10-K 0000002969-25-000055 (2025-11-20) vs 10-K 0000002969-24-000056 (2024-11-21)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 6,238 |
9.3% |
| MD&A | Item 7 | 14,587 |
39.6% |
| Legal Proceedings | Item 3 | 433 |
31.5% |
| Accounting Policies | Item 8, Note 1 – BASIS OF PRESENTATION AND MAJOR ACCOUNTING POLICIES | 5,959 |
10.0% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 177 words changed in this paragraph; it is 37% similar to last year's version.
Capital expenditures totaled $5.1 billion in fiscal year 2024 totaled $5,152.0 compared to $5,224.4 2025, a 2% decrease from capital expenditures of $5.2 billion in fiscal year 2023. 2024. Spending for in fiscal year 2025 was driven by $7.0 billion in additions to plant and equipment equipment, primarily included project spending for supporting our clean energy projects such as initiatives, including the NEOM Green Hydrogen Project in NEOM City, Saudi Arabia, as well as our and clean energy complexes in Louisiana, United States, and Alberta, Canada. Additionally, we We also continued to invest capital in our core industrial gas business for gases business, funding the development of new industrial gas plants as well as maintaining and replacing the maintenance and replacement of existing facilities. We did not recognize any investments in and advances to unconsolidated affiliates during fiscal year 2024; however, we expect to complete our remaining investment of approximately $115 associated with our investment in JIGPC in fiscal year 2025. Refer to Note 10, Equity Affiliates, to the consolidated financial statements for additional information. The investment in financing receivables of $403.0 primarily reflects payments associated with the purchase of renewable fuel assets from World Energy as well as remaining payments on the purchase of a natural gas-to-syngas processing facility in Uzbekistan. Refer to Note 3, Variable Interest Entities and to Note 6, Acquisition, to the consolidated financial statements for additional information.
Source: Item 7, 10-K 0000002969-25-000055 vs Item 7, 10-K 0000002969-24-000056
Legal Proceedings 103 words changed in this paragraph; it is 55% similar to last year's version.
In September 2010, the Brazilian Administrative Council for Economic Defense ("CADE") issued a decision against our Brazilian subsidiary, Air Products Brasil Ltda., and several other Brazilian industrial gas companies for alleged anticompetitive activities. CADE imposed a civil fine of R$179.2 million (approximately $33 million at $34 as of 30 September 2024) 2025) on Air Products Brasil Ltda. This fine Ltda., which was based on a recommendation by a unit of the Brazilian Ministry of Justice, following an investigation beginning in 2003, which alleged violation of competition laws with respect to the sale of industrial and medical gases. The fines are based on a percentage of our total revenue in Brazil in 2003. In May 2014, our appeal was granted and the fine was dismissed. CADE appealed that ruling and in October 2025 the Supreme Court of Brazil rendered a judgment confirming the appellate ruling, which annulled the administrative proceeding and the fine imposed by CADE. Under applicable law, no further remedies are available and the judgment is final.
Source: Item 3, 10-K 0000002969-25-000055 vs Item 3, 10-K 0000002969-24-000056
Risk Factors 102 words changed in this paragraph; it is 73% similar to last year's version.
In addition, certain of our growth strategy is projects are partially dependent on a regulatory environment that favors technologies focused on limiting the impact of climate change, in particular toward the production and distribution of clean hydrogen. For example, we anticipate benefits from tax incentives created by the U.S. Inflation Reduction Act of 2022 for carbon sequestration and clean hydrogen production in future years once our projects in these areas come on-stream in the U.S. If there is a reversal in the regulatory environment or a discontinuation or reduction of incentives or benefits for the development of technologies limiting the impact of climate change, particularly those focused on low- and zero-carbon hydrogen production, or significant uncertainty regarding such efforts, certain of our projects may be threatened and for completed projects demand for our products may be less than we anticipate and certain projects and our long-term growth strategy could be adversely affected. Any such occurrence For example, in fiscal year 2025, we cancelled a project to build a green liquid hydrogen project in the U.S., based in part on a regulatory development that rendered existing hydroelectric power supply ineligible for the Clean Hydrogen Production Tax Credit (45V) and incurred a significant impairment charge for the amount that we had invested in the project. Further negative regulatory developments could adversely affect our projected returns, which could lead us to re-evaluate certain projects and may harm our business and financial performance.
