Chemicals: Discontinued operations (ASC 205-20)

The LNG business did not qualify for presentation as a discontinued operation because the disposal did not represent a strategic shift that had or will have a major effect on our operations and financial results. The LNG business generated operating income for our Corporate and other segment of approximately $ 135 in fiscal year 2024 and $ 120 in fiscal year 2023.

5. BUSINESS AND ASSET ACTIONS

The table below summarizes charges related to business and asset actions as reflected on our consolidated income statements. These charges are not included in segment results.

2025	2024	2023
Project exit costs	$ 3,623.3	$ —	$ 217.6
Global cost reduction plan	123.7	57.0	27.0
Business and asset actions recorded through operating results	$ 3,747.0	$ 57.0	$ 244.6
Project exit-related impairment of equity method investment (A)	6.8	—	—
Subtotal	$ 3,753.8	$ 57.0	$ 244.6
Income tax benefit	695.2	13.2	34.7
Amount attributable to noncontrolling interests	10.7	—	5.0
Business and asset actions attributable to Air Products after-tax	$ 3,047.9	$ 43.8	$ 204.9

(A) Amount recorded through "Equity affiliates' income" reflects an other-than-temporary impairment of a joint venture in China that had been formed to develop clean hydrogen infrastructure in the region.

Project Exit Costs

Fiscal Year 2025

During the second quarter of fiscal year 2025, our Board of Directors and Chief Executive Officer initiated a project review to focus resources on projects we believe will deliver the greatest value to our shareholders. As a result of this review, we made the decision to exit various projects, primarily related to clean energy generation and distribution. The review remains ongoing and may result in additional costs in future periods.