Other comprehensive income (loss) —  —  —  (53.3) —  (53.3) (3.0) (56.3)
Dividends on common stock (per share $1.62)
—  —  (359.3) —  —  (359.3) —  (359.3)
Dividends to noncontrolling interests —  —  —  —  —  —  (1.0) (1.0)
Share-based compensation —  11.6  —  —  —  11.6  —  11.6 
Issuance of treasury shares for stock option and award plans —  (2.9) —  —  3.8  0.9  —  0.9 
Other equity transactions —  0.1  (0.5) —  —  (0.4) 2.8  2.4 
Balance at 31 March 2022 $249.4  $1,120.8  $16,075.9  ($1,505.6) ($1,985.4) $13,955.1  $555.6  $14,510.7 
Three Months Ended
31 March 2021
(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 2020 $249.4  $1,083.0  $15,060.5  ($1,713.3) ($1,996.0) $12,683.6  $388.3  $13,071.9 
Net income —  —  473.1  —  —  473.1  4.0  477.1 
Other comprehensive income (loss) —  —  —  (111.1) —  (111.1) 15.6  (95.5)
Dividends on common stock (per share $1.50)
—  —  (332.0) —  —  (332.0) —  (332.0)
Dividends to noncontrolling interests —  —  —  —  —  —  (3.4) (3.4)
Share-based compensation —  12.0  —  —  —  12.0  —  12.0 
Issuance of treasury shares for stock option and award plans —  (0.7) —  —  2.8  2.1  —  2.1 
Investment by noncontrolling interests —  —  —  —  —  —  4.0  4.0 
Other equity transactions —  0.1  (1.6) —  —  (1.5) 0.1  (1.4)
Balance at 31 March 2021 $249.4  $1,094.4  $15,200.0  ($1,824.4) ($1,993.2) $12,726.2  $408.6  $13,134.8 
The accompanying notes are an integral part of these statements.

10

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)

11

1. BASIS OF PRESENTATION AND MAJOR ACCOUNTING POLICIES
Basis of Presentation
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 (the "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 disclosures to make the information presented not misleading. Adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the notes to the interim consolidated financial statements. These notes, unless otherwise indicated, are presented on a continuing operations basis.
To fully understand the basis of presentation, the interim consolidated financial statements and related notes included herein should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended 30 September 2021 (the "2021 Form 10-K"). Results of operations for interim periods are not necessarily indicative of the results of operations for a full year.
Major Accounting Policies
Refer to our 2021 Form 10-K for a description of major accounting policies. There have been no significant changes to these accounting policies during the first six months of fiscal year 2022.
Segment Reorganization
We reorganized our reporting segments effective 1 October 2021. Prior year segment information presented has been updated to conform with the fiscal year 2022 presentation. Refer to Note 19, Business Segment Information, for additional information.
Russia's Invasion of Ukraine
In March 2022, we announced our intent to divest our small industrial gas business in Russia due to Russia's invasion of Ukraine. As a result, we reclassified assets of $54.1 that met the held for sale criteria in our Europe segment to "Other receivables and current assets" on our consolidated balance sheet as of 31 March 2022. The effect of this reclassification was excluded from our consolidated statement of cash flows for the six months ended 31 March 2022. Sales from this business were less than $25 in fiscal year 2021.
In addition, we suspended the construction of a plant in Ukraine. Our consolidated balance sheet includes approximately $45 as of 31 March 2022 within "Plant and equipment, net" related to this project. Sales from other operations in Ukraine were less than $5 in fiscal year 2021.
Risks and Uncertainties
We are subject to various risks and uncertainties, including, but not limited to, those resulting from the COVID-19 pandemic as well as Russia's invasion of Ukraine. Our results of operations for the periods covered by this report were not materially impacted by these events; however, given the dynamic nature of these circumstances, uncertainty remains related to how these events may affect our business, results of operations, and overall financial performance in future periods. For example, our ability to recover the carrying value of our assets in Russia and Ukraine as well as our ability to exit contracts in Russia could be impacted by sanctions imposed on Russia and potential Russian retaliatory measures.


12

2. NEW ACCOUNTING GUIDANCE
New Accounting Guidance to be Implemented
Government Assistance
In November 2021, the Financial Accounting Standards Board ("FASB") issued disclosure guidance to increase the transparency of transactions an entity has with a government that are accounted for by applying a grant or contribution accounting model. This guidance is effective beginning in fiscal year 2023, with early adoption permitted. We are evaluating the impact this guidance will have on our consolidated financial statements.
Acquired Revenue Contracts in a Business Combination
In October 2021, the FASB issued an update for the recognition of contract assets and liabilities acquired in a business combination. Rather than recognizing such items at fair value on the acquisition date, the acquirer would measure and recognize contract assets and liabilities in accordance with ASC 606, Revenue from Contracts with Customers, as if it had originated the contract. This guidance is effective beginning in fiscal year 2024, with early adoption permitted. We are evaluating the impact this guidance will have on our consolidated financial statements.
Reference Rate Reform
In March 2020, the FASB issued an update to provide practical expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. This update is primarily applicable to our contracts and hedging relationships that reference the London Inter-Bank Offered Rate ("LIBOR"). The amendments may be applied to impacted contracts and hedges prospectively through 31 December 2022. To date, we have had no impacts on our hedging relationships related to reference rate reform. We will continue to evaluate the impact this guidance could have on our consolidated financial statements.

3. ACQUISITIONS
Fiscal Year 2021
Gain on Exchange With Joint Venture Partner
We previously held a 50% ownership interest in Tyczka Industrie-Gases GmbH ("TIG"), a joint venture in Germany with the Tyczka Group that was primarily a merchant gases business. We accounted for this arrangement as an equity method investment in our former Industrial Gases – EMEA segment.
Effective 23 February 2021 (the "acquisition date"), TIG was separated into two businesses, one of which we acquired on a 100% basis. Our partner paid us $10.8 to acquire the other business. The exchange resulted in a gain of $36.8 ($27.3 after-tax), which is reflected as “Gain on exchange with joint venture partner” on our consolidated income statements for the three and six months ended 31 March 2021. The gain included $12.7 from the revaluation of our previously held equity interest in the portion of the business that we retained and $24.1 from the sale of our equity interest in the remaining business. The gain was not recorded in segment results.
We estimated an acquisition date fair value of $15.4 for our previously held equity interest in the acquired portion of the business using a market approach, which considered historical earnings and the application of a market-based multiple derived from comparable transactions.
We accounted for the acquisition as a business combination. The results of this business are consolidated within our Europe segment.

