Air Products Chemicals Inc
For the period ended Jun 30, 2024. Filed Aug 1, 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.
Jun 30, 2024 · Filed Aug 1, 2024
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Retirement Benefits
- RETIREMENT BENEFITS
The components of net periodic cost for our defined benefit pension plans for the three and nine months ended 30 June 2024 and 2023 were as follows:
| Pension Benefits | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||
| Three Months Ended 30 June | U.S. | International | Total | U.S. | International | Total |
| Service cost | $2.4 | $2.8 | $5.2 | $2.7 | $3.0 | $5.7 |
| Non-service cost: | ||||||
| Interest cost | 33.7 | 14.9 | 48.6 | 32.5 | 15.2 | 47.7 |
| Expected return on plan assets | (30.0) | (11.7) | (41.7) | (31.7) | (12.6) | (44.3) |
| Prior service cost amortization | 0.3 | 0.2 | 0.5 | 0.3 | — | 0.3 |
| Actuarial loss amortization | 14.3 | 3.2 | 17.5 | 14.9 | 3.1 | 18.0 |
| Settlements | — | 0.4 | 0.4 | — | 0.3 | 0.3 |
| Other | — | 0.6 | 0.6 | — | 0.2 | 0.2 |
| Net Periodic Cost | $20.7 | $10.4 | $31.1 | $18.7 | $9.2 | $27.9 |
| Pension Benefits | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||
| Nine Months Ended 30 June | U.S. | International | Total | U.S. | International | Total |
| Service cost | $7.2 | $8.4 | $15.6 | $8.2 | $9.3 | $17.5 |
| Non-service cost: | ||||||
| Interest cost | 101.1 | 44.7 | 145.8 | 97.5 | 44.5 | 142.0 |
| Expected return on plan assets | (90.0) | (35.2) | (125.2) | (95.3) | (36.6) | (131.9) |
| Prior service cost amortization | 0.9 | 0.7 | 1.6 | 0.9 | 0.1 | 1.0 |
| Actuarial loss amortization | 42.9 | 9.6 | 52.5 | 44.7 | 9.1 | 53.8 |
| Settlements | — | 0.6 | 0.6 | 0.9 | 0.5 | 1.4 |
| Curtailments | — | — | — | — | (1.9) | (1.9) |
| Other | — | 0.8 | 0.8 | — | 0.7 | 0.7 |
| Net Periodic Cost | $62.1 | $29.6 | $91.7 | $56.9 | $25.7 | $82.6 |
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 nine 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 nine months ended 30 June 2024 and 2023, our cash contributions to funded pension plans and benefit payments under unfunded pension plans were $25.6 and $22.0, 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 and nine months ended 30 June 2024, we recognized actuarial gain amortization of $0.1 and $0.4, respectively, for our other postretirement benefits plan. During the three and nine months ended 30 June 2023, we recognized actuarial gain amortization of $0.5 and $1.5, respectively, for our other postretirement benefits plan.
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