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Tables in the 10-Q of LINDE PLC

60 tables with numbers, filed May 10, 2019. Each one downloads as a CSV for Excel or Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed. Open the filing on sec.gov ↗

INDEX
PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Statements of Income - Linde plc and Subsidiaries Quarters Ended March 31, 2019 and 2018 (Unaudited)	4
	Consolidated Statements of Comprehensive Income - Linde plc and Subsidiaries Quarters Ended March 31, 2019 and 2018 (Unaudited)	5
	Condensed Consolidated Balance Sheets - Linde plc and Subsidiaries March 31, 2019 and December 31, 2018 (Unaudited)	6
	Condensed Consolidated Statements of Cash Flows - Linde plc and Subsidiaries Three Months Ended March 31, 2019 and 2018 (Unaudited)	7
	Notes to Condensed Consolidated Financial Statements - Linde plc and Subsidiaries (Unaudited)	8

	Quarter Ended March 31,
	2019	2018
Sales	$6,944		$2,983
Cost of sales, exclusive of depreciation and amortization	4,116		1,661
Selling, general and administrative	879		310
Depreciation and amortization	1,223		311
Research and development	46		24
Transaction costs and other charges	89		19

	March 31, 2019	December 31, 2018
Assets
Cash and cash equivalents	$5,791		$4,466
Accounts receivable - net	4,390		4,297
Contract assets	305		283
Inventories	1,667		1,651
Assets held for sale	1,732		5,498
Prepaid and other current assets	1,203		1,077

	Three months ended March 31,
	2019	2018
Increase (Decrease) in Cash and Cash Equivalents
Operations
Net income - Linde plc	$517		$462
Less: Income from discontinued operations, net of tax and noncontrolling interests	(82)		—
Add: Noncontrolling interests from continuing operations	30		10
Income from continuing operations (including noncontrolling interests)	465		472

Note 1. Formation of Linde plc and Business Combination of Praxair, Inc. and Linde AG	9
Note 2. Summary of Significant Accounting Policies	10
Note 3. Transaction Costs and Other Charges	11
Note 4. Merger of Praxair, Inc. and Linde AG	11
Note 5. Supplemental Information	14
Note 6. Debt	15
Note 7. Financial Instruments	16
Note 8. Fair Value Disclosures	20

(in thousands, except value per share data, Linde AG exchange ratio, and purchase price)
Linde AG common stock tendered as of October 31, 2018 (i)	170,875 Shares
Business combination agreement exchange ratio (ii)	1.54 : 1
Linde plc ordinary shares issued in exchange for Linde AG	263,148
Per share price of Praxair, Inc. common stock (iii)	$164.50
Purchase price (millions of dollars)	$43,288

Millions of dollars	Estimated Fair Value
Assets
Cash and cash equivalents	$1,363
Accounts receivable – net	2,859
Inventories	1,452
Assets held for sale	5,227
Prepaid and other current assets	1,251
Property, plant and equipment	19,390

(Millions of dollars)	March 31, 2019	December 31, 2018
Inventories
Raw materials and supplies	$355		$339
Work in process	323		321
Finished goods	989		991
Total inventories	$1,667		$1,651

				Fair Value
	Notional Amounts	Assets (a)		Liabilities (a)
(Millions of dollars)	March 31, 2019	December 31, 2018		March 31, 2019	December 31, 2018	March 31, 2019		December 31, 2018
Derivatives Not Designated as Hedging Instruments:
Currency contracts:
Balance sheet items	$6,813		$6,357		$68		$24		$25	$42
Forecasted transactions	739		945		13		15		10	17
Interest Rate/Cross-currency interest rate swaps	1,564		2,110		57		112		42	40

	YearTerminated	OriginalGain /(Loss)	Unrecognized Gain / (Loss) (a)
(Millions of dollars)	March 31, 2019	December 31, 2018
Treasury Rate Locks
Underlying debt instrument:
$500 million 3.00% fixed-rate notes that mature in 2021 (b)	2011	$(11)		$(3)		$(3)
Total - pre-tax			$(3)		$(3)
Less: income taxes			1		1
After- tax amounts			$(2)		$(2)

	Quarter Ended March 31,
	2019	2018
NET INCOME (INCLUDING NONCONTROLLING INTERESTS)	$554		$472
OTHER COMPREHENSIVE INCOME (LOSS)
Translation adjustments:
Foreign currency translation adjustments	123		106
Reclassification to net income (Note 17)	12		—
Income taxes	(3)		9

