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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, 2024
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 NASDAQ

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 June 30, 2024, 477,502,737 ordinary shares (€0.001 par value) of the Registrant were outstanding.
1    
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    
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, 2023 filed with the SEC on February 28, 2024, which should be reviewed carefully. Please consider Linde plc’s forward-looking statements in light of those risks.
3    

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

 Quarter Ended June 30,
 20242023
Sales$8,267 $8,204 
Cost of sales, exclusive of depreciation and amortization4,251 4,316 
Selling, general and administrative840 833 
Depreciation and amortization958 960 
Research and development36 35 
Other charges — 22 
Other income (expense) - net2 (27)
Operating Profit2,184 2,011 
Interest expense - net70 52 
Net pension and OPEB cost (benefit), excluding service cost(49)(45)
Income Before Income Taxes and Equity Investments2,163 2,004 
Income taxes 508 438 
Income Before Equity Investments1,655 1,566 
Income from equity investments45 46 
Net Income (Including Noncontrolling Interests)1,700 1,612 
Less: noncontrolling interests (37)(37)
Net Income – Linde plc$1,663 $1,575 
Per Share Data – Linde plc Shareholders
Basic earnings per share $3.46 $3.22 
Diluted earnings per share$3.44 $3.19 
Weighted Average Shares Outstanding (000’s):
Basic shares outstanding479,973 489,618 
Diluted shares outstanding483,177 493,549 

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

















4    
LINDE PLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Millions of dollars, except per share data)
(UNAUDITED) 

Six Months Ended June 30,
20242023
Sales$16,367 $16,397 
Cost of sales, exclusive of depreciation and amortization8,467 8,747 
Selling, general and administrative1,700 1,655 
Depreciation and amortization1,907 1,908 
Research and development74 71 
Other charges — 40 
Other income (expense) - net60 (32)
Operating Profit4,279 3,944 
Interest expense - net135 89 
Net pension and OPEB cost (benefit), excluding service cost(99)(90)
Income Before Income Taxes and Equity Investments4,243 3,945 
Income taxes 971 868 
Income Before Equity Investments3,272 3,077 
Income from equity investments93 87 
Net Income (Including Noncontrolling Interests)3,365 3,164 
Less: noncontrolling interests (75)(73)
Net Income – Linde plc$3,290 $3,091 
Per Share Data – Linde plc Shareholders
Basic earnings per share $6.84 $6.30 
Diluted earnings per share$6.79 $6.25 
Weighted Average Shares Outstanding (000’s):
Basic shares outstanding480,943 490,727 
Diluted shares outstanding484,366 494,685 

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















5    
LINDE PLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Millions of dollars)
(UNAUDITED)
 
Quarter Ended June 30,
20242023
NET INCOME (INCLUDING NONCONTROLLING INTERESTS)$1,700 $1,612 
OTHER COMPREHENSIVE INCOME (LOSS)
Translation adjustments:
Foreign currency translation adjustments(280)(96)
Income taxes6 1 
Translation adjustments(274)(95)
Funded status - retirement obligations (Note 7):
Retirement program remeasurements11 (5)
Reclassifications to net income(3)(8)
Income taxes(5)2 
Funded status - retirement obligations3 (11)
Derivative instruments (Note 4):
Current unrealized gain (loss)(13)(9)
Reclassifications to net income7 2 
Income taxes1 1 
Derivative instruments(5)(6)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)(276)(112)
COMPREHENSIVE INCOME (LOSS) (INCLUDING NONCONTROLLING INTERESTS)1,424 1,500 
Less: noncontrolling interests(27)(14)
COMPREHENSIVE INCOME (LOSS) - LINDE PLC$1,397 $1,486 

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

6    
LINDE PLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Millions of dollars)
(UNAUDITED)
 
 Six Months Ended June 30,
 20242023
NET INCOME (INCLUDING NONCONTROLLING INTERESTS)$3,365 $3,164 
OTHER COMPREHENSIVE INCOME (LOSS)
Translation adjustments:
Foreign currency translation adjustments(1,024)133 
Income taxes6 1 
Translation adjustments(1,018)134 
Funded status - retirement obligations (Note 7):
Retirement program remeasurements7 (254)
Reclassifications to net income(6)(16)
Income taxes7 65 
Funded status - retirement obligations8 (205)
Derivative instruments (Note 4):
Current unrealized gain (loss)(11)(84)
Reclassifications to net income7 (4)
Income taxes— 17 
Derivative instruments(4)(71)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)(1,014)(142)
COMPREHENSIVE INCOME (LOSS) (INCLUDING NONCONTROLLING INTERESTS)2,351 3,022 
Less: noncontrolling interests(50)(48)
COMPREHENSIVE INCOME (LOSS) - LINDE PLC$2,301 $2,974 