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4. REVENUE RECOGNITION
The majority of our revenue is generated from our sale of gas customers within the regional industrial gases segments. We distribute gases through either our on-site or merchant supply mode depending on various factors, including the customer's volume requirements and location. The Corporate and other segment serves our sale of equipment customers.
Disaggregation of Revenue
The tables below present our consolidated sales disaggregated by supply mode for each of our reporting segments for the three and six months ended 31 March 2022 and 2021. We believe this presentation best depicts the nature, timing, type of customer, and contract terms for our sales.
Americas Asia Europe Middle East
 and India
Corporate
and other
Total %
Three Months Ended 31 March 2022
On-site $716.5  $460.4  $292.0  $17.3  $—  $1,486.2  51  %
Merchant 470.1  290.8  446.6  11.6  —  1,219.1  41  %
Sale of Equipment —  —  —  —  239.8  239.8  %
Total $1,186.6  $751.2  $738.6  $28.9  $239.8  $2,945.1  100  %
Three Months Ended 31 March 2021
On-site $636.7  $416.0  $182.7  $19.6  $—  $1,255.0  50  %
Merchant 419.4  281.5  375.7  6.6  —  1,083.2  43  %
Sale of Equipment —  —  —  —  163.8  163.8  %
Total $1,056.1  $697.5  $558.4  $26.2  $163.8  $2,502.0  100  %
Americas Asia Europe Middle East
 and India
Corporate
and other
Total %
Six Months Ended 31 March 2022
On-site $1,514.1  $912.0  $617.6  $33.6  $—  $3,077.3  52  %
Merchant 896.6  619.6  865.2  19.0  —  2,400.4  40  %
Sale of Equipment —  —  —  —  461.6  461.6  %
Total $2,410.7  $1,531.6  $1,482.8  $52.6  $461.6  $5,939.3  100  %
Six Months Ended 31 March 2021
On-site $1,178.0  $830.9  $359.2  $31.8  $—  $2,399.9  49  %
Merchant 811.1  584.1  742.7  13.9  —  2,151.8  44  %
Sale of Equipment —  —  —  —  325.5  325.5  %
Total $1,989.1  $1,415.0  $1,101.9  $45.7  $325.5  $4,877.2  100  %
Remaining Performance Obligations
As of 31 March 2022, the transaction price allocated to remaining performance obligations is estimated to be approximately $24 billion. This amount includes fixed-charge contract provisions associated with our on-site and sale of equipment supply modes. We estimate that approximately half of this revenue will be recognized over the next five years and the balance thereafter.
Expected revenue associated with new on-site plants that are not yet on stream is excluded from this amount. In addition, this amount excludes consideration associated with contracts having an expected duration of less than one year and variable consideration for which we recognize revenue at the amount to which we have the right to invoice, including energy pass-through costs.
In the future, actual amounts will differ due to events outside of our control, including, but not limited to, inflationary price escalations; currency exchange rates; and amended, terminated, or renewed contracts.
14

Contract Balances
The table below details balances arising from contracts with customers:
31 March 30 September
Balance Sheet Location 2022 2021
Assets
Contract assets – current Other receivables and current assets $56.8  $119.4 
Contract fulfillment costs – current Other receivables and current assets 226.6  125.5 
Liabilities
Contract liabilities – current Payables and accrued liabilities 565.8  366.8 
Contract liabilities – noncurrent Other noncurrent liabilities 70.8  58.4 
Changes to our contract balances primarily relate to our sale of equipment contracts. During the six months ended 31 March 2022, we recognized approximately $155 in revenue associated with sale of equipment contracts that was included within our contract liabilities as of 30 September 2021.

5. DISCONTINUED OPERATIONS
In the first quarter of fiscal year 2021, we recorded a tax benefit of $10.3 primarily from the settlement of a state tax appeal related to the gain on the sale of our former Performance Materials Division in fiscal year 2017. The benefit is reflected within "Income from discontinued operations, net of tax" on our consolidated income statement for the six months ended 31 March 2021. Our consolidated statement of cash flows for the six months ended 31 March 2021 includes $6.7 received as part of the settlement.

6. INVENTORIES
The components of inventories are as follows:
31 March 30 September
2022 2021
Finished goods $173.5  $150.7 
Work in process 22.3  24.0 
Raw materials, supplies and other 311.7  279.2 
Inventories $507.5  $453.9 

