v3.25.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The table below presents sales and operating profit information about reportable segments and Other for the quarter and six months ended June 30, 2025 and 2024.
Quarter Ended June 30,
(Millions of dollars)AmericasEMEAAPACEngineeringOtherTotal
2025
Sales (a)$3,812 $2,162 $1,655 $551 $315 $8,495 
Variable Costs (b)1,424 733 803 206 112 3,278 
Fixed Costs and other (c)805 480 194 247 191 1,917 
Depreciation and amortization (d)374 169 168 8 25 744 
Operating Profit (e)$1,209 $780 $490 $90 $(13)$2,556 
2024
Sales (a)$3,655 $2,091 $1,657 $544 $320 $8,267 
Variable Costs (b)1,337 777 824 200 112 3,250 
Fixed Costs and other (c)787 453 199 240 195 1,874 
Depreciation and amortization (d)372 157 160 8 24 721 
Operating Profit (e)$1,159 $704 $474 $96 $(11)$2,422 
Six Months Ended June 30,
(Millions of dollars)AmericasEMEAAPACEngineeringOtherTotal
2025
Sales (a)$7,478 $4,193 $3,194 $1,116 $626 $16,607 
Variable Costs (b)2,819 1,454 1,551 421 226 6,471 
Fixed Costs and other (c)1,572 909 372 475 351 3,679 
Depreciation and amortization (d)741 328 330 16 48 1,463 
Operating Profit (e)$2,346 $1,502 $941 $204 $1 $4,994 
2024
Sales (a)$7,215 $4,182 $3,248 $1,083 $639 $16,367 
Variable Costs (b)2,661 1,575 1,616 388 221 6,461 
Fixed Costs and other (c)1,577 900 389 483 364 3,713 
Depreciation and amortization (d)730 316 322 16 46 1,430 
Operating Profit (e)$2,247 $1,391 $921 $196 $8 $4,763 
(a)Sales reflect external sales only. Intersegment sales from Engineering to the industrial gases segments, were $619 million and $485 million for the second quarter 2025 and 2024, respectively, and $1,220 million and $876 million for the six months ended 2025 and 2024, respectively. Intersegment sales from Helium, were $107 million and $111 million for the second quarter 2025 and 2024, respectively, and $219 million and $234 million for the six months ended June 30, 2025 and 2024, respectively.
(b)Variable costs represents the variable portion of cost of sales, exclusive of depreciation and amortization.
(c)Fixed costs and other represents the fixed portion of cost of sales (exclusive of depreciation and amortization), selling, general and administrative, research and development and other income (expenses) - net.
(d)Refer to reconciliation of depreciation and amortization to consolidated results below.
(e)Refer to reconciliation of operating profit to consolidated results below.
Reconciliations to Consolidated Results
Depreciation and Amortization
The table below reconciles total depreciation and amortization disclosed in the table above to consolidated depreciation and amortization as reflected on our consolidated statement of income:
Quarter Ended June 30,Six Months Ended June 30,
(Millions of dollars)2025202420252024
Total segment depreciation and amortization$744 $721 $1,463 $1,430 
Purchase accounting impacts - Linde AG (a)198 237 389 477 
Total depreciation and amortization$942 $958 $1,852 $1,907 
Income Before Income Taxes and Equity Investments
The table below reconciles total operating profit disclosed in the table above to consolidated income before income taxes and equity investments as reflected on our consolidated statement of income:
Quarter Ended June 30,Six Months Ended June 30,
2025202420252024
Total segment operating profit$2,556 $2,422 $4,994 $4,763 
Cost reduction program and other charges— — 55 — 
Purchase accounting impacts - Linde AG (a)202 238 401 484 
Total operating profit2,354 2,184 4,538 4,279 
Interest expense - net67 70 127 135 
Net pension and OPEB cost (benefit), excluding service cost(59)(49)(115)(99)
Total consolidated income before income taxes and equity investments$2,346 $2,163 $4,526 $4,243 
(a)To adjust for purchase accounting impacts related to the merger.