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


7    
LINDE PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions of dollars)
(UNAUDITED)

June 30, 2024December 31, 2023
Assets
Cash and cash equivalents$4,626 $4,664 
Accounts receivable - net5,001 4,718 
Contract assets 226 196 
Inventories2,094 2,115 
Prepaid and other current assets896 927 
Total Current Assets12,843 12,620 
Property, plant and equipment - net24,575 24,552 
Goodwill26,365 26,751 
Other intangible assets - net11,851 12,399 
Other long-term assets4,581 4,489 
Total Assets$80,215 $80,811 
Liabilities and equity
Accounts payable$2,859 $3,020 
Short-term debt3,326 4,713 
Current portion of long-term debt1,261 1,263 
Contract liabilities1,767 1,901 
Other current liabilities4,291 4,820 
Total Current Liabilities13,504 15,717 
Long-term debt16,931 13,397 
Other long-term liabilities10,229 10,602 
Total Liabilities40,664 39,716 
Redeemable noncontrolling interests13 13 
Linde plc Shareholders’ Equity (Note 10):
Ordinary shares, €0.001 par value, authorized 1,750,000,000 shares, 2024 and 2023 issued: 490,766,972 ordinary shares
1 1 
Additional paid-in capital39,560 39,812 
Retained earnings10,721 8,845 
Accumulated other comprehensive income (loss) (6,794)(5,805)
Less: Treasury shares, at cost (2024 – 13,264,235 shares and 2023 – 8,321,827 shares)
(5,309)(3,133)
Total Linde plc Shareholders’ Equity38,179 39,720 
Noncontrolling interests1,359 1,362 
Total Equity39,538 41,082 
Total Liabilities and Equity $80,215 $80,811 

The accompanying notes are an integral part of these financial statements.
8    
LINDE PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of dollars)
(UNAUDITED)
Six Months Ended June 30,
20242023
Increase (Decrease) in Cash and Cash Equivalents
Operations
Net income - Linde plc$3,290 $3,091 
Add: Noncontrolling interests 75 73 
Net Income (including noncontrolling interests)3,365 3,164 
Adjustments to reconcile net income to net cash provided by operating activities:
Other charges, net of payments(75)(61)
Depreciation and amortization1,907 1,908 
Deferred income taxes(184)(61)
Share-based compensation78 66 
Working capital:
Accounts receivable(422)(175)
Inventory(23)(85)
Prepaid and other current assets(62)(39)
Payables and accruals(393)(458)
    Contract assets and liabilities, net(189)117 
Pension contributions(24)(25)
Long-term assets, liabilities and other(95)(293)
Net cash provided by (used for) operating activities3,883 4,058 
Investing
Capital expenditures(2,181)(1,688)
Acquisitions, net of cash acquired(152)(834)
Divestitures, net of cash divested and asset sales22 24 
Net cash provided by (used for) investing activities(2,311)(2,498)
Financing
Short-term debt borrowings (repayments) - net(1,336)(1,116)
Long-term debt borrowings4,828 2,115 
Long-term debt repayments(957)(1,641)
Issuances of ordinary shares21 21 
Purchases of ordinary shares(2,481)(1,767)
Cash dividends - Linde plc shareholders(1,334)(1,246)
Noncontrolling interest transactions and other(217)(22)
Net cash provided by (used for) financing activities(1,476)(3,656)
Effect of exchange rate changes on cash and cash equivalents(134)17 
Change in cash and cash equivalents(38)(2,079)
Cash and cash equivalents, beginning-of-period4,664 5,436 
Cash and cash equivalents, end-of-period$4,626 $3,357 

