10-Q 1 lin-20220930.htm 10-Q lin-20220930
false2022Q3000170792512/31P3YP1Y5000017079252022-01-012022-09-300001707925dei:OtherAddressMember2022-01-012022-09-3000017079252022-09-30xbrli:shares00017079252022-07-012022-09-30iso4217:USD00017079252021-07-012021-09-30iso4217:USDxbrli:shares00017079252021-01-012021-09-3000017079252021-12-31iso4217:EURxbrli:shares00017079252020-12-3100017079252021-09-300001707925lin:DeconsolidationMemberus-gaap:OperatingSegmentsMemberlin:RussiaUkraineConflictMemberlin:AmericasSegmentMember2022-01-012022-09-300001707925us-gaap:OperatingSegmentsMemberus-gaap:OtherRestructuringMemberlin:RussiaUkraineConflictMemberlin:AmericasSegmentMember2022-01-012022-09-300001707925us-gaap:OperatingSegmentsMemberlin:RussiaUkraineConflictMemberlin:AmericasSegmentMember2022-01-012022-09-300001707925us-gaap:OperatingSegmentsMemberlin:AmericasSegmentMemberlin:CostReductionProgramChargesAndTransactionRelatedChargesMember2022-01-012022-09-300001707925us-gaap:OperatingSegmentsMemberlin:AmericasSegmentMember2022-01-012022-09-300001707925lin:DeconsolidationMemberlin:EMEASegmentMemberus-gaap:OperatingSegmentsMemberlin:RussiaUkraineConflictMember2022-01-012022-09-300001707925lin:EMEASegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:OtherRestructuringMemberlin:RussiaUkraineConflictMember2022-01-012022-09-300001707925lin:EMEASegmentMemberus-gaap:OperatingSegmentsMemberlin:RussiaUkraineConflictMember2022-01-012022-09-300001707925lin:EMEASegmentMemberus-gaap:OperatingSegmentsMemberlin:CostReductionProgramChargesAndTransactionRelatedChargesMember2022-01-012022-09-300001707925lin:EMEASegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001707925lin:APACSegmentMemberlin:DeconsolidationMemberus-gaap:OperatingSegmentsMemberlin:RussiaUkraineConflictMember2022-01-012022-09-300001707925lin:APACSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:OtherRestructuringMemberlin:RussiaUkraineConflictMember2022-01-012022-09-300001707925lin:APACSegmentMemberus-gaap:OperatingSegmentsMemberlin:RussiaUkraineConflictMember2022-01-012022-09-300001707925lin:APACSegmentMemberus-gaap:OperatingSegmentsMemberlin:CostReductionProgramChargesAndTransactionRelatedChargesMember2022-01-012022-09-300001707925lin:APACSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001707925lin:DeconsolidationMemberus-gaap:OperatingSegmentsMemberlin:RussiaUkraineConflictMemberlin:EngineeringSegmentMember2022-01-012022-09-300001707925us-gaap:OperatingSegmentsMemberus-gaap:OtherRestructuringMemberlin:RussiaUkraineConflictMemberlin:EngineeringSegmentMember2022-01-012022-09-300001707925us-gaap:OperatingSegmentsMemberlin:RussiaUkraineConflictMemberlin:EngineeringSegmentMember2022-01-012022-09-300001707925us-gaap:OperatingSegmentsMemberlin:CostReductionProgramChargesAndTransactionRelatedChargesMemberlin:EngineeringSegmentMember2022-01-012022-09-300001707925us-gaap:OperatingSegmentsMemberlin:EngineeringSegmentMember2022-01-012022-09-300001707925lin:DeconsolidationMemberus-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMemberlin:RussiaUkraineConflictMember2022-01-012022-09-300001707925us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMemberus-gaap:OtherRestructuringMemberlin:RussiaUkraineConflictMember2022-01-012022-09-300001707925us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMemberlin:RussiaUkraineConflictMember2022-01-012022-09-300001707925us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMemberlin:CostReductionProgramChargesAndTransactionRelatedChargesMember2022-01-012022-09-300001707925us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2022-01-012022-09-300001707925lin:DeconsolidationMemberlin:RussiaUkraineConflictMember2022-01-012022-09-300001707925us-gaap:OtherRestructuringMemberlin:RussiaUkraineConflictMember2022-01-012022-09-300001707925lin:RussiaUkraineConflictMember2022-01-012022-09-300001707925lin:CostReductionProgramChargesAndTransactionRelatedChargesMember2022-01-012022-09-300001707925lin:DeconsolidationMemberlin:RussiaUkraineConflictMember2022-04-012022-06-300001707925lin:CostReductionProgramChargesAndTransactionRelatedChargesMember2022-07-012022-09-300001707925lin:GISTMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2022-09-300001707925lin:GISTMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2022-09-302022-09-300001707925lin:CostReductionProgramMemberlin:RussiaUkraineConflictMember2021-12-310001707925us-gaap:EmployeeSeveranceMemberlin:CostReductionProgramMember2021-12-310001707925lin:CostReductionProgramMemberus-gaap:OtherRestructuringMember2021-12-310001707925lin:CostReductionProgramMember2021-12-310001707925lin:TransactionRelatedChargesMember2021-12-310001707925lin:CostReductionProgramMemberlin:RussiaUkraineConflictMember2022-01-012022-09-300001707925us-gaap:EmployeeSeveranceMemberlin:CostReductionProgramMember2022-01-012022-09-300001707925lin:CostReductionProgramMemberus-gaap:OtherRestructuringMember2022-01-012022-09-300001707925lin:CostReductionProgramMember2022-01-012022-09-300001707925lin:TransactionRelatedChargesMember2022-01-012022-09-300001707925lin:CostReductionProgramMemberlin:RussiaUkraineConflictMember2022-09-300001707925us-gaap:EmployeeSeveranceMemberlin:CostReductionProgramMember2022-09-300001707925lin:CostReductionProgramMemberus-gaap:OtherRestructuringMember2022-09-300001707925lin:CostReductionProgramMember2022-09-300001707925lin:TransactionRelatedChargesMember2022-09-300001707925lin:CostReductionProgramMember2021-07-012021-09-300001707925lin:CostReductionProgramMember2021-01-012021-09-300001707925us-gaap:EmployeeSeveranceMemberlin:CostReductionProgramMember2021-07-012021-09-300001707925us-gaap:EmployeeSeveranceMemberlin:CostReductionProgramMember2021-01-012021-09-300001707925lin:CostReductionProgramMemberus-gaap:OtherRestructuringMember2021-07-012021-09-300001707925lin:CostReductionProgramMemberus-gaap:OtherRestructuringMember2021-01-012021-09-300001707925lin:TransactionRelatedChargesMember2021-07-012021-09-300001707925lin:TransactionRelatedChargesMember2021-01-012021-09-300001707925lin:EuroDenominated0.250NotesDue2022Member2022-09-30xbrli:pure0001707925lin:EuroDenominated0.250NotesDue2022Member2021-12-310001707925lin:USLongTerm220NotesDue2022Member2022-09-300001707925lin:USLongTerm220NotesDue2022Member2021-12-310001707925lin:USLongTerm270NotesDue2023Member2022-09-300001707925lin:USLongTerm270NotesDue2023Member2021-12-310001707925lin:EuroDenominated2.00NotesDue2023Member2022-09-300001707925lin:EuroDenominated2.00NotesDue2023Member2021-12-310001707925lin:GBPDenominated5.875NotesDue2023Member2022-09-300001707925lin:GBPDenominated5.875NotesDue2023Member2021-12-310001707925lin:EuroDenominated1.20Due2024Member2022-09-300001707925lin:EuroDenominated1.20Due2024Member2021-12-310001707925lin:EuroDenominated1.875NotesDue2024Member2022-09-300001707925lin:EuroDenominated1.875NotesDue2024Member2021-12-310001707925lin:USLongterm2.65Notesdue2025Member2022-09-300001707925lin:USLongterm2.65Notesdue2025Member2021-12-310001707925lin:EuroDenominatedLongTerm1625NotesDue2025Member2022-09-300001707925lin:EuroDenominatedLongTerm1625NotesDue2025Member2021-12-310001707925lin:EuroDenominated000NotesDue2026Member2022-09-300001707925lin:EuroDenominated000NotesDue2026Member2021-12-310001707925lin:USLongterm3.20notesdue2026Member2022-09-300001707925lin:USLongterm3.20notesdue2026Member2021-12-310001707925lin:USLongterm3.434NotesDue2026Member2022-09-300001707925lin:USLongterm3.434NotesDue2026Member2021-12-310001707925lin:EuroDenominated1.652NotesDue2027Member2022-09-300001707925lin:EuroDenominated1.652NotesDue2027Member2021-12-310001707925lin:EuroDenominated0250NotesDue2027Member2022-09-300001707925lin:EuroDenominated0250NotesDue2027Member2021-12-310001707925lin:EuroDenominated100NotesDue2027Member2022-09-300001707925lin:EuroDenominated100NotesDue2027Member2021-12-310001707925lin:EuroDenominated1.00NotesDue2028Member2022-09-300001707925lin:EuroDenominated1.00NotesDue2028Member2021-12-310001707925lin:USLongTerm110NotesDue2030Member2022-09-300001707925lin:USLongTerm110NotesDue2030Member2021-12-310001707925lin:EuroDenominated1.90NotesDue2030Member2022-09-300001707925lin:EuroDenominated1.90NotesDue2030Member2021-12-310001707925lin:EuroDenominated1375NotesDue2031Member2022-09-300001707925lin:EuroDenominated1375NotesDue2031Member2021-12-310001707925lin:EuroDenominated0550NotesDue2032Member2022-09-300001707925lin:EuroDenominated0550NotesDue2032Member2021-12-310001707925lin:EuroDenominated0375NotesDue2033Member2022-09-300001707925lin:EuroDenominated0375NotesDue2033Member2021-12-310001707925lin:EuroDenominated1625NotesDue2035Member2022-09-300001707925lin:EuroDenominated1625NotesDue2035Member2021-12-310001707925lin:USLongterm3.55NotesDue2042Member2022-09-300001707925lin:USLongterm3.55NotesDue2042Member2021-12-310001707925lin:USLongTerm200NotesDue2050Member2022-09-300001707925lin:USLongTerm200NotesDue2050Member2021-12-310001707925lin:EuroDenominated100NotesDue2051Member2022-09-300001707925lin:EuroDenominated100NotesDue2051Member2021-12-310001707925lin:OtherInternationalLongTermDebtBorrowingsMember2022-09-300001707925lin:OtherInternationalLongTermDebtBorrowingsMember2021-12-310001707925lin:OtherUsLongTermMember2022-09-300001707925lin:OtherUsLongTermMember2021-12-310001707925us-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-09-300001707925us-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-12-310001707925lin:EuroDenominated0.250NotesDue2022Member2022-01-012022-01-31iso4217:EUR0001707925lin:EuroDenominated0.250NotesDue2022Member2022-01-310001707925lin:EuroDenominated100NotesDue2027Member2022-03-310001707925lin:EuroDenominated1375NotesDue2031Member2022-03-310001707925lin:EuroDenominated1625NotesDue2035Member2022-03-310001707925lin:USLongTerm220NotesDue2022Member2022-05-012022-05-310001707925lin:USLongTerm220NotesDue2022Member2022-05-310001707925us-gaap:RevolvingCreditFacilityMemberlin:CreditAgreementMember2022-09-30lin:contract0001707925us-gaap:NondesignatedMemberlin:BalanceSheetItemsMember2022-09-300001707925us-gaap:NondesignatedMemberlin:BalanceSheetItemsMember2021-12-310001707925lin:ForecastedPurchasesMemberus-gaap:NondesignatedMember2022-09-300001707925lin:ForecastedPurchasesMemberus-gaap:NondesignatedMember2021-12-310001707925us-gaap:NondesignatedMemberlin:CrossCurrencySwapsMember2022-09-300001707925us-gaap:NondesignatedMemberlin:CrossCurrencySwapsMember2021-12-310001707925us-gaap:NondesignatedMember2022-09-300001707925us-gaap:NondesignatedMember2021-12-310001707925lin:ForecastedPurchasesMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-09-300001707925lin:ForecastedPurchasesMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001707925us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-09-300001707925us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001707925us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-09-300001707925us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001707925us-gaap:DesignatedAsHedgingInstrumentMember2022-09-300001707925us-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001707925us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2022-09-300001707925us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2021-12-310001707925us-gaap:OtherNoncurrentAssetsMember2022-09-300001707925us-gaap:OtherNoncurrentAssetsMember2021-12-310001707925us-gaap:OtherCurrentLiabilitiesMember2022-09-300001707925us-gaap:OtherCurrentLiabilitiesMember2021-12-310001707925us-gaap:OtherNoncurrentLiabilitiesMember2022-09-300001707925us-gaap:OtherNoncurrentLiabilitiesMember2021-12-310001707925us-gaap:LineOfCreditMember2022-09-300001707925us-gaap:LineOfCreditMemberus-gaap:NetInvestmentHedgingMember2022-01-012022-09-300001707925us-gaap:NetInvestmentHedgingMember2022-07-012022-09-300001707925us-gaap:NetInvestmentHedgingMember2022-01-012022-09-300001707925us-gaap:NetInvestmentHedgingMember2022-09-300001707925lin:DebtRelatedMemberus-gaap:NondesignatedMember2022-07-012022-09-300001707925lin:DebtRelatedMemberus-gaap:NondesignatedMember2021-07-012021-09-300001707925lin:DebtRelatedMemberus-gaap:NondesignatedMember2022-01-012022-09-300001707925lin:DebtRelatedMemberus-gaap:NondesignatedMember2021-01-012021-09-300001707925lin:OtherBalanceSheetItemsMemberus-gaap:NondesignatedMember2022-07-012022-09-300001707925lin:OtherBalanceSheetItemsMemberus-gaap:NondesignatedMember2021-07-012021-09-300001707925lin:OtherBalanceSheetItemsMemberus-gaap:NondesignatedMember2022-01-012022-09-300001707925lin:OtherBalanceSheetItemsMemberus-gaap:NondesignatedMember2021-01-012021-09-300001707925us-gaap:NondesignatedMember2022-07-012022-09-300001707925us-gaap:NondesignatedMember2021-07-012021-09-300001707925us-gaap:NondesignatedMember2022-01-012022-09-300001707925us-gaap:NondesignatedMember2021-01-012021-09-300001707925us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-09-300001707925us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001707925us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001707925us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001707925us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001707925us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001707925us-gaap:FairValueInputsLevel2Member2022-09-300001707925us-gaap:FairValueInputsLevel2Member2021-12-3100017079252010-09-012010-09-01lin:company0001707925lin:WhiteMartinsMember2010-09-01iso4217:BRL0001707925lin:MGIndustriesGmbHMember2010-09-010001707925lin:LindeAktiengesellschaftMemberlin:SqueezeOutTransactionMember2019-04-230001707925lin:LindeAktiengesellschaftMember2019-04-080001707925us-gaap:OperatingSegmentsMemberlin:AmericasSegmentMember2022-07-012022-09-300001707925us-gaap:OperatingSegmentsMemberlin:AmericasSegmentMember2021-07-012021-09-300001707925us-gaap:OperatingSegmentsMemberlin:AmericasSegmentMember2021-01-012021-09-300001707925lin:EMEASegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001707925lin:EMEASegmentMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300001707925lin:EMEASegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-09-300001707925lin:APACSegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001707925lin:APACSegmentMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300001707925lin:APACSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-09-300001707925us-gaap:OperatingSegmentsMemberlin:EngineeringSegmentMember2022-07-012022-09-300001707925us-gaap:OperatingSegmentsMemberlin:EngineeringSegmentMember2021-07-012021-09-300001707925us-gaap:OperatingSegmentsMemberlin:EngineeringSegmentMember2021-01-012021-09-300001707925us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2022-07-012022