Working capital                                                     332      212      726      848      790
Total debt (B)                                                    6,119    6,274    5,292    4,562    4,128
Redeemable noncontrolling interest                                  287      376      393        —       —
Air Products shareholders’ equity                                 7,366    7,042    6,477    5,796    5,547
Total equity                                                      7,521    7,199    6,623    5,939    5,698
Financial Ratios
Return on average Air Products shareholders’ equity (C)            13.4%    15.3%    16.1%    19.4%    18.2%
Operating margin                                                   12.7%    13.0%    13.3%    15.6%    14.7%
Selling and administrative as a percentage of sales                10.1%    10.5%      9.9%     9.7%   10.3%
Total debt to total capitalization (B) (D)                         43.9%    45.3%    43.0%    43.4%    42.0%
Other Data
Adjusted EBITDA on a non-GAAP basis (E)                          $2,765   $2,641   $2,528   $2,545 $2,317
Depreciation and amortization                                       957      907      841      834      827
Capital expenditures on a GAAP basis (F)                          1,682    1,748    2,560    1,366    1,092
Capital expenditures on a non-GAAP basis (F)                      1,885    1,997    2,778    1,539    1,256
Cash provided by operating activities                             2,186    1,553    1,765    1,710    1,485
Cash used for investing activities                                1,638    1,697    2,435    1,170    1,014
Cash (used for) provided by financing activities                   (504)     115      (78)    (485)    (580)
Dividends declared per common share                                3.02     2.77     2.50     2.23     1.92
Weighted average common shares outstanding (in millions)            213      210      211      213      212
Weighted average common shares outstanding assuming