Why is Air Products filing this 8-K?

Air Products is filing this 8-K to update its previously filed 2016 Form 10-K. The primary reasons are to reclassify its former Materials Technologies segment as a discontinued operation and to reflect the retrospective adoption of two new accounting standards.

What does classifying the Materials Technologies segment as discontinued operations mean for investors?

This classification means that the financial results of the former Materials Technologies segment are being separated from the company's ongoing (continuing) operations. This provides a clearer view of the performance of APD's core businesses and simplifies comparability with prior periods before the divestitures.

Does this 8-K contain updated financial results for a recent quarter?

No, this 8-K is an amendment to the 2016 Form 10-K. While it updates the presentation of historical information, it does not provide new quarterly financial results. For the most recent financial performance, investors should refer to APD's Quarterly Report on Form 10-Q for the period ended March 31, 2017, which was filed on April 27, 2017.

APD 8-K: Earnings & Results

Q: What are ASU No. 2015-03 and ASU No. 2016-09, and how do they affect the financials?

ASU No. 2015-03 simplifies the presentation of debt issuance costs by requiring them to be presented as a direct deduction from the carrying amount of debt. ASU No. 2016-09 makes improvements to employee share-based payment accounting. Both are applied retrospectively, meaning they adjust historical financial statements for all periods presented to ensure consistency in financial reporting.

Summary

Air Products & Chemicals, Inc. (APD) filed an 8-K on June 5, 2017, to update its previously filed 2016 Form 10-K. The primary purpose of this filing is to reflect the reclassification of its former Materials Technologies segment as a discontinued operation. This change is a consequence of the spin-off of its Electronic Materials business and the sale of its Performance Materials business. Investors should note that this reclassification impacts how past financial results are presented, separating the divested segment from ongoing operations. Additionally, APD has retrospectively adopted two new accounting standards: ASU No. 2015-03 regarding the presentation of debt issuance costs and ASU No. 2016-09 concerning improvements to employee share-based payment accounting. These adoptions are applied to all periods presented in the updated 2016 Form 10-K, ensuring consistency with recent SEC filings. The filing clarifies that all other aspects of the 2016 Form 10-K remain unchanged, and for events occurring after its initial filing, investors should refer to subsequent 10-Q and 8-K filings.

Key Highlights

1Air Products & Chemicals (APD) is updating its 2016 Form 10-K via this 8-K filing.
2The former Materials Technologies segment is now classified as a discontinued operation.
3This reclassification follows the spin-off of the Electronic Materials business and sale of the Performance Materials business.
4APD adopted ASU No. 2015-03 (debt issuance costs presentation) and ASU No. 2016-09 (share-based payment accounting).
5The adoption of these accounting standards is applied retrospectively to all presented periods.
6The updates align with the presentation in the Q1 2017 Form 10-Q.
7Other information in the original 2016 Form 10-K remains unchanged.

Air Products & Chemicals, Inc. 8-K Report, Financial Results (Jun 5, 2017)

Summary

Key Highlights

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