BASIS OF PRESENTATION AND MAJOR ACCOUNTING POLICIES
Refer to our 2010 Form 10-K for a description of major accounting policies. There have been no material changes to these accounting policies during the first six months of 2011. Beginning in fiscal year 2011, we moved from a lattice-based option valuation model to a Black Scholes model to value stock option awards. The change in valuation models was not significant to our consolidated financial statements. Refer to Note 11, Share-Based Compensation, for further details on this change in accounting estimate.
The consolidated financial statements of Air Products and Chemicals, Inc. and its subsidiaries ("we", "our", "us", the "Company", "Air Products", or "registrant") included herein have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In our opinion, the accompanying statements reflect adjustments necessary to present fairly the financial position, results of operations, and cash flows for those periods indicated, and contain adequate disclosure to make the information presented not misleading. Adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the Notes. The interim results for the periods indicated herein, however, do not reflect certain adjustments, such as the valuation of inventories on the LIFO cost basis, which can only be finally determined on an annual basis. The consolidated financial statements and related Notes included herein should be read in conjunction with the financial statements and Notes thereto included in our latest Form 10-K in order to fully understand the basis of presentation. Results of operations for interim periods are not necessarily indicative of the results of operations for a full year.
Free historical financial statements for Air Products & Chemicals Inc..
See how revenue, income, cash flow, and balance sheet financials have changed over 56 quarters since 2009. Compare with APD stock chart to see long term trends.
Data imported from Air Products & Chemicals Inc. SEC filings. Check original filings before making any investment decision.