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Management believes the following risks may significantly impact the company:
−Removed: The COVID-19 global pandemic could materially adversely affect our results of operations.
−Removed: The COVID-19 global pandemic, including resurgences and variants of the virus that causes COVID-19, and efforts to reduce its spread have led, and may continue to lead to, significant changes in levels of economic activity and significant disruption and volatility in global markets.
−Removed: COVID-19 has resulted in authorities implementing numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines, shelter in place orders, and shutdowns.
−Removed: These measures have impacted and may further impact our workforce and operations, the operations of our customers, vendors and suppliers.
−Removed: There is considerable uncertainty regarding such measures and potential future measures, and restrictions on our access to our manufacturing facilities or on our support operations or workforce, or similar limitations for our vendors and suppliers, and restrictions or disruptions of transportation, such as reduced availability of air transport, port closures, and increased border controls or closures, could limit our capacity to meet customer demand and have a material adverse effect on our results of operations.
−Removed: These restrictions and disruptions could affect our performance on our contracts.
−Removed: Furthermore, COVID-19 has impacted and may further impact the broader economies of affected countries, including negatively impacting economic growth, the proper functioning of financial and capital markets, foreign currency exchange rates, and interest rates.
−Removed: Risks related to economic conditions are described in our Principal Risks and Uncertainties titled “Weakening economic conditions in markets in which Linde does business may adversely impact its financial results and/or cash flows” and “Macroeconomic factors may impact Linde’s ability to obtain financing or increase the cost of obtaining financing which may adversely impact Linde’s financial results and/or cash flows."
Weakening economic conditions in markets in which Linde does business may adversely impact its financial results and/or cash flows.
15 unchanged sentences
Where feasible, Linde sources several of these raw materials, including carbon dioxide, hydrogen and calcium carbide, as chemical or industrial byproducts.
−Removed: In addition, Linde has contracts or commitments for, or readily
−Removed: available sources of, most of these raw materials;
+Added: In addition, Linde has contracts or commitments for, or readily available sources of, most of these raw materials;
however, their long-term availability and prices are subject to market conditions.
6 unchanged sentences
Because a significant portion of Linde's revenue is denominated in currencies other than its reporting currency, the U.S.
−Removed: dollar, changes in exchange rates will produce fluctuations in revenue, costs and earnings and may also affect the book value of assets and liabilities and related equity.
+Added: dollar, changes in exchange rates will produce fluctuations in revenue, costs and earnings and may also affect the book
+Added: value of assets and liabilities and related equity.
Although the company from time to time utilizes foreign exchange forward contracts to hedge these exposures, its efforts to minimize currency exposure through such hedging transactions may not be successful depending on market and business conditions.
12 unchanged sentences
health epidemics;
+Added: pandemics, such as COVID-19;
and acts of war or terrorism, could disrupt or delay Linde’s ability to produce and distribute its products to customers and could potentially expose Linde to third-party liability claims.
12 unchanged sentences
These technologies help Linde to create a competitive advantage and to provide a platform to grow its business.
−Removed: If Linde’s research and development activities do not keep pace with competitors or if Linde does not create new technologies that benefit customers, future results of operations could be adversely affected.
+Added: If Linde’s research and
+Added: development activities do not keep pace with competitors or if Linde does not create new technologies that benefit customers, future results of operations could be adversely affected.
Risks related to pension benefit plans may adversely impact Linde’s results of operations and cash flows.
79 unchanged sentences
federal securities laws.
−Removed: In addition, it may be difficult for investors to enforce, in
−Removed: original actions brought in courts in jurisdictions located outside the United States, rights predicated upon the U.S.
+Added: In addition, it may be difficult for investors to enforce, in original actions brought in courts in jurisdictions located outside the United States, rights predicated upon the U.S.
federal securities laws.
32 unchanged sentences
The ultimate tax outcome may differ from the amounts recorded in Linde’s or its subsidiaries’ financial statements and may materially affect their respective financial results for the period when such determination is made.
+Added: Following the Reorganization, New Linde will seek Irish High Court approval for the creation of distributable reserves.
+Added: New Linde expects this will be forthcoming, but cannot guarantee this, and until distributable reserves of New Linde are created, New Linde will be unable to make distributions by way of dividends, share repurchases or otherwise under Irish law.
+Added: Under Irish law, dividends may only be paid and share repurchases and redemptions must generally be funded only out of “distributable reserves,” which New Linde will not have immediately following the Reorganization.
+Added: The creation of distributable reserves of New Linde involves a reduction in New Linde’s undenominated share capital which requires the approval of the Irish High Court.
+Added: The approval of the Irish High Court is expected within eight weeks following the Reorganization becoming effective.
+Added: This approval is the same process successfully followed by Linde immediately after the Linde AG – Praxair, Inc.
+Added: merger in 2018.
+Added: New Linde is not aware of any reason why the Irish High Court would not approve the creation of distributable reserves in this manner;
+Added: however, the issuance of the required order is a matter for the discretion of the Irish High Court.
+Added: In the event that distributable reserves of New Linde are not created, no distributions by way of dividends, share repurchases or otherwise will be permitted under Irish law until such time as New Linde has created sufficient distributable reserves from its business activities, except that New Linde will be able to pay any dividends declared by the company prior to the Reorganization becoming effective.
UNRESOLVED STAFF COMMENTS
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.