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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 September 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 September 30, 2020, 524,856,691 ordinary shares (€0.001 par value) of the Registrant were outstanding.
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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 September 30,
 20202019
Sales$6,855 $7,000 
Cost of sales, exclusive of depreciation and amortization3,835 4,061 
Selling, general and administrative770 850 
Depreciation and amortization1,168 1,095 
Research and development36 44 
Cost reduction programs and other charges 48 125 
Net gain on sale of businesses 164 
Other income (expense) - net(29)11 
Operating Profit969 1,000 
Interest expense - net38 (3)
Net pension and OPEB cost (benefit), excluding service cost(41)2 
Income From Continuing Operations Before Income Taxes and Equity Investments972 1,001 
Income taxes on continuing operations265 298 
Income From Continuing Operations Before Equity Investments707 703 
Income from equity investments23 28 
Income From Continuing Operations (Including Noncontrolling Interests)730 731 
Income from discontinued operations, net of tax1 7 
Net Income (Including Noncontrolling Interests)731 738 
Less: noncontrolling interests from continuing operations (31)(3)
Less: noncontrolling interest from discontinued operations   
Net Income – Linde plc$700 $735 
Net Income – Linde plc
Income from continuing operations $699 $728 
Income from discontinued operations$1 $7 
Per Share Data – Linde plc Shareholders
Basic earnings per share from continuing operations$1.33 $1.35 
Basic earnings per share from discontinued operations 0.01 
Basic earnings per share $1.33 $1.36 
Diluted earnings per share from continuing operations$1.32 $1.34 
Diluted earnings per share from discontinued operations  0.01 
Diluted earnings per share$1.32 $1.35 
Weighted Average Shares Outstanding (000’s):
Basic shares outstanding525,694 539,753 
Diluted shares outstanding530,415 543,616 

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) 
 Nine Months Ended September 30,
 20202019
Sales$19,971 $21,148 
Cost of sales, exclusive of depreciation and amortization11,297 12,457 
Selling, general and administrative2,391 2,613 
Depreciation and amortization3,434 3,513 
Research and development114 135 
Cost reduction programs and other charges 428 355 
Net gain on sale of businesses 164 
Other income (expense) - net(14)39 
Operating Profit2,293 2,278 
Interest expense - net80 30 
Net pension and OPEB cost (benefit), excluding service cost(131)(7)
Income From Continuing Operations Before Income Taxes and Equity Investments2,344 2,255 
Income taxes on continuing operations594 607 
Income From Continuing Operations Before Equity Investments1,750 1,648 
Income from equity investments69 90 
Income From Continuing Operations (Including Noncontrolling Interests)1,819 1,738 
Income from discontinued operations, net of tax3 105 
Net Income (Including Noncontrolling Interests)1,822 1,843 
Less: noncontrolling interests from continuing operations (91)(62)
Less: noncontrolling interest from discontinued operations  (7)
Net Income – Linde plc$1,731 $1,774 
Net Income – Linde plc
Income from continuing operations $1,728 $1,676 
Income from discontinued operations$3 $98 
Per Share Data – Linde plc Shareholders
Basic earnings per share from continuing operations$3.28 $3.09 
Basic earnings per share from discontinued operations0.01 0.18 
Basic earnings per share $3.29 $3.27 
Diluted earnings per share from continuing operations$3.25 $3.07 
Diluted earnings per share from discontinued operations 0.01 0.18 
Diluted earnings per share$3.26 $3.25 
Weighted Average Shares Outstanding (000’s):
Basic shares outstanding527,501 542,589 
Diluted shares outstanding531,724 546,507 
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)
 
 Quarter Ended September 30,
 20202019
NET INCOME (INCLUDING NONCONTROLLING INTERESTS)$731 $738 
OTHER COMPREHENSIVE INCOME (LOSS)
Translation adjustments:
Foreign currency translation adjustments696 (1,183)
Reclassification to net income  
Income taxes7 (6)
Translation adjustments703 (1,189)
Funded status - retirement obligations (Note 8):
Retirement program remeasurements(49)(158)
Reclassifications to net income28 55 
Income taxes(2)23 
Funded status - retirement obligations(23)(80)
Derivative instruments (Note 5):
Current unrealized gain (loss)16 (4)
Reclassifications to net income(5) 
Income taxes(3) 
Derivative instruments8 (4)
   Securities:
Current unrealized gain (loss)  
Securities  
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)688 (1,273)
COMPREHENSIVE INCOME (LOSS) (INCLUDING NONCONTROLLING INTERESTS)1,419 (535)
Less: noncontrolling interests(71)47 
COMPREHENSIVE INCOME (LOSS) - LINDE PLC$1,348 $(488)