7. EQUITY AFFILIATES
Equity Affiliate Investment in Jazan Integrated Gasification and Power Company (“JIGPC”)
On 27 October 2021, we made an initial investment of $1.6 billion in Jazan Integrated Gasification and Power Company ("JIGPC"). JIGPC is a joint venture with Saudi Aramco Power Company (a subsidiary of Aramco), ACWA Power, and Air Products Qudra in the Jazan Economic City, Saudi Arabia. Our investment represents a 55% interest in the joint venture, of which 4% is attributable to the non-controlling partner of Air Products Qudra. The $1.6 billion investment, which includes approximately $130 from the non-controlling partner, is primarily in the form of shareholder loans that qualify as in-substance common stock in the joint venture.
We expect to make an additional investment in JIGPC of approximately $1 billion in 2023.
We determined JIGPC is a variable interest entity for which we are not the primary beneficiary as we do not have the power to direct the activities that are most significant to the economic performance of the joint venture. Instead, these activities, including plant dispatch, operating and maintenance decisions, budgeting, capital expenditures, and financing, require unanimous approval of the owners or are controlled by the customer. Since we have the ability to exercise significant influence in the joint venture, we accounted for our investment in JIGPC under the equity method within the Middle East and India segment.
Pursuant to the joint venture agreement, cash distributions will include preferred distributions to some shareholders. We record our share of income considering current distributions and projections of cash available to Air Products over the life of the venture.
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As of 31 March 2022, the carrying value of our investment totaled $1,779.0 and is presented as “Investments in and advances to equity affiliates” on our consolidated balance sheet. Our loss exposure is limited to our investment in the joint venture.
JIGPC Joint Venture
On 27 September 2021, JIGPC signed definitive agreements for the acquisition of project assets from Aramco for $12 billion and entered into related project financing for the purchase. JIGPC will complete the acquisition of the project assets, which include power blocks, gasifiers, air separation units, syngas cleanup assets, and utilities, in two phases. The first phase was completed on 27 October 2021 for $7 billion. The second phase is expected to be completed in 2023. JIGPC will commission, operate, and maintain the project assets to supply electricity, steam, hydrogen and utilities to Aramco’s refinery and terminal complex under a 25-year agreement, which commenced in the first quarter of fiscal year 2022.
JIGPC accounted for the asset transfer as a financing. Accordingly, the joint venture recorded a financing receivable upon acquisition and will recognize financing income over the supply term.
Jazan Gas Project Company
Jazan Gas Project Company (“JGPC”), a joint venture between Air Products and ACWA Holding, entered into a 20-year oxygen and nitrogen supply agreement in 2015 to supply Aramco’s oil refinery and power plant in Jazan, Saudi Arabia. We own 26% of the joint venture.
In October 2021, the supply agreement between JGPC and Aramco was terminated, and JGPC sold its air separation units to Aramco. We initially sold these assets to JGPC and deferred revenue and profit equal to our ownership percentage in the joint venture. With the termination of the supply agreement and sale of the air separation units complete, we recognized the remaining deferred profit, net of other project finalization costs, in equity affiliates’ income in the first quarter of fiscal year 2022.
As of 30 September 2021, our consolidated balance sheets included $94.4 reflected within "Payables and accrued liabilities" for our obligation to make equity contributions based on our proportionate share of advances received by the joint venture under an equity bridge loan. The joint venture utilized a portion of the proceeds from the sale of the air separation units to repay its outstanding debt, including the equity bridge loan. Accordingly, we recorded a noncash adjustment of $94.4 in the first quarter of fiscal year 2022 to reduce our obligation to zero with a corresponding reduction to the carrying value of our investment in the joint venture.

8. GOODWILL
Changes to the carrying amount of consolidated goodwill by segment for the six months ended 31 March 2022 are as follows:
Americas Asia Europe Middle East
 and India
Corporate
and other
Total
Goodwill, net at 30 September 2021 $151.0  $184.3  $533.5  $8.0  $34.7  $911.5 
Acquisitions(A)
—  —  17.0  7.5  —  24.5 
Currency translation and other 1.4  (0.3) (24.3) —  —  (23.2)
Goodwill, net at 31 March 2022 $152.4  $184.0  $526.2  $15.5  $34.7  $912.8 
(A)We recognized goodwill in the first half of fiscal year 2022 for expected cost synergies associated with small business combinations, of which $3.2 is deductible for tax purposes.
31 March 30 September
2022 2021
Goodwill, gross $1,250.8  $1,239.2 
Accumulated impairment losses(A)
(338.0) (327.7)
Goodwill, net $912.8  $911.5 
(A)Accumulated impairment losses include the impacts of currency translation. These losses are attributable to our Latin America reporting unit ("LASA") within the Americas segment.
We review goodwill for impairment annually in the fourth quarter of the fiscal year and whenever events or changes in circumstances indicate that the carrying value of goodwill might not be recoverable.

