Air Products Chemicals Inc
For the period ended Mar 31, 2025. Filed May 1, 2025.
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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.
Mar 31, 2025 · Filed May 1, 2025
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Retirement Benefits
- RETIREMENT BENEFITS
The components of net periodic cost for our defined benefit pension plans for the three and six months ended 31 March 2025 and 2024 were as follows:
| Pension Benefits | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| Three Months Ended 31 March | U.S. | International | Total | U.S. | International | Total |
| Service cost | $2.3 | $2.7 | $5.0 | $2.4 | $2.8 | $5.2 |
| Non-service cost: | ||||||
| Interest cost | 29.9 | 13.8 | 43.7 | 33.7 | 15.0 | 48.7 |
| Expected return on plan assets | (33.2) | (14.5) | (47.7) | (30.0) | (11.9) | (41.9) |
| Prior service cost amortization | 0.3 | 0.2 | 0.5 | 0.3 | 0.3 | 0.6 |
| Actuarial loss amortization | 11.7 | 2.4 | 14.1 | 14.3 | 3.2 | 17.5 |
| Settlements | — | 0.1 | 0.1 | — | 0.2 | 0.2 |
| Other | — | — | — | — | 0.1 | 0.1 |
| Net Periodic Cost | $11.0 | $4.7 | $15.7 | $20.7 | $9.7 | $30.4 |
| Pension Benefits | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| Six Months Ended 31 March | U.S. | International | Total | U.S. | International | Total |
| Service cost | $4.6 | $5.6 | $10.2 | $4.8 | $5.6 | $10.4 |
| Non-service cost: | ||||||
| Interest cost | 59.8 | 27.7 | 87.5 | 67.4 | 29.8 | 97.2 |
| Expected return on plan assets | (66.4) | (29.2) | (95.6) | (60.0) | (23.5) | (83.5) |
| Prior service cost amortization | 0.6 | 0.4 | 1.0 | 0.6 | 0.5 | 1.1 |
| Actuarial loss amortization | 23.4 | 4.8 | 28.2 | 28.6 | 6.4 | 35.0 |
| Settlements | — | 0.1 | 0.1 | — | 0.2 | 0.2 |
| Other | — | 0.1 | 0.1 | — | 0.2 | 0.2 |
| Net Periodic Cost | $22.0 | $9.5 | $31.5 | $41.4 | $19.2 | $60.6 |
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 six months of fiscal years 2025 and 2024 were not material. The non-service related impacts are presented outside operating results within "Other non-operating income (expense), net."
For the six months ended 31 March 2025 and 2024, our cash contributions to funded pension plans and benefit payments under unfunded pension plans were $14.3 and $19.2, respectively. Total contributions for fiscal year 2025 are expected to be approximately $30 to $40. During fiscal year 2024, total contributions were $34.7.
During the three and six months ended 31 March 2025, we recognized actuarial gain amortization of $0.1 and $0.4, respectively, for our other postretirement benefits plans. During the three and six months ended 31 March 2024, we recognized actuarial gain amortization of $0.2 and $0.3, respectively, for our other postretirement benefits plan.
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