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)
 Nine Months Ended September 30,
 20202019
NET INCOME (INCLUDING NONCONTROLLING INTERESTS)$1,822 $1,843 
OTHER COMPREHENSIVE INCOME (LOSS)
Translation adjustments:
Foreign currency translation adjustments(1,299)(1,230)
Reclassification to net income 12 
Income taxes31 (1)
Translation adjustments(1,268)(1,219)
Funded status - retirement obligations (Note 8):
Retirement program remeasurements2 (192)
Reclassifications to net income71 142 
Income taxes(26)6 
Funded status - retirement obligations47 (44)
Derivative instruments (Note 5):
Current period unrealized gain (loss)(29)(24)
Reclassifications to net income45  
Income taxes(2)4 
Derivative instruments14 (20)
   Securities:
Current year unrealized gain (loss) 1 
Securities 1 
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)(1,207)(1,282)
COMPREHENSIVE INCOME (LOSS) (INCLUDING NONCONTROLLING INTERESTS)615 561 
Less: noncontrolling interests(43)69 
COMPREHENSIVE INCOME (LOSS) - LINDE PLC$572 $630 
The accompanying notes are an integral part of these financial statements.


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LINDE PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions of dollars)
(UNAUDITED)
 
September 30, 2020December 31, 2019
Assets
Cash and cash equivalents$5,199 $2,700 
Accounts receivable - net4,033 4,322 
Contract assets 170 368 
Inventories1,733 1,697 
Assets held for sale3 125 
Prepaid and other current assets1,127 1,140 
Total Current Assets12,265 10,352 
Property, plant and equipment - net27,945 29,064 
Goodwill27,239 27,019 
Other intangible assets - net15,731 16,137 
Other long-term assets4,029 4,040 
Total Assets$87,209 $86,612 
Liabilities and equity
Accounts payable$2,903 $3,266 
Short-term debt4,024 1,732 
Current portion of long-term debt1,820 1,531 
Contract liabilities1,714 1,758 
Liabilities of assets held for sale1 2 
Other current liabilities4,330 3,871 
Total Current Liabilities14,792 12,160 
Long-term debt11,959 10,693 
Other long-term liabilities11,866 12,124 
Total Liabilities38,617 34,977 
Redeemable noncontrolling interests13 113 
Linde plc Shareholders’ Equity:
Ordinary shares,€0.001 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 capital40,203 40,201 
Retained earnings16,927 16,842 
Accumulated other comprehensive income (loss) (Note 11)(5,973)(4,814)
Less: Treasury stock, at cost (2020 – 27,156,171 shares and 2019 – 17,632,318 shares)
(4,983)(3,156)
Total Linde plc Shareholders’ Equity46,175 49,074 
Noncontrolling interests2,404 2,448 
Total Equity48,579 51,522 
Total Liabilities and Equity $87,209 $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)
Nine Months Ended September 30,
20202019
Increase (Decrease) in Cash and Cash Equivalents
Operations
Net income - Linde plc$1,731 $1,774 
Less: Income from discontinued operations, net of tax and noncontrolling interests(3)(98)
Add: Noncontrolling interests from continuing operations91 62 
Income from continuing operations (including noncontrolling interests)1,819 1,738 
Adjustments to reconcile net income to net cash provided by operating activities:
Cost reduction programs and other charges, net of payments240 (356)
Amortization of merger-related inventory step-up 12 
Depreciation and amortization3,434 3,513 
Deferred income taxes(299)(125)
Share-based compensation104 64 
Working capital:
Accounts receivable(76)(30)
Inventory(101)(61)
Prepaid and other current assets1 (65)
Payables and accruals(12)(411)
    Contract assets and liabilities, net89 (35)
Pension contributions(76)(69)
Long-term assets, liabilities and other(128)(230)
Net cash provided by operating activities4,995 3,945 
Investing
Capital expenditures(2,373)(2,667)
Acquisitions, net of cash acquired(41)(161)
Divestitures and asset sales, net of cash divested435 4,960 
Net cash provided by (used for) investing activities(1,979)2,132 
Financing
Short-term debt borrowings (repayments) - net2,154 (231)
Long-term debt borrowings2,763 55 
Long-term debt repayments(1,582)(1,568)
Issuances of ordinary shares41 60 
Purchases of ordinary shares(2,030)(1,934)
Cash dividends - Linde plc shareholders(1,523)(1,422)
Noncontrolling interest transactions and other(201)(3,257)
Net cash provided by (used for) financing activities(378)(8,297)
Discontinued Operations
Cash provided by operating activities 67 
Cash used for investing activities (59)
Cash provided by financing activities 5 
Net cash provided by discontinued operations 13 
Effect of exchange rate changes on cash and cash equivalents(139)(126)
Change in cash and cash equivalents2,499 (2,333)
Cash and cash equivalents, beginning-of-period2,700 4,466 
Cash and cash equivalents, including discontinued operations5,199 2,133 
Cash and cash equivalents of discontinued operations (13)
Cash and cash equivalents, end-of-period$5,199 $2,120 
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 nine 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, 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 $48 million and $428 million for the quarter and nine months ended September 30, 2020, respectively ($36 million and $318 million, after tax). The following table summarizes the activities related to the company's cost reduction charges for the quarter and nine months ended September 30, 2020:
Quarter Ended September 30, 2020
(millions of dollars)Severance costsOther cost reduction chargesTotal cost reduction program related chargesMerger-related and other chargesTotal
Americas$2 $ $2 $6 $8 
EMEA17 4 21 5 26 
APAC2  2  2 
Engineering1 (1)   
Other9 5 14 (2)12 
Total$31 $8 $39 $9 $48 
Nine Months Ended September 30, 2020
(millions of dollars)Severance costsOther cost reduction chargesTotal cost reduction program related chargesMerger-related and other chargesTotal
Americas$33 $23 $56 $12 $68 
EMEA155 8 163 5 168 
APAC5 2 7 3 10 
Engineering22 6 28 8 36 
Other66 10 76 70 146 
Total$281 $49 $330 $98 $428 

