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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 June 30, 2020
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)
Ireland
98-1448883
(State or other jurisdiction of incorporation)(I.R.S. Employer Identification No.)
The Priestley Centre
10 Priestley Road,
Surrey Research Park,
Guildford,Surrey  GU2 7XY
United Kingdom
(Address of principal executive offices) (Zip Code)
+44 1483 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 RegulationS-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 June 30, 2020, 525,360,032 ordinary shares (€0.001 par value) of the Registrant were outstanding.

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.

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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 actual future results or circumstances to differ materially from accounting principles generally accepted in the United States of America, International Financial Reporting Standards or 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, 2019 filed with the SEC on March 2, 2020 and in Item 1A. of Linde plc's Form 10-Q for the period ending March 31, 2020 filed with the SEC on May 7, 2020, which should be reviewed carefully. Please consider Linde plc’s forward-looking statements in light of those risks.









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

 Quarter Ended June 30,
 20202019
Sales6,377  7,204  
Cost of sales, exclusive of depreciation and amortization3,619  4,280  
Selling, general and administrative760  884  
Depreciation and amortization1,124  1,195  
Research and development34  45  
Cost reduction programs and other charges 249  141  
Other income (expense) - net—  10  
Operating Profit591  669  
Interest expense - net18  10  
Net pension and OPEB cost (benefit), excluding service cost(45) (24) 
Income From Continuing Operations Before Income Taxes and Equity Investments618  683  
Income taxes on continuing operations164  169  
Income From Continuing Operations Before Equity Investments454  514  
Income from equity investments29  28  
Income From Continuing Operations (Including Noncontrolling Interests)483  542  
Income from discontinued operations, net of tax  9  
Net Income (Including Noncontrolling Interests)483  551  
Less: noncontrolling interests from continuing operations (25) (29) 
Less: noncontrolling interest from discontinued operations     
Net Income – Linde plc$458  $522  
Net Income – Linde plc
Income from continuing operations $458  $513  
Income from discontinued operations$  $9  
Per Share Data – Linde plc Shareholders
Basic earnings per share from continuing operations$0.87  $0.95  
Basic earnings per share from discontinued operations  0.02  
Basic earnings per share $0.87  $0.97  
Diluted earnings per share from continuing operations$0.87  $0.94  
Diluted earnings per share from discontinued operations   0.02  
Diluted earnings per share$0.87  $0.96  
Weighted Average Shares Outstanding (000’s):
Basic shares outstanding525,510  542,561  
Diluted shares outstanding529,054  546,488  

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

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LINDE PLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Millions of dollars, except per share data)
(UNAUDITED) 
 Six Months Ended June 30,
 20202019
Sales$13,116  $14,148  
Cost of sales, exclusive of depreciation and amortization7,462  8,396  
Selling, general and administrative1,621  1,763  
Depreciation and amortization2,266  2,418  
Research and development78  91  
Cost reduction programs and other charges 380  230  
Other income (expense) - net15  28  
Operating Profit1,324  1,278  
Interest expense - net42  33  
Net pension and OPEB cost (benefit), excluding service cost(90) (9) 
Income From Continuing Operations Before Income Taxes and Equity Investments1,372  1,254  
Income taxes on continuing operations329  309  
Income From Continuing Operations Before Equity Investments1,043  945  
Income from equity investments46  62  
Income From Continuing Operations (Including Noncontrolling Interests)1,089  1,007  
Income from discontinued operations, net of tax2  98  
Net Income (Including Noncontrolling Interests)1,091  1,105  
Less: noncontrolling interests from continuing operations (60) (59) 
Less: noncontrolling interest from discontinued operations   (7) 
Net Income – Linde plc$1,031  $1,039  
Net Income – Linde plc
Income from continuing operations $1,029  $948  
Income from discontinued operations$2  $91  
Per Share Data – Linde plc Shareholders
Basic earnings per share from continuing operations$1.95  $1.74  
Basic earnings per share from discontinued operations  0.17  
Basic earnings per share $1.95  $1.91  
Diluted earnings per share from continuing operations$1.93  $1.73  
Diluted earnings per share from discontinued operations   0.17  
Diluted earnings per share$1.93  $1.90  
Weighted Average Shares Outstanding (000’s):
Basic shares outstanding528,385  544,033  
Diluted shares outstanding532,112  547,771  
The accompanying notes are an integral part of these financial statements.



