Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Air Products & Chemicals Inc., consolidated income statement

US$ in thousands

12 months ended:	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016	Sep 30, 2015
Sales	8,856,300)	8,918,900)	8,930,200)	8,187,600)	9,524,400)	9,894,900)
Cost of sales	(5,858,100)	(5,975,500)	(6,189,500)	(5,753,400)	(6,402,700)	(6,944,100)
Facility closure	—)	(29,000)	—)	—)	—)	—)
Gross profit	2,998,200)	2,914,400)	2,740,700)	2,434,200)	3,121,700)	2,950,800)
Selling and administrative	(775,900)	(750,000)	(760,800)	(715,600)	(849,300)	(941,700)
Research and development	(83,900)	(72,900)	(64,500)	(57,800)	(132,000)	(138,800)
Business separation costs	—)	—)	—)	(30,200)	(52,200)	(7,500)
Cost reduction actions	—)	(25,500)	—)	(151,400)	(33,900)	(207,700)
Pension settlement loss	—)	—)	—)	(10,500)	(6,400)	(21,200)
Goodwill and intangible asset impairment charge	—)	—)	—)	(162,100)	—)	—)
Gain on exchange of equity affiliate investments	—)	29,100)	—)	—)	—)	17,900)
Company headquarters relocation income	33,800)	—)	—)	—)	—)	—)
Other income (expense), net	65,400)	49,300)	50,200)	121,000)	58,100)	47,300)
Operating income	2,237,600)	2,144,400)	1,965,600)	1,427,600)	2,106,000)	1,699,100)
Equity affiliates’ income	264,800)	215,400)	174,800)	80,100)	148,600)	154,500)
Interest expense	(109,300)	(137,000)	(130,500)	(120,600)	(115,500)	(103,500)
Other non-operating income (expense), net	30,700)	66,700)	5,100)	29,000)	—)	—)
Loss on extinguishment of debt	—)	—)	—)	—)	(6,900)	(16,600)
Income from continuing operations before taxes	2,423,800)	2,289,500)	2,015,000)	1,416,100)	2,132,200)	1,733,500)
Income tax provision	(478,400)	(480,100)	(524,300)	(260,900)	(586,500)	(415,900)
Income from continuing operations	1,945,400)	1,809,400)	1,490,700)	1,155,200)	1,545,700)	1,317,600)
Income (loss) from discontinued operations, net of tax	(14,300)	—)	42,200)	1,866,000)	(884,200)	—)
Net income	1,931,100)	1,809,400)	1,532,900)	3,021,200)	661,500)	1,317,600)
Net income attributable to noncontrolling interests	(44,400)	(49,400)	(35,100)	(20,800)	(30,400)	(39,700)
Net income attributable to Air Products	1,886,700)	1,760,000)	1,497,800)	3,000,400)	631,100)	1,277,900)

Based on: 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30).

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Income statement item	Description	The company
Sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Air Products & Chemicals Inc. sales decreased from 2018 to 2019 and from 2019 to 2020.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Air Products & Chemicals Inc. operating income increased from 2018 to 2019 and from 2019 to 2020.
Income from continuing operations before taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Air Products & Chemicals Inc. income from continuing operations before taxes increased from 2018 to 2019 and from 2019 to 2020.
Net income attributable to Air Products	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Air Products & Chemicals Inc. net income attributable to Air Products increased from 2018 to 2019 and from 2019 to 2020.

Air Products & Chemicals Inc. (NYSE:APD)

Income Statement