Air Products Chemicals Inc
For the period ended Dec 31, 2023. Filed Feb 5, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2023 · Filed Feb 5, 2024
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Retirement Benefits
- RETIREMENT BENEFITS
The components of net periodic cost for our defined benefit pension plans for the three months ended 31 December 2023 and 2022 were as follows:
| Pension Benefits | ||||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| Three Months Ended 31 December | U.S. | International | Total | U.S. | International | Total |
| Service cost | $2.4 | $2.8 | $5.2 | $2.7 | $3.3 | $6.0 |
| Non-service cost: | ||||||
| Interest cost | 33.7 | 14.8 | 48.5 | 32.5 | 14.4 | 46.9 |
| Expected return on plan assets | (30.0) | (11.6) | (41.6) | (31.8) | (11.8) | (43.6) |
| Prior service cost amortization | 0.3 | 0.2 | 0.5 | 0.3 | — | 0.3 |
| Actuarial loss amortization | 14.3 | 3.2 | 17.5 | 14.8 | 3.0 | 17.8 |
| Curtailments | — | — | — | — | (1.9) | (1.9) |
| Other | — | 0.1 | 0.1 | — | 0.3 | 0.3 |
| Net Periodic Cost | $20.7 | $9.5 | $30.2 | $18.5 | $7.3 | $25.8 |
Our service costs are primarily included within "Cost of sales" and "Selling and administrative expense" on our consolidated income statements. The amount of service costs capitalized in the first three months of fiscal years 2024 and 2023 were not material. The non-service related impacts are presented outside operating income within "Other non-operating income (expense), net."
For the three months ended 31 December 2023 and 2022, our cash contributions to funded pension plans and benefit payments under unfunded pension plans were $12.0 and $8.0, respectively. Total contributions for fiscal year 2024 are expected to be approximately $35 to $45. During fiscal year 2023, total contributions were $32.6.
During the three months ended 31 December 2023 and 2022, we recognized actuarial gain amortization of $0.1 and $0.6, respectively, for our other postretirement benefits plan.
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