Source: Item 1A, 10-K 0000002969-25-000055 vs Item 1A, 10-K 0000002969-24-000056
Accounting Policies 79 words changed in this paragraph; it is 61% similar to last year's version.
Intangible assets with determinable lives primarily consist of customer relationships, purchased patents and technology, and certain land use rights. relationships. The cost of intangible assets with determinable lives is amortized on a straight-line basis over the estimated period of economic benefit. No residual value is estimated for these intangible assets. Indefinite-lived intangible assets consist of trade names and trademarks. Indefinite-lived intangibles are subject to tested for impairment testing at least annually. In addition, intangible assets are tested annually, and more frequently if a change events or changes in circumstances or indicate that the occurrence assets may be impaired. During fiscal year 2025, no triggering events were identified that would require impairment testing for any of events indicates that potential our indefinite-lived intangible assets. We completed our annual impairment exists. test for these assets and concluded there were no indications of impairment.
Source: Item 8, Note 1 – BASIS OF PRESENTATION AND MAJOR ACCOUNTING POLICIES, 10-K 0000002969-25-000055 vs Item 8, Note 1 – BASIS OF PRESENTATION AND MAJOR ACCOUNTING POLICIES, 10-K 0000002969-24-000056
Every change, by type
Sentences and paragraphs of APD's Risk Factors and MD&A, 10-K 2025-11-20 against 10-K 2024-11-21.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
Volatility and disruption in the U.S., European and global credit, capital, and money markets could increase the costs for or make it more difficult for us to obtain financing for our operations, potentially impacting our cash flows or creating financial risks. In addition, our borrowing costs can be affected by short and long-term debt ratings assigned by independent rating agencies. A decrease in these debt ratings could increase the cost of borrowing or make it more difficult to obtain financing.
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AddedRisk Factors
Risks related to pension benefit plans may adversely impact our results of operations and cash flows.
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AddedRisk Factors
Pension benefits represent significant financial obligations that will be ultimately settled in the future with employees who meet eligibility requirements. Because of the uncertainties involved in estimating the timing and amount of future payments and asset returns, significant estimates are required to calculate pension expense and liabilities related to our plans. We utilize the services of third-party actuaries, whose models support these calculations.
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AddedRisk Factors
In addition to complying with local regulatory requirements for recognizing pension expense, liabilities, and cash flows, several key assumptions are used in the actuarial models to calculate pension expense and liability amounts recorded in the consolidated financial statements as well as the amounts that we contribute to such plans. These assumptions include, but are not limited to, discount rates, expected long-term rates of return on plan assets, and demographic factors. Changes in actuarial assumptions, interest and inflation rates, and volatility in capital markets may adversely impact the valuation of pension liabilities and the performance of asset portfolios.
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AddedRisk Factors
Additionally, significant changes in actual investment returns on pension assets, discount rates, or regulatory developments could impact future results of operations and required pension contributions.
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RemovedRisk Factors
While we value constructive feedback from our investors and regularly engage in dialogue with them on various matters, the Company may nonetheless be subject to actions or proposals from activist shareholders that may not align with our business strategies or the interests of our other shareholders. An activist investor, Mantle Ridge L.P. and certain of its affiliates (together, "Mantle Ridge") recently nominated a slate of nine director candidates to stand for election at the Company’s 2025 Annual Meeting of Shareholders and on 19 November 2024, Mantle Ridge filed a preliminary proxy statement with the SEC indicating its intention to solicit proxies on behalf of its nominees. Because Mantle Ridge nominated a full slate of nine directors, if all or a majority of Mantle Ridge's nominees are elected, Mantle Ridge would gain control of the Company without paying a premium to shareholders. The Board of Directors accordingly concluded that Mantle Ridge's proposal should be decided by the shareholders of the Company and not by the Board. The resulting proxy contest could be costly and time consuming for the Company and may divert management’s and our Board’s attention and resources from our business. In addition, if nominees advanced by Mantle Ridge are elected to our Board with a specific agenda, it may adversely affect our ability to effectively and timely implement our growth strategy, which could have an adverse effect on our business and our results of operations and financial condition. If a sufficient number of Mantle Ridge's nominees are elected, it may be deemed to constitute a change in control under certain of our material contracts and agreements. As a result of these factors, the proxy contest may cause significant fluctuation in our stock price based on temporary or speculative market perceptions or other factors that do not necessarily reflect the underlying fundamentals and prospects of our business. Even if we are successful in this proxy contest, we may incur significant expenses. In addition, perceived uncertainties as to our future direction, strategy, or leadership created by the proxy contest may result in the loss of business opportunities and make it more difficult to attract and retain investors, customers, employees, and other business partners. We cannot predict the outcome or timing of any matters relating to the anticipated proxy contest or the ultimate impact that such matters may have on our business, liquidity, financial condition, or results of operations.