-09-300001707925us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2021-07-012021-09-300001707925us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2021-01-012021-09-300001707925us-gaap:OperatingSegmentsMember2022-07-012022-09-300001707925us-gaap:OperatingSegmentsMember2021-07-012021-09-300001707925us-gaap:OperatingSegmentsMember2022-01-012022-09-300001707925us-gaap:OperatingSegmentsMember2021-01-012021-09-300001707925us-gaap:MaterialReconcilingItemsMember2022-07-012022-09-300001707925us-gaap:MaterialReconcilingItemsMember2021-07-012021-09-300001707925us-gaap:MaterialReconcilingItemsMember2022-01-012022-09-300001707925us-gaap:MaterialReconcilingItemsMember2021-01-012021-09-300001707925us-gaap:IntersegmentEliminationMemberlin:EngineeringSegmentMember2022-07-012022-09-300001707925us-gaap:IntersegmentEliminationMemberlin:EngineeringSegmentMember2022-01-012022-09-300001707925us-gaap:IntersegmentEliminationMemberlin:EngineeringSegmentMember2021-07-012021-09-300001707925us-gaap:IntersegmentEliminationMemberlin:EngineeringSegmentMember2021-01-012021-09-300001707925us-gaap:ParentMember2022-06-300001707925us-gaap:NoncontrollingInterestMember2022-06-3000017079252022-06-300001707925us-gaap:ParentMember2021-06-300001707925us-gaap:NoncontrollingInterestMember2021-06-3000017079252021-06-300001707925us-gaap:ParentMember2022-07-012022-09-300001707925us-gaap:NoncontrollingInterestMember2022-07-012022-09-300001707925us-gaap:ParentMember2021-07-012021-09-300001707925us-gaap:NoncontrollingInterestMember2021-07-012021-09-300001707925us-gaap:ParentMember2022-09-300001707925us-gaap:NoncontrollingInterestMember2022-09-300001707925us-gaap:ParentMember2021-09-300001707925us-gaap:NoncontrollingInterestMember2021-09-300001707925us-gaap:ParentMember2021-12-310001707925us-gaap:NoncontrollingInterestMember2021-12-310001707925us-gaap:ParentMember2020-12-310001707925us-gaap:NoncontrollingInterestMember2020-12-310001707925us-gaap:ParentMember2022-01-012022-09-300001707925us-gaap:NoncontrollingInterestMember2022-01-012022-09-300001707925us-gaap:ParentMember2021-01-012021-09-300001707925us-gaap:NoncontrollingInterestMember2021-01-012021-09-300001707925lin:AmericasSegmentMember2022-09-300001707925lin:AmericasSegmentMember2021-12-310001707925lin:EMEASegmentMember2022-09-300001707925lin:EMEASegmentMember2021-12-310001707925lin:APACSegmentMember2022-09-300001707925lin:APACSegmentMember2021-12-310001707925lin:EngineeringSegmentMember2022-09-300001707925lin:EngineeringSegmentMember2021-12-310001707925us-gaap:CorporateAndOtherMember2022-09-300001707925us-gaap:CorporateAndOtherMember2021-12-310001707925srt:MinimumMember2022-01-012022-09-300001707925srt:MaximumMember2022-01-012022-09-300001707925lin:MerchantMembersrt:MinimumMember2022-01-012022-09-300001707925lin:MerchantMembersrt:MaximumMember2022-01-012022-09-300001707925lin:PackagedGasMembersrt:MinimumMember2022-01-012022-09-300001707925lin:PackagedGasMembersrt:MaximumMember2022-01-012022-09-300001707925country:RUlin:RussiaUkraineConflictInternationalSanctionsMemberlin:EngineeringSegmentMember2022-09-300001707925lin:MerchantMemberlin:AmericasSegmentMember2022-07-012022-09-300001707925lin:EMEASegmentMemberlin:MerchantMember2022-07-012022-09-300001707925lin:APACSegmentMemberlin:MerchantMember2022-07-012022-09-300001707925lin:MerchantMemberlin:EngineeringSegmentMember2022-07-012022-09-300001707925lin:MerchantMemberus-gaap:CorporateAndOtherMember2022-07-012022-09-300001707925lin:MerchantMember2022-07-012022-09-300001707925lin:SalesChannelMemberlin:MerchantMemberus-gaap:RevenueFromContractWithCustomerMember2022-07-012022-09-300001707925lin:OnSiteMemberlin:AmericasSegmentMember2022-07-012022-09-300001707925lin:EMEASegmentMemberlin:OnSiteMember2022-07-012022-09-300001707925lin:APACSegmentMemberlin:OnSiteMember2022-07-012022-09-300001707925lin:OnSiteMemberlin:EngineeringSegmentMember2022-07-012022-09-300001707925us-gaap:CorporateAndOtherMemberlin:OnSiteMember2022-07-012022-09-300001707925lin:OnSiteMember2022-07-012022-09-300001707925lin:SalesChannelMemberlin:OnSiteMemberus-gaap:RevenueFromContractWithCustomerMember2022-07-012022-09-300001707925lin:PackagedGasMemberlin:AmericasSegmentMember2022-07-012022-09-300001707925lin:EMEASegmentMemberlin:PackagedGasMember2022-07-012022-09-300001707925lin:APACSegmentMemberlin:PackagedGasMember2022-07-012022-09-300001707925lin:PackagedGasMemberlin:EngineeringSegmentMember2022-07-012022-09-300001707925us-gaap:CorporateAndOtherMemberlin:PackagedGasMember2022-07-012022-09-300001707925lin:PackagedGasMember2022-07-012022-09-300001707925lin:SalesChannelMemberlin:PackagedGasMemberus-gaap:RevenueFromContractWithCustomerMember2022-07-012022-09-300001707925lin:OtherDistributionMethodsMemberlin:AmericasSegmentMember2022-07-012022-09-300001707925lin:OtherDistributionMethodsMemberlin:EMEASegmentMember2022-07-012022-09-300001707925lin:APACSegmentMemberlin:OtherDistributionMethodsMember2022-07-012022-09-300001707925lin:OtherDistributionMethodsMemberlin:EngineeringSegmentMember2022-07-012022-09-300001707925lin:OtherDistributionMethodsMemberus-gaap:CorporateAndOtherMember2022-07-012022-09-300001707925lin:OtherDistributionMethodsMember2022-07-012022-09-300001707925lin:SalesChannelMemberlin:OtherDistributionMethodsMemberus-gaap:RevenueFromContractWithCustomerMember2022-07-012022-09-300001707925lin:AmericasSegmentMember2022-07-012022-09-300001707925lin:EMEASegmentMember2022-07-012022-09-300001707925lin:APACSegmentMember2022-07-012022-09-300001707925lin:EngineeringSegmentMember2022-07-012022-09-300001707925us-gaap:CorporateAndOtherMember2022-07-012022-09-300001707925lin:SalesChannelMemberus-gaap:RevenueFromContractWithCustomerMember2022-07-012022-09-300001707925lin:MerchantMemberlin:AmericasSegmentMember2021-07-012021-09-300001707925lin:EMEASegmentMemberlin:MerchantMember2021-07-012021-09-300001707925lin:APACSegmentMemberlin:MerchantMember2021-07-012021-09-300001707925lin:MerchantMemberlin:EngineeringSegmentMember2021-07-012021-09-300001707925lin:MerchantMemberus-gaap:CorporateAndOtherMember2021-07-012021-09-300001707925lin:MerchantMember2021-07-012021-09-300001707925lin:SalesChannelMemberlin:MerchantMemberus-gaap:RevenueFromContractWithCustomerMember2021-07-012021-09-300001707925lin:OnSiteMemberlin:AmericasSegmentMember2021-07-012021-09-300001707925lin:EMEASegmentMemberlin:OnSiteMember2021-07-012021-09-300001707925lin:APACSegmentMemberlin:OnSiteMember2021-07-012021-09-300001707925lin:OnSiteMemberlin:EngineeringSegmentMember2021-07-012021-09-300001707925us-gaap:CorporateAndOtherMemberlin:OnSiteMember2021-07-012021-09-300001707925lin:OnSiteMember2021-07-012021-09-300001707925lin:SalesChannelMemberlin:OnSiteMemberus-gaap:RevenueFromContractWithCustomerMember2021-07-012021-09-300001707925lin:PackagedGasMemberlin:AmericasSegmentMember2021-07-012021-09-300001707925lin:EMEASegmentMemberlin:PackagedGasMember2021-07-012021-09-300001707925lin:APACSegmentMemberlin:PackagedGasMember2021-07-012021-09-300001707925lin:PackagedGasMemberlin:EngineeringSegmentMember2021-07-012021-09-300001707925us-gaap:CorporateAndOtherMemberlin:PackagedGasMember2021-07-012021-09-300001707925lin:PackagedGasMember2021-07-012021-09-300001707925lin:SalesChannelMemberlin:PackagedGasMemberus-gaap:RevenueFromContractWithCustomerMember2021-07-012021-09-300001707925lin:OtherDistributionMethodsMemberlin:AmericasSegmentMember2021-07-012021-09-300001707925lin:OtherDistributionMethodsMemberlin:EMEASegmentMember2021-07-012021-09-300001707925lin:APACSegmentMemberlin:OtherDistributionMethodsMember2021-07-012021-09-300001707925lin:OtherDistributionMethodsMemberlin:EngineeringSegmentMember2021-07-012021-09-300001707925lin:OtherDistributionMethodsMemberus-gaap:CorporateAndOtherMember2021-07-012021-09-300001707925lin:OtherDistributionMethodsMember2021-07-012021-09-300001707925lin:SalesChannelMemberlin:OtherDistributionMethodsMemberus-gaap:RevenueFromContractWithCustomerMember2021-07-012021-09-300001707925lin:AmericasSegmentMember2021-07-012021-09-300001707925lin:EMEASegmentMember2021-07-012021-09-300001707925lin:APACSegmentMember2021-07-012021-09-300001707925lin:EngineeringSegmentMember2021-07-012021-09-300001707925us-gaap:CorporateAndOtherMember2021-07-012021-09-300001707925lin:SalesChannelMemberus-gaap:RevenueFromContractWithCustomerMember2021-07-012021-09-300001707925lin:MerchantMemberlin:AmericasSegmentMember2022-01-012022-09-300001707925lin:EMEASegmentMemberlin:MerchantMember2022-01-012022-09-300001707925lin:APACSegmentMemberlin:MerchantMember2022-01-012022-09-300001707925lin:MerchantMemberlin:EngineeringSegmentMember2022-01-012022-09-300001707925lin:MerchantMemberus-gaap:CorporateAndOtherMember2022-01-012022-09-300001707925lin:MerchantMember2022-01-012022-09-300001707925lin:SalesChannelMemberlin:MerchantMemberus-gaap:RevenueFromContractWithCustomerMember2022-01-012022-09-300001707925lin:OnSiteMemberlin:AmericasSegmentMember2022-01-012022-09-300001707925lin:EMEASegmentMemberlin:OnSiteMember2022-01-012022-09-300001707925lin:APACSegmentMemberlin:OnSiteMember2022-01-012022-09-300001707925lin:OnSiteMemberlin:EngineeringSegmentMember2022-01-012022-09-300001707925us-gaap:CorporateAndOtherMemberlin:OnSiteMember2022-01-012022-09-300001707925lin:OnSiteMember2022-01-012022-09-300001707925lin:SalesChannelMemberlin:OnSiteMemberus-gaap:RevenueFromContractWithCustomerMember2022-01-012022-09-300001707925lin:PackagedGasMemberlin:AmericasSegmentMember2022-01-012022-09-300001707925lin:EMEASegmentMemberlin:PackagedGasMember2022-01-012022-09-300001707925lin:APACSegmentMemberlin:PackagedGasMember2022-01-012022-09-300001707925lin:PackagedGasMemberlin:EngineeringSegmentMember2022-01-012022-09-300001707925us-gaap:CorporateAndOtherMemberlin:PackagedGasMember2022-01-012022-09-300001707925lin:PackagedGasMember2022-01-012022-09-300001707925lin:SalesChannelMemberlin:PackagedGasMemberus-gaap:RevenueFromContractWithCustomerMember2022-01-012022-09-300001707925lin:OtherDistributionMethodsMemberlin:AmericasSegmentMember2022-01-012022-09-300001707925lin:OtherDistributionMethodsMemberlin:EMEASegmentMember2022-01-012022-09-300001707925lin:APACSegmentMemberlin:OtherDistributionMethodsMember2022-01-012022-09-300001707925lin:OtherDistributionMethodsMemberlin:EngineeringSegmentMember2022-01-012022-09-300001707925lin:OtherDistributionMethodsMemberus-gaap:CorporateAndOtherMember2022-01-012022-09-300001707925lin:OtherDistributionMethodsMember2022-01-012022-09-300001707925lin:SalesChannelMemberlin:OtherDistributionMethodsMemberus-gaap:RevenueFromContractWithCustomerMember2022-01-012022-09-300001707925lin:AmericasSegmentMember2022-01-012022-09-300001707925lin:EMEASegmentMember2022-01-012022-09-300001707925lin:APACSegmentMember2022-01-012022-09-300001707925lin:EngineeringSegmentMember2022-01-012022-09-300001707925us-gaap:CorporateAndOtherMember2022-01-012022-09-300001707925lin:SalesChannelMemberus-gaap:RevenueFromContractWithCustomerMember2022-01-012022-09-300001707925lin:MerchantMemberlin:AmericasSegmentMember2021-01-012021-09-300001707925lin:EMEASegmentMemberlin:MerchantMember2021-01-012021-09-300001707925lin:APACSegmentMemberlin:MerchantMember2021-01-012021-09-300001707925lin:MerchantMemberlin:EngineeringSegmentMember2021-01-012021-09-300001707925lin:MerchantMemberus-gaap:CorporateAndOtherMember2021-01-012021-09-300001707925lin:MerchantMember2021-01-012021-09-300001707925lin:SalesChannelMemberlin:MerchantMemberus-gaap:RevenueFromContractWithCustomerMember2021-01-012021-09-300001707925lin:OnSiteMemberlin:AmericasSegmentMember2021-01-012021-09-300001707925lin:EMEASegmentMemberlin:OnSiteMember2021-01-012021-09-300001707925lin:APACSegmentMemberlin:OnSiteMember2021-01-012021-09-300001707925lin:OnSiteMemberlin:EngineeringSegmentMember2021-01-012021-09-300001707925us-gaap:CorporateAndOtherMemberlin:OnSiteMember2021-01-012021-09-300001707925lin:OnSiteMember2021-01-012021-09-300001707925lin:SalesChannelMemberlin:OnSiteMemberus-gaap:RevenueFromContractWithCustomerMember2021-01-012021-09-300001707925lin:PackagedGasMemberlin:AmericasSegmentMember2021-01-012021-09-300001707925lin:EMEASegmentMemberlin:PackagedGasMember2021-01-012021-09-300001707925lin:APACSegmentMemberlin:PackagedGasMember2021-01-012021-09-300001707925lin:PackagedGasMemberlin:EngineeringSegmentMember2021-01-012021-09-300001707925us-gaap:CorporateAndOtherMemberlin:PackagedGasMember2021-01-012021-09-300001707925lin:PackagedGasMember2021-01-012021-09-300001707925lin:SalesChannelMemberlin:PackagedGasMemberus-gaap:RevenueFromContractWithCustomerMember2021-01-012021-09-300001707925lin:OtherDistributionMethodsMemberlin:AmericasSegmentMember2021-01-012021-09-300001707925lin:OtherDistributionMethodsMemberlin:EMEASegmentMember2021-01-012021-09-300001707925lin:APACSegmentMemberlin:OtherDistributionMethodsMember2021-01-012021-09-300001707925lin:OtherDistributionMethodsMemberlin:EngineeringSegmentMember2021-01-012021-09-300001707925lin:OtherDistributionMethodsMemberus-gaap:CorporateAndOtherMember2021-01-012021-09-300001707925lin:OtherDistributionMethodsMember2021-01-012021-09-300001707925lin:SalesChannelMemberlin:OtherDistributionMethodsMemberus-gaap:RevenueFromContractWithCustomerMember2021-01-012021-09-300001707925lin:AmericasSegmentMember2021-01-012021-09-300001707925lin:EMEASegmentMember2021-01-012021-09-300001707925lin:APACSegmentMember2021-01-012021-09-300001707925lin:EngineeringSegmentMember2021-01-012021-09-300001707925us-gaap:CorporateAndOtherMember2021-01-012021-09-300001707925lin:SalesChannelMemberus-gaap:RevenueFromContractWithCustomerMember2021-01-012021-09-3000017079252022-10-012022-09-30
Table of Contents                
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to
Commission file number001-38730
LINDE PLC
(Exact name of registrant as specified in its charter)
Ireland98-1448883
(State or other jurisdiction of incorporation)(I.R.S. Employer Identification No.)
10 Riverview Drive,Forge
Danbury, Connecticut
43 Church Street West
United States 06810
Woking, Surrey GU21 6HT
United Kingdom
(Address of principal executive offices) (Zip Code)
(203) 837 - 2000
+44 14 83 242200
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s) Name of each exchange on which registered
Ordinary shares (€0.001 nominal value per share)LIN New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes       No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes       No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer 
Non-accelerated filer Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes       No 
At September 30, 2022, 494,379,532 ordinary shares (€0.001 par value) of the Registrant were outstanding.
1    