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9. FINANCIAL INSTRUMENTS
Currency Price Risk Management
Our 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 our policy to seek to minimize our cash flow volatility from changes in currency exchange rates. This is accomplished by identifying and evaluating the risk that our cash flows will change in value due to changes in exchange rates and by executing strategies necessary to manage such exposures. Our objective is to maintain economically balanced currency risk management strategies that provide adequate downside protection.
Forward Exchange Contracts
We enter 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. We also enter into forward exchange contracts to hedge the cash flow exposure on intercompany loans and third-party debt. This portfolio of forward exchange contracts consists primarily of Euros and U.S. Dollars. The maximum remaining term of any forward exchange contract currently outstanding and designated as a cash flow hedge at 31 March 2022 is 3.8 years.
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 we have a net equity position. The primary currency pair in this portfolio of forward exchange contracts is Euros and U.S. Dollars.
We also utilize forward exchange contracts that are not designated as hedges. These contracts are used to economically hedge foreign currency-denominated monetary assets and liabilities, primarily working capital. The primary objective of these forward exchange 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. This portfolio of forward exchange contracts consists of many different foreign currency pairs, with a profile that changes from time to time depending on our business activity and sourcing decisions.
The table below summarizes our outstanding currency price risk management instruments:
31 March 2022 30 September 2021
US$
Notional
Years
Average
Maturity
US$
Notional
Years
Average
Maturity
Forward Exchange Contracts:
Cash flow hedges $3,882.1  0.6 $3,465.2  0.6
Net investment hedges 616.8  2.5 638.0  3.0
Not designated 510.8  0.2 692.6  0.1
Total Forward Exchange Contracts $5,009.7  0.8 $4,795.8  0.8
We also use foreign currency-denominated debt to hedge the foreign currency exposures of our net investment in certain foreign subsidiaries. The designated foreign currency-denominated debt and related accrued interest was €1,304.6 million ($1,443.9) at 31 March 2022 and €1,297.5 million ($1,502.6) at 30 September 2021. The designated foreign currency-denominated debt is presented within "Long-term debt" on the consolidated balance sheets.
Debt Portfolio Management
It is our policy to identify, on a continuing basis, the need for debt capital and to evaluate the financial risks inherent in funding the Company with debt capital. Reflecting the result of this ongoing review, our debt portfolio and hedging program are managed with the intent to (1) reduce funding risk with respect to borrowings made by us to preserve our 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.
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Interest Rate Management Contracts
We enter into interest rate swaps to change the fixed/variable interest rate mix of our 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 manage interest rate risks and costs inherent in our debt portfolio. Our interest rate management portfolio generally consists of fixed-to-floating interest rate swaps (which are designated as fair value hedges), pre-issuance interest rate swaps and treasury locks (which hedge the interest rate risk associated with anticipated fixed-rate debt issuances and are designated as cash flow hedges), and floating-to-fixed interest rate swaps (which are designated as cash flow hedges). As of 31 March 2022, the outstanding interest rate swaps were denominated in U.S. Dollars. The notional amount of the interest rate swap agreements is equal to or less than the designated debt being hedged. When interest rate swaps are used to hedge variable-rate debt, the indices of the swaps and the debt to which they are designated are the same. It is our policy not to enter into any interest rate management contracts which lever a move in interest rates on a greater than one-to-one basis.
Cross Currency Interest Rate Swap Contracts
We enter into cross currency interest rate swap contracts when our risk management function deems necessary. 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. The contracts are used to hedge either certain net investments in foreign operations or non-functional currency cash flows related to intercompany loans. The current cross currency interest rate swap portfolio consists of fixed-to-fixed swaps primarily between U.S. Dollars and Chinese Renminbi, U.S. Dollars and Indian Rupees, and U.S. Dollars and Chilean Pesos.
The table below summarizes our outstanding interest rate management contracts and cross currency interest rate swaps:
31 March 2022 30 September 2021
US$
Notional
Average
Pay %
Average
Receive
%
Years
Average
Maturity
US$
Notional
Average
Pay %
Average
Receive
%
Years
Average
Maturity
Interest rate swaps
(fair value hedge)
$800.0  Various 1.64  % 5.5 $200.0  LIBOR 2.76  % 0.1
Cross currency interest rate swaps
(net investment hedge)
$214.4  4.34  % 3.15  % 1.7 $210.2  4.32  % 3.14  % 2.2
Cross currency interest rate swaps
(cash flow hedge)
$1,013.6  4.90  % 2.92  % 2.3 $1,005.7  4.98  % 2.93  % 2.7
Cross currency interest rate swaps
(not designated)
$—  —  % —  % 0.0 $4.2  5.39  % 3.54  % 2.2
The table below provides the amounts recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:
Carrying amounts of hedged item Cumulative hedging adjustment, included in carrying amount
31 March 30 September 31 March 30 September
Balance Sheet Location 2022 2021 2022 2021
Current portion of long-term debt $—  $400.5  $—  $0.5 
Long-term debt 2,065.1  —  (24.0) — 
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The table below summarizes the fair value and balance sheet location of our outstanding derivatives:
Balance Sheet 31 March 30 September Balance Sheet 31 March 30 September
Location 2022 2021 Location 2022 2021
Derivatives Designated as Hedging Instruments:
Forward exchange contracts Other receivables and current assets $43.9  $35.1  Payables and accrued liabilities $50.9  $57.2 
Interest rate management contracts Other receivables and current assets 10.6  16.0  Payables and accrued liabilities 22.2  5.2 
Forward exchange contracts Other noncurrent assets 6.2  5.5  Other noncurrent liabilities 18.7  25.2 
Interest rate management contracts Other noncurrent assets 15.5  18.1  Other noncurrent liabilities 76.5  27.5 
Total Derivatives Designated as Hedging Instruments $76.2  $74.7  $168.3  $115.1 
Derivatives Not Designated as Hedging Instruments:
Forward exchange contracts Other receivables and current assets 3.7  8.7  Payables and accrued liabilities 3.1  6.4 
Total Derivatives Not Designated as Hedging Instruments $3.7  $8.7  $3.1  $6.4 
Total Derivatives $79.9  $83.4  $171.4  $121.5 
Refer to Note 10, Fair Value Measurements, which defines fair value, describes the method for measuring fair value, and provides additional disclosures regarding fair value measurements.
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The tables below summarize gains (losses) recognized in other comprehensive income during the period related to our net investment and cash flow hedging relationships:
Three Months Ended Six Months Ended
31 March 31 March
2022 2021 2022 2021
Net Investment Hedging Relationships
Forward exchange contracts ($4.2) $18.6  $10.3  ($17.3)
Foreign currency debt 39.4  63.5  67.0  (0.7)
Cross currency interest rate swaps (7.4) 1.9  (9.7) (12.3)
Total Amount Recognized in OCI 27.8  84.0  67.6  (30.3)
Tax effects (6.9) (21.2) (16.7) 7.4 
Net Amount Recognized in OCI $20.9  $62.8  $50.9  ($22.9)
Three Months Ended Six Months Ended
31 March 31 March
2022 2021 2022 2021
Derivatives in Cash Flow Hedging Relationships
Forward exchange contracts ($40.1) ($57.3) ($63.5) $7.4 
Forward exchange contracts, excluded components 2.0  (4.3) (0.7) (7.0)
Other(A)
(16.6) 43.2  (2.1) (2.3)
Total Amount Recognized in OCI (54.7) (18.4) (66.3) (1.9)
Tax effects 15.3  13.2  26.4  10.5 
Net Amount Recognized in OCI ($39.4) ($5.2) ($39.9) $8.6 
(A)Other primarily includes interest rate and cross currency interest rate swaps for which excluded components are recognized in “Payables and accrued liabilities” and “Other receivables and current assets” as a component of accrued interest payable and accrued interest receivable, respectively. These excluded components are recorded in “Other non-operating income (expense), net” over the life of the cross currency interest rate swap. Other also includes the recognition of our share of gains and losses, net of tax, related to interest rate swaps held by our equity affiliates.
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The tables below summarize the location and amounts recognized in income related to our cash flow and fair value hedging relationships by contract type:
Three Months Ended 31 March
Sales Cost of Sales Interest Expense Other Non-Operating Income (Expense), Net
2022 2021 2022 2021 2022 2021 2022 2021
Total presented in consolidated income statements that includes effects of hedging below $2,945.1  $2,502.0  $2,151.6  $1,745.5  $32.3  $36.1  $9.1  $16.8 
(Gain) Loss Effects of Cash Flow Hedging:
Forward Exchange Contracts:
Amount reclassified from OCI into income $0.3  $0.1  $0.4  ($1.8) $—  $—  $26.4  $54.0 
Amount excluded from effectiveness testing recognized in earnings based on amortization approach —  —  —  —  —  —  1.1  2.6 
Other:
Amount reclassified from OCI into income —  —  —  —  1.5  1.4  4.9  (8.3)
Total (Gain) Loss Reclassified from OCI to Income 0.3  0.1  0.4  (1.8) 1.5  1.4  32.4  48.3 
Tax effects (0.1) —  (0.1) 0.4  (0.6) (0.5) (7.8) (11.9)
Net (Gain) Loss Reclassified from OCI to Income $0.2  $0.1  $0.3  ($1.4) $0.9  $0.9  $24.6  $36.4 
(Gain) Loss Effects of Fair Value Hedging:
Other:
Hedged items $—  $—  $—  $—  ($22.0) ($1.4) $—  $— 
Derivatives designated as hedging instruments —  —  —  —  22.0  1.4  —  — 
Total (Gain) Loss Recognized in Income $—  $—  $—  $—  $—  $—  $—  $— 
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Six Months Ended 31 March
Sales Cost of Sales Interest Expense Other Non-Operating Income (Expense), Net
2022 2021 2022 2021 2022 2021 2022 2021
Total presented in consolidated income statements that includes effects of hedging below $5,939.3  $4,877.2  $4,375.2  $3,377.9  $62.8  $72.8  $31.7  $35.4 
(Gain) Loss Effects of Cash Flow Hedging:
Forward Exchange Contracts:
Amount reclassified from OCI into income $0.7  $0.2  $0.3  ($1.9) $—  $—  $40.9  $2.4 
Amount excluded from effectiveness testing recognized in earnings based on amortization approach —  —  —  —  —  —  2.4  5.4 
Other:
Amount reclassified from OCI into income —  —  —  —  2.9  2.8  12.2  37.0 
Total (Gain) Loss Reclassified from OCI to Income 0.7  0.2  0.3  (1.9) 2.9  2.8  55.5  44.8 
Tax effects (0.2) —  (0.1) 0.6  (1.1) (1.0) (13.3) (10.8)
Net (Gain) Loss Reclassified from OCI to Income $0.5  $0.2  $0.2  ($1.3) $1.8  $1.8  $42.2  $34.0 
(Gain) Loss Effects of Fair Value Hedging:
Other:
Hedged items $—  $—  $—  $—  ($24.5) ($2.7) $—  $— 
Derivatives designated as hedging instruments —  —  —  —  24.5  2.7  —  — 
Total (Gain) Loss Recognized in Income $—  $—  $—  $—  $—  $—  $—  $— 
The tables below summarize the location and amounts recognized in income related to our derivatives not designated as hedging instruments by contract type:
Three Months Ended 31 March
Other Income (Expense), Net Other Non-Operating Income (Expense), Net
2022 2021 2022 2021
The Effects of Derivatives Not Designated as Hedging Instruments:
Forward Exchange Contracts $0.3  ($0.3) ($0.7) ($0.3)
Other —  —  0.1  (0.1)
Total (Gain) Loss Recognized in Income $0.3  ($0.3) ($0.6) ($0.4)
Six Months Ended 31 March
Other Income (Expense), Net Other Non-Operating Income (Expense), Net
2022 2021 2022 2021
The Effects of Derivatives Not Designated as Hedging Instruments:
Forward Exchange Contracts $1.4  $2.5  ($1.3) ($1.6)
Other —  —  0.2  0.4 
Total (Gain) Loss Recognized in Income $1.4  $2.5  ($1.1) ($1.2)
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The amount of unrealized gains and losses related to cash flow hedges as of 31 March 2022 that are expected to be reclassified to earnings in the next twelve months is not material.
The cash flows related to all derivative contracts are reported in the operating activities section of the consolidated statements of cash flows.
Credit Risk-Related Contingent Features
Certain derivative instruments are executed under agreements that require us to maintain a minimum credit rating with both Standard & Poor’s and Moody’s. If our credit rating falls below this threshold, 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 $110.1 and $53.4 as of 31 March 2022 and 30 September 2021, respectively. Because our current credit rating is above the various pre-established thresholds, no collateral has been posted on these liability positions.
Counterparty Credit Risk Management
We execute financial derivative transactions with counterparties that are highly rated financial institutions, all of which are investment grade at this time. Some of our underlying derivative agreements give us the right to require the institution to post collateral if its credit rating falls below the pre-established thresholds with Standard & Poor’s or Moody’s. The collateral that the counterparties would be required to post was $28.6 and $38.1 as of 31 March 2022 and 30 September 2021, respectively. No financial institution is required to post collateral at this time as all have credit ratings at or above threshold.

