Analysis of Reportable Segments
Linde plc operates in 4 segments: Americas; Europe, Middle East, and Africa (EMEA); Asia and South Pacific (APAC); and Engineering.
Segment Profit Margin
Linde plc, profit margin by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Americas | 29.67% | 26.90% | 27.83% | 26.51% | 23.45% |
| Europe, Middle East, and Africa (EMEA) | 29.10% | 23.84% | 24.72% | 22.72% | 20.58% |
| Asia and South Pacific (APAC) | 27.53% | 25.77% | 24.49% | 22.45% | 20.52% |
| Engineering | 22.73% | 20.09% | 16.50% | 15.26% | 13.93% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Americas | Americas segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
| Europe, Middle East, and Africa (EMEA) | Europe, Middle East, and Africa (EMEA) segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. | |
| Asia and South Pacific (APAC) | Asia and South Pacific (APAC) segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. | |
| Engineering | Engineering segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Americas
Linde plc; Americas; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment operating profit | 4,244) | 3,732) | 3,368) | 2,773) | 2,578) |
| Sales | 14,304) | 13,874) | 12,103) | 10,459) | 10,993) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 29.67% | 26.90% | 27.83% | 26.51% | 23.45% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Segment operating profit ÷ Sales
= 100 × 4,244 ÷ 14,304 = 29.67%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Americas | Americas segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Profit Margin: Europe, Middle East, and Africa (EMEA)
Linde plc; Europe, Middle East, and Africa (EMEA); segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment operating profit | 2,486) | 2,013) | 1,889) | 1,465) | 1,367) |
| Sales | 8,542) | 8,443) | 7,643) | 6,449) | 6,643) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 29.10% | 23.84% | 24.72% | 22.72% | 20.58% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Segment operating profit ÷ Sales
= 100 × 2,486 ÷ 8,542 = 29.10%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Europe, Middle East, and Africa (EMEA) | Europe, Middle East, and Africa (EMEA) segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Profit Margin: Asia and South Pacific (APAC)
Linde plc; Asia and South Pacific (APAC); segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment operating profit | 1,806) | 1,670) | 1,502) | 1,277) | 1,198) |
| Sales | 6,559) | 6,480) | 6,133) | 5,687) | 5,839) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 27.53% | 25.77% | 24.49% | 22.45% | 20.52% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Segment operating profit ÷ Sales
= 100 × 1,806 ÷ 6,559 = 27.53%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Asia and South Pacific (APAC) | Asia and South Pacific (APAC) segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Engineering
Linde plc; Engineering; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment operating profit | 491) | 555) | 473) | 435) | 390) |
| Sales | 2,160) | 2,762) | 2,867) | 2,851) | 2,799) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 22.73% | 20.09% | 16.50% | 15.26% | 13.93% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Segment operating profit ÷ Sales
= 100 × 491 ÷ 2,160 = 22.73%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Engineering | Engineering segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation
Linde plc, capital expenditures to depreciation by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Americas | 2.11 | 1.29 | 1.09 | 1.19 | 1.52 |
| Europe, Middle East, and Africa (EMEA) | 0.99 | 0.83 | 0.89 | 0.93 | 0.99 |
| Asia and South Pacific (APAC) | 1.54 | 1.50 | 1.63 | 1.96 | 2.01 |
| Engineering | 0.73 | 0.85 | 0.64 | 0.36 | 2.26 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Americas | Americas segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Europe, Middle East, and Africa (EMEA) | Europe, Middle East, and Africa (EMEA) segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. | |
| Asia and South Pacific (APAC) | Asia and South Pacific (APAC) segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. | |
| Engineering | Engineering segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Segment Capital Expenditures to Depreciation: Americas
Linde plc; Americas; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures and acquisitions | 2,999) | 1,698) | 1,354) | 1,425) | 1,814) |
| Segment depreciation and amortization | 1,423) | 1,320) | 1,243) | 1,196) | 1,195) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 2.11 | 1.29 | 1.09 | 1.19 | 1.52 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures and acquisitions ÷ Segment depreciation and amortization
