What changed in this filing

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Item 1. Business

2024-02-28 compared with 2023-02-28 · 29 added, 17 removed, 153 unchanged (23% of the section changed)

22 unchanged sentences

Low carbon intensity, high-purity hydrogen is also produced by purifying and recovering by-product hydrogen sources from the chemical and petrochemical industries.

Helium is sourced from certain helium-rich natural gas streams in the United States, with additional supplies being acquired from outside the United States.

Carbon monoxide can be produced by either steam methane reforming or auto-thermal reforming of natural gas or other feed streams such as naphtha.

Acetylene is primarily sourced as a chemical by-product, but may also be produced from calcium carbide and water.

Most carbon dioxide is purchased from by-product sources, including chemical plants, refineries and industrial processes or is recovered from carbon dioxide wells.

Carbon dioxide is processed in Linde’s plants to produce commercial and food-grade carbon dioxide.

Helium is sourced from certain helium-rich natural gas streams in the United States, with additional supplies being acquired from outside the United States.

Acetylene is primarily sourced as a chemical by-product, but may also be produced from calcium carbide and water.

Industrial Gases Distribution

24 unchanged sentences

Linde’s Engineering business has a global presence, with its focus on market segments such as air separation, hydrogen, synthesis, olefin and natural gas plants.

The company utilizes its extensive process engineering know-how in the planning, design and construction of highly efficient turnkey plants for the production and processing of gases.

The company utilizes its extensive process engineering know-how in the planning, design and construction of highly efficient plants for the production and processing of gases.

With its state-of-the-art sustainable technologies Engineering also helps customers avoid, capture and utilize CO2 emissions.

6 unchanged sentences

On-site plants and pipeline complexes have limited inventory.

Inventory obsolescence is not material to Linde’s business.

In ventory obsolescence is not material to Linde’s business.

Customers – Linde is not dependent upon a single customer or a few customers.

3 unchanged sentences

and approximately 20 countries in North and South America (including Canada, Mexico and Brazil).

The company also has equity method investments operating in Europe, Asia, Africa, the Middle East, and North America.

The company also has equity method investments operating in Europe, Asia, and the Middle East.

Linde’s non-U.S.

10 unchanged sentences

as well as the frequent introduction of new industrial gas applications.

Research and development is primarily conducted at Munich, Germany, Tonawanda, New York, Burr Ridge, Illinois and Shanghai, China.

Research and development is primarily conducted in Pullach, Germany, Tonawanda, New York, Burr Ridge, Illinois and Shanghai, China.

Patents and Trademarks – Linde owns or licenses a large number of patents that relate to a wide variety of products and processes.

4 unchanged sentences

Most of Linde’s energy requirements are in the form of electricity, natural gas and diesel fuel for distribution.

The company mitigates electricity, natural gas, and hydrocarbon price fluctuations contractually through pricing formulas, surcharges, and cost pass–through and tolling arrangements.

The supply of energy has not been a significant issue in the geographic areas where the company conducts business.

However, energy availability and price is unpredictable and may pose unforeseen future risks.

The company mitigates electricity, natural gas, and hydrocarbon price fluctuations contractually through pricing formulas, surcharges, cost pass–through and tolling arrangements.

The supply of energy has not typically been a significant issue in the geographic areas where the company conducts business.

However, energy availability and price is unpredictable and may pose future risks.

For carbon dioxide, carbon monoxide, helium, hydrogen and specialty gases, raw materials are largely purchased from outside sources.

10 unchanged sentences

The Human Capital Committee assists the Board in its oversight of Linde’s compensation policies and programs, particularly in regard to reviewing executive compensation for Linde’s executive officers.

The Human Capital Committee also periodically reviews the company’s management development and succession programs, diversity policies and objectives, and the associated programs to achieve those objectives.

The Human Capital Committee also annually reviews the company’s management development and succession programs, diversity policies and objectives, and the associated programs to achieve those objectives.

The global head of Human Resources reports to the Chief Executive Officer ("CEO").

A global leader of Diversity and Inclusion reports to the head of Human Resources.

A global leader of Diversity, Equity and Inclusion reports to the head of Human Resources.

Linde has aligned diversity and inclusion with its business strategies and implemented diversity action planning into business process and performance management.

Diversity and inclusion are line management responsibilities and Linde seeks competitive advantage through proactive management of its talent pipeline and recruiting processes.

Diversity, equity and inclusion are line management responsibilities and Linde seeks competitive advantage through proactive management of its talent pipeline and recruiting processes.

Linde provides equal employment opportunity, and recruits, hires, promotes and compensates people based solely on their performance and ability.

3 unchanged sentences

Senior managers participate directly in the company’s growth in value through the Long Term Incentive Plan of Linde plc.

In addition, annually managers have the ability to grant leadership awards under the Long Term Incentive Plan to certain eligible employees.

From time to time, Linde may introduce special compensation schemes to recognize or reward specific individuals such as the one implemented in 2020 for global front-line employees.

1 unchanged sentence

As of December 31, 2023, Linde had 66,323 employees worldwide comprised of approximately 28 percent women and 72 percent men.

The total professional workforce is comprised of approximately 29 percent women and 71 percent men.

Environment – Information required by this item is incorporated herein by reference to the section captioned “Management’s Discussion and Analysis – Environmental Matters” in Item 7 of this 10-K.

16 unchanged sentences

Bichara previously held roles at Cemex and various global law firms.

Sean Durbin, 52, became Executive Vice President, EMEA in April 2021.

Previously, he served as Senior Vice President, Global Functions beginning in July 2020.

Sean Durbin, 53, became Executive Vice President, North America effective September 1, 2023.

Previously, he served as Executive Vice President, EMEA from April 2021 to September 2023 and Senior Vice President, Global Functions from July 2020.

Durbin joined Praxair, Inc.

20 unchanged sentences

Panikar held increasingly responsible positions including Manager of Site Services and Equipment, Business Development Director for Praxair Asia, Managing Director of Praxair India, VP, South Region, North American Industrial Gases and President, Praxair Distribution, Inc.

Strauss, 64, is Executive Vice President and Chief Human Resources Officer.

He previously served as Praxair’s Chief Human Resources Officer.

Oliver Pfann, 55, was appointed Senior Vice President, EMEA effective September 1, 2023.

Since 1995, Oliver Pfann has served in a range of roles at Linde.

He began his career in Product Development and then as Sales Manager in Romania.

He transitioned to Global Key Accounts and was named General Manager of Linde Italy in 2004.

Since 2007, Pfann led a

regional cluster in Eastern Europe with an increasing number of countries.

In 2017, he was promoted to lead the Region UK, Ireland and Africa before assuming his assignment as Business President for Region Europe East in 2019.

Strauss, 65, has been Executive Vice President and Chief Human Resources Officer since 2022.

From 2018 to 2021, he was Senior Vice President and Chief Human Resources Officer.

Strauss joined Linde in 1990 as an Applications Engineer before being promoted to lead the electronics materials business.

He subsequently served as Vice President of Safety, Health and Environment.

From 2000 to 2013, he served as the General Manager for Linde Advanced Material Technologies Inc.

(formerly “Praxair Surface Technologies, Inc.”).

In 2013, he became Vice President of Safety, Health and Environment before being named Chief Human Resources Officer of Praxair, Inc., a position he held from 2016 until 2018.

White, 51, became Executive Vice President and Chief Financial Officer of Linde in October 2018.

1 unchanged sentence

since January 1, 2014.

Prior to this, Mr.

White was President of Praxair Canada from 2011 to 2013.

3 unchanged sentences

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.

What changed 10-K

Item 1. Business