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

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

10    
1. Summary of Significant Accounting Policies
Linde plc ("Linde" or "the company") is an incorporated public limited company formed under the laws of Ireland. Linde’s registered office is located at Ten Earlsfort Terrace, Dublin 2, D02 T380 Ireland. Linde’s principal executive offices are located at Forge, 43 Church Street West, Woking, Surrey GU21 6HT, United Kingdom and 10 Riverview Drive, Danbury, Connecticut, 06810, United States.
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 statement 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 2023 Annual Report on Form 10-K. There have been no material changes to the company’s significant accounting policies during 2024.
Reclassifications – Certain prior periods' amounts have been reclassified to conform to the current year’s presentation.
Accounting Standards to be Implemented
Improvements to Reportable Segments Disclosures - In November 2023, the FASB issued guidance requiring enhanced disclosure related to reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The adoption of this standard will only impact disclosures within the company's consolidated financial statements and the company is evaluating the impact this guidance will have on those disclosures. Linde will adopt this guidance in fiscal year 2024.
Improvements to Income Tax Disclosures - In December 2023, the FASB issued guidance requiring enhanced disclosure related to income taxes. The standard requires additional or modified disclosures related to the income tax rate reconciliation, disaggregation of income taxes paid, and several other disclosures. The new standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The adoption of this standard will only impact disclosures within the company's consolidated financial statements and the company is evaluating the impact this guidance will have on those disclosures. Linde will adopt this guidance prospectively in fiscal year 2025.
2. 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 $4,956 million and $4,667 million at June 30, 2024 and December 31, 2023, respectively, and gross receivables aged greater than one year were $375 million and $354 million at June 30, 2024 and December 31, 2023, respectively. Other receivables were $128 million and $154 million at June 30, 2024 and December 31, 2023, 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 $5,001 million at June 30, 2024 and $4,718 million at December 31, 2023. Allowances for expected credit losses were $458 million at June 30, 2024 and $457 million at December 31, 2023.  Provisions for expected credit losses were $84 million and $83 million for the six months ended June 30, 2024 and 2023, respectively. The allowance activity in the six months ended June 30, 2024 and 2023 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)June 30,
2024		December 31,
2023
Inventories
Raw materials and supplies$593 $614 
Work in process 422 390 
Finished goods1,079 1,111 
Total inventories$2,094 $2,115 
11    
3. Debt
The following is a summary of Linde's outstanding debt at June 30, 2024 and December 31, 2023:
(Millions of dollars)June 30,
2024		December 31,
2023
SHORT-TERM
Commercial paper$3,019 $4,483 
Other bank borrowings (primarily non U.S.)307 230 
Total short-term debt3,326 4,713 
LONG-TERM (a)
(U.S. dollar denominated unless otherwise noted)
1.20% Euro denominated notes due 2024 (c)
— 607 
1.875% Euro denominated notes due 2024 (b) (e)
— 332 
4.800% Notes due 2024
300 300 
4.700% Notes due 2025
599 599 
2.65% Notes due 2025
400 399 
1.625% Euro denominated notes due 2025
535 550 
3.625% Euro denominated notes due 2025
535 551 
0.00% Euro denominated notes due 2026
751 774 
3.20% Notes due 2026
725 724 
3.434% Notes due 2026
199 198 
1.652% Euro denominated notes due 2027
87 90 
0.25% Euro denominated notes due 2027
803 827 
1.00% Euro denominated notes due 2027
537 553 
1.00% Euro denominated notes due 2028 (b)
762 780 
3.00% Euro denominated notes due 2028 (d)
747 — 
3.375% Euro denominated notes due 2029
800 824 
1.10% Notes due 2030
697 697 
1.90% Euro denominated notes due 2030
110 114 
3.375% Euro denominated notes due 2030 (f)
799 — 
1.375% Euro denominated notes due 2031
805 829 
3.20% Euro denominated notes due 2031 (d)
909 — 
0.55% Euro denominated notes due 2032
799 823 
0.375% Euro denominated notes due 2033
530 546 
3.625% Euro denominated notes due 2034
693 714 
3.500% Euro denominated notes due 2034 (f)
795 — 
1.625% Euro denominated notes due 2035
851 876 
3.40% Euro denominated notes due 2036 (d)
743 — 
3.55% Notes due 2042
665 666 
3.75% Euro denominated notes due 2044 (f)
743 — 
2.00% Notes due 2050
297 296 
1.00% Euro denominated notes due 2051
732 755 
Non U.S. borrowings234 226 
Other10 10 
18,192 14,660 
Less: current portion of long-term debt(1,261)(1,263)
Total long-term debt16,931 13,397 
Total debt$21,518 $19,373 



(a)Amounts are net of unamortized discounts, premiums and/or debt issuance costs as applicable.
(b)June 30, 2024 and December 31, 2023 included a cumulative $38 million and $46 million adjustment to carrying value, respectively, related to hedge accounting of interest rate swaps. Refer to Note 4.
(c)In February 2024, Linde repaid €550 million of 1.20% notes that became due.
(d)In February 2024, Linde issued €700 million of 3.00% notes due in 2028, €850 million of 3.20% notes due in 2031 and €700 million of 3.40% notes due in 2036.
(e)In May 2024, Linde repaid €300 million of 1.875% notes that became due.
(f)In June 2024, Linde issued €750 million of 3.375% notes due in 2030, €750 million of 3.500% notes due in 2034 and €700 million of 3.75% notes due in 2044.

The company maintains a $5 billion and a $1.5 billion unsecured revolving credit agreement with a syndicate of banking institutions that expire on December 7, 2027 and December 4, 2024, respectively. There are no financial maintenance covenants contained within the credit agreements. No borrowings were outstanding under the credit agreements as of June 30, 2024.
The weighted-average interest rates of short-term borrowings outstanding were 4.2% and 4.8% as of June 30, 2024 and December 31, 2023, respectively.

4. 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 for certain entities 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 June 30, 2024, 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 June 30, 2024 and December 31, 2023 for consolidated subsidiaries:
12    

   Fair Value
 Notional AmountsAssets (a)Liabilities (a)
(Millions of dollars)June 30,
2024		December 31,
2023		June 30,
2024		December 31,
2023		June 30,
2024		December 31,
2023
Derivatives Not Designated as Hedging Instruments:
Currency contracts:
Balance sheet items$7,556 $4,567 $39 $46 $42 $26 
Forecasted transactions 206 335 2 11 3 6 
Total $7,762 $4,902 $41 $57 $45 $32 
Derivatives Designated as Hedging Instruments:
Currency contracts:
       Forecasted transactions$562 $749 $5 $20 $1 $4 
Commodity contracts N/AN/A10 3 20 7 
Interest rate swaps— 1,214 — 1 — 4 
Total Hedges$562 $1,963 $15 $24 $21 $15 
Total Derivatives$8,324 $6,865 $56 $81 $66 $47 

(a)Amounts as of June 30, 2024 and December 31, 2023 included current assets of $53 million and $73 million which are recorded in prepaid and other current assets; long-term assets of $3 million and $8 million which are recorded in other long-term assets; current liabilities of $61 million and $41 million which are recorded in other current liabilities; and long-term liabilities of $5 million and $6 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 (loss) with deferred amounts reclassified to earnings over the same time period as the income statement impact of the associated purchase. For forecasted transactions that do not qualify for cash flow hedging relationships, fair value adjustments are recorded directly to earnings. Linde is hedging forecasted transactions for a maximum period of three years.