(Millions of dollars)	March 31, 2019	December 31, 2018
SHORT-TERM
Commercial paper and U.S. bank borrowings	$216		$829
Other bank borrowings (primarily international)	723		656
Total short-term debt	939		1,485
LONG-TERM (a)
U.S. borrowings (U.S. dollar denominated unless otherwise noted)
1.90% Notes due 2019 (b)	—		500

	March 31, 2019	December 31, 2018
(Millions of dollars)	US$ Derivative Notional	Change in Fair Value (a)		US$ Derivative Notional	Change in Fair Value (a)
Underlying debt instrument:
1.00% Euro denominated notes due 2028	$505		$24		$516	$8
0.250% Euro denominated notes due 2022	337		2		344	2
2.00% Euro denominated notes due 2023	280		4		287	2
3.875% Euro denominated notes due 2021	281		1		287	1
5.875% GBP denominated notes due 2023	261		3		254	1

(Millions of dollars)	2019
Balance at January 1	$30
Gains (losses) recognized in earnings	2
Balance at March 31	$32

	Amount of Pre-Tax Gain (Loss)Recognized in Earnings *
	Quarter Ended March 31,
(Millions of dollars)	2019	2018
Derivatives Not Designated as Hedging Instruments
Currency contracts:
Balance sheet items
Debt-related	$194		$36
Other balance sheet items	(2)		2

	Quarter Ended
	Amount of Gain (Loss) Recognized in AOCI	Amount of Gain (Loss) Reclassified from AOCI to the Consolidated Statement of Income
(Millions of dollars)	March 31, 2019	March 31, 2018		March 31, 2019	March 31, 2018
Currency contracts:
Balance sheet items	$—		$—		$—	$—
Forecasted purchases	(17)		—		—	—
Interest rate contracts:
Treasury rate lock contracts	—		—		—	—

	Fair Value Measurements Using
	Level 1	Level 2		Level 3
(Millions of dollars)	March 31, 2019	December 31, 2018		March 31, 2019	December 31, 2018	March 31, 2019		December 31, 2018
Assets
Derivative assets	$—		$—		$191		$193		$—	$—
Investments and securities*	20		22		—		—		32	30
Total	$20		$22		$191		$193		$32	$30
Liabilities

(Millions of dollars)	Americas	EMEA		APAC	Engineering	Other		Total
Balance, December 31, 2018*	$9,174		$10,960		$5,295		$1,075		$370	$26,874
Measurement period adjustments*	280		—		(330)		—		(4)	(54)
Acquisitions	115		—		—		—		—	115
Foreign currency translation	(6)		(138)		50		—		(21)	(115)
Balance, March 31, 2019	$9,563		$10,822		$5,015		$1,075		$345	$26,820

(Millions of dollars)	Customer relationships	Brands/Tradenames		Other Intangible Assets	Total
Cost:
Balance, December 31, 2018 (1)	$13,288		$2,288		$1,366	$16,942
Additions	24		6		6	36
Foreign currency translation	(87)		(25)		(10)	(122)
Other	—		—		12	12
Balance, March 31, 2019	$13,225		$2,269		$1,374	$16,868
Less: Accumulated amortization

(Millions of dollars)
Remaining 2019	$766
2020	993
2021	836
2022	804
2023	780
Thereafter	10,120
Total amortization related to finite-lived intangible assets	14,299

	Quarter Ended March 31,
	Pensions	OPEB
(Millions of dollars)	2019	2018		2019	2018
Amount recognized in Operating Profit
Service cost	$39		$12		$1	$—
Amount recognized in Net pension and OPEB cost, excluding service cost
Interest cost	68		26		2	1
Expected return on plan assets	(119)		(42)		—	—

	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)

(Millions of dollars)		March 31, 2019
Operating leases
Operating lease right-of-use assets	$1,113
Other current liabilities	271
Other long-term liabilities	795
Total operating lease liabilities	$1,066
Finance leases
Finance lease right-of-use assets	$118

Period	Operating Leases		Finance Leases
Remaining 2019		$261		$22
2020		223		21
2021		176		17
2022		134		13
2023		90		7
Thereafter		244		66
Total future undiscounted lease payments		$1,128		$146

Tables in the 10-Q of LINDE PLC

Table 1 after “Table of Contents”

Table 2 after “(UNAUDITED)”

Table 3 after “(UNAUDITED)”

Table 4 after “(UNAUDITED)”

Table 5 after “(UNAUDITED)”

Table 6 after “Notes to Condensed Consolidated Financial Statements - Linde plc and Subsidiaries (Unaudited)”

