Company: LIN
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-007990
Chunk: 18

Company: LINDE PLC
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 18
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 reportable segment, which represents the reportable segment anticipated to experience operating synergies as a result of the acquisition.DivestituresDivestitures, net of cash divested and asset sales were $170 million, $70 million, and $195 million for the years ended December 31, 2024,  2023 and 2022, respectively. Divestiture proceeds in 2024 include $69 million in net proceeds for a divestiture in APAC and a settlement with a supplier in the Americas. 2022 Sale of GIST businessIn the third quarter of 2022, the company completed the sale of its GIST business. Proceeds from the sale were $184 million, net of cash divested of $75 million, for net proceeds of $109 million. The sale resulted in a loss of $21 million (benefit of $3 million, after tax), recorded within cost reduction program and other charges in the consolidated statement of income (see Note 3).

NOTE 3. COST REDUCTION PROGRAM AND OTHER CHARGES

2024 ChargesCost reduction program and other charges were $145 million for the year ended December 31, 2024. Costs include severance of $165 million, other cost reduction charges of $23 million, and a benefit of $43 million related to a divestiture in APAC. Cost reduction program and other charges for 2024 included an income tax benefit of $35 million.2023 ChargesCost reduction program and other charges were $40 million for the year ended December 31, 2023. Costs primarily related to severance in the Engineering segment and expenses incurred due to the intercompany reorganization for the year ended December 31, 2023. Cost reduction program and other charges for 2023 included an income tax benefit of $81 million primarily comprised of a benefit of $124 million related to the resolution of an income tax audit, partially offset by an accrual of $85 million for the potential settlement of an international income tax matter.2022 ChargesCost reduction program and other charges were $1 billion ($896 million, after tax and noncontrolling interests) for the year ended December 31, 2022, largely attributable to the Russia-Ukraine conflict. Russia-Ukraine ConflictIn response to the Russian invasion of Ukraine, multiple jurisdictions, including Europe and the U.S., have imposed several tranches of economic sanctions on Russia.