10. FAIR VALUE MEASUREMENTS
Fair value is defined as an exit price, or 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 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 our own assumptions about the assumptions market participants would use in pricing the asset or liability.
The methods and assumptions used to measure the fair value of financial instruments are as follows:
Short-term Investments
Short-term investments primarily include time deposits with original maturities greater than three months and less than one year. We estimated the fair value of our short-term investments, which approximates carrying value as of the balance sheet date, using Level 2 inputs within the fair value hierarchy. Level 2 measurements were based on current interest rates for similar investments with comparable credit risk and time to maturity.
Derivatives
The fair value of our interest rate management contracts and forward exchange contracts are quantified using the income approach and are based on estimates using standard pricing models. These models consider the value of future cash flows as of the balance sheet date, discounted to a present value using discount factors that match both the time to maturity and currency of the underlying instruments. These standard pricing models utilize inputs that are derived from or corroborated by observable market data such as interest rate yield curves as well as currency spot and forward rates; therefore, the fair value of our derivatives is classified as a Level 2 measurement. On an ongoing basis, we randomly test a subset of our valuations against valuations received from the transaction’s counterparty to validate the accuracy of our standard pricing models. Counterparties to these derivative contracts are highly rated financial institutions.
Refer to Note 9, Financial Instruments, for a description of derivative instruments, including details related to the balance sheet line classifications.
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Long-term Debt, Including Related Party
The fair value of our debt is based on estimates using standard pricing models that consider the value of future cash flows as of the balance sheet date, discounted to a present value using discount factors that match both the time to maturity and currency of the underlying instruments. These standard valuation models utilize observable market data such as interest rate yield curves and currency spot rates; therefore, the fair value of our debt is classified as a Level 2 measurement. We generally perform the computation of the fair value of these instruments.
The carrying values and fair values of financial instruments were as follows:
31 March 2022 30 September 2021
Carrying Value Fair Value Carrying Value Fair Value
Assets
Derivatives
Forward exchange contracts $53.8  $53.8  $49.3  $49.3 
Interest rate management contracts 26.1  26.1  34.1  34.1 
Liabilities
Derivatives
Forward exchange contracts $72.7  $72.7  $88.8  $88.8 
Interest rate management contracts 98.7  98.7  32.7  32.7 
Long-term debt, including current portion and related party 7,234.3  6,905.6  7,634.8  7,812.2 
The carrying amounts reported on the consolidated balance sheets for cash and cash items, short-term investments, 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 table below summarizes assets and liabilities on the consolidated balance sheets that are measured at fair value on a recurring basis:
31 March 2022 30 September 2021
Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3
Assets at Fair Value
Derivatives
Forward exchange contracts $53.8  $—  $53.8  $—  $49.3  $—  $49.3  $— 
Interest rate management contracts 26.1  —  26.1  —  34.1  —  34.1  — 
Total Assets at Fair Value $79.9  $—  $79.9  $—  $83.4  $—  $83.4  $— 
Liabilities at Fair Value
Derivatives
Forward exchange contracts $72.7  $—  $72.7  $—  $88.8  $—  $88.8  $— 
Interest rate management contracts 98.7  —  98.7  —  32.7  —  32.7  — 
Total Liabilities at Fair Value $171.4  $—  $171.4  $—  $121.5  $—  $121.5  $— 