Table 7 after “The purchase price and estimated fair value of Linde AG’s net assets acquired as of the merger date on October 31, 2018 is presented as foll”

Table 8 after “Table of Contents”

Table 9 after “and 2018, prepared in accordance with ASC 805, are summarized below:”

Table 10 after “The following is a summary of Linde's consolidated inventories:”

Table 11 after “:”

Table 12 after “16”

Table 13 after “:”

Table 14 after “The following table summarizes the unrecognized gains (losses) related to terminated treasury rate lock contracts:”

Table 15 after “The following table summarizes the impact of the company’s derivatives on the consolidated statements of income:”

Table 16 after “Derivatives Designated as Hedging Instruments **”

Table 17 after “The following table summarizes assets and liabilities measured at fair value on a recurring basis:”

Table 18 after “. Gains (losses) recognized in earnings are recorded to interest expense - net in the company's consolidated statements of income.”

Table 19 after “Basic and diluted earnings per share is computed by dividing Income from continuing operations, Income from discontinued operations, net of ”

Table 20 after “were as follows:”

Table 21 after “were as follows:”

Table 22 after “Total estimated annual amortization expense is as follows:”

Table 23 after “are shown below:”

Table 24 after “. Prior periods presented have been recast to be consistent with the new segment structure:”

Table 25 after “. Prior periods presented have been recast to be consistent with the new segment structure:”

Table 26 after “is provided below:”

Table 27 after “The components of AOCI are as follows:”

Table 28 after “:”

Table 29 after “and March 31, 2018.”

Table 30 after “and March 31, 2018.”

Table 31 after “Supplemental balance sheet information related to leases is as follows:”

Table 32 after “are as follows (millions of dollars):”

Table 33 after “under long-term non-cancelable leases. The amounts payable for operating leases were as follows:”

Table 34 after “The net carrying value of Linde AG's Americas business assets and liabilities divested on March 1, 2019 is presented below:”

Table 35 after “Only the sales of the Linde AG merger-related divestitures meet the criteria for discontinued operations, Praxair merger-related divestiture”

Table 36 after “and December 31, 2018, the following assets and liabilities are reported as components of the net assets held for sale in the condensed cons”

Table 37 after “. The reported amounts are GAAP amounts from the Condensed Consolidated Statement of Operations. The pro forma and Adjusted pro forma Amount”

Table 38 after “The changes in consolidated sales compared to the prior year are attributable to the following:”

Table 39 after “The following summary of sales and operating profit by segment provides a basis for the discussion that follows. The reported amounts are GA”

Table 40 after “Americas”

Table 41 after “Americas”

Table 42 after “EMEA”

Table 43 after “EMEA”

Table 44 after “APAC”

Table 45 after “APAC”

Table 46 after “Engineering”

Table 47 after “Engineering”

Table 48 after “Other”

Table 49 after “Other”

Table 50 after “To help understand the reported results, the following is a summary of the significant currencies underlying Linde's consolidated results an”

Table 51 after “The following selected cash flow information provides a basis for the discussion that follows:”

Table 52 after “(UNAUDITED)”

Table 53 after “(UNAUDITED)”

Table 54 after “Table of Contents”

Table 55 after “The following Non-GAAP measures are intended to supplement investors’ understanding of the company’s financial information by providing meas”

Table 56 after “Table of Contents”

Table 57 after “Table of Contents”

Table 58 after “Net debt is a financial liquidity measure used by investors, financial analysts and management to evaluate the ability of a company to repay”

Table 59 after “is provided below:”

Table 60 after “Item 6. Exhibits”

Millions of dollars	Carrying Value
Assets
Cash and cash equivalents	$200
Accounts receivable – net	479
Inventories	181
Prepaid and other current assets	409
Property, plant and equipment – net	1,590
Equity investments	37

Millions of dollars	Quarter ended March 31, 2019
Net sales	$424
Cost of sales	247
Other operating costs	43
Operating profit	$134
Income from equity investments	2
Income taxes	47
Income from discontinued operations, net of tax	$89

	Reported amounts (GAAP)	Pro forma Amounts (b)
	Quarter Ended March 31,	Quarter Ended March 31,
(Millions of dollars, except per share data)	2019	2018		Variance	2019	2018		Variance
Sales	$6,944		$2,983		133%		$6,914			$6,941	—%
Cost of sales, exclusive of depreciation and amortization	4,116		1,661		148%		4,084			4,132	(1)%
Gross margin (a)	2,828		1,322		114%		2,830			2,809	1%
As a percent of sales	40.7%		44.3%			40.9%			40.5%
Selling, general and administrative	879		310		184%		878			904	(3)%