Commodity Contracts

Commodity contracts are entered into to manage the exposure to fluctuations in commodity prices, which arise in the normal course of business from its procurement transactions. To reduce the extent of this risk, Linde enters into a limited number of electricity, natural gas, and propane gas derivatives. For forecasted transactions that are designated as cash flow hedges, fair value adjustments are recorded to accumulated other comprehensive income (loss) with deferred amounts reclassified to earnings over the same time period as the income statement impact of the associated purchase. Linde is hedging commodity contracts for a maximum period of three years.

Net Investment Hedges

As of June 30, 2024, Linde has €16.8 billion ($18.2 billion) Euro-denominated notes and intercompany loans and ¥4.7 billion ($0.7 billion) CNY-denominated intercompany loans that are designated as hedges of the net investment positions in certain foreign operations. Since hedge inception, the deferred gain recorded within cumulative translation adjustment component of
13    

accumulated other comprehensive income (loss) in the consolidated balance sheet is $453 million (deferred gain of $135 million and $409 million in the consolidated statement of comprehensive income for the quarter and six months ended June 30, 2024, respectively).

As of June 30, 2024, exchange rate movements relating to previously designated hedges that remain in accumulated other comprehensive income (loss) is a gain of $56 million. These movements will remain in accumulated other comprehensive income (loss), until appropriate, such as upon sale or liquidation of the related foreign operations at which time amounts will be reclassified to the consolidated statements of income.

Interest Rate Swaps

Linde uses interest rate swaps to hedge the exposure to changes in the fair value of financial assets and financial liabilities as a result of interest rate changes. These interest rate swaps effectively convert fixed-rate interest exposures to variable rates; fair value adjustments are recognized in earnings along with an equally offsetting charge/benefit to earnings for the changes in the fair value of the underlying financial asset or financial liability (See Note 3).

In addition, as of December 31, 2023, Linde was using interest rate swaps with a notional value of €1 billion to hedge the variability of future cash flows of forecasted transactions due to interest rate risk and had designated this as a cash flow hedge. The interest rate swaps were terminated during the first quarter of 2024 with the February debt issuance and the settlement values were immaterial.

Derivatives' Impact on Consolidated Statements of Income
The following table summarizes the impact of the company’s derivatives on the consolidated statements of income:
 Amount of Pre-Tax Gain (Loss)
Recognized in Earnings *
 Quarter Ended June 30,Six Months Ended June 30,
(Millions of dollars)2024202320242023
Derivatives Not Designated as Hedging Instruments
Currency contracts:
Balance sheet items
Debt-related$(2)$(44)$(17)$(83)
Other balance sheet items2 (1)(5)(2)
Total$— $(45)$(22)$(85)

* The gains (losses) on balance sheet items are offset by gains (losses) recorded on the underlying hedged assets and liabilities. Accordingly, the gains (losses) for the derivatives and the underlying hedged assets and liabilities related to debt items are recorded in the consolidated statements of income as interest expense-net. Other balance sheet items and anticipated net income gains (losses) are generally recorded in the consolidated statements of income as other income (expenses)-net.

The amounts of gain or loss recognized in accumulated other comprehensive income (loss) and reclassified to the consolidated statement of income was not material for the six months ended June 30, 2024 and 2023, respectively. Net impacts expected to be reclassified to earnings during the next twelve months are also not material.

5. Fair Value Disclosures
The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as follows:
Level 1 – quoted prices in active markets for identical assets or liabilities
Level 2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable
Level 3 – inputs that are unobservable (for example cash flow modeling inputs based on assumptions)



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Table of Contents                
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table summarizes assets and liabilities measured at fair value on a recurring basis:
 Fair Value Measurements Using
 Level 1Level 2Level 3
(Millions of dollars)June 30,
2024		December 31,
2023		June 30,
2024		December 31,
2023		June 30,
2024		December 31,
2023
Assets
Derivative assets$— $— $56 $81 $— $— 
Investments and securities*17 16 — — 11 12 
                 Total
$17 $16 $56 $81 11 $12 
Liabilities
Derivative liabilities$— $— $66 $47 $— $— 
* Investments and securities are recorded in prepaid and other current assets and other long-term assets in the company's condensed consolidated balance sheets.

Level 1 investments and securities are marketable securities traded on an exchange. Level 2 investments are based on market prices obtained from independent brokers or determined using quantitative models that use as their basis readily observable market parameters that are actively quoted and can be validated through external sources, including third-party pricing services, brokers and market transactions. Level 3 investments and securities consist of a venture fund. For the valuation, Linde uses the net asset value received as part of the fund's quarterly reporting, which for the most part is not based on quoted prices in active markets. In order to reflect current market conditions, Linde proportionally adjusts by observable market data (stock exchange prices) or current transaction prices.

Changes in level 3 investments and securities were immaterial.