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11. DEBT
Debt Repayment
In November 2021, we repaid a 3.0% Senior Note of $400, plus interest, on its maturity date.
Credit Facilities
2021 Credit Agreement
On 31 March 2021, we entered into a five-year $2,500 revolving credit agreement maturing 31 March 2026 with a syndicate of banks (the “2021 Credit Agreement”), under which senior unsecured debt is available to us and certain of our subsidiaries. On 31 March 2022, we amended the 2021 Credit Agreement to exercise our option to increase the maximum borrowing capacity to $2,750 and transition the benchmark rate from LIBOR to the Secured Overnight Financing Rate ("SOFR"). All other terms remain unchanged from the original agreement. No borrowings were outstanding under the 2021 Credit Agreement as of 31 March 2022.
Other
We also have credit facilities available to certain of our foreign subsidiaries totaling $486.5, of which $446.9 was borrowed and outstanding as of 31 March 2022. The amount borrowed and outstanding as of 30 September 2021 was $176.2.

12. RETIREMENT BENEFITS
The components of net periodic (benefit) cost for our defined benefit pension plans for the three and six months ended 31 March 2022 and 2021 were as follows:
Pension Benefits
2022 2021
Three Months Ended 31 March U.S. International U.S. International
Service cost $4.6  $5.6  $5.3  $5.9 
Interest cost 18.4  7.6  17.3  6.3 
Expected return on plan assets (42.1) (17.6) (48.7) (21.0)
Prior service cost amortization 0.3  —  0.3  — 
Actuarial loss amortization 16.6  3.8  19.6  4.8 
Settlements 0.9  0.2  —  — 
Other —  0.2  —  0.2 
Net Periodic (Benefit) Cost ($1.3) ($0.2) ($6.2) ($3.8)
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Pension Benefits
2022 2021
Six Months Ended 31 March U.S. International U.S. International
Service cost $9.2  $11.2  $10.7  $11.6 
Interest cost 36.8  15.2  34.5  12.4 
Expected return on plan assets (84.2) (35.3) (97.3) (41.2)
Prior service cost amortization 0.6  —  0.6  — 
Actuarial loss amortization 33.3  7.7  39.3  9.4 
Settlements 1.8  0.2  —  — 
Other —  1.0  —  0.5 
Net Periodic (Benefit) Cost ($2.5) $—  ($12.2) ($7.3)
Our service costs are primarily included within "Cost of sales" and "Selling and administrative" on our consolidated income statements. The amount of service costs capitalized in the first six months of fiscal years 2022 and 2021 were not material. The non-service related impacts, including pension settlement losses, are presented outside operating income within "Other non-operating income (expense), net."
For the six months ended 31 March 2022 and 2021, our cash contributions to funded pension plans and benefit payments under unfunded pension plans were $16.1 and $27.7, respectively. Total contributions for fiscal year 2022 are expected to be approximately $40 to $50. During fiscal year 2021, total contributions were $44.6.
During the three and six months ended 31 March 2022, we recognized actuarial gain amortization of $0.4 and $0.8, respectively, for our other postretirement benefits plan. During the three and six months ended 31 March 2021, we recognized actuarial gain amortization of $0.5 and $0.9, respectively, for our other postretirement benefits plan.

