Linde (LIN) is set to report fourth-quarter 2023 results on Feb 6, before the opening bell.In the last reported quarter, Linde’s earnings of $3.63 per share beat the Zacks Consensus Estimate of $3.57, owing to higher pricing from the Americas segment.The leading global industrial gases and engineering company’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 5.7%. This is depicted in the graph below.Trend in Estimate RevisionThe Zacks Conse ...

Linde (LIN) closed the latest trading day at $407.85, indicating a +0.55% change from the previous session's end. The stock outpaced the S&P 500's daily loss of 0.06%. At the same time, the Dow added 0.35%, and the tech-heavy Nasdaq lost 0.76%.Prior to today's trading, shares of the gas supplier had lost 1.24% over the past month. This has was narrower than the Basic Materials sector's loss of 6.09% and lagged the S&P 500's gain of 3.36% in that time.The investment community will be paying close attention t ...

Linde (LIN) closed at $401.28 in the latest trading session, marking a -1.62% move from the prior day. This change lagged the S&P 500's daily gain of 0.08%. On the other hand, the Dow registered a loss of 0.26%, and the technology-centric Nasdaq increased by 0.36%.The the stock of gas supplier has fallen by 0.5% in the past month, leading the Basic Materials sector's loss of 6.84% and undershooting the S&P 500's gain of 2.4%.Investors will be eagerly watching for the performance of Linde in its upcoming ear ...

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Linde (LIN) , which belongs to the Zacks Chemical - Specialty industry, could be a great candidate to consider.This gas supplier has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 2.28%.For the last reported quarter, Linde came out with earnings o ...

Editor's note: Seeking Alpha is proud to welcome Clayton Lovell as a new contributor. It's easy to become a Seeking Alpha contributor and earn money for your best investment ideas. Active contributors also get free access to SA Premium. Click here to find out more » krblokhin Investment Thesis In my analysis, I'll demonstrate why Linde plc (NASDAQ:LIN) is not just weathering the economic storm but thriving within it. My focus is on the company's remarkable resilience and its prudence in chasing growth e ...

Linde (LIN) closed the latest trading day at $408.92, indicating a +0.73% change from the previous session's end. This move outpaced the S&P 500's daily gain of 0.08%. Elsewhere, the Dow lost 0.31%, while the tech-heavy Nasdaq added 0.02%.The gas supplier's stock has dropped by 0.92% in the past month, falling short of the Basic Materials sector's gain of 1.22% and the S&P 500's gain of 3.52%.Investors will be eagerly watching for the performance of Linde in its upcoming earnings disclosure. The company's e ...

Linde (LIN) closed at $406.69 in the latest trading session, marking a -0.39% move from the prior day. This change lagged the S&P 500's 0.15% loss on the day. Elsewhere, the Dow lost 0.42%, while the tech-heavy Nasdaq added 0.09%.Heading into today, shares of the gas supplier had gained 0.01% over the past month, lagging the Basic Materials sector's gain of 3.91% and the S&P 500's gain of 3.5% in that time.The investment community will be paying close attention to the earnings performance of Linde in its up ...