Table of Contents                
INDEX
PART I - FINANCIAL INFORMATION 
Item 1.
Financial Statements (unaudited)
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2    

Table of Contents                
Forward-looking Statements

This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by terms and phrases such as: anticipate, believe, intend, estimate, expect, continue, should, could, may, plan, project, predict, will, potential, forecast, and similar expressions. They are based on management’s reasonable expectations and assumptions as of the date the statements are made but involve risks and uncertainties. These risks and uncertainties include, without limitation: the performance of stock markets generally; developments in worldwide and national economies and other international events and circumstances, including trade conflicts and tariffs; changes in foreign currencies and in interest rates; the cost and availability of electric power, natural gas and other raw materials; the ability to achieve price increases to offset cost increases; catastrophic events including natural disasters, epidemics, pandemics such as COVID-19, and acts of war and terrorism; the ability to attract, hire, and retain qualified personnel; the impact of changes in financial accounting standards; the impact of changes in pension plan liabilities; the impact of tax, environmental, healthcare and other legislation and government regulation in jurisdictions in which the company operates; the cost and outcomes of investigations, litigation and regulatory proceedings; the impact of potential unusual or non-recurring items; continued timely development and market acceptance of new products and applications; the impact of competitive products and pricing; future financial and operating performance of major customers and industries served; the impact of information technology system failures, network disruptions and breaches in data security; and the effectiveness and speed of integrating new acquisitions into the business. These risks and uncertainties may cause future results or circumstances to differ materially from adjusted projections, estimates or other forward-looking statements.

Linde plc assumes no obligation to update or provide revisions to any forward-looking statement in response to changing circumstances. The above listed risks and uncertainties are further described in Item 1A. Risk Factors in Linde plc’s Form 10-K for the fiscal year ended December 31, 2021 filed with the SEC on February 28, 2022, which should be reviewed carefully. Please consider Linde plc’s forward-looking statements in light of those risks.









3    

Table of Contents                

LINDE PLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Millions of dollars, except per share data)
(UNAUDITED) 

 Quarter Ended September 30,
 20222021
Sales$8,797 $7,668 
Cost of sales, exclusive of depreciation and amortization5,285 4,368 
Selling, general and administrative770 793 
Depreciation and amortization1,045 1,163 
Research and development35 36 
Russia-Ukraine conflict and other charges 15 26 
Other income (expense) - net(34)10 
Operating Profit1,613 1,292 
Interest expense - net18 8 
Net pension and OPEB cost (benefit), excluding service cost(53)(45)
Income From Continuing Operations Before Income Taxes and Equity Investments1,648 1,329 
Income taxes on continuing operations391 321 
Income From Continuing Operations Before Equity Investments1,257 1,008 
Income from equity investments43 1 
Income From Continuing Operations (Including Noncontrolling Interests)1,300 1,009 
Income from discontinued operations, net of tax 1 
Net Income (Including Noncontrolling Interests)1,300 1,010 
Less: noncontrolling interests from continuing operations (27)(31)
Net Income – Linde plc$1,273 $979 
Net Income – Linde plc
Income from continuing operations $1,273 $978 
Income from discontinued operations$ $1 
Per Share Data – Linde plc Shareholders
Basic earnings per share from continuing operations$2.56 $1.90 
Basic earnings per share from discontinued operations  
Basic earnings per share $2.56 $1.90 
Diluted earnings per share from continuing operations$2.54 $1.88 
Diluted earnings per share from discontinued operations   
Diluted earnings per share$2.54 $1.88 
Weighted Average Shares Outstanding (000’s):
Basic shares outstanding497,186 515,169 
Diluted shares outstanding501,151 520,079 

The accompanying notes are an integral part of these financial statements.





4    

Table of Contents                

LINDE PLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Millions of dollars, except per share data)
(UNAUDITED) 

 Nine Months Ended September 30,
 20222021
Sales$25,465 $22,495 
Cost of sales, exclusive of depreciation and amortization15,023 12,616 
Selling, general and administrative2,343 2,402 
Depreciation and amortization3,248 3,500 
Research and development107 105 
Russia-Ukraine conflict and other charges1,004 222 
Other income (expense) - net(58)(3)
Operating Profit3,682 3,647 
Interest expense - net32 46 
Net pension and OPEB cost (benefit), excluding service cost(179)(143)
Income From Continuing Operations Before Income Taxes and Equity Investments3,829 3,744 
Income taxes on continuing operations1,046 923 
Income From Continuing Operations Before Equity Investments2,783 2,821 
Income from equity investments137 81 
Income From Continuing Operations (Including Noncontrolling Interests)2,920 2,902 
Income from discontinued operations, net of tax 3 
Net Income (Including Noncontrolling Interests)2,920 2,905 
Less: noncontrolling interests from continuing operations (101)(105)
Net Income – Linde plc$2,819 $2,800 
Net Income – Linde plc
Income from continuing operations $2,819 $2,797 
Income from discontinued operations$ $3 
Per Share Data – Linde plc Shareholders
Basic earnings per share from continuing operations$5.62 $5.39 
Basic earnings per share from discontinued operations 0.01 
Basic earnings per share $5.62 $5.40 
Diluted earnings per share from continuing operations$5.57 $5.34 
Diluted earnings per share from discontinued operations  0.01 
Diluted earnings per share$5.57 $5.35 
Weighted Average Shares Outstanding (000’s):
Basic shares outstanding501,743 518,802 
Diluted shares outstanding506,012 523,662 

The accompanying notes are an integral part of these financial statements.





