Linde completed the acquisition of nexAir, LLC, a gas distribution and welding supply company, for $866 million, expanding its presence in the Americas. The acquisition contributed $408 million in sales for the year.

Linde completed the sale of its GIST business, resulting in a loss of $21 million (benefit of $3 million, after tax). Proceeds from the sale were $184 million, net of cash divested of $75 million.

Engineering segment sales decreased by 22% to $2.160 billion, driven by project timing and the termination or suspension of projects in Russia due to sanctions.

Adjusted operating profit increased by 15% due to higher pricing and continued productivity initiatives, which offset cost inflation and lower volumes.

Linde attempts to minimize the financial impact of variability in energy costs through the management of customer contracts and reducing demand through operational productivity and energy efficiency.

Linde is actively monitoring current developments, evaluating the direct and indirect business risks, and taking appropriate actions to manage business risks from current and potential GHG emission regulation as well as physical consequences of climate change.

A broad decline in general economic or business conditions in the industries served by its customers could adversely affect the demand for Linde's products and impair the ability of its customers to satisfy their obligations to Linde.

Energy is the single largest cost item in the production and distribution of industrial gases. A disruption in supply of raw materials could impact Linde's ability to meet contractual supply commitments.

Linde's international operations are subject to risks including devaluations in currency exchange rates, political and economic instability, trade conflicts, and changes in governmental policies.

Linde participates in highly competitive markets in industrial gases and engineering, which are characterized by a mixture of local, regional and global players, all of which exert competitive pressure on the parties.

In locations where Linde has pipeline networks, which enable the company to provide reliable and economic supply of products to larger customers, Linde derives a competitive advantage.

Competitors in the industrial gases industry include global and regional companies such as L'Air Liquide S.A., Air Products and Chemicals, Inc., Messer Group GmbH, Mitsubishi Chemical Holdings Corporation as well as an extensive number of small to medium size independent industrial gas companies.

Cost pass-through, representing the contractual billing of energy cost variances primarily to onsite customers, decreased sales by 3% with minimal impact on operating profit.

Linde attempts to minimize the financial impact of variability in energy costs through the management of customer contracts and reducing demand through operational productivity and energy efficiency.

Linde continuously seeks opportunities to optimize energy use and GHG emissions through research and development in customer applications and rigorous operational energy efficiency, sourcing low-carbon source energy, and purchasing hydrogen as a chemical byproduct where feasible.

Linde's research and development is directed toward development of gas processing, separation and liquefaction technologies, and clean energy technologies; improving distribution of industrial gases and the development of new markets and applications for these gases.

As a result of these efforts, Linde develops new and proprietary technologies and employs necessary measures to protect such technologies within the global geographies in which Linde operates.

As a pioneer in the industrial gases industry, Linde is a leader in developing a wide range of proprietary and patented applications and supply systems technology. Linde also led the development and commercialization of non-cryogenic air separation technologies for the production of industrial gases.

Net purchases of ordinary shares were $3.925 billion in 2023, compared to $5.132 billion in 2022. On October 23, 2023, the company's board of directors approved a new share repurchase program for up to $15 billion of Linde's ordinary shares.

Cash dividends increased to $2.482 million in 2023 versus $2.344 million in 2022 driven primarily by a 9% increase in dividends per share to $5.10 per share from $4.68 per share.

Capital expenditures in 2023 were $3.787 million, an increase of $614 million from 2022. Capital expenditures during 2023 related primarily to investments in new plant and production equipment for operating and growth requirements.

Linde continuously seeks opportunities to optimize energy use and GHG emissions through research and development in customer applications and rigorous operational energy efficiency, sourcing low-carbon source energy, and purchasing hydrogen as a chemical byproduct where feasible.

To manage business risks from current and potential GHG emission regulation as well as physical consequences of climate change, Linde actively monitors current developments, evaluates the direct and indirect business risks, and takes appropriate actions.

The Sustainability Committee is responsible for oversight of the Company's programs, policies and strategies related to environmental matters, including climate change, greenhouse gas reduction goals and decarbonization solutions, such as clean energy and carbon management.

Linde operates in jurisdictions that have, or are developing, laws and/or regulations to reduce or mitigate the adverse effects of greenhouse gas emissions and therefore faces a highly uncertain regulatory environment in this area.

Linde is subject to a variety of international laws and government regulations and changes in, or failure to comply with, these laws or regulations could have an adverse impact on the company's business, financial position and results of operations.

Linde's business is generally not subject to seasonal fluctuations to any significant extent.