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The company presents its unaudited condensed consolidated financial statements for the periods ended September 30, 2023 [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Q3 2023 sales decreased while operating profit and net income increased, a trend consistent with the nine-month results Consolidated Statements of Income (Q3 2023 vs Q3 2022) | Metric | Q3 2023 (Millions) | Q3 2022 (Millions) | Change | | :--- | :--- | :--- | :--- | | Sales | $8,155 | $8,797 | -7.3% | | Operating Profit | $2,052 | $1,613 | +27.2% | | Net Income – Linde plc | $1,565 | $1,273 | +23.0% | | Diluted EPS | $3.19 | $2.54 | +25.6% | Consolidated Statements of Income (Nine Months Ended Sep 30) | Metric | 2023 (Millions) | 2022 (Millions) | Change | | :--- | :--- | :--- | :--- | | Sales | $24,552 | $25,465 | -3.6% | | Operating Profit | $5,996 | $3,682 | +62.8% | | Net Income – Linde plc | $4,656 | $2,819 | +65.2% | | Diluted EPS | $9.43 | $5.57 | +69.3% | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets and shareholders' equity decreased slightly as of September 30, 2023, compared to year-end 2022 Condensed Consolidated Balance Sheet Highlights | (Millions of dollars) | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $3,894 | $5,436 | | Total Current Assets | $11,737 | $13,047 | | Property, plant and equipment - net | $23,624 | $23,548 | | Goodwill | $25,955 | $25,817 | | **Total Assets** | **$77,827** | **$79,658** | | **Liabilities & Equity** | | | | Total Current Liabilities | $14,162 | $16,479 | | Long-term debt | $13,232 | $12,198 | | **Total Liabilities** | **$37,589** | **$38,271** | | **Total Linde plc Shareholders' Equity** | **$38,898** | **$40,028** | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow remained strong while increased investing and financing activities led to a net decrease in cash Cash Flow Summary (Nine Months Ended Sep 30) | (Millions of dollars) | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $6,578 | $6,769 | | Net cash used for investing activities | $(3,444) | $(2,207) | | Net cash used for financing activities | $(4,620) | $(3,479) | | **Change in cash and cash equivalents** | **$(1,542)** | **$933** | - Key uses of cash in the first nine months of 2023 included capital expenditures of **$2.64 billion**, acquisitions of **$842 million**, share repurchases of **$2.93 billion**, and dividend payments of **$1.87 billion**[26](index=26&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the Frankfurt delisting, reorganization costs, legal contingencies, and the nexAir acquisition - In Q1 2023, the company completed an intercompany reorganization, resulting in the **delisting of its shares from the Frankfurt Stock Exchange** and now trades exclusively on the NYSE[30](index=30&type=chunk)[31](index=31&type=chunk) - Other charges for the nine months ended Sep 30, 2023 were **$42 million**, a significant decrease from **$1,004 million** in 2022, which included a **$787 million loss** from deconsolidating its Russian business[34](index=34&type=chunk)[37](index=37&type=chunk) - Linde faces a contingent liability of **$1.1 billion** related to a terminated engineering project in Russia and is involved in arbitration proceedings to defend its position[82](index=82&type=chunk)[85](index=85&type=chunk) - On January 5, 2023, Linde acquired the remaining 77% of nexAir, LLC for **$859 million in cash**, resulting in **$458 million of goodwill**[111](index=111&type=chunk)[117](index=117&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, highlighting strong pricing and productivity driving profit growth despite lower sales [Consolidated Results](index=29&type=section&id=Consolidated%20Results) Q3 2023 sales fell 7% due to lower cost pass-through, but adjusted operating profit and EPS grew significantly Q3 2023 vs Q3 2022 Performance Summary | Metric | Q3 2023 | Q3 2022 | % Change | | :--- | :--- | :--- | :--- | | Sales | $8,155 M | $8,797 M | (7)% | | Adjusted Operating Profit | $2,306 M | $2,010 M | 15% | | Adjusted Operating Margin | 28.3% | 22.8% | +550 bps | | Adjusted Diluted EPS | $3.63 | $3.10 | 17% | - The main drivers for the **7% sales decline** in Q3 2023 were cost pass-through (-6%), Engineering (-4%), and volume (-2%), partially offset by price attainment (+5%)[123](index=123&type=chunk)[128](index=128&type=chunk) [Segment Discussion](index=34&type=section&id=Segment%20Discussion) Industrial gas segments delivered strong operating profit growth, while the Engineering segment's sales declined Q3 2023 Segment Operating Profit | Segment | Q3 2023 Operating Profit (M) | Q3 2022 Operating Profit (M) | % Change | | :--- | :--- | :--- | :--- | | Americas | $1,074 | $974 | 10% | | EMEA | $634 | $465 | 36% | | APAC | $459 | $429 | 7% | | Engineering | $116 | $150 | (23)% | - The Americas segment's **10% operating profit growth** was driven by higher pricing (+5% to sales) and the nexAir acquisition (+3% to sales)[157](index=157&type=chunk)[159](index=159&type=chunk) - The EMEA segment saw a substantial **36% increase in operating profit**, benefiting from strong pricing (+6% to sales) and favorable currency (+6%)[160](index=160&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk) - Engineering segment sales **declined 44%** and operating profit **fell 23%** in Q3 2023 due to project timing and the wind-down of sanctioned projects in Russia[167](index=167&type=chunk)[168](index=168&type=chunk)[170](index=170&type=chunk) [Liquidity, Capital Resources and Other Financial Data](index=40&type=section&id=Liquidity%2C%20Capital%20Resources%20and%20Other%20Financial%20Data) The company maintained strong liquidity after significant capital deployment for investments and shareholder returns Cash Flow Summary (Nine Months Ended Sep 30, 2023) | (Millions of dollars) | Amount | | :--- | :--- | | Net cash provided by operating activities | $6,578 | | Capital expenditures | $(2,636) | | Acquisitions, net of cash acquired | $(842) | | Net purchases of ordinary shares | $(2,900) | | Cash dividends - Linde plc shareholders | $(1,866) | - The company's sale of gas backlog for large projects under construction was approximately **$4.5 billion** as of September 30, 2023[182](index=182&type=chunk) - Linde maintains access to a **$5 billion** revolving credit facility and a **$1.5 billion** facility, both of which were undrawn as of September 30, 2023[48](index=48&type=chunk)[187](index=187&type=chunk) [NON-GAAP MEASURES AND RECONCILIATIONS](index=42&type=section&id=NON-GAAP%20MEASURES%20AND%20RECONCILIATIONS) This section reconciles GAAP to non-GAAP measures, adjusting for purchase accounting and other charges Reconciliation of Reported to Adjusted Operating Profit (Q3 2023) | (Millions of dollars) | Amount | | :--- | :--- | | Reported operating profit | $2,052 | | Add: Other charges | $2 | | Add: Purchase accounting impacts - Linde AG | $252 | | **Adjusted operating profit** | **$2,306** | Reconciliation of Reported to Adjusted Diluted EPS (Q3 2023) | Per Share Data | Amount | | :--- | :--- | | Reported diluted EPS | $3.19 | | Add: Pension settlement charge | $0.02 | | Add: Other charges | $0.00 | | Add: Purchase accounting impacts - Linde AG | $0.42 | | **Adjusted diluted EPS** | **$3.63** | - The company excludes purchase accounting impacts from the Linde AG merger from its non-GAAP measures due to the merger's structure and for management compensation purposes[194](index=194&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's market risk disclosures reference the 2022 Annual Report on Form 10-K - There is no new information provided on market risk; the report refers to the disclosures in the **2022 Annual Report on Form 10-K**[214](index=214&type=chunk) [Item 4. Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls - The principal executive officer and principal financial officer have concluded that the company's **disclosure controls and procedures are effective**[216](index=216&type=chunk) - **No material changes** in internal control over financial reporting occurred during the quarter[216](index=216&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company details significant legal matters, including disputes in Brazil and Russia, in Note 9 - The company is involved in several legal proceedings, with significant matters including Brazilian tax issues and a dispute with RusChemAlliance (RCA) over a terminated project in Russia[218](index=218&type=chunk)[75](index=75&type=chunk) [Item 1A. Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported since the 2022 Annual Report on Form 10-K - **No material changes** to the risk factors disclosed in the 2022 Form 10-K have occurred during the quarterly period[219](index=219&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased $1.2 billion in shares in Q3 and approved a new $15 billion repurchase program Share Repurchases (Q3 2023) | Period | Total Shares Purchased (Thousands) | Average Price Paid Per Share | | :--- | :--- | :--- | | July 2023 | 905 | $376.98 | | August 2023 | 997 | $380.63 | | September 2023 | 1,264 | $377.81 | | **Third Quarter 2023** | **3,166** | **$378.46** | - On October 23, 2023, the company's board of directors approved a new **$15.0 billion share repurchase program**[220](index=220&type=chunk) [Item 3. Defaults Upon Senior Securities](index=47&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported during the period - None[221](index=221&type=chunk) [Item 4. Mine Safety Disclosures](index=47&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[222](index=222&type=chunk) [Item 5. Other Information](index=47&type=section&id=Item%205.%20Other%20Information) No other information was reported for this item - None[223](index=223&type=chunk) [Item 6. Exhibits](index=48&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the report, including officer certifications and XBRL data - Exhibits filed include CEO and CFO certifications pursuant to Rule 13a-14(a) and Section 1350, as well as XBRL data files[224](index=224&type=chunk)

Financial Performance - Full-Year 2023 Adjusted EPS is projected to be in the range of $13.80 to $14.00, representing a +12% to +14% increase compared to 2022, assuming no currency impact[2] - Third Quarter 2023 Adjusted EPS is expected to be in the range of $3.48 to $3.58, a +12% to +15% increase versus 2022, with an estimated YoY currency tailwind of +2%[2] - Second Quarter 2023 diluted EPS was $3.57, a +15% increase YoY[105] - The company's After-Tax ROC was 24.9%, a +490 bps increase YoY[105] Sales and Operations - Second Quarter 2023 sales were $8.204 billion, a -3% decrease YoY[105] - Americas sales in 2Q 2023 were $3.541 billion to $3.551 billion, a +1% increase YoY[5] - EMEA sales in 2Q 2023 were $2.160 billion to $2.177 billion, a +1% increase YoY[17] - APAC sales in 2Q 2023 were $1.683 billion to $1.598 billion, a +2% increase YoY[7] - The company's high-quality project backlog is $7.8 billion[91] Capital Allocation and Investments - The company's CAPEX for Full-Year 2023 is projected to be $3.5 billion to $4.0 billion[2] - The company reinvested $2.5 billion in the business YTD[18] - The company returned $2.9 billion to shareholders YTD, including $1.7 billion in net share buybacks and $1.2 billion in dividends[19]

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The unaudited condensed consolidated financial statements detail performance for the three and six months ended June 30, 2023 Consolidated Statements of Income - Q2 2023 vs Q2 2022 | Metric | Q2 2023 (Millions USD) | Q2 2022 (Millions USD) | Change | | :--- | :--- | :--- | :--- | | Sales | 8,204 | 8,457 | -3.0% | | Operating Profit | 2,011 | 589 | +241.4% | | Net Income – Linde plc | 1,575 | 372 | +323.4% | | Diluted EPS | $3.19 | $0.74 | +331.1% | Consolidated Statements of Income - Six Months Ended June 30, 2023 vs 2022 | Metric | H1 2023 (Millions USD) | H1 2022 (Millions USD) | Change | | :--- | :--- | :--- | :--- | | Sales | 16,397 | 16,668 | -1.6% | | Operating Profit | 3,944 | 2,069 | +90.6% | | Net Income – Linde plc | 3,091 | 1,546 | +99.9% | | Diluted EPS | $6.25 | $3.04 | +105.6% | Condensed Consolidated Balance Sheet Highlights | Metric | June 30, 2023 (Millions USD) | Dec 31, 2022 (Millions USD) | | :--- | :--- | :--- | | Total Assets | 78,718 | 79,658 | | Total Liabilities | 37,470 | 38,271 | | Total Equity | 41,235 | 41,374 | | Cash and cash equivalents | 3,357 | 5,436 | Condensed Consolidated Statements of Cash Flows Highlights - Six Months Ended June 30 | Metric | 2023 (Millions USD) | 2022 (Millions USD) | | :--- | :--- | :--- | | Net cash provided by operating activities | 4,058 | 4,133 | | Net cash used for investing activities | (2,498) | (1,507) | | Net cash used for financing activities | (3,656) | (1,759) | | Change in cash and cash equivalents | (2,079) | 832 | [Note 2. Other Charges](index=11&type=section&id=Note%202.