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Linde plc (LIN)


Cash Flow Statement

Low level of difficulty

The cash flow statement provides information about a company’s cash receipts and cash payments during an accounting period, showing how these cash flaws link the ending cash balance to the beginning balance shown on the company’s balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Linde plc, consolidated cash flow statement

US$ in millions

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12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Net income, Linde plc 4,381  1,247  1,500  1,547  1,694 
Income from discontinued operations, net of tax and noncontrolling interests (108) —  —  —  — 
Noncontrolling interests from continuing operations 15  61  38  44  52 
Income from continuing operations, including noncontrolling interests 4,288  1,308  1,538  1,591  1,746 
Transaction costs and other charges, net of payments 40  26  83  121  138 
Amortization of merger-related inventory step-up 368  —  —  —  — 
Tax Act income tax charge, net (61) 394  —  —  — 
Depreciation and amortization 1,830  1,184  1,122  1,106  1,170 
Deferred income taxes, excluding Tax Act (187) 136  (13) 99  55 
Share-based compensation 62  59  39  30  51 
Net gain on sale of businesses, net of tax (2,923) —  —  —  — 
Non-cash charges and other 175  43  (43) (79) (116)
Accounts receivable (124) (92) (33) (80)
Inventory (4) (22) (13) (23) (42)
Prepaid and other current assets 43  (66) (22) (20)
Payables and accruals 287  22  92  (40) 13 
Working capital 202  (158) 52  (84) (129)
Pension contributions (87) (19) (11) (15) (18)
Long-term assets, liabilities and other (53) 68  (87) (29)
Adjustments to reconcile net income to net cash provided by operating activities (634) 1,733  1,235  1,091  1,122 
Net cash provided by operating activities 3,654  3,041  2,773  2,682  2,868 
Capital expenditures (1,883) (1,311) (1,465) (1,541) (1,689)
Acquisitions, net of cash acquired (25) (33) (363) (82) (206)
Divestitures and asset sales, net of cash divested 5,908  30  58  320  92 
Cash acquired in merger transaction 1,363  —  —  —  — 
Net cash (used for) provided by investing activities 5,363  (1,314) (1,770) (1,303) (1,803)
Short-term debt borrowings (repayments), net 208  (199) 191  (329) (193)
Long-term debt borrowings 11  936  1,497  1,546 
Long-term debt repayments (3,124) (583) (770) (1,000) (764)
Issuances of ordinary shares 77  120  139  88  103 
Purchases of ordinary shares (599) (12) (228) (725) (862)
Cash dividends, Linde plc shareholders (1,166) (901) (856) (819) (759)
Excess tax benefit on stock based compensation —  —  —  19  31 
Noncontrolling interest transactions and other (402) (92) (55) (28) (110)
Net cash used for financing activities (4,998) (1,656) (643) (1,297) (1,008)
Cash provided by operating activities 48  —  —  —  — 
Cash used for investing activities (23) —  —  —  — 
Cash provided by financing activities —  —  —  — 
Net cash provided by discontinued operations 27  —  —  —  — 
Effect of exchange rate changes on cash and cash equivalents (60) 22  17  (61) (69)
Change in cash and cash equivalents 3,986  93  377  21  (12)
Cash and cash equivalents, beginning-of-period 617  524  147  126  138 
Cash and cash equivalents, including discontinued operations 4,603  617  524  147  126 
Cash and cash equivalents of discontinued operations (137) —  —  —  — 
Cash and cash equivalents, end-of-period 4,466  617  524  147  126 

Based on: 10-K (filing date: 2019-03-18), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-25).

Cash flow statement item Description The company
Net cash provided by operating activities Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Linde plc’s net cash provided by operating activities increased from 2016 to 2017 and from 2017 to 2018.
Net cash (used for) provided by investing activities Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Linde plc’s net cash (used for) provided by investing activities increased from 2016 to 2017 and from 2017 to 2018.
Net cash used for financing activities Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Linde plc’s net cash used for financing activities declined from 2016 to 2017 and from 2017 to 2018.