= 2,999 ÷ 1,423 = 2.11
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Americas | Americas segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Europe, Middle East, and Africa (EMEA)
Linde plc; Europe, Middle East, and Africa (EMEA); segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures and acquisitions | 635) | 550) | 669) | 670) | 738) |
| Segment depreciation and amortization | 640) | 661) | 752) | 723) | 749) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.99 | 0.83 | 0.89 | 0.93 | 0.99 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures and acquisitions ÷ Segment depreciation and amortization
= 635 ÷ 640 = 0.99
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Europe, Middle East, and Africa (EMEA) | Europe, Middle East, and Africa (EMEA) segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Capital Expenditures to Depreciation: Asia and South Pacific (APAC)
Linde plc; Asia and South Pacific (APAC); segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures and acquisitions | 975) | 889) | 995) | 1,214) | 1,231) |
| Segment depreciation and amortization | 633) | 593) | 611) | 619) | 613) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.54 | 1.50 | 1.63 | 1.96 | 2.01 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures and acquisitions ÷ Segment depreciation and amortization
= 975 ÷ 633 = 1.54
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Asia and South Pacific (APAC) | Asia and South Pacific (APAC) segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Engineering
Linde plc; Engineering; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures and acquisitions | 24) | 28) | 25) | 13) | 79) |
| Segment depreciation and amortization | 33) | 33) | 39) | 36) | 35) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.73 | 0.85 | 0.64 | 0.36 | 2.26 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures and acquisitions ÷ Segment depreciation and amortization
= 24 ÷ 33 = 0.73
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Engineering | Engineering segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Sales
Linde plc, sales by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Americas | 14,304) | 13,874) | 12,103) | 10,459) | 10,993) |
| Europe, Middle East, and Africa (EMEA) | 8,542) | 8,443) | 7,643) | 6,449) | 6,643) |
| Asia and South Pacific (APAC) | 6,559) | 6,480) | 6,133) | 5,687) | 5,839) |
| Industrial Gases | 29,405) | 28,797) | 25,879) | 22,595) | 23,475) |
| Engineering | 2,160) | 2,762) | 2,867) | 2,851) | 2,799) |
| Other | 1,289) | 1,805) | 2,047) | 1,797) | 1,954) |
| Total segments | 32,854) | 33,364) | 30,793) | 27,243) | 28,228) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Segment operating profit
Linde plc, segment operating profit by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Americas | 4,244) | 3,732) | 3,368) | 2,773) | 2,578) |
| Europe, Middle East, and Africa (EMEA) | 2,486) | 2,013) | 1,889) | 1,465) | 1,367) |
| Asia and South Pacific (APAC) | 1,806) | 1,670) | 1,502) | 1,277) | 1,198) |
| Industrial Gases | 8,536) | 7,415) | 6,759) | 5,515) | 5,143) |
| Engineering | 491) | 555) | 473) | 435) | 390) |
| Other | 43) | (66) | (56) | (153) | (245) |
| Total segments | 9,070) | 7,904) | 7,176) | 5,797) | 5,288) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Segment depreciation and amortization
Linde plc, segment depreciation and amortization by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Americas | 1,423) | 1,320) | 1,243) | 1,196) | 1,195) |
| Europe, Middle East, and Africa (EMEA) | 640) | 661) | 752) | 723) | 749) |
| Asia and South Pacific (APAC) | 633) | 593) | 611) | 619) | 613) |
| Industrial Gases | 2,696) | 2,574) | 2,606) | 2,538) | 2,557) |
| Engineering | 33) | 33) | 39) | 36) | 35) |
| Other | 96) | 116) | 127) | 132) | 143) |
| Total segments | 2,825) | 2,723) | 2,772) | 2,706) | 2,735) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Capital expenditures and acquisitions
Linde plc, capital expenditures and acquisitions by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Americas | 2,999) | 1,698) | 1,354) | 1,425) | 1,814) |
| Europe, Middle East, and Africa (EMEA) | 635) | 550) | 669) | 670) | 738) |
| Asia and South Pacific (APAC) | 975) | 889) | 995) | 1,214) | 1,231) |
| Industrial Gases | 4,609) | 3,137) | 3,018) | 3,309) | 3,783) |
| Engineering | 24) | 28) | 25) | 13) | 79) |
| Other | 107) | 118) | 131) | 146) | 45) |
| Total segments | 4,740) | 3,283) | 3,174) | 3,468) | 3,907) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).