Table of Contents    
LINDE PLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Millions of dollars)
(UNAUDITED)
 
 Quarter Ended June 30,
 20202019
NET INCOME (INCLUDING NONCONTROLLING INTERESTS)$483  $551  
OTHER COMPREHENSIVE INCOME (LOSS)
Translation adjustments:
Foreign currency translation adjustments745  (170) 
Reclassification to net income    
Income taxes(1) 8  
Translation adjustments744  (162) 
Funded status - retirement obligations (Note 8):
Retirement program remeasurements(7) (32) 
Reclassifications to net income21  23  
Income taxes(9) 1  
Funded status - retirement obligations5  (8) 
Derivative instruments (Note 5):
Current unrealized gain (loss)20  (3) 
Reclassifications to net income26    
Income taxes(10) 1  
Derivative instruments36  (2) 
   Securities:
Current unrealized gain (loss)  9  
Securities  9  
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)785  (163) 
COMPREHENSIVE INCOME (LOSS) (INCLUDING NONCONTROLLING INTERESTS)1,268  388  
Less: noncontrolling interests(43) (8) 
COMPREHENSIVE INCOME (LOSS) - LINDE PLC$1,225  $380  

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




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LINDE PLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Millions of dollars)
(UNAUDITED)
 Six Months Ended June 30,
 20202019
NET INCOME (INCLUDING NONCONTROLLING INTERESTS)$1,091  $1,105  
OTHER COMPREHENSIVE INCOME (LOSS)
Translation adjustments:
Foreign currency translation adjustments(1,995) (47) 
Reclassification to net income  12  
Income taxes24  5  
Translation adjustments(1,971) (30) 
Funded status - retirement obligations (Note 8):
Retirement program remeasurements51  (34) 
Reclassifications to net income43  87  
Income taxes(24) (17) 
Funded status - retirement obligations70  36  
Derivative instruments (Note 5):
Current period unrealized gain (loss)(45) (20) 
Reclassifications to net income50    
Income taxes1  4  
Derivative instruments6  (16) 
   Securities:
Current year unrealized gain (loss)  1  
Securities  1  
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)(1,895) (9) 
COMPREHENSIVE INCOME (LOSS) (INCLUDING NONCONTROLLING INTERESTS)(804) 1,096  
Less: noncontrolling interests28  22  
COMPREHENSIVE INCOME (LOSS) - LINDE PLC$(776) $1,118  
The accompanying notes are an integral part of these financial statements.



Table of Contents    
LINDE PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions of dollars)
(UNAUDITED)
 