Read it in 10-K 2024-11-21 at sec.gov ↗
RewordedRisk Factors
Lower or higher natural gas production resulting from natural gas pricing dynamics, supplier operating or transportation issues, or other interruptions in sales from crude helium suppliers, can reduce our supplies changes to the global supply of crude helium available can affect pricing for processing and resale to customers. helium for our customers, which can adversely affect our results of operations.
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RewordedRisk Factors
Our growth strategies depend Certain of our larger and more complex projects are located in part on our ability to further penetrate markets outside the United States, such as China, India, the Middle East, and Uzbekistan, and involve significantly larger and more complex projects, including gasification and large-scale hydrogen projects, some in regions locations where there is the potential for significant economic and political disruptions.
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RewordedRisk Factors
Some of our operations are within jurisdictions that have or are developing regulatory regimes governing disclosure of GHG emissions, including CO2, such as the European Union's CSRD, California’s Climate Corporate Data Accountability Act and Climate Related Financial Risk Act, and similar regulations under consideration by the SEC, which may lead to direct and indirect costs on our operations.
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RewordedRisk Factors
If there is a reversal in the regulatory environment or a discontinuation or reduction of incentives or benefits for the development of technologies limiting the impact of climate change, particularly those focused on low- and zero-carbon hydrogen production, or significant uncertainty regarding such efforts, certain of our projects may be threatened and for completed projects demand for our products may be less than we anticipate and certain projects and our long-term growth strategy could be adversely affected.
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RewordedRisk Factors
Although uncertain, these developments could increase our costs related to consumption of electric power, hydrogen (including clean hydrogen) production, and application of our gasification technology, although these developments may be mitigated by our growth strategy focused on world-scale clean hydrogen projects. technology.
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RewordedRisk Factors
Our results of operations have been and in the future could be adversely affected by increased costs due to increased competition for skilled talent in the market. market as well as by actions we have taken to manage the size of our workforce.
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RewordedRisk Factors
Any such occurrence Further negative regulatory developments could adversely affect our projected returns, which could lead us to re-evaluate certain projects and may harm our business and financial performance.
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RewordedRisk Factors
New technologies create performance risks that could impact our financial results or reputation. reputation, and failure to develop new technologies may harm our competitive position.
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RewordedRisk Factors
In addition, certain of our growth strategy is green and blue hydrogen projects are largely based on expected demand for technologies and projects to limit the impact of global climate change.
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RewordedRisk Factors
Any of the attacks, breaches or other disruptions or damage described above could: interrupt our operations at one or more sites; delay production and shipments; result in the theft of our and our customers’ intellectual property and trade secrets; damage customer and business partner relationships and our reputation; result in defective products or services, physical damage to facilities, pipelines or delivery systems, including those we own or operate for third parties, parties; result in legal claims and proceedings, including liability and penalties under applicable privacy laws, or laws; lead to increased costs for security and remediation; or raise concerns regarding our internal control environment and internal control over financial reporting.
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RewordedRisk Factors
Additionally, there is also a risk that our new technologies may become obsolete and be replaced by other market alternatives. alternatives, or that new technologies may not become commercially accepted.
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RewordedRisk Factors
These financing arrangements may require that we comply with certain performance requirements which, if not met, could result in default and restructuring costs or other losses. losses, as well as potential acceleration of cash outflows.
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AddedMD&A
Air Products and Chemicals, Inc., a Delaware corporation founded in 1940, is a world-leading industrial gases company that has built a reputation for its innovation, operational excellence, and commitment to safety and environmental stewardship. Focused on serving energy, environmental, and emerging markets and generating a cleaner future, we offer products and services that improve our customers’ operations and sustainability.
