Stock Analysis on Net
Stock Analysis on Net
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Air Products & Chemicals Inc. (NYSE:APD)

Cash Flow Statement

Beginner level

The cash flow statement provides information about a company’s cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company’s balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Air Products & Chemicals Inc., consolidated cash flow statement

US$ in thousands

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12 months ended: Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015 Sep 30, 2014
Net income 1,809,400  1,532,900  3,021,200  661,500  1,317,600  993,100 
Net income attributable to noncontrolling interests (49,400) (35,100) (20,800) (30,400) (39,700) (1,400)
Net income attributable to Air Products 1,760,000  1,497,800  3,000,400  631,100  1,277,900  991,700 
(Income) loss from discontinued operations —  (42,200) (1,866,000) 884,200  —  (4,600)
Income from continuing operations attributable to Air Products 1,760,000  1,455,600  1,134,400  1,515,300  1,277,900  987,100 
Depreciation and amortization 1,082,800  970,700  865,800  925,900  936,400  956,900 
Deferred income taxes 57,600  (55,400) (38,000) 62,900  2,900  125,500 
Loss on extinguishment of debt —  —  —  6,900  16,600  — 
Tax reform repatriation 49,400  240,600  —  —  —  — 
Facility closure 29,000  —  —  —  —  — 
Gain on previously held equity interest —  —  —  —  (17,900) — 
Undistributed earnings of unconsolidated affiliates (75,800) (52,300) (60,100) (51,800) (102,600) (76,000)
(Gain) loss on sale of assets and investments (24,200) (6,900) (24,300) (10,000) (30,100) 4,300 
Share-based compensation 41,200  38,800  39,900  37,600  45,700  44,000 
Noncurrent capital lease receivables 94,600  97,400  92,200  85,500  (9,500) 20,000 
Goodwill and intangible asset impairment charge —  —  162,100  —  —  310,100 
Equity method investment impairment charge —  —  79,500  —  —  — 
Write-down of long-lived assets associated with cost reduction actions —  —  69,200  —  47,400  — 
Other adjustments (19,400) 131,600  165,400  155,200  52,200  61,000 
Trade receivables (69,000) (42,800) (73,600) (61,700) (29,700) (2,700)
Inventories (3,000) (64,200) 6,400  32,900  8,300  (23,500)
Other receivables 79,800  128,300  105,400  9,100  86,700  (38,400)
Payables and accrued liabilities (41,800) (277,700) 163,800  57,000  157,800  (234,800)
Other working capital 8,700  (9,000) (154,000) (57,400) (4,300) 52,900 
Working capital changes that provided (used) cash, excluding effects of acquisitions (25,300) (265,400) 48,000  (20,100) 218,800  (246,500)
Adjustments to reconcile income to cash provided by operating activities 1,209,900  1,099,100  1,399,700  1,192,100  1,159,900  1,199,300 
Cash provided by operating activities 2,969,900  2,554,700  2,534,100  2,707,400  2,437,800  2,186,400 
Additions to plant and equipment (1,989,700) (1,568,400) (1,039,700) (1,055,800) (1,614,800) (1,684,200)
Acquisitions, less cash acquired (123,200) (345,400) (8,200) —  (34,500) — 
Investment in and advances to unconsolidated affiliates (15,700) —  (8,100) —  (4,300) 2,000 
Proceeds from sale of assets and investments 11,100  48,800  42,500  85,500  55,300  45,600 
Purchases of investments (172,100) (530,300) (2,692,600) —  —  — 
Proceeds from investments 190,500  748,200  2,290,700  —  —  — 
Other investing activities (14,300) (2,000) (2,300) (1,700) (1,400) (1,400)
Cash used for investing activities (2,113,400) (1,649,100) (1,417,700) (972,000) (1,599,700) (1,638,000)
Long-term debt proceeds —  500  2,400  948,700  338,800  461,000 
Payments on long-term debt (428,600) (418,700) (483,900) (485,000) (708,700) (608,600)
Net increase (decrease) in commercial paper and short-term borrowings 3,900  (78,500) (798,600) (144,200) 284,000  148,700 
Dividends paid to shareholders (994,000) (897,800) (787,900) (721,200) (677,500) (627,700)
Proceeds from stock option exercises 68,100  76,200  68,400  141,300  121,300  141,600 
Excess tax benefit from share-based compensation —  —  —  33,200  31,900  28,300 
Payment for subsidiary shares to noncontrolling interests —  —  —  —  (278,400) (500)
Other financing activities (19,900) (41,500) (41,300) (43,900) (56,800) (47,100)
Cash used for financing activities (1,370,500) (1,359,800) (2,040,900) (271,100) (945,400) (504,300)
Cash provided by (used for) operating activities —  (12,800) (966,200) (79,900) —  700 
Cash (used for) provided by investing activities —  18,600  3,750,600  (97,000) —  9,800 
Cash provided by (used for) financing activities —  —  69,500  —  —  (157,100)
Cash provided by (used for) discontinued operations —  5,800  2,853,900  (176,900) —  (146,600)
Effect of exchange rate changes on cash (28,600) (33,900) 13,400  7,500  (22,900) (11,300)
Increase (decrease) in cash and cash items (542,600) (482,300) 1,942,800  1,294,900  (130,200) (113,800)
Cash and cash items, beginning of year 2,791,300  3,273,600  1,330,800  206,400  336,600  450,400 
Cash and cash items, end of period 2,248,700  2,791,300  3,273,600  1,501,300  206,400  336,600 

Based on: 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-20), 10-K (filing date: 2017-11-16), 10-K (filing date: 2016-11-21), 10-K (filing date: 2015-11-24), 10-K (filing date: 2014-11-24).

Cash flow statement item Description The company
Cash provided by operating activities Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Air Products & Chemicals Inc.’s cash provided by operating activities increased from 2017 to 2018 and from 2018 to 2019.
Cash used for investing activities Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Air Products & Chemicals Inc.’s cash used for investing activities decreased from 2017 to 2018 and from 2018 to 2019.
Cash used for financing activities Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Air Products & Chemicals Inc.’s cash used for financing activities increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.