The fair value of cash and cash equivalents, short-term debt, accounts receivable-net, and accounts payable approximate carrying value because of the short-term maturities of these instruments.
The fair value of long-term debt is estimated based on the quoted market prices for the same or similar issues. Long-term debt is categorized within Level 2 of the fair value hierarchy. At June 30, 2024, the estimated fair value of Linde’s long-term debt portfolio was $16,598 million versus a carrying value of $18,192 million. At December 31, 2023, the estimated fair value of Linde’s long-term debt portfolio was $13,337 million versus a carrying value of $14,660 million. Differences between the carrying value and the fair value are attributable to fluctuations in interest rates subsequent to when the debt was issued and relative to stated coupon rates.
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6. Earnings Per Share – Linde plc Shareholders
Basic and diluted earnings per share is computed by dividing Net income – Linde plc for the period by the weighted average number of either basic or diluted shares outstanding, as follows:
 Quarter Ended June 30,Six Months Ended June 30,
 2024202320242023
Numerator (Millions of dollars)
Net Income – Linde plc$1,663 $1,575 $3,290 $3,091 
Denominator (Thousands of shares)
Weighted average shares outstanding479,130 489,061 480,246 490,201 
Shares earned and issuable under compensation plans843 557 697 526 
Weighted average shares used in basic earnings per share479,973 489,618 480,943 490,727 
Effect of dilutive securities
Stock options and awards3,204 3,931 3,423 3,958 
Weighted average shares used in diluted earnings per share
483,177 493,549 484,366 494,685 
Basic Earnings Per Share$3.46 $3.22 $6.84 $6.30 
Diluted Earnings Per Share$3.44 $3.19 $6.79 $6.25 
The weighted-average of antidilutive securities excluded from the calculation of diluted earnings per share was 353,145 and 225,739 for the quarter and six months ended June 30, 2024, respectively. There were no antidilutive securities in the respective 2023 periods.
7. Retirement Programs
The components of net pension and postretirement benefits other than pensions (“OPEB”) costs for the quarter and six months ended June 30, 2024 and 2023 are shown below:
 Quarter Ended June 30,Six Months Ended June 30,
(Millions of dollars)2024202320242023
Amount recognized in Operating Profit
Service cost$21 $21 $42 $42 
Amount recognized in Net pension and OPEB cost (benefit), excluding service cost
Interest cost91 94 182 186 
Expected return on plan assets(137)(131)(275)(260)
Net amortization and deferral(3)(8)(6)(16)
(49)(45)(99)(90)
 Net periodic benefit cost (benefit)$(28)$(24)$(57)$(48)
Components of net periodic benefit expense for other post-retirement plans for the quarter and six months ended June 30, 2024 and 2023 were not material.
Linde estimates that 2024 required contributions to its pension plans will be in the range of approximately $30 million to $40 million, of which $24 million have been made through June 30, 2024.





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8. Commitments and Contingencies
Contingent Liabilities
Linde is subject to various lawsuits and government investigations that arise from time to time in the ordinary course of business. These actions are based upon alleged environmental, tax, antitrust and personal injury claims, among others. Linde has strong defenses in these cases and intends to defend itself vigorously. It is possible that the company may incur losses in connection with some of these actions in excess of accrued liabilities. Management does not anticipate that in the aggregate such losses would have a material adverse effect on the company’s consolidated financial position or liquidity; however, it is possible that the final outcomes could have a significant impact on the company’s reported results of operations in any given period (see Note 17 to the consolidated financial statements of Linde's 2023 Annual Report on Form 10-K).
Significant matters are:
•During 2009, the Brazilian government published Law 11941/2009 instituting a new voluntary amnesty program (“Refis Program”) which allowed Brazilian companies to settle certain federal tax disputes at reduced amounts. During 2009, the company decided that it was economically beneficial to settle many of its outstanding federal tax disputes and such disputes were enrolled in the Refis Program, subject to final calculation and review by the Brazilian federal government. The company recorded estimated liabilities based on the terms of the Refis Program. Since 2009, Linde has been unable to reach final agreement on the calculations and initiated litigation against the government in an attempt to resolve certain items. Open issues relate to the following matters: (i) application of cash deposits and net operating loss carryforwards to satisfy obligations and (ii) the amount of tax reductions available under the Refis Program. It is difficult to estimate the timing of resolution of legal matters in Brazil.
•At June 30, 2024, the most significant non-income tax claims in Brazil, after enrollment in the Refis Program, relate to state VAT tax matters. The total estimated exposure relating to such claims, including interest and penalties, as appropriate, is approximately $110 million. Linde has not recorded any liabilities related to such claims based on management judgment and opinions of outside counsel.
During 2023, the Brazilian Supreme Court issued a decision confirming the constitutionality of a specific federal income tax, with retroactive effect. As a result of this decision, the company recorded a reserve based on its best estimate of potential settlement. This decision has not yet been finalized and is subject to ongoing motions for clarification. Because litigation in Brazil historically takes many years to resolve, it is very difficult to estimate the timing of resolution of these matters; however, it is possible that certain of these matters may be resolved within the near term. The company is vigorously defending against the proceedings.

•On and after April 23, 2019 former shareholders of Linde AG filed appraisal proceedings at the District Court (Landgericht) Munich I (Germany), seeking an increase of the cash consideration paid in connection with the previously completed cash merger squeeze-out of all of Linde AG’s minority shareholders for €189.46 per share. Any such increase would apply to all 14,763,113 Linde AG shares that were outstanding on April 8, 2019, when the cash merger squeeze-out was completed. The period for plaintiffs to file claims expired on July 9, 2019. In November 2023, the court issued a decision rejecting the plaintiffs’ claims in their entirety and determining that the cash merger squeeze-out consideration was appropriate. The plaintiffs have appealed this decision.