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AddedMD&A
Fiscal year 2025 was a transitional year for Air Products, marked by a renewed focus on our core industrial gas business under the leadership of our new Chief Executive Officer, who joined the Company in February 2025. We took decisive actions to reshape our portfolio, including the cancellation and descoping of several large energy transition projects, and enhance operations through targeted productivity initiatives. We also sharpened our approach to capital deployment, emphasizing strict return thresholds, appropriate risk-sharing, and alignment with long-term customer relationships. These efforts are helping to improve execution and support reductions in capital expenditures and debt over time.
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AddedMD&A
•Operating loss was $877.0 compared to operating income of $4.5 billion in fiscal year 2024. The operating loss in fiscal year 2025 included approximately $3.7 billion in pre-tax charges related to business and asset actions ($3.0 billion after tax, or $13.68 per share). Operating income in fiscal year 2024 included a $1.6 billion pre-tax gain on the September 2024 sale of the LNG business ($1.2 billion after tax, or $5.38 per share).
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AddedMD&A
•Loss per share of $1.74 was driven by an after-tax charge attributable to Air Products of $3.0 billion for business and asset actions recorded during fiscal year 2025. On a non-GAAP basis, adjusted earnings per share ("EPS") was $12.03. In the prior year, EPS was $17.24 and adjusted EPS was $12.43. A summary table of changes in EPS is presented on page 31.
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AddedMD&A
Equity method investment impairment associated with business and asset actions(A) (0.02)
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AddedMD&A
**Change versus prior period is not meaningful due to materially higher charges for business and asset actions in fiscal year 2025. The per share impact of these charges is primarily reflected in the "Operating Items" section in the table above.
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AddedMD&A
(A)The per share impacts associated with charges for business and asset actions were calculated based on a total after-tax charge attributable to Air Products of approximately $3.0 billion ($13.68 per share). The amount of the charges attributable to our noncontrolling partners was $10.7.
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AddedMD&A
(B)Gain on the sale of a regional office in Hersham, England, is reflected on the consolidated income statements within "Other income (expense), net."
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AddedMD&A
(C)The per share impact reflected within "Gain on de-designation of cash flow hedges" was calculated based on an after-tax gain attributable to Air Products of $7.2 ($0.03 per share) compared to a loss of $4.3 ($0.02 per share) in the prior year. Amounts attributable to our noncontrolling partners were a gain of $17.6 and a loss of $10.6, respectively.
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AddedMD&A
As we look ahead, we believe Air Products is well-positioned to deliver sustainable growth through a renewed focus on our core industrial gas business. Decisive actions taken in fiscal year 2025, including the cancellation and descoping of several large energy transition projects and other targeted productivity initiatives, reflect our commitment to disciplined capital allocation and operational excellence. These actions allow us to concentrate resources on opportunities that will deliver the greatest value to our shareholders.
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AddedMD&A
While clean energy markets have not developed as previously anticipated, we remain confident in the long-term demand fundamentals for industrial gases and clean energy solutions. We continue to pursue opportunities in both traditional industrial gas and energy transition projects that meet our projected return requirements. Additionally, we have made significant progress on the construction of several energy transition projects, including the NEOM Green Hydrogen Project, which we expect to come onstream and deliver green ammonia in 2027.
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AddedMD&A
** Change versus prior period is not meaningful due to charges for business and asset actions recorded in fiscal year 2025.
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RemovedMD&A
Founded in 1940, Air Products and Chemicals, Inc. is a world-leading industrial gases company that has built a reputation for its innovative culture, operational excellence, and commitment to safety and the environment. Approximately 23,000 passionate, talented, and committed employees from diverse backgrounds together are driven by Air Products’ higher purpose to create innovative solutions that benefit the environment, enhance sustainability, and reimagine what is possible to address the challenges facing customers, communities, and the world.
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RemovedMD&A
Underlying results in our core industrial gases business were positive across our three largest regional segments, reflecting both merchant pricing gains and lower power costs in the Americas and Europe segments as well as favorable on-site volumes globally as we brought new plants onstream. The favorable volumes in our on-site business, which contributed approximately half our annual consolidated sales, were partially offset by lower global demand for merchant products as well as lower equipment sales in our Corporate and other segment. Additionally, the strategic productivity actions that we initiated in 2023 drove cost improvement across our organization, which partially offset higher costs resulting from inflation and increased planned maintenance activities. We also recognized higher equity affiliates' income from our unconsolidated joint ventures, particularly in the Americas segment.