5    

Table of Contents                

LINDE PLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Millions of dollars)
(UNAUDITED)
 
 Quarter Ended September 30,
 20222021
NET INCOME (INCLUDING NONCONTROLLING INTERESTS)$1,300 $1,010 
OTHER COMPREHENSIVE INCOME (LOSS)
Translation adjustments:
Foreign currency translation adjustments(1,769)(823)
Reclassification to net income24  
Income taxes2 4 
Translation adjustments(1,743)(819)
Funded status - retirement obligations (Note 8):
Retirement program remeasurements66 52 
Reclassifications to net income24 43 
Income taxes(19)(28)
Funded status - retirement obligations71 67 
Derivative instruments (Note 5):
Current unrealized gain (loss)60 64 
Reclassifications to net income(54)(25)
Income taxes(2)(10)
Derivative instruments4 29 
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)(1,668)(723)
COMPREHENSIVE INCOME (LOSS) (INCLUDING NONCONTROLLING INTERESTS)(368)287 
Less: noncontrolling interests15 (18)
COMPREHENSIVE INCOME (LOSS) - LINDE PLC$(353)$269 

The accompanying notes are an integral part of these financial statements.


6    

Table of Contents                

LINDE PLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Millions of dollars)
(UNAUDITED)
 
 Nine Months Ended September 30,
 20222021
NET INCOME (INCLUDING NONCONTROLLING INTERESTS)$2,920 $2,905 
OTHER COMPREHENSIVE INCOME (LOSS)
Translation adjustments:
Foreign currency translation adjustments(3,279)(1,068)
Reclassification to net income(110)(52)
Income taxes(5)(4)
Translation adjustments(3,394)(1,124)
Funded status - retirement obligations (Note 8):
Retirement program remeasurements188 53 
Reclassifications to net income62 130 
Income taxes(47)(53)
Funded status - retirement obligations203 130 
Derivative instruments (Note 5):
Current unrealized gain (loss)170 104 
Reclassifications to net income(74)(30)
Income taxes(20)(18)
Derivative instruments76 56 
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)(3,115)(938)
COMPREHENSIVE INCOME (LOSS) (INCLUDING NONCONTROLLING INTERESTS)(195)1,967 
Less: noncontrolling interests(30)(95)
COMPREHENSIVE INCOME (LOSS) - LINDE PLC$(225)$1,872 

The accompanying notes are an integral part of these financial statements.




7    

Table of Contents                

LINDE PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions of dollars)
(UNAUDITED)
 
September 30, 2022December 31, 2021
Assets
Cash and cash equivalents$3,756 $2,823 
Accounts receivable - net4,599 4,499 
Contract assets 104 134 
Inventories1,855 1,733 
Prepaid and other current assets889 970 
Total Current Assets11,203 10,159 
Property, plant and equipment - net22,586 26,003 
Goodwill24,565 27,038 
Other intangible assets - net11,810 13,802 
Other long-term assets4,159 4,603 
Total Assets$74,323 $81,605 
Liabilities and equity
Accounts payable$3,067 $3,503 
Short-term debt3,179 1,163 
Current portion of long-term debt1,551 1,709 
Contract liabilities2,902 2,940 
Other current liabilities4,362 4,328 
Total Current Liabilities15,061 13,643 
Long-term debt10,608 11,335 
Other long-term liabilities9,715 11,186 
Total Liabilities35,384 36,164 
Redeemable noncontrolling interests13 13 
Linde plc Shareholders’ Equity:
Ordinary shares,€0.001 par value, authorized 1,750,000,000 shares, 2022 and 2021 issued: 552,012,862 ordinary shares
1 1 
Additional paid-in capital40,011 40,180 
Retained earnings19,845 18,710 
Accumulated other comprehensive income (loss) (Note 11)
(8,094)(5,048)
Less: Treasury shares, at cost (2022 – 57,633,330 shares and 2021 – 43,331,983 shares)
(14,135)(9,808)
Total Linde plc Shareholders’ Equity37,628 44,035 
Noncontrolling interests1,298 1,393 
Total Equity38,926 45,428 
Total Liabilities and Equity $74,323 $81,605 

The accompanying notes are an integral part of these financial statements.
8    

Table of Contents                

LINDE PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of dollars)
(UNAUDITED)
Nine Months Ended September 30,
20222021
Increase (Decrease) in Cash and Cash Equivalents
Operations
Net income - Linde plc$2,819 $2,800 
Less: Income from discontinued operations, net of tax and noncontrolling interests (3)
Add: Noncontrolling interests from continuing operations101 105 
Income from continuing operations (including noncontrolling interests)2,920 2,902 
Adjustments to reconcile net income to net cash provided by operating activities:
Russia-Ukraine conflict and other charges, net of payments909 83 
Depreciation and amortization3,248 3,500 
Deferred income taxes(412)(184)
Share-based compensation78 95 
Working capital:
Accounts receivable(572)(539)
Inventory(300)(77)
Prepaid and other current assets(111)(25)
Payables and accruals376 131 
    Contract assets and liabilities, net369 530 
Pension contributions(44)(32)
Long-term assets, liabilities and other308 108 
Net cash provided by operating activities6,769 6,492 
Investing
Capital expenditures(2,237)(2,247)
Acquisitions, net of cash acquired(110)(31)
Divestitures, net of cash divested and asset sales140 147 
Net cash provided by (used for) investing activities(2,207)(2,131)
Financing
Short-term debt borrowings (repayments) - net2,229 369 
Long-term debt borrowings2,291 2,260 
Long-term debt repayments(1,725)(821)
Issuances of ordinary shares24 39 
Purchases of ordinary shares(4,478)(3,251)
Cash dividends - Linde plc shareholders(1,758)(1,648)
Noncontrolling interest transactions and other(62)(319)
Net cash provided by (used for) financing activities(3,479)(3,371)
Effect of exchange rate changes on cash and cash equivalents(150)(44)
Change in cash and cash equivalents933 946 
Cash and cash equivalents, beginning-of-period2,823 3,754 
Cash and cash equivalents, end-of-period$3,756 $4,700 

The accompanying notes are an integral part of these financial statements.
9    

Table of Contents                
INDEX TO NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to Condensed Consolidated Financial Statements - Linde plc and Subsidiaries (Unaudited)
 
10    

Table of Contents                
1. Summary of Significant Accounting Policies
Presentation of Condensed Consolidated Financial Statements - In the opinion of Linde management, the accompanying condensed consolidated financial statements include all adjustments necessary for a fair presentation of the results for the interim periods presented and such adjustments are of a normal recurring nature. The accompanying condensed consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements of Linde plc and subsidiaries in Linde's 2021 Annual Report on Form 10-K. There have been no material changes to the company’s significant accounting policies during 2022.

Reclassifications – Certain prior periods' amounts have been reclassified to conform to the current year’s presentation.