%20Other%20Charges) The company incurred charges for severance and reorganization, including a significant 2022 loss from Russian business deconsolidation - Other charges for Q2 2023 were **$22 million**, primarily related to severance in the Engineering segment and expenses from an intercompany reorganization[34](index=34&type=chunk) - In Q2 2022, the company deconsolidated its Russian gas and engineering businesses due to the Russia-Ukraine conflict, resulting in a **pre-tax loss of $787 million**[37](index=37&type=chunk) [Note 10. Segments](index=20&type=section&id=Note%2010.%20Segments) Segment performance shows the Americas as the largest contributor to sales and operating profit, with growth across all geographic segments Sales by Segment - Six Months Ended June 30 (Millions USD) | Segment | 2023 | 2022 | | :--- | :--- | :--- | | Americas | 7,092 | 6,759 | | EMEA | 4,337 | 4,292 | | APAC | 3,281 | 3,253 | | Engineering | 1,035 | 1,372 | | Other | 652 | 992 | | **Total** | **16,397** | **16,668** | Segment Operating Profit - Six Months Ended June 30 (Millions USD) | Segment | 2023 | 2022 | | :--- | :--- | :--- | | Americas | 2,095 | 1,814 | | EMEA | 1,237 | 1,039 | | APAC | 895 | 825 | | Engineering | 256 | 248 | | Other | 9 | (33) | | **Total** | **4,492** | **3,893** | [Note 12. Revenue Recognition](index=23&type=section&id=Note%2012.%20Revenue%20Recognition) Revenue is primarily generated from industrial gases, with remaining performance obligations estimated at approximately $47 billion - The company's industrial gas revenue is generated through three main distribution methods: on-site (long-term contracts), merchant (bulk liquid), and packaged gases (cylinders)[91](index=91&type=chunk) Sales by Distribution Method - Q2 2023 (Millions USD) | Method | Americas | EMEA | APAC | Engineering | Other | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Merchant | 1,094 | 704 | 570 | — | 53 | 2,421 | | On-Site | 756 | 493 | 677 | — | — | 1,926 | | Packaged Gas | 1,638 | 946 | 366 | — | 12 | 2,962 | | Other | 53 | 17 | 70 | 495 | 260 | 895 | | **Total** | **3,541** | **2,160** | **1,683** | **495** | **325** | **8,204** | - The company estimates remaining performance obligations from future minimum purchase requirements and plant sales to be approximately **$47 billion**, excluding Russian projects impacted by sanctions[106](index=106&type=chunk) [Note 13. Business Acquisition](index=26&type=section&id=Note%2013.%20Business%20Acquisition) The company acquired the remaining stake in nexAir, LLC for $859 million, expanding its geographic footprint in the Americas - Linde acquired the remaining 77% of nexAir, LLC on January 5, 2023, for a total purchase price of **$859 million** in an all-cash transaction[107](index=107&type=chunk) - The acquisition added **$101 million in sales for Q2 2023** and **$204 million for the six months ended June 30, 2023**, and was consolidated into the Americas business segment[108](index=108&type=chunk) - The preliminary purchase price allocation includes **$245 million in customer relationships** (intangible assets) and **$458 million in goodwill**[110](index=110&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a sales decline driven by lower cost pass-through but highlights increased adjusted operating profit from pricing and productivity [Consolidated Results](index=29&type=section&id=Consolidated%20Results) Q2 2023 sales decreased 3% to $8.2 billion, while adjusted operating profit and adjusted diluted EPS grew by 15% Q2 2023 vs Q2 2022 Performance Summary | Metric | Q2 2023 | Q2 2022 | Variance | | :--- | :--- | :--- | :--- | | Sales | $8,204M | $8,457M | (3)% | | Reported Operating Profit | $2,011M | $589M | 241% | | Adjusted Operating Profit | $2,286M | $1,988M | 15% | | Reported Diluted EPS | $3.19 | $0.74 | 331% | | Adjusted Diluted EPS | $3.57 | $3.10 | 15% | - Key drivers for the 3% sales decline in Q2 2023 were cost pass-through (-4%), acquisitions/divestitures (-2%), engineering (-2%), currency (-1%), and volume (-1%), offset by a **7% increase from