June 30, 2020December 31, 2019
Assets
Cash and cash equivalents$4,941  $2,700  
Accounts receivable - net3,994  4,322  
Contract assets 226  368  
Inventories1,715  1,697  
Assets held for sale3  125  
Prepaid and other current assets1,194  1,140  
Total Current Assets12,073  10,352  
Property, plant and equipment - net27,693  29,064  
Goodwill26,580  27,019  
Other intangible assets - net15,504  16,137  
Other long-term assets4,006  4,040  
Total Assets$85,856  $86,612  
Liabilities and equity
Accounts payable$2,816  $3,266  
Short-term debt3,679  1,732  
Current portion of long-term debt2,723  1,531  
Contract liabilities1,693  1,758  
Liabilities of assets held for sale1  2  
Other current liabilities4,183  3,871  
Total Current Liabilities15,095  12,160  
Long-term debt11,078  10,693  
Other long-term liabilities11,746  12,124  
Total Liabilities37,919  34,977  
Redeemable noncontrolling interests13  113  
Linde plc Shareholders’ Equity:
Ordinary shares,€0.01 par value, authorized 1,750,000,000 shares, 2020 issued: 552,012,862 ordinary shares; 2019 issued: 552,012,862 ordinary shares
1  1  
Additional paid-in capital40,211  40,201  
Retained earnings16,782  16,842  
Accumulated other comprehensive income (loss) (Note 11)(6,621) (4,814) 
Less: Treasury stock, at cost (2020 – 26,652,830 shares and 2019 – 17,632,318 shares)
(4,836) (3,156) 
Total Linde plc Shareholders’ Equity45,537  49,074  
Noncontrolling interests2,387  2,448  
Total Equity47,924  51,522  
Total Liabilities and Equity $85,856  $86,612  

The accompanying notes are an integral part of these financial statements.
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LINDE PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of dollars)
(UNAUDITED)
Six Months Ended June 30,
20202019
Increase (Decrease) in Cash and Cash Equivalents
Operations
Net income - Linde plc$1,031  $1,039  
Less: Income from discontinued operations, net of tax and noncontrolling interests(2) (91) 
Add: Noncontrolling interests from continuing operations60  59  
Income from continuing operations (including noncontrolling interests)1,089  1,007  
Adjustments to reconcile net income to net cash provided by operating activities:
Cost reduction programs and other charges, net of payments239  (286) 
Amortization of merger-related inventory step-up  10  
Depreciation and amortization2,266  2,418  
Deferred income taxes(261) (110) 
Share-based compensation75  38  
Working capital:
Accounts receivable(118) (188) 
Inventory(82) (73) 
Prepaid and other current assets(48) (76) 
Payables and accruals(27) (247) 
    Contract assets and liabilities, net71  (103) 
Pension contributions(41) (43) 
Long-term assets, liabilities and other(52) (274) 
Net cash provided by operating activities3,111  2,073  
Investing
Capital expenditures(1,586) (1,708) 
Acquisitions, net of cash acquired(41) (140) 
Divestitures and asset sales, net of cash divested380  4,689  
Net cash provided by (used for) investing activities(1,247) 2,841  
Financing
Short-term debt borrowings (repayments) - net1,945  (11) 
Long-term debt borrowings1,656  45  
Long-term debt repayments(78) (1,311) 
Issuances of ordinary shares25  55  
Purchases of ordinary shares(1,828) (1,250) 
Cash dividends - Linde plc shareholders(1,017) (951) 
Noncontrolling interest transactions and other(148) (3,222) 
Net cash provided by (used for) financing activities555  (6,645) 
Discontinued Operations
Cash provided by operating activities  70  
Cash used for investing activities  (59) 
Cash provided by financing activities  5  
Net cash provided by discontinued operations  16  
Effect of exchange rate changes on cash and cash equivalents(178) (49) 
Change in cash and cash equivalents2,241  (1,764) 
Cash and cash equivalents, beginning-of-period2,700  4,466  
Cash and cash equivalents, including discontinued operations4,941  2,702  
Cash and cash equivalents of discontinued operations  (16) 
Cash and cash equivalents, end-of-period$4,941  $2,686  
The accompanying notes are an integral part of these financial statements.
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INDEX TO NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to Condensed Consolidated Financial Statements - Linde plc and Subsidiaries (Unaudited)
 
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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 2019 Annual Report on Form 10-K. There have been no material changes to the company’s significant accounting policies during 2020.
Accounting Standards Implemented in 2020

