XML 31 R20.htm IDEA: XBRL DOCUMENT v3.19.1
Equity and Noncontrolling Interests
 3 Months Ended
Mar. 31, 2019
Equity And Noncontrolling Interests Disclosure [Abstract]  
Equity and Noncontrolling Interests
Equity and Noncontrolling Interests
Equity
A summary of the changes in total equity for three months ended March 31, 2019 and 2018 is provided below:

Quarter Ended March 31,
(Millions of dollars)
2019
 
2018
Activity
Linde plc
Shareholders’
Equity
 
Noncontrolling
Interests (a)
 
Total
Equity
 
Linde plc
Shareholders’
Equity
 
Noncontrolling
Interests
 
Total
Equity
Balance, beginning of period
$
51,596

 
$
5,484

 
$
57,080

 
$
6,018

 
$
493

 
$
6,511

Net income (b)
517

 
36

 
553

 
462

 
9

 
471

Other comprehensive income (loss)
221

 
(67
)
 
154

 
118

 
11

 
129

Noncontrolling interests:
 
 
 
 
 
 
 
 
 
 
 
Additions (reductions)
—

 
8

 
8

 
—

 
6

 
6

Dividends and other capital changes
—

 
(4
)
 
(4
)
 
—

 
(3
)
 
(3
)
Redemption value adjustments
—

 
—

 
—

 
(2
)
 
—

 
(2
)
Dividends to Linde plc ordinary share holders ($0.875 per share in 2019 and $0.825 per share in 2018)
(477
)
 
—

 
(477
)
 
(237
)
 
—

 
(237
)
Issuances of common stock:
 
 
 
 
 
 
 
 
 
 
 
For the dividend reinvestment and stock purchase plan
—

 
—

 
—

 
2

 
—

 
2

For employee savings and incentive plans
6

 
—

 
6

 
3

 
—

 
3

Purchases of common stock
(704
)
 
—

 
(704
)
 
—

 
—

 
—

Share-based compensation
16

 
—

 
16

 
4

 
—

 
4

Balance, end of period
$
51,175

 
$
5,457

 
$
56,632

 
$
6,368

 
$
516

 
$
6,884

(a) Noncontrolling interests includes approximately $3.2 billion relating to the 8% of Linde AG shares which were not tendered in the Exchange Offer and were intended to be the subject of a cash-merger squeeze-out. On April 8, 2019 Linde AG completed the merger squeeze-out of all of its minority shares. Refer to Note 18 for additional information.
(b) Net income for noncontrolling interests excludes net income related to redeemable noncontrolling interests of $1 million for both the three months ended March 31, 2019 and March 31, 2018 which is not part of total equity (see redeemable noncontrolling interests section below).
The components of AOCI are as follows:
 
March 31,
 
December 31,
(Millions of dollars)
2019
 
2018
Cumulative translation adjustment - net of taxes:
 
 
 
Americas
$
(3,318
)
 
$
(3,375
)
EMEA
(246
)
 
105

APAC
8

 
(114
)
Engineering
(17
)
 
40

Other
182

 
(246
)
 
(3,391
)
 
(3,590
)
Derivatives - net of taxes
(16
)
 
(2
)
Unrealized gain (loss) on securities
(9
)
 
(1
)
Pension / OPEB funded status obligation (net of $274 million and $292 million tax benefit in March 31, 2019 and December 31, 2018, respectively)
(819
)
 
(863
)
 
$
(4,235
)
 
$
(4,456
)


Redeemable Noncontrolling Interests
Noncontrolling interests with redemption features, such as put/sell options, that are not solely within the company’s control (“redeemable noncontrolling interests”) are reported separately in the condensed consolidated balance sheets at the greater of carrying value or redemption value. For redeemable noncontrolling interests that are not yet exercisable, Linde calculates the redemption value by accreting the carrying value to the redemption value over the period until exercisable. If the redemption value is greater than the carrying value, any increase is adjusted directly to equity and does not impact net income.
At March 31, 2019 and 2018, redeemable noncontrolling interests includes one packaged gas distributor in the United States where the noncontrolling shareholder has a put option.
Following is a summary of the changes in redeemable noncontrolling interests for the three months ended March 31, 2019 and 2018: 
(Millions of dollars)
2019
 
2018
Balance, January 1
$
15

 
$
11

Net income
1

 
1

Distributions to noncontrolling interest and other
(1
)
 
(1
)
Redemption value adjustments/accretion
—

 
2

Balance, March 31
$
15

 
$
13