The company believes the consideration paid was fair and that the claims are not supported by sufficient evidence, and no reserve has been established. We cannot estimate the timing of resolution.
•In December 2022, a Russian court based in St. Petersburg ("St. Petersburg Court") issued an injunction preventing (i) the sale of any shares in Linde’s subsidiaries and joint ventures in Russia, and (ii) the disposal of any of the assets in those entities exceeding 5% of the relevant company’s overall asset value. The injunction was requested by RusChemAlliance (RCA) to secure payment of a possible award under an arbitration proceeding RCA intended to file against Linde Engineering for alleged breach of contract under the agreement to build a gas processing plant in Russia entered into in July 2021. Performance of the agreement was lawfully suspended by Linde Engineering on May 27, 2022 in compliance with applicable sanctions. In March 2023, RCA filed a claim in St. Petersburg against Linde GmbH for recovery of advance payments under the agreement ("GPP Claim"), and subsequently (i) added Linde and other Linde subsidiaries as defendants, and (ii) is seeking payment of alleged damages from Linde and guarantor banks. In March 2024, RCA filed a similar claim for repayment and damages against Linde for alleged breach of contract under the agreement to build a liquefied natural gas plant in Russia entered into in September 2021 (“LNG Claim”, and together with the GPP Claim, the “Russian Claims”).
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In accordance with the dispute resolution provisions of the agreements, in 2023, Linde filed a notice of arbitration with the Hong Kong International Arbitration Centre ("HKIAC") against RCA to claim that (i) RCA has no entitlement to payment, (ii) RCA’s Russian Claims are in breach of the arbitration agreement which requires HKIAC arbitration, and (iii) RCA must compensate Linde for the losses and damages caused by the injunction. Additionally, Linde filed for and obtained an anti-suit injunction from a Hong Kong court against RCA directing RCA to seek a stay of the claims and ordering it to resolve any disputes in accordance with HKIAC arbitration.

In January, 2024, the Hong Kong court issued a final judgment in Linde’s favor (i) granting a permanent anti-suit injunction against RCA to seek a stay of the GPP claim and not start an LNG claim, (ii) granting a permanent, global anti-enforcement injunction against RCA for the GPP claim, and (iii) ordering that the injunction issued by the St. Petersburg Court be lifted (“HK Court Judgement”).

Despite the judgments of the Hong Kong court and similar orders issued by the HKIAC arbitration tribunals, the St. Petersburg injunction affecting Linde’s shares and assets has not been lifted, the proceeding in St. Petersburg has not been stayed and RCA is continuing to pursue its claims in Russia.

In February 2024, the St. Petersburg Court decided the GPP Claim in favor of RCA. Linde appealed this decision unsuccessfully in March 2024. Linde expects RCA to enforce the decision by seizing assets that were previously frozen by the court. Linde intends to claim all damages related to or rising from RCA's enforcement of the decision in the HKIAC arbitration proceedings.

Linde does not expect a material adverse impact on earnings from this decision given the liability recorded as of June 30, 2024 and the immaterial remaining investment value of its deconsolidated Russia subsidiaries. As of June 30, 2024, Linde has a contingent liability of $1.2 billion recorded in Other long-term liabilities, which represents advance payments previously recorded in contract liabilities related to terminated engineering projects with RCA. As a result of the contract terminations, Linde no longer has future performance obligations for these projects.

It is difficult to estimate the timing of resolution of these matters. The company intends to vigorously defend its interests in both the Russian Claims and arbitration proceedings.

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9. Segments

For a description of Linde plc's operating segments, refer to Note 18 to the consolidated financial statements on Linde plc's 2023 Annual Report on Form 10-K.
The table below presents sales and operating profit information about reportable segments and Other for the quarter and six months ended June 30, 2024 and 2023.
  
Quarter Ended June 30,Six Months Ended June 30,
(Millions of dollars)2024202320242023
SALES(a)
Americas$3,655 $3,541 $7,215 $7,092 
EMEA2,091 2,160 4,182 4,337 
APAC1,657 1,683 3,248 3,281 
Engineering544 495 1,083 1,035 
Other320 325 639 652 
Total sales$8,267 $8,204 $16,367 $16,397 
  
Quarter Ended June 30,Six Months Ended June 30,
(Millions of dollars)2024202320242023
SEGMENT OPERATING PROFIT
Americas$1,159 $1,070 $2,247 $2,095 
EMEA704 630 1,391 1,237 
APAC474 472 921 895 
Engineering96 107 196 256 
Other(11)7 8 9 
Segment operating profit2,422 2,286 4,763 4,492 
Other charges— (22)— (40)
Purchase accounting impacts - Linde AG (b)(238)(253)(484)(508)
Total operating profit$2,184 $2,011 $4,279 $3,944 

(a)Sales reflect external sales only. Intersegment sales, primarily from Engineering to the industrial gases segments, were $485 million and $876 million for the quarter and six months ended June 30, 2024, respectively, and $335 million and $629 million for the respective 2023 periods.
(b)Represents purchase accounting impacts related to the 2018 merger.


