Air Products Chemicals Inc

5. BUSINESS AND ASSET ACTIONS

Our consolidated income statements reflect charges for strategic business and asset actions intended to optimize costs and focus resources on our growth projects. As further discussed below, charges for business and asset actions were $57.0 ($43.8 after tax), $244.6 ($204.9 attributable to Air Products after tax), and $73.7 ($61.0 after tax) in fiscal years 2024, 2023, and 2022, respectively. These charges were not recorded in segment results.

Global Cost Reduction Plan

During the second quarter of fiscal year 2024, we recognized an expense of $57.0 for severance and other postemployment benefits payable to employees identified under a global cost reduction plan. We originated this plan during the third quarter of fiscal year 2023, which resulted in an initial charge of $27.0. In total, approximately 1,100 employees globally are eligible to receive benefits under the plan. We estimated benefits payable according to our ongoing benefit arrangements.

The table below reconciles these charges to the carrying amount of the remaining accrual for unpaid benefits as of 30 September 2024. This balance primarily relates to the additional actions identified during the second quarter of fiscal year 2024. We expect to pay the majority of the remaining benefits over the next six months.

(A) Reflected within "Payables and accrued liabilities" on our consolidated balance sheets.

Asset Actions

In fiscal year 2023, we recorded a noncash charge of $217.6 to write off assets associated with exited projects that were previously under construction in our Asia and Europe segments. The assets written off included those related to our withdrawal from coal gasification in Indonesia as well as a project in Ukraine that was permanently suspended due to Russia's invasion of the country. Of the charge, $5.0 was attributable to a noncontrolling partner. Also as a result of the invasion, we divested our small industrial gas business in Russia in fiscal year 2022 and recorded a noncash charge of $73.7 that included transaction costs and cumulative currency translation losses. Prior to the divestiture, this business was reflected in our Europe segment.