Credit Losses on Financial Instruments –In June 2016, the FASB issued updated guidance on the measurement of credit losses. The guidance introduces a new accounting model for expected credit losses on financial instruments, including trade receivables, based on estimates of current expected credit losses. This guidance is effective for the company beginning in the first quarter 2020 and requires companies to apply the change in accounting on a modified retrospective basis. The adoption of the guidance had an immaterial impact on the consolidated financial statements.
Simplifying the Test for Goodwill Impairment – In January 2017, the FASB issued updated guidance on the measurement of goodwill. The new guidance eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. The guidance is effective for the company beginning in the first quarter 2020. The adoption of the guidance had no impact on the consolidated financial statements.
Fair Value Measurement Disclosures - In August 2018, the FASB issued guidance that modifies the disclosure requirements for fair value measurements. The guidance is effective in fiscal year 2020, with early adoption permitted. Certain amendments must be applied prospectively while other amendments must be applied retrospectively. The adoption of the guidance had an immaterial impact on the consolidated financial statements.

Accounting Standards to be Implemented

Retirement Benefit Disclosures - In August 2018, the FASB issued guidance that modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans. For Linde, the guidance is effective for the year ending December 31, 2020 and must be applied on a retrospective basis. The company is evaluating the impact this guidance will have on the disclosures in the notes to the consolidated financial statements.

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

Other Developments

While the events surrounding the COVID-19 pandemic continued to evolve during the first six months of 2020 Linde's primary focus was, and continues to be, the health and safety of its employees and the needs of its customers. The spread of COVID-19 has caused the company to modify its business practices (including employee travel, employee work locations, and cancellation of physical participation in meetings and events), and the company may take further actions if required by government authorities or that it determines are in the best interests of the company's employees, customers, suppliers and other stakeholders. The ultimate magnitude of COVID-19, including the extent of its impact on the company’s operational results, which could be material, will be determined by the length of time that such circumstances continue, measures taken to prevent its spread, and the demand for the company’s products and services, as well as the effect of governmental and public actions taken in response.



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2. Cost Reduction Programs and Other Charges

2020 Charges

Cost reduction programs and other charges were $249 million and $380 million for the quarter and six months ended June 30, 2020, respectively ($187 million and $282 million, after tax). The following table summarizes the activities related to the company's cost reduction charges for the quarter and six months ended June 30, 2020:
Quarter Ended June 30, 2020
(millions of dollars)Severance costsOther cost reduction chargesTotal cost reduction program related chargesMerger-related and other chargesTotal
Americas$25  $8  $33  $6  $39  
EMEA112  4  116  (3) 113  
APAC1    1  (5) (4) 
Engineering7  7  14  7  21  
Other47  2  49  31  80  
Total$192  $21  $213  $36  $249  
Six Months Ended June 30, 2020
(millions of dollars)Severance costsOther cost reduction chargesTotal cost reduction program related chargesMerger-related and other chargesTotal
Americas$31  $23  $54  $6  $60  
EMEA138  4  142    142  
APAC3  2  5  3  8  
Engineering21  7  28  8  36  
Other57  5  62  72  134  
Total$250  $41  $291  $89  $380  

Cost Reduction Programs

Total cost reduction program related charges were $213 million and $291 million for the quarter and six months ended June 30, 2020, respectively ($151 million and $207 million after tax).

Severance costs

Severance costs are $192 million and $250 million for the quarter and six months ended June 30, 2020, respectively. As of June 30, 2020 these actions were substantially complete, with the remainder anticipated to be completed by the end of 2021.

Other cost reduction charges

Other cost reduction charges of $21 million and $41 million for the quarter and six months ended June 30, 2020, respectively, are primarily charges related to the execution of the company's synergistic actions including location consolidations and business rationalization projects, software and process harmonization, and associated non-recurring costs.

Merger-related Costs and Other Charges

Linde incurred merger-related costs and other charges which totaled $36 million and $89 million ($36 million and $75 million after tax) for the quarter and six months ended June 30, 2020, respectively.

Cash Requirements

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The total cash requirements of the cost reduction program and other charges during the six months ended June 30, 2020 are estimated to be approximately $