Cost Reduction Programs

Total cost reduction program related charges were $39 million and $330 million for the quarter and nine months ended September 30, 2020, respectively ($29 million and $236 million, after tax).

Severance costs

Severance costs were $31 million and $281 million for the quarter and nine months ended September 30, 2020, respectively. As of September 30, 2020 these actions were substantially complete, with the remainder anticipated to be completed during 2021.

Other cost reduction charges

Other cost reduction charges of $8 million and $49 million for the quarter and nine months ended September 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 $9 million and $98 million ($7 million and $82 million, after tax) for the quarter and nine months ended September 30, 2020, respectively.




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Cash Requirements

The total cash requirements of the cost reduction program and other charges during the nine months ended September 30, 2020 are estimated to be approximately $338 million and are expected to be paid through 2022. Total cost reduction programs and other charges, net of payments in the condensed consolidated statements of cash flows for the nine months ended September 30, 2020 also reflects the impact of cash payments of liabilities, including merger-related tax liabilities, accrued as of December 31, 2019.

The following table summarizes the activities related to the company's cost reduction related charges for the nine months ended September 30, 2020:
(millions of dollars)Severance costsOther cost reduction chargesTotal cost reduction program related chargesMerger-related and other chargesTotal
Balance, December 31, 2019$117 $16 $133 $67 $200 
2020 Cost Reduction Programs and Other Charges281 49 330 98 428 
Less: Cash payments(103)(13)(116)(45)(161)
Less: Non-cash charges (32)(32)(71)(103)
Foreign currency translation and other8 1 9 4 13 
Balance, September 30, 2020$303 $21 $324 $53 $377 

2019 Charges

Cost reduction programs and other charges were $125 million and $355 million for the quarter and nine months ended September 30, 2019, respectively ($90 million and $284 million, after tax), including merger-related and other charges of $92 million and $213 million for the quarter and nine months ended September 30, 2019, respectively ($64 million and $169 million, after tax and noncontrolling interest) and synergy-related charges, primarily severance, of $33 million and $142 million for the quarter and nine months ended September 30, 2019, respectively ($26 million and $115 million, after tax). Merger-related and other charges for the third quarter and nine month period include other charges for an asset impairment related to a joint venture in APAC of approximately $73 million ($42 million, after tax and noncontrolling interests) resulting from an unfavorable arbitration ruling.