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10. Equity
A summary of the changes in total equity for the quarter and six months ended June 30, 2024 and 2023 is provided below:
Quarter Ended June 30,
(Millions of dollars)20242023
ActivityLinde plc
Shareholders’
Equity		Noncontrolling
Interests 		Total
Equity		Linde plc
Shareholders’
Equity		Noncontrolling
Interests		Total
Equity
Balance, beginning of period $38,829 $1,387 $40,216 $39,970 $1,353 $41,323 
Net income (a)1,663 37 1,700 1,575 37 1,612 
Other comprehensive income (loss)(266)(10)(276)(89)(23)(112)
Noncontrolling interests:
Additions (reductions)— — — (11)(7)(18)
Dividends and other capital changes— (55)(55)— (36)(36)
Dividends to Linde plc ordinary share holders ($1.39 per share in 2024 and $1.275 per share in 2023)
(665)— (665)(623)— (623)
Issuances of ordinary shares:
For employee savings and incentive plans(15)— (15)(35)— (35)
Purchases of ordinary shares(1,407)— (1,407)(912)— (912)
Share-based compensation40 — 40 36 — 36 
Balance, end of period$38,179 $1,359 $39,538 $39,911 $1,324 $41,235 
Six Months Ended June 30,
(Millions of dollars)20242023
ActivityLinde plc
Shareholders’
Equity		Noncontrolling
Interests 		Total
Equity		Linde plc
Shareholders’
Equity		Noncontrolling
Interests		Total
Equity
Balance, beginning of period $39,720 $1,362 $41,082 $40,028 $1,346 $41,374 
Net income (a)3,290 75 3,365 3,091 73 3,164 
Other comprehensive income (loss)(989)(25)(1,014)(117)(25)(142)
Noncontrolling interests:
Additions (reductions)— 11 11 (11)(5)(16)
Dividends and other capital changes— (64)(64)— (65)(65)
Dividends to Linde plc ordinary share holders ($2.78 per share in 2024 and $2.55 per share in 2023)
(1,334)— (1,334)(1,246)— (1,246)
Issuances of ordinary shares:
For employee savings and incentive plans(141)— (141)(98)— (98)
Purchases of ordinary shares(2,445)— (2,445)(1,802)— (1,802)
Share-based compensation78 — 78 66 — 66 
Balance, end of period$38,179 $1,359 $39,538 $39,911 $1,324 $41,235 
(a) Net income for noncontrolling interests excludes net income related to redeemable noncontrolling interests which is not significant for the quarter and six months ended June 30, 2024 and 2023 and which is not part of total equity.



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The components of Accumulated other comprehensive income (loss) are as follows:
June 30,December 31,
(Millions of dollars)20242023
Cumulative translation adjustment - net of taxes:
Americas$(4,055)$(3,618)
EMEA(1,100)(737)
APAC(1,433)(1,037)
Engineering(248)(93)
Other 471 113 
(6,365)(5,372)
Derivatives - net of taxes3 7 
Pension / OPEB (net of $67 million and $60 million tax benefit at June 30, 2024 and December 31, 2023, respectively)
(432)(440)
$(6,794)$(5,805)