2. Russia-Ukraine Conflict and Other Charges

2022 Charges

Other charges were $15 million (benefit of $10 million, after tax) for the quarter ended September 30, 2022 and primarily related to the sale of the GIST business. Total Russia-Ukraine conflict and other charges were $1,004 million ($878 million, after tax and noncontrolling interests) for the nine months ended September 30, 2022, largely attributable to the Russia-Ukraine conflict.

The following tables summarize the company's pre-tax charges for the nine months ended September 30, 2022:


Nine Months Ended September 30, 2022
(millions of dollars)Russia deconsolidation chargesOther Russia related chargesTotal Russia chargesMerger-related and other chargesTotal
Americas$ $ $ $3 $3 
EMEA733 2 735 49 784 
APAC   29 29 
Engineering54 112 166 (9)157 
Other   31 31 
Total$787 $114 $901 $103 $1,004 


Russia-Ukraine Conflict

Deconsolidation of Russian entities

In response to the Russian invasion of Ukraine, multiple jurisdictions, including Europe and the U.S., have imposed several tranches of economic sanctions on Russia. As a result, Linde reassessed its ability to control its Russian subsidiaries and determined that as of June 30, 2022 it can no longer exercise control over these entities. As such, Linde deconsolidated its Russian gas and engineering business entities as of June 30, 2022. The deconsolidation of the company's Russian gas and engineering business entities resulted in a loss of $787 million ($730 million after tax) during the second quarter.

The fair value of Linde’s Russian subsidiaries was determined using a probability weighted discounted cash flow model, which resulted in the recognition of a $407 million loss on deconsolidation when compared to the carrying value of the entities. This loss is recorded within Russia-Ukraine conflict and other charges in the consolidated statements of income.

Upon deconsolidation an investment was recorded, which represents the fair value of net assets. The company did not receive any consideration, cash or otherwise, as part of the deconsolidation. Linde will maintain its interest in its Russian subsidiaries and will continue to comply with sanctions and government restrictions as it continues to develop divestiture options. The investment will be monitored for impairment in future periods.

Receivables, primarily loans receivable, with newly deconsolidated entities were reassessed for collectability resulting in a write-off of approximately $380 million.
11    

Table of Contents                

Other Russia related charges

Other charges related specifically to the Russia-Ukraine conflict were $114 million ($84 million after tax) for the nine months ended September 30, 2022, and are primarily comprised of impairments of assets which are maintained by international entities in support of the Russian business.

Merger-related and other charges

Merger related and other charges were $15 million for the quarter ended September 30, 2022, primarily related to the sale of the GIST business. On September 30, 2022, Linde completed the sale of its GIST business. The total consideration for the sale was $292 million, $184 million of which was paid in cash with the remaining $108 million to be paid in future periods. The sale of the GIST business resulted in a loss of $21 million (benefit of $3 million, after tax) recorded within the Russia-Ukraine conflict and other charges in the consolidated statement of income.

Merger related and other charges were $103 million for the nine months ended September 30, 2022, primarily related to the impairment of an equity method investment in the EMEA segment.

Cash Requirements

The total cash requirements of the Russia-Ukraine conflict and other charges incurred during the nine months ended September 30, 2022 are expected to be immaterial. Liabilities accrued are expected to be paid through 2023. Russia-Ukraine conflict and other charges, net of payments in the condensed consolidated statements of cash flows for the nine months ended September 30, 2022 also reflects the impact of cash payments of liabilities accrued as of December 31, 2021.

The following table summarizes the activities related to the company's Russia-Ukraine conflict and other charges for the nine months ended September 30, 2022:
(millions of dollars)Total Russia chargesSeverance costsOther cost reduction chargesTotal cost reduction program related chargesMerger-related and other chargesTotal
Balance, December 31, 2021
$ $384 $38 $422 $31 $453 
2022 Russia-Ukraine conflict and other charges901 30 16 46 57 1,004 
Less: Cash payments / receipts(99)(15)(114)19 (95)
Less: Non-cash charges(901) (7)(7)(76)(984)
Foreign currency translation and other (41)(5)(46)(3)(49)
Balance, September 30, 2022
$ $274 $27 $301 $28 $329 


2021 Charges

Cost reduction programs and other charges were $26 million and $222 million for the quarter and nine months ended September 30, 2021, respectively ($58 million and $228 million after tax).

Total cost reduction program related charges were $29 million and $277 million ($25 million and $209 million after tax), for the quarter and nine months ended September 30, 2021, respectively. These expenses consisted primarily of severance charges of $20 million and $228 million and other charges of $9 million and $49 million for the quarter and nine months ended September 30, 2021, respectively, related to the execution of the company's synergistic actions including location consolidations and business rationalization projects, process harmonization, and associated non-recurring costs.

Merger-related and other charges were benefits of $3 million and $55 million for the quarter and nine months ended September 30, 2021, respectively (charge of $33 million and a benefit of $19 million, after tax). The 2021 year-to-date pre-tax benefit was primarily due to a $52 million gain triggered by a joint venture deconsolidation in the APAC segment.

In addition, the nine months ended September 30, 2021 include net income tax charges of $38 million, primarily related to (i) $81 million of expense due to the revaluation of a net deferred tax liability resulting from a tax rate increase in the United Kingdom enacted in the current quarter, and (ii) a tax settlement benefit of $33 million.

12    

Table of Contents                
The quarter and nine months ended September 30, 2021 also include an impairment charge of $35 million ($35 million, after tax) related to a joint venture in the APAC segment. The charge is shown within income from equity investments on the consolidated statements of income.

Classification in the condensed consolidated financial statements
The costs are shown within operating profit in a separate line item on the consolidated statements of income. On the condensed consolidated statements of cash flows, the impact of these costs, net of cash payments, is shown as an adjustment to reconcile net income to net cash provided by operating activities. In Note 10 Segments, Linde excluded these costs from its management definition of segment operating profit; a reconciliation of segment operating profit to consolidated operating profit is shown within the segment operating profit table.
3. Supplemental Information
Receivables
Linde applies loss rates that are lifetime expected credit losses at initial recognition of the receivables. These expected loss rates are based on an analysis of the actual historical default rates for each business, taking regional circumstances into account. If necessary, these historical default rates are adjusted to reflect the impact of current changes in the macroeconomic environment using forward-looking information. The loss rates are also evaluated based on the expectations of the responsible management team regarding the collectability of the receivables. Gross trade receivables aged less than one year were $4,574 million and $4,425 million at September 30, 2022 and December 31, 2021, respectively, and gross receivables aged greater than one year were $285 million and $329 million at September 30, 2022 and December 31, 2021, respectively. Other receivables were $117 million and $150 million at September 30, 2022 and December 31, 2021, respectively. Receivables aged greater than one year are generally fully reserved unless specific circumstances warrant exceptions, such as those backed by federal governments.
Accounts receivable net of reserves were $4,599 million at September 30, 2022 and $4,499 million at December 31, 2021. Allowances for expected credit losses were $377 million at September 30, 2022 and $405 million at December 31, 2021.  Provisions for expected credit losses were $112 million and $101 million for the nine months ended September 30, 2022 and 2021, respectively. The allowance activity in the nine months ended September 30, 2022 and 2021 related to write-offs of uncollectible amounts, net of recoveries and currency movements is not material.

