Air Products & Chemicals, Inc.

8. DISCONTINUED OPERATIONS

We recorded net losses from discontinued operations of $8.0 and $13.9 in fiscal years 2025 and 2024, respectively, compared to net income from discontinued operations of $7.4 in fiscal year 2023.

In fiscal year 2025, a pre-tax loss from discontinued operations of $10.6 was recorded in the third quarter primarily to increase our existing liability for retained environmental remediation obligations related to production facilities in the atmospheric emulsions and global pressure-sensitive adhesives businesses, which were sold in 2008. Refer to the "Piedmont" discussion under Note 19, Commitments and Contingencies, for additional information. The loss did not impact the statement of cash flows for the fiscal year ended 30 September 2025.

In fiscal year 2024, a pre-tax loss from discontinued operations of $19.4 was recorded in the fourth quarter to increase our existing liability for retained environmental remediation obligations related to the 2006 sale of the Amines business. Refer to the "Pace" discussion under Note 19, Commitments and Contingencies, for additional information. The loss did not impact the statement of cash flows for the fiscal year ended 30 September 2024.

In fiscal year 2023, net income from discontinued operations of $7.4 was driven by a net tax benefit recognized during the fourth quarter upon the release of tax liabilities for uncertain tax positions associated with the 2017 sale of the Performance Materials Division. The consolidated statement of cash flows for the fiscal year ended 30 September 2023 included $0.6 of cash provided by operating activities of discontinued operations, resulting from income tax refunds associated with the sale.