11. Revenue Recognition
Revenue is accounted for in accordance with ASC 606. Revenue is recognized as control of goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled to receive in exchange for the goods or services.
Contracts with Customers
Linde serves a diverse group of industries including healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics.
Industrial Gases
Within each of the company’s geographic segments for industrial gases, there are three basic distribution methods: (i) on-site or tonnage; (ii) merchant or bulk liquid; and (iii) packaged or cylinder gases. The distribution method used by Linde to supply a customer is determined by many factors, including the customer’s volume requirements and location. The distribution method generally determines the contract terms with the customer and, accordingly, the revenue recognition accounting practices. Linde's primary products in its industrial gases business are atmospheric gases (oxygen, nitrogen, argon, rare gases) and process gases (carbon dioxide, helium, hydrogen, electronic gases, specialty gases, acetylene). These products are generally sold through one of the three distribution methods.
Following is a description of each of the three industrial gases distribution methods and the respective revenue recognition policies:
On-site. Customers that require the largest volumes of product and that have a relatively constant demand pattern are supplied by cryogenic and process gas on-site plants. Linde constructs plants on or adjacent to these customers’ sites and supplies the product directly to customers by pipeline. Where there are large concentrations of customers, a single pipeline may be connected to several plants and customers. On-site product supply contracts generally are total requirement contracts with terms typically ranging from 10-20 years and contain minimum purchase requirements and price escalation provisions. Many of the cryogenic on-site plants also produce liquid products for the merchant market. Therefore, plants are typically not dedicated to a single customer. Additionally, Linde is responsible for the design, construction, operations and maintenance of the plants and our customers typically have no involvement in these activities. Advanced air separation processes also allow on-site delivery to customers with smaller volume requirements.
The company’s performance obligations related to on-site customers are satisfied over time as customers receive and obtain control of the product. Linde has elected to apply the practical expedient for measuring progress towards the completion of a performance obligation and recognizes revenue as the company has the right to invoice each customer, which generally corresponds with product delivery. Accordingly, revenue is recognized when product is delivered to the customer and the company has the right to invoice the customer in accordance with the contract terms. Consideration in these contracts is generally based on pricing which fluctuates with various price indices. Variable components of consideration exist within on-site contracts but are considered constrained.
Merchant. Merchant deliveries generally are made from Linde's plants by tanker trucks to storage containers at the customer's site. Due to the relatively high distribution cost, merchant oxygen and nitrogen generally have a relatively small distribution
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radius from the plants at which they are produced. Merchant argon, hydrogen and helium can be shipped much longer distances. The customer agreements used in the merchant business are usually three-to seven-year supply agreements based on the requirements of the customer. These contracts generally do not contain minimum purchase requirements or volume commitments.
The company’s performance obligations related to merchant customers are generally satisfied at a point in time as the customers receive and obtain control of the product. Revenue is recognized when product is delivered to the customer and the company has the right to invoice the customer in accordance with the contract terms.
Packaged Gases. Customers requiring small volumes are supplied products in containers called cylinders, under medium to high pressure. Linde distributes merchant gases from its production plants to company-owned cylinder filling plants where cylinders are then filled for distribution to customers. Cylinders may be delivered to the customer’s site or picked up by the customer at a packaging facility or retail store. Linde invoices the customer for the industrial gases and the use of the cylinder container(s). The company also sells hardgoods and welding equipment purchased from independent manufacturers. Packaged gases are generally sold under one to three-year supply contracts and purchase orders and do not contain minimum purchase requirements or volume commitments.
The company’s performance obligations related to packaged gases are satisfied at a point in time. Accordingly, revenue is recognized when product is delivered to the customer or when the customer picks up product from a packaged gas facility or retail store and the company has the right to payment from the customer in accordance with the contract terms.
Engineering
The company designs and manufactures equipment for air separation and other industrial gas applications manufactured specifically for end customers. Sale of equipment contracts are generally comprised of a single performance obligation. Revenue from sale of equipment is generally recognized over time as Linde has an enforceable right to payment for performance completed to date and performance does not create an asset with alternative use. For contracts recognized over time, revenue is recognized primarily using a cost incurred input method. Costs incurred to date relative to total estimated costs at completion are used to measure progress toward satisfying performance obligations. Costs incurred include material, labor, and overhead costs and represent work contributing and proportionate to the transfer of control to the customer. Changes to cost estimates and contract modifications are typically accounted for as part of the existing contract and are recognized as cumulative adjustments for the inception-to-date effect of such change.
Contract Assets and Liabilities
Contract assets and liabilities result from differences in timing of revenue recognition and customer invoicing. Contract assets primarily relate to sale of equipment contracts for which revenue is recognized over time. The balance represents unbilled revenue which occurs when revenue recognized under the measure of progress exceeds amounts invoiced to customers. Customer invoices may be based on the passage of time, the achievement of certain contractual milestones or a combination of both criteria. Contract liabilities include advance payments or right to consideration prior to performance under the contract. Contract liabilities are recognized as revenue as performance obligations are satisfied under contract terms. Linde has contract assets of  $226 million and $196 million at June 30, 2024 and December 31, 2023, respectively. Total contract liabilities are $2,820 million at June 30, 2024 (current contract liabilities of $1,767 million and $1,053 million within other long-term liabilities in the condensed consolidated balance sheets). As of June 30, 2024, Linde has approximately $397 million recorded in contract liabilities related to engineering projects in Russia subject to sanctions. Total contract liabilities were $2,950 million at December 31, 2023 (current contract liabilities of $1,901 million and $1,049 million within other long-term liabilities in the condensed consolidated balance sheets). Revenue recognized for the six months ended June 30, 2024 that was included in the contract liability at December 31, 2023 was $674 million. Contract assets and liabilities primarily relate to the Engineering business.
Payment Terms and Other
Linde generally receives payment after performance obligations are satisfied, and customer prepayments are not typical for the industrial gases business. Payment terms vary based on the country where sales originate and local customary payment practices. Linde does not offer extended financing outside of customary payment terms. Amounts billed for sales and use taxes, value-added taxes, and certain excise and other specific transactional taxes imposed on revenue producing transactions are presented on a net basis and are not included in sales within the consolidated statement of income. Additionally, sales returns and allowances are not a normal practice in the industry and are not significant.
Disaggregated Revenue Information
As described above and in Note 19 to Linde plc's 2023 Annual Report on Form 10-K, the company manages its industrial gases business on a geographic basis, while the Engineering and Other businesses are generally managed on a global basis. Furthermore, the company believes that reporting sales by distribution method by reportable geographic segment best illustrates
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the nature, timing, type of customer, and contract terms for its revenues, including terms and pricing.
The following tables show sales by distribution method at the consolidated level and for each reportable segment and Other for the quarter and six months ended, June 30, 2024 and June 30, 2023.
(Millions of dollars)Quarter Ended June 30, 2024
SalesAmericasEMEAAPACEngineeringOtherTotal%
Merchant$1,178 $691 $568 $— $52 $2,489 30 %
On-Site807 412 668 — — 1,887 23 %
Packaged Gas1,616 969 348 — 7 2,940 36 %
Other54 19 73 544 261 951 11 %
Total$3,655 $2,091 $1,657 $544 $