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RemovedMD&A
Strategic capital allocation is one of our top priorities at Air Products. In addition to investing in our low- and zero-carbon hydrogen projects currently under construction, we continued to deploy capital in our core industrial gases business by investing in new industrial gas plants as well as maintaining and replacing existing facilities. Additionally, at the end of September, we recognized a gain of approximately $1.6 billion in operating income ($1.2 billion after tax, or $5.38 per share) upon completion of the sale of the LNG business. Divesting this non-core business reflects our continued focus on executing our growth strategy. We also issued $2.5 billion of green senior notes to fund projects that are expected to have environmental benefits as defined under our Green Finance Framework. These cash-generating actions will enable us to continue investing in projects that will provide clean hydrogen at scale to accelerate the energy transition while creating long-term value for our shareholders.
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RemovedMD&A
Comparisons presented in the highlights below are for fiscal year 2024 vs. fiscal year 2023.
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RemovedMD&A
•Adjusted EBITDA of $5.0 billion increased 7%, or $344.5, and adjusted EBITDA margin of 41.7% increased 440 bp from 37.3% in the prior year.
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RemovedMD&A
•Diluted EPS of $17.24 increased 67%, or $6.94 per share, and adjusted diluted EPS of $12.43 increased 8%, or $0.92 per share. A summary table of changes in diluted EPS is presented below.
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RemovedMD&A
We have focused teams within Air Products executing the two pillars of our growth strategy, which are underpinned by our core competencies, technology, and more than 80 years of industrial gas experience, including over 65 years of hydrogen expertise. Our employees are dedicated to the ongoing success of our core industrial gases business while we pursue strategic high growth opportunities in clean hydrogen.
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RemovedMD&A
Beyond fiscal year 2025, we see significant opportunity in clean hydrogen driven by demand for decarbonization solutions such as the application of green hydrogen to meet Europe's emission reduction mandates across the heavy industrial and transport sectors, blue hydrogen in the form of blue ammonia to minimize the use of coal in Asia's power plants, as well as blue and green ammonia to directly power ships. We have made significant progress in the construction of some of our energy transition projects, such as the NEOM Green Hydrogen Project that is on schedule to come onstream at the end of 2026 with first product delivery in early 2027.
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RemovedMD&A
The fiscal year 2024 charge of $57.0 was for severance and other postemployment benefits payable to employees identified under a global cost reduction plan. We originated this plan during the third quarter of fiscal year 2023, which resulted in an initial charge of $27.0. Fiscal year 2023 also included a noncash charge of $217.6 to write off assets associated with exited projects that were previously under construction in our Asia and Europe segments.
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RemovedMD&A
Other income of $58.2 increased 67%, or $23.4, primarily due to higher income from the sale of assets as well as the favorable settlement of a legal dispute. Refer to Note 19, Commitments and Contingencies, to the consolidated financial statements for additional information. These items were partially offset by an unfavorable foreign exchange impact from the devaluation of the Argentine peso during the first quarter of fiscal year 2024.
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RemovedMD&A
Operating margin of 36.9% increased 1,710 bp from 19.8% in the prior year primarily due to the gain recognized on the sale of the LNG business, lower charges for business and asset actions, and favorable pricing. Additionally, while energy cost pass-through has no impact on profit, it does contribute to our margins. Of the 1,710 bp operating margin improvement, lower energy cost pass-through to customers contributed approximately 100 bp.
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RemovedMD&A
Interest incurred increased 73%, or $215.0, primarily due to a higher debt balance from senior notes issued to fund projects under our Green Finance Framework as well as borrowings on financing available for the NEOM Green Hydrogen Project. Capitalized interest increased $173.7 due to a higher carrying value of projects under construction, which is largely attributable to the NEOM Green Hydrogen Project.
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RewordedMD&A
During the fourth quarter of In fiscal year 2024, we recorded 2025, a pre-tax loss from discontinued operations of $19.4 ($13.9 $10.6 ($8.0 after tax, or $0.06 $0.04 per share) was recorded in the third quarter primarily to increase our existing liability for retained environmental remediation obligations associated with related to production facilities in the sale of our former Amines business atmospheric emulsions and global pressure-sensitive adhesives businesses, which were sold in September 2006. 2008.