13. COMMITMENTS AND CONTINGENCIES
Litigation
We are involved in various legal proceedings, including commercial, competition, environmental, intellectual property, regulatory, product liability, and insurance matters. We do not currently believe there are any legal proceedings, individually or in the aggregate, that are reasonably possible to have a material impact on our financial condition, results of operations, or cash flows.
In September 2010, the Brazilian Administrative Council for Economic Defense ("CADE") issued a decision against our Brazilian subsidiary, Air Products Brasil Ltda., and several other Brazilian industrial gas companies for alleged anticompetitive activities. CADE imposed a civil fine of R$179.2 million (approximately $38 at 31 March 2022) on Air Products Brasil Ltda. This fine was based on a recommendation by a unit of the Brazilian Ministry of Justice, following an investigation beginning in 2003, which alleged violation of competition laws with respect to the sale of industrial and medical gases. The fines are based on a percentage of our total revenue in Brazil in 2003.
We have denied the allegations made by the authorities and filed an appeal in October 2010 with the Brazilian courts. On 6 May 2014, our appeal was granted and the fine against Air Products Brasil Ltda. was dismissed. CADE has appealed that ruling and the matter remains pending. We, with advice of our outside legal counsel, have assessed the status of this matter and have concluded that, although an adverse final judgment after exhausting all appeals is possible, such a judgment is not probable. As a result, no provision has been made in the consolidated financial statements. In the event of an adverse final judgment, we estimate the maximum possible loss to be the full amount of the fine of R$179.2 million (approximately $38 at 31 March 2022) plus interest accrued thereon until final disposition of the proceedings.
Additionally, Winter Storm Uri, a severe winter weather storm in the U.S. Gulf Coast in February 2021, disrupted our operations and caused power and natural gas prices to spike significantly in Texas. We remain in litigation of a dispute regarding energy management services related to the impact of this event, and other disputes may arise from such power price increases. In addition, legislative action may affect power supply and energy management charges. While it is reasonably possible that we could incur additional costs related to power supply and energy management services in Texas related to the winter storm, it is too early to estimate potential losses, if any, given significant unknowns resulting from the unusual nature of this event.
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Environmental
In the normal course of business, we are involved in legal proceedings under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA," the federal Superfund law), Resource Conservation and Recovery Act ("RCRA"), and similar state and foreign environmental laws relating to the designation of certain sites for investigation or remediation. Presently, there are 32 sites on which a final settlement or remediation has not been achieved where we, usually along with others, have been designated a potentially responsible party by environmental authorities or are otherwise engaged in investigation or remediation, including cleanup activity at certain of our current and former manufacturing sites. We continually monitor these sites for which we have environmental exposure.
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 March 2022 and 30 September 2021 included an accrual of $74.1 and $76.7, respectively, primarily as part of other noncurrent liabilities. The environmental liabilities will be paid over a period of up to 30 years. We estimate the exposure for environmental loss contingencies to range from $73 to a reasonably possible upper exposure of $87 as of 31 March 2022.
Actual costs to be incurred at identified sites in future periods may vary from the estimates, given inherent uncertainties in evaluating environmental exposures. Using reasonably possible alternative assumptions of the exposure level could result in an increase to the environmental accrual. Due to the inherent uncertainties related to environmental exposures, a significant increase to the reasonably possible upper exposure level could occur if a new site is designated, the scope of remediation is increased, a different remediation alternative is identified, or a significant increase in our proportionate share occurs. We do not expect that any sum we may have to pay in connection with environmental matters in excess of the amounts recorded or disclosed above would have a material adverse impact on our financial position or results of operations in any one year.
Pace
At 31 March 2022, $38.7 of the environmental accrual was related to the Pace facility.
In 2006, we sold our Amines business, which included operations at Pace, Florida, and recognized a liability for retained environmental obligations associated with remediation activities at Pace. We are required by the Florida Department of Environmental Protection ("FDEP") and the United States Environmental Protection Agency ("USEPA") to continue our remediation efforts. We recognized a before-tax expense of $42 in fiscal year 2006 in results from discontinued operations and recorded an environmental accrual of $42 in continuing operations on the consolidated balance sheets.
During the second quarter of fiscal year 2020, we completed an updated cost review of the environmental remediation status at the Pace facility. The review was completed in conjunction with requirements to maintain financial assurance per the Consent Order issued by the FDEP discussed below. Based on our review, we expect ongoing activities to continue for 30 years. Additionally, we will require near-term spending to install new groundwater recovery wells and ancillary equipment, in addition to future capital to consider the extended time horizon for remediation at the site. As a result of these changes, we increased our environmental accrual for this site by $19 in continuing operations on the consolidated balance sheets and recognized a before-tax expense of $19 in results from discontinued operations in the second quarter of fiscal year 2020. There have been no significant changes to the estimated exposure range related to the Pace facility since the second quarter of fiscal year 2020.
We have implemented many of the remedial corrective measures at the Pace facility required under 1995 Consent Orders issued by the FDEP and the USEPA. Contaminated soils have been bioremediated, and the treated soils have been secured in a lined on-site corrective action management unit. Several groundwater recovery systems have been installed to contain and remove contamination from groundwater. We completed an extensive assessment of the site to determine the efficacy of existing measures, what additional corrective measures may be needed, and whether newer remediation technologies that were not available in the 1990s might be suitable to more quickly and effectively remediate groundwater. Based on assessment results, we completed a focused feasibility study that has identified alternative approaches that may more effectively remove contaminants. We continue to review alternative remedial approaches with the FDEP and have completed additional field work during 2021 to support the design of an improved groundwater recovery network with the objective of targeting areas of higher contaminant concentration and avoiding areas of high groundwater iron which has proven to be a significant operability issue for the project. In the first quarter of 2015, we entered into a new Consent Order with the FDEP requiring us to continue our remediation efforts at the Pace facility, along with the completion of a cost review every 5 years.
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Piedmont
At 31 March 2022, $8.9 of the environmental accrual was related to the Piedmont site.
On 30 June 2008, we sold our Elkton, Maryland, and Piedmont, South Carolina, production facilities and the related North American atmospheric emulsions and global pressure sensitive adhesives businesses. In connection with the sale, we recognized a liability for retained environmental obligations associated with remediation activities at the Piedmont site. This site is under active remediation for contamination caused by an insolvent prior owner.
We are required by the South Carolina Department of Health and Environmental Control ("SCDHEC") to address both contaminated soil and groundwater. Numerous areas of soil contamination have been addressed, and contaminated groundwater is being recovered and treated. The SCDHEC issued its final approval to the site-wide feasibility study on 13 June 2017 and the Record of Decision for the site on 27 June 2018, after which we signed a Consent Agreement Amendment memorializing our obligations to complete the cleanup of the site. Remediation has started in accordance with the design, which includes in-situ chemical oxidation treatment, as well as the installation of a soil vapor extraction system to remove volatile organic compounds from the unsaturated soils beneath the impacted areas of the plant. We estimate that source area remediation and groundwater recovery and treatment will continue through 2029. Thereafter, we expect this site to go into a state of monitored natural attenuation through 2047. 
We recognized a before-tax expense of $24 in 2008 as a component of income from discontinued operations and recorded an environmental liability of $24 in continuing operations on the consolidated balance sheets. There have been no significant changes to the estimated exposure.
Pasadena
At 31 March 2022, $11.0 of the environmental accrual was related to the Pasadena site.
During the fourth quarter of 2012, management committed to permanently shutting down our polyurethane intermediates ("PUI") production facility in Pasadena, Texas. In shutting down and dismantling the facility, we have undertaken certain obligations related to soil and groundwater contaminants. We have been pumping and treating groundwater to control off-site contaminant migration in compliance with regulatory requirements and under the approval of the Texas Commission on Environmental Quality ("TCEQ"). We estimate that the pump and treat system will continue to operate until 2042.
We plan to perform additional work to address other environmental obligations at the site. This additional work includes remediating, as required, impacted soils, investigating groundwater west of the former PUI facility, performing post closure care for two closed RCRA surface impoundment units, establishing engineering controls, and performing a chemical-reduction pilot study to treat impacted soils. In 2012, we estimated the total exposure at this site to be $13. There have been no significant changes to the estimated exposure.
Unconditional Purchase Obligations
We have unconditional purchase obligations related to helium and rare gases totaling approximately $8.7 billion as of 31 March 2022. The majority of these obligations occur after fiscal year 2027. Helium purchases include crude feedstock supply to helium refining plants in North America as well as refined helium purchases from sources around the world.

