AIR Products & Chemicals - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht
|Land||Vereinigte Staaten von Amerika|
|Rohdaten nach||US GAAP in Millionen USD|
|Aktiensplits||2016-10-03 - 1081:1000 | 1998-06-16 - 2:1 ||
|Letztes Bilanz Update||21.11.2016|
|Fundamental Verhältnisse errechnet am: 21.07.2017|
25. SUMMARY BY QUARTER (UNAUDITED)These tables summarize the unaudited results of operations for each quarter of 2016 and 2015:2016Q1Q2Q3Q4TotalSales$2,355.8$2,271.2$2,434.4$2,463.0$9,524.4Gross profit(A)760.1752.2795.1814.33,121.7Business separation costs(B)12.07.49.523.352.2Business restructuring and cost reduction actions(C)-8.6188.8.131.52Pension settlement loss(D)-2.61.02.86.4Operating income(A)510.6513.3535.1547.02,106.0Loss on extinguishment of debt(E)---6.96.9Income tax provision135.9132.5(F)179.5(F)138.6(F)586.5(F)Net income (loss)372.0(465.5)354.1400.9661.5Net income attributable to Air Products Income from continuing operations377.8379.8355.7402.01,515.3Loss from discontinued operations(14.2)(853.1)(8.9)(8.0)(884.2)Net income (loss) attributable to Air Products363.6(473.3)346.8394.0631.1Basic Earnings Per Common Share Attributable to Air ProductsIncome from continuing operations1.751.761.641.857.00Loss from discontinued operations(.07)(3.95)(.04)(.04)(4.08)
Basis of Presentation and Consolidation Principles The accompanying consolidated financial statements of Air Products and Chemicals, Inc. were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Air Products and Chemicals, Inc. and those of its controlled subsidiaries (“we,” “our,” “us,” the “Company,” “Air Products,” or “registrant”), which are generally majority owned. Intercompany transactions and balances are eliminated in consolidation. We consolidate all entities that we control. The general condition for control is ownership of a majority of the voting interests of an entity. Control may also exist in arrangements where we are the primary beneficiary of a variable interest entity (VIE). An entity that has both the power to direct the activities that most significantly impact the economic performance of a VIE and the obligation to absorb the losses or receive the benefits significant to the VIE is considered the primary beneficiary of that entity. We have determined that we are not a primary beneficiary in any material VIE.Certain prior year information has been reclassified to conform to the 2016 presentation.
Revenue from product sales is recognized as risk and title to the product transfer to the customer (which generally occurs at the time shipment is made), the sales price is fixed or determinable, and collectability is reasonably assured. Sales returns and allowances are not a business practice in the industry.
Revenue from equipment sale contracts is recorded primarily using the percentage-of-completion method. Under this method, revenue from the sale of major equipment, such as liquefied natural gas (LNG) heat exchangers and large air separation units, is recognized based on labor hours or costs incurred to date compared with total estimated labor hours or costs to be incurred. When adjustments in estimated total contract revenues or estimated total costs or labor hours are required, any changes in the estimated profit from prior estimates are recognized in the current period for the inception-to-date effect of such change. Changes in estimates on projects accounted for under the percentage-of-completion method favorably impacted operating income by approximately $20 in fiscal year 2016, primarily during the fourth quarter. Our changes in estimates would not have significantly impacted amounts recorded in prior years. Changes in estimates during fiscal years 2015 and 2014 were not significant.
Certain contracts associated with facilities that are built to provide product to a specific customer are required to be accounted for as leases. In cases where operating lease treatment is necessary, there is no difference in revenue recognition over the life of the contract as compared to accounting for the contract as product sales. In cases where capital lease treatment is necessary, the timing of revenue and expense recognition is impacted. Revenue and expense are recognized up front for the sale of equipment component of the contract as compared to revenue recognition over the life of the arrangement under contracts not qualifying as capital leases. Additionally, a portion of the revenue representing interest income from the financing component of the lease receivable is reflected as sales over the life of the contract. Allowances for credit losses associated with capital lease receivables are recorded using the specific identification method. As of 30 September 2016 and 2015, the credit quality of capital lease receivables did not require an allowance for credit losses.