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RewordedMD&A
Business Equity method investment impairment associated with business and asset actions 57.0 0.5 244.6 1.9 6.8 — Adjusted EBITDA and adjusted EBITDA margin $5,076.4 $5,046.3 41.7 $4,701.8 37.3 2025 vs. 2024 vs. 2023 Change GAAP Net income $ change $1,523.8 ($4,216.8) Net income % change 65% Net income margin change 1,330 bp ** Change Non-GAAP Adjusted EBITDA $ change $344.5 $30.1 Adjusted EBITDA % change 7% Adjusted EBITDA margin change 440 bp 1%
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RewordedMD&A
In May 2023, To support the NEOM Green Hydrogen Project, NGHC secured non-recourse has access to project financing of approximately $6.1 billion, which is expected to fund approximately about 73% of the NEOM Green Hydrogen Project project and will be is being drawn over the construction period. period, as well as additional credit facilities totaling approximately $500 primarily for NGHC's working capital needs.
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RewordedMD&A
Operating income of $1.6 $1.5 billion increased 9%, decreased 3%, or $125.4, $45.5, due to higher costs of $92 and unfavorable currency of $10, partially offset by positive pricing, net of lower power and fuel costs, of $145 $41 and favorable business mix of $49, partially offset by higher costs of $61 and unfavorable currency of $8. $15.
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RewordedMD&A
As a result of the transaction, we recorded a gain of $1,575.6 $1.6 billion ($1.2 billion after tax, or $5.38 per share) during the fourth quarter of fiscal year 2024 that is reflected within "Gain on sale of business" on our consolidated income statements ($1,198.4 after tax, or $5.38 per share). 2024.
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RewordedMD&A
Fiscal Year Ended 30 September 2025 2024 2023 Income tax provision expense (benefit) ($94.3) $944.9 $551.2 Income (loss) from continuing operations before taxes (440.7) 4,821.2 2,882.4 Effective tax rate 21.4 % 19.6 % 19.1 % Income tax provision $944.9 $551.2 Adjustments for tax impacts on disclosed items: Reconciliation of GAAP to Non-GAAP:
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RewordedMD&A
Sales of $2.8 $12.0 billion decreased 5%, 1%, or $139.7, due to $63.3, as lower volumes of 4% were partially offset by higher energy cost pass-through to customers of 8%, partially offset by a favorable currency impact of 2% and higher volumes favorable pricing of 1%.
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RewordedMD&A
Sales of $5.0 $3.3 billion decreased 6%, increased 1%, or $329.2, due to lower $46.7, as higher energy cost pass-through to customers of 9% and an unfavorable currency impact of 1%, 2% was partially offset by higher lower pricing of 3% and higher volumes of 1%.
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RewordedMD&A
Fiscal Year Ended 30 September 2025 2024 2023 Additions to plant and equipment, including long-term deposits ($7,022.6) ($6,796.7) ($4,626.4) Acquisitions, less cash acquired (59.9) — Investment in and advances to unconsolidated affiliates (390.4) — (912.0) Investment in financing receivables (61.9) (403.0) (665.1) Proceeds from sale of assets and investments 245.8 1,878.8 25.4 Purchases of short-term investments (117.6) (141.4) (640.1) Proceeds from short-term investments 122.5 470.7 897.0 Other Proceeds from other investing activities 115.4 72.4 4.8 Cash Used for Investing Activities ($7,168.7) ($4,919.2) ($5,916.4)
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RewordedMD&A
Spending for in fiscal year 2025 was driven by $7.0 billion in additions to plant and equipment equipment, primarily included project spending for supporting our clean energy projects such as initiatives, including the NEOM Green Hydrogen Project in NEOM City, Saudi Arabia, as well as our and clean energy complexes in Louisiana, United States, and Alberta, Canada.
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RewordedMD&A
Operating margin of 31.1% increased 430 29.6% decreased 150 bp from 26.8% 31.1% in the prior year primarily due to lower as the margin impacts of higher costs and higher energy cost pass-through to customers and were partially offset by favorable pricing. business mix.
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RewordedMD&A
Operating income of $1.6 billion increased 9%, $851.1 decreased 1%, or $125.4, $8.1, primarily due to positive lower pricing, net of lower power and fuel costs, of $145 $30 and favorable unfavorable business mix of $49, $23, partially offset by higher lower costs of $61 and unfavorable currency of $8. $48.
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