price/mix**[118](index=118&type=chunk)[124](index=124&type=chunk) [Segment Discussion](index=34&type=section&id=Segment%20Discussion) All geographic segments reported operating profit growth in Q2 2023, driven by strong pricing, while Engineering sales declined - Americas Q2 sales grew 1% to $3.54B, with **operating profit up 18% to $1.07B**, driven by 6% price/mix improvement and the nexAir acquisition[152](index=152&type=chunk)[154](index=154&type=chunk) - EMEA Q2 sales increased 1% to $2.16B, with **operating profit up 18% to $630M**, benefiting from an 11% price/mix increase that offset a 4% volume decline[155](index=155&type=chunk)[157](index=157&type=chunk)[159](index=159&type=chunk) - APAC Q2 sales grew 2% to $1.68B, with **operating profit up 11% to $472M**, supported by 3% volume growth and 5% price/mix improvement, despite a 5% currency headwind[160](index=160&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk) [Liquidity, Capital Resources and Other Financial Data](index=40&type=section&id=Liquidity%2C%20Capital%20Resources%20and%20Other%20Financial%20Data) Operating cash flow remained strong at $4.1 billion, while investing and financing activities increased due to acquisitions and share repurchases - Cash from operations for H1 2023 was **$4,058 million**, down 2% from $4,133 million in H1 2022, mainly due to higher working capital requirements[173](index=173&type=chunk)[174](index=174&type=chunk) - Investing activities in H1 2023 used **$2,498 million**, including **$1,688 million in capital expenditures** and **$834 million for acquisitions** (primarily nexAir)[176](index=176&type=chunk)[177](index=177&type=chunk) - Financing activities in H1 2023 used **$3,656 million**, consisting of **$1,746 million in net share repurchases** and **$1,246 million in dividends**[173](index=173&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk)[181](index=181&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Market risk disclosures remain materially unchanged from the company's 2022 Annual Report on Form 10-K - The company's disclosures regarding market risk have not materially changed and are detailed in its 2022 Annual Report on Form 10-K[210](index=210&type=chunk) [Item 4. Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls during the quarter - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of the end of the quarter[212](index=212&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[212](index=212&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ongoing legal matters related to Brazilian tax, German shareholder proceedings, and Russian project arbitration - The company is involved in various legal proceedings, as detailed in Note 9 to the condensed consolidated financial statements[214](index=214&type=chunk) [Item 1A. Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the 2022 Annual Report - There have been no material changes to the risk factors disclosed in the company's 2022 Annual Report on Form 10-K[215](index=215&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased approximately 2.5 million shares for $912 million in Q2 2023 under its existing buyback program Share Repurchases - Q2 2023 | Period | Shares Purchased (Thousands) | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2023 | 830 | $361.66 | | May 2023 | 997 | $361.52 | | June 2023 | 682 | $368.70 | | **Total Q2 2023** | **2,509** | **$363.52** | - As of June 30, 2023, **$3.6 billion of share repurchases remain authorized** under the $10 billion program that expires on July 31, 2024[216](index=216&type=chunk) [Item 5. Other Information](index=47&type=section&id=Item%205.%20Other%20Information) An executive vice president adopted a Rule 10b5-1 trading plan for potential sales of company shares - An executive, Sean Durbin, adopted a Rule 10b5-1 trading plan on June 15, 2023, for potential sales of company shares through May 31, 2024[219](index=219&type=chunk) [Item 6. Exhibits](index=48&type=section&id=Item%206.%20Exhibits) The filing includes required exhibits such as officer certifications, debt agreements, and interactive data files - The report includes several exhibits, such as debt agreements, officer certifications (Rule 13a-14(a) and Section 1350), and XBRL interactive data files[220](index=220&type=chunk)