Inventories
The following is a summary of Linde's consolidated inventories:
(Millions of dollars)September 30,
2022
December 31,
2021
Inventories
Raw materials and supplies$477 $399 
Work in process 321 334 
Finished goods1,057 1,000 
Total inventories$1,855 $1,733 
13    

Table of Contents                
4. Debt
The following is a summary of Linde's outstanding debt at September 30, 2022 and December 31, 2021:
(Millions of dollars)September 30,
2022
December 31,
2021
SHORT-TERM
Commercial paper$2,954 $278 
Other bank borrowings (primarily non U.S.)225 885 
Total short-term debt3,179 1,163 
LONG-TERM (a)
(U.S. dollar denominated unless otherwise noted)
0.250% Euro denominated notes due 2022 (b) (c)
 1,137 
2.20% Notes due 2022 (e)
 500 
2.70% Notes due 2023
500 500 
2.00% Euro denominated notes due 2023 (b)
642 759 
5.875% GBP denominated notes due 2023 (b)
345 432 
1.20% Euro denominated notes due 2024
539 625 
1.875% Euro denominated notes due 2024 (b)
298 356 
2.65% Notes due 2025
399 399 
1.625% Euro denominated notes due 2025
487 565 
0.00% Euro denominated notes due 2026
689 799 
3.20% Notes due 2026
725 725 
3.434% Notes due 2026
198 197 
1.652% Euro denominated notes due 2027
80 94 
0.250% Euro denominated notes due 2027
734 850 
1.00% Euro denominated notes due 2027 (d)
488  
1.00% Euro denominated notes due 2028 (b)
689 879 
1.10% Notes due 2030
696 696 
1.90% Euro denominated notes due 2030
102 118 
1.375% Euro denominated notes due 2031 (d)
728  
0.550% Euro denominated notes due 2032
730 847 
0.375% Euro denominated notes due 2033
487 565 
1.625% Euro denominated notes due 2035 (d)
773  
3.55% Notes due 2042
665 664 
2.00% Notes due 2050
296 296 
1.00% Euro denominated notes due 2051
679 788 
Non U.S borrowings180 243 
Other10 10 
12,159 13,044 
Less: current portion of long-term debt(1,551)(1,709)
Total long-term debt10,608 11,335 
Total debt$15,338 $14,207 
 
(a)Amounts are net of unamortized discounts, premiums and/or debt issuance costs as applicable.
(b)September 30, 2022 and December 31, 2021 included a cumulative $46 million and $42 million adjustment to carrying value, respectively, related to hedge accounting of interest rate swaps. Refer to Note 5.
(c)In January 2022, Linde repaid €1.0 billion of 0.250% notes that became due.
(d)In March 2022, Linde issued €500 million of 1.000% notes due 2027, €750 million of 1.375% notes due 2031, and €800 million of 1.625% notes due 2035.
(e)In May 2022, Linde repaid $500 million of 2.20% notes due in August 2022. There was no impact to interest within the consolidated statements of income.
The company maintains a $5 billion unsecured revolving credit agreement with a syndicate of banking institutions that expires March 26, 2024. There are no financial maintenance covenants contained within the credit agreement. No borrowings were outstanding under the credit agreement as of September 30, 2022.

5. Financial Instruments
In its normal operations, Linde is exposed to market risks relating to fluctuations in interest rates, foreign currency exchange rates, and energy and commodity costs. The objective of financial risk management at Linde is to minimize the negative impact of such fluctuations on the company’s earnings and cash flows. To manage these risks, among other strategies, Linde routinely enters into various derivative financial instruments (“derivatives”) including interest-rate swap and treasury rate lock agreements, currency-swap agreements, forward contracts, currency options, and commodity-swap agreements. These instruments are not entered into for trading purposes and Linde only uses commonly traded and non-leveraged instruments.
There are three types of derivatives that the company enters into: (i) those relating to fair-value exposures, (ii) those relating to cash-flow exposures, and (iii) those relating to foreign currency net investment exposures. Fair-value exposures relate to recognized assets or liabilities, and firm commitments; cash-flow exposures relate to the variability of future cash flows associated with recognized assets or liabilities, or forecasted transactions; and net investment exposures relate to the impact of foreign currency exchange rate changes on the carrying value of net assets denominated in foreign currencies.
When a derivative is executed and hedge accounting is appropriate, it is designated as either a fair-value hedge, cash-flow hedge, or a net investment hedge. Currently, Linde designates all interest-rate and treasury-rate locks as hedges for accounting purposes; however, cross-currency contracts are generally not designated as hedges for accounting purposes. Certain currency contracts related to forecasted transactions are designated as hedges for accounting purposes. Whether designated as hedges for accounting purposes or not, all derivatives are linked to an appropriate underlying exposure. On an ongoing basis, the company assesses the hedge effectiveness of all derivatives designated as hedges for accounting purposes to determine if they continue to be highly effective in offsetting changes in fair values or cash flows of the underlying hedged items. If it is determined that the hedge is not highly effective through the use of a qualitative assessment, then hedge accounting will be discontinued prospectively.
Counterparties to Linde's derivatives are major banking institutions with credit ratings of investment grade or better. The company has Credit Support Annexes ("CSAs") in place for certain entities with its principal counterparties to minimize potential default risk and to mitigate counterparty risk. Under the CSAs, the fair values of derivatives for the purpose of interest rate and currency management are collateralized with cash on a regular basis. As of September 30, 2022, the impact of such collateral posting arrangements on the fair value of derivatives was insignificant. Management believes the risk of incurring losses on derivative contracts related to credit risk is remote and any losses would be immaterial.
The following table is a summary of the notional amount and fair value of derivatives outstanding at September 30, 2022 and December 31, 2021 for consolidated subsidiaries:
   Fair Value
 Notional AmountsAssets (a)Liabilities (a)
(Millions of dollars)September 30,
2022
December 31,
2021
September 30,
2022
December 31,
2021
September 30,
2022
December 31,
2021
Derivatives Not Designated as Hedging Instruments:
Currency contracts:
Balance sheet items$3,237 $4,427 $36 $22 $17 $17 
Forecasted transactions 471 537 11 6 25 11 
Cross-currency swaps60 148 1 21 2 4 
Total $3,768 $5,112 $48 $49 $44 $32 
Derivatives Designated as Hedging Instruments:
Currency contracts:
       Forecasted transactions323 758 10 14 4 3 
Commodity contracts N/AN/A20 49 2  
Interest rate swaps784 1,251  24 59  
Total Hedges$1,107 $2,009 $30 $87 $65 $3 
Total Derivatives$4,875 $7,121 $78 $136 $109 $35 
14    


 
(a)Amounts as at September 30, 2022 and December 31, 2021 included current assets of $72 million and $101 million which are recorded in prepaid and other current assets; long-term assets of $6 million and $35 million which are recorded in other long-term assets; current liabilities of $42 million and $27 million which are recorded in other current liabilities; and long-term liabilities of $67 million and $8 million which are recorded in other long-term liabilities.

Balance Sheet Items

Foreign currency contracts related to balance sheet items consist of forward contracts entered into to manage the exposure to fluctuations in foreign-currency exchange rates on recorded balance sheet assets and liabilities denominated in currencies other than the functional currency of the related operating unit. Certain forward currency contracts are entered into to protect underlying monetary assets and liabilities denominated in foreign currencies from foreign exchange risk and are not designated as hedging instruments. For balance sheet items that are not designated as hedging instruments, the fair value adjustments on these contracts are offset by the fair value adjustments recorded on the underlying monetary assets and liabilities.

Forecasted Transactions

Foreign currency contracts related to forecasted transactions consist of forward contracts entered into to manage the exposure to fluctuations in foreign-currency exchange rates on (1) forecasted purchases of capital-related equipment and services, (2) forecasted sales, or (3) other forecasted cash flows denominated in currencies other than the functional currency of the related operating units. For forecasted transactions that are designated as cash flow hedges, fair value adjustments are recorded to accumulated other comprehensive income ("AOCI") with deferred amounts