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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended March 31, 2005
 
OR
 
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from              to             

PRAXAIR, INC.
(Exact name of registrant as specified in its charter)
 
DELAWARE
(State or Other jurisdiction of incorporation)
 
1-11037
 
06-1249050
(Commission File Number)
 
(IRS Employer Identification No.)
 
 
 
39 OLD RIDGEBURY ROAD, DANBURY, CT
 
06810-5113
(Address of principal executive offices)
 
(Zip Code)
 
(203) 837-2000
(Registrant’s telephone number, including area code)
 
N/A
(Former name or former address, if changed since last report)
 
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).  Yes  x    No  ¨

At March 31, 2005, 323,482,263 shares of common stock ($0.01 par value) of the Registrant were outstanding.
 
 
 
 
1

INDEX
     
     
     
     
PAGE
     
Financial Statements
  
     
 
Consolidated Statements of Income - Praxair, Inc. and Subsidiaries
Quarter Ended March 31, 2005 and 2004 (Unaudited)
 
3
     
 
Condensed Consolidated Balance Sheets - Praxair, Inc. and Subsidiaries
March 31, 2005 and December 31, 2004 (Unaudited)
 
4
     
 
Condensed Consolidated Statements of Cash Flows - Praxair, Inc. and Subsidiaries
Quarter Ended March 31, 2005 and 2004 (Unaudited)
 
5
     
 
Consolidated Statement of Shareholders’ Equity - Praxair, Inc. and Subsidiaries
Quarter Ended March 31, 2005 (Unaudited)
 
6
     
 
Notes to Condensed Consolidated Financial Statements - Praxair, Inc.
and Subsidiaries (Unaudited)
 
7
     
Management's Discussion and Analysis of Financial Condition and
Results of Operations
 
13
     
Quantitative and Qualitative Disclosures about Market Risk
20
     
Controls and Procedures
20
     
 
     
Legal Proceedings
21
     
Unregistered Sales of Equity Securities and Use of Proceeds
21
     
Defaults Upon Senior Securities
21
     
Submission of Matters to a Vote of Security Holders
21
     
Other Information
21
     
Exhibits
22
     
23
     
 
 
  

 
 
 
2
 
PART I - FINANCIAL INFORMATION

Praxair, Inc. and Subsidiaries

Item 1. Financial Statements

 
PRAXAIR, INC. AND SUBSIDIARIES
  
CONSOLIDATED STATEMENTS OF INCOME
  
(Millions of dollars, except per share data)
  
(UNAUDITED)
  
           
           
           
   
Quarter Ended March 31,
  
   
2005
  
2004
  
           
SALES
  
$
1,827
  
$
1,531
  
Cost of sales, exclusive of
             
     depreciation and amortization
    
1,109
   
908
 
Selling, general and administrative
    
245
   
204
 
Depreciation and amortization
    
162
   
139
 
Research and development
    
20
   
19
 
Other income (expense) - net
    
18
   
(1
)
OPERATING PROFIT
    
309
   
260
 
Interest expense - net
    
42
   
37
 
INCOME BEFORE INCOME TAXES
    
267
   
223
 
Income taxes
    
69
   
56
 
     
198
   
167
 
Minority interests
    
(7
)
  
(6
)
Income from equity investments
    
4
   
3
 
NET INCOME
 
$
195
  
$
164
  
               
PER SHARE DATA:
              
               
Basic earnings per share
  
$
0.60
  
$
0.50
  
               
Diluted earnings per share
  
$
0.59
  
$
0.49
  
               
Cash dividends per share
  
$
0.18
  
$
0.15
  
               
WEIGHTED AVERAGE SHARES OUTSTANDING (000's):
              
Basic shares outstanding
    
323,818
   
326,394
 
Diluted shares outstanding
    
329,669
   
331,573
 
               
The accompanying notes are an integral part of these financial statements.



 
 
3

PRAXAIR, INC. AND SUBSIDIARIES
  
CONDENSED CONSOLIDATED BALANCE SHEETS
  
(Millions of dollars)
  
(UNAUDITED)
  
           
           
           
           
           
   
March 31,
  
December 31,
  
   
2005
  
2004
  
           
ASSETS
              
               
Cash and cash equivalents
  
$
26
  
$
25
  
Accounts receivable - net
    
1,264
    
1,231
  
Inventories
    
340
    
328
  
Prepaid and other current assets
    
143
    
160
  
     TOTAL CURRENT ASSETS
    
1,773
    
1,744
  
               
Property, plant and equipment - net
    
5,886
    
5,946
  
Goodwill
    
1,532
    
1,551
  
Other intangible assets
    
82
    
88
  
Other assets
    
559
    
549
  
     TOTAL ASSETS
  
$
9,832
  
$
9,878
  
               
LIABILITIES AND EQUITY
              
               
Accounts payable
  
$
541
  
$
502
  
Short-term debt
    
420
    
454
  
Current portion of long-term debt
    
188
    
195
  
Other current liabilities
    
678
    
724
  
     TOTAL CURRENT LIABILITIES
    
1,827
    
1,875
  
               
Long-term debt
    
2,841
    
2,876
  
Other long-term obligations