If an arrangement involves multiple deliverables, the delivered items are considered separate units of accounting if the items have value on a stand-alone basis. Revenues are allocated to each deliverable based upon relative selling prices derived from company specific evidence.
Amounts billed for shipping and handling fees are classified as sales in the consolidated income statements.
Amounts billed for sales and use taxes, value-added taxes, and certain excise and other specific transactional taxes imposed on revenue-producing transactions are presented on a net basis and excluded from sales in the consolidated income statements. We record a liability until remitted to the respective taxing authority.
26. Business Segment and Geographic Information
Our reporting segments reflect the manner in which our chief operating decision maker reviews results and allocates resources. Except in the Corporate and other segment, each reporting segment meets the definition of an operating segment and does not include the aggregation of multiple operating segments. Our liquefied natural gas (LNG) and helium storage and distribution sale of equipment businesses are aggregated within the Corporate and other segment.
Our reporting segments are:
- Industrial Gases – Americas
- Industrial Gases – EMEA (Europe, Middle East, and Africa)
- Industrial Gases – Asia
- Industrial Gases – Global
- Materials Technologies
- Corporate and other
Industrial Gases – Regional
The regional Industrial Gases (Americas, EMEA, Asia) segments include the results of our regional industrial gas businesses, which produce and sell atmospheric gases such as oxygen, nitrogen, and argon (primarily recovered by the cryogenic distillation of air) and process gases such as hydrogen, carbon monoxide, helium, syngas, and specialty gases. We supply gases to customers in many industries, including those in metals, glass, chemical processing, energy production and refining, food processing, metallurgical industries, medical, and general manufacturing. We distribute gases to our customers through a variety of supply modes including liquid or gaseous bulk supply delivered by tanker or tube trailer and, for smaller customers, packaged gases delivered in cylinders and dewars or small on-sites (cryogenic or non-cryogenic generators). For large-volume customers, we construct an on-site plant adjacent to or near the customer’s facility or deliver product from one of our pipelines. We are the world’s largest provider of hydrogen, which is used by refiners to facilitate the conversion of heavy crude feedstock and lower the sulfur content of gasoline and diesel fuels.
Electricity is the largest cost component in the production of atmospheric gases, and natural gas is the principal raw material for hydrogen, carbon monoxide, and syngas production. We mitigate energy and natural gas prices contractually through pricing formulas, surcharges, and cost pass-through arrangements. The regional Industrial Gases segments also include our share of the results of several joint ventures accounted for by the equity method. The largest of these joint ventures operate in Mexico, Italy, South Africa, India, Saudi Arabia, and Thailand. Each of the regional Industrial Gases segments competes against global industrial gas companies as well as regional competitors. Competition is based primarily on price, reliability of supply, and the development of industrial gas applications. We derive a competitive advantage in locations where we have pipeline networks, which enable us to provide reliable and economic supply of products to larger customers.
Industrial Gases – Global
The Industrial Gases – Global segment includes cryogenic and gas processing equipment sales for air separation. The equipment is sold worldwide to customers in a variety of industries, including chemical and petrochemical manufacturing, oil and gas recovery and processing, and steel and primary metals processing. The Industrial Gases – Global segment also includes centralized global costs associated with management of all the Industrial Gases segments. These costs include Industrial Gases global administrative costs, product development costs, and research and development costs. We compete with a large number of firms for all the offerings included in the Industrial Gases – Global segment. Competition in the equipment businesses is based primarily on technological performance, service, technical know-how, price, and performance guarantees.
The Materials Technologies segment, which contains two divisions, Electronic Materials (EMD) and Performance Materials (PMD), employs applications technology to provide solutions to a broad range of global industries through chemical synthesis, analytical technology, process engineering, and surface science. EMD provides specialty gases, specialty chemicals, services, and equipment to the electronics industry, primarily for the manufacture of silicon and compound semiconductors and thin film transistor liquid crystal (LCD) displays. PMD provides performance chemical solutions for the coatings, inks, adhesives, construction and civil engineering, personal care, institutional and industrial cleaning, mining, oil refining, and polyurethanes industries. We compete in the businesses included in the Materials Technologies segment on a product-by-product basis against competitors ranging from niche suppliers with a single product to larger and more vertically integrated companies. Competition is principally conducted on the basis of price, quality, product performance, reliability of product supply, technical innovation, service, and global infrastructure.