	Quarter Ended March 31, 2019 vs. 2018
	% Change
	Reported	Pro forma
Factors Contributing to Changes - Sales
Volume	1%		3%
Price/Mix	3%		2%
Cost pass-through	—%		—%
Currency	(3)%		(5)%

	Percentage of YTD 2019 Consolidated Sales	Exchange Rate forIncome Statement		Exchange Rate forBalance Sheet
	Year-To-Date Average	March 31,		December 31,
Currency	2019	2018		2019	2018
Euro	20%		0.88		0.81	0.89	0.87
Chinese yuan	7%		6.75		6.36	6.71	6.88
British pound	6%		0.77		0.72	0.77	0.78
Australian dollar	4%		1.40		1.27	1.41	1.42
Brazilian real	4%		3.77		3.25	3.90	3.87

		Pro forma Adjustments
	Linde plc Reported	Divestitures (a)	Other	Total	Pro Forma
Sales	$6,944		$(30)	$—			$(30)		$6,914
Cost of sales, exclusive of depreciation	4,116		(22)	(10)		(b)	(32)		4,084
Gross margin	2,828		(8)	10			2		2,830
As a % of Sales	40.7%				—		40.9%
Selling, general and administrative	879		(1)			(1)		878
As a % of Sales	12.7%				—%		12.7%

		Pro forma Adjustments
	Linde plc Reported	Linde AG (a)	Divestitures (b)	Purchase Accounting (c)	Other	Total	Pro Forma
Sales	$2,983		$5,010		$(1,027)	$—		$(25)		(d)	$3,958		$6,941
Cost of sales, exclusive of depreciation	1,661		3,105		(609)		(25)		(d)	2,471		4,132
Gross margin	1,322		1,905		(418)				1,487		2,809
As a % of Sales	44.3%							40.5%
Selling, general and administrative	310		704		(110)				594		904
As a % of Sales	10.4%							13.0%

Pro forma adjustments
	(a)	To include Linde AG consolidated results for the period January 1, 2018 to March 31, 2018 (prior to the merger). The adjustment reflects reclassifications to conform to Linde's reporting format and adjustments from IFRS to U.S. GAAP. Linde AG's results for the period effective with the merger date are included in Linde plc's reported amounts.
	(b)	To eliminate the results of merger-related divestitures required by regulatory authorities to secure approval for the merger. These divestitures include the majority of Praxair's European industrial gases business (completed December 3, 2018), a significant portion of Linde AG's America's industrial gases business (completed on March 1, 2019), as well as certain divestitures of other Praxair and Linde AG businesses in Asia that are currently expected to be sold in 2019.
	(c)	To include preliminary purchase accounting adjustments for the period January 1, 2018 to March 31, 2018 (prior to the merger). This relates to (i) additional depreciation and amortization related to the increased value of of property, plant and equipment and increased basis of intangible assets, (ii) interest expense impacts related to the fair value of debt, (iii) the tax impacts related to the non-GAAP adjustments above, (iv) income from equity investments equity related to the fair value of equity investments, and (v) noncontrolling interests adjustments related to the fair value adjustments above. Purchase accounting impacts are not included in the definition of segment operating profit, therefore, no pro forma adjustment is required for segment reporting.
	(d)	To eliminate sales between Praxair and Linde AG for the period prior to the merger date at October 31, 2018 (January 1, 2018 to March 31, 2018).
	(e)	To eliminate the transaction costs and other charges related to the merger.
	(f)	To reflect the income tax impact of the above pro forma adjustments.
	(g)	To reflect the impact on diluted shares outstanding and diluted EPS related to ordinary shares issues to Linde AG shareholders in connection with the merger.

	First Quarter	First Quarter
	2019	2018
Adjusted Pro Forma Operating Profit and Operating Margin
Reported operating profit	$609		$653
Pro forma adjustments (a)	59		46
Pro forma	668		699
Non-GAAP Adjustments:
Add: Transaction costs and other charges	33		-

Non-GAAP Adjustments:
Add: Purchase accounting impacts - Linde AG	$125	$129
Add: Transaction costs and other charges	5	(1)
Total adjustments	130	128
Adjusted pro forma income taxes	$284	$299
Adjusted Pro Forma Effective Tax Rate
Reported income before income taxes and equity investments	$571	$605
Pro forma adjustments (a)	110	60