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14. SHARE-BASED COMPENSATION
We have various share-based compensation programs, which include deferred stock units, stock options, and restricted stock. During the six months ended 31 March 2022, we granted market-based and time-based deferred stock units. Under all programs, the terms of the awards are fixed at the grant date. We issue shares from treasury stock upon the payout of deferred stock units, the exercise of stock options, and the issuance of restricted stock awards. As of 31 March 2022, there were 1.3 million shares available for future grant under our Long-Term Incentive Plan ("LTIP").
Share-based compensation cost recognized on the consolidated income statements is summarized below:
Three Months Ended Six Months Ended
31 March 31 March
2022 2021 2022 2021
Before-tax share-based compensation cost $10.5  $12.9  $27.3  $22.4 
Income tax benefit (2.6) (3.1) (6.7) (5.4)
After-tax share-based compensation cost $7.9  $9.8  $20.6  $17.0 
Before-tax share-based compensation cost is primarily included in "Selling and administrative" on our consolidated income statements. The amount of share-based compensation cost capitalized in the first six months of fiscal years 2022 and 2021 was not material.
Deferred Stock Units
During the six months ended 31 March 2022, we granted 74,364 market-based deferred stock units. The market-based deferred stock units are earned over the performance period beginning 1 October 2021 and ending 30 September 2024, conditioned on the level of our total shareholder return in relation to a defined peer group over the three-year performance period.
The market-based deferred stock units had an estimated grant-date fair value of $427.23 per unit, which was estimated using a Monte Carlo simulation model. The model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the grant and calculates the fair value of the awards. We generally expense the grant-date fair value of these awards on a straight-line basis over the vesting period. The calculation of the fair value of market-based deferred stock units used the following assumptions:
Expected volatility 30.5  %
Risk-free interest rate 0.8  %
Expected dividend yield 2.1  %
In addition, during the six months ended 31 March 2022, we granted 106,721 time-based deferred stock units at a weighted average grant-date fair value of $283.34.

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15. ACCUMULATED OTHER COMPREHENSIVE LOSS
The tables below summarize changes in accumulated other comprehensive loss ("AOCL"), net of tax, attributable to Air Products for the three and six months ended 31 March 2022:
Derivatives
qualifying
as hedges
Foreign
currency
translation
adjustments
Pension and
postretirement
benefits
Total
Balance at 31 December 2021 ($17.5) ($857.0) ($577.8) ($1,452.3)
Other comprehensive loss before reclassifications (39.4) (58.8) —  (98.2)
Amounts reclassified from AOCL 26.0  —  15.9  41.9 
Net current period other comprehensive (loss) income (13.4) (58.8) 15.9  (56.3)
Amount attributable to noncontrolling interests 1.1  (4.2) 0.1  (3.0)
Balance at 31 March 2022 ($32.0) ($911.6) ($562.0) ($1,505.6)
Derivatives
qualifying
as hedges
Foreign
currency
translation
adjustments
Pension and
postretirement
benefits
Total
Balance at 30 September 2021 ($28.3) ($893.8) ($593.8) ($1,515.9)
Other comprehensive loss before reclassifications (39.9) (18.2) —  (58.1)
Amounts reclassified from AOCL 44.7  —  31.9  76.6 
Net current period other comprehensive income (loss) 4.8  (18.2) 31.9  18.5 
Amount attributable to noncontrolling interests 8.5  (0.4) 0.1  8.2 
Balance at 31 March 2022 ($32.0) ($911.6) ($562.0) ($1,505.6)
The table below summarizes the reclassifications out of AOCL and the affected line item on the consolidated income statements:
Three Months Ended Six Months Ended
31 March 31 March
2022 2021 2022 2021
Loss on Cash Flow Hedges, net of tax
Sales $0.2  $0.1  $0.5  $0.2 
Cost of sales 0.3  (1.4) 0.2  (1.3)