During 2016, Air Products entered into an agreement to sell certain subsidiaries and assets comprising the PMD division. The sale is subject to regulatory and anti-trust requirements. On 1 October 2016, Air Products completed the separation of its EMD division through the spin-off of Versum. Refer to Note 3, Materials Technologies Separation, for additional information.
Corporate and other
The Corporate and other segment includes two ongoing global businesses (our LNG sale of equipment business and our liquid helium and liquid hydrogen transport and storage container businesses), the polyurethane intermediates (PUI) business that was exited in early fiscal year 2014, and corporate support functions that benefit all the segments. Competition for the two sale of equipment businesses is based primarily on technological performance, service, technical know-how, price, and performance guarantees. Corporate and other also includes income and expense that cannot be directly associated with the business segments, including foreign exchange gains and losses and stranded costs resulting from discontinued operations. Also included are LIFO inventory adjustments, as the business segments use FIFO, and the LIFO pool adjustments are not allocated to the business segments.
In addition to assets of the global businesses included in this segment, other assets include cash, deferred tax assets, and financial instruments.
We do not have a homogeneous customer base or end market, and no single customer accounts for more than 10% of our consolidated revenues.
The accounting policies of the segments are the same as those described in Note 1, Major Accounting Policies. We evaluate the performance of segments based upon reported segment operating income.
|Sales to external customers||$||3,343.6||$||1,700.3||$||1,716.1||$||498.8||$||2,019.5||$||246.1||$||9,524.4|
|Operating income (loss)||895.2||382.8||449.1||(21.3)||530.2||(37.5)||2,198.5|
|Depreciation and amortization||442.5||185.7||197.1||7.9||77.4||15.3||925.9|
|Equity affiliates' income (loss)||52.7||36.5||57.8||(.1)||1.7||-||148.6|
|Expenditures for long-lived assets||406.6||159.5||313.3||6.0||147.9||22.5||1,055.8|
|Investments in net assets of and|
|advances to equity affiliates||250.6||580.5||442.5||10.0||4.5||-||1,288.1|
|The following table sets forth the computation of basic and diluted earnings per share (EPS):|
|Income from continuing operations||$||1,515.3||$||1,284.7||$||994.6|
|Income (Loss) from discontinued operations||(884.2)||(6.8)||(2.9)|
|Net Income Attributable to Air Products||$||631.1||$||1,277.9||$||991.7|
|Denominator (in millions)|
|Weighted average common shares — Basic||216.4||214.9||212.7|
|Effect of dilutive securities|
|Employee stock option and other award plans||1.9||2.4||2.5|
|Weighted average common shares — Diluted||218.3||217.3||215.2|
|Basic EPS Attributable to Air Products|
|Income from continuing operations||$||7.00||$||5.98||$||4.68|
|Income (Loss) from discontinued operations||(4.08)||(.03)||(.02)|
|Net Income Attributable to Air Products||$||2.92||$||5.95||$||4.66|
|Diluted EPS Attributable to Air Products|
|Income from continuing operations||$||6.94||$||5.91||$||4.62|
|Income (Loss) from discontinued operations||(4.05)||(.03)||(.01)|
|Net Income Attributable to Air Products||$||2.89||$||5.88||$||4.61|
Diluted EPS attributable to Air Products reflects the potential dilution that could occur if stock options or other share-based awards were exercised or converted into common stock. The dilutive effect is computed using the treasury stock method, which assumes all share-based awards are exercised and the hypothetical proceeds from exercise are used by the Company to purchase common stock at the average market price during the period. The incremental shares (difference between shares assumed to be issued versus purchased), to the extent they would have been dilutive, are included in the denominator of the diluted EPS calculation. Outstanding share-based awards of .2 million shares, .2 million shares, and .6 million shares were antidilutive and therefore excluded from the computation of diluted EPS for 2016, 2015, and 2014, respectively.