What is the primary purpose of this 8-K filing?

The primary purpose of this 8-K filing is to inform investors about Air Products & Chemicals, Inc.'s new operating segment structure, which became effective on October 1, 2014, and to provide historical financial data that is comparable to how results will be reported under this new structure starting in Q1 FY2015.

How does the new segment structure differ from the previous one?

The company has moved from an unspecified prior structure to seven defined segments. Notably, the 'Industrial Gases' business is now divided into four segments (Americas, EMEA, Asia, Global), and the previous 'Electronics tonnage gases' business is now part of these regional industrial gas segments rather than 'Materials Technologies'. The 'Materials Technologies' segment now focuses on specific business lines within electronics and performance materials.

What kind of financial information is being provided for historical comparison?

The filing provides unaudited historical quarterly and annual consolidated and segment information for fiscal years 2014, 2013, 2012, and 2011. This data is presented on a non-GAAP basis, with a focus on Adjusted EBITDA by segment, which management uses to evaluate operational performance.

Where can I find the detailed financial information related to the new segments?

The detailed historical financial information, including consolidated and segment data and Adjusted EBITDA, is provided in Exhibit 99.1, which is attached to this Form 8-K filing.

APD 8-K: Regulation FD

Summary

Air Products & Chemicals, Inc. (APD) filed an 8-K on January 5, 2015, to disclose its new operating segment structure and provide historical financial information that aligns with this new reporting framework. Effective October 1, 2014, the company reorganized into seven distinct segments. This is important for investors as it allows for more transparent and comparable financial reporting beginning in the first quarter of fiscal year 2015. The new segments are designed to offer a clearer view of performance across different business lines and geographical regions. The filing includes unaudited historical financial data for fiscal years 2014 and 2013, presented on a non-GAAP basis, specifically focusing on Adjusted EBITDA by segment. This supplemental information is what management uses internally to assess operational performance and cash flow generation. Investors should note that the 'Industrial Gases' business has been broken down into four segments (Americas, EMEA, Asia, and Global), with the 'Materials Technologies' and 'Energy-from-Waste' segments also detailed. A 'Corporate' segment will house remaining global businesses and supporting functions.

Key Highlights

1APD has implemented a new organizational structure with seven operating segments effective October 1, 2014.
2The company will report financial results under these new segments starting in Q1 FY2015.
3New segments include: Industrial Gases—Americas, Industrial Gases—EMEA, Industrial Gases—Asia, Industrial Gases—Global, Materials Technologies, Energy-from-Waste, and Corporate.
4Exhibit 99.1 provides unaudited historical quarterly and annual consolidated and segment financial information for FY2014, FY2013, FY2012, and FY2011.
5The historical data is presented on a non-GAAP basis, excluding discontinued operations, to align with internal management reporting.
6Adjusted EBITDA by segment is provided as a key operational metric, defined as segment operating income plus equity affiliate income, excluding depreciation and amortization.
7The new structure reallocates the Electronics tonnage gases business from Materials Technologies to the regional Industrial Gases segments.

Air Products & Chemicals, Inc. 8-K Report, Regulation FD Disclosure (Jan 5, 2015)

Summary

Key Highlights

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