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 statement 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
For trade receivables an expected credit loss approach was adopted as of January 1, 2020. 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 $4,044 million and $4,390 million at September 30, 2020 and December 31, 2019 respectively and gross receivables aged greater than one year were $337 million and $249 million at September 30, 2020 and December 31, 2019 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 $4,033 million at September 30, 2020 and $4,322 million at December 31, 2019. Allowances for expected credit losses were $452 million at September 30, 2020 and $306 million at December 31, 2019.  Provisions for expected credit losses were $136 million and $146 million for the nine months ended September 30, 2020 and 2019, respectively. The allowance activity in the nine months ended September 30, 2020 related to write-offs of uncollectible amounts, net of recoveries and currency movements is not material.
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Inventories
The following is a summary of Linde's consolidated inventories:
(Millions of dollars)September 30,
2020
December 31,
2019
Inventories
Raw materials and supplies$400 $396 
Work in process 374 331 
Finished goods959 970 
Total inventories$1,733 $1,697 
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4. Debt
The following is a summary of Linde's outstanding debt at September 30, 2020 and December 31, 2019:
(Millions of dollars)September 30,
2020
December 31,
2019
SHORT-TERM
Commercial paper and U.S. bank borrowings$3,230 $996 
Other bank borrowings (primarily international)794 736 
Total short-term debt4,024 1,732 
LONG-TERM (a)
(U.S. dollar denominated unless otherwise noted)
2.25% Notes due 2020 (e)
— 300 
1.75% Euro denominated notes due 2020 (e),(b)
 1,137 
0.634% Euro denominated notes due 2020
5956 
4.05% Notes due 2021
500 499 
3.875% Euro denominated notes due 2021 (b)
723 711 
3.00% Notes due 2021
499 499 
0.250% Euro denominated notes due 2022 (b)
1,178 1,129 
2.45% Notes due 2022
599 599 
2.20% Notes due 2022
499 499 
2.70% Notes due 2023
499 499 
2.00% Euro denominated notes due 2023 (b)
802 776 
5.875% GBP denominated notes due 2023 (b)
437 456 
1.20% Euro denominated notes due 2024
643 615 
1.875% Euro denominated notes due 2024 (b)
375 361 
2.65% Notes due 2025
398 398 
1.625% Euro denominated notes due 2025
582 556 
3.20% Notes due 2026
725 725 
3.434% Notes due 2026
196 196 
1.652% Euro denominated notes due 2027
97 93 
0.250% Euro denominated notes due 2027 (c)
877 — 
1.00% Euro denominated notes due 2028 (b)
927 872 
1.10% Notes due 2030 (d)
695  
1.90% Euro denominated notes due 2030
122 118 
0.550% Euro denominated notes due 2032 (c)
872  
3.55% Notes due 2042
664 662 
2.00% Notes due 2050 (d)
296  
Other10 10 
International bank borrowings355 309 
Obligations under finance leases150 149 
13,779 12,224 
Less: current portion of long-term debt(1,820)(1,531)
Total long-term debt11,959 10,693 
Total debt$17,803 $13,956 
 
(a)Amounts are net of unamortized discounts, premiums and/or debt issuance costs as applicable.
(b)September 30, 2020 and December 31, 2019 included a cumulative $22 million and $38 million adjustment to carrying value, respectively, related to hedge accounting of interest rate swaps. Refer to Note 5 for additional information.
(c)In May 2020, Linde issued €750 million of 0.250% notes due 2027 and €750 million of 0.550% notes due 2032.
(d)In August 2020, Linde issued $700 million of 1.100% notes due 2030 and $300 million of 2.000% notes due 2050.
(e)In September 2020, the company repaid €1,000 million of 1.75% notes and $300 million of 2.25% notes that became due.

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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, 2020.

5. Financial Instruments
In its normal operations, Linde is exposed to market risks relating to fluctuations in interest rates, foreign currency exchange rates, 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 with their 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, 2020, 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, 2020 and December 31, 2019 for consolidated subsidiaries:
16


   Fair Value
 Notional AmountsAssets (a)Liabilities (a)
(Millions of dollars)September 30,
2020
December 31,
2019
September 30,
2020
December 31,
2019
September 30,
2020
December 31,
2019
Derivatives Not Designated as Hedging Instruments:
Currency contracts:
Balance sheet items$6,714 $7,936 $30 $62 